The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

[smartcode_project:default project_id=108274 project_image_fid=365786]

Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

&nbsp;

[smartcode_project:default project_id=150414 project_image_fid=372743]

Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

&nbsp;

[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

The Walden pairs house-scale living with North Sydney connectivity

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

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A preliminary weighted average clearance rate of 69.4% was recorded this week across capital cities compared to 66.6% last week and 65.1% this time last year.
Prior to this weekend the national year to date clearance rate was 67.3%. This is very healthy compared to the 63.2% recorded last year and in 2012 when less than half of all auctions resulted in sales when the clearance rates was 49.1%.
<img class="aligncenter size-large wp-image-3456" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140706-Capital-city-580x423.jpg" alt="RP Data national auction update" width="580" height="423">
This week a preliminary clearance rate of 74.6% was recorded in Sydney, a significant rise on the 71.1% last week.
<img class="aligncenter size-large wp-image-3457" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140706-Sydney-580x383.jpg" alt="RP Data Sydney auction update" width="580" height="383">
In Melbourne there was a preliminary clearance rate of 68.4% recorded compared to 68.3% last week. The Melbourne market has been delivering very consistent results for sellers in the past four weeks.
<img class="aligncenter size-large wp-image-3458" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140706-Melbourne-580x380.jpg" alt="RP Data Melbourne auction update" width="580" height="380">
In Brisbane a preliminary clearance rate of 59.3% was recorded compared to 42.2% last week.
Adelaide recorded a clearance rate of 75.6% compared to 62.7% last week.
In Canberra a clearance rate of 48.4% was recorded and in Perth there was a clearance rate of 52.6%.
In Tasmania two auctions resulted in sales from the six held.
<img class="aligncenter size-large wp-image-3459" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140706-Brisbane-580x383.jpg" alt="RP Data Brisbane auction update" width="580" height="383"><a href="https://blog.rpdata.com/wp-content/uploads/2014/07/20140706-Brisbane.jpg" rel="wp-prettyPhoto[g3455]"> </a>
<img class="aligncenter size-large wp-image-3460" src="https://blog.rpdata.com/wp-content/uploads/2014/07/20140706-Adelaide-580x382.jpg" alt="RP Data Adelaide auction update" width="580" height="382">
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rlarocca-zWhvjay44N

Buyers drive up national clearance rate in week of low volumes: RP Data's national auction wrap

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The interest in gyms and more active lifestyles has been emerging for many years and it’s unsurprising to see developers get in on the action. However, they’re increasingly offering stunning gyms with views.
We’ve gone through some of the most stunning developments to select six that have high-level gyms, or rooftop gyms, that any exercise aficionado would be happy to workout in (although perhaps not walk up all the stairs to) to bring you this list of six.
<img src="/images/2014/07/04/yellow-one.jpg" alt=""> <img src="/images/stories/2013/12/04/Ho-Bee-tower---artists-impression-cropped-one.jpg" alt="Ho-Bee-tower---artists-impression-cropped-one"> 
The first is <a href="/expert-insights/buying/overseas-investors-to-tap-into-surfers-paradises-first-highrise-in-five-years">Rhapsody</a> (pictured above), positioned between Surfers Paradise and Main Beach, from Singapore-based developer Ho Bee Land.
<ul>
<li>Total number of apartments: 223</li>
<li>Level of gym: 27th floor</li>
<li>Total levels: 41 levels</li>
<li>Prices: From $280,000 for a studio apartment up to $867,000 for two-bedroom apartments</li>
</ul>
It’s a $120 million development with rooftop gardens, and they decided to include a residents lounge, gymnasium and terrace on the 27th floor (pictured below). The rooftop will have ocean and city views, a barbecue and food preparation area, herb and vegetable garden and fruit treas.
On the 27th level, it will include teppanyaki barbecues, private dining, a function room, an executive meeting room, and a fully-equipped gym with ocean views.
A pool, spa and sauna are also available elsewhere within the development.
<img src="/images/2014/07/07/4.%20Rooftop%20garden.jpg" alt="">
<img src="/images/2014/07/07/3.%20Level%2027%20gymnasium.jpg" alt="">
<img src="/images/2014/07/04/yellow-two.jpg" alt="">
<img src="/images/2014/07/07/south%20yarra%20july%207%20one.jpg" alt="">
The second is South Yarra’s <a href="/expert-insights/buying/meet-and-greet-in-south-yarra-with-yarra-houses-architect-neil-de-la-coeur">Yarra House</a> (pictured above). The boutique apartment development on 18 Yarra Street comes from Michael L Yates &amp; Co, Red C, HASSELL and Bird de la Coeur Architects.
<ul>
<li>Total number of apartments: 114</li>
<li>Level of gym: Rooftop (level 26)</li>
<li>Total levels: 25 levels</li>
<li>Prices: One bedroom from $495,000, two bedroom from $580,000, three bedroom from $1,595,000</li>
</ul>
The rooftop gym is “members only” and includes a 15-metre lap pool, yoga space and landscaped garden. It has views of Melbourne High School, the city skyline and the Royal Botanic Gardens.
It also includes a bathroom and shower, a barbecue area and a dining area (floor plan below). <img src="/images/2014/07/07/south%20yarra%20july%207%20floor%20plan.jpg" alt="">
<img src="/images/2014/07/04/yellow-three.jpg" alt="">
<img src="/images/2014/07/07/north%20sydney%20july%207%20one.jpg" alt=""> Our third is North Sydney’s <a href="https://www.138walker.com.au/%20" target="_blank">Belvedere</a> by Winten Property Group, a $140 million project on 138 Walker Street (pictured above).
<ul>
<li>Total number of apartments: 195</li>
<li>Level of gym: Rooftop</li>
<li>Total levels: 22 levels</li>
<li>Prices: Studios from $375,000, one bedroom from $400,000, one-bedroom plus study from $490,000</li>
</ul>
Belvedere has <a href="/expert-insights/building/rooftop-pools-make-a-splash-as-developers-bring-penthouse-amenities-to-the-people">a 12.5 metre lap pool</a>, gym and relaxation areas on the rooftop terrace. It has harbour views.
The roof area also includes a sundeck and barbecue facilities. Photos available (below) show a running machine, an elliptical and a number of other smaller pieces of equipment inside a room on the rooftop.
<img src="/images/2014/07/07/north%20sydney%20july%207%20two.jpg" alt="">
<img src="/images/2014/07/07/north%20sydney%20july%207%20three.jpg" alt="">
Article continues on next page. Please click below.
<hr class="system-pagebreak">
<img src="/images/2014/07/04/yellow-four.jpg" alt="">
<img src="/images/2014/04/16/7.jpg" alt="Skye by Crown construction commences">
Another offering in North Sydney, Skye by Crown at 211-223 Pacific Highway, designed by Koichi Takada is a $200 million creation with another stunning gym option.
<ul>
<li>Total number of apartments: 242</li>
<li>Level of gym: Top floor</li>
<li>Total levels: 20 storey</li>
<li>Prices: From $499,000 to $2 million plus</li>
</ul>
One of the stand outs on the list, it includes a top-floor gym and <a href="/expert-insights/buying/skye-by-crown-construction-commences">an infinity edge rooftop pool with views over the North Sydney area</a> (pictured above). Sales appear to have done very well at this development.
<img src="/images/phocagallery/2014/04/north-sydney-april-16/north%20sydney_0005_6.jpg.jpg">
<img src="/images/phocagallery/2014/04/north-sydney-april-16/north%20sydney_0007_8.jpg.jpg">
<img src="/images/phocagallery/2014/04/north-sydney-april-16/north%20sydney_0010_11.jpg.jpg">
<img src="/images/2014/07/04/yellow-five.jpg" alt="">
<img src="/images/2014/03/17/portside-wharf-march-17-breakout.jpg" alt="Construction commences on Brisbane waterfront Portside Wharf’s Pinnacle">
The fifth on the list is <a href="/expert-insights/buying/construction-commences-on-brisbane-waterfront-portside-wharf-s-pinnacle">Queensland’s Portside Wharf development Pinnacle</a> (pictured above).
<ul>
<li>Total number of apartments: 162</li>
<li>Level of gym: Rooftop</li>
<li>Total levels: 16</li>
<li>Prices: $390,000 to $2.4 million</li>
</ul>
Pinnacle will have a rooftop terrace with an infinity edge pool, BBQ, gym, entertainment area and onsite guards and management. It has river and city views (pictured below).
Click to open in new window:
<a href="/images/2014/03/17/portside-wharf-march-17-big.jpg" target="_blank"><img src="/images/2014/03/17/portside-wharf-march-17-big.jpg"></a>
<img src="/images/2014/07/04/yellow-six.jpg" alt="">
<img src="/images/2014/07/07/melbourne%20july%207%20one.jpg" alt="">
<img src="/images/2014/07/07/melbourne%20july%207%20two.jpg" alt=""> <a href="https://platinumtower.com.au/" target="_blank">Platinum Tower, in Melbourne’s Southbank</a> (pictured above), is from Salvo Property Group and includes the highest of all the gyms.
<ul>
<li>Total number of apartments: 435</li>
<li>Level of gym: 52nd floor</li>
<li>Total levels: 53 levels</li>
<li>Prices: Two bedroom from $438,000, three bedroom from $785,000, four bedroom from $1.3 million</li>
</ul>
The entire 52nd floor is for leisure and health, and includes not only the highest pool in Melbourne, but a sauna, gym and floor-to-ceiling windows on three sides (pictured below).
<img src="/images/2014/07/07/melbourne%20july%207%20three.jpg" alt="">
<img src="/images/2014/07/07/melbourne%20july%207%20four.jpg" alt="">
<img src="/images/2014/07/07/melbourne%20july%207%20five.jpg" alt="">
 
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jduke-EHk3XBmHkn

Developments look to high-level gyms: Six stunning workout views

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Mirvac sold all 85 apartments when its launched its fourth Harold Park precinct, known as Altivolo over the weekend.
Construction of <a href="https://haroldparkbymirvac.com/altivolo" target="_blank">Altivolo</a> is expected to begin this year with a 2016 completion at the inner-Sydney Glebe project which is due to see its first precinct, Locarno opened at the end of this month.
Altivolo won the first race under lights at the Harold Park Paceway in October 1949.
Altivolo, bred by Edgar Tatlow in Tasmania for Harry Williams, was by a champion sire, Raider, from a Grattan Loyal mare named Attain.  
Altivolo will be positioned at the gateway to the Harold Park development. The building rises three storeys from street level shaped around a central courtyard.
Studios (40 square metres) were priced from $550,000, one-beds (48-56 square metres) from $615,000, two-beds (75-104 square metres) from $870,000 and three-beds (120-127 square metres) from $1,395,000.
Sales now total 900 across the various buildings on the former Harold Park race course.
Mirvac chief executive, residential, John Carfi told the Australian Financial Review that despite lot of competition in the market right now, the demand for Harold Park has not let up since the day it launched the first precinct in 2011.
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jchancellor-FAypfDUnLy

Harold Park Altivolo launch sellout as Mirvac trots to 900 sales

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About $875,000 had been tipped, but $1,055,000 was achieved at the weekend auction of a Surry Hills warehouse apartment in Sydney Mansions.
Behind the heritage brownstone facade, the three bedroom apartment in the former Mark Foy's warehouse has 113 internal square metre space.
It was converted in late 1999 and renovated in 2011. The strata levy sits at $2,267 a quarter.
The Ray White Surry Hills agency marketed it as "Manhattan-loft cool".
{qtube vid:=qPt_bFf-arI}
The two-level home has one bathroom plus plumbing for a second shower.
With an open design with 5.1 metre ceilings, 301/133 Goulburn Street had a northerly aspect through large windows.
There was one security car space. 
It had last traded for $815,000 in mid-2012 when <a href="/news">Surry Hills apartments median was $505,000</a>, against the <a href="/news">current $585,000 median</a>, according to RP Data.
It first sold in 2000 at $490,000 and then at $575,000 in 2004.
Property Observer gleans the warehouse for department store Mark Foy's had previously had eight sales above $800,000, with an $845,000 prior record. The most recent was a one bedroom loft style apartment sold at $800,000.
The most popular suburb for auctions on the weekend was Surry Hills with nine auctions, according to Australian Property Monitors.
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Former Mark Foy's Surry Hills warehouse apartment sells for $1 million plus

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Not long before the Australian Bureau of Statistics (ABS) released building approvals data for May 2014, the Reserve Bank Governor (RBA) Glenn Stevens completed a presentation in Hobart.
Within that presentation Glenn Stevens stated: “It would in my opinion be good, for a range of reasons, if it did persist for a while. If the next couple of years saw an unremarkable performance on prices, and construction staying at the higher levels that will clearly be reached over the coming year, it would be an outcome that would contribute to a balanced growth path for the economy and to housing more people at manageable cost.”
This was made in the knowledge that home values rose by 10.1% over the 20-13/14 financial year and following three consecutive monthly falls in dwelling approvals between February and April 2014.  Luckily the May data which was released last week showed a 9.9% rise over the month.  Dwelling approvals are now 14.3% higher year on year.
<img class="aligncenter size-full wp-image-3440" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Chart-1.jpg" alt="Chart 1" width="500" height="181">
After three consecutive monthly falls in dwelling approvals it was looking as if the much vaunted rebound in housing construction was running out of puff (approval is the initial step before construction can commence).
Of course, we don’t want to get too carried away with a one month bounce but it was encouraging to see that the fall in dwelling approvals has, at least for the moment, not continued. Total dwelling approvals in May were 14.3% higher than a year ago with house approvals 14.0% higher and unit approvals 14.5% higher.
<img class="aligncenter size-full wp-image-3441" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Chart-2.jpg" alt="Chart 2" width="500" height="180">
The data is inherently volatile on a month to month basis so I like to also note the annual number of dwelling approvals. Over the 12 months to May 2014, there were 191,088 total dwelling approvals, 107,291 of which were for houses and 83,799 which were for units. 
The annual number of dwelling approvals is at their highest level since there were 192,614 dwelling approvals over the 12 months to December 1994.  Let’s not understate this, the rebound in dwelling approvals is strong and much needed after years of ongoing insufficient supply additions. 
The challenge from here will be what proportion of these approvals actually end up moving to construction and then ultimately completion.
<img class="aligncenter size-full wp-image-3443" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Chart-31.jpg" alt="Chart 3" width="500" height="180">
Focussing on the capital cities, it is encouraging that there has been a significant rise in dwelling approvals across these areas where supply issues are generally most dire. 
On a rolling annual basis, there were 141,845 capital city dwelling approvals over the 12 months to May 2014.  Of these approvals, 68,455 were for houses while 73,390 were for units.  Note that at a national level dwelling approvals for houses still outnumber units however units outnumber houses in the capital cities highlighting the direction that new development is heading in most of our capital cities.
The annual number of capital city house approvals as at May 2014 was 19.6% higher than over the corresponding 12 month period in 2013. Capital city house approvals are at their highest level since the 12 months to February 2011 when 69,524 houses were approved.  
Capital city unit approvals are 23.4% higher than they were a year earlier and are only slightly lower than their record high level of 73,835 unit approvals over the 12 months to March 2014.
<img class="aligncenter size-full wp-image-3444" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Chart-4.jpg" alt="Chart 4" width="500" height="183">
Across individual capital cities the annual number of dwelling approvals is higher across each city except for Darwin. The greatest annual lift in dwelling approvals has been recorded in Brisbane and Sydney. Anyone that has visited either of these cities recently would have seen plenty of residential construction taking place and it seems that there is a significant additional pipeline of residential construction to come.
<img class="aligncenter size-full wp-image-3445" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Chart-5.jpg" alt="Chart 5" width="500" height="180">
As you can see from the above chart, across each of the major capital cities there has been an upswing in dwelling approvals.  The most significant upswing has occurred in Sydney and Brisbane however, the number of approvals remains much higher in Sydney and Melbourne than in all other cities. 
The number of dwellings approved for construction is at an all-time high currently in Perth, is very close to its record high in Sydney and at its highest level since the 12 months to June 2004 in Brisbane.
<img class="aligncenter size-full wp-image-3447" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Chart-61.jpg" alt="Chart 6" width="500" height="180">
We mentioned earlier about the shift towards unit approvals as opposed to house approvals which is much more prominent in capital cities than nationwide. 
The above chart highlights the proportion of dwelling approvals which are for units as opposed to houses over time.  As already noted over the 12 months to May 2014, 51.7% of all capital city dwelling approvals were for units.  In Sydney (69.4%), Melbourne (52.4%), Brisbane (57.2%), Darwin (58.6%) and Canberra (62.9%) a majority of approvals are for units rather than houses. 
In the remaining three cities 31.1% of approvals are for units in Adelaide, 23.9% in Perth and 13.6% in Hobart. I have little doubt that particularly in Perth we will see a growing proportion of approvals for units rather than houses over the coming years.
The May dwelling approvals data showed an encouraging rebound following three consecutive monthly falls.  Keep in mind that Glenn Stevens wants to see higher construction levels over the next few years and that will be the real challenge. 
If consumer sentiment continues to languish and if and when home value growth slows there will be much less certainty around the viability of new residential developments.  Maintaining high levels of new residential approvals (and construction) over the next few years will be no easy feat.
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ckusher-ujnxiKuFQs

Encouraging rebound in dwelling approvals, but how many will end up being constructed?

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As <a href="/news/planning-to-fail-east-west-link-part-1" target="_blank">previously</a> <a href="/news/planning-to-fail-east-west-link-part-2" target="_blank">reported</a>, Matthew Guy has used his extraordinary powers as Planning Minister to approve the East West Link permits. In doing so he has ignored the majority of recommendations put to him by the independent Assessment Committee. This project was a major test case for how well planning law functions for major infrastructure projects. Unfortunately for those wanting a rigorous, logical, evidence based and transparent process the system has failed.

Aside from the question of the East West Link project is how do we fix the planning system so we can learn from the mistakes?

1. Prohibit the use of a reference design to obtain planning approval.

The use of a reference design to achieve planning approval is a terrible concept. Without a real design which has considered real opportunities and real constraints we cannot discuss the project in any meaningful way that would represent the reality of the project. It is absurd that we needed the East West Link project to prove this point. It causes angst and confusion for the community who have no certain design to even direct their comments and criticisms. A reference design is clearly not acceptable to any other private project in the planning system for good reason.

2. Enable the independent Assessment Committee to determine if sufficient information has been provided to assess the proposal. If they deem it insufficient remove the authority for anyone to approve the project until such time as it has been provided and assessed.

The Victorian Planning System gives unfathomable powers to the Planning Minister. Clearly further checks and balances are required. If the Assessment Committee has insufficient information to assess an application it should have the power to prevent any approval being granted until such time as the information is provided and assessed. Good decision making cannot occur without good information to base those decisions.

3. Require the Assessment Committee determine if design alternatives have been sufficiently considered. Prohibit the approval of projects requiring property acquisition unless the Assessment Committee has determined that design alternatives have been sufficiently considered.

If property is being acquired, land owners and in this case home owners have a right to know if there is a better way to achieve the project. Political considerations should not override a proper planning and design process.

<blockquote>
It appears to the Committee that the LMA have not fairly responded to or considered alternative designs
<cite>Remarks from the Assessment Committee</cite>
</blockquote>

<blockquote>
No alternative design was exhibited and no alternative has been tested in the manner of the flyover. I do not agree that it is appropriate to describe the exhibited project as unacceptable in the absence of a demonstrated proven alternative
<cite>Remarks from Matthew Guy in his East West Link approval decision</cite>
</blockquote>

4. Require the Assessment Committee determine if community consultation has been sufficient. Prohibit the approval of projects that fail this test.

This requirement would enshrine community consultation as a mandatory requirement in undertaking major infrastructure projects. With the consequences of insufficient consultation being a substantial delay to the project, the proponent would see it as vital that they always cleared tis hurdle first time.

5. For public projects over a $1 Billion require that the business case and procurement method also be within the scope of the Assessment Committee.

It is not for the Assessment Committee to dictate how the government spends its money. However this provision would make sure that the public would have a right to be informed of the financial implications of major infrastructure.

6. Require that the Planning Permits are granted prior to the tendering process beginning. Design changes from the tendering process should be dealt with as amendments to the permit and be subject to their own rigorous planning process.

This requirement achieves two key benefits for the state. Firstly the tender process could accurately reflect the project as approved, avoiding nasty surprises. This would assist in preventing price blowouts due to limiting and controlling variations to the design. Secondly it would provide an opportunity for community consultation and assessment on substantial design changes.

In a democracy, people have a right to transparency and a right to be heard. The East West Link reality where four suburbs have an approved project with an unknown design is a sad example of our broken system. For those screaming at the politicians to ‘rip up the contracts’ for East West Link, don’t forget that there was also a broken system that contributed to this disaster. We need to reform this system urgently or we are destined to repeat the same mistakes.

Victoria Deserves Better. Architecture is for Everyone.

This post originally appeared on <a href="https://theredandblackarchitect.wordpress.com/2014/07/04/fixing-the-victorian-planning-system-in-the-wake-of-east-west-link/">The Red and Black Architect blog</a>.

Lead image courtesy Permitted Development.
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redblackarchitect

Fixing the Victorian Planning System in the wake of East West Link

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Sydney's auction clearance rate weakening continued into July, with a 72.7% success rate achieved today, the Australian Property Monitors data indicates.
Last weekend's revised figure was adjusted to 71.2%, having being reported with an initial clearance rate of 74.1%, which itself was the lowest non-holiday weekend result recorded in Sydney for over a year.
Auction clearance rates have fallen over the five weekends since the June Queen’s Birthday holiday break.
Property Observer notes the last time the clearance rate was in the high 60s rate was in mid-May 2013. Any 70% plus clearance rate is a sellers' market, but the 2013-2014 auction rate has well and truly seen the last of the amazing 80s. It is not just a seasonality issue, as last winter clearance rates improved.
There were almost 440 offerings across Sydney, which was well up on the 290 on the same Saturday last year.
John Clinton, the drummer from the country band, The Wolverines with his wife Kim Clinton didn't secure a weekend sale of their organic-style, all curved Dural home.
The custom-built three bedroom 65 Quarry Road house (pictured above) remains listed through <a href="https://www.mcgrath.com.au/buy/house-dural-nsw-2158/226118/?searchID=40581791" target="_blank">McGrath agent Elise Lau</a> with $2.75 million plus price hopes.
It was passed in at $2.75 million.
The curved two-storey, three bedroom house comes with a self contained two-bedroom studio which was a disused train carriage.
It sits on a 2.85 hectare bush block.
The Wolverines are best known for the song 65 Roses about cystic fibrosis, and the Ballad of Young Bobby Dale.
Once described as a Harley riding, music playing trio, the Wolverines recorded their first album in Nashville in 1996.
Clinton, a former Sydney nightclub owner and yacht charterer, installed a musical mural in the main bathroom by the painter Ken Roberts.
APM had Sydney’s south as having the most number of auctions this weekend with 75 followed by the inner west with 65.
The most popular suburb for auctions was Surry Hills with nine auctions, followed by Concord, Bankstown and Casula each with eight auctions this weekend.
"Activity in Sydney’s home auction market has shifted down a gear over recent months with weekend clearance rates averaging 74.6 percent over June compared to the 77.6 percent averaged over both May and April, and the 82.3 percent averaged over March," Dr Andrew Wilson, the senior economist at Australian Property Monitors advised.
 
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Wolverines drummer caught in Sydney's fading auction clearance rate

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The May residential building approvals are suggesting that the recovery being seen in New South Wales and Western Australia is also prevalent elsewhere, except for the ACT, according to the Housing Industry Association.
With numbers easing back during the first part of 2014, May recorded a rebound with 16,425 dwellings approved – a 9.9% increase over the month following on from a subdued April. HIA economist Geordan Murray notes that this is closer to the peaks seen at the close of 2013 and very start of this year.
“The three consecutive months of declining approval numbers following the peak in January this year had caused some observers to start questioning the longevity of the home building recovery. This result gives us confidence that the recovery has a way to run yet,” said Murray.
“Residential building approvals reached a peak in January this year when over 17,700 dwelling approvals were recorded. To get to the record level in January it took a situation where all the ducks were sitting in a row – we had the five largest states all recording strong approval numbers at the same time.”
He said that volatility in multi-unit approvals has caused the January 2014 high not to re-appear, but that activity is expected to be strong across the year.
“The housing recovery, which was initially confined to New South Wales and Western Australia, appears to be gaining broader momentum. Approvals in the three months to May are markedly higher than the same time last year in all jurisdictions, ACT is the only exception,” he said.
Meanwhile Westpac senior economist Matthew Hassan has noted that the 9.9% jump has been largely driven by a sharp rise in units across New South Wales and Queensland, outstripping expectations. The consensus forecast, Hassan said, was a 3.2% “partial rebound”.
He said that the total approvals remain high by historical standards.
“Long run trends in population growth and household formation point to underlying demand for dwellings rising at around 172,000 a year. While approvals are now well above this level, new construction is still catching up following a decade in which additions to the dwelling stock have been persistently below this rate, often well below,” he said.
Private house and medium density approvals were notably firmer in Victoria and New South Wales, explained Hassan, while Queensland and Western Australia remained flat when looking at this metric.
However, is view remains that there may be a slowdown ahead in terms of the housing sector’s performance.
“Although the volatile 'units' component muddies the waters, at the margin the May dwelling approvals adds to evidence of a moderate slowdown across the housing sector. Earlier signs from consumer sentiment on 'time to buy a dwelling', auction clearance rates, monthly house price measures and housing finance approvals had suggested the cooling off might be more abrupt.
“Those indicators have shown a firmer tone over the last month though. A slowdown is still coming through but now looks to be more orderly.”
Construction-wise, including highrise projects, residential building is expected to remain on a rising trend through 2014.
Urban Taskforce, however, is concerned about May’s performance, with CEO Chris Johnson noting that it counts as a fall in approvals, particularly in the high density sector.
“Recent approvals have been strong in NSW so a correction is to be expected but the drop in higher density approvals is of concern. Major apartment projects generally come with large numbers of individual units but with low interest rates and significant off shore investment a fall in approvals was not expected,” said Johnson.
“Even more worrying is the value of approvals in the non-residential sector which has halved since December 2013. The value of NSW non-residential approvals in December 2013 was $1,005,113,000 but the May 2014 value of approvals has fallen to $543,083,000 which is almost half the figure five months ago.”
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Housing recovery not confined to New South Wales and Western Australia: HIA

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GUEST OBSERVATION
Analysis of value of Australia residential property is a focus for individuals as owner occupiers, for investors from Australia or overseas, for financiers and for developers. 
Quantitative easing in developed countries is a factor driving higher housing values.
A recent IMF report concludes that Australia ranks third among developed countries in the ratio of house prices to income and fifth on the basis of house prices to rents when assessed on an historical basis.
<img src="/images/2014/07/04/imf%20july%204%20onbe.jpg" alt="">
Source:  IMF
This clearly implies that Australian residential property prices are at least fully valued. IMF state that detecting excess valuation is more art than science.
In a recent working paper released by the Asian Development Bank, they noted that housing prices nearly doubled in Hong Kong and India over four years 2008 – 2012.  ADB concluded that prolonged quantitative easing made a significant contribution into capital inflows into Asia Pacific.  Capital inflows prospectively had two outcomes being either rising currency or higher asset prices.  Housing prices rose most strongly in economies where currencies did not appreciate.
This analysis supports the view that part of the drive behind strong Australian house prices has been quantitative easing in developed countries.  Australia has been viewed as an attractive investment destination on a relative basis.  Very low or zero interest rates in US, Japan and Europe has prompted international capital flow into Asia Pacific including Australia.  These flows have been in part directed into residential property.
As a result the RBA is in a bind. Despite falling commodity prices the AUD remains strong reflecting capital flows.  Should the RBA raise interest rates seeking to contain residential property prices the AUD will strengthen.  An alternative currency management policy or specific policies directed at reduced lending for residential property or restrictions on ownership are required.
Quantitative easing by the major developed countries has effectively driven Australian housing prices higher.
While quantitative easing continues, Australia will be vulnerable to excessive capital flows into investment assets including residential property unless the Australian dollar rises again.  A rising Australian dollar is unlikely while commodity prices remain weak.
Only when quantitative easing ceases will any excess in residential property values be removed.  This will start in 2015 with the US.  In the interim high residential property values will persist.
Ken Atchison is managing director of <a href="https://www.atchison.com.au/" target="_blank" rel="nofollow">Atchison Consultants</a>.
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katchison-p6oi8fSFSF

Australian house prices are being pushed up by other countries' economic policies

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The 1850s Wuchatsch’s Farmhouse at Lalor, believed to be the oldest home in Melbourne to be built, owned and continuously occupied by the same family, has been sold at $1,275,000.
The 7,595 square metre property at <a href="https://www.realestateview.com.au/Real-Estate/74-robert-street-lalor/Property-Details-sold-residential-7063833" target="_blank">74 Robert St, Lalor</a>, is the most complete of those found in the surviving Westgarthtown dairy farming settlement.
In 1850, German and Wendish immigrants developed Westgarthtown on the banks of Edgars Creek, 16 kilometres north of Melbourne.
It is a heritage-listed bluestone building feast in the Thomastown and Lalor district.
Wuchatsch’s Farmhouse was the home of Wends Johann and Magdalene Wuchatsch and their family of 10 German and Australian-born children.
Johann Wuchatsch was a foundation member of the Westgarthtown Lutheran Church and the Evangelical Lutheran Church of Victoria’s Synod.
Currently owned and occupied by third-generation family members ­Robert Wuchatsch, Dorothy Kelly and Betty Barba, the bluestone house has five rooms, including two bedrooms.
The floorplan is in the traditional German farmhouse style with interconnecting rooms and no hallway. An attic extends the length of the building with a window at each end.
There are three other bluestone buildings on the property connected by cobblestone pathways and dry stone walls, including the stables, a milking shed and a dairy.
The property was sold by Jim Kalakias and Graeme Love of Love Real Estate Epping.
The existing heritage-listed buildings must be retained on 3,905 square metres with a possible seven lots on the remaining land which the buyer will be pursuing, Graeme Love told Property Observer.
Kalakias expected interest from a wide range of buyers as possible use as a reception centre, artists’ studio, cafe or community centre.
The City of Whittlesea purchased the neighbouring Ziebell’s farmhouse several years ago with Ziebell’s Farmhouse now part of a guided tour conducted by the Friends of Westgarthtown of the Thomastown Pioneer Precinct. 
But they council showed no interest this time.
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