One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

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>

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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?

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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GUEST OBSERVATION
Prime Minister Scott Morrison has <a href="https://theconversation.com/slimmed-down-migration-program-has-regional-focus-113847" target="_blank">announced two new regional visas</a> as part of a national population plan. The <a href="https://immi.homeaffairs.gov.au/what-we-do/regional-migration/news/new-regional-visas" target="_blank">Skilled Employer Sponsored and Skilled Work regional visas</a> require workers to live outside major cities for three years before they can apply for permanent residency. <a href="https://www.theguardian.com/australia-news/2019/mar/20/coalitions-permanent-migration-cap-revealed-as-morrison-launches-population-policy" target="_blank">Morrison said</a> the new visas would benefit communities “looking for more people to come and settle in their districts, to fill jobs, inject more life into their towns, and shore up the important education and health services for the future”.
However, <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/0/B7616AB91C66CDCFCA25827800183B7B?Opendocument" target="_blank">newly released statistics on regional population growth</a> in Australia in 2017-18 show current growth is heavily concentrated in the capitals. People clearly prefer to settle in these cities. So how can migration to the less favoured regional centres be made to work?
POPULATION GROWTH ACROSS AUSTRALIA, 2017-18
<a href="https://images.theconversation.com/files/266214/original/file-20190327-139371-1pnuf27.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/266214/original/file-20190327-139371-1pnuf27.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Population change by SA2 (a community that interacts together socially and economically) across Australia in 2017-18. <a class="source" href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/0/B7616AB91C66CDCFCA25827800183B7B?Opendocument" target="_blank">ABS</a>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/" target="_blank">CC BY</a>
<a href="https://welcomingcities.org.au/regional-migration-queensland/">Research by the Monash Migration and Inclusion Centre and Welcoming Cities</a> has examined the benefits and risks of regional migrant settlement. We identify five key factors — four essential and one desirable — that will make regional settlement successful.
Five elements of success
First, coordination and planning must be inclusive and driven by local communities. These are more than just buzzwords. Local employers, service providers and community groups are best placed to determine realistic settlement options together.
<a href="https://doi.org/10.1002/ajs4.26">Local councils</a>, in particular, are a crucial channel for information and community perspectives. Planning should carefully consider social and economic conditions so migrants and existing residents can develop <a href="https://www.qcoss.org.au/refugee-re-settlement-regional-australia" target="_blank">clear expectations</a>.
State and federal authorities may be called upon to provide a <a href="https://www.vichealth.vic.gov.au/media-and-resources/publications/refugee-resettlement-in-regional-and-rural-victoria" target="_blank">package of supportive policies</a>, such as funding for relocation programs. However, in the absence of a <a href="http://scoa.org.au/policy-hub/scoa-publications/scoa-regional-settlement-policy-paper/" target="_blank">whole-of-government regional settlement strategy</a>, local stakeholders still need to lead the process.
Second, sustained employment is vital. It “<a href="https://doi.org/10.1080/1369183X.2013.830882" target="_blank">speeds up</a>” migrants’ integration into Australian society and makes long-term settlement viable. The celebrated “<a href="https://www.theguardian.com/australia-news/2018/mar/24/australias-fierce-immigration-debate-is-about-to-get-louder" target="_blank">win-win scenario</a>” in regional areas demands stable employment. The example of the <a href="https://www2.deloitte.com/au/en/pages/economics/articles/economic-social-impact-karen-resettlement" target="_blank">Nhill poultry business in western Victoria</a> shows some destinations can be a good fit for migrants and refugees from rural-agricultural backgrounds.
<iframe src="https://www.youtube.com/embed/f_gNQ59X5bY?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe> Karen-Burmese refugees helped revitalise the previously shrinking town of Nhill.
However, regional labour markets can be quite “thin”. The <a href="http://inform.regionalaustralia.org.au/population-and-people/population-and-migration/item/regional-retention-of-migrants-critical-success-factors">number and variety of jobs</a> on offer are often limited.
Short-term visa schemes can help plug gaps in local labour markets. But migrants may not stay if they find themselves in jobs that <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/radio/programs/pm/migrants-sceptical-about-morrisons-policy-announcement/10921952">don’t match their skills and experience</a>.
Third, public housing, transport and services form crucial infrastructure to support migrant settlement. Regional towns <a href="https://doi.org/10.1080/15562948.2017.1358410">vary significantly</a> in their levels of access and affordability. Communities like <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/austory/a-field-of-dreams-opening-teaser/7999312">Mingoola</a> have taken the creative step of renovating abandoned farmhouses to accommodate refugee families.
<iframe src="https://www.youtube.com/embed/R4QRC_eR0uQ?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe>
Resettling African refugees saved Mingoola’s school from closure and breathed new life into the small town.
But, in addition to housing, new migrants may require access to specialised service providers, like skilled health workers. Regional towns already grappling with social challenges can face a “<a href="https://doi.org/10.1093/jrs/fes003" target="_blank">double disadvantage</a>” when migrants increase demand on existing services.
Here again, consultation and thorough needs analysis are required. Local government and community associations have central roles to play in this.
Fourth is a culture of welcome in regional communities. Building and sustaining such a culture is perhaps the most challenging element of success. The early stages of planning need to develop an understanding of local attitudes towards migrants, as well as perceptions about different cultures and ethnicities.
Some communities may benefit from induction and resources to develop long-term <a href="https://www.vu.edu.au/sites/default/files/Relocation_RefugeeSettleJune07.pdf" target="_blank">acceptance of cultural change</a>. The City of Greater Bendigo - a recognised <a href="https://www.refugeecouncil.org.au/what-is-a-refugee-welcome-zone/" target="_blank">Refugee Welcome Zone</a> — has <a href="https://www.sbs.com.au/news/australia-day-bendigo-s-new-citizens-looking-forward-to-giving-back" target="_blank">attracted migrants</a> by promoting its approach to cultural diversity and inclusion.
A culture of welcome can reduce the cultural distance between migrants and local residents, and reduce the risk of isolation for migrants. This not only bolsters the longer-term viability of migrant relocation, but can also lead to the social, cultural and economic revitalisation of the broader community.
As custodians of all settlement destinations in Australia, the leadership of First Nations people in welcoming work is also critical in negotiating matters of <a href="https://www.sbs.com.au/nitv/article/2015/09/06/first-australians-can-speak-refugee-crisis-who-listening" target="_blank">cultural exchange and understanding</a>.
A final, desirable element of regional settlement is the presence of multicultural organisations and ethnic communities. Established migrant communities can act as “anchors” for new arrivals. They provide experience, advice and familiarity with local settlement processes and opportunities.
In contrast, the absence of culturally and linguistically diverse groups in regional towns can be a “<a href="https://doi.org/10.1016/j.childyouth.2017.03.016" target="_blank">unique source of acculturation stress</a>”, especially for young migrants.
Moving forward with regional migration
Migration has the potential to breathe new life into regional economies. It can add cultural richness and diversity to regional communities. At the same time, regional migration can ease the pressure on capital city infrastructure and services.
In reality, however, few regional destinations optimally combine all key success factors. Potential benefits of migration can be offset by existing inequalities, narrow employment pathways and gaps in social infrastructure. Limited understanding of cultural diversity also acts as a barrier to the inclusion of new migrant communities.
These risks can compromise the sustainability of regional settlement before it has begun.
<a href="https://welcomingcities.org.au/regional-migration-queensland/" target="_blank">Our research</a> recommends that regional councils and local partners consider their readiness to grow a culture of welcome, build intercultural connections, and inform uptake of regional visa opportunities. Early planning that considers both the challenges and the opportunities for migrant settlement is critical to ensure a sustainable win-win outcome.
<hr>
Aleem Ali, the national manager of <a href="https://welcomingcities.org.au/who/" target="_blank">Welcoming Cities</a> and CEO of <a href="https://welcoming.org.au/" target="_blank">Welcoming Australia</a>, is a co-author of this article.<img src="https://counter.theconversation.com/content/114196/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
John van Kooy, Research Associate &amp; PhD Candidate, Monash Migration and Inclusion Centre, Monash University 
Rebecca Wickes, Associate Professor in Criminology and Director of the Monash Migration and Inclusion Centre, Monash University
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/settling-migrants-in-regional-areas-will-need-more-than-a-visa-to-succeed-114196" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Settling migrants in regional areas will need more than a visa to succeed

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GUEST OBSERVATION
Labor is promising a “living wage” rather than a “minimum wage” if elected.
It will ask the Fair Work Commission to first determine what wage would offer a “<a href="https://brendanoconnor.com.au/news/latest-news/labor-will-make-sure-the-minimum-wage-is-a-living-wage/" target="_blank">decent standard of living for families</a>”, and then to determine the time frame over which it should be phased in, taking into account the capacity of businesses to pay, and the potential impact on employment, inflation and the broader economy.
It is selling the idea of what would be a very big increase on the present minimum wage as “good for workers and good for the economy”.
“Consumer spending makes up 60% of the Australian economy,” its employment spokesperson Brendan O'Connor said. “When low-paid workers get a pay rise, they spend it in the local shops and help small businesses. It’s good for everyone.”
The idea harks back to the 1907 <a href="http://worksite.actu.org.au/the-harvester-judgement-and-australias-minimum-wage/" target="_blank">Harvester judgement</a>, in which an arbitration court judge decreed that wages at a Melbourne factory should be based on the cost of living “for a worker and his family”.
To get there from the current bare minimum wage of A$18.93 per hour would almost certainly require increases bigger than the sum of productivity growth and inflation, which are running at a combined annual rate of around 3%.
Unacknowledged by Labor in spruiking the policy this week was the fallacy of its consumer spending argument, the cost of the proposal to jobs, and the likelihood that it won’t much help many of the people who need it.
The false increased spending argument
One of the claimed benefits of a living wage is that employees will spend most of their extra income, resulting in large increases in national spending, national income, and even the tax take.
An implicit assumption is that the extra money comes “as manna from heaven” with no second-round effects.
But given that other labour costs won’t come down (it is hard to see executive pay being cut), the labour cost for each affected business will climb, pushing down returns to the providers of capital, including the returns to shareholders and small business owners.
With lower returns, less capital will be put up to invest.
Where businesses can, they will pass on the increased costs not matched by increased productivity by increasing prices.
They will get away with it unless they face competition from imports or other exporters.
Where import competitors and exporters face international competition, they will reduce output. In turn, the greater amount of money sent out of the country will eventually push down the Australian dollar, pushing up the Australian dollar price of import and export products.
In the short term, the increases in prices of goods and services will cut the purchasing power of the wage increase. In the longer term, it might create a vicious cycle of wage and price hikes, with adverse economic consequences.
The bad news on jobs
It is well established that wage increases above the rate of productivity growth plus inflation lead to less employment than there would otherwise be, in both the number of employees and the hours worked per employee.
Labour costs are a major expense for most businesses.
In response to higher labour costs, many employers will choose less labour-intensive ways of making their products. The large and rapid wage increases in the mid-1970s and early 1980s resulted in sharp reductions in employment. In contrast, the recent low rates of labour cost increases have helped drive significant increases in employment and a fall in unemployment.
With the Australian economy facing a likely slowdown over the next year or two, a large increase in wages might be particularly poorly timed.
The false hope for those most in need
Universal education and health care, and the redistribution of income via social security payments funded by a progressive income tax, are the most direct and effective ways to fight household poverty.
The world today is very different to the world of the Harvester case in 1907. Then, most workers were in full-time employment and needed a living wage to support a family. Now, about a third are employed part-time. Redistribution via the tax and payments system is how we support families who need it.
A higher minimum or “living wage” would provide minimal assistance to some on low incomes, and would lift the incomes of many others not generally considered in need of support.
Many of those below the poverty line who are only employed part-time or not at all would not be lifted out of poverty. A higher living wage would provide more to those already in full-time jobs than it would to part-time workers.
And it would provide more to low-wage employees who are members of high-income families, who probably shouldn’t be our first concern.
We can do more more directly to alleviate poverty by reforming the income tax and social security systems. They are specifically designed to redistribute income according to need.
We should start by reducing income tax on low earnings, automatically indexing tax brackets, and increasing Newstart.<img src="https://counter.theconversation.com/content/114359/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
John Freebairn, Professor, Department of Economics, University of Melbourne
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-false-hope-offered-by-talk-of-a-living-wage-114359" target="_blank">original article</a>.
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The false hope offered by talk of a living wage: John Freebairn

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A Sydney city fringe property with future development potential has been listed.
The mixed-use freehold corner site at 18 City Road, Chippendale has a two level building on a 259 square metre site.
It has B4 zoning allowing mixed-use and student accommodation development, potential to strata subdivide (STCA) and dual street frontage.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/4/5/18%20city%20rd%20living%20area%201.jpg" alt="">
Savill’s Tom Tuxworth, David Hickey, and Jacey Lee are marketing the property.
Hickey said the investment offers a diverse tenant mix with strong annual income.
“This is a prominent, highly sought-after and strategic location within the booming city fringe and fast developing cosmopolitan suburb of Chippendale,” said Hickey.
“We expect interest from owner occupiers, local and offshore investors, student accommodation developers, mixed-use developers and value add investors.”
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/4/5/18%20city%20rd%20rooftop%201.jpg" alt="">
According to Savills Australia, over the last 18 months, five out of 10 freehold transactions in the Sydney city fringe with a value of $10 million-plus were sold to local buyers.
Tuxworth said competition between local and offshore, in particular Asian investors and developers will be fierce.
“Throughout 2018 many owners sold their assets for a number of reasons including strong rental demand and record capital growth being achieved,” he said.
“The increase in values can be attributed to, in part, record low interest rates and a surplus of global capital flowing into Sydney over the last few years.
“With stock supply reduced in 2018, demand and competition was and continues to intensify which resulted in record-breaking prices in the city fringe.
“However, in the New Year we have seen a resurgence in Asian capital and active offshore buyers looking to secure prime investment stock.”
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jonathanchancellor-7SQnKwU6yx

Chippendale corner site tipped for local and foreign buyer showdown 

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A new co-working space has opened in Sydney’s CBD.
The GPT’s Group’s Space&amp;Co venue at 580 George Street Sydney will occupy more than 1,000 square metres on Level 10.
The space will be able to accommodate 160 members.
Features and amenities will include workstations, two boardrooms, secure internet connections, private suites and multiple meeting spaces, GPT’s National Director, Flexible Workspace Solutions Shey Hooper said.
“Our new Space&amp;Co. venue has been specifically designed to deliver to the growing interest we are seeing from businesses of all sizes for flexible workspaces that offer more privacy and digital security,” Hooper said. 
“We continue to see strong demand for our premium flexible workspaces, including 580 George Street where we have now increased the size of our Space&amp;Co. a second time since we opened in the building in 2016.”
“The opening of our new Sydney venue follows the successful expansion of Space&amp;Co. in Melbourne – where we now have four venues with around half of our members drawn from the existing tenants in the buildings where we operate.”
BVN Senior Practice Director Sally Campbell said the design of the new venue had been shaped by the evolving needs of members.
“We are now able to collect data from existing sites which provides a deeper understanding of the challenges Space&amp;Co. customers face in their own businesses and how that impacts their space requirements,” said Campbell.
“Space&amp;Co. is a provider of real estate solutions that support evolving businesses, and for this reason it is a necessity to incorporate flexibility in both environment and service to be able to respond quickly to tenants ever changing needs. Adopting an attitude of constant evolution is critical.”
Hooper said the said the venue benefitted from being in Sydney CBD’s Midtown area, which has emerged as a hub for start-ups and international technology and creative firms.
“580 George Street includes the best amenities and is arguably the most convenient location for any workplace in Sydney,” said Hooper.
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New co-working space opens in Sydney CBD 

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AMP Capital Diversified Property Fund has sold Crossroads Homemaker Centre to Ashe Morgan for $140 million.
Located on the corner of Beech Road and Camden Valley Way, Casula, the 48,400 square metre-plus centre is home to 28 large format retailers, including anchor tenants Bunnings, The Good Guys, Freedom, Nick Scali and Fantastic Furniture. 
The centre was developed by AMP Capital after its acquisition of the 143,400 square metre site in 2002. 
CBRE's Nick Willis said the sale highlights continued demand for Sydney metropolitan retail assets. 
“Despite forecast headwinds in the retail sector, we are continuing to see an uplift in enquiry and bidder interest as investors identify relative value in the sector compared to other commercial real estate sectors,” said Willis.
“This was again evidenced with Crossroads Homemaker Centre, where we attracted strong and diverse investor interest from private and institutional groups, with 46% of the formal offers received being maiden capital into the large format retail sector. 
 “The Homemaker Centre’s strategic gateway position in Sydney’s south west growth corridor, coupled with its143,400 square metres underlying land area over four separate lots, provides flexibility to adapt the asset to meet the needs of the rapidly changing surrounds.” 
Jonathan Fox of Stonebridge added: “The sale result and volume of enquiry during the sale campaign was extremely strong. We received 13 expressions of interest and the highly competitive second round process highlighted the depth of demand for quality Sydney metropolitan retail assets.”
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Crossroads Homemaker Centre at Casula sold for $140 million

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Following success on New South Wales’ Central Coast, The Grand Pavilion Indian restaurant has established a flagship fourth location in Sydney’s CBD. 
The restaurant has leased 315 square metres of strata retail space at 261 George Street. 
CBRE’s James Beerworth and Leif Olson negotiated the five-year lease deal at $300,000 per annum + GST, which equates to circa $952 per square metre. 
“The Grand Pavilion has opened its new central location, following a $1 million fitout, in answer to Sydney’s under-representation of premium Indian cuisine in the CBD,” Beerworth said.  
“The space offers an accessible George Street location, with proximity to Sydney’s commercial and hotel market, George Street light rail, Australia Square, the Met Centre and Wynyard Station.”
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Grand Pavilion Fine Indian restaurant chain expands into Sydney CBD

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The historic five-storey Assembly Hall building at Scots’ Church in Melbourne CBD’s ‘Paris End’ is now fully leased.
Designed by Henry H. Kemp and built by Swanson Bros. in 1914, it sits immediately in front of Westpac’s modern headquarters and is adjacent to the 1873-built Scots’ Church, on the corner of Russell Street.
Mens’ shoes and fashion accessory label Double Monk has taken a 42 square metre space on part of the ground floor on a 6+6-year deal at $35,000 per annum plus GST with 3.5% increases.
The five suites, across the ground and second floors, cover a total of 172 square metres and the leases will initially bring in a combined rent of circa $94,000 per annum gross plus GST.
Rates range from $450sqm to $550 square metres plus GST per square metre for the second floor.
Other tenants include Jackie Knight Consulting, William Angliss Charitable Fund and Enable Workplace Consulting.
Fitzroys Manager - Agency, Stephen Land and Agency Executive, Sam Friend negotiated the deals.
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Land said the Gothic Revival-style Assembly Hall offered rare self-contained offices in the coveted east end of Collins Street.
“Assembly Hall has retained its historic character over more than a century, an element that continues to draw tenants across the boutique office market,” said Land.
He said strong levels of enquiry were received from a number of different commercial operators, with legal, financial and real estate consultants, not-for-profit groups, and psychology and counselling services particularly prominent.
“The city’s east end offers a vibrant mix of its famous high-end shopping that has the street dotted with iconic global brands; high-profile modern and classic office buildings, and a range of food and beverage options, while Assembly Hall is also located a short distance from the heart of the Melbourne’s CBD.
“Tenants continue to look for spaces that offer attractive lifestyle elements and are well located, with Assembly Hall’s location on Collins Street between Swanston and Russell Streets easily accessible via a multitude of public transport options.”
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Scots’ Church’s Assembly Hall building now fully leased

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Ascott Residence Trust (Ascott Reit) has bought Felix Hotel, for $60.6 million.
The prime freehold limited-service business hotel is located close to Sydney Airport and will be rebranded as Citadines Connect Sydney Airport upon completion of the acquisition in May 2019.
The property will be Ascott Reit’s first business hotel in Australia and its first property to be managed by its sponsor, The Ascott Limited (Ascott) under the new Citadines Connect brand.
The 150-room property was completed and opened in February 2018.
Located in Mascot, it is within walking distance to the Mascot railway station and Sydney Airport, which catered to around 44.4 million passengers in 2018 and is forecast to receive around 60.7 million passengers by 2035.
The acquisition will bolster Ascott Reit’s portfolio in Australia to over 900 units across six properties.
Ascott Reit currently owns three properties in Sydney – Quest Mascot, Quest Campbelltown and Quest Sydney Olympic Park, in addition to Citadines St Georges Terrace Perth and Citadines on Bourke Melbourne.
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Bob Tan, Ascott Residence Trust Management Limited’s (ARTML) Chairman, said the purchase was in line with its strategy to redeploy capital and invest in higher-yielding assets.
“This acquisition will deepen Ascott Reit’s presence in the stable and resilient market of Australia, adding to our portfolio a quality property that provides good yield in the highly sought-after Sydney market,” said Tan.
“Well supported by a range of industries, and a transparent and well-regulated business environment, Australia has consistently ranked as one of Ascott Reit’s top contributing markets in terms of gross profit.
“This acquisition will further strengthen our investment in developed markets, which collectively account for almost 80% of the asset value for Ascott Reit.
“Ascott Reit will continue to seek opportunities in key markets with strong corporate demand, such as Australia, Japan, Europe and the U.S., to deliver strong yield and growth in distribution income for our unit holders.”
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Beh Siew Kim, ARTML’s Chief Executive Officer, said the property’s location was important.
“The target business hotel is adjacent to another property owned by Ascott Reit – the 91-unit Quest Mascot which has been enjoying over 85% occupancy,” Kim said.
“It will enable us to leverage scale and increased operational efficiency from the clustering effect across these Ascott-managed properties. 
“With this enhanced presence in the vicinity of Sydney Airport, Ascott Reit is not only well positioned to benefit from the growing transient traveller traffic, but more importantly gain access to a significant number of transport and logistics-related national corporate accounts, as well as to capture demand from the growing industries in its neighbouring suburbs.”
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Ascott Reit buy Sydney airport hotel for $60.6 million

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GUEST OBSERVATION
PowerHousing Australia today welcomes the announcement of tax breaks for institutional investors into build-to-rent if the ALP wins the upcoming Federal Election in May.
The Managed Investment Trust withholding tax rate would be cut from 30% to 15% on tax distributions attributable to investments in BTR.
The announcement today of decreased tax rates for institutional investors if focused on affordable housing will see greater investment into the development of build-to-rent properties as part of a burgeoning new domestic asset investment class.
Build-to-rent is already established in the US where it is known as multifamily housing, and its great success has been followed through in the UK.
With house prices still out of reach to many Australians, increased investment into this emerging asset class will see more rental stock available to the market.
PowerHousing Australia met in the past year with the key pension funds, financial and affordable housing providers as well as intermediaries in San Francisco, New York and Washington and the runs are on the board for the past 30 years.
Build to Rent in the U.S supplies up to 10% of all residential housing delivery per year, and is a safe, government backed investment class which has the lowest volatility in a down turn such as the Great Recession which decimated the US housing market a decade ago.
This election announcement follows the recent announcement of the ALP’s NRAS type 10-year scheme which will subsidise investment into new affordable housing and aims to deliver a quarter of a million new dwellings in areas of need.
With each monthly Building Approvals update we see the Australian new home delivery pipeline fall away. Incentivsation through an NRAS 2.0 as promised and this MIT measure would reduce the potential for new housing delivery rates to collapse with rental prices increase to impact affordability.
The increased federal focus on tackling the housing crisis will go a long way to addressing the shortfall in affordable and appropriate housing across the country, and ensure more Australians can be adequately and fairly housed.
Nicholas Proud is CEO of PowerHousing Australia, which represents Tier One and scale-growth community housing providers.
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Build-to-rent backing will boost building approvals: Nicholas Proud 

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EXPERT OBSERVATION
The announcement by the Federal Labor Party of their support for a build-to-rent model through tax relief is good news.
There is a big swing to rental accommodation in Australian cities, but tenants are unable to have long term security of tenure.
In America and Britain long term rental is available through build-to-rent models, but this approach has not worked in Australia due to excessive taxes.
The announcement by the Federal Labor Party that they will cut the managed investment trust withholding rate in half would make build-to-rent economically viable.
The build-to-rent model works with apartment precincts that have shared amenities where residents can have a comfortable lifestyle while having the security of tenure in their own rental home.
It is likely that the larger developers of apartments will be encouraged to move into this new long term rental market.
Hopefully the current Federal Government will also support tax incentives to encourage a swing to long term rental across Australia’s cities.
There are 2.7 million renters of homes across Australia. Urban areas in Sydney have very high percentages of renters with Parramatta having 70%, Surry Hills 64% and Newtown 62%.
It is clear that younger people in particular, are swinging towards rental accommodation in bustling inner city urban areas where they are close to amenities and work.
With housing approvals dropping fast in Australian cities the industry will need a stimulus to boost housing supply. A viable build-to-rent approach will encourage the development of more homes across the country.
The Urban Taskforce is a strong supporter of Australia having a viable long term rental approach.
It is clear that many millennials now prefer an urban lifestyle, and many prefer this to be through a rental model in apartments.
This is clearly a different lifestyle to the suburban home and it needs to be supported as part of our diverse approach to how Australians want to live.
CHRIS JOHNSON is the Urban Taskforce CEO.
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