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GUEST OBSERVATION
A poster in the head office of a state planning agency claims: “Highest Housing Approvals in a decade: Keeping homes more affordable”. Indeed, the <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/8731.0" target="_blank">latest figures</a> show national housing approvals rose 16% between June 2013 and 2014. Given ongoing concern about housing affordability and supply in Australia, this sounds like good news. But that assumes increasing supply will fix affordability.
Some people liken houses to bananas. When the supply of bananas drops, prices rise. The Property Council of Australia has called this <a href="https://www.propertyoz.com.au/library/MR%20RDC%2007%20Banana_nomics%20housing.pdf" target="_blank">“banana-nomics”</a>. In 2007 it sent plastic bananas to state and federal MPs with a crib sheet on housing affordability. Recalling Cyclone Larry, which devastated fruit farms in Northern Queensland, its <a href="https://www.propertyoz.com.au/Article/NewsDetail.aspx?p=56&amp;mid=302" target="_blank">message</a> was simple – when there is a shortage of bananas, the price goes up. With housing, the disaster wasn’t a cyclone but rather “excessive delays”, “inconsistent planning” and inadequate land supply.
Banana-nomics does seem to explain the behaviour of fruit markets. When the next cyclone hit Northern Queensland (Yasi in February 2011) the price of bananas again <a href="https://www.woolworths.com.au/wps/wcm/connect/website/woolworths/about+us/woolworths-news/banana+prices+following+cyclone+yasi" target="_blank">skyrocketed</a> because of a shortage of supply. As predicted, when banana supply recovered (doubling from 200,000 cartons in week 44 of 2011 to 400,000 cartons in week 48 of 2011) net prices <a href="https://abgc.org.au/article-title-3/" target="_blank">reduced</a> for farmers by 61%.
But by way of contrast, between 2010/11 and 2013/14 when Sydney dwelling completions doubled from 14,000 to 28,000 dwellings, housing prices went up by 21%. In other words, a “just make more” strategy will fix the problem of expensive bananas, but not expensive houses.
Houses are not like bananas
Here are some reasons why.
<ul>
<li>Prices for housing are set by the total housing market, not just the 1-2% that are built every year.</li>
<li>When the price of bananas goes up, consumption goes down, and vice versa. Not so with housing markets – perversely, demand for houses in the short term often increases along with prices, due to expectations that prices will continue to rise and the fact that we all need somewhere to live. Aspiring homeowners and investors want to get into the market before it lifts further, both to minimise housing payments and to enjoy capital gains.</li>
<li>A rise in house prices is often accompanied by a decrease in interest rates. Home purchasers focus on the repayments they have to make and hence are not discouraged by rising prices, in some cases because they see their repayments reduce because of interest rate decreases.</li>
</ul>
 
Increasing housing supply is very important and price increases over the last few years would have been more severe if we hadn’t been able to double the supply of new stock in Sydney. The boom in inner-city apartments in Brisbane, Melbourne and Sydney is also leading to rents decreasing in some suburbs. And in some suburbs if we keep building high rise apartments, prices will correct.
But a simple policy of “let’s just build more housing” is not enough to meet the pressures falling on the shoulders of low and moderate income households.
Article continues on the next page. Please click below.
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The problem with industry-led policy
Industry <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Affordable_housing_2013/Submissions" target="_blank">submissions</a> to the pending Senate inquiry into housing affordability don’t seem to get this point. They continue to emphasise a supply-based response to the problem of housing affordability, calling for planning reform as the way to achieve this.
Where specific reforms have demonstrated impacts on housing supply, there are good arguments for wider replication.
One example is permitting accessory dwellings (a.k.a granny flats) as of right, on suburban lots in NSW. This enormously popular measure has resulted in a notable spike in dwelling approvals (around 1000 per year since its introduction in late 2009). Certainty has enabled manufacturers to prefabricate designs, bringing down costs and helping diversify and intensify housing options in existing neighbourhoods.
Another recent reform in NSW greenfield growth centres codifies integrated townhouse and other low-rise medium-density designs in new-release areas, over-riding the stagnant mono-zoning that has imprisoned Australian suburbia since the 1970s.
But the objective behind these and other planning strategies to increase housing supply – particularly through new medium- and high-density homes near public transport – is not really about lowering house prices. Rather, the policies aim to transform and expand the existing housing stock in response to changing demand.
Structural issues remain
More is needed to address the structural affordability barriers faced by low and moderate income earners. These barriers reflect unprecedented price rises enabled by financial deregulation in the 1980s, falling interest rates and rising household incomes in the 1990s, and, in the latter period, increased capacity for home owners to leverage this wealth in a competitive housing market.
Despite this demand-fuelled price inflation, Australia has generally avoided the speculative over-building that infected the US, Ireland and Spain before the global financial crisis. That’s a good thing, since in those countries oversupply weakened the housing industry overall and has undermined economic recovery. Worse, the crash didn’t correct affordability problems facing low and moderate income earners (hit particularly hard by the crisis).
Australia’s housing and development industry have (in general) moderated output to match changing market trends. That’s why we see increased housing production at the same time as rising prices.
Rather than pretending that more apartments in the inner city and greenfield estates on the fringe will correct the affordability barriers faced by low and moderate income earners, we need a commitment to increasing the supply of dedicated affordable housing – including approaches like the aborted <a href="https://theconversation.com/rental-affordability-scheme-fears-are-misplaced-24338">National Rental Affordable Housing Scheme</a>, and serious capital funding for social housing. Several of the submissions to the parliamentary inquiry call for these measures, including submissions by the Property Council and other industry representatives.
However, without widespread provisions to ensure social, rental and low-cost home purchase options are incorporated within major housing developments, particularly developments involving government land, our deepening affordability problems won’t go away.
Looking at recent projects such as Barangaroo in Sydney where affordable housing requirements are only 2.5% of total residential floorspace (and the developer is now trying to shift them off-site) provides reasons not to be optimistic. However, the public mood could be changing about this issue.
John Howard once said no one was going to complain about their house prices going up. Many parents in capital cities in Australia are realising that instead of using this housing windfall to fund their retirement, they are now going to have to use it to fund the housing and careers of their children. They are not happy about this. Their children are just as angry. The family coalition is looking for someone to blame. They want some action: not just glib slogans on posters or banana-nomics.
Nicole Gurran is associate professor at <a href="https://sydney.edu.au/" target="_blank">University of Sydney</a>.
Peter Phibbs is chair of urban planning and policy at <a href="https://sydney.edu.au/" target="_blank">University of Sydney</a>.
Nicole Gurran has received funding from the Australian and Housing Research Institute and the Australian Research Council.
Peter Phibbs has received funding from AHURI on related research.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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It's bananas! Increasing supply isn't enough to satisfy hunger for affordable housing

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Nineteen electrical retailers and wholesalers have recalled thousands of electrical cables that failed to meet electrical safety standards.
The Australian Competition and Consumer Commission said on Wednesday it estimates 40,000 households and businesses could be affected by the recall of the cables, which were supplied in all states and territories except the Northern Territory.
The Infinity cables, sourced from a company called Infinity Cable Co, were sold by 18 Masters Home Improvement stores and one independent wholesaler between 2010-2013 in NSW, between 2011-13 in the ACT, 2012-13 in Victoria, Queensland, South Australia and Western Australia, and in 2013 in Tasmania.
ACCC chairman Rod Sims said the recall is being co-ordinated by a taskforce of consumer agencies, building regulators and electrical safety regulators.
“Testing has found that the cables will degrade prematurely and if the cables are disturbed, the insulation could break and expose live conductors, resulting in possible electric shock or fires,” Sims said in a statement.
Households and businesses that had electrical work carried out during the relevant periods of time are urged to contact the responsible builder, electrical contractor or appliance installer to see if the cabling was used.
Further information is on the <a href="https://www.accc.gov.au/media-release/national-infinity-electrical-cable-safety-recall">ACCC website</a>.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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40,000 households and businesses affected by electrical cable recall

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A small construction company is aiming to tackle Tasmania’s high rates of obesity and cardiovascular disease by starting to change people’s attitudes to exercise and healthy eating in the workplace.
Ronald Young &amp; Co Builders in Hobart have been constructing homes in southern Tasmania for more than 40 years. Husband and wife duo Lisa and Paul Burnell purchased the business in 2011 and immediately recognised the importance of implementing a successful health and wellbeing program.
Lisa Burnell said research shows <a href="https://www.smartcompany.com.au/people/42402-one-in-five-workers-has-stayed-home-in-past-year-because-they-felt-mentally-unwell-study">healthy workers are nearly three times more productive than unhealthy workers</a>. In addition, they have fewer sick days and workers compensation claims.
“The benefits to our business have been that it’s been enhanced teamwork and workplace morale,” she said. “It demonstrates that we value a positive work environment.”
As part of the program, the company’s 10 permanent employees receive free health checks on site – such as blood pressure monitoring – and are encouraged to eat healthy and exercise.
“I’m a registered nurse so I have found it easy to incorporate this into our business,” Burnell said when describing the program. “I also develop an annual calendar of events and other initiatives – men’s health, prostate awareness, cardiovascular disease. There’s a lot of information out there.”
The business’s actions have not only improved their brand image but also their involvement in the local community.
“Tasmania has one of the highest rates of obesity,” she said. “Construction workers are blue collar workers and alcohol and smoking is high. So for me with my background it’s good to be able to try to initiate some health improvements.”
Burnell points out while a lot of SMEs don’t have the time or resources to implement a health and wellbeing program as extensive as theirs, if you are a business owner it is still worth putting health and safety high up on your list of priorities.
“The return on investment is high,” she said. “It’s not only our legislative obligations – and I think a lot of businesses are aware it’s good business.”
Burnell said if other small enterprises wanted to follow suit, then her top tips would be to include health and wellbeing in the business’s core values and to get staff involved.
“Do a needs assessment,” she said. “See what your health needs are in your workplace. Start off small and network with other businesses.”
This article first appeared on SmartCompany. 
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Meet the Tasmanian construction company giving its workers free health checks

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PARTNER CONTENT
Unfortunately, waiting until a development is completed is a sure-fire way to miss out on the best opportunities within the complex.
Buying a property off the plan may be one of the only options you have to purchase a property within a popular area. So here are six tips you need to know about buying off the plan properties to make sure you get the place you want.
<ol>
<li>
Take advantage of displays. Despite the fact that you can’t see the finished property, you need to find out what kind of quality you’re purchasing. The developer should have a display set up where you can see the finishes and fixtures you can expect within your new place. Then, ask for previous projects they’ve completed and how you can get in to inspect how they’ve lasted. 
</li>
<li>
Learn to understand floor plans. This may seem fairly basic, however it is essential to understand how large rooms are when buying off the plan. Measure it out in an existing property and work out what space you have. Does your bed actually fit into your new bedroom? A good tip is to mark out your new room and use newspaper on the floor to represent furniture sizes. 
</li>
<li>
Finance clauses are worthless, or are they? Due to the potentially lengthy time before completion of an off the plan purchase, banks are generally not willing to give unconditional approval on the loan in the event the market shifts. As such, if the market declines you could be dipping into your savings when you finally settle, so budget for this just in case. It is still a good idea to include a finance clause in your contract and get a valuation (‘as-if-complete’) when you’re getting your initial approval. This will allow you to gauge how the property stands within the current market, as well as how the bank views the area and the property’s potential.  
</li>
<li>
Befriend your council Most city councils have online databases with zoning, neighbourhood plans, infrastructure works and development application details. It’s quick and easy to check what’s going on around your potential purchase, as well as making sure your new view will stay the same, at least for the foreseeable future.  
</li>
<li>
Use the time wisely Buying off the plan can have benefits other than just getting the pick of the complex. Generally off the plan purchases only require a 10% deposit with the balance due at settlement; so you can keep saving until then to reduce your mortgage. Getting in early also allows you to customise your new place; ask the developer what finish options you can change to truly make it your own.  
</li>
<li>
Get early legal advice Even though settlement may be 18 months away, get legal advice as early as possible, preferably before you sign any contracts. Amongst other things make sure you understand the delivery timeframes of the projects, the sunset clauses and confirm what you’re actually purchasing.</li>
</ol>
By conducting your due diligence and taking your time, you can take advantage of what off the plan purchasing can offer buyers; a way to secure a quality property in the future, at today’s price.
ANDREW HERBERT is partner of <a href="https://myfirstplace.com.au/Property-Observer" target="_blank">My First Place</a>.
<a href="https://myfirstplace.com.au/Property-Observer" target="_blank">My First Place</a> is offering a buyers club to support buyers in finding their property. For August, club membership is free to Property Observer readers.
For First Home Buyers there’s a package worth $4,200 that covers solicitor fees, mortgage application fees, building inspection, insurance and utilities.
For investors the package is worth $3,350 and it covers solicitor fees, mortgage application fees, building inspection, landlord insurance and a depreciation schedule.
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Six tips you need to know about buying off the plan

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GUEST OBSERVATION
This article is a response to Property Observer article “<a href="/expert-insights/how-independent-is-a-property-valuer">How independent are property valuers?</a>” 
Q: How independent is a property valuer?
A: Very.
Propell prides itself not only their level of independence but also their commitment to quality. Propell valuers are all registered with the API and have received certified qualifications, and as rightly pointed out by Edwin Almeida in his Property Observer article 'How independent is a property valuer', valuers undergo years of university-level training to complete the jobs they do.
Propell’s well document quality management process is regularly communicated to clients, and updated to reflect changes in the market and property industry in general.
Time pressures are a reality in any professional services environment, however our valuers continuous commitment to quality is paramount.
Our staff are governed by the Australian and New Zealand valuation and property standards, as set out by the Australian Property Institute and these include strict guidelines in relation to independence, ethics, honesty and professional competency. The maintenance of these standards are not a matter of opinion, they are a professional requirement.
Propell valuers are accredited and experienced in the valuation industry and all work to ensure internal quality assurance and compliance to API standards. As stated by the API: “Following accreditation, CPVs continue to update their knowledge with regular professional development courses within the API. And this means that rather than dealing solely with statistics or relying on ‘gut feeling’, CPVs have a hands-on, professional approach and work with well-established processes and standards to produce valuations that are robust, reliable and independent.”
Our sophisticated valuer support department means our teams of valuers are backed up by a comprehensive and highly effective support model, allowing the maximum amount of time between appointments, always ensuring valuers have adequate time to appropriately assess the property in question and provide an accurate valuation figure.
We encourage owners to prepare information and do their homework when preparing for their property to be valued. The process of valuing a property is not at all simple, and the more information our teams have access to, the better. Our independent and internal research department also equips our teams with the most up-to-date and property intelligence, market information and factors affecting the areas, ensuring valuation figures are not only independent, but are sound, reflect the market but also comply with all standards as set out by the Australia Property Institute.
Bart Mead is CEO of <a href="https://www.propell.com.au/" target="_blank">Propell</a>. 
Mark Nassif is COO of <a href="https://www.propell.com.au/" target="_blank">Propell</a>.
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Property valuations aren't an opinion, they are a professional standard

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The National Australian Bank has reported its third quarter results, posting a $1.7 billion net profit.
Its cash profit rose 7% to $1.6 billion, while revenue fell 1% due to lower markets income amid volatility.
Business lending balances grew at an annualised rate of 5.5% over the quarter.
“The group achieved a satisfactory third quarter result,” said NAB chief executive Andrew Thorburn.
“Costs were well contained and asset quality continues to improve. While revenue growth remains challenging, Australian home lending continues to achieve market share gains and Australian business loan growth improved in what is traditionally a stronger quarter,” he said.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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NAB reports $1.7 billion third quarter net profit

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GUEST OBSERVATION
The wealth profile of Australian households has changed phenomenally over the past 25 years, according to a <a href="https://www.fundingaustraliasfuture.com/sites/fundingaustraliasfuture.com/files/papers/Australian_Household_Sector_Finances.pdf" target="_blank">recent paper</a> from the Australian Centre for Financial Studies. Thanks to increases in asset prices and the introduction of compulsory superannuation in 1992, most households are much wealthier than those of previous generations. Total household wealth in 2013 reached $6,689 billion, six and a half times the level of household wealth in 1988.
From an aggregate point of view, as RBA data shows below, the net wealth trend line has been positive and increasing with one noticeable blip – the global financial crisis in 2007-08.
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/56576/area14mp/t9y8ht9g-1408070072.png"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/56576/width668/t9y8ht9g-1408070072.png" alt=""></a>
Source: Author provided
As of the end of 2013, dwellings comprise more than half the value of household assets (54%); superannuation and life policies account for a further 25%; with consumer durables (such as motor vehicles and household furnishings) at 3%. This provides an interesting contrast with 1988, where again dwellings accounted for around half the value of household assets (51%); superannuation and life policies 17%; and consumer durables 10%.
While the value of assets has gone up, so too has household debt. In 2013, total household liabilities, mostly debt, stand at around half (49%) of the value of household financial assets, or around one-fifth (21%) of total assets. So, for every dollar in debt, households have, on average, about $2 in financial assets and around $5 in total assets.
This compares to the situation in 1988, when total household liabilities stood at around one-third (33%) of the value of household financial assets, or around one-eighth (13%) of total assets. In 1988, for every dollar in debt, households had, on average, about $3 in financial assets and around $8 in total assets.
By age and income
While overall household wealth is increasing, there are some very marked variations when the data is segmented by age and income levels.
An examination of net wealth by age group reveals a lifecycle pattern to consumption. This is well expressed by the figure below, which provides an excellent stylised view of the use of financial assets as a means of smoothing consumption through the lifecycle.
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/56577/area14mp/kt925q5k-1408070132.png"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/56577/width668/kt925q5k-1408070132.png" alt=""></a>
Source: Corrigan and Matterson (2009), Author provided
Assets are accumulated through the use of human capital from the beginning of a working life. Debt is used to supplement income to further finance assets, which is then paid down pre-retirement. Net wealth is then expended in retirement.
In retirement, the capacity for an individual to support oneself through human capital is much reduced. Therefore, households need to ensure sufficient financial resources have been accumulated for consumption for discretionary purposes – especially in the more active early retirement phase – and to cover the potential increase in health-care costs in the later stages of retirement.
Just as Australians have been consolidating their wealth, a second major trend has been the rise in longevity. Life expectancy for men has risen from around 65 in the early 1900s to around 85 today. While increased wealth bodes well for financial well-being in retirement, steps must be taken to preserve and protect retirement savings to last for what can be around 20 years on average, after the completion of working life.
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/56578/area14mp/f7csvq86-1408070203.png"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/56578/width668/f7csvq86-1408070203.png" alt=""></a>
Household net worth by age profile ($’000, mean value, Australia, 2011-12). Source: Reserve Bank of Australia, 2013, Author provided
Article continues on the next page. Please click below. 
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A skewed distribution of net wealth
Within a defined contribution superannuation system, the need for both advice and products to assist consumers to manage investment and longevity risk to ensure a comfortable and self-reliant retirement is a priority.
However, for some households, managing wealth is not an issue. Australia, as in many OECD countries, has a skewed distribution of net wealth, with the bulk being held by a relatively small number of households. The wealthiest 20% of households hold around 61% of total household net worth, averaging $2.2 million per household.
On the other hand, the poorest 20% of households account for just 1% of total household net worth in Australia, with an average of about $31,000 per household. Mean household net worth in Australia for the period 2011-12 was around $728,000 (consisting of $858,000 assets and $130,000 of liabilities).
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/56581/area14mp/7kj39ynk-1408076145.png"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/56581/width668/7kj39ynk-1408076145.png" alt=""></a>
Source: ABS, 2013
So not everyone in Australia is getting wealthier. Many households face financial exclusion where: "Individuals lack access to appropriate and affordable financial services and products - the key services and products are a transaction account, general insurance and a moderate amount of credit."
A 2013 Australian <a href="https://www.financialliteracy.gov.au/media/465159/nab_csi_measuring_financial_exclusion_in_australia_2013.pdf" target="_blank">study</a> found that 18% of the adult population were either fully excluded or severely excluded from financial services in 2012. Just over 1% of adults were fully excluded – they had no financial services products – and almost 17% of adults were severely excluded in that they only had one financial services product.
In all, this means more than three million Australians are either partly or fully financially excluded.
What do Australians need from financial services?
Despite the fact that Australians are getting wealthier, financial literacy is not increasing at the same rate. There is a gulf between what households actually do and what may be in their best interests to do. The complexity of the problem means that households need assistance in making these decisions.
The need for guidance is so critical that it must be available in multiple forms. In addition to traditional financial advice, embedded product and/or technology-based guidance may help nudge households toward better decisions.
Households are also exposed to a multitude of financial-related risks – market inflation, longevity, health, leverage and climate risks to name a few – which are simultaneously dynamic, complex and can manifest over different time horizons. In addition to improved guidance, households need a more complete menu of solutions to help manage these risks.
To make this guidance and risk management as effective as possible for households, they require a complete set of financial “building blocks”. Without these, some household risks loom large: for example, longevity risk remains a real consideration for households, increasingly so as the population ages.
Furthermore, there is an implicit assumption that all Australians have equal access to, and benefit equally from, the financial system. This is not the case. Large segments of the population suffer from financial exclusion: they have either limited or incomplete engagement with critical channels of the system. Measures specifically targeted at closing these gaps should be a priority.
Finally, to facilitate the innovation required to meet these challenges, regulation must be flexible, responsive and oriented towards meeting the needs of households. One immediate reform would be to promote further innovation in the area of retirement income products.
Building a financial system that serves Australian households requires a range of approaches if we are to build an inclusive and more equitable society.
Deborah Ralston is professor of finance and director at <a href="https://www.australiancentre.com.au/" target="_blank" style="line-height: 1.3em;">Australian Centre for Financial Studies</a>
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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Good financial planning is essential and millions of households are missing out

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PARTNER CONTENT
In discussions regarding buying property the question of what type of property to purchase invariably comes up. People have predispositions towards one type or another, although generally it’s toward a house. But in today’s property market, is a house a smarter option over a strata-titled property such as an apartment or townhouse?
The two main objections encountered regarding strata property come down to not wanting to pay strata fees (or levies), and land accruing value faster for capital growth. The concern regarding strata fees could be considered as understandable, until you look into what they actually are.
Strata fees cover the daily costs and maintenance of the common property within the complex. This includes your parking, gardens, stairs and lifts, exterior walls and recreational facilities (pool, spa etc.), amongst others. It also covers the insurances and rates for these areas, as well as any electricity and water costs. A sometimes unknown component of a strata fee is the compulsory savings plan, also known as the sinking fund.
The sinking fund is there for any expected, and unexpected, repairs within the complex’s common areas. This could range from new carpets in the entry foyer, to damage as a result of structural movement. Overall, the components that form strata fees can generally be aligned to similar costs involved with holding non-strata titled property, sometimes less due to the number of owners contributing to the potential expense.
With comparative expenses regarding ownership costs, the issue of land having greater capital growth should be looked at. Unlike apartments, houses generally have useable land that contributes towards rising values. Established dwellings in good suburbs are fetching higher prices, however with block sizes shrinking nationally, the likelihood of a new house creating growth by being improved (subdivided, developed or renovated) is growing slim. This restriction of use, as well as a social shift in lifestyle choice, is changing the way houses are being viewed. In fact, <a href="https://www.rpdata.com/research/monthly_indices">RP Data</a>’s Home Value Index shows that apartments, rather than houses, have experienced higher growth in the past 12 months in all major cities except Sydney, Melbourne and Darwin.
Strata titled properties are also generally located closer to commercial and retail centres, and include amenities that are not found in comparably priced houses. Rather than leaning toward a specific property type, consider whether that type of property is suitable for the demographic of the area. Each location is going to have a type that will appeal and support levels of growth better than others, especially if there is an employment node within the area that also supports that demographic. In some areas a house may be suitable, in others a townhouse or an apartment.
Overall, don’t rule out apartments or strata-titled properties despite your predisposition towards a house. Because the next generation of buyers is also here: The hard-working, time-poor, social and inter-connected Gen-Ys that want to be near cafés, transport and amenities are looking to buy. They want to continue the lifestyle they lead and to them, that means strata living.
ANDREW HERBERT is partner of <a href="https://myfirstplace.com.au/Property-Observer" target="_blank">My First Place</a>.
My First Place is offering a buyers club to support buyers in finding their property.
For First Home Buyers there’s a package worth $4,200 that covers solicitor fees, mortgage application fees, building inspection, insurance and utilities.
For investors the package is worth $3,350 and it covers solicitor fees, mortgage application fees, building inspection, landlord insurance and a depreciation schedule.
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House v apartment: What's the best option for your first investment?

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Australian real estate startup <a href="https://openagent.com.au/">OpenAgent</a> has closed a $1 million funding round, which included investment from Pete Flint, co-founder of US online real estate giant Trulia.
OpenAgent is a platform that provides rankings of all real estate agents based on past sales and customer reviews, and helps home owners connect to the best agent in their area when for their property.
OpenAgent co-founder Zoe Pointon says by and large it’s a service that real estate agents want.
“We’re not about naming and shaming, we’re really interested in putting a light on people that are doing a great job,” she says.
“Those people are thrilled to have an independent party backing up what they’re trying to say.
“Reaction from real estate agents has been really excellent, they are very conscious we can help them promote themselves and get more business.
“But anything that tries to put a bit of transparency into an industry that is lacking it, is always going to be a little bit controversial.”
The $1 million round, brings the startups total funding raised to $1.4 million, following on from an initial round of $400,000 last year.
The funds will be used to increase the OpenAgent team and its marketing presence.
“One of the challenges when you’re a super new service, you can’t just rely on pull type marketing, because there’s not enough people out there searching for free real estate agent reviews,” Pointon says.
“We’ve been testing a range of marketing channels, and seeing how to scale those.”
Other notable investors taking part in the fundraising round include One Big Switch co-founder Paul Hunyor, and Ellerston Capital advisory board member Anthony Klok, whose previous investments include Temando and Deals Direct.
Pointon says she and fellow co-founder Marta Higuera couldn’t have picked an investor more suited to OpenAgent than Flint, who recently sold Trulia to Zillow for $3.5 billion.
“Having Pete Flint come on board as an investor and advisor is just huge,” she says.
“Pete knows this space better than just about anyone, having built Trulia – one of the world’s biggest online real estate businesses – from the ground up.
“Pete loves what we’re doing, and clearly thinks OpenAgent has a bright future. You can’t get a better vote of confidence than that.”
This article first appeared on <a href="https://www.startupsmart.com.au/" target="_blank">StartUp Smart.</a>
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Real estate startup OpenAgent scores $1 million in funding

<html><body>
GUEST OBSERVATION
So you were born between the late 70s and the early 90s - chances are housing affordability and home ownership is at the top of your list of priorities. We hear many of you asking, "How can I get in to the market?" It's too expensive; it's dominated by investors; I'm doomed to renting for the rest of my life.
However, this doesn't need to be the case. Here is how to crack it:
<ol>
<li>
What to do if you think you can't buy The worst thing you can do is make the assumption you can't buy and assume you have to rent. Chances are if you can be approved for a rental agreement, there is a chance you can be approved for a mortgage. Before you count yourself out, collect all of the funds you have that could be used for a deposit. Take note, that you don't need to put all of your equity in to your home. Take a longer mortgage out and take advantage of fixing your interest rate at the current very low levels. 
</li>
<li>
Make sure you bring an agent in from the outset  If you want to buy, you need to learn from experts. Agents live and breath the market daily, so call three or four local agents in the areas you are looking. Stipulate your price range, your must-haves, and your readiness to act. Then let them do their work. Tell them how much contact you want to achieve, if you are specific on only one type of property, tell them that is the only time to contact you.  
</li>
<li>
Remember to wait.... It's not urgent  Once you've made the decision to buy, remember that this is something that will take time. There is not a transactional element involved here, but do remember that whilst it most likely is your largest investment, don't be scared. Too many people sit back and wait for the 'perfect home', which doesn't exist. Speak to people who have been through the process and ask what worked for them, and what didn't. Set up alerts so it doesn't consume your life.  
</li>
<li>
Pick the neighbourhood, not the house  Before you start trying to pick a home, drill down on the hard facts of where you want to live. If there are multiple areas, try a map search with multiple suburbs. Before you do this, there is no use in looking at houses. Once you have concluded which areas you want to live in, and have factored in your approved budget you will be working with realistic purchases that are worth you spending your time on. 
</li>
<li>
Use the inspection wisely  Most people turn up to an inspection and walk through, for first home owners, because homes are generally small they finish this in five to 10 minutes. If you are serious, start thinking bigger picture. Measure walls, spaces and ask questions. Ideas such as if you can knock walls down, the expected monthly costs associated with a house of that size, and viewing the home with a builder are all ways to ensure you have a plan of attack, not just to live there, but also to add resale value.
</li>
</ol>
Todd Schulberg is marketing engagement and digital strategy executive at <a href="https://www.homely.com.au/" target="_blank">Homely</a>.
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Five tips to help Gen Y buyers crack the market

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more internation and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

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