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

Joel Robinson

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

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

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

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

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

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

Lowe Living launches Jardin House in Camberwell

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

The Walden pairs house-scale living with North Sydney connectivity

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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

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

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The plans to replace Sydney Harbour’s Sirius building have been lodged.
With its public housing tenants relocated to the suburbs, developer JDH Capital, controlled by former Macquarie Bank executive Jean-Dominque Huynh, seeks 76 apartments.
Huynh bought the brutalist style in a Savills tender for around $150 million last year from the NSW government.
The plans show one, two, three and four-bedroom apartments, with penthouses with private swimming pools.
Interiors were designed by architecture firm BVN and leading British interior designer Kelly Hoppen.
Passionate about making her design ethos accessible to the masses, Kelly has authored nine books.
 As a successful business woman she was awarded a CBE in October 2020 for her work in helping to promote British creativity, business and commerce globally.
<a href="https://kellyhoppeninteriors.com/work-in-progress/" target="_blank">Her current works in progress</a> are dominated by China projects.
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j.ballantyne1990-6AQqhLzZaK

Kelly Hoppen interiors for replacement Sirius residential complex

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The <a href="/expert-insights/buying/how-will-the-coronavirus-impact-australia-s-property-market">corona virus crisis</a> has had a devastating impact on many livelihoods, resulting in thousands of job losses, record unemployment, and great uncertainty for would-be first home buyers in terms of their ability to obtain and service a home loan.

The crisis has also severely impacted property sellers who have had to endure a period of months during which social distancing rules restricted the ability to hold in-person open house inspections and conduct sales auctions, with the result that many sellers have been forced to postpone the sale of their property. On the other hand, those sellers who were not subject to time pressures have simply withheld their property from the market to avoid the prospect of it languishing there for months without enquiries from interested buyers – or worse, being perceived as a desperate seller and only attracting “low-ball” offers.

On the flipside of all this doom and gloom, the pandemic has also coincided with the lowest home loan interest rates in living memory, which have been predicted to remain with us for the next few years. That fact, coupled with new incentives being proposed by the government to assist first home buyers in particular, has encouraged many people who may not have sufficient resources of their own to be able to obtain a loan from a bank to look to the “bank of mum and dad” for assistance, especially in terms of helping out with getting the essential deposit for the purchase. In some cases the solution has been for the purchaser’s parents to even become a part owner in the new property.

Whilst these strategies may have enabled many first home buyers to get into the <a href="/expert-insights/buying/4-reasons-to-have-faith-in-australia-s-property-market-for-the-long-run">property market </a>and perhaps take advantage of both record low interest rates as well as the odd real estate bargain where a seller was indeed forced to sell at less than fair market value, there are some traps for first home buyers (and their parents) in these arrangements that need to be considered carefully to avoid future discord, such as:

Making a gift or a loan?

Often the home buyer has the ability to service a loan, but can’t scrape together enough funds for the initial deposit. In these circumstances often their parents are called upon to assist with a cash contribution.

In many cases the bank will want to see this parental contribution styled as a gift, so that the bank does not need to be concerned about taking into account the impact on borrowing capacity of this additional loan commitment (and also to ensure that the bank maintains first preference in terms of any security obtained for their lending).

However, if the amount is significant, irrespective of how the contribution is treated as far as the bank is concerned, it would be much preferable for the parents if the contribution was treated as a loan as between themselves and their child for the following reasons:

<ul>
<li>As a loan, it means that it can if necessary be paid back to the parents. Whilst the parents may believe that they do not need the loan to be repaid, as they get older they may find that their health is deteriorating and they need to access funds to pay for emergency surgery or other ongoing increased medical needs such as going into aged care or hiring a nurse for at home care. Whilst it is important to help out your family members when you can, you cannot ignore the possibility that unforeseen health and medical circumstances may mean that you need the return of the funds more than your child needs them.</li>
	<li>Whether or not the loan is ultimately repaid, it is also a clear reminder of how much the parent has provided in support to their child, and can be taken into account in the parent’s estate planning after they die - and if it is never repaid at least it can be netted off against that child’s share of their parent’s estate.</li>
	<li>Often the loan is made on the basis of being interest free and repayable on demand. However, whilst the issue of payment of interest is entirely up to the parent, by making the loan repayable on demand the 6 year period under the relevant statute of limitations begins to run from the date of the loan, so that unless the loan is in some way acknowledged by the borrower during that period it will become unenforceable after that period expires. A better approach would be to specify a number of years as the loan term, which may be subject to early repayment and any specified events of default (like a bank loan) that may trigger earlier repayment.</li>
</ul>
Lending to a couple

Often the borrower child is in a legal or de facto relationship with another person. If so, another reason why it may be <a href="/guides/how-to-secure-a-mortgage-free-lifestyle-sooner">desirable for the loan</a> to be repayable is that in the event that the relationship breaks down, the parent would wish to exclude the amount of the loan from any settlement between the child and their former partner. If so, the following points should be observed:

<ul>
<li>The loan should be secured against the home, ideally by a registered mortgage;</li>
	<li>If the property is to be purchased in both names of the couple, then the loan should also be made to the couple to ensure that the child’s partner is also primarily responsible for repayment (including on the untimely death of the child) – if the child’s partner resists, it needs to be pointed out that this is a condition of the loan being made at all in the first place;</li>
	<li>The loan should be made on ordinary commercial terms (like a bank loan), although it is up to the parent whether they wish to require the payment of interest. However, if interest is specified to be repayable only upon repayment of the loan, and one of the events that may trigger early repayment is a relationship breakdown, it may enable some portion of any increase in the value of the home itself to be recovered by way of the payment of interest.</li>
</ul>
Consequences of parental co-ownership

In some cases it may be decided that the parent should become a co-owner with the child, where the proportion of ownership by the parents correlates with the proportion that their financial contribution represents of the total purchase price.

This strategy has the advantage that the loan amount is automatically secured by reason of the co-ownership of the property by the parent. However, some consequences need to be borne in mind:

<ul>
<li>Capital gains tax may be payable by the parent on any capital gain made in relation to the sale of their <a href="/guides/5-key-tips-to-buying-an-off-market-property">share of the property</a>, unless they also live in the property as their own principal place of residence;</li>
	<li>Land tax may be payable by the parent in respect their share of the property, unless they also live in the property as their own principal place of residence;</li>
	<li>If the parent dies, their share of the property becomes part of their deceased estate, and may be subject to the terms of their Will. In this situation it would be important for the parent to make a specific provision regarding their co-ownership share of the property in their Will, such as leaving their interest in the property to their child (or to the child and their partner, as the case may be).</li>
</ul>
Going guarantor

Another popular method of a parent providing financial assistance for a child buying their first home is to agree to be a guarantor for the loan. The main advantage of this approach is that it does not require any upfront cash payment by the parent. However, it is absolutely fraught with danger for the parent, particularly if the parent has to provide security for their guarantee (such as by a registered mortgage over their own separate real estate). In these cases it is not unheard of for the failure of the child to make their loan repayments to result in the loss of not only their own home but also that of their parents!

If agreeing to be a guarantor for their child is the only option that will enable the child to obtain a bank loan, then at the very least it should be agreed with the bank to limit the amount of exposure of the parent under the guarantee – for instance, if the reason for requiring the guarantee is that the child could not come up with a 10% deposit, then the amount secured by the guarantee should be limited to the dollar amount representing that deposit.

Conclusion

The “bank of mum and dad” is these days an important resource for many first home buyers to get their foot in the door of the property market. Whilst that can be a sensible strategy in these trying times, the traps for the unwary must be borne in mind and guarded against wherever possible.
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Nick Dante

The Traps for First Home Buyers Borrowing from their Parents

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Living in a luxury apartment with all the <a href="/buildings/sapphire-by-the-gardens-63-la-trobe-street-melbourne-vic-3000">amenities</a> is an absolute pleasure. You get the full use of a <a href="/buildings/hawthorn-park-33-camberwell-road-hawthorn-east">resort style pool </a>and lounge without having to worry about cleaning the pool filter every day. There is the barely used gym with brand new, five-star equipment that is always clean and fresh. All gardens and common areas are maintained by discreet gardeners whom you never see. And of course, let us not forget the wine room with a 15-seater table and individual wine fridge for each apartment owner to store that chardonnay they picked up while on holiday.  

Apartment complexes such as these have become far more common and whilst there are hefty strata fees, this has done little to dissuade purchasers. It is not unreasonable to expect owners to pay well into the thousands per quarter, depending upon their unit entitlement. Both owner occupier and investors has been quick to see the appeal of high-end amenities. 

However, we have noticed a trend that sees buyers being deterred by high strata levies, especially if they are worried about cash flow. This is often the case with downsizers who are asset rich but cash poor. It is also the case that some purchasers feel they will not use the amenities so therefore do not wish to pay high levies for services they will not utilise. 

Developers have been quick to recognise this shift in the buying trend and are creating schemes to cater for this <a href="/expert-insights/8-of-nsws-top-luxury-apartments">particular buyer demographic</a>. Ensuring that they purchase lots that are close to upmarket shopping strips, cafes, pools, beaches and gyms, they are providing these amenities in easy walking distance to potential residents. 

The communal areas that have been provided are being exceptionally well received by this type of buyer. <a href="/news/martin-brothers-sees-the-rooftop-amenities-area-take-precedence-across-brisbane">Rooftop terraces</a> with open lounge areas for all residents and their guests to enjoy are perfectly sufficient. Often these areas are accompanied by BBQ’s and kitchen facilities to be used by guests. Many schemes have implemented an online booking platform so residents may book out certain areas should they wish to entertain a larger number of guests – all for no extra charge.  

Whilst there will always be a market that likes the extra amenities that larger developments offer, developers should not discount purchasers who will be attracted to a property with lower strata costs and simple, communal amenities.
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Let’s get real about strata levies

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Introduction

We recently considered the restrictions that are placed on the powers of an owners corporation during the initial period of a strata scheme. Those restrictions exist to reduce the scope for a developer who controls an owners corporation to make decisions during the initial period that are not in the interest of the owners corporation. But what happens when those initial period restrictions are breached by a developer? What are the consequences for a developer? In this article we take a closer look at that issue.

The Initial Period 

The initial period of a strata scheme <a href="/guides/how-to-make-strata-fees-work-in-your-favour">commences when the strata plan</a> is registered and ends when the developer has sold lots whose unit entitlements are at least one third of the aggregate unit entitlement. Typically, during the initial period, the developer controls the owners corporation and the decisions that are made by the owners corporation because the developer owns the majority of the lots during the initial period. Over time, some developers have abused their powers during the initial period and have made decisions that are not in the interest of the owners' corporations that they control. In many cases, those decisions have involved the approval of building management or caretaker agreements that run for many years and that are on commercial terms that favour the building manager or caretaker.

Initial Period Restrictions

As a result of a perceived abuse of power by developers during the initial period, the strata legislation was amended to introduce restrictions on the powers of an owners corporation whilst it is under the control of a developer during the initial period. Some of those restrictions are now found in section 26 of the Strata Schemes Management Act 2015. One of those restrictions prevents an owners corporation from incurring debt for an amount that exceeds the amounts that are available for repayment of the debt from its administrative fund or its capital works fund. What does that restriction mean? And when can it be used against a developer? Those questions were considered in a case involving “The Carlisle”.

The Bondlake Case

“<a href="/buildings/the-carlisle-33-37-carlisle-street-rose-bay">The Carlisle</a>” is a strata building containing 139 apartments situated at 105-113 Campbell Street, Surry Hills. The strata plan for the building was registered in 1999. A little over one week after the strata plan was registered, the developer convened and held an extraordinary general meeting of the owners corporation. At the time of the meeting, the developer was still the owner of all of the lots in the building. At the meeting, the owners corporation passed a resolution to enter into a caretaker agreement for the appointment of a caretaker for a period of five years with three options for renewal each for five years. The caretaker agreement was signed on the day of the meeting.

A Breach of the Initial Period Restriction

The agreement required the caretaker to carry out specified duties for the owners corporation in return for a payment of a fee. The fee for the first year of the agreement was $84,042.00. The fee was payable by monthly installments the first of which was due on the date the agreement started. At the time the agreement started, there was no money in the administrative fund or the capital works fund of the owners corporation. Three days later the caretaker issued an invoice claiming payment of the first monthly caretaker fee.

The Owners Corporation’s Claim

The owners corporation claimed that the caretaker agreement had been entered into in breach of the initial period restriction which prevented the owners corporation from incurring a debt for an amount that exceeded the amount then available for repayment of the debt from its administrative fund or capital works fund. The owners corporation claimed that the breach of the initial period restriction meant that the caretaker agreement was invalid and null and void.

Was the Agreement Null and Void?

The <a href="/new-apartments/rose-bay-nsw-2029">NSW</a> Court of Appeal agreed that there had been a breach of the initial period restriction because the court held that the owners corporation incurred a debt by entering into the caretaker agreement and became liable to pay the first monthly caretaker’s fee when the caretaker issued its first invoice and at that time the owners corporation had no money in its administrative fund or capital works funds. However, the court did not agree that this resulted in the caretaker agreement being null and void. The court said that the strata legislation did not intend that an agreement that was entered into by an owners corporation in breach of the initial period restriction would be rendered null and void. The court did not consider that it would be fair to visit upon innocent persons dealing with the owners corporation, such as the caretaker, the extreme consequence of invalidating their agreement and making it impossible for the innocent party to recover fees claimed under the agreement. This meant that the caretaker agreement would continue even though it was entered into in breach of the initial period restriction. 

Consequences for the Developer

One of the reasons the court concluded that the caretaker agreement was valid is because the strata legislation provided the owners corporation with remedies against the developer. For example, the legislation gives an owners corporation the right to recover <a href="/developers">from a developer</a> any amount for which it is liable because of a breach of the initial period restriction on incurring a debt. In other words, the owners corporation of “The Carlisle” could have sued and recovered from the developer the fees it was liable to pay the caretaker under the caretaker agreement. Section 26 of the Strata Schemes Management Act 2015 still gives an owners corporation the right to sue and recover from a developer any amount for which it is liable because of a contravention of the initial period restriction on incurring a debt. A developer who is sued under that section is given limited protection by the legislation. The developer can gain protection if the developer can show that he or she did not know that the initial period restriction had been breached or was not in a position to influence the conduct of the owners corporation in relation to that breach or used due diligence to prevent the breach.

Conclusion

The purpose of the initial period restrictions is to protect the people who become owners in a strata scheme after the end of the initial period from burdensome arrangements entered into by the developer before the owners corporation comes under the control of the owners. A breach of those initial period restrictions by a developer can have dire financial consequences. For that reason, it is important for any developer to be familiar with the initial period restrictions that apply to an owners corporation and to be careful not the breach of those restrictions. 
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Initial Period Restrictions – A Trap for Young Players

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Property Investors Require Tax Relief Now.

The Property Industry has been the Achilles heel of the Australian economy since the 1800’s, <a href="/developments">Australian property</a> prices grew on average 0.5% per year from 1890 to 1990 after inflation and for the vast majority of Australians, purchasing a property will be their largest investment in their lives.

So here lies the question, why since 1851 has the government introduced so many new tax laws, so many changes and you simply require being an accountant, a tax expert and property lawyer rolled into one to make any sense of all these changes. 

We all enjoyed listening to Kerry Packer famous quote, when he was questioned for trying to evade tax.

Kerry Packer Quotes

“I pay whatever tax I am required to pay under the law, not a penny more, not a penny less... if anybody in this country doesn't minimize their tax they want their heads read because as a government I can tell you you're not spending it that well that we should be donating extra.”

For the average Australian, this simply causes greater confusion and for any foreign investor, the tangled web makes; doing business in Australia too difficult.   They simply look to invest in other countries such as America, Canada and the UK, as the top three countries Australia competes with on the Global Property Investment footprint.

From 1990 to 2017 property prices grew far greater than 0.5% per year, due to vast population growth was the reason for pushing property prices higher than we had paid for in the years previous.  Also relaxing credit guidelines, allowed for borrows to purchase properties with a 10% deposit. The Productivity Commission Inquiry Report No. 28 First Home Ownership (2004)

"That Growth in immigration since the mid-1990s has been an important contributor to underlying demand, particularly in Sydney and Melbourne.”  

Projections for population growth <a href="/developments/melbourne-vic">in Victoria,</a> was to exceed <a href="https://blog.id.com.au/2014/population/demographic-trends/how-urbanised-is-australias-population/">10 million people</a> by 2051. 
House prices rose by an average of <a href="/developments/sydney-nsw">64% in Sydney</a> and Melbourne in the decade from 2004 to 2014. At the same time foreign investment proposals in developed real estate rose by almost tenfold.

The numbers are hard to find and a little rubbery, but our best econometric estimate is that about one-quarter of the growth in house prices in Sydney and Melbourne can be attributed to foreign investment.

If the foreign investment had been steady over the period, average house prices would have grown by about 50% compared with the actual growth of 67%.  The hype about Chinese buyers driving up house prices appears to be overstated – at least in terms of the effect on average house prices – there may have been more significant effects in certain locations.  The Parliamentary Inquiry essentially came to this conclusion. It found that there is no accurate data on foreign investment in Australian real estate and therefore “no-one really knows how much foreign investment there is in residential real estate”.

Why did Melbourne, Australia attract so such a spike in population?

The Australian economy expanded by 1.9% in chain volume terms in 2018-19, the 28th consecutive year of economic growth.  The easing growth in household consumption was driven by discretionary spending, which declined from 3.3% in 2017-18 to 1.4% in 2018-19. Purchase of vehicles fell for the first time since 2008-09, while spending on hotels, cafes and restaurants (1.6%) and furnishings and household equipment (1.1%) were subdued.

Future threats to the sector include a forecast substantial undersupply of dwellings entering the market in FY19/20 and FY20/21, weak purchasing power due to low wage growth, a reduction in the availability of finance for purchasers and the significant retreat of investors from both the greenfield and apartment markets 
State and Local Governments need to continue delivering planning and development approvals and essential infrastructure to ensure they are available to meet real demand and to enable the development industry to deliver a robust pipeline of new housing, jobs and economic value for Victoria.

Here is a timeline of taxes on the property sector alone since 1877: 

<ul>
<li>1877 - Land tax is first imposed to break up large holdings in Victoria. Land tax is administered by the Chief Secretary's Department until 1884 and then by the Department of Crown Lands and Survey.</li>
	<li>1895 - Victoria introduces income tax on all income derived by a person and on the revenue of companies. An Income Tax Office is established in the Treasury to administer the new tax.</li>
	<li>1930 (The Great Depression)  - The Victorian Government passes legislation imposing additional income tax and stamp duty on wages to provide for the relief of unemployment.</li>
	<li>1992 - The Stamp Duties Office and State Taxation Office merge and the position of Commissioner of State Revenue created.</li>
	<li>1999 - The Inter-Governmental Agreement on Federal Financial Relations is signed by the Commonwealth and the States, affirming their commitment to a new national taxation system including the elimination of a number of inefficient taxes including:</li>
</ul>
Financial Institutions Duty,

<a href="/guides/how-to-buy-a-house-in-2021-a-guide-for-first-time-home-buyers">Stamp Duty</a> on marketable securities,

Debits Tax

Stamp duty on non-real non-residential conveyances

Stamp duty on leases

Stamp duty on mortgages, bonds, debentures, and other loan securities,

Stamp duty on credit arrangements, installment purchase arrangements, and rental arrangements,

Stamp duty on cheques, bills of exchange and promissory notes

<ul>
<li>2000 - A national scheme is established for the payment of a First Home Owner Grant to encourage and assist first homeownership and to offset the effect of the GST on homeownership.</li>
	<li>2001 - Financial institution's duty and stamp duty on quoted marketable securities and non-residential leases are abolished.</li>
	<li>2004 - Stamp duty on mortgages is abolished.  The Victorian Government passes legislation to introduce an additional payment for first-home owners known as the first home owner bonus.</li>
	<li>For contracts entered into on or after 6 May 2008 - The rate of duty charged is on a sliding scale down from a top rate of 5.5% for property valued at more than $960,000 to a base rate of 1.4% for properties valued at not more than $25,000.</li>
	<li>2009 - The Commonwealth Government announces it will provide first homeowners with an additional payment known as the First Home Owner Boost. The Victorian Government passes legislation to administer the new initiative on behalf of the Commonwealth.</li>
	<li>2010 - The Victorian Government imposes a Growth Areas Infrastructure Contribution (GAIC), which is a one-off financial contribution on certain land in the growth areas of metropolitan Melbourne. The GAIC is designed to aid State infrastructure in the growth areas.</li>
	<li>The First Home Owner Boost ceased to apply for contracts entered into on or after 1 January 2010.</li>
	<li>2012 - The Victorian government reformed the land rich duty provisions by adopting a landholder duty model from 1 July 2012.  </li>
	<li>2015 - The Victorian Government introduces a Foreign <a href="/guides/how-to-secure-a-mortgage-free-lifestyle-sooner">Purchaser Additional Duty</a> for foreign purchasers who buy a residential property in Victoria. The additional duty applies to contracts, transactions, agreements and arrangements entered into on or after 1 July 2015.</li>
	<li> From the 1st of July 2016, </li>
	<li>"Foreign buyers will have to provide citizenship and visa details, as well as Foreign Investment Review Board clearance, through the stamp duty process." "The ATO will match data to ensure foreign buyers have paid a $5000 fee for any property sold for less than $1 million, and $10,000 for properties over $1 million."</li>
	<li>Victoria will raise its existing 3 per cent stamp duty surcharge and 0.5 per cent land tax surcharge to 7 per cent and 1.5 per cent respectively on July 1</li>
	<li>2018 The Victorian Government introduces a Vacant Residential Land Tax (with effect from 1 January 2018) to apply to homes in inner and middle Melbourne that are vacant for more than six months in the preceding calendar year.</li>
</ul>
The Government have first-hand crippled high density to medium dwellings around our major suburbs.  The very people, who contribute approx. 10% of total GDP to the economy, are the ones that are penalised the harshest, without any reprieve.

The softest growth in household loan liabilities in over 25 years

The value of land and dwellings held by households was 2.9 times the value of household borrowing in 2018-19, decreasing from 3.1 in 2017-18. The value of land and dwellings owned by households fell 3.8% (-$265.1 billion) to $6,687 billion, the first decrease since 2011-12, reflecting the declining residential property prices throughout the year. This was driven by falls in the value of land (-$326.0 billion), while the growth rate of the value of dwellings (3.1%) was the softest since 2011-12. The tighter lending environment and the weak housing market in 2018-19 also impacted the demand for loans by households. Household loan liabilities grew 3.8% ($85.7 billion), the softest growth rate since 1991-92.

The Federal government has done a great job to provide financial stimulus support for businesses and the unemployed.  The major financial institutions have been wonderful in providing mortgage relief for property owners.  

This would be the opportune time to provide stronger incentives targeting ‘Property Investors’ to prevent the brute <a href="/guides/how-to-navigate-buying-property-during-the-covid-19-crisis">force of Covid-19</a>: sweeping through the economy that upheld this nation, the property industry.

Here are my personal suggestions.

<ul>
<li>- Only $5,000; Stamp Duty payable for any new dwelling purchased off the plan for Australian Residents as owner occupiers and investors.</li>
	<li>- 50% off all land tax, as the ratio to rates payable is disproportionate</li>
	<li>- Maximum of 20% income tax, from Rental Income on all properties</li>
	<li>- Foreign Buyers, to pay 5.5% of the dutiable land value, on all new dwellings </li>
	<li>-  FIRB approval on Property to be 40 days.</li>
	<li>-  On established dwelling Foreign Buyers pay 5.5% of the sale contract price.</li>
	<li>- Deposits paid to purchase investment properties are 100% tax deductable.</li>
	<li>-  Capital Gains Tax, to be exempted for all properties purchased prior to 1999.</li>
</ul>
The economy requires urgent stimulation; we cannot lower interest rates any further.

We need to act swiftly, responsibly, and proactively today, to avoid a catastrophic disaster.  Let’s make doing business in this great country easier.

 
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Why does the government bite the hand that feeds them - Investors need Tax Relief

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Caring for your clothes well is essential for ensuring their longevity, and a vital part of this is how we wash them.

Following care labels can help determine when something is delicate and needs to a bit of extra care when washing – but how much detergent is the perfect amount?

The right amount of laundry detergent to use in each wash is dependent on many factors, such as the type of washing machine you’re using (front or top loader), the volume of clothing you're washing at one time (half load, full load), how dirty the items are that you are cleaning and the concentration of the detergent you are using. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-05-21_at_12.46.54_pm_0.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="443" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-05-21_at_12.46.54_pm_0.png?itok=n0gHL5cm" width="580"></a></figure>Here's how to assess whether you're using too much, or too little detergent.

<h2>Whites looking grey</h2>

If you use too much detergent, it can leave a residue on white items and create a build-up of limescale and soap scum which can cause whites to look grey. If this is happening to your clothing, reduce the amount of detergent you are using with each wash.

<h2>Darks/colours looking dull</h2>

The same can also apply for dark clothes if you use too much detergent, there can be a build-up of soap, and if the dosage is too strong it can also strip clothing of colour more quickly. Again, reduce the amount of detergent you are using. 

<h2>Stiff or scratchy clothes</h2>

If you use too little detergent, there won’t be enough active ingredients to block the hardness of the water, affecting the softness of the fibres, so your washed items may come out of the machine with a coarse feeling. In this case, increase the amount of detergent slightly and see if this improves the results of your washed items of clothing.

When you use too much detergent, it can leave traces of detergent residue left on clothes after washing, and can also result in stiff or scratchy clothes. Reduce the amount of detergent and see if this resolves the problem.

As well as the dose, it’s essential to ensure the washing machine isn’t overloaded with garments, as this can prevent items from moving around correctly in the water and detergent. An overloaded washing machine can also affect the machine’s ability to clean items thoroughly.

A final word of advice

Always wash whites with whites, as some colours can transfer over time and affect the brightness of lighter coloured items.
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A detergent quantity guide for home laundry: How much is too much?

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As we wait out the COVID-19 uncertainty, it's an excellent time to do your research into potential investment opportunities down the road.

One opportunity may be to invest in an off-the-plan purchase which allows you to pay a deposit now and typically complete the purchase in 12-24 months time - by which time COVID-19 will likely no longer be a serious threat.

When it comes to buying off-the-plan there are several steps you should take to ensure you are best positioned to make a thoughtful and informed decision.

<h2>Investigate the track record of the developers</h2>

It is crucial to do your research into the developer and builder. Look at what other projects they have worked on. Were there any issues with previous developments, both during sale and after completion? What was the outcome? Ideally, the off-the-plan development will be produced by a developer and builder with an excellent reputation in the industry and community.

<h2>Research the location </h2>

Where is the property located? Do your research on population growth forecasts, vacancy rates, expected rental income, local infrastructure, walkability, transport links and more, to get a sense of whether the location represents a good investment.

Areas with a high percentage of owner-occupiers are far less likely to suffer price falls due to oversupply issues and are more likely to have well-performing rental markets. The biggest price falls in any vulnerable property market will be the investor grade product in oversupplied suburbs. If it is not practical to do this research in person, then you can take the time to contact local property agents and businesses in the area who can fill in the gaps.

<h2>Review the quality of the project </h2>

A higher-quality project will always perform better. Look for projects with larger floor plans and lower density. Will the property have street appeal? Will the property have high-quality finishes and appliances?

It may make sense to focus on developments that are aimed at the local owner-occupier market, not just investors, as they will typically be of a higher standard and likely to be in greater demand from a rent and resale perspective.

<h2>Negotiate favourable terms</h2>

Once you have undertaken due diligence on the property itself, the next thing to do is to work with the developer or your buyer's agent to see if you can negotiate flexible terms which will reduce any risk to you. In the current environment, buyers are in a strong position to negotiate.

Consider terms such as the ability to exit your investment without penalty if your job situation changes in the future, a reduced deposit (for example 5% instead of 10%) or a 12-24 month rental guarantee. These protections should not be contingent on an inflated selling price. Make sure the terms in the contract are favourable and take into account the current economic conditions.

<h2>Is now a good time to buy an off-the-plan property?</h2>

With limited property supply, record low-interest rates and government stimulus flowing, we’re likely to see a positive flow-on effect to the property market post-COVID-19.

For investors looking for opportunities, now may be a strategic time to secure a high-quality off-the-plan property under favourable terms, something that may be a lot harder to achieve once buyers and investors return to the market in numbers.
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How to research an off-the-plan property thoroughly and effectively

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<h2>OPINION:</h2>

Never in our lifetime have we experienced such a global shock that has also provided a unique opportunity to take stock of our lives. Many of us are pausing to consider what areas we’re happy with, what we need to change, and new habits we would like to form to enable a more fulfilling life.

We also face challenges that have put a spotlight on our finances and show us just how financially resilient we may or may not be. This can be a confronting situation to find ourselves in but, like anything, we get to choose how we respond to the challenge.

I believe that there has never been a more critical time to take a closer look at our finances and set ourselves up for a less stressful and more prepared approach to our financial future.

In my work as Assemble’s Financial Coach, I help residents improve their financial wellbeing and guide them towards achieving their ultimate goal of homeownership via the Assemble Model.

My first piece of advice is to take stock of where your money is going.

During this period of uncertainty, it is best to focus on the essentials – food, transport, utilities, and housing. Consider reviewing any items outside of these essentials to check whether you can remove them altogether or look at reducing these costs to ensure you are on the best or cheapest deal available. If you work towards stripping these expenses right back, you may have the chance to decide if you still wish to continue paying for these non-essential items once you return to your lifestyle after COVID-19 passes. You may even consider new ways to use that extra money if you find that you could quite comfortably live without them.

While you may have had to reduce spending on the things that took a reasonable amount from your weekly budget – such as dining out, gyms or beauty treatments – it's important to take a look at where you can reallocate these outgoing costs.

If you’ve lost your job or had your hours reduced, this is the time to find more funds to better support you throughout this time. This could include using your emergency fund and any resources offered by the government, such as JobSeeker, or contacting service providers to pause payments or put bills on hold. It’s okay to accept the financial support available as there is no shame in asking for help.  If you feel overwhelmed, remember that this time will pass, so lean on friends and family for emotional support if you need it.

If your employer has not been affected, then this puts you in the fortunate position of being able to redirect these non-essential costs to boosting your savings. This could include a home deposit, increasing your emergency fund to future-proof yourself in the event your circumstances change, or to pay down debts that would have otherwise taken more time and money in interest costs to get rid of.

For example, if you’re no longer spending $160 on a gym membership each month, then this can be reallocated by increasing your monthly debt repayments by an additional $160 or setting up an automatic transfer for that amount across to your savings or emergency fund instead. You can apply this concept to many expenses, such as dining out, social events, exercise classes, public transport and pay TV or sports channels that you’re not using. All of these subscriptions and fees can add up, and you can get these amounts working for you in other ways.

You need to give your money ‘a job to do’ because if you leave it sitting in your account, it won’t be long before it’s given another ‘job’. These can come up as ‘bored in iso online shopping’ or ‘the extra chocolate stash’ – which isn’t beneficial to your financial position.

Although COVID-19 has been devastating for people, significantly impacting our health system and economy, it has brought an opportunity to re-evaluate how we spend our time, which influences how we will earn and spend money in the future.

This can mean that in the months ahead when we’re readjusting our lives and setting new goals, we can do it with confidence in our financial position and a new understanding of how we want to spend our time based on what we truly value.
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Resetting your finances during COVID-19 – a financial coach’s guide 

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At its December meeting the Reserve Bank Board decided to maintain the policy settings it adopted at the November Board meeting.
The Governor confirmed the key forecasts that were adopted for the November Statement on Monetary Policy: “It will not be until the end of 2021 that the level of GDP reaches the level attained at the end of 2019. In the central scenario, GDP is expected to grow by around 5 per cent next year and 4 per cent over 2022”.
That growth profile is expected to be consistent with an unemployment rate of 8% by end 2020; 6.5% by end 2021; and 6% by end 2022.
It is this persistently high unemployment rate that is expected to weigh on wages growth and ultimately inflation prompting the Governor to confirm that “the Board is not expecting to increase the cash rate for at least 3 years”.
Over the course of the next few months, as we move to the next Board meeting on February 2 the Board may need to significantly review its forecasts.
Firstly, the unemployment rate in December, seems unlikely to reach 8% given its current level of 7.1%.
Westpac expects strong employment growth in November as Victoria reopens and while the participation rate is likely to rise a jump in the unemployment rate to 8% seems unlikely.
Secondly, the RBA is forecasting growth in 2020 of minus 4% implying growth of around 3.5% in the second half. We expect the GDP report for the September quarter will print around 3% leading to a growth rate in 2020 of minus 3% including growth in the second half of around 4.5%. That further supports the likelihood that the unemployment rate finishes the year well below the RBA’s 8% forecast.
With population growth in 2021 reflecting a likely contraction in net immigration potential growth in 2021 could be in the 1.5% – 2.0% range, (the Government’s current forecasts are for net migration in 2020/21 of minus 70,000 and for 2021/22 of minus 20,000).
The RBA’s forecast of GDP growth of 5% in 2021 currently implies a fall in the unemployment rate of 1.5 ppt’s – such a gap between potential and actual growth (3–3.5 ppt’s) could well see a more significant fall in the unemployment rate. Certainly, if we end 2020 with an unemployment rate below 7.5% and markets “buy” the 5% growth forecast for GDP in 2021 markets are likely to be projecting an unemployment rate of well below the RBA’s current 6.5% forecast.
For 2022 the RBA is forecasting another “above potential “growth rate of 4%. While population growth will have lifted in 2022 as foreign borders reopen we are almost certain to get a below par rate of population growth in 2022- implying perhaps a potential growth rate of 2.25% – well below the forecast rate of 4%. Markets may also be surprised that in such circumstances the unemployment rate is only forecast to fall by 0.5% from 6.5% to 6.0%.
We are sceptical about the 5% growth forecast in 2021 but would expect that if it was “delivered” the unemployment rate would finish 2021 well below the RBA’s 6.5% forecast; equally a 4% growth rate in 2022 with sub-par population growth would likely see a bigger fall in the unemployment rate than 0.5 ppt’s.
Faster than forecast falls in the unemployment rate in 2021 and 2022 would certainly invite speculation in the market about the RBA’s policy direction.
Taking the RBA’s unemployment rate forecasts at face value there is clear scope for more policy support. The RBA sees its role as complementary to fiscal policy – “monetary and fiscal support will be required for some time” and “the Board is not expecting to increase the cash rate for at least three years”.
The decision to peg the three year target bond rate at the cash rate is the strongest form of forward guidance – much bolder than we see from other central banks that engage in forward guidance.
On the face value of the RBA’s current forecasts, Westpac’s view that the RBA will be required to adjust the target rate on the three year bond around mid 2022, seems reasonable but, as discussed, the risks around the forecasts will see significant market speculation around this issue through 2021.
We also learned from Deputy Governor Debelle’s speech last week that the 3 year rate is more significant for the private sector than the longer maturities (say 5 – 10 years).
That implies that the sequence of any unwinding of the policy package of the November Board meeting is likely to be QE first; followed by yield curve control; followed by adjusting the cash rate.
In the near term the Governor’s confirmation that “The Board will keep the bond purchase program under review, particularly in light of the evolving outlook for jobs and inflation … is prepared to do more if necessary”. raises the real prospect that the $100 billion program, which is targeted to be completed by June, will be extended. That decision would certainly be consistent with the timing that Westpac currently envisages for the adjustment of the yield curve control policy.
Since the Board announced its suite of policies on November 3 the AUD has risen from USD0.716 to USD 0.737. As noted in the Governor’s Statement the policy response contributes to “a lower exchange rate than otherwise”.  Reasonably the Governor attributes the vaccine related “improvement in risk sentiment” with a depreciation of the US dollar and an appreciation of the Australian dollar”. There is no hint of disappointment or impatience with this rise in the AUD.
Conclusion
Whereas 2021 might appear to be an uneventful year from the perspective of the cash rate the introduction of the RBA’s other policy tools raises a range of uncertainties about the policy mix.
All of these uncertainties will have significant implications for markets; the yield curve; and ultimately the economy.
2021 might not be that boring after all!
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Uncertainty around RBA forecasts suggests 2021 will not be boring: Bill Evans

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EXPERT OBSERVER
The CoreLogic home value index, covering the eight major capital cities, posted a robust 0.7% gain in November following a 0.2% rise in October and five consecutive monthly declines. The November rise was across all major capital cities. Prices are still 2.1% below their pre-COVID peak and 3.5% below the peak in late 2017.
The detail shows a broad-based strengthening in the November month. Notably the reopening in Melbourne has finally seen prices turn in the one major market still recording declines a month ago – the 0.7%mth gain surprisingly firm given turnover was still low. Other markets consolidated on previous gains with Adelaide and Perth, the smaller capital cities and regional areas leading the way.
Turnover nationally largely consolidated on its Q3 'pop'. The detail continues to show stark differences, activity in Melbourne only just moving off the extreme lows seen during lockdown but activity across other capital city markets still holding well above pre-COVID levels (and well above new listings suggesting these markets are likely to be very tight in coming months).
Sydney recorded a 0.4% gain to be up 0.3% on a 3mth basis. Units remain a notable weak spot, with prices in this segment down 0.7% in the November month and 1.8% on a 3mth basis, declines accelerating slightly, particularly at the top end of the market. Houses at the lower end of the market have seen the most promising gains.
Melbourne's 0.7% gain was across all segments and building types although prices have generally been firmer for lower priced parts of the market. Despite an apparent large overhang of stock in the inner city, unit prices also posted a solid rise in the month – perhaps a caution that some of the gain may be running off expectations rather than conditions on the ground.
Other markets remain markedly firmer. Prices rose 0.6% in Brisbane, 1.3% in Adelaide, and 1.1% in Perth. The smaller capital city markets also recorded strong gains – Hobart up 1.4% and both Canberra and Darwin up 1.9%. All of these cities except Perth now have prices above their pre-COVID peaks.
The housing market is now moving clear of COVID disruptions with recoveries at different stages across different jurisdictions but gaining momentum everywhere. While there will still be some weak areas, particularly in the Sydney and Melbourne unit markets, the resurgence in activity, the associated lift in market sentiment and more promising outlook for a vaccine remedy to emerge next year suggests broader momentum will remain well supported in 2021. We have recently marked up our price forecasts with a 4% gain now expected in 2021 and a 10% rise in 2022, essentially bringing forward our forecast for a 15% surge that was previously expected to begin in mid-2021.
MATTHEW HASSAN is a Senior economist at Westpac
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