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It seems a distant memory, but the property market entered 2020 with much anticipation and optimism coming off a strong end to 2019, according to the November report from Herron Todd White.
The Melbourne North auction results at the start of the year are in complete contrast to the past few months in Victoria. There were 1123 auctions on 22 February compared to just 33 on 12 October, highlighting the change in market conditions since the start of the year (source: Corelogic,2020).
That being said, properties have still been selling albeit not in the numbers recorded prior to the Coronavirus pandemic. The decrease in number of listings has resulted in less prestige properties hitting the market but that lack of stock has also helped to keep prices steady with buyers fighting over the limited number of properties.
Homes in the inner northern suburbs of Melbourne are well known for their Victorian period architecture. 16 Rushall Crescent, Fitzroy North (pictured) is no exception. This property sold for $3.675 million on 15 June. This house has four bedrooms, two bathrooms and one car space. The front of the house has been restored with period fixtures and features moving into a rear extension which ties in modern and state of the art designs. The sale occurred between the first and second lockdowns with a high number of potential buyers resulting in a sale in 21 days. The sale showed that the market was still achieving good results in uncertain times mainly due to the lack of stock and the number of willing and able buyers remaining active in the market.
One of the more unique sales in the inner northern suburbs was 69 Fitzgibbon Street, Parkville. This 1889 heritage registered polychrome brick building was and still is the Parkville post office. The property includes five bedrooms, one bathroom and three car spaces. The post office still operates on a lease worth almost $31,000 annually. The building marketed as a once in a lifetime opportunity saw high interest initially and sold in 30 days for $4.04 million on 22 February. The historical significance, late 1800s neo gothic architecture and the fact that it still operates as a post office certainly makes this one of the more unique sales in Victoria during 2020.
A new prestige listing further north at 252 Woodland Street, Strathmore, is currently listed on the market and asking for between $4.25 million and $4.55 million. This ultra-modern home has four bedrooms, three bathrooms and a seven-car basement carpark. The open floor plan and combination of large indoor and outdoor entertaining spaces accompanied by high end fixtures and fittings will be sure to gain interest in a market which is still seeing low numbers of stock due to the Coronavirus lockdowns.
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j.ballantyne1990-6AQqhLzZaK

North Melbourne prestige market stock remains low: HTW

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Western Melbourne’s higher end property can be found right in the heart of its inner western suburbs such as Moonee Ponds, Essendon, Ascot Vale, Altona North, Yarraville and Williamstown, according to the Novemeber report from Herron Todd White
They found the housing market for high end property has seen a decrease in volume this year compared to 2019 with COVID being a major factor.
The majority of sales for prestige properties in this area occurred at the start of the year prior to the start of the pandemic and any form of restrictions being put in place. With a crippled economy and very uncertain times for many people, the demand or desire for lavish homes from both investors and owner-occupiers took a decline. This was combined with a limited number of buyers as no overseas investors were allowed into the country due to the heavy travel restrictions in place since March.
Supply for high end property has not been as prevalent this year as in the past however we may see more properties being listed in the coming months. One reason is that people cannot physically inspect properties at this point in time so sellers have held off placing their properties on the market until restrictions are lifted and potential buyers are allowed to physically inspect again in an attempt to achieve a higher sale price.
Another reason could be that if people are now finding that they can no longer afford to pay their mortgage due to the pandemic’s effect, there will be a flood of supply of higher end properties in an effort to avoid the bank taking the property as a mortgagee in possession. Overall there has been little change in value for this type of property as there has been no volume.
The market is dominated by owner-occupiers leaving very little rental spaces available. With no investors the market for high entry real estate has been devoured by homeowners. One sale that stands out in this area is 9 Forbes Street in Essendon (pictured) which sold for $3.61 million in June this year. The four-bedroom, three-bathroom, four-car garage house was originally built in the 1920s. Keeping its original facade, an extension took place in 2016. The house features a pool, large open living areas and American oak floorboards.
On the market for a price of $2.99 million is 5 Morton Street in Essendon. Among the fourbedroom, three-bathroom luxurious home’s features are an underground garage for six cars, large fitting room and master ensuite, indoor and outdoor entertaining area, home theatre, pool and elevator. The home was listed in August this year.
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Western Melbourne prestige property volume decreases: HTW

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Being a regional area, the Coffs Coast realistically sees the prestige market as starting at the $1 million mark which is predominantly driven by out of town buyers, according to the November report from valuation firm Herron Todd White.
HTW found that the largely discretionary type buyer to whom prestige property greater than $1 million appeals can be greatly impacted by changed economic conditions. Plus this market is also heavily influenced by the performance of the capital city markets as these areas traditionally provide the majority of buyers for prestige housing on the Coffs Coast.
Market conditions have continued to swell for properties over $1 million in recent years as confirmed by the increased sales numbers for both beachside and rural residential properties over $1 million, however the majority of sales occur within the $1 million to $1.5 million price bracket.
However, the higher the value, the thinner the market and historically there have been very limited sales over $2 million.
"Sale volumes for prestige beachside property in the Coffs Harbour region (encompassing the beachside suburbs and townships including Coffs Harbour, Korora, Sapphire Beach, Emerald Beach, Sawtell, Woolgoolga, Safety Beach, Arrawarra Headland, Moonee Beach, Boambee and Mullaway) show a total of 11 sales recorded over $2 million since 2007 and we recently cracked the $3 million mark for 147 Edinburgh Street, Coffs Harbour at $3.25 million (multi level, architectual dwelling with ocean and harbour views located within the sought-after Jetty precinct)," according to HTW Property Valuer Grant Oxenford.
"Notwithstanding this figure, we are now experiencing a spike in the prestige market which has been fuelled by the COVID pandemic."
"The changing face of the way we live and work plus the willingness of city dwellers to relocate to regional areas to escape COVID restrictions has created a definite increase in demand."
"The majority of this prestige activity has been in the rural residential sector with notable sales including 1-9 Tidal Crescent, Moonee Beach for $2.4 million (five dwellings set on 1.22 hectares with extensive estuary views), 123-125 Featherstones Road, Sherwood for $2.4 million (five dwellings on 70 hectares with extensive infrastructure), 606 Valery Road, Valery for $2.1 million (two dwellings on 51 hectares, fully renovated and landscaped) plus the most recent transaction which has broken all records for rural residential property at $3.3 million for 110 North Island Loop Road, Upper Orara (prestige architectural dwelling with second original cottage set on 42 hectares)," he added.
The rural township of Bellingen (35 kilometres south-west of Coffs Harbour) has been a historically strong performer with the 'out-of-town' market and has seen four rural residential sales in excess of $1.5 million within the past four months.
It is interesting to note that the majority of the properties mentioned above have been marketed for in excess of 12 months and in some cases three years which is also an indicator of the traditional thinness of this market and the recent increase in demand as a result of the COVID pandemic.
Mr Oxenford said, "the question one must ask is whether these values are sustainable or is this a bubble created by a false market driven by the pandemic. The answer to that is not simple and without a crystal ball, no one really knows, other than to comment that this is not a normal property cycle."
"As a result of the market primarily being driven by out of town buyers, personal preferences, presentation and motivation of both the purchasers and vendors will impact the ultimate sale price and can result in wider market parameters than those experienced for lower priced properties."
"At this point in time, we can only hang on and enjoy the ride; great if you are a seller, not so good for the buyers," he concluded.
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Coffs Harbour prestige market seeing pandemic spike: HTW

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GUEST OBSERVATION
Raise your hand if you’ve ever travelled for weeks or months as a backpacker on a limited daily budget. Keep your hand up if you were made welcome in the places you visited on your <a href="https://www.researchgate.net/publication/249631253_The_big_'OE'_Young_New_Zealand_travellers_as_secular_pilgrims">OE</a>, enjoyed chance encounters and experienced the generosity of strangers.
And did those experiences leave a lifelong affection for the places you visited and people you met? If the answer is yes, then we need to consider what might happen in New Zealand were Tourism Minister Stuart Nash’s latest ideas to become policy.
To recap, Nash told the Tourism Summit in Wellington last week the industry should move away from catering for low-spending backpackers and instead <a href="https://www.theguardian.com/world/2020/nov/18/new-zealand-tourism-looks-past-backpackers-in-favour-of-high-net-worth-individuals">target the rich</a>. This would solve two problems: the environmental damage allegedly caused by freedom campers (including using <a href="https://www.nzherald.co.nz/lifestyle/defecating-freedom-campers-cause-a-big-stink-at-otagos-smaills-beach/IQXG2C6HLDTFJCH3JOIFA4UBSM/">nature as their toilet</a>), and the pressure of too many visitors in general.
Nash was right to say we cannot return to the pre-COVID normal when the border reopens and the tourism recovery begins. Overcapacity, strained infrastructure and environmental impacts meant <a href="https://www.pce.parliament.nz/our-work/news-insights/media-release-pristine-popular-imperilled">growing community resistance</a> was reaching a tipping point.
But do we really want to banish backpackers and position New Zealand as expensive and exclusive — the Switzerland of the South Pacific? There are five reasons this approach would be a mistake.
1. Big spenders are big polluters
Lower-budget travellers generally stay much longer than the average. They usually make a higher aggregate economic contribution than those whose daily spend is high but who pass through quickly.
Does New Zealand really want only the uber-rich to experience our natural wonders, when flying business class, travelling by cruise ship and hiring helicopters are the most environmentally damaging ways to do so?
 
If we were to consider the wider social, economic and environmental impacts of discrete tourism markets, we would be banishing the <a href="http://www.physics.otago.ac.nz/space/cruise_ship_EnergyPol.pdf">cruise industry</a> first, not backpackers.
2. Backpackers bring many benefits
Because they stay longer, backpackers can bring wider benefits to our society, economy and environment. They tend to be more dispersed, bringing economic development and employment opportunities to regional communities.
Also, their travel behaviours tend to align more with the concept of <a href="https://pureadvantage.org/news/2020/07/31/regenerative-tourism-opportunity-for-tourism-recovery/">regenerative tourism</a>. Backpackers are more likely to be conscious of their carbon footprint, engage in beach cleanups, plant trees and involve themselves in conservation projects.
They are a seasonal labour force, too, as has been shown by critical <a href="https://www.odt.co.nz/rural-life/horticulture/no-change-seasonal-worker-shortage">labour shortages</a> in rural and regional economies due to border closures.
3. The importance of diverse tourism
Backpackers and freedom campers support small regional tourism businesses, attractions and local services that would not survive without them. Backpacker hostels, home-stays, camping grounds and other low-budget accommodation subsectors would be at risk, as would many small and medium tourism businesses.
During crises it is important that tourism destinations have a broad portfolio of markets. This ensures resilience and mitigates potential economic impacts from periodic disruptions to global tourism. Furthermore, as the mayor of Queenstown has <a href="https://www.odt.co.nz/regions/caution-urged-over-tourist-van-ban">observed</a>, today’s backpackers return in future as high-end visitors.
4. Tackling climate change and overconsumption
Social tourism refers to the principle that opportunities to engage occasionally in leisure and tourism are important for personal well-being and an inclusive society. It is a form of tourism based on an <a href="https://westminsterresearch.westminster.ac.uk/item/8zz55/what-is-social-tourism">ethic of social inclusion</a>, as opposed to exclusion based on wealth.
By contrast, the carbon-intense lifestyles and sense of entitlement of the super-wealthy are major barriers to climate action.
Our tourism policies should not celebrate and encourage over-consumption, which works against shifting attitudes towards less carbon-intensive and more sustainable travel.
5. Damage to our international reputation
Do we really want to be perceived as exclusionary and elitist? A colleague based at a university in the Netherlands, for example, reported a social media backlash:
Everyone is complaining about the news that Kiwis do not want to have us anymore and they are only interested in tourists who fly business class and hire a helicopter around Franz Josef.
Similarly, the policy can look petty. A <a href="https://timesofindia.indiatimes.com/world/rest-of-world/new-zealand-vows-crackdown-on-defecating-backpackers/articleshow/79277723.cms">story</a> headlined “New Zealand vows crackdown on defecating backpackers” in the Times of India reported the New Zealand government’s promise “to take action against backpackers relieving themselves at natural beauty spots as part of post-coronavirus tourism plans”.
The post-COVID challenge
Should New Zealand’s post-coronavirus tourism rebuild really be perceived as revolving around the defecations of low-budget tourists? While there have been cases of disgusting behaviour, this problem can be actively managed.
Non-self-contained campervans could be required to park overnight in fully serviced camping grounds for a nominal fee. New Zealanders should not bear the costs of tourism, anyway. Local councils transfer the costs of freedom camping to ratepayers when they provide “free” overnight parking and toilet facilities — putting rate-paying local camping grounds out of business.
 
Above all, our tourism rebuild should be closely aligned with what makes New Zealand unique. First and foremost, it should be founded on the Māori principles of <a href="https://maoridictionary.co.nz/search?idiom=&amp;phrase=&amp;proverb=&amp;loan=&amp;histLoanWords=&amp;keywords=kaitiakitanga">kaitiakitanga</a> and <a href="https://maoridictionary.co.nz/search?keywords=manaakitanga">manaakitanga</a> — a mutual responsibility to care for the land and culture, as expressed in the <a href="https://tiakinewzealand.com/">Tiaki Promise</a> charter.
This would honestly reflect the ideals of generations of Kiwis who have set off on their own OEs to experience the world. If we consider this a birthright, is it fair that we deny the same to others who want to visit us?<img src="https://counter.theconversation.com/content/150639/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/james-higham-134567">James Higham</a>, Professor of Tourism, <a href="https://theconversation.com/institutions/university-of-otago-1304">University of Otago</a> and <a href="https://theconversation.com/profiles/hazel-tucker-1180720">Hazel Tucker</a>, Professor, <a href="https://theconversation.com/institutions/university-of-otago-1304">University of Otago</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/5-reasons-why-banishing-backpackers-and-targeting-wealthy-tourists-would-be-a-mistake-for-nz-150639">original article</a>.
<a href="https://theconversation.com/profiles/james-higham-134567">James Higham</a> &amp; <a href="https://theconversation.com/profiles/hazel-tucker-1180720">Hazel Tucker</a>
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5 reasons why banishing backpackers and targeting wealthy tourists would be a mistake for NZ

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GUEST OBSERVATION
The idea of moving to the country has <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-05-10/post-covid-19-pandemic-simpler-life-migration/12229082">gained momentum</a> through the COVID-19 pandemic. Many workplaces have introduced <a href="https://theconversation.com/with-management-resistance-overcome-working-from-home-may-be-here-to-stay-144850">new policies on working from home</a> that give employees the flexibility needed to make the switch.
Lockdowns have shown many just how cramped and uncomfortable life can be when you cannot escape to the usual activities that get you out of the house. And if everything is closed, what is the point of being in the city and paying a higher rent or mortgage anyway? The Reserve Bank has <a href="https://www.rba.gov.au/publications/bulletin/2020/sep/the-rental-market-and-covid-19">noted rents have gone down</a> and vacancy rates have gone up in major cities.
At the same time, some real estate agents have <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-05-15/australians-seek-regional-affordability-house-prices-coronavirus/12242252">noticed an upturn</a> in interest in renting or buying rural and regional properties. The <a href="https://www.domain.com.au/news/these-are-the-best-performing-property-markets-in-australia-domain-house-price-report-1000315/">demand in some regional areas</a> has pushed up prices by <a href="https://www.domain.com.au/news/where-regional-australian-house-prices-moved-the-most-domain-house-price-report-1000799/">as much as 30%</a> in the year to October. It seems many are already making the switch to country living.
It sounds idyllic. Escape the rat race, have space to grow veggies and let the kids play outside. You won’t have to commute any more, and you might even be able to buy a house in the country at a time when city prices remain out of reach for many. You could be living the dream.
Find a place that matches your values
So how do you know if this is right for you, or a disaster waiting to happen?
In <a href="https://eprints.usq.edu.au/34713/">my research</a> with people who moved to the country, I found successful moves came down to how closely aligned people’s values were with the attributes of the place they moved to. For example, some people value space and quiet more than bustle and activity. If they found these attributes in their new home, then they were able to craft a new life that was deeply satisfying.
When you look through the pages of a glossy magazine such as Country Style, you might find yourself yearning for the lifestyle it depicts – the grassy fields, the peaceful but quirky homes filled with flea-market finds, the home-grown abundance and the happy, contented people. These are long-held and highly regarded values that many hold dear.
The roots of these ideals are deep. Representations of the country as a rural idyll, a place to escape to, are centuries older than our <a href="https://theconversation.com/imagining-your-own-seachange-how-media-inspire-our-great-escapes-105207">current media</a>.
Epicurus (340BC to 270BC) moved from the centre of Athens to the countryside just outside so he could grow vegetables and live simply. Virgil’s (70BC to 19BC) Eclogues emphasised a rural idyll, as did much later painters such as John Constable and Eugene von Guérard. Henry David Thoreau’s Walden (1845) is an oft-quoted classic about an urban dweller moving to a rural place to live a better life (albeit temporarily in his case).
Early Australian writers such as A.B. “Banjo” Paterson and Henry Lawson took up this nostalgic ideal in the fledgling colony. So did artists such as Tom Roberts, Arthur Streeton and Charles Condor when they travelled to then-rural Heidelberg, now part of Melbourne, to paint the uniquely Australian countryside.
More recently, we have seen Peter Mayle’s <a href="https://en.wikipedia.org/wiki/A_Year_in_Provence">A Year in Provence</a> (1991) sketch a romantic picture of city dwellers moving to rural France. And there are popular television series such as <a href="https://en.wikipedia.org/wiki/The_Good_Life_(1975_TV_series)">The Good Life</a> (1975-77), <a href="https://en.wikipedia.org/wiki/SeaChange">Seachange</a> (1998-2000, 2019), <a href="https://en.wikipedia.org/wiki/River_Cottage_Australia">River Cottage Australia</a> (2013-16) and most recently <a href="https://tvtonight.com.au/2020/10/escape-from-the-city-reaches-final-episode">Escape from the City</a>.
Beware the gap between depictions and reality
We know the media are a powerful factor in helping us develop and share our identity and personal narratives. We respond to television shows, books and magazines that we are interested in by becoming their audience. We might share values, goals, ideas or even similar stories with the media we watch. We then, consciously or unconsciously, learn from or adopt those ideas and values in a process of socialisation that shows us how we might live a better life.
Media are only a representation, however. A multitude of factors, not least of which are sales and advertising revenues, go into the process of decision-making as images and stories are crafted for the various outlets. There can be a tendency for media to adopt stereotypes as a shorthand form of communication, but these do not necessarily reflect the reality they purport to depict.
This might seem obvious, but it is all too easy to accept these images as truth when we are inclined towards that viewpoint anyway.
Do you value the things that make a rural place what it is, whether that is peacefulness, an absence of people, vistas of rolling hills, or the community of a small country town? If you do, there’s a good chance a move to the country will enable you to live more closely in line with your values and so be a successful one.
If, on the other hand, you value city-style living, which includes attractions, shops, events and being close to services, you might want to reassess whether a seachange or treechange is right for you.
<a href="https://theconversation.com/profiles/rachael-wallis-568028">Rachael Wallis</a>, Lecturer, <a href="https://theconversation.com/institutions/university-of-southern-queensland-1069">University of Southern Queensland</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/it-seemed-like-a-good-idea-in-lockdown-but-is-moving-to-the-country-right-for-you-148807">original article</a>.
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It seemed like a good idea in lockdown, but is moving to the country right for you?

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GUEST OBSERVATION
In tax as in many endeavours, it’s easy to work out how things should be; harder to work out how to get there.
In NSW, Treasurer Dominic Perrottet wants to replace the one-off stamp duty on real estate transactions with an annual <a href="https://www.treasury.nsw.gov.au/sites/default/files/2020-11/NSW%20TSY%20TF%20-%20Glossy.pdf">land tax</a>.
In the long run, this one single reform could produce the biggest possible gains of any tax reform, state or federal.
This graph from the federal treasury’s 2015 <a href="https://treasury.gov.au/sites/default/files/2019-03/c2015-rethink-dp-TWP_combined-online.pdf">tax discussion paper</a> makes the point.
It says the “marginal excess burden” (damage) done by real estate conveyancing taxes amounts to 70 cents for each dollar raised.
It means people and businesses change addresses less often than they should. Households live further away from their work than they would like to, are reluctant to move to where there is better work, and spend money extending houses instead of moving to better ones.
Businesses resist changing property location and type when changes in markets and costs suggest they should.
<a href="https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
<a class="source" href="https://treasury.gov.au/sites/default/files/2019-03/c2015-rethink-dp-TWP_combined-online.pdf">Tax discussion paper, Australian Treasury March 2015</a>
In contrast, the treasury found the marginal excess burden of land tax was negative. By that it means every dollar raised actually makes things better off by making land more likely to be used for its best purpose and making land less likely to be not used at all.
Swapping the worst tax the treasury modelled for the best tax it modelled ought to have a huge economic payoff for use of property, for productivity and for living standards.
It’d also be fairer.
The NSW <a href="https://www.treasury.nsw.gov.au/sites/default/files/2020-10/FFR%20Final%20Report%20-%20200828%20%281%29.pdf">Thodey Review</a> of federal financial relations commissioned by Treasurer Perrottet notes that 26% of owner-occupiers have remained in the same property for at least 20 years.
Most of these long-term same property owners have benefited “not only from the services provided by the state over that time, but also from a once-in-a-generation land price windfall”.
In exchange for these gains, they have contributed very little towards essential services and critical infrastructure via property taxation. Others who have moved more often than the average to find a job, to be closer to schools, or to match housing size to changes in their family situation have picked up the tab.
Thodey also identifies other reasons for making the switch. Land tax revenue is more stable and predictable than revenue that soars and dives at times when people are buying or are not buying properties.
How you get there matters
The Australian Capital Territory is well on the way.
In 2012-13 it began a <a href="https://www.allhomes.com.au/news/cbr-how-act-home-owners-are-affected-by-the-act-tax-reform-program-new-report-982274/">20-year transition</a>. Stamp duty and insurance duty are being wound back (for everyone) and replaced by <a href="/news">increases to general rates on land</a>.
The transition is roughly revenue-neutral.
NSW is proposing a different approach. It is considering asking new buyers to “<a href="https://www.treasury.nsw.gov.au/sites/default/files/2020-11/NSW%20Treasury%20property%20tax%20proposal%20Consultation%20Paper.pdf">opt in</a>” to an annual land tax in return for escaping stamp duty. Once a buyer has opted in, future buyers of that property won’t be able to opt out. They will pay land tax instead of stamp duty.
It’ll mean no property owner, new or old, need be a loser in the first instance.
But it will stretch out the transition and involve very large reductions in revenue for years to come, with smaller but still-substantial losses over decades.
As an illustration, assume that in year one, rather than paying $100 of stamp duty, the buyer chooses to pay a much smaller annual land tax.
NSW is going the long way
On average about 5% of properties change hands each year, meaning on average each is transferred once every 20 years. That means that to be revenue neutral in the long term the annual land tax should be set at 5% of the stamp duty.
If all the buyers in the first year switch over to land tax, the government will lose 95% of the money it would have got from stamp duty in that year.
With the passing of time and a larger share of owners paying land tax the shortfall will get smaller. But even after a decade, it might be as much as 50%.
Some buyers will never opt-in
And the voluntary opt in will give buyers who expect to hold a property for longer than average, for more than 20 years, an incentive to turn down the offer of land tax and pay (the lesser) stamp duty as before; while those who expect a short stay will opt for the (lesser) land tax.
This entirely rational behaviour will further reduce government revenue, aggravate the inequity of the system we’ve got, lock some owners into the properties they already own in order to avoid paying for government services, and postpone the benefits of moving to a system in which tax doesn’t distort the use of land.
It’s easy to see why Perrottet has gone for a voluntary switchover.
There are better ways to avoid double taxation
Without some sort of concession, recent buyers would find themselves taxed twice, once through stamp duty and then again through annual land taxes.
The ACT’s 20-year transition is one way to get around the problem.
Despite concerns, it has <a href="https://grattan.edu.au/submissions/nsw-should-swap-stamp-duties-for-a-broad-based-property-tax/">proved popular enough</a>.
Eight years in, the ACT Labor government has just won it’s <a href="https://www.news.com.au/national/nsw-act/politics/act-votes-will-labor-secure-a-sixth-term/news-story/fb16a95da53cb48cc31f1591b54abd66">sixth consecutive election</a>.
A quicker way of realising the gains from switching while reducing double taxation would be to introduce land tax immediately and give recent buyers a partial credit for the stamp duty they’ve paid.
As an example, stamp duty paid in the past one, two, three, four and five years could receive a credit of 100%, 80%, 60%, 40% and 20%, respectively.
It would cost revenue over the transition period, but not as much as the opt in arrangement proposed by the NSW treasurer, and after that short period the switch would be revenue-neutral. Importantly, it would reap the full efficiency benefits from day one, and ensure everyone paid the tax they should.<img src="https://counter.theconversation.com/content/150629/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/john-freebairn-90">John Freebairn</a>, Professor, Department of Economics, <a href="https://theconversation.com/institutions/university-of-melbourne-722">University of Melbourne</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/axing-stamp-duty-is-a-great-idea-but-nsw-is-going-about-it-the-wrong-way-150629">original article</a>.
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Axing stamp duty is a great idea, but NSW is going about it the wrong way

Steady decline in average mortgage interest rate to continue: RBA's Guy Debelle

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Rooville, a solid pale-brick home sitting on 6.5ha bushland in Lyonville, Victoria hit the market with $1.85 million to $2 million hopes.
It is now seeking $1.65 million - $1.78 million after several months of marketing.
The postmodern style home at <a href="https://www.realestate.com.au/property-house-vic-lyonville-134378954" target="_blank">121 Frith Mill Road </a>features curved roof line, exposed internal timber pillars and exposed brick walls. 
The home offers centrally located open plan kitchen and lounge/dining with Ned Kelly woodier heater. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/14/lyonville%202.jpg" alt="">
The master suite with ensuite opens onto an east-facing deck with lake views. 
At the opposite end of the house, there are two additional bedrooms, bathroom and laundry or wet room.
There is a lakeside studio with loft bedroom and kitchenette. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/14/lyonville%203.jpg" alt="">
Additional features of Rooville include triple carport, woodshed, vegetable garden with berries and rainwater tanks. 
It is located close to the popular tourist towns of Daylesford, Trentham, Kyneton and Woodend. 
Kim McQueen and Robert Broadhurst of McQueen Broadhurst Real Estate Kyneton &amp; Dylesford have the listing. 
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Lyonville trophy home on 6.5 ha bushland has listing price cut

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A renovated Queenslander in Kalinga, Queensland has gone under offer after hitting the market in xxx with $2.1 million hopes. 
The five bedroom, three bathroom house at <a href="https://www.realestate.com.au/property-house-qld-kalinga-134360750" target="_blank">148 Kent Road</a> is surrounded by the leafy streets of Kent Road.
Last traded for $390,000 back in 2000, the 1905 built Queenslander has three main living areas, a study, large kitchen, alfresco entertainment area and swimming pool. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/14/kalinga%202.jpg" alt="">
Nestled on a large 810sqm block, the home also features polished timber floors, pressed metal ceilings and space for four cars. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/14/kalinga%203.jpg" alt="">
Located only 8km from the Brisbane CBD, it is close to major shopping precincts, trial station and Brisbane Airport. 
Tyson Clarke of Queensland Sotheby's International Realty Brisbane marketed the home
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Kalinga renovated Queenslander under offer

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Camas, a 4ha property with open gardens in Dural, NSW has been offered for the first time in 53 years.
Surrounded by sweeping lawns, rose and vegetable gardens, the two storey double brick home is situated at <a href="https://www.realestate.com.au/property-house-nsw-dural-134438406" target="_blank">465 Glaston Road</a>. 
The family home comprises six bedrooms, two verandahs, and multiple dining and living areas with views of the surrounding gardens. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/28/dural%202.jpg" alt="">
It also features high ceilings, marble fireplace and the use of Australian Cedar throughout the home.
The home is situated only moments to local shops, schools, playing fields and 40 minutes to Sydney CBD.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/28/dural%203.jpg" alt="">
The property offers the buyer potential with the option of subdividing into two parcels (STC).
Kate Lumby and Will Hampson of Lumby Hampson Dural have the listing.  
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Camas, Dural trophy home listed for the first time in 53 years

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Joel Robinson

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 52-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 52-storey tower, which has just shy of 250 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Elevated amenity anchors daily life at Aeris, Melrose Park

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Staff reporter

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