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The Northern Territory is the safest location in the country, being the first state or territory to clinically eradicate COVID-19 and all confirmed cases having now recovered (Health Minister, Natasha Fyles) and no new notifications for some time now, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 
 The borders have been locked down and travel into remote communities has been limited. These strong actions, the small population base and the adherence to the recommendations should position the Northern Territory to respond well in our economic recovery.
"How has this transitioned to the property sector?", the valuation firm asked. 
Whilst restrictions have now been eased and borders are set to reopen on 20 July, at the height of the crisis, leading local sales agents were reporting a stable level of interest for stock already on the market and open homes were replaced by private appointments – one agent noting that this had led to more qualified buyers coming through and less tyre kickers. 
Real Estate Central has shifted to online auctions using the Gavel app, resulting in a handful of sold dwellings. 
The private treaty sales campaigns have been successful with reigning REINT agent of the year Derek Hart of Elders Real Estate reporting strong activity with private treaty campaigns (source: NT News).
When considering the pipeline coming forward, it has been noted that appraisals are significantly down and the current activity is from pre-COVID-19 stock.
The report notes vendors requiring a result are still motivated towards sale, however for many the COVID-19 interruption has postponed planning to later in 2020 with a more cautious wait and see outlook.
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"With this activity we have not seen any market reductions that are out of line or increased market reductions as a result of the COVID-19 pandemic, noting that some market sectors have been performing quite poorly due to the wider market forces.
"Whilst job losses have hit much of the nation heavily, the Northern Territory is fortunately positioned due to a number of factors: we have over 21,500 public servants (source: The Office of the Commissioner for Public Employment), all of whom are still being fully paid and therefore have the ability to support their families," the valuation firm said. 
A further 5,500 are defence personnel (source: Department of Treasury and Finance). This equates to over ten per cent of the total population maintaining full employment.
In a positive for the market, long term residential tenancies have remained relatively firm.
 The larger agencies have indicated that requests for rent reduction remain quite low and rental arrears have not spiked. The short term tenancy market is very poor.
 Holiday makers have evaporated from the local scene and a number of short stay companies have noted that their forward bookings are very poor and that the 2020 dry season will be a difficult period.
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The government stimulus programs have been quite generous; approximately $100 million has been allocated to the Home Improvement Scheme, whereby the government will offer $4,000 with an owner contribution of $1,000 or $6,000 with an owner contribution of $2,000. 
This will help owners improve their properties, which may increase the value of their assets as we move past the COVID-19 slowdown.
 Recent federal government announcements about the Home Builder package (which sees eligible home owners pocket $25,000 on a $150,000 spend), coupled with existing Northern Territory government packages provides a total benefit of up to $45,000. 
"The impact so far is difficult to judge, however anecdotally some builders have seen a significant increase in enquiry," the valuation firm said. 
"So with that all said, where is the Northern Territory market? We are yet to see any firm market evidence that the COVID-19 pandemic has resulted in lower rents or capital values. 
"The big test as we look through the forward lens is the speed at which the economy can recover following the easing of restrictions and border openings," the valuation firm said. 
The report notes as Victoria battles a surge in cases, the threat of an infection in the Territory remains very real and a second wave of infection would see confidence and market sentiment evaporate.
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"The main theme for this month’s review focuses on a price point of $700,000 and which property types can be accessed at this level. The answer here in the Top End is - most," the valuation firm said. 
From a three-bedroom unit in the CBD with harbour views, to a four-bedroom, two-bathroom modern dwelling in the developing residential area of Muirhead, to a rural lifestyle property down the track with a shed with all the trimmings in Humpty Doo - this price point delivers some wide and varied property types. 
This has not always been the case and the extent of the growth experienced in the market between 2012 and 2015 and the subsequent cliff it has driven off since is well known.
A designer family home in Muirhead has recently been sold for $607,500.
The four bedroom, two bathroom house is situated at <a href="https://www.realestate.com.au/sold/property-house-nt-muirhead-133923558" target="_blank">12 Saunders Street</a> (pictured below).
It features open plan living and dining area, covered alfresco patio, fenced backyard and double lock up garage. 
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A current listing is a three bedroom apartment in Darwin City priced at $569,000.
The <a href="https://www.realestate.com.au/property-unit-nt-darwin+city-133902662" target="_blank">4004/27 Woods Street </a>home (pictured below) comprises three bedrooms, two bathrooms, open plan living and dining area and corner balcony. 
It also features gourmet kitchen, study space, two-way storeroom and city views.
<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/2020/7/20/darwin.jpg" alt="">
Naturally, buyers cashed up and bringing a budget of $700,000 to the table are likely to see value for money especially compared to a number of years back. 
"It seemingly presents as an opportunistic time to purchase across many property types. It’s not only the safest place in Australia to live during a pandemic, but economically viable – how much worse can our economy get?
"Surely there is only upside in the Northern Territory – it’s a safe bet." 
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j.ballantyne1990-6AQqhLzZaK

What a lazy $700,000 can buy in Northern Territory: HTW residential 

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First home buyers and the construction industry will benefit greatly from the elimination of stamp duty on newly-built homes below $800,000 and a reduction in thousands of dollars for properties up to $1 million.
Premier Gladys Berejiklian said the change to stamp duty thresholds would also support new home construction and create jobs as part of the Government’s COVID19 Recovery Plan.
“Thousands of people will see their bank balances benefit from this change - it will help get more keys into more front doors of more new homes,” Ms Berejiklian said.
“It will also boost housing construction across NSW and support jobs in the building industry at a time when we need them more than ever before.”
<img src="https://www.urban.com.au/images/2020/7/27/Tax%20Threshold.JPG" alt="">
Under the changes the threshold above which stamp duty will be charged on new homes for first home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million.
The Government forecasts more than 6,000 first home buyers will benefit from the changes, saving eligible first homebuyers thousands of dollars.
Under the changes the stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000. The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes, and will last for a 12-month period, commencing on 1 August 2020.
The NSW Government will also continue to offer a $10,000 First Home Owner Grant, which is available to people buying a new first home worth no more than $600,000, or buying land and building a new first home worth no more than $750,000 in total. This means the maximum amount of benefit a home owner could be entitled to is $32,335 if purchasing a new home and accessing the grant.
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NSW FHB stamp duty to be slashed as part of COVID-19 recovery plan

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Urban Taskforce Chief Executive, Tom Forrest, today congratulated NSW Premier Gladys Berejiklian and Treasurer Dominic Perrottet for taking the lead by extending the exemption of stamp duty for first home buyers which will now apply to new homes worth up to 800,000.
Stamp duty relief will also apply, on a scaled basis, to newly built homes valued between $800,000 and $1 million as well as to vacant land worth up to $400,000.
Today the Commonwealth Treasurer called for Dominic Perrottet to put his cards on the table. Unbeknown to Josh Frydenberg, the NSW Government had already taken the decision to slash stamp duty on newly built homes worth up to $800,000. This will make a big difference to the struggling property market and to new buyers.
The problem with stamp duty and payroll tax is they are distortionary. The have the effect of creating a bias in the property market which slows down property transactions and payroll tax is simply a tax on employment – it is nuts.
Today’s announcement to increase the stamp Duty threshold from $650,000 to $800,000 is recognition by Treasurer Perrottet that housing prices are higher is Sydney than in the rest of the nation. The Urban Taskforce calls on the Commonwealth to apply these new thresholds to the HomeBuilder package and make it relevant to the biggest market in the nation – that of Greater Sydney.
Mr Forrest said the new National Cabinet approach to decision making has worked well to date in dealing with COVID-19, but the same approach needs to be adopted in relation to the vexed issue of tax reform. The NSW Government has been at the forefront of calling for taxation reform.
The Thodey Report (2020) into NSW-Federal Financial Relations called for the abolition of Stamp Duty and Payroll tax. At a Commonwealth level, the Henry Report (2009) made the same recommendation and has been gathering dust for a decade.
The Urban Taskforce has publicly called for the abolition of stamp duty and its replacement with a broadly based land tax or an extension of the application of the GST.
The GST was supposed to apply to all goods and services, thus creating enough revenue to fully compensate the unemployed, the poor and those on social security benefits as well as enabling the states to get rid of high inefficient taxes like Stamp Duty and payroll tax. The Urban Taskforce said that changes to the Tax system could stimulate the economy and help drive Australia our of recession.
Now is the time for the States and Commonwealth to come together and support: 
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<li>Progressive phase out of Stamp Duty to be replaced with a broad-based land tax or widening of the GST </li>
<li>Abolition of Payroll Tax </li>
<li>Removal of the additional stamp duty and land tax currently applied to all foreign investors </li>
<li>Broaden and extend the application of HomeBuilder to make it relevant to NSW homes and apartments.</li>
</ul>
TOM FORREST is the Urban Taskforce Chief Executive Officer
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Stamp duty relief is a ‘win-win’ for first home buyers and jobs: Tom Forrest

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The COVID-19 led economic slowdown had a major impact on commercial market sentiment in Q2, with NAB’s Commercial Property Index falling to an unprecedented -62 points (surpassing the previous low of -19 in Q3 2012).
Sentiment collapsed in Retail (-76), Office (-68) and CBD Hotels (-60), but the fallout for Industrial property (-28) was comparatively limited.
Sentiment fell steeply in all states, with VIC (-60), NSW (-63) and QLD (-49), joining SA/NT (-67) and WA (-63) in deeply negative territory.
The hit to confidence was also severe, with the 12-month index falling to -55 and the 2-year measure to -29 -its first ever negative read. The results suggest property experts are not expecting markets to improve any time soon.
With COVID-19 driving new norms around how we work, shop and live, confidence levels are now weakest for Retail and Office property. Confidence has also been shaken (and is now negative) in all states.
Expectations for capital growth for the next 1-2 years were pared back significantly for Office (-4.4% &amp; -3.0%) and Retail (-4.7% &amp; -2.8%), with falls predicted in all states. Industrial values are set to fall moderately in the next 12 months, but the outlook in 2 years’ time is positive.
Office vacancy hit a 2-year high 8.5% in Q2, and climbed steeply in VIC (7.4%) and NSW (6.7%). Retail vacancy also hit new survey highs (9.0%), but industrial property remained insulated, with vacancy falling (5.8%).
As many commercial tenants struggle in the wake of the COVID-19 led downturn, the outlook for rents was pared back sharply for both Retail (-5.6% &amp; -3.6%) and Office (-4.5% &amp; -2.9%) property over the next 1-2 years.
Supply over-hangs have now also emerged in all sectors, bar Industrial.
The number of developers looking to start new works in the next 18 months fell heavily to a survey low 68% in Q2, suggesting the disruption caused by the pandemic has not only had an immediate impact on the building construction industry, but will continue to impact over the next few years.
Property experts indicated that debt funding conditions were more difficult in Q2, and expect it will remain so in the next 3-6 months. With market uncertainty persisting, the average pre-commitment required to meet funding requirements for new developments across Australia rose significantly for both residential and commercial property in Q2.
New research finds that 8 in 10 property experts expect the biggest changes in Office markets from COVID-19 will be the continuation or extension of working from home, and structural changes as to how office space is used.
A large number also expect to see slower leasing volumes and renewals, and cashflow reductions due to firms’ ability to continue operating and pay rent and how this will impact investors’ mindset as key changes. Only 2% believe that conditions will return to pre-Covid-19 patterns.
New research also shows COVID-19 had a big impact on rent collections across all Retail property formats. Bulky Goods Retail and Large Format Retail look to have held up best, with 30% and 21% of property experts reporting no change in collections from these formats. This compares to 7-8% from Neighbourhood and Regional Shopping Centres and in Strip Retail.
At the other extreme, rent collections were 30-50% lower from significantly more Strip Retailers (43%), and were down 50% or more from 45% of Other Retailers, 24% of Strip Retailers and 20% of Regional Shopping Centres.
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NAB Commercial Property Index falls to unprecedented low

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A mortgagee house in Kogarah, built almost 100 years ago is set for auction following an unsuccessful expressions of interest campaign.
Located at 18 Rocky Point Road, it features four bedrooms, two bathrooms, a carport, and a lawn.
The house is in a medium-to-poor condition and comes with a $900,000 price guide.
The total block comprises of 446 square metres.
Built in 1925, the residence last sold in 2004 for $488,000.
Kogarah’s median house price is $1.175 million.
Trent Tarbey and Emre Kutup, from McGrath Sans Souci, have the listing.
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Kogarah, NSW mortgagee house set for auction

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Sydney in the 60s, Melbourne in the 40s, the weekend winter auctions remain in a holding pattern.
Sydney’s preliminary auction clearance rate sat at 63.5 per cent from 339 reported results.
There were 546 auctions for Saturday, 83 of which were withdrawn, including the Coogee bolthole (above) of champion horse trainer David Hayes.
Domain noted Sydney's top sale was a five-bedroom house at 356 Edgecliff Road, Woollahra, at $8.1 million.
There were four registered bidders.
There were 510 auctions scheduled in Melbourne on Saturday<span data-sheets-value='{"1":2,"2":"$881,369"}' data-sheets-userformat='{"2":15359,"3":[null,2,"\"$\"#,##0",1],"4":[null,2,15922679],"5":{"1":[{"1":2,"2":0,"5":[null,2,16777215]},{"1":0,"2":0,"3":3},{"1":1,"2":0,"4":1}]},"6":{"1":[{"1":2,"2":0,"5":[null,2,16777215]},{"1":0,"2":0,"3":3},{"1":1,"2":0,"4":1}]},"7":{"1":[{"1":2,"2":0,"5":[null,2,16777215]},{"1":0,"2":0,"3":3},{"1":1,"2":0,"4":1}]},"8":{"1":[{"1":2,"2":0,"5":[null,2,16777215]},{"1":0,"2":0,"3":3},{"1":1,"2":0,"4":1}]},"9":0,"10":1,"11":0,"12":0,"14":[null,2,0],"15":"Arial","16":8}'>.
Domain calculated a preliminary clearance rate of 45.4 per cent from 229 reported results.
Some 203 auction properties were withdrawn, due to the COVID-19 public auction ban. 
Of the online auctions that did go ahead, the preliminary clearance rate was 83 per cent.
The top sale in Melbourne was $3,675,000 when 16 Rushall Crescent, Fitzroy North was sold pre-auction.
It last sold at $2.91 million in 2016.
The REIV reported Glen Waverley led the auction market in the first six months of 2020 with 109 sales, followed by Craigieburn (104) and Reservoir (101). Croydon North is the top clearance rate suburb, selling all 12 auction listings.
The weekend's cheapest sale was in Sydney when 9/20-22 Speed St, Liverpool was sold for $286,000.
<img src="https://www.urban.com.au/images/2020/7/27/CL%20July%2027.JPG" alt="">
CoreLogic saw similar results albeit with higher preliminary clearance rates as seen above.
They found clearance rates were down on this time last year where they reached above 70% for both Sydney and Melbourne.
Notably Canberra has seen both an increase in auction volume and clearance rate compared to last year.
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Sydney in the 60s, Melbourne in the 40s, the weekend winter auctions remain in a holding pattern.

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Dominated by project-style homes on 250 to 500 square metre allotments, $700,000 goes a very long way in Brabham, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 
Up in Perth’s north-east, Brabham is a developing suburb 17 kilometres from the CBD, the report noted. 
"Unless you’re looking at the few 2,000 square metre allotments along Park Street, Brabham’s ceiling is around the $600,000 price point," the valuation firm said. 
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The median house price in Brabham settled at $380,000 for the March 2020 quarter, falling 6.2 per cent over the year.
<a href="https://www.realestate.com.au/property-house-wa-brabham-133785146" target="_blank">47 Cob Road, Brabham</a> (pictured above) has recently been listed on realestate.com.au. 
Asking $579,000, this four- bedroom, two-bathroom home was built circa 2013 and boasts a cedar lined, gabled alfresco with timber decking, outdoor seating and pool, built on a 512 square metre allotment.
Essentially, with $700,000 you could build a large family home to a good standard, with good quality ancillary improvements and you would still have a bit of change left over, the report noted. 
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Moving seven kilometres north of Brabham, The Vines presents plenty of options around the $700,000 range. 
The report notes the median house price settled at $631,250 for the March 2020 quarter, falling 3.6 per cent since a year previous. 
Development in The Vines began around 1990 as a Country Club Estate, centred around two 18-hole golf courses which traverse the suburb. 
"Properties here consist mostly of larger allotments of between 2,000 and 5,000 square metres, but more recent development has seen a number of 400 to 800 square metre lots available for purchase," the valuation firm said. 
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<a href="https://www.realestate.com.au/sold/property-house-wa-the+vines-132759214" target="_blank">27 Tolladine Vista</a> (pictured below) in The Vines sold in March for exactly $700,000 after 59 days on the market.
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The 807 square metre allotment directly faces The Vines Golf Course and is improved with a circa 2007 home providing four-bedroom, two-bathroom accommodation with a double garage. 
Ancillary improvements include a pool and alfresco.
<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/2020/7/20/the%20vines.jpg" alt=""> 
Travelling further north to Lower Chittering, it is common for purchasers to be driven by land for animals or equestrian purposes, the report said. 
Good sized family homes are available here however a lot of value is taken up by ancillary items such as fenced, cleared paddocks or stables, the report noted. 
34 Charolais Trail (pictured below) breaks our budget by $50,000 but is a good example of what product is available. 
Selling in April 2020 for $750,000, this property is improved with two dwellings. 
<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/2020/7/20/chittering.jpg" alt="">
The first is a four-bedroom, two-bedroom family home built circa 2013. 
The second dwelling is a two-bedroom, one-bathroom granny flat with a kitchen. 
Other improvements include two large rain water tanks, portable bore, established gardens, pet yard area, swimming pool, powered workshop, machine storage shed and horse stables.
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What a lazy $700,000 can buy in north-east Perth: HTW residential 

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The median house price of Hillarys recorded in the March quarter was $750,000, a two per cent fall compared to the previous year, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 
Hillarys is a suburb 23 kilometres north-west of the Perth CBD and is located along the coastline of the state.
It includes the attraction of Hillarys Marina consisting of popular cafes and restaurants.
The report notes the suburb consists mainly of dwellings at 88.9 per cent of the suburb’s property types, with some dated from circa 1970 onwards.
Sections of the suburb have recently undergone zoning changes, which have seen developments and subdivisions increase within the suburb.
For example, <a href="https://www.realestate.com.au/sold/property-house-wa-hillarys-132693562" target="_blank">3 Nash Street, Hillarys </a>(pictured below) sold for $740,000 in February.
The property is a circa 1972 renovated four-bedroom, two-bathroom dwelling with a double carport situated on a 754 square metre block.
The dwelling has 248 square metres of living area and externally there is a below ground pool and gable patio.
The land is zoned Residential R20/60 and has confirmation from the local council that the property has subdivision potential of four to five lots.
Along with the subdivision potential, the existing house is also in a good condition to rent out for a set period of time and benefits from parkland access to the rear of the property.
Currently the median rental for a four-bedroom property in Hillarys is $560 per week as at 15 June.
<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/2020/7/17/hillarys%20.jpg" alt=""> 
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Scarborough is a suburb located 13 kilometres north-west of the Perth CBD and is the location of one of Perth’s most iconic beaches. 
In 2017, a redevelopment was undertaken on the Scarborough foreshore area with over $54 million being spent by the state government and local council to revitalise the area in order to improve its reputation and create a new family oriented destination. 
The suburb has a diverse range of options for property types for people looking to enter the suburb, which mainly consists of villas and townhouses covering over 50 per cent of all properties.
Old character dwellings that have been completely renovated to a modern standard,  circa 1940s onwards, are also available and would represent the best value currently for $700,000 in this market.
The median house price for the suburb for the March quarter was $736,000, which was only a 0.8 per cent decrease from the previous year.
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129 Burniston Street, Scarborough (pictured below) sold in April for $727,500, having been on the market for 40 days. 
The dwelling is a fully renovated circa 1948 street facing survey strata three-bedroom, two-bathroom dwelling with a secure double carport situated on a 370 square metre block.
The renovations completed on this property retained the character of the home and provide a modern and traditional style of living that is highly sought after in this pocket of the suburb.
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Located 17 kilometres north-west of Perth, Duncraig is a suburb that will offer buyers an abundance of options for the $700,000 budget, with a number of four-bedroom, two-bathroom family homes being offered in the market. 
The March quarter had the median house price of the suburb at $656,000 which was a 2.8 per cent decrease compared to this time last year. 
"In the suburb you can find properties dating back to circa 1970s that have been renovated and are on generous sized blocks perfect for families," the valuation firm said. 
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In January, 8 Mohonia Place, Duncraig sold for $722,000 having been on the market for 12 days. 
The property is a circa 1987 renovated four- bedroom, two-bathroom dwelling with a double garage situated on a 705 square metre block.
It offers 170 square metres of living area with a recently renovated kitchen and master bathroom as well as a spacious entertaining area outside with a gable patio and below ground pool. 
"This is just one of many examples of four-bedroom, two-bathroom dwellings offered within the suburb at an affordable option in a great location," the valuation firm said. 
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What a lazy $700,000 can buy in north-west Perth: HTW residential 

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A mortgagee home in Woodroffe, an inner-city Darwin suburb of Palmerston, has sold after it came onto the market seeking $389,000
2 months prior the vendors were seeking $399,000. 
Located at <a href="https://www.realestate.com.au/property-house-nt-woodroffe-133571298">62 Sibbald Crescent</a>, the single-level residence features three-bedrooms and two-bathrooms. 
Comprising of 898sqm, the home is set on a large block with a sizeable rear lawn and established gardens. 
<img src="https://www.urban.com.au/images/Screen%20Shot%202020-05-14%20at%201.59.15%20pm.png" alt="">
The property is located close to the Palmerston town centre, schools and shops. 
Ray White’s Korgan Hucent has the listing. 
The median house price for Woodroffe is $332,500, according to CoreLogic data. 
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Woodroffe mortgagee home sold after reducing asking price

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EXPERT OBSERVER
Urban Taskforce Chief Executive, Tom Forrest, today expressed concern that new home approvals data shows approvals in Greater Sydney have dropped to 16,087 for the 6 months up to and including May 2020 - the lowest half yearly number since May 2013.
Mr Forrest said the Urban Taskforce is on record welcoming the NSW Government’s Planning System Acceleration Program which has seen a number of approvals for large projects come through over the last two months. However, the fact is that approvals were already down to 16,338 for the 6 months leading up to and including November 2019, well before COVID-19 was a factor.
“Part of this drop off in housing approvals is no-doubt due to the close down period associated with COVID-19. But there has been a clear downward trend in new dwelling approvals in Greater Sydney since its peak in November 2016 when 31,000 new dwellings were approved in the six months prior to that date. The figures released by DPIE yesterday show a 48% drop in the 6 month approval data since the peak in November 2016.
“The property and construction industry is a big employer in NSW. Keeping the approvals flowing through the system is critical to employment in NSW and to meeting the demand for housing.
“Approvals today are a clear indicator of work in progress in 12 months’ time. The Department of Planning is pushing strongly for a pro-jobs culture, evidenced by the recent planning reforms and announcement of a new Planning Delivery Unit"
“But culture change is desperately needed at council officer level. Council planning staff need to work with proponents to deliver projects which provide housing, industrial and commercial employment, retail centres as well as open space and public amenity. The key here is working together with businesses to produce financially feasible solutions”, Mr Forrest said.
To quote two great philosophers:
Voltaire (1770) “The best is the enemy of the good.” Confucius (circa 500 BC) "Better a diamond with a flaw than a pebble without."
Mr Forrest said the NSW planning system had slowed down in the context of the 2019 election and a focus on strategic planning. Now is the time to hit the “go” button on approvals. In the current economic context, the planning system needs to grant at least double the number of approvals to half the number of new dwelling completions.
The NSW Government’s draft Housing Policy says that 50,000 new homes will need to be completed in Greater Sydney each and every year till 2040 to meet forecast demand for housing. That means we need 50,000 new dwelling approvals every six months. The DPIE’s most recent data shows that the last 6 months delivered a mere 16,000 new dwelling approvals, as did the 6 months prior to that (well before COVID-19).
“Fast-tracking is good and it has driven a new ‘can-do’ attitude in DPIE, but the entire planning system needs to work together to deliver for the NSW people and the economy”, Mr Forrest said.
TOM FORREST is the Urban Taskforce CEO
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NSW planning approvals drop off: Tom Forrest

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

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]

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 41-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 41-storey tower, which has 229 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]

Staff reporter

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