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

<html><body>
Developers are putting little effort into building more sustainable residential properties due to a lack of consumer demand, industry leaders have said.
People buying houses in new residential developments typically planned to live in the property for only up to five years, which limited the payback period for environmentally friendly features, CSR managing director Rob Sindel said.
“They say ‘I’ll worry about the environmental stuff when I can afford it’,” he said at a Green Building Council of Australia breakfast meeting last week.
Consumers were more interested in features such as granite bench tops, high-end appliances and automatic garage doors than in energy or water saving measures. Marketing companies that sold newly developed residences promoted lifestyle benefits rather than sustainability, Sindel said.
Developers of multi-unit residences also faced challenges to building more sustainable dwellings, Leighton Properties managing director Mark Gray said.
Like buyers of freestanding homes, people who bought into multi-unit developments were attracted to the precinct’s amenities and community.
Gray said there were opportunities for precinct-based initiatives, where measures were installed to improve the sustainability of the entire multi-residential development, but these could be hampered by service authorities.
“Service authorities are sources of great frustration for developers as they [the service authorities] don’t like change whatsoever. They don’t like individual precincts, they want control over everything,” he said.
Gray said to overcome the barriers to increased adoption of sustainable principles in residential construction, there was a need for further awareness and education in the community to boost demand.
“Unless we get people a lot younger and educate people at a much earlier age, we won’t get the outcomes that we all desire,” Gray said.
Dexus Property Group executive general manager, property services and chief operating officer Tanya Cox said the frequency of changes to public policy surrounding green building initiatives was a challenge to all sustainable development.
“Property is a long-term investment and long term investment businesses need policy stability,” she said.
She added that the politics of the climate change debate had made it more difficult for green building to gain traction.
“The conversation has changed from reducing excesses and pollution – we know that pollution is bad for the environment. Whether climate change is man-made has made the conversation much more difficult for us,” Cox said.
In addition to their roles as business leaders, Sindel, Gray and Cox are board members of the Green Building Council of Australia. 
</body></html>

zfielding-GvX3Uq9KTa

Lack of consumer demand for sustainable residential property

<html><body>
A unique and interesting feature of the current housing market in Victoria is not only a rise in investor activity, but the falling numbers of first home buyers.
It may be easy to draw the conclusion that investors have forced first home buyers out of the market, however, this is not supported by the data available from the Australian Bureau of Statistics (ABS) data, rather it indicates a rise in the overall share of all non first home buyers.
Analysis of data from the ABS shows that the market share of local investors has been cyclical over the past decade.
In the most recent twelve months investors represented 36.1% of the total value of loans in Victoria compared to 34% in the preceding twelve months. In the twelve months ending Feb 2011 – the last rising cycle – the proportion was 37%. A similar rise was also evident in 2007 suggesting that as the market strengthens so too does the level of investor activity rise.
Unlike investors, the numbers of first home buyers have shrunk to record lows.
<blockquote>
Unlike investors, the numbers of first home buyers have shrunk to record lows.
</blockquote>
In February there were 1,402 dwellings financed for first home buyers in Victoria, a mere 11.7% of the entire number financed. This was lower than in January when they represented 12.7% of the market. In raw terms, this is the lowest since July 1991 when the population of Victoria was also 31% lower than it is today. More first home buyers are staying in rented accommodation or with family.
During the last rising cycle, in 2010, there were a higher proportion of both first home buyers and investors. When home values last peaked, in October of 2010, the proportion of first home buyers was 18.2%. Over that year investors were 37% of the market in value terms.
If first home buyers were being forced out by investors you would expect there to be a lower proportion in 2010 and 2007, yet this was not the case. Other factors have also changed for first home buyers including the levels of financial assistance. The state government now provides up front financial assistance for new homes only unlike in 2007 and 2010 when it was also available for established homes.
And as prices are comparable in real terms with late 2010, there are clearly reasons other than investor activity for first home buyers now being such a small portion of the market.
</body></html>

rlarocca-zWhvjay44N

Investors up, first home buyers down in the Melbourne market

<html><body>
The Australian Bureau of Statistics’ residential building approvals are suggestive of a healthy 2014, according to the Housing Industry Association’s chief economist Harley Dale.
Noting that the March 2014 approvals have seen healthy growth, Dale noted that the approvals cycle itself may well have peaked.
“New home building has a large reach into the wider domestic economy and the sector is very much Australia's economic barometer in 2014,” he said.
“If you're searching for highlights to the Australian economy, new housing is the best shot you can take,” he continued.
“Leading indicators such as building approvals are clearly a positive for the economic outlook. How many of these approvals are converted into dwelling commencements and over what timeframe will exert a considerable influence over wider domestic economic activity.”
Over March, the total seasonally adjusted building approvals actually fell 3.5% to 15,598, the second consecutive monthly decline, while detached house approvals remained flat, down 0.5%. Over the March quarter, detached housing approvals grew 7.7%.
The approvals for ‘other dwellings’ fell by 7.5% over the month, down 7.2% over the quarter.
“The momentum in approvals has slowly shifted from multi-units to detached houses and that is evident in the March quarter results,” he said.
This comes after multi-unit dwelling approvals hit a record high in last year’s December quarter.
Seasonally adjusted, approval increases were seen in New South Wales (8%) and Tasmania (33.1%). Approvals were flat in South Australia. They fell in Victoria (12.5%), Queensland (3.3%) and Western Australia (9.1%). The Northern Territory saw a 25% decline in trend terms, with the ACT increasing 0.7%.
New South Wales Minister for Planning, Pru Goward, was jubilant over the state’s result.
“Over the 12 months to March 2014 nearly 51,000 new homes were approved in NSW, the highest in almost eleven years,” said Goward.
“Today’s figures also show more than 4,700 new homes were approved in March this year, compared to just less than 3,100 last March,” she said.
</body></html>

jduke-EHk3XBmHkn

Healthy building approvals, but cycle may have peaked: HIA

<html><body>
Rayjon Group has been given full council approval for a $200 million apartment project in the Gold Coast suburb of Benowa yesterday, readying themselves to start building.
The 357 apartment, six-building development site is called Vantage Royal Pines, or more familiarly as Vantage, and sits on a 2.4 hectare site, near Ross Street and Ashmore Road junction.
Along with Coles, Rayjon has been contributing 3,500 square metres of land to assist the state government with upgrading this section of the roads. Coles received a DA for a supermarket on the parcel of land adjoining this site. Coles has been a presence previously in Rayjon developments.
According to The Gold Coast Bulletin, the development saw 600 objections, which saw some discussion around traffic and the extra burden.
The apartments will include two- and three-bedroom properties, an extensive central green space and a recreation hub for residents – including pool, gym, media rooms and barbecue facilities.
Vantage Royal Pines will include a range of two and three-bedroom apartments as well as an extensive central green space and recreation hub for residents including pool, gym, community/media rooms and barbecue facilities.
Golf course and hinterland views will be available from some of the apartments.
However, this site is just part of the land parcel that the development company owns, having bought in 2006, explains managing director of Rayjon Group, John Hembrow.
 “We are delighted with the approval and as a company we are in a position to push ahead with Vantage immediately,” Hembrow said.
“We intend to undertake site works and commence marketing this year to create what we believe will be a wonderful asset for the area.”
The development will be staged and constructed in relation to market demand, he explained.
The Royal Pines precinct is also seeing RACV transforming the Royal Pines Resort Hotel and Spa, and the Royal Pines Golf Course is undergoing an extensive upgrade, as well as Metricon Stadium.
Much of this is being driven by the 2018 Commonwealth Games.
Currently, <a href="/news">Benowa</a>'s median unit price is $490,000 with a median advertised weekly rent at $470. Days on market have been steadily falling.
</body></html>

Gold Coast Council approves $200 million apartment development

<html><body>
Dwelling approvals fell by 3.5% in March, according to the ABS but approvals are still up 20% over the year.
CommBank economist Savanth Sebastian noted the current number of annual dwelling approvals (15,958) is well above the decade average (13,489).
House approvals are up 19.1% over the past year while apartment approvals are up 21.3%.
The latest ABS data showed mixed results across the states, with the total number of building approvals jumping 32% in Tasmania, followed by 8% in New South Wales.
But approvals fell across the remaining states, dropping 12.5% in Victoria.
Building approvals remain well below the 2003 peak. Michael Workman, senior economist at CBA, noted there is a difference in this cycle as multi‑units have about a 45% share of the total, well up on the 30% of a decade ago.
Workman also says the lag between approvals and construction is longer than previously experienced. 
"We expect to see sharp rises in the construction activity data in coming quarters.
"It should also flow into higher spending at big box retailers as the new dwellings are kitted out," he said. 
The ANZ estimated the elevated level of dwelling approvals was likely to add around 0.35-0.40ppts to economic growth in 2014-15.
But they added that despite expectations that non-residential and residential building will go some way to offsetting weaker mining investment in the coming years, the data highlighted the volatile nature of the current cyclical recovery in building activity, particularly for the high-density housing and commercial building sectors.
Consequently there are concerns that the downward trend in approvals for high density living – down four of the last five months - may signal approvals have hit an earlier than expected peak. 
HIA-RP Data’s Residential Land Report has meanwhile warned Australia’s residential land market activity continued to tighten at the end of last year.
The data providers Residential Land Report has shown residential land sales fell 1.8% to 15,447 lots in the December quarter, representing the second straight quarter of declining activity. 
</body></html>

jchancellor-FAypfDUnLy

Fears of early peak in dwelling approvals 

<html><body>
ABC News 24 seems determined to overtake the Sydney Morning Herald as the nation’s leading source of real estate misinformation.
Following recent instances of badly misinformed comments on property issues by presenters Michael Rowland and Virginia Trioli, News 24 did a dangerously inept report on Melbourne's inner city apartment market on Thursday last week.
The report characterised the situation as an exciting boom. Not a word about inflated prices, two-tiered marketing practices, high vacancy rates and potential for market decline - and only the slightest reference to the possibility of oversupply.
The report allowed spruikers and marketers to eulogise the building boom as an endless summer of possibilities, without asking those with vested interests a single hard question.
In essence, developers are throwing up towers and peddling apartments to distant investors at inflated prices.  You might think: well, who cares? If Asians with too many dollars and not enough sense pay silly prices for bad real estate, that's their problem.
<blockquote>
There’s a shakeout of major proportions in the offing and you really don’t want to be part of it.
</blockquote>
But it's everyone's problem. Australians own property in these markets. I regularly meet people who have bought apartments in inner-city Melbourne - and can't get tenants, because the market is oversupplied.
I recently met an investor who owns three investment properties, all of them off the plan apartments in Docklands and only now realising there might be a problem.
These people will have to settle contracts at prices much higher than their property's market value. It's a disaster in the making. It has the ability to drag down the wider Melbourne market, to the detriment of families and the nation.
The inner Melbourne “boom” is toxic growth if ever I’ve seen it. Vacancies in the Melbourne CBD, Southbank and Docklands have been fluctuating between 5% and 10% recently - and will get worse, given the weight of new construction.
State Planning Minister Matthew Guy appears determined to aid and abet any developer who wants to build another tower, to the point where you have to wonder about his motives.
There was no sense of any of that in the shallow piece put together by the ABC News 24 team. 
At the end of the item, Jim Middleton weighed in with misplaced comments on foreign investors in Melbourne high-rise forcing up general Melbourne real estate prices and forcing Aussie battlers outs of the market.
Middleton also prattled on about price bubbles, putting the finishing touches to a consummate piece of misinformation. He made a goose of himself but will probably never know.
I urge all investors to stay away from the inner Melbourne apartment market. There’s a shakeout of major proportions in the offing and you really don’t want to be part of it.
Paying $700,000 for a two-bedroom generic apartment, in a market with tens of thousands of identical products, is the essence of bad investing.
You can contact Terry via <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> or on <a href="https://www.twitter.com/hotspotting" target="_blank">Twitter</a>
Photo courtesy of Vincent Q/Flickr.
</body></html>

terryryder-YECXbqmri2

The inner Melbourne “boom” is toxic growth

<html><body>
After two subdued weeks for auctions, the number of auctions held across the combined capital cities increased this week, with 2,033 capital city properties taken to auction, compared to just 881 over the previous week. 
The preliminary clearance rate for last week was recorded at 66.3%, having increased from 64.6% the previous week. After an unseasonably strong start to the year, auction clearance rates are showing signs of softening, albeit only by a very small amount.
One year ago, there were 1,749 capital city properties taken to auction and the auction clearance rate was recorded at 67.7%. This is the first time so far this year where the current clearance rate has underperformed when compared to the same time one year ago.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Capital-city.jpg" target="_blank"><img class="alignnone size-full wp-image-3192" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Capital-city.jpg" alt="20140504 Capital city" width="1003" height="734"></a>
In Sydney last week, 817 auctions were scheduled and the preliminary clearance rate was recorded at 75.7%, up from 71.3% over the previous week when the auction market was much quieter, with 361 Sydney properties taken to auction.
So far this year, Sydney has been the strongest performing auction market in terms of clearance rates and has continuously been stronger when compared to the same week last year, however, this gap is beginning to close, with the current clearance rate more reflective of the clearance rates seen across the city at the same time last year when the market was beginning to strengthen.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3197" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Sydney.jpg" alt="20140504 Sydney" width="996" height="651"></a>
A preliminary clearance rate of 63.7% was recorded last week in Melbourne from 691 auction results with a total of 878 auctions scheduled across the city.  At the same time last year, a clearance rate of 70.4% was recorded from 822 auctions. The total number of auction results will rise to exceed the total from last year but the clearance rate will not.
Auction demand for last week matched last month when a clearance rate of 62.3% was recorded. Overall results for April were lower than the 69.4% recorded in March.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Melbourne.jpg" target="_blank"><img class="alignnone size-full wp-image-3196" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Melbourne.jpg" alt="20140504 Melbourne" width="991" height="655"></a>
Much like Melbourne and Sydney, Brisbane recorded an increase in auction volumes last week, with 141 properties taken to auction across the city. The preliminary auction clearance rate for these properties was recorded at 42.5%, down from 49.2% the previous week across just 66 auctions. At the same time last year the Brisbane clearance rate was recorded at 45.1% with 153 properties auctioned over the week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-3195" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Brisbane.jpg" alt="20140504 Brisbane" width="995" height="649"></a>
Last week, 98 Adelaide properties were taken to auction, up from 51 over the previous week. Similar to auction volumes, the auction clearance rate increased over the week from 64.4% to 65.6%. At the same time last year, conditions across the auction market were weaker with 92 auctions and a 56.4% clearance rate.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-3194" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Adelaide.jpg" alt="20140504 Adelaide" width="998" height="662"></a>
If we take a quick look around Australia’s other capital cities and regions performance was varied, much like it is most weeks.
In Canberra there were 45 auctions with a clearance rate of 60%, in Perth 40 properties were auctioned and the clearance rate was recorded at 50%, while across the Northern Territory, 11 residential properties were taken to auction and the preliminary clearance rate was recorded at 37.5%.
Across Tasmania 14 properties were taken to auction over the week, but at this point RP Data has only collected five results, with no successful sales.
Currently, RP Data is tracking 1,376 capital city auctions over the coming week.
Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist.
</body></html>

smiller-vwPjRHTkST

Clearance rates softening: RP Data's national auction market wrap

<html><body>
Sydney’s auction clearance has softened, now sitting at below 80% for the fourth consecutive weekend. 
The decline followed 10 consecutive weekends with initial clearance rates above 80% in the early part of 2014.
The revised clearance rate, compiled after more results are added, now sits in the lows 70s.
There is little doubt the market has stepped down a gear over the past month, economist Dr Andrew Wilson at Australian Property Monitors acknowledges.
Ditto price growth, as after 11 months of solid growth, Sydney house prices have slowed, according to RP Data Rismark.
Though the 0.5% average rise in April pushed the median price for Sydney houses above $800,000 for the first time to sit at $802,000.
RP Data senior analyst Cameron Kusher said the slowing of price growth was to be expected as consistent increases were unsustainable.
Sydney prices were up 16.7% annually, compared with the combined capital growth rate of 11.5%. 
“The last time Sydney strung together 11 consecutive month-end increases was in November 2007 when the market added 14.7% and before that in November 2002 when it delivered 19.6% growth,” Rismark chief executive Ben Skillbeck advised.
After the Easter and ANZAC Day long weekend holidays, there were around 630 properties that were put to weekend auction across Sydney.
There was a 77.3% initial clearance rate on Saturday, with the weekend prior's rate revised down to 72.3%. That followed the previous 73.7% revised figure.
APM had the lower north reporting the highest regional initial clearance rate at the weekend at 89.5%. 
Next best was the northern beaches with 88.9% followed by the south with 87.2%, Canterbury Bankstown 84%, the city and east at 80.6% and the inner west at 80.3%.  
The most expensive property reported sold at auction at the weekend was a six bedroom 1974-built house at 11 South Street Strathfield (pictured above) sold for $3,850,000 through the McGrath agency. It was given a cautious pre-auction price guidance of $2.55 million to $2.95 million by an out of area agency.
 The most affordable property reported sold was an unrenovayed three bedroom house on a 556 square metre block at <a href="https://www.propertyobserver.com.au/https://www.starrpartners.com.au/10385653?&amp;favourite=add&amp;propertyID=10385653remove" target="_blank">65 Luxford Road Whalan</a> sold pre-auction for $255,000 by Starr Partners Blacktown.
Meanwhile Melbourne recorded it highest clearance rate for two months at the weekend when 760 properties went under the hammer in the Melbourne metro area.
APM had Melbourne recording a clearance rate of 73.4% at the weekend.
The outer east had a clearance rate of 82.4%. The next best region was the north with 79.6% followed by the inner south with 77.4%, the inner east at 75.9% and the inner city with a weekend clearance rate of 71.9%.
Melbourne dearest weekend sale was at Brighton at $3.22 million for 11a Wolseley Grove through RT Edgar.
The cheapest sale was a one bedroom through Sweeney Footscray when 10/21 Hampton Parade, West Footscray sold for $185,000. It last sold in 1990 for $56,000. Its price guidance was $180,000 to $198,000.
Greville Pabst from the Melbourne-based WBP Property Advisory expects clearance rates to ease slightly in the coming weeks and be in the range of 67% to 70% as auction volumes start increasing again.
RP Data's combined capital cities preliminary auction clearance rate was recorded at 66.3 per cent this week, having increased from the 64.6 per cent over the previous week.  This is the first time so far this year where the current clearance rate has underperformed when compared to the same time one year ago.
RP Data’s national research director Tim Lawless has noted there is an underlying concern among consumers about the sustainability of dwelling value growth. 
He said he number of respondents who believe the housing market is vulnerable to a significant correction has now grown to 66 per cent. 
</body></html>

Sydney auction clearance rates weakening, with Melbourne tipped to join the easing

<html><body>
Property developer Fridcorp was last night the host of a glitzy party at the launch of their newly completed 16 storey tower, Avenue.
Avenue, situated on the corner of Chapel Street and Alexandra Avenue, South Yarra, is a $120 million section of the <a href="/news/south-yarras-forrest-hill-precinct-the-vision-behind-the-rejuvenating-transformation">Forest Hill rejuvenation</a> plan.
The result is an impressive rippled rose colour glass design by architect Elenberg Fraser, peering over a key stretch of the Yarra River.
“Avenue is about great things coming together. It's where three of the most recognised design teams in attainable luxury collaborate; Fridcorp, the developer, Elenberg Fraser, the architect and Hecker Guthrie, the interior designer,” said Fridcorp director Paul Fridman.
“We are extremely proud of Avenue, with its uninterrupted City and Yarra views across 16 levels with every apartment meticulously designed for modern day living,” said Fridman.
The completion party was a suitably stylish affair, with white-feathered models greeting attendees.
But the centre of attention for this party was My Kitchen Rules judge, celebrity chef Manu Fiedel, who was at hand in the kitchen catering for the event.  Lydia Schiavello of The Real Housewives of Melbourne was also in attendance.
The development of Avenue was often controversial. Initial plans for a 25 storey tower atop the former Lamborghini dealership site were bitterly contested by parents at the nearby Melbourne High School, and billionaire Lindsey Fox.
In 2011, <a href="https://newsstore.fairfax.com.au/apps/viewDocument.ac;jsessionid=7FD264BAB550BD8A90CA3103EC19909F?sy=afr&amp;pb=all_ffx&amp;dt=selectRange&amp;dr=1month&amp;so=relevance&amp;sf=text&amp;sf=headline&amp;rc=10&amp;rm=200&amp;sp=brs&amp;cls=279&amp;clsPage=1&amp;docID=SAG110828204T13BUR9B">Fairfax reported</a> that Fridcorp had doubled the density of the project, rebranding it as Avenue.
Although the party celebrated the completion of Avenue, Fridcorp is still active in South Yarra with construction continuing at the nearby mixed-use development, <a href="https://www.fridcorp.com.au/projects/lilli-apartments" target="_blank">lilli</a>, home to Fiedel’s new restaurant <a href="https://www.legrandcirque.com.au/" target="_blank">Le Grande Cirque</a>.
</body></html>

jake-cSmGT7VXVf

Fridcorp host completion party for Avenue in South Yarra

<html><body>
Watching the aftermath following the release of the <a href="http://ncoa.gov.au/" target="_blank">Commission of Audit report</a>, it was interesting to see the skepticism and comments about the "radical" notion of devolving income tax power back to the states.
In 1942 the Uniform Tax Act came into force which saw the federal government become the sole collector of income tax where previously both state and federal levels levied their own. As the <a href="http://www.peo.gov.au/learning/closer-look/governing-australia/uniform-tax-case-1942" target="_blank">Parliamentary Education Office</a> states "intended as a wartime measure, the arrangement has remained in place ever since. As a result the states are now more dependent on the federal government for revenue".
What is so radical about turning back time to give the states something back that was taken off them during a time of war? The most radical recommendation is, surely, the abhorrent idea of effectively dismantling Medicare.
<h2>
	The states - everyone's favourite punching bag</h2>
Like it or not, we all interact with our respective state government more than we do with the federal government. Many aspects of our public transport services started off as private operations only to be nationalised by state governments early last century. Roads and Streets are overwhelmingly a state government responsibility - our mobility is fundamental to living our daily lives and its the states who deliver the infrastructure to make it happen.
I think what's lacking in this initial debate surrounding the report is that how we transport ourselves to work, to school or to a GP is just as important, if not more, than other traditional government sectors of health and education.
How we shelter ourselves, how we move and how we plan for growth is fundamental to how a society progresses - and this is overwhelmingly within the remit of the state government right now. But when Canberra's holding the purse strings - and the levers to raise income to pay for new infrastructure and services thanks to the drift of power from state to federal levels since Federation - what incentive is there for a state to get the best possible outcome?
The status quo as it currently stands see states in the idiotic scenario where they blame the federal government for not helping pay for infrastructure. Along comes the Commission of Audit report with its recommendation for allowing states to levy their own income taxes once again and here's an opportunity to nip some major state-federal frustrations in the bud.
<h2>
	Lobbying one government is easier than lobbying two</h2>
The horrible situation we find ourselves in at present with our Prime Minister on record as saying a federal government should only fund roads in our cities and the state government being the arbiter of a long laundry list of transport projects without funding cannot continue.
The current state government in Victoria made the bold decision to prioritise the East-West freeway project over the Melbourne Metro project and more recently we've seen an announcement involving the launch of phase 2 of the project with the federal government looking likely to tip some cash in to the project. Ask yourself: if a higher level of government has a policy of picking winners in one type of transport infrastructure investment over another, then why wouldn't you exploit that for your own benefit?
That no doubt played a part in Spring Street's thinking but it equally highlights the absurdity of a government far removed from the shaping of our cities having undue influence when the state government is in a far better position to determine what's best for the citizenry in this divisive public policy area.
Will giving state governments income tax power (or greater shares of GST) stop them investing in road projects or increasing investment in public transport or vice versa? Not likely, the same assessment processes and debates would hopefully still occur.
But one thing is for sure: state governments would lose their own punching bag (the federal government) and gain greater responsibility for raising revenue for their infrastructure policies, and that in my mind is a good thing.
It's been over a century since federation, it's about time we had a sensible debate about the way we govern ourselves.
Lead image credit: <a href="https://www.propertyobserver.com.au/https://www.flickr.com/photos/rexness/4345226886" target="_blank">flickr</a>
</body></html>

Latest Buying Insights

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

Editor's Picks

Developments

New apartments

New townhouses

News

Latest Buying Insights

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

Editor's Picks

Receive the latest news stories to your inbox

Developments

New apartments

New townhouses

News