Sydney developer&nbsp;<a href="https://www.apartments.com.au/developers/central-element">Central Element</a>&nbsp;is doubling down in Drummoyne, lodging plans for a boutique apartment development on St Georges Crescent, only one-kilometre down the road from its first Drummoyne development, Bianca.

The new project at 15A-21 St Georges Crescent,&nbsp;a&nbsp;1,701sqm north-facing site overlooking Iron Cove, will have 45 apartmnts across 10 levels. Eight of the units will be dedicated to affordable housing.

The site sits within walking distance of Drummoyne Village, Birkenhead Point, ferry services and the Bay Run, and offers harbour views towards the Sydney Harbour Bridge and CBD skyline.

Designed by MHN Design Union, the development will deliver a mix of one, two and three-bedroom apartments, alongside resident amenity including a gym, landscaped communal open space and three levels of basement parking.

The project has been lodged under the NSW Government's Low and Mid-Rise Housing reforms, with Drummoyne Village identified as a town centre capable of accommodating additional housing supply.

Central Element acquired the site earlier this year as part of its continued expansion across Sydney's eastern suburbs, lower north shore and inner west.

The developer's current pipeline includes luxury apartment projects Pearl Bondi and a separate development on Lamrock Avenue in Bondi, a residential project in Barry Street, Neutral Bay, and a mixed-use seniors living community in Greenwich.

Central Element Managing Director Nathan Chivas said the project would address a shortage of new owner-occupier housing opportunities in Drummoyne.

"While we're seeing a significant shift across Canada Bay as major infrastructure investment, population growth and planning reform drive a new chapter for the region, in suburbs like Drummoyne there remains a genuine shortage of new boutique luxury housing opportunities for owner occupiers," Chivas said.

"Sites of this nature are increasingly difficult to secure, particularly those that combine a north-facing aspect with direct water outlook. Our St Georges Crescent project responds directly to the market demand, offering a level of exclusivity, outlook and lifestyle in the highly sought after suburb."

The development application has been lodged with the City of Canada Bay Council, with the project expected to launch to market in early 2027.

&nbsp;

Joel Robinson

Central Element seeks second Drummoyne apartment development

The NSW Government has unveiled plans that could deliver around 1,300 new homes across Nowra and Kiama, continuing its push to unlock housing in well-located regional centres along the South Coast.

The proposals, now on public exhibition, would pave the way for around 830 homes in Nowra and a further 450 homes in Kiama, while also introducing affordable housing requirements and increased building heights in key locations.

The larger of the two proposals is centred on Nowra, where the NSW Government is seeking to rezone land within the Mandalay and Riverfront precincts.

The Mandalay sub-precinct, located close to Shoalhaven Memorial Hospital, Nowra Library and the city's aquatic centre, could accommodate around 530 new homes. Around 30 per cent of housing delivered on Homes NSW-owned land would be dedicated to social and affordable housing, equating to roughly 100 homes. Building heights would increase from the current two-storey limit to between three and six storeys.

A separate rezoning proposal for the Nowra Riverfront Precinct would unlock a further 377 homes while creating stronger connections between the Shoalhaven River and the CBD. The plans include building heights ranging from five to 12 storeys, floor space ratios of up to 2:1 and a requirement for two per cent affordable housing.

Together, the two proposals would deliver more than 900 homes across the broader Nowra area, reinforcing the city's role as one of regional NSW's key growth centres.

The housing push builds on previous infrastructure commitments in the Shoalhaven, including government funding aimed at supporting thousands of future homes in West Nowra through upgrades to water and wastewater infrastructure.

Further north, the NSW Government is also progressing plans for the former Kiama Depot site, a two-hectare parcel near Kiama's town centre.

The rezoning proposal would transform the former industrial site into a residential community capable of delivering up to 450 homes. Buildings would range between six and eight storeys, with at least 10 per cent of homes allocated as affordable housing. The proposal also includes approximately 600 parking spaces and improved walking and cycling connections.

Planning Minister Paul Scully said the proposals are designed to increase housing supply in locations close to jobs, transport and services.

"For too long, families have struggled to find somewhere to live, and activating underutilised sites allows us to deliver the new homes these families need," Scully said.

"The Minns Labor Government is getting on with the job of unlocking well-located sites close to transport, jobs, and town centres and building the homes our communities need.

"These rezonings are about removing barriers to housing delivery and making sure land is put to better use so more people can find a place to call home within the communities they choose."

The latest rezonings form part of the Minns Government's broader strategy to accelerate housing delivery across NSW, particularly in established centres where existing infrastructure can support additional population growth.

Community consultation on the proposals is now underway, with feedback set to inform the final planning controls before the rezonings are determined.

Around 1,300 new homes earmarked for Nowra and Kiama as NSW Government pushes housing supply

<a href="https://www.apartments.com.au/developers/mrcb">MRCB International</a> has commenced construction on its latest Gold Coast apartment development, Maris, on the site of the former Sundale Motel in Southport.

The start of construction by <a href="https://www.apartments.com.au/builders/binah-constructions">Binah</a> follows an exceptionally strong sales campaign, with more than 90 per cent of apartments sold since launch. Every purchaser has been local, an&nbsp;indicator of confidence in both the development and Southport's evolution into a thriving CBD.

<a href="https://www.apartments.com.au/new-apartments/maris-southport-20-queen-street-southport-qld-4215">Maris</a> will deliver 192 residences across 20 levels. The project forms part of MRCB's Australian and New Zealand development pipeline now exceeding $1.6 billion in gross development value, alongside a growing portfolio of projects globally.

[smartcode_project:default project_id=134403 project_image_fid=350663]

The company also commenced construction on its $600 million 26 Vista residences in Surfers Paradise last year, following strong sales momentum, with over 70 per cent of residences sold.

Maris has been designed to meet evolving buyer demand, offering architecturally designed layouts suited to long-term liveability. The approach reflects a growing preference for quality and adaptability among Gold Coast buyers.

Positioned next to the Broadwater in the <a href="https://www.apartments.com.au/developments/southport-qld-4215">Southport</a> CBD, Maris sits directly opposite the Broadwater Parklands light rail station and within easy reach of retail, dining and lifestyle precincts, placing residents at the centre of one of the Gold Coast's most connected and rapidly maturing urban centres.

[smartcode_project:default project_id=134403 project_image_fid=372756]

Maris will offer a full suite of resort-style residential amenities, including a pool, gym and sauna, along with a rooftop level featuring decks, lounges and dining and yoga areas that command sweeping views across the Broadwater and out to the ocean.

Binah, a New South Wales headquartered company co-founded by Amen Zoabi and Khalil Hafza in 2008, has expressed its excitement at establishing its first partnership with MRCB.

Binah's Managing Director Khalil Hafza said partnering with MRCB on Maris is a significant moment for Binah.

"MRCB's financial strength and a track record that speaks for itself give this project a solid foundation, and this marks the beginning of what will be a long and successful relationship.

"With the right people, systems and partnerships behind it, Maris is set to become a significant addition to the Gold Coast's premium residential market."

[smartcode_project:default project_id=134403 project_image_fid=350664]

MRCB International CEO Ravi Krishnan said the project's progression to construction reflects both sustained demand and tightening conditions across the apartment sector, as well as MRCB's continued confidence in the Gold Coast market.

"Commencing construction at Maris is a significant step and reflects the depth of demand for quality apartments in well-connected urban locations," said Krishnan.

"Across Southeast Queensland, new apartment supply remains constrained, particularly in established precincts with infrastructure and amenity already in place. Projects like Maris are increasingly critical in meeting that demand, especially on the Gold Coast and in the city's CBD precinct."

[smartcode_project:default project_id=134403 project_image_fid=372761]

Krishnan said Southport's ongoing transformation, supported by infrastructure investment and long-term planning, was underpinning renewed buyer confidence.

"We're seeing a clear shift back towards well-located urban centres where infrastructure, connectivity and amenity are already established," said Mr Krishnan. "Southport is evolving into a more mature CBD environment, and that is being reflected in buyer behaviour."

Construction at Maris is anticipated to be completed in 2029.

[smartcode_project_cta:default project_id=134403]

Construction commences on MRCB’s $200m Maris Residences in Southport

Moonee Valley Park’s latest residential release <a href="https://www.apartments.com.au/new-apartments/the-eveline-at-moonee-valley-park-moonee-ponds-100-thomas-street-moonee-ponds-vic-3039">The Eveline</a>, has achieved a new benchmark for off-the-plan apartment sales in the suburb, with the sale of The Alexandra penthouse selling for $5,435,000.

Positioned on the top floor of a 16-level residential building, the three-bedroom, three and-a-half-bathroom penthouse features uninterrupted city skyline views across the future Valley racetrack.&nbsp;

The landmark sale comes as momentum at the precinct continues to build, with the Moonee Valley Racing Club progressing works on its new racetrack ahead of the 2027 Cox Plate. The transformative development will see MVRC reimagine the beloved Valley as a vibrant year-round entertainment and lifestyle destination.

Alongside a world-class racing experience, the historic precinct will be activated with events, hospitality and public green spaces designed to attract broader audiences, while breathing new life into one of Melbourne’s most iconic destinations.&nbsp;

[smartcode_project:default project_id=142519 project_image_fid=372786]

Development partners <a href="https://www.apartments.com.au/developers/hamton">Hamton Property Group</a> and Hostplus have delivered five residential stages over the past four years, the most recent in November 2025 with Trackside House and Stonepine House. The flourishing community is now home to almost 500 families.&nbsp;

The latest residential release, The Eveline, has recorded strong demand since launching publicly last July, securing more than $200 million in sales to date, satisfying its pre sales hurdle for construction to commence.&nbsp;

Hamton Founder and Executive Chairman, Paul Hameister OAM said, the sales&nbsp;team have been overwhelmed by demand for these unique homes in this unique project.

"Buyers continue to be predominantly hyperlocal and attracted by the 40 hectare botanic masterplan in Melbourne’s inner north west," Hameister said.

[smartcode_project:default project_id=142519 project_image_fid=372788]

Hamton’s Sales and Marketing Director Fergus Humphries said the team has achieved more than 70 sales over the past eight weeks, including the penthouse purchase by a local buyer.

"These results reinforce that, even in a challenging market, purchasers continue to be drawn to quality projects that offer more than just a home, they offer a lifestyle.”

Designed by Cera Stribley, the penthouse has been created with entertaining in mind, spanning close to 400 sqm of indoor and outdoor living space, including multiple terraces designed to capture sweeping views across Melbourne’s skyline, the new Valley racecourse and sunset views over Moonee Ponds.

Moonee Valley Park is one of Melbourne’s largest urban renewal projects, transforming the iconic racecourse site into a vibrant mixed-use neighbourhood integrating homes, parklands, retail, racing and community amenities.

[smartcode_project_cta:default project_id=142519]

Moonee Valley Park penthouse sets suburb record as sales surge clears construction benchmark

A company linked to one of Australia's largest privately owned cattle businesses has lodged plans for a new residential tower in <a href="https://www.apartments.com.au/developments/newstead-qld-4006">Newstead</a>, continuing the rapid transformation of one of Brisbane's most sought-after, inner-city precincts.

Bottletree Holdings, an entity associated with Stanbroke Managing Director Brendan Menegazzo, has submitted a development application for a 28-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/9-longland-street-newstead-qld-4006">9 Longland Street</a>, a site that made headlines last year when it changed hands in an off-market transaction that reportedly set a benchmark land rate for the suburb.

The proposal would replace an existing two-storey commercial building on the 1,510 sqm corner site with a Bureau Proberts-designed tower comprising 76 apartments, ground-floor retail, office space and a suite of resident wellness amenities.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="c710a836-568e-4382-bc91-3c34b8e80a8b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.41.45%E2%80%AFAM.png?VersionId=Vy.mQWBc7GA_a.vIBdxKqRC9XGjWalo2" />

According to planning documents lodged with Brisbane City Council, the development would comprise a mix of 36 two-bedroom apartments, 24 three-bedroom apartments and 16 four-bedroom residences, positioning the project firmly at the premium end of the market. The apartments would sit above a podium containing retail and commercial space, with three levels of communal recreation facilities spread throughout the tower. The proposal also includes 198 car spaces and 95 bicycle spaces.

Bureau Proberts has drawn heavily on Newstead's industrial heritage in developing the architectural response.

"Occupying a prominent corner in the heart of Newstead, the proposal draws from the area's industrial lineage of robust brick warehouses to deliver a distinctly contemporary response," the architects said in the design statement.

"It is conceived as a subtropical sanctuary and elevated private retreat embedded within one of Brisbane's most vibrant lifestyle precincts."

The design seeks to reinterpret the traditional Queensland vernacular through wraparound verandahs, deep shading elements and permeable facades that respond to Brisbane's subtropical climate.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="25524f59-395c-4825-8fad-9b639822fa8a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.09%E2%80%AFAM.png?VersionId=dlWlbpCc_g3Y6yTLGqRVKvGJvO2ubMJ3" />

Planning documents describe the building as embodying the principles of "buildings that breathe", a design approach increasingly favoured in Brisbane's apartment market as developers focus on natural ventilation and outdoor living spaces.

The tower itself would rise above a heavily landscaped podium designed to reference the woolstore architecture that helped define Newstead and neighbouring Teneriffe for generations. At ground level, fine-grain retail tenancies would activate Longland Street, Wyandra Street and the existing Wyatt Street laneway, further extending the pedestrian network that has become a hallmark of the Gasworks precinct.

The application notes that more than 54 per cent of the site would be dedicated to landscaping and deep planting, while approximately 1,750 sqm of communal recreation space would be delivered across multiple levels.

<img alt="Planning" data-entity-type="file" data-entity-uuid="fed3b189-1054-4b68-af5f-b0befc4a66e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.19%E2%80%AFAM.png?VersionId=gqeE3cjsbnLAfeTUKA1HtPZfqDs6S4Xa" />

Bottletree paid $22 million for the 1,510 sqm development site, equating to more than $14,500 per sqm, a reflection of the strong demand for development opportunities in Newstead. The suburb continues to attract both developers and buyers, underpinned by the ongoing evolution of the Gasworks and Teneriffe precincts into some of Brisbane's most sought-after lifestyle destinations.

Brisbane City Council's Sustainable Growth Strategy and Inner City Strategy both identify Newstead as a priority growth precinct capable of accommodating additional housing density due to its proximity to employment hubs, public transport and lifestyle infrastructure.

The proposed tower joins a growing pipeline of high-end apartment developments in the suburb. Fortis recently launched <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a>, a 65-apartment owner-occupier-focused development on Kyabra Street, while Consolidated Properties Group is preparing to launch <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a 227-apartment waterfront project on Skyring Terrace.

Meanwhile, builder-developer BPG is planning its own Newstead project on Maud Street, comprising just over 100 apartments and more than 1,380 sqm of dedicated wellness and resident amenity spaces, further highlighting the shift towards lifestyle-driven apartment developments in Brisbane's inner-city market.

Newstead apartment boom continues with Longland Street tower plans

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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EXPERT OBSERVATION
Three years have passed since a cladding-fuelled fire claimed 72 lives in Grenfell Tower, London, on June 14 2017. The construction industry and its regulators around the world are still grappling with how to create effective regulations to ensure dwellings are built to keep their occupants safe.
The New South Wales Parliament passed two important bills last week: the Design and Building Practitioners Bill 2020 and the Residential Apartment Buildings (Compliance and Enforcement Powers) Bill 2020. This put in place two important pieces of the “jigsaw puzzle”, as NSW Better Regulation Minister Kevin Anderson put it.
The Residential Apartment Buildings Bill in particular could be a game changer and is the focus of this article. The law is expected to take effect on September 1 2020.
New powers to order serious defects be fixed
The centrepiece of the legislation is an ability for the Secretary of the Department of Customer Service to order the correction of “serious defects” in residential apartment buildings. In practice, the NSW building commissioner and his staff will apply these orders, according to the bill’s second reading speech. Developers can be ordered to rectify building work “if the secretary has a reasonable belief that building work was or is being carried out in a manner that could result in a serious defect”.
The “was” is significant here. These powers of intervention can be used up to ten years after an occupation certificate is issued.
And, to make sure defects are fixed before residents take possession of their apartment, the secretary can issue a “prohibition order” to delay an occupation certificate.
The definition of “serious defect” includes:
failure to comply with performance requirements of the Building Code of Australia
defects likely to deny habitability or use of the building for its intended purpose
use of banned building products.
Other states and territories have in place various provisions to order rectification. However, none of these are as extensive as the new regime in NSW.
In particular, the express power to order rectification after apartments are completed addresses the issue that frustrated the Victorian Building Authority’s 2017 attempt to have the builder rectify non-compliant cladding at the Lacrosse Building in Melbourne. So, the rectification powers are likely, along with the statutory duty of care in the Design and Building Practitioners Bill – also a NSW innovation – to attract interest across the country.
How much will the industry push back?
These measures to rectify defects go to the heart of the commercial drivers that underpin our largely privately delivered apartment stock in Australia. Without an occupation certificate, developers can’t settle the sale of the apartments (usually off-plan). Likewise, their building contractors will typically remain “on the hook” for a raft of obligations under their contracts.
By making defects correction a precondition for issuing the occupation certificate, the new law embraces the “prevention is better than cure” mantra that underpins reforms in Australia and beyond.
To what extent will the industry support this shift? Time will tell.
What can be said is that the reforms add a high level of intervention in the commercial drivers of apartment construction when the industry is already operating under the shadow of COVID-19 and its gathering recession. So it is something of a “wildcard” in an already fraught commercial landscape.
This means developers who do not have adequate measures in place to pass the costs of rectification and delayed occupation down the contractual chain are likely to resort to the extensive appeal measures in the legislation. Likewise, when contractors, subcontractors, consultants and suppliers do “carry the can” for such liability, they will look hard at the relief provisions in their contracts.
The disputes and delays that inevitably result can leave apartment owners and renters in limbo, despite the intent of the legislation to protect them.
Regulators need adequate resources
Another crucial “time will tell” aspect is whether the regulator will have enough resources to inspect buildings – and issue prohibition and rectification orders when needed – in a timely manner across the industry.
The legislation largely leaves it to the Department of Customer Service to appoint “authorised officers”. The minister has indicated these officers will be the building commissioner and his staff.
The commissioner was reported in February to be recruiting up to 60 construction professionals as “auditors” for a scheme that looks similar to what is now enshrined in legislation. They will need to move rapidly to have it ready for the extensive interventions that the legislation anticipates.
A game changer?
Ever since the Grenfell tragedy, politicians around the world have at least paid lip service to the aspiration that “occupants of buildings deserve to feel safe and secure within their walls”. In saying this to the NSW parliament last week, Anderson was able credibly to put forward the Residential Apartment Buildings Bill as a vital piece in the regulatory “puzzle” to achieve that goal.
The issues discussed here are likely to be just the tip of the iceberg as the industry absorbs the implications of the new law (and its forthcoming detail by way of regulations). But recent activity by NSW lawmakers suggests there is at last strong impetus to achieve meaningful and comprehensive reform.
Matthew Bell is a Senior Lecturer and Co-Director of Studies for Construction Law at the University of Melbourne.
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New NSW building law could be a game changer for apartment safety: Matthew Bell

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EXPERT OBSERVATION 
There is no shortage of repugnant and dangerous ideas in the world. An age old question is whether free speech will see good ideas win out over bad.
The proposition that good ideas eventually triumph in “the marketplace for ideas” dates at least to 1644, when John Milton wrote in his anti-censorship tract Areopagitica:
Let [Truth] and Falsehood grapple; who ever knew Truth put to the worse, in a free and open encounter?
But it was perhaps first explicitly stated by United States Supreme Court Justice Oliver Wendell Holmes in 1919, in his dissent to a 7–2 ruling in the Abrams v United States case involving the first amendment right to freedom of speech.
Holmes wrote:
the ultimate good desired is better reached by free trade in ideas – that the best test of truth is the power of the thought to get itself accepted in the competition of the market.
Old though this question may be, it is one that confronts us time and again. Is it more dangerous to stifle expression of a seemingly dangerous idea, or to let it be freely expressed?
It is central to the controversy over the New York Times publishing on June 3 an idea many found repugnant.
That idea was “an overwhelming show of force to disperse, detain and ultimately deter lawbreakers” as a response to widespread Black Lives Matter demonstrations and isolated outbreaks of violence and looting.
It was advocated in an op-ed piece by a US senator from Arkansas, Tom Cotton.
Editorial page editor James Bennet resigned as part of the paper’s mea culpa. A champion of the “marketplace of ideas” might argue the New York Times did the right thing, or at least nothing wrong.
So what would an economist, whose job is to understand market behaviour, say?
Economists and markets
The most celebrated result in all of economics – the “First Welfare Theorem” formalised by Nobel laureates Kenneth Arrow and Gerard Debreu – states that with the right conditions competitive markets will allocate resources with maximum efficiency.
Yet economists – especially and including Arrow and Debreu – are all too aware that markets don’t always function well in reality. Information is often “asymmetric”, such as a seller knowing more about a product’s quality than the buyer. There are “externalities”, costs incurred by third parties, such as environmental harms not factored into market prices. Plenty of markets are not sufficiently competitive.
The failure of markets for insurance, used cars and many other things has been well-documented.
Why, then, why should we have faith in the marketplace for ideas?
Ideas are not products
Over the past two decades economists have been developing formal models that can speak to competition in ideas.
The stepping-off point is to note the nature of competition in an ideas market is fundamentally different from competition in a product market.
With products, sellers compete for customers by setting the price for their products. As the economists Matthew Gentzkow and Jesse Shapiro put it:
Two firms compete [in the product market] if their products are substitutes from the perspective of consumers. A change in the price of one affects the purchasing behaviour of the other’s customers. This kind of competition is important because it limits firms’ ability to raise price above marginal cost.
Ideas differ in the following way:
Two firms compete in [an information market] if 1) they cover the same events and 2) at least some consumers will learn the facts reported by both. A change in the set of facts one reports affects the information of the other’s customers. This kind of competition limits firms’ ability to control consumers’ beliefs.
A form of prisoner’s dilemma
The cleanest formal model of competition between parties trying to control people’s beliefs comes from a 2017 paper by Matthew Gentzkow and Emir Kamenica (a former classmate and University of Chicago colleague of mine).
The “marketplace for ideas” notion holds that when there are more senders of information, more information will be communicated to consumers.
Gentzkow and Kamenica showed this is not necessarily so. It all depends on the nature of the strategic interaction between the senders of information.
Senders might be caught in a kind of Prisoner’s Dilemma, the game theory concept made famous by the movie A Beautiful Mind. It would be socially productive for more information to be revealed, but the private incentives of the senders lead to less revelation.
For example, consider two pharmaceuticals makers with drugs only they know the effectiveness of. One half of their market is customers who will only buy pharmaceuticals they believe likely to work well. The other half wants their drugs to work too, but they’ll also buy if it might only partially work.
In this case each maker has an incentive to withhold information about the efficacy of their product, even though they and the consumers would be better off if they and the rival revealed more information. It’s just like the consequences of unilateral action as shown in A Beautiful Mind.
If strategic interaction in the marketplace for ideas takes this form then competition does not lead to good arguments winning out.
Gentzkow and Kamenica show the crucial condition for competition to lead to more information being revealed is this: each sender must be able to unilaterally deviate to some outcome more informative for consumers. In the drug example, this would be each maker disclosing the efficacy of their own drug and that of their competitor.
Whether this happens in practice depends on important details about the nature of the ideas being discussed, what types of information are permissible by law, and of course whether those receiving information are rational.
In short, the answer to whether the marketplace for ideas leads good ideas to win out is: it depends.
Open discussion is not enough
Just because the marketplace for ideas doesn’t always work doesn’t mean it never works. There are deeply important non-economic reasons to value freedom of speech that extend beyond how much information gets revealed.
But modern economics teaches us that competition in the marketplace for ideas is different than competition in the market for ordinary goods and services. We should not always conclude that odious ideas will be consigned to the dustbin of history simply through open discussion.
Richard Holden is a Professor of Economics at UNSW
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Why ‘the marketplace for ideas’ can fail – from an economist’s perspective: Richard Holden

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EXPERT OBSERVER
Aussie population growth was easing even before the COVID-19 outbreak reached our shores and international and state borders were shut. Annual population growth hit a 13½-year low of 1.39 per cent in December 2019.
Population growth rates eased across most states and territories in 2019, led lower by major cities on Australia’s East Coast. Canberra’s population growth rate at 0.99 per cent was the weakest annual pace in 14 years. And annual growth rates have fallen to near 8-year lows in Victoria and NSW. Queensland’s annual population growth rate of 1.57 per cent was the slowest in 3 years.
That said, the resurgence in iron ore mining activity is luring more Aussies and overseas migrants to Western Australia - posting the strongest annual population growth rate in 5½ years.
Perhaps the economic lockdown in the March quarter, 2020 may see a continuation of the mini baby boom? There were already 305,800 babies born in the year to December - a 2-year high!
With the Federal Government yesterday confirming that Australia’s international borders will likely remain shut until at least 2021 due to virus restrictions, Aussies holidaying at home could provide a vital lifeline for Aussie tourism businesses.
In fact, a record 11.3 million overseas trips were taken by Aussie residents in 2019, up by 247,500 from 2018, according to the ABS, Austrade and Tourism Research Australia (TRA) data. So which states had the most outbound tourists? Unsurprisingly, NSW (34 per cent), Victoria (28 per cent) and Queensland (18 per cent) dominated the proportion of short-term residents returning from overseas journeys in 2019.
And when holidaying, visiting friends and family, or travelling overseas for business, Aussies spent a gargantuan $66.6 billion in other countries. So could this potentially offset the $45.4 billion in lost annual international tourism income? Well, yes. Prior to the COVID-19 outbreak, Aussies undertook 117.4 million overnight trips, spending $80.7 billion (interstate $45 billion/intrastate $35.7 billion) last year. And while some interstate borders remain closed, it’s worth noting that intrastate travel (trips within a traveller’s state of residence) accounted for around two thirds of all trips in 2019, according to TRA data.
Australia’s state tourism satellite accounts were released by Austrade a couple of weeks ago. The accounts revealed that in financial year 2018/19, growth in Gross Value Added terms (GVA – excludes taxes paid and takes into account subsidies) was highest for Western Australia (up 13.6 per cent), followed by Tasmania (up 11.1 per cent), Victoria (up 10.8 per cent), Northern Territory (up 9.5 per cent), South Australia (up 8.3 per cent), Queensland (up 3.3 per cent) and NSW (up 2.3 per cent). But GVA fell in the ACT by 6.7 per cent. Across all states and territories, domestic overnight visitors account for 57 per cent of total GVA, followed by day trip visitors (13 per cent) and international visitors (30 per cent).
So which Aussie regions could benefit from a lift in interstate or intrastate visitors? Outside of the major capital cities, the NSW North Coast, Gold Coast, Sunshine Coast, Tropical North Queensland, NSW South Coast, Hunter Valley and Australia’s South West regions were amongst the biggest recipients of interstate and intrastate tourism expenditure in 2018/19.
What do the figures show?
Population Statistics – December quarter
Australia’s population increased by 349,833 people over the year to December 2019 to 25,522,169 people. Overall, Australia’s annual population growth rate eased from 1.43 to 1.39 per cent – the slowest pace in 13½ years. Natural increase contributed 39.8 per cent to the annual lift in population with 60.2 per cent from migration.
Over the year to December, population growth was strongest in Victoria (1.87 per cent), followed by Queensland (1.57 per cent), Western Australia (1.28 per cent), NSW (1.13 per cent), the ACT (0.99 per cent), Tasmania (0.97 per cent), South Australia (0.90 per cent) and the Northern Territory (-0.38 per cent).
By state and territory, the ACT population growth rate at 0.99 per cent was the weakest annual pace in 14 years. Victoria’s population growth rate hit 8-year lows at 1.87 per cent. NSW’s annual population growth rate of 1.13 per cent was the slowest pace in 7½ years. Tasmania’s annual population growth rate of 0.97 per cent was the slowest rate in 2½ years. And Queensland’s annual population growth rate of 1.57 per cent is the slowest in 3 years.
Western Australian annual population growth of 1.28 per cent was the highest in 5½-years. Annual population growth in South Australia (up 0.90 per cent) is just below 5-year highs. Northern Territory lost 900 residents in 2019.
Australia’s population grew by 70,234 people in the December quarter or 0.3 per cent after growing by 94,382 people in the September quarter.
A net total of 210,600 people (3½-year low) migrated to Australia over year to December, down from 220,400 people in the year to September. Migration growth is down from the peak of 315,700 migrants in the year to December 2008.
There were 305,800 babies born in the year to December - a 2-year high - up from 304,400 births over the year to September.
And there were 166,700 deaths in the past year, up by 1,100 on the year to September.
Natural increase (births less deaths) for the year to December was 139,200 to be down by 5.2 per cent.
State Tourism Satellite Accounts – 2018/19
Australia’s state tourism satellite accounts were released by Austrade a couple of weeks ago and revealed that in financial year 2018/19 total tourism consumption was $152 billion, up 6.2 per cent on 2017/18. Almost three quarters of consumption came from domestic tourism, with growth in the domestic sector outpacing international tourism growth in 2018/19.
And growth in Gross Value Added terms (GVA – excludes taxes paid and takes into account subsidies) was highest for Western Australia (up 13.6 per cent), followed by Tasmania (up 11.1 per cent), Victoria (up 10.8 per cent), Northern Territory (up 9.5 per cent), South Australia (up 8.3 per cent), Queensland (up 3.3 per cent) and NSW (up 2.3 per cent). But GVA fell for the ACT by 6.7 per cent. Across all states and territories, domestic overnight visitors account for 57 per cent of total GVA, followed by day trip visitors (13 per cent) and international visitors (30 per cent).
What are the implications of today’s decision?
Our population growth has long been one of the strongest amongst OECD countries. But Australia’s population boom is at an end due to the virus-enforced closure of our international borders.
The Government has recently announced that it expects net overseas migration – a key driver of population growth – to fall by around 30 per cent in 2019/20 and about 85 per cent in 2021/22. CBA Group economists forecast annual population growth to fall to 0.7 per cent over the period – the slowest pace on record. Of course, this will have a significant impact on the labour and housing markets.
Analysis of tourism data shows that we all have a part to play supporting our regional economies. By holidaying locally we can help Aussies in the accommodation, hospitality, travel and retail sectors get back to work.
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Population growth hits 13½-year low: CommSec's Ryan Felsman

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EXPERT OBSERVER
Ordinarily this data would be considered ‘current’. But given that many parts of the economy have re-opened in the past 17 days – and more parts are expected to re-open in coming weeks – to some extent the jobs data is ancient history. Jobs slumped over March, April and early May as businesses went into hibernation. But job gains are expected from this month on as businesses re-open and workers re-join their employers. Certainly what we do know is that the number of payroll jobs rose by 1 per cent in May, lifting 0.4 per cent in the last week of the month alone.
The stimulus measures from governments and the central bank have all been directed at keeping people connected to their workplace. JobKeeper, and the expanded JobSeeker programs have been vital in that regard. Now the aim is to get people out of their homes and back at workstations. And the work support programs must stay in place to ensure that employers and employees have adequate opportunity to seamlessly move from hibernation to ‘normalcy’ – whatever that now means in the post-COVID-19 environment.
What is happening in the figures is that almost 230,000 weren’t registered as employed in May – they didn’t work more than hour a week in the reference week. But all those JobSeeker and JobKeeper recipients didn’t join the dole queue rather they “left” the workforce – they were neither employed or unemployed in the month. That is evidenced by the slump in the participation rate. Rather the JobKeeper and JobSeeker beneficiaries stayed home, and waited for the economy to re-start so they could return to workplaces.
While the jobless rate rose to 7.1 per cent, clearly it would have been far higher without JobSeeker and JobKeeper. The great hope is that the job losses that have occurred prove to be only temporary and that the re-opening of the economy is indeed successful.
The best way to describe the impact of COVID-19 on the job market is in terms of the number of hours worked. Hours worked fell 0.7 per cent after slumping by a record 9.5 per cent, and that accords with expectations that the economy will contract 10 per cent in the first half of 2020.
Many people have kept their jobs because of the JobKeeper program. So while those on the program are still ‘employed’ and deriving an income of sorts, they are not working, not adding to the output of businesses, and not adding to overall economic activity. The JobKeeper program keeps people connected to their employers, which is positive for the recovery phase. But the payments also ensure that people can spend and therefore serve to keep others in jobs and keep the economy moving.
The jobless rate is expected to peak near 8 per cent. And many forecasters expect the economy to contract 8-10 per cent in the first half of 2020. But provided social distancing is maintained with good hand hygiene and significant CONVID-19 testing, there is no reason that a ‘V-shaped’ economic recovery can’t occur as lockdown restrictions ease.
Looking ahead, the closure of our foreign borders will have a range of effects on the economy. Around 150,000 people come to Australia each year on different visas and do the jobs that Australians can’t or won’t do. If the jobs aren’t filled, then this could slow business output and economic output. But the absence, or reduced number, of migrants could serve to keep the jobless rate down if Aussies take up the jobs that they have shunned in the past.
The drop in jobs masks the impact – and future impact – on incomes. People have lost income and there is little hope for a lift in wages in the months ahead. Add in the deferral of dividend payments by listed companies and little or no interest income and there may be scope for ‘top up’ cash handouts by the Government. Today’s data adds to the case of governments maintaining as much support as possible until it is definitely no longer required.
What do the figures show? Labour force – May
Employment fell by 227,700 in May after falling by a record 607,400 in April (previously reported as 594,300 decline). Full-time jobs fell by 89,100 and part-time jobs fell by 138,600.
The unemployment rate rose from 6.2 per cent to 7.1 per cent in May. It was the highest jobless rate in almost 19 years (since October 2001).
Hours worked fell by 0.7 per cent in May after falling by a record 9.2 per cent in April. Hours worked are down by a record 9 per cent over the year.
The participation rate fell from 63.6 per cent to a 19½-year low of 62.9 per cent in May.
Spare capacity: In May, the underutilisation rate increased by less than 0.1 pts to a record 20.2 per cent. The underemployment rate decreased from 13.8 per cent to 13.1 per cent.
Unemployment across states in May: NSW 6.4 per cent (April 6.3 per cent); Victoria 6.9 per cent (6.0 per cent); Queensland 7.9 per cent (7.0 per cent); South Australia 7.9 per cent (7.2 per cent); Western Australia 8.1 per cent (6.1 per cent); Tasmania 6.4 per cent (6.2 per cent); Northern Territory 7.4 per cent (5.6 per cent); ACT 4.1 per cent (4.3 per cent).
Biggest job losses occurred in Victoria (70,800); New South Wales (43,900); Western Australia (30,200); and Queensland (28,100).
Participation rate: The male participation rate of 68.1 per cent was a record low. The female participation rate of 58.4 per cent was the lowest in 13½ years (since December 2006).
Notable highs for the jobless rate: NSW (highest since May 2009); Victoria (highest since October 2014); Queensland (highest since January 2002); Western Australia (highest since June 2001); Northern Territory (highest since September 2014).
“The participation rate for 15-24 year olds (who are often referred to as the "youth" group in the labour market) decreased 2.6 pts to 59.9 per cent in May. Employment for 15-24 year olds decreased by 102,900 people (-6.0 per cent). The unemployment rate for this group increased 2.0 pts to 16.1 per cent.
What are the implications for investors?
People are returning to their workplaces as businesses re-open. Lockdown restrictions continue to ease on evidence that the health strategy is working. So there are reasons for optimism. But we aren’t there yet – there will be challenges ahead.
It is important that we adhere to social distancing, maintain good hands hygiene and remain active in COVID tracking and tracing. Continued success in eliminating active COVID cases means that the economy can bounce back. But sharemarket investors need to remain a cautious stance, given the multiple challenges ahead.
Employment for 15-24 year olds fell by almost 103,000 in May, accounting for around just half of all the job losses. Governments will need to a close eye on this demographic to determine if further targeted stimulus measures are required. One area that could be targeted is the university sector with more places offered to local students given declining international student numbers. The last thing you want is for young Aussies to become entrenched in unemployment.
CRAIG JAMES,Chief Economist, CommSec
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Jobs slide again but there's hope for a rebound: CommSec's Craig James

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EXPERT OBSERVATION
Working from home during COVID-19 appeared to cost us little.
Yet employers effectively requisitioned part of those homes.
While necessary, it was far from costless to us, and our generosity shouldn’t be taken for granted.
Bureau of Statistics figures show that during April and May about half the workforce worked from home.
Working at home has been far from costless 
Preliminary results from a survey of more than 2,000 households suggest paid workers put in about as many paid hours per day as before (half to one hour less) but that unpaid work skyrocketed, by an extra five hours per day for women, and an extra two and a half hours for men.
Much of the increase was in childcare. Three in four Australians who live with children kept them home.
Some of it was in extra cleaning and washing, costs that for the moment (along with, for some workplaces, rent) many employers no longer needed to bear.
Few of us working from home will bother to bill our employers for the extra heating, office furniture, office consumables, home phone and internet use, toilet paper and coffee we’ve had to fork out for.
The Tax Office has indicated it will disallow deductions for tea, coffee and toilet paper saying, “just because you have to provide those things for yourself doesn’t make them deductible”.
Akin to the requisitioning of assets permitted by the state in emergencies, employers have in effect requisitioned parts of our homes – rent free and without paying utility costs.
With more people using each home, and more meals cooked and eaten at home, time in the kitchen has soared. As supermarket shopping has become less appealing, consumer durables such as bread-makers and freezers have been brought in. Backyard vegetable gardens and chicken runs have popped up.
Most of the extra work has fallen to women. Surveys often understate it by asking only about the “primary” activity in each quarter hour block rather than secondary activities (which often include childcare) undertaken at the same time. Multitasking intensifies work.
How do we make it count?
In an explosive book released more than 30 years ago entitled Counting for Nothing, New Zealand politician and economist Marilyn Waring described the dominant method of accounting for work as “applied patriarchy”.
The tool is gross domestic product (GDP), a measure that mostly only takes account of work that is paid.
The point was that unpaid household work and care counted for nothing.
Since then, time use surveys have found that non-market household production is very large – in Australia, equivalent to an extra half of GDP.
This matters, because its exclusion allows GDP to give us a distorted idea of progress.
In each normal year the Organisation for Economic Co-operation and Development forecasts growth in developed nations of between 2% and 4%.
That’s growth in gross domestic product. OECD calculations released in 2018 suggest that as much as a third of that growth – 0.84 to 1.79 percentage points – is an artefact, created by the shift from what had been unpaid household work and childcare into to paid household work and childcare.
That is, the official figures have presented a mirage. Parents have replaced unpaid childcare – which is not counted in GDP – with paid childcare, which is counted.
The switch has been recorded as “growth”, but it hasn’t been growth in work done or services provided. It is better described as accounting rather than economic growth.
If the accounting was done properly – if countries such Australia properly counted the value of unpaid household and services – it would show much lower growth and more frequent recessions.
And if our environment and resources (another omission except when they are exploited) had been properly accounted for, GDP growth would be lower again.
The household services artefact has been reversed during the COVID-19 lockdown. Many of us have been doing as much or more than we did, but less of it has been counted.
As it happens, the value of services provided by the home itself are included in GDP, through rent for renters and “imputed rent” for home owners. Home-grown produce is included as well, but unpaid human-provided services are not.
It’s as if it didn’t happen
The weak March quarter GDP result strengthened calls for extra spending on infrastructure – things such as mines, pipelines and fast trains to airports.
Days later the prime minister announced that childcare would no longer be free and JobKeeper for childcare workers would be replaced by a less generous subsidy.
It’s not what might have been expected after a historic opportunity to rethink productivity and wellbeing. Putting money into the care sector creates twice as many jobs per dollar as putting it into construction. A higher proportion of investment in the care sector also flows to women, whose paid work has been disproportionately hit by the shutdown.
Things that would help include increased worker protection against white collar sweatshops), expanded and reconfigured tax deductions for working from home, a paid allowance for home schooling costs during the shutdown and a shorter working week to rebalance roles at home.
Behind everything should lie proper accounting for care work. Without it we are likely to continue to rely on the generosity of unpaid working women, acting as if it is free.
Julie P. Smith is an Honorary Associate Professor at Australian National University.
Fiona Jenkins is an Associate Professor at Australian National University.
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About that spare room - employers requisitioned our homes and our time

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Feedback from agents in and around the Hunter Valley has largely been the same as pre-COVID-19-a lack of stock for sale, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
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"It’s becoming increasingly evident at the time of writing that we simply don’t know what is going to happen to the property market.
"We are at that uncomfortable point in the cycle where we have to rely too much on gut-feel and anecdotal evidence, hardly the best basis for making rock solid decisions. Until we get to a stage where we have more transactions completed entirely in a post-COVID-19 world, anecdote is the best we can hope for," the valuation firm said. 
The report suggests agents in Newcastle have had their movements severely curtailed over the past several months and a lack of face to face encounters has resulted in a noted lack of listing activity.
It appears as though potential vendors have decided to wait out the lockdown before deciding to list. Whether this is because other events have taken over their focus or they have surmised that current restrictions are not conducive to a favourable sale is unknown.
"Given that interest rates are still low, the government has put in place significant stimulus packages and there is a lack of stock presently on the market, it’s not inconceivable to expect the market to remain relatively stable in the short term," the valuation firm said. 
Required elements are in place for this, but as always the market can change overnight with every news update. A surge in second wave cases could change everything.
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In COVID-19 times an alternative to buying and selling your property is the trusty renovation, the report noted. 
There were rumours going about that Bunnings was running out of its paint supply simply in anticipation of lockdown, the assumption being that plenty of people would have a lot of spare time on their hands and renovation would come to the fore.
In reality, that spare time seems to have morphed into TikTok videos and accessorising bookshelves to appear in Zoom meetings. No Zoom meeting is complete without a cerebral biography or two by someone inspirational or Russell Brand.
"If you have been skillful enough to write a book, you should also heavily consider having it over your left shoulder, cover out. We’re looking at you, Malcolm Turnbull," the valuation firm said. 
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Renovation in times of uncertainty is often the popular option to flipping property.
The financial cost to buy and sell a property can be quite expensive and if we keep in mind what was discussed in the first few paragraphs, choice in the marketplace is limited at present.
"You may not find what you are looking for in a ready-made package or the cost may be prohibitive. Presumably your current property had enough features about it that made you invest and move in.
"Sometimes it makes financial sense to improve what you currently have without suffering the significant transactional costs of buying and selling," the valuation firm said. 
"Given the uncertainty in the marketplace at present and the underlying macro-economic conditions, we would expect to see minor renovations continuing. We are aware of larger more significant renovations that would have occurred previously, being placed on hold in the short term," the valuation firm said. 
The report suggests this is in part due to many homeowners facing different economic pressures than they did pre-COVID-19. Many people have seen their salaries either reduced or deferred while the present crisis works its way through the system.
Some will have found that their jobs and therefore income are suspended whilst businesses are closed. Many have lost employment and are in no position to do large-scale works to properties.
It may be that with reduced demand, building contracts and contractor’s quotes can be reworked within the new market climate due to a shortage of work.
A three bedroom cottage in New Lambton with potential for renovation has recently been sold for $777,000.
The home at <a href="https://www.realestate.com.au/sold/property-house-nsw-new+lambton-133584362" target="_blank">51 Orchardtwon Road</a> (pictured below) comprises three bedrooms, central lounge room, well-kept kitchen and alfresco area. 
It is located within close proximity to Blackout Village and schools. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/new%20lambton.jpg" alt="">
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A current listing is a recently renovated house in Adamstown priced at $495,000 -$540,000.
The three bedroom, one bathroom home is situated at <a href="https://www.realestate.com.au/property-house-nsw-adamstown-133599358" target="_blank">2/5A Brown Street </a>(pictured below). 
It comes with renovated kitchen, open plan living and dining and covered alfresco. 
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Large renovations placed on hold in Newcastle due to COVID-19: HTW residential 

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Rental enquires as well as sales have been strong according to many local agents, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The report notes most agents are reporting that the private inspection only approach to viewings is working very well for agents and prospective purchasers, as it allows for both parties to feel a bit more relaxed rather than experience the typical madness of an open home.
"Overall we are seeing consistently good sale prices across the board, particularly within the rural residential space.The standard sub-million residential markets are still moving, just at a much slower pace.
"This is possibly due to purchasers in this price range being the most likely to be impacted by the ongoing and uncharted economic waters in which we currently find ourselves," the valuation firm said. 
"Given the lockdown guidelines that have been in place over the past six weeks, many people have taken the opportunity to start those little jobs around the house they haven’t had time to begin.... or finish for quite a while. So are we seeing a rise in the amount of home renovation in the local area?
"The short answer is that it appears to be fairly steady as far as major renovations such as kitchens, bathrooms, decks, etc however we are certainly noticing a rise in smaller cosmetic works including paint jobs, landscaping works and general tidying up," the valuation firm continued. 
"As far as major renovations within the local economy, we haven’t seen the bottom to middle range of the market achieve outstanding capital gains from buying and renovating since the market peaked in mid 2017.
"We do note that as always we have seen good scope for capital gains on good quality homes in good suburbs and streets that are being renovated to an extremely high level of finish." 
These properties tend to appeal to local or Sydney based downsizers looking for high quality product in blue ribbon locations on sub 1000 square metre blocks that are easier to manage than the larger traditional homes, the report noted. 
A family retreat set upon two hectares in Bundanoon has recently been sold for $1.675 million. 
The house at<a href="https://www.realestate.com.au/sold/property-house-nsw-bundanoon-133501166" target="_blank"> 639 Old Argyle Road</a> (pictured below) comprises four bedrooms, updated kitchen, renovated bathroom, and two car garage. 
It also features study, fireplace, established gardens and fended paddocks. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/bundanoon%201.jpg" alt="">
A current listing is a four bedroom house in Burradoo with newly refreshed interiors. 
The home at<a href="https://www.realestate.com.au/property-house-nsw-burradoo-133665234" target="_blank"> 12A Phillip Street</a> (pictured below) has been listed for sale with $1.45 million hopes.
It features new kitchen, formal and informal living zones, gardens and double garage. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/burradoo.jpg" alt="">
"We also notice a strong market for rural residential properties that have also been renovated to an excellent standard as well as the addition of good equine site improvements which appeals to the Sydney market looking for a hobby farm with good access to the city," the valuation firm said. 
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"As affordability goes, we consistently hear the phrase Highlands tax from home owners and investors alike when talking about the cost of local tradespeople.
"Due to this, we are seeing owners bring trades in from Sydney or up from Goulburn in the hope of getting a more cost effective job done, but remember you get what you pay for and as always the importance of seeing a tradesperson’s work before hiring them based on price is as important as ever," the valuation firm said. 
"Going forward we believe it’s likely that the renovation market will retain the trend of seeing good quality renovation achieving the price point it deserves." 
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Southern Highlands sees capital gains on high quality renovated homes: HTW residential 

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The month of May progressed steadily for the residential property market in the Illawarra, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The HTW report notes sale prices appear to be holding with no obvious signs of any discounting happening.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/thirroul%20.jpg" alt="">
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Notable sales include a $3.1 million sale in <a href="https://www.realestate.com.au/sold/property-house-nsw-thirroul-133480182" target="_blank">Surfers Parade, Thirroul</a> (pictured above) and a duplex in <a href="https://www.realestate.com.au/sold/property-house-nsw-austinmer-133320946" target="_blank">Toxteth Avenue, Austinmer </a>(pictured below)that sold for $2.35 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/austinmer.jpg" alt="">
The number of transactions has decreased slightly with realestate.com.au recording 88 residential sales in the Wollongong LGA in the first 20 days of the month (4.4 sales per day).
This is in comparison to 102 sales in the first 20 days of April (5.1 sales per day). For a point of reference, RP Data recorded 585 sales for the two month period of April and May 2019 (9.6 sales per day).
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"Open homes have recommenced and local agents are reporting that while there is less activity, it has not disappeared completely and all levels of the market have purchasers ready to complete sales," the valuation firm said. 
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Home renovations are a big part of owning a property.Reasons for renovating can be wide ranging. Flippers look to purchase an older, run down property, complete a full renovation and on sell the property, hopefully at a profit.
They have experience with a trade themselves and have other local contacts they can call on to get the renovation completed as quickly as possible. 
Time is important as the longer they take to renovate the property, the longer they have to pay holding costs, therefore most flippers will not undertake any renovations that require DA approval, such as an extension. A quick internal and external facelift and the property goes back on the market.
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The report suggests owner occupiers tend to renovate their properties at varying stages of their ownership of the property.
"First home buyers may not have a lot of spare cash to make too many updates initially but as the years go by they will look to spend their savings on renovations projects.
"Most upgraders tend to look to purchase a family home where all the work is already done. It might be a new house or one that has been recently renovated," the valuation firm said. 
Alternatively there are a few who will look to complete the renovation themselves and can therefore fit their own specific requirements into the project.
Full renovations or knock down and rebuilds are appearing in popular suburbs in the north or around the CBD which typically have older stock built during the migration boom of the 1960s.
 These areas are transitioning and it is common to drive down a street such as O’Brien Street in Bulli or Storey and Donald Street in Fairy Meadow and see a real mix of new, modern homes next door to older original houses.
"The key to completing renovations of any scale during the current period is to find a builder who has proven experience and also availability.
"Most builders have been reporting a decent pipeline of work with new quotes still being prepared. Recent economic issues seemingly have not put a dampener on renovation dreams," the valuation firm said. 
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Illawarra builders report decent pipeline of renovation work: HTW residential 

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The Coffs Harbour rental market appears to have held up relatively well, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The HTW report notes although some holiday rentals have switched to permanent, there is no dramatic oversupply and no sign that rental values are falling. 
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"One month on from the start of the COVID-19 restrictions and we are seeing some light at the end of what may prove to be a long tunnel. The market surprisingly has not come to an abrupt halt; more so, it has taken a cautious approach.
"We have experienced a distinct lack of supply of properties for sale with the property section of the local weekend paper becoming significantly smaller, although demand has not appeared to have dropped with supply.This has caused values to remain relatively firm with some noticeable good prices being achieved in areas where supply is down," the valuation firm said. 
Given there are no active cases within the area and restrictions are slowly being lifted, the general feel is of positivity with the expectation that once domestic travel is given the green light, the Coffs Coast will be seen as a very attractive place to come for a holiday, giving the local economy a much needed shot in the arm.
"To renovate or not to renovate is an age old question. We have seen in recent years the modern generation’s appetite for new homes with a significant push towards new estates and building the dream.
"As land is becoming scarce within the region (with a lack of new estates coming onto the market), we are definitely seeing a move towards renovations and extensions, especially within well-established suburbs where vacant land is no longer available," the valuation firm said. 
Typically, these are the more sought after locations close to the beach and town, however renovation activity is not isolated to one specific location.
"We have seen many DIY home improvements over recent weeks thanks to COVID-19, however these are more your catch up on general maintenance items rather than full blown renovations," the valuation firm said. 
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"We have seen building costs increase significantly over the past four years as increased demand for construction of new products and renovations has seen builders and trades stretched thin within the region.
"People’s expectations of the cost of renovations or extensions are often well under- cooked and depending on the degree of house improvement proposed, we are regularly seeing renovation costs in excess of the cost to demolish and rebuild a new home.An average renovation cost for a four-bedroom, two-bathroom home to upgrade the kitchen and bathrooms, floor coverings and painting would start at $50,000 and up depending on the quality of fit-out.
"If we then start adding internal remodelling of floor plan, additional outdoor living, extensions etc, we are now talking $100,000 plus with major rebuilds often being in excess of $300,000 and if talking prestige homes $700,000 plus may not be out of the question," the valuation firm continued. 
Examples of an area where renovation works are becoming part of the norm is the popular beachside suburb of Sawtell, dollar for dollar one of the most expensive areas in Coffs Harbour, the report noted. 
"To compare, we have examined some recent sales in Circular Avenue, a well-positioned street within walking distance of the main village precinct," the valuation firm said. 
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<a href="https://www.realestate.com.au/sold/property-house-nsw-sawtell-132629954" target="_blank">77 Circular Avenue, Sawtell</a> (pictured below) is a very modest original 1970 brick home with three bedrooms, one bathroom and single garage set on 531 square metres.
It sold for $700,000 in January 2020 which represents predominantly land value.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/sawtell.jpg" alt=""> 
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In February 2020, <a href="https://www.realestate.com.au/sold/property-house-nsw-sawtell-132637854" target="_blank">88 Circular Avenue, Sawtell</a> (pictured below) sold for $1.04 million (a record street price).
This is a fully renovated 1970s rendered brick home with four bedrooms, two bathrooms and double garage set on 663 square metres.
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"This property sold at auction with high demand and a price achieved above expectations, however when you compare it to 77 Circular Avenue, it represents good buying.
"To achieve the same product on 77 Circular Avenue (notwithstanding a slightly larger lot size), the cost to renovate and extend the modest 1970 three-bedroom home to a four-bedroom, two-bathroom home would be in excess of $350,000 which would result in a total cost of $1.05 million plus the time and effort undertaken to achieve this.
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"In this case, it makes sense to buy the already completed property," the valuation firm said. 
The main rule to renovations is to understand the added value of the cost of renovations and not to overcapitalise for the locality.
This is easier said than done and all depends on the underlying land value and the purpose and scope of the works, plus factor in whether it’s as a homeowner or investor. 
The homeowner who has decided that their current place of residence is their forever home can afford to over capitalise to achieve the lifestyle benefits they desire within their budget.
However the investor should be shrewder and consider factors such as cost versus added value and only renovate areas that are required or value add by increasing rental return. This could be in the form of secondary accommodation (granny flat) or reconfiguring the current space to provide additional bedrooms, the report noted. 
"One point should be made when undertaking remodelling or conversions within the dwelling is to seek council approval before you start the project. 
"One of the misconceptions with owners is that council approval is not required for conversions or reconfiguring internal walls so long as you stay within the current building footprint (that is no extensions or additions). This is incorrect; any moving of a wall or conversion of a garage etc has to be approved by council," the valuation firm said. 
"If you undertake any improvements of this nature without approval, for all practical purposes, no one knows so who cares?However, the ramifications come when you wish to sell the property or need a valuation for mortgage security purposes; any works undertaken without approval will not achieve the full value.
"Even more so if you have converted the home into dual accommodation and rent separately for investment purposes or live on one side and receive rent in the other," the valuation firm said. 
The report suggests this extra income will not be included in a valuation for mortgage security purposes as it is not council approved. This is critical when you require the extra rental to be included in your loan application to prove you can service the repayments, not to mention the insurance implications if an accident occurs.It is difficult to say what people should or shouldn’t do when it comes to renovation.
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"Our best advice is to seek the experience of your local Herron Todd White valuer to navigate and guide you through the market in your local area." 
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Coffs Harbour sees more renovation work due to COVID-19: HTW residential 

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Renovation is a popular option in many parts of Sydney, particularly in inner Sydney and harbour side locations, according to the latest Herron Todd White (HTW) residential report. 
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The valuation firm suggests that in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month's HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The HTW report first provided a short COVID update. 
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"Since last month’s edition, we have seen the number of daily new cases of COVID-19 in New South Wales remain low. We have also seen the first stage of the easing of restrictions and also the lifting of restrictions on live auctions and open homes.
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"This has at least made the process of selling more straightforward and has seen an instant bounce to auction clearance rates, back up above 70% for Sydney, mainly as a result of the number of auction withdrawals returning to more normal levels," the valuation firm said. 
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The last month has still seen prices remain fairly stable overall, however as discussed previously, there are some localities and price points seeing some discounting. This is mainly due to the number of new listings remaining subdued, meaning that supply and demand are staying relatively in balance. 
The report notes that the concern is what will happen later in the year when government stimulus and mortgage pauses end.
There potentially could be a significant increase in new listings, some under distressed circumstances, which could have a large impact on prices heading into 2021.
"In the rental market we have continued to see an increase in vacancy rates and a fall in asking rents. Houses, somewhat surprisingly, have experienced a quicker fall than units over the past two months. 
"With restrictions around travel within the state and within Australia likely to be eased in the coming weeks and months, short-term holiday rentals that have been transferred to the long-term rental market may start to transfer back to the holiday market, easing vacancy rates," the valuation firm said. 
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The valuation firm suggests renovation is a popular option in many parts of Sydney, particularly in inner Sydney and harbour side locations where extension and renovation of an existing home is a more viable option than a knock- down and rebuild.
These areas often have heritage and other planning restrictions that make it difficult to get approval to do a complete rebuild, the report noted. 
In addition, it is also desirable to maintain the period features of older dwellings whilst upgrading the fit out and increasing the floor space.
A Victorian residence situated in the heart of Marrickville has recently been sold for $1.5 million. 
The freestanding home at <a href="https://www.realestate.com.au/sold/property-house-nsw-marrickville-133533598" target="_blank">1 Hastings Street</a> (pictured below) presented a good opportunity for renovation. 
It consists of four bedrooms, two bathrooms, large formal and casual areas and front veranda. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/10/marrickville.jpg" alt="">
In the middle and outer rings, there is more of an appetite for knock-down and rebuild, increasingly for duplex and small townhouse style developments to take advantage of larger land parcels.
Granny flat builds continue to be a popular option in these areas too, either for extended families or for those looking to obtain some additional rental income.
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"This doesn’t mean that renovations aren’t an option here, as owners look to enhance their homes by something as minor as a fresh paint or some additional landscaping, through to a full blown second floor addition and full renovation," the valuation firm said. 
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A two bedroom granny flat in Bass Hill is currently on the rental market with a price guide of $400 a week.
The well maintained home at <a href="https://www.realestate.com.au/property-house-nsw-bass+hill-429296034" target="_blank">15A Handle Street </a>features large covered entertaining area, gas cooking and split system air conditioning. 
It is situated close to local schools, transport and shops. 
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