Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Ceerose Founder Edward Doueihi told Apartments.com.au the developer’s long-standing presence in Leichhardt and the Inner West had given it a strong understanding of how the area has evolved and where its future opportunities lie.

“Ceerose has had a long-standing presence in Leichhardt and the Inner West, giving us a unique understanding of the area’s evolution and future potential,” Doueihi said.

“Having delivered projects throughout the region, we have witnessed the suburb’s transformation first-hand and understand the opportunities for its continued growth.”

Doueihi said that understanding also informed the planning process, with a comprehensive Stakeholder Engagement Outcomes Report prepared before the application was lodged.

The report identified the key issues and concerns raised by neighbouring residents and other stakeholders, allowing those matters to be considered and incorporated into the design where appropriate.

He said the delivery of additional housing would also play an important role in supporting the revitalisation of Norton Street and the Italian Forum.

“By increasing the local residential population, the development is expected to strengthen demand for local businesses, encourage further investment, and help restore the vibrancy that made the precinct a thriving destination in the early 2000s.”

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Doueihi founded Ceerose in 1998 and has grown the business to become one of Sydney's more active apartment developers in recent years, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

First look: Ceerose doubles down in Leichhardt with adaptive reuse of former warehouse site

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?

For the first time in a long time, Australia's inflation story is starting to look more like a landing than a fight.

The latest Consumer Price Index figures from the Australian Bureau of Statistics showed annual inflation eased to four per cent in May, down from 4.2 per cent in April. On the surface, that might not seem like a major move. Inflation remains above the Reserve Bank's target range and some categories continue to record stubborn price growth.

But the significance of this result lies less in where inflation sits today and more in what it means for where interest rates are likely heading next.

The biggest takeaway is that inflation continues to move in the right direction.

Markets had been bracing for another sticky result after a period where progress appeared to stall. Instead, headline inflation came in softer than expected, helped by falling fuel prices and easing transport costs. Annual transport inflation halved from 6.6 per cent in April to 3.3 per cent in May, while automotive fuel prices fell 11.9 per cent during the month following lower oil prices and the impact of reduced fuel excise measures.

While petrol prices don't solve Australia's affordability challenges, they are one of the most visible and immediate costs for consumers. Falling fuel costs feed through the economy quickly, helping ease pressure on household budgets and business operating expenses.

The ABS data also showed headline inflation is now sitting at its lowest annual level in several months, reinforcing the broader trend that price growth is gradually moderating.

That trend is important because it aligns with what many economists and lenders have been saying for the last month.

Prior to this week's inflation data, ANZ, NAB and Commonwealth Bank had all shifted their forecasts, now believing the Reserve Bank had likely reached the peak of the interest rate cycle. Following the May inflation release, ANZ reaffirmed that view.

In its latest economic update, ANZ said it expects quarterly trimmed mean inflation to come in at 3.7 per cent for the June quarter, slightly below the Reserve Bank's forecast of 3.8 per cent. Importantly, the bank said that outcome, when combined with slowing economic activity, "supports our view that the cash rate has peaked".

The Reserve Bank has spent the better part of three years attempting to bring inflation under control through higher interest rates. If Australia's major banks are correct and rates have now peaked, the conversation shifts from how much higher rates could go to when they might begin coming down.

Westpac's caution comes from underlying inflation. The trimmed mean, the measure most closely watched by the Reserve Bank, increased from 3.4 per cent to 3.6 per cent annually. Housing inflation remains elevated at 6.5 per cent, reflecting ongoing increases in rents, electricity costs and new dwelling construction.

Electricity prices remain particularly problematic, rising 21.1 per cent over the past year following the removal of government rebates.

Housing construction costs are also showing signs of renewed pressure. ANZ noted new dwelling costs rose 0.9 per cent in May and are now running at an annualised pace of 8.6 per cent over the past three months. Builders continue to face higher labour, fuel and material costs, a reminder that inflationary pressures have not completely disappeared.

Housing affordability has deteriorated largely because of higher interest rates rather than higher property prices alone. Even modest reductions in mortgage rates would improve borrowing capacity, increase buyer confidence and reduce repayment pressure on existing homeowners.

While August is far from a certainty, the latest inflation result has strengthened the view that the next move in rates is more likely to be down than up. For borrowers, buyers and the development sector, that alone represents a significant shift from the conversation that dominated much of the past two years.

The inflation result the property market was waiting for

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After a stellar spring selling season, the tail end of Sydney's 2016 vendors could sense a weakened pitch to secure auction success.
So having bought around the corner in Clontarf, the former fast bowler Brett Lee and wife Lana were among those to take a pre-auction offer.
Their redundant Seaforth waterfront home (above) sold just before its <a href="https://www.realestate.com.au/sold/property-house-nsw-seaforth-123958158?rsf=edm:iap:listing" target="_blank">weekend auction</a>.
The paperwork was being signed inside the three level home on Sydney's Spit as auction attendees were being turned away.
Clarke and Humel agents Cherie Humel and Michael Clarke had given $4.8 million price guidance, with the last minute negotiations securing the buyer at $4.91 million.
The couple paid $4.25 million for the four bedroom waterfront in 2013. Every level of the three storey home overlooks Middle Harbour, from the opulent master suite to the infinity pool and spa.
The family are trading up into a four bedroom Clontarf residence that cost more than $5 million. 
A Middle Harbour home on the southern side of the Spit was the nation's top recorded sale.
The Parriwi Road auction was slow to start with a $6.2 million opening bid and was finally knocked down at $6.48 million.
Melbourne's highest sale was $5.1 million in Hawthorn through Jellis Craig (below).
<img src="/images/2016/12/05/Screen%20Shot%202016-12-05%20at%209.04.21%20AM.png" alt="">
It was a knockdown on one of Melbourne's most highly-coveted Scotch Hill streets, listed after being held by one family for 77 years.
The graceful double brick residence located on 1038sqm had no heritage overlay but rich timber panelling, soaring ornate ceilings and open fireplaces. 
The former <a href="https://www.realestate.com.au/sold/property-house-vic-richmond-124055102" target="_blank">Richmond fire station</a> (below) fetched well over reserve when its sold for $3.335 million at weekend auction, attracting a large Melbourne crowd.
<img src="/images/2016/12/05/Screen%20Shot%202016-12-05%20at%209.05.08%20AM.png" alt="">
It was on the market with the first bid of $2.5 million. 
There were three bidders with the Herald Sun reporting the buyer was a sculptor who planned to use the property as a studio for his works and potentially as a residence.
The property was sold by firefighter Peter Stafford, who operated a boarding house since it was purchased for $275,000 in 1992.
The fire station was built in 1893 as the MFB’s first Richmond base and decommissioned in 1966, when the base shifted to its current Church St location.
The four bedroom property came with the old watch room, billiards and locker room, fire engine bay and stables.
The combined capital city preliminary clearance rate rose this week to 75 per cent, up from last week’s final clearance rate of 73 per cent.
"This week’s auction market results indicate that clearance rates are maintaining strength coming into summer, a trend that is very different compared with last year’s performance when auctions clearance rates were tracking in the high 50 per cent to low 60 per cent range," Kevin Brogan at CoreLogic advised.
The number of properties taken to auction this week fell across the capital cities, with 3,173 reported auctions, down from 3,398 last week, which was the second busiest week for auctions this year.
The volumes were down in Melbourne and Sydney, to 1,410 and 1,158 respectively, but up across the smaller capital cities.
"Auction activity is expected to slow over the remaining weeks of December, however the strong trend in clearance rates is showing no signs of easing," Brogan noted.
Taking a late lead in the auction success rate, Melbourne’s preliminary clearance rate increased to 79.3 per cent, up from 76.1 per cent over the previous week.
Melbourne auction volumes decreased with 1,410 auctions held over the week, slightly down from 1,616 over the previous week.
Over the corresponding week last year, the clearance rate was 63.3 per cent across 1,622 auctions.
Melbourne's North East region was the best performer in terms of clearance rates, with an 88 per cent success rate across 166 auctions, followed by the North West region, with 83 per cent selling.
In Sydney, 1,158 auctions were held this week, down from 1,262 over the previous week. The preliminary clearance rate of 77.7 per cent was slightly up from 77.1 per cent last week, and also higher than the corresponding period last year, when a clearance rate of 52.9 per cent was recorded across 1,070 auctions.
The Northern Beaches region recorded the strongest clearance rate of 88.9 per cent across 112 auctions, while the North Sydney and Hornsby region had the highest volume of auctions (168).
Brisbane was host to 202 auctions this week and so far 123 results have been reported with a preliminary clearance rate of 50 per cent. 
Brisbane had the nation's cheapest sale when $220,000 was paid in Caboolture (below).
<img src="/images/2016/12/05/Screen%20Shot%202016-12-05%20at%209.07.02%20AM.png" alt=""> 
The three bedroom house at <a href="https://www.realestate.com.au/property/21-the-esplanade-caboolture-qld-4510" target="_blank">21 The Esplanade</a> sold at $290,000 in 2011.
It was initially listed in October last year at $320,000, then $280,000 by earlier this year.
This week, Adelaide saw a preliminary clearance rate of 64 percent, with 104 reported results across a total of 165 scheduled auctions. Perth’s clearance rate of 67.3 percent across 88 auctions was well up from recent lows.
Across Canberra a total of 136 auctions were held this week, compared to 112 last week and 123 at the same time last year. Canberra’s preliminary clearance rate of 63.8 percent is lower than it was the previous week when it was 72 percent.
Canberra offerings started at $437,000 at Chisholm.
Next weekend presents a "stringent test" for the market with about 900 Sydney auctions to be conducted, according to Domain economist Dr Andrew Wilson.
Melbourne auction numbers will rise this coming weekend with well over 1,300 listed.
 
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jchancellor-FAypfDUnLy

Red hot Richmond puts Melbourne as strong auction market

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<img src="https://counter.theconversation.edu.au/content/69215/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
States like Tasmania have benefited from the end of the mining boom says Christopher Kent, speaking for the last time as the RBA Chief Economist.
Lower interest rates have boosted the housing markets, and a lower Australian dollar has made agriculture and services more competitive in these states. 
But the news isn’t all rosy. Deloitte Access Economics projects Tasmania experiencing low-but-stable growth, buffeted by demographic trends. The state is also struggling with workforce participation, employment growth, labour productivity and educational attainment. 
All of this will need to be addressed for Tasmania to realise the full benefit of the end of the mining supercycle. 
<h2>Tasmania suffered during the mining boom</h2>
From early 2000 onwards, the Australian economy split in two. While the resource-rich west and north of Australia did very well during the mining investment boom, it was not really an exciting time for Tasmania. Tasmanian economist Saul Eslake noted:
"Not only did Tasmania not benefit from the mining boom, but it was actually hurt by it."
The boom drove inflation, interest and real exchange rates to very high levels. This was not favourable nor profitable for an economy that is highly reliant on competitive industries such as tourism, agriculture, manufacturing, forestry and building. 
Tasmania was severely affected as exports make up around 19 percent of its Gross State Product (GSP). A higher Australian dollar made Tasmanian exports more expensive for others to buy. Higher interest rates made it more costly and harder to invest. 
This also manifested within Australia, as Tasmania must compete with other states in the domestic market, even with the ACT whose exports only make up about 4.6 percent of its GSP. 
During this era, Tasmania posted an average 0.3 percent and 0.27 percent annual average decline in GSP and employment growth respectively.
<h2>Some sectors are booming now</h2>
Though NSW and Victoria are leading the way, Tasmania is doing well since investment in the mining industry peaked a few years ago. 
Lower interest rates and fuel prices are breathing new life into the Tasmanian economy. Tasmania is leading the nation in both retail spending growth and housing finance growth. The latter, growing around 10.3 percent year on year, is a leading indicator for real estate activity and housing construction. 
Tasmania’s exports are also doing particularly well and tourism is a major driver of the growth in services exports. Tasmania recently topped the tourism growth league table, with international visitor numbers growing 19 percent year on year, boosted mainly by Chinese visitors. It looks like China is now impacting the Australian economy through tourism as well as mining.
The Tourism Investment Monitor 2016 report shows a 47 percent increase in Tasmania’s tourism investment last year, while the nation as a whole grew just 12 percent. In Tasmania, an unsurprising 66% of tourism investment was allocated for arts, recreation and business investment.
<h2>The way forward</h2>
But despite this growth in tourism and retail, Tasmania is still falling short in economic growth when compared to other states. It is at or near the bottom of national ranks on a number of different metrics - workforce participation, employment growth, labour productivity and educational attainment.
Further, as Deloitte highlighted, Tasmania is facing a demographic problem. The state government does have a target to grow the population to 600,000, but birth rates are low and immigration isn’t picking up the slack. Tasmania’s population is growing slowly. 
Tasmania’s low population growth, coupled with its high ageing population, could significantly affect the labour force participation rate. The working age population as a percentage of total population is declining over time. There will soon be fewer workers and consumers, leading to lower investment and demand for retail and consumer goods and services. The ageing population will also raise the costs of health care and pensions, further affecting the state budget. 
Australia’s near term growth prospects, if focused on securing stronger growth in non-mining sectors, is definitely welcome news for Tasmania. Tasmania should take advantage of the Asia-Pacific region’s increasingly dynamic environment to boost its production and innovative capacity.
But for Tasmania to have a credible continuing growth path it needs to have a realistic assessment of its own growth prospect. Tasmania needs to focus on long-term growth drivers such as population, participation and productivity. The declining labour participation rate needs to be supported through enhanced labour productivity or population growth. If not, it could lead to more anaemic growth.
Mala Raghavan is lecturer of Economics, University of Tasmania and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/mala-raghavan-213411" target="_blank">here</a>.
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There’s hope for Tasmania in the post-mining boom era

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A Blair Athol, SA petrol station investment set on a leading corner position has been listed for auction.
Located at <a href="https://www.burgessrawson.com.au/buying/SA/North-and-North-East-Suburbs/BLAIR-ATHOL/Retail/3P1500#.WD5IG5IisZE" target="_blank">367-369 Prospect Road, Blair Athol</a> the property has a new 15 year lease until 2031, plus options to extend.
Improvements have been made including the convenience store, attached canopy and double skin fibreglass tanks.
It sits on a 1567 square metre corner site with combined 73 metres of exposure in the retail strip.
The annual rent is $140,000 per annum.
The auction is December 7 through Jamie Perlinger and Scott Meighan.
A service station operated by United in Tamworth is also set to go under the hammer.
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j.ballantyne1990-6AQqhLzZaK

Blair Athol investment to go under the hammer

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A United service station investment offering in Tamworth is scheduled for December 6 auction.
Located at <a href="https://www.burgessrawson.com.au/buying/NSW/New-England-~-North-West/Tamworth/Retail/3P1496#.WDzz7ZIisZE" target="_blank">419-437 Goonoo Goonoo Road</a> the property has a new 18 year triple net lease to 2034 with opportunities to extend it.
The convenience store has been improved.
It is situated on an important gateway location on New England Highway within a busy large format retail and fast food precinct.
It sits on a 2616 square metre site with integrated access to Stocklands large format centre, with 416 on-site car space.
The rent is $200,000 per annum.
The auction is being conducted by Burgess Rawson agents Jamie Perlinger and Scott Meighan.
A service station operated by United in Blair Athol, SA is also set to go under the hammer.
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Tamworth service station listed for auction

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Adelaide’s housing market has recorded moderate to steady activity over the recent quarter, reflective of ongoing transition and consolidation of the South Australian economy, according to WBP Property Group’s latest report.
CoreLogic reports a modest 0.4% increase in house prices from the June quarter, while the REISA reports more buoyant growth of 2.27% in the median house price over the June 2016 quarter.
While figures differ in the short-term, annual median values are consistent between sources with both reporting growth of around 5% during the last 12 months.
Transaction volumes were marginally down on the previous quarter, a solid outcome due to the seasonal influences of a particularly cold and wet South Australian winter and general uncertainty surrounding the federal election in July, the report noted.
Rents incurred an overall decrease of 1.5%, likely the result of labour force pressures, specifically static growth in wages, and an oversupply of housing on the outer metropolitan fringe.
The Adelaide market has been buoyed by investor activity over the past year, with mortgage indicators reporting a rise in new mortgages to investors.
It is evident interstate buyers, particularly from the eastern seaboard, are turning to Adelaide as an affordable way to growth their property portfolios.
The South Australian market also continues to appeal to a number of international buyers due to stability in stamp duty costs for foreign buyers, in contrast to its eastern seaboard counterparts that have increased these costs to the buyer segment.
Adelaide is experiencing a trending shift towards inner-city living, predominantly due to major infrastructure development completed or underway along the CBD’s Riverbank precinct.
The social shift continues to spur new supply of apartments in the CBD and increasing demand for housing in established inner suburbs.
Adelaide has seen an increase in the top end market with 13 suburbs now listing median house prices over $1 million.
With a large supply of outer suburban land on offer in recent years, there has been a recent state initiative to decrease Adelaide’s urban footprint and focus on increasing infill and subdivision within existing city areas.
Recent development policy and zoning changes, particularly through former industrial regions through the inner west, should see an increase of housing in the near future.
The developments at Bowden, St Clair and the Churchill Road precincts are recent examples of a state-wide infill focus.
“In the short-term, WBP Property Group expects a spring time spike in coming weeks with further sales activity and competition expected for the Adelaide market. With interest rates at record lows, thereby reducing the cost of borrowing, its expected affordable properties supported by sound and readily accessible infrastructure while attract strong interest,” the report stated.
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Adelaide housing market maintains steady activity: WBP

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Due to the decline of the mining sector in Perth, prospective buyers are unwilling to invest in property, according to WBP Property Group's latest report.
The downturn in the Western Australian mining sector has resulted in a "palpable" reduction of consumer confidence as individuals realise the impact of the unfolding crisis.
"Prospective purchasers are unwilling, and in some cases unable, to raise funds to purchase properties, the cautionary approach leading to uncertainty regarding the future direction of residential and commercial real estate markets in Perth and surrounds," the report said.
"This has led to a glut of sale listing in greater Perth and the Peel region, with data estimating around 14,000 home currently for sale, and a further 10,000 properties available for rent.
"This is clear evidence of softened market conditions, which dictates properties of all persuasions must be priced realistically to realise clearance," the report stated.
It suggested there is a high likelihood that property values could decrease further in the short- to medium-term.
“But, it’s not all bad news," the report stated.
"There remains sound demand and buyer activity in well-located inner city areas, particularly those in school catchment areas and near the river, and well-established older suburbs complimented by infrastructure, shopping and retail precincts."
In these areas property values range from $800,000 to $1,500,000.
It noted while value levels remain relatively flat, supply and demand are close to equilibrium.
Meanwhile, the apartment market in Perth is oversupplied, which will be further compounded as developments currently under construction come online over the next two years, many during the same period.
"Unsurprisingly, many properties purchased off the plan during the past 18 to 24 months are struggling to meet current market values," the report stated.
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Mining sector decline detering Perth property market investment: WBP

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<div class="column">GUEST OBSERVER </div>
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<div class="column">If you just looked at the top level results, there wasn’t a lot of good news in the business investment report.</div>
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<div class="column">Spending recorded a sizable quarterly fall, expectations of future investment are down over 14 percent compared with a year ago and the weakness was across all the states and territories bar Victoria and Queensland.</div>
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<div class="column">But this is really backward looking, categorising an environment that included the lead up to the Federal Election and Brexit – hardly an environment that would see businesses lift investment plans.</div>
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 However the main good news or rather glimmer of hope was the lift in expected investment plans compared with last quarter. The fourth estimate for 2016/17 is $106.9 billion, up 1.7 per cent on the third estimate (June quarter). In addition investment plans have lifted substantially in the past six months, up by 17 percent. Encouragingly the lift in investment plans over the last couple of quarters, may be a sign of a shift in momentum by the business sector, but it is too early to tell. Certainly the lift in business conditions in recent months may be supportive of a lift in investment plans – especially in light of the surge in commodity prices and improvement in the global economy. No doubt the rebalancing across the economy is also being supported by the slide in the Australian dollar – an outcome that should garner further traction in coming quarters. But as we have seen in the past, business may plan for future investment but then mothball projects if the economic landscape doesn’t improve.
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<div class="column">Business spending looks like continuing to be a weight on Australia’s economic growth performance in the medium term. The Reserve Bank could cut rates again, but it is far from certain that this would have a measurable impact in further lifting business spending. The Reserve Bank is more forward- looking and is likely to maintain its neutral bias on a more upbeat medium term growth outlook.</div>
<div class="column"> </div>
<div class="column">It may be no surprise to see that home prices continue to lift across most capital cities. But what was clearly surprising was the slide in apartment prices across the nation, in particular the outsized 3.2 per cent fall in Melbourne apartment prices. Over the last year there has been a lot of discussion on the anticipated lift in housing supply, with particular concern on inner city Melbourne and Brisbane. And it may just be that this is the first sign of the lift in apartments coming on stream and curtailing price growth.</div>
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<div class="column">While the housing market is more mixed across the nation, it was encouraging to see some of the resource states seeing a decent lift in prices over November. And the lift in commodity prices may suggest that the mining towns may have come through the worst of the downturn.   Overall policymakers will keep a close eye on the housing sector the early part of 2017, and will prefer to see more balanced house price growth across the nation. And in particular a lift in regional house prices would be a positive outcome. Annual growth in home prices across regional centres was just 1.4 per cent over the past 12 months. 
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What do the figures show?
Private business investment
Overall: Business investment (spending on buildings and equipment) fell by 4 per cent in the September quarter after falling by 5.2 per cent in the June quarter. Spending on buildings fell by 5.7 per cent in the quarter while spending on equipment fell by 1.9 per cent. Investment is down 13.7 per cent over the year with buildings down by 24.3 per cent while equipment was up by 4.6 per cent.
Sectors: Mining investment fell by 7.2 per cent in the September quarter (ninth straight decline), while manufacturing spending fell by 4.9 per cent, spending by “other selected industries” fell by 1.9 per cent.
States: In seasonally adjusted terms investment fell in six of the eight states and territories in the September quarter. Investment fell the most in Western Australia (down 11.4 per cent), followed by Northern Territory (down 10 per cent), the ACT (down 8.1 per cent), South Australia (down 4.8 per cent), NSW (down 3.5 per cent), and Tasmania (down 0.1 per cent). The only rise was in Victoria (up 3.3 per cent) followed by Queensland (up 2.7 per cent).
Prices: The overall deflator for investment goods fell by 0.3 per cent in the September quarter after falling by 0.5 per cent in the June. The cost of buildings and structures rose by 0.2 per cent while the cost of equipment fell by 0.8 per cent. Over the year, the cost of investment goods fell by 0.5 per cent – the largest fall 41⁄2 years. The cost of buildings rose by 0.9 per cent while the cost of investment equipment fell by 3 per cent.
Forecasts: The fourth estimate for investment in 2015/16 is $106.9 billion, up 1.7 per cent on the third estimate but down 14.3 per cent over the year. Over the last six months, investment expectations have lifted by 17.1 percent.
Home prices
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The CoreLogic Home Value Index of capital city home prices rose by 0.2 per cent in November and was up 9.3 per cent over the year.
In regional Australia, house prices fell by 0.2 per cent in October and were just 1.4 per cent higher than a year ago. (regional prices cover just houses and data is up to the end of October).</div>
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 In capital cities, house prices rose by 0.2 per cent in November while apartment prices fell by 0.1 per cent. House prices were up 9.6 per cent on a year ago and apartments were up by 7.2 per cent.</div>
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 The average Australian capital city house price (median price based on settled sales over quarter) was $645,000 and the average unit price was $540,000.</div>
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<div class="column">Dwelling prices rose in six of the eight capital cities in November: Darwin (up 3.7 per cent), followed by Adelaide (up 2.9 per cent), Hobart (up 0.9 per cent), Sydney (up 0.8 per cent), Perth (up 0.6 per cent), and Brisbane (up 0.4 per cent). Prices fell only in Melbourne (down 1.5 per cent). Dwelling prices in Canberra were unchanged.</div>
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<div class="column">Home prices were higher than a year ago in seven of the eight capital cities. Prices rose most in Sydney (up 13.1 per cent); followed by Melbourne (up 11.3 per cent), Hobart (up 8.5 per cent); Canberra (up 8.4 per cent); Adelaide (up 4.7 per cent), Brisbane (up 3.9 per cent) and Darwin (up 1.1 per cent). Prices fell in Perth (down by 3.4 per cent). Total returns on capital city dwellings in the year to November rose by 13.1 per cent with houses up 13.3 per cent on a year earlier and units up 11.8 per cent.
Performance of Manufacturing
The Performance of Manufacturing index rose by 3.3 points to 54.2 in November. A reading above 50.0 indicates that the sector is expanding. The index had been above 50 for 13 months up until August 2016 – the longest period of expansion since September 2006. AIG notes “The expansionary conditions were broad-based, with six of the seven sub-indexes in the Australian PMI indicating expansion in November. The strong lift in new orders (59.5 points) together with solid growth in sales (53.5 points) is promising.”
What is the importance of the economic data?
“Private New Capital Expenditure and Expected Expenditure” is released quarterly by the Bureau of Statistics. The figures show both actual and expected spending by businesses on tangible assets such as new buildings, machinery and office equipment. The figures are obtained after sampling 8,000 private business units.
The CoreLogic Hedonic Australian Home Value Index is based on Australia’s biggest property database. Unlike the ABS Index, which excludes terraces, semi-detached homes and apartments, the CoreLogic Hedonic Index includes all properties. Home prices are an important driver of wealth and spending.
The Australian Industry Group compiles the Performance of Manufacturing Index (PMI) each month. The Australian PMI is the Australian equivalent of the US ISM manufacturing gauge. The PMI is one of the timeliest economic indicators released in Australia. The PMI is useful not just in showing how the manufacturing sector is performing but in providing some sense about where it is heading. The key ‘forward looking’ components are orders and employment.
What are the implications for interest rates and investors?
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<div class="column">The Chinese economic data remains encouraging, showing that the transition from the industrial sector to household sector remains on track. The manufacturing sector is expanding, while the services sector is clearly the driver taking up any slack.</div>
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<div class="column">The latest Australian manufacturing data is encouraging, suggesting that the current levels of interest rates and the Australian dollar are working in favour of domestic producers.</div>
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<div class="column">The Reserve Bank has regularly noted that housing supply will lift over coming years as work is completed on the bevy of new homes – especially apartments. The Reserve Bank looks to be comfortably on the interest rate sidelines over the coming year. </div>
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<div class="column">Savanth Sebastian is an economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a></div>
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Subdued business investment, healthy home prices: CommSec's Savanth Sebastian

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<img src="https://counter.theconversation.edu.au/content/68677/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Throughout the Presidential campaign Donald Trump repeatedly criticised the United States Federal Reserve, accusing it of creating a “big fat ugly bubble” through its monetary decisions, among many other things. Trump’s consistent attacks have created worries for the Fed’s independence.
These worries intensified after the election, as President Trump will be in a position to make big changes at the Federal Reserve over the next few years. There are two existing vacancies on the seven-member board of governors of the Fed, and the terms of both the current Chairwoman, Janet Yellen, and Vice Chairman, Stanley Fischer, expire in 2018.
But there is more to good central bank governance than independence.
<h2>Why do we care about central bank independence?</h2>
Among orthodox economists, there is a long-standing belief that central bank independence is a sacred precept for any market economy. Independence gives the central bank some freedom from the politicians who might otherwise print money for political reasons. Orthodox economists worry that politicians are susceptible to political moves that are deleterious to stable economic environments, and that their ideologies often have little economic grounding.
Politicians, by this logic, will compromise monetary stability just so they can trumpet to their electorate that they are “driving growth”. There are some merits to this theory, as a long history of bubbles fuelled by short-sighted politicians amply demonstrates.
However, the problem for these orthodox economists, in addition to failing to either predict, explain, or prevent global financial catastrophes, is that the exact faults they attribute to politicians also manifest in unaccountable central banks, most notably the United States Federal Reserve.
<h2>Good governance requires more than independence</h2>
In order for the independence of central banks to work effectively, they need to be self-critical, intellectually honest, and adaptable institutions, as the banks of Canada and New Zealand have a track-record of demonstrating. The importance of a critical approach cannot be overstated. Central banking is an art, not a science, which is why humility is also an important attitudinal factor explaining the success of some central banksas opposed to others.
There is also a cultural aspect that has fuelled the impunity of central banks – it comes from their monopolisation of prestige in economics. Take this example: the Nobel Prize in Economics is given out by the Central Bank of Sweden. Is it really so surprising that a central bank will continually bestow this prize on the guys who argue for central banks to be made all-powerful?
<h2>Central banks must be accountable</h2>
A point that was advanced by both Donald Trump and Bernie Sanders is that there must be some form of accountability for so large an institution, which has such a disproportionate impact on the well-being of people all over the world. If the Federal Reserve were like any central bank whose sphere of influence was relegated largely to domestic monetary authority, then a robust and independent Central bank would not just be desirable but crucial to prevent capture by the short-termism of politicians. However, the US central bank is the printer of the world’s reserve currency and so writes the economic destiny of much of the planet.
Given the global impact of the Fed, there must be some form of mechanism by which it is made answerable for its choices. In a time of “rabid populism,” the idea that a small group of unelected people virtually dictate the price of money (which is basically what interest rates are), is not just abhorrent but downright anathema, and that is what Trump has capitalized on (pun intended).
<h2>Lessons for other central banks</h2>
There are two other central banks that have a disproportional global impact – the European Central Bank [ECB] and the People’s Bank of China [PBOC]. They too have to cater to their domestic economic needs,but find themselves exerting enormous influence over the global economy. And like the Fed, they are also not subject to a consistent oversight mechanism.
Although the PBOC does not face substantial domestic criticism, it continually draws the ire of its international trading partners for its domestic monetary policies. Meanwhile, the ECB is now the equivalent of an economic piñata that is berated by many EU members, for a variety of reasons. The ECB has a very difficult mandate in that it must try to strike a balance between the stable Euro-countries and those that are crisis-afflicted. Its democratic accountability has also been repeatedly called into question.
<h2>What next?</h2>
So what is next for the Fed? As with many Trump “promises,” there seems to be some dithering on whether Trump would actually go after the Fed. However, if pursued, Trump’s impact on the Federal Reserve could be huge. The impact on global equity and bond markets, on the value of the US Dollar, on the money supply, and on ordinary American lives, would be tremendous. 
However, the fact remains that independence alone doesn’t ensure good policymaking. And as populist fervour takes hold, a more accountable mechanism for overseeing monetary authority might be necessary.
Usman W. Chohan is doctoral candidate, Policy Reform and Economics, UNSW Australia and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/usman-w-chohan-182272" target="_blank">here</a>.
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There is more to good central bank governance than independence

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GUEST OBSERVER
For the past five years, the Australian economic story has been about rebalancing growth away from being driven by mining investment at the end of the commodity prices ‘super-cycle’. 
Between 2011 and early 2016 a 60 percent fall in commodity prices weighed on tax revenues, corporate profits, and wages growth. 
Mining investment also fell from 9 percent of GDP in 2013 to around 4 percent of GDP currently. 
The main factors offsetting the drag have been falling interest rates – which supported local disposable incomes and asset prices – and a lower AUD – which improved the competitiveness of the non-mining sectors, like tourism and education exports. A housing boom and rising services exports have supported growth. 
Three key factors are now changing the story. First, the mining investment decline is almost done, with only a couple more quarters to run. Second, commodity prices have lifted, in some cases significantly. Third, the election of Donald Trump and the expectation of faster US growth and inflation means that more Fed rate hikes are now expected, which has strengthened the USD, conversely weakening the AUD. 
The first two elements have been in train for some time and have helped to underpin our view that the RBA is unlikely to cut its cash rate below 1.50%. However, the stronger-than-expected lift in bulk commodity prices combined with the now faster- than-previously expected lift in US rates (HSBC’s view is now for a Fed Funds rate at 1.375% by mid-2018), mean that we now expect the RBA to lift its cash rate in 2018. 
Although local inflation is currently below the RBA’s 2-3% target and wages growth is sluggish, we expect both to gradually lift from here. Supporting this, we see the rise in commodity prices as likely to support national incomes, tax revenues and corporate profits and to flow through to wages growth. Non-mining business investment is also already showing signs of rising and, on the labour market, it is worth keeping in mind that these indicators tend to lag the cycle, rather than lead it. 
Previous concerns that any increase in the cash rate by the RBA might put upward pressure on the AUD are less of a concern if the Fed is hiking.
<a href="/images/2016/12/02/Screen%20Shot%202016-12-02%20at%2012.55.01%20PM.png" target="_blank">Click to enlarge</a>
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Commodity prices have risen; some quite significantly 
Commodity prices appear to be past the trough, with the price of Australia’s commodity export basket having risen by 40% in USD (30% in AUD terms) since the beginning of the year (Chart 1). In particular, Chinese policy measures have supported the iron ore price and sharply lifted coal prices (Chart 2) (for more on this see Commodity Economics Comment: Watching the coal price spike, 
27 September 2016). Although we do not expect coal and iron ore prices to stay at current high levels, we do see them holding well above previous lows. For example, the Q4 coking coal export contract price was US200 a tonne, up from US92 a tonne in Q3. 
The election of Donald Trump has also supported the outlook for global infrastructure investment and lifted base metal prices. In our view, Trump’s election has also increased the risk that the Chinese authorities boost infrastructure investment in the face of downside risks to exports (see Commodity Economics Comment: Trump and hard Commodities, 16 November 2016).
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From the RBA’s perspective, the lift in commodity prices should support growth in export values, which should lift income growth (see Downunder Digest: Australia’s strong export outlook, 29 September 2016). Importantly, there is also a strong positive correlation between commodity prices and local nominal GDP growth (Chart 3). For the RBA, more income should support corporate profits and tax revenues and, if history is a good guide, some of this will feed through to wages growth. There is a strong positive correlation between commodity prices and unit labour costs (Chart 4) (for more on this see Downunder Digest: Commodity prices and inflation, 12 October 2016). 
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The drag from falling mining investment is also set to wane in the coming quarters. Mining investment has already fallen from a peak of around $25bn a quarter to its current rate of AUD10bn (Chart 5). The RBA has recently noted that the fall in mining investment is around 80% done. We expect that mining investment will stop being a drag on GDP from mid-2017. 
The expected levelling out in mining investment is expected to occur at around the same time that housing construction starts to become a drag on GDP growth (Chart 6). Importantly, the swing in mining investment is expected to be far larger than the drag from falling apartment building. In addition, although we expect that there may be a modest shake-out in the Brisbane and Melbourne apartment markets, we do not see a national housing price decline (for more on this see Downunder Digest: Australia’s many housing markets in 2017, 25 November 2016). 
Non-mining business investment is rising modestly 
Recent revisions by the statistics bureau to the annual national accounts numbers show that non-mining business investment has been on a modest upward trend for the past couple of years (Chart 7). The NAB business survey has also shown a more promising outlook for non- mining business investment recently (Chart 8). Looking into 2017 and 2018, we expect non- mining business investment to continue to lift, supported particularly by ongoing Asian demand for Australia’s services exports, including tourism and education. 
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The labour market still has spare capacity, but it also lags 
The key challenge to our view is that spare capacity in the labour market has continued to weigh on wages growth, which, in turn, is weighing on domestic inflation. Although the unemployment rate has been edging lower over the past 18 months, the recent fall has been largely due to declining labour market participation. At the same time, the ‘underemployment’ rate has not been declining recently. 
Spare capacity in the labour market has been one of the factors weighing on wages, with growth in the wage price index falling to a new record low in Q3 2016 of 1.9% y-o-y (Chart 10). Importantly, however, the slowdown in wages growth also reflects the response of the economy to the fall in commodity prices. As we showed in chart 4, unit labour costs are correlated with commodity prices. In addition, there are other measures, such as the national accounts measure of wages, which is already showing a modest lift in wages. At a more fundamental level, it is worth keeping in mind that the labour market, and particularly wages, tend to lag the cycle. In short, the recent commodity price rise is yet to have its effect on the labour market. 
Inflation should lift as the ‘rebalancing act’ ends 
Our central case is that underlying inflation is likely to lift next year and head back to the RBA’s 2-3% target band over time (Chart 11). As we see underlying inflation climbing only slowly, we doubt a cash rate rise will be needed in 2017 but now think that hikes in 2018 are likely. 
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Fed hikes mean AUD may be kept at bay 
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Another factor that has changed the story for Australia has been developments in the US. The election of Donald Trump has driven the expectation that US policymakers will deliver fiscal stimulus in 2017 and that this is likely to put upward pressure on inflation. This has shifted markets expectation for the Federal Reserve, with more hikes now priced in. Our Chief US Economist, Kevin Logan, has revised up his GDP forecasts for 2017 to 2.3% (from 2.1%) and for 2018 to 2.7% (from 2.2%) on the expectation of greater fiscal stimulus. Our Chief US Economist now expects the Federal Reserve to lift its policy rate to 1.25-1.50% by mid-2018 (see US Economic Outlook: Higher GDP forecasts; more Fed tightening, 21 November). 
The expectations of faster US growth and inflation and more Fed rate hikes than previously thought, have seen the USD strengthen recently. For Australia this has meant that the AUD has held broadly steady despite the lift in commodity prices. A stronger USD is good news for Australia as it supports the competitiveness of the traded sectors, particularly services exports, such as tourism and education. As Chart 1 showed, because the lift in USD commodity prices has not been matched by a rising AUD, the AUD value of Australia’s commodity index has risen sharply in recent months, boosting local incomes.
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RBA on hold for 2017 and may be hiking in 2018 
As we expect the transition from mining investment to non-mining led growth still has a few more quarters to run and inflation is currently below the RBA’s 2-3% target band, any upward movement in the cash rate seems unlikely any time soon. By the same token, the RBA has made it clear that it has little appetite for further rate cuts. 
Governor Phil Lowe noted in a recent speech that it is ‘unlikely to be in the public interest, given current projections for the economy, to encourage a noticeable rise in household indebtedness, even if doing so might encourage slightly faster consumption growth in the short term’. The recent revival in investor interest in the housing market, albeit modest, is likely to also dissuade the RBA from cutting its cash rate further in the short run, even if inflation is lower than the central bank would like (Chart 12).
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For the RBA, 2018 is a long time away and there would be little (if any) discussion about likely policy settings that far out. The uncertainties are huge. Interestingly, though, given that the RBA now assumes the market path for the cash rate in its forecasts, the central bank will now also need to consider what hikes in 2018 would mean, given that the market is (just barely) pricing them in. 
<a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC. 
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Commodities and Trump a game changer: HSBC's Paul Bloxham

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An undisclosed buyer has paid over $3 million for the second penthouse in Parramatta businessman has just purchased Coronation Property's 8 Phillip Street’ in Parramatta.
Local businessman Bob Reiman purchased the first penthouse within the 55-storey tower for $3 million on launch day, Saturday 19 November.
Stage 1, consisting of 150 apartments, sold out within the first hour.  After the release of stage 2 189 apartments had sold at the end of the first day, including the first penthouse, exceeding $160 million in sales. 
Over 72 percent of sales were to owner-occupiers.
Jason Soulos, Sales Director, <a href="https://coronation.com.au/projects/phillip-street/" target="_blank">Coronation Property</a> said the latest penthouse buyer had been looking to move out of his house and into an apartment for the lifestyle benefits, but didn’t want to compromise on space. 
"He also didn’t want to leave Parramatta and had been searching for two years to find something large enough with a high level of design and quality finishes,” he said.
“Essentially he was motivated by the sheer size of the penthouse as its 189 square metre proportions are basically double the size of a typical three-bedroom apartment. 
"He also loved the attention to detail and premium fitout delivered by Woods Bagot and likes to entertain, so immediately saw his penthouse as an entertainers’ paradise.
"It looks likely we will release stage 3 in February next year, four months ahead of schedule.  We strongly suggest those interested in this luxury tower submit their expressions of interest before the stock is released in the new year, to avoid missing out.”
Joe Nahas, managing director, Coronation Property said that the group’s latest premium, mixed-use development was a distinctly unique offering in Australia, let alone for Parramatta.
“While residents of 8 Phillip Street will have hotel facilities right at their fingertips, the residential component of the building will be very private and accessed via its own lobby,” he said.
“There are very few developments that integrate the same level of contemporary design and lifestyle offering that 8 Phillip Street will deliver, together with spectacular boutique hotel facilities… in the heart of Sydney’s growth area.”
Studio apartment prices start from $492,000.
Designed by international design firm Woods Bagot, 8 Phillip Street will feature more than 300 one, two and three bedroom residences, a rooftop bar, and architecture and outdoor design elements by project partner Jamie Durie.
The project gallery is on level one at 8 Phillip Street, Parramatta and features a to-scale three bedroom apartment complete with ensuite, main bathroom, powder room, laundry, kitchen, dining and living room complete with a balcony overlooking greater Sydney. 
The project gallery and display apartment is open from 11am – 4pm on Thursdays to Sundays or by appointment.  Appointments can be made by calling 1800 753 163 or enquiring via <a href="mailto:sales@coronation.com.au" target="_blank">sales@coronation.com.au</a>.
Meanwhile developer Meriton's Altitude towers at Parramatta will have two sky penthouses.
They will occupy the top floor of the Altitude residential tower - Parramatta’s tallest yet building soaring to 54 levels.
The move will place the owners of the luxurious and expansive penthouses more than 170 metres above the ground in the cultural heart of Parramatta.
James Sialepis, Meriton’s director of sales, the four-bedroom penthouses have prices at $2.350 million and $2.050 million.
Altitude is on a former David Jones site in Church Street, bought for $36.5 million in 2010.
The project consists of a 377-apartment residential tower and a 36-floor Meriton Serviced Apartments hotel with 254 suites and which opened this month.
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