ASX-listed developer <a href="https://www.apartments.com.au/developers/stockland">Stockland</a>&nbsp;is continuing its push back into the new apartment market, filing plans for a prominent gateway site between Collingwood and East Melbourne.

The development giant, which moved back into the new apartment space when it announced Stanton Place in Sydney's Rosebery and have since filed plans for a 50-storey tower, are jumping into the off the plan Melbourne market.

They are hoping to create a mixed-use neighbourhood precinct for <a href="https://www.apartments.com.au/new-apartments/79-81-victoria-parade-collingwood-vic-3066">79-81 Victoria Parade</a>, replacing an existing commercial building with a scheme by <a href="https://www.apartments.com.au/architects/john-wardle-architects">Wardle</a>&nbsp;for 478 apartments,&nbsp;ground-floor retail, new public open spaces and a publicly accessible pedestrian laneway.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="72dbbca9-3918-4073-afad-a0c0c35be8e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20pers.png?VersionId=bzMVUKKxvwuNK1m0v_td126Rgct32uk_" />

The design report identifies the public realm as a central driver of the proposal.

"Collingwood has limited access to high-quality parks and public open space, and the proposal delivers valuable new areas for respite, social interaction and fine-grain retail activity."

The development would deliver a diverse mix of housing, including studio, one, two and three-bedroom apartments alongside townhouse-style residences. Two basement levels are proposed beneath the development, providing resident and retail parking as well as extensive bicycle facilities.

Wardle's design draws heavily on Collingwood's industrial character, using articulated building forms, brickwork and robust materials inspired by the suburb's warehouse and manufacturing heritage. The built form has been broken into a series of smaller volumes to better respond to the surrounding streetscape while extensive communal gardens, rooftop amenities and shared resident spaces are integrated throughout the project.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="7b2135ed-65df-4253-ad53-f216f06bd467" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20podium.png?VersionId=l1B6Hqn8zs772VxH6L1fDPg0KHshan9v" />

The planning documents describe the existing office building as offering little engagement with the public realm, with the redevelopment intended to create a more permeable and active neighbourhood destination.

"The proposed scheme presents a significant opportunity to deliver a vibrant retail plaza and a local neighbourhood hub serving both existing and future Collingwood residents."

The 79–81 Victoria Parade site occupies a strategic location about 1.5 kilometres east of Melbourne's CBD, at the threshold between Collingwood and East Melbourne. It is well served by tram services along Victoria Parade and sits within walking distance of St Vincent's Hospital, Fitzroy Gardens, the Fitzroy activity centre and a broad range of employment, retail and hospitality destinations.

Joel Robinson

Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site

An 1880s timber cottage that has survived Kangaroo Point's transformation from riverside suburb to high-density apartment precinct is set to become the centrepiece of <a href="https://www.apartments.com.au/developers/zephyr">Zephyr Group</a>'s proposed Banksia development.

Rather than see the locally heritage-listed Alpha Cottage as an obstacle to navigate, plans integrate the landmark home into a new 18-storey residential tower, giving one of the suburb's oldest surviving residences a new role as the project's communal hub.

The development application covers a 1,177 sqm amalgamated site at 127-133 Lambert Street and 30 Shafston Avenue, where Zephyr Group plans to deliver 64 apartments above three basement levels. Designed by <a href="https://www.apartments.com.au/architects/joe-adsett-architects">Joe Adsett Architects</a>, the proposal carefully weaves the retained heritage cottage into a contemporary residential scheme, with the tower elevated above the historic building to preserve its presence within the Lambert Street streetscape.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="f9dc5bdb-d691-4c60-bf2b-c3ed405a3e75" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Banksia.png?VersionId=Jh4bjlewU.o8HXWt0V4KaFA_lPcF7KWM" />

Named after the native Australian Banksia flower, the project draws inspiration from its distinctive form through curved balconies, sculpted planter boxes and cascading subtropical landscaping that soften the building's profile.

As the design report explains: "The tower's identity is defined by its feature facade, drawing direct inspiration from the Banksia wildflower. The building departs from traditional rigidity through the use of elegant, GRC-moulded planter boxes that appear as if shaped by the breeze."

Plans propose 64 apartments, comprising 32 two-bedroom and 32 three-bedroom residences, across an 18-storey tower. Residents would have access to rooftop amenities including a swimming pool, spa, gym, sauna, private cinema, dining spaces and landscaped recreation areas, while more than half the site is dedicated to planting and open space.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="16041b5f-033e-47fa-8fbe-9886e072c1f2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pool.png?VersionId=kpx5w4EbLx0_TdWfDoD1vrSs0_cZ5Ao1" />

The heritage component is the defining feature of the proposal. Constructed in the early 1880s and occupied from at least 1883, Alpha Cottage is recognised by Brisbane City Council as an important surviving example of Kangaroo Point's nineteenth-century residential development and as a representative transverse-gable timber cottage. Despite extensive redevelopment across the peninsula, the building has retained a high degree of its original form and internal fabric.

As part of the redevelopment, the cottage will be carefully relocated a short distance within its original allotment to facilitate construction before being returned to a prominent position along Lambert Street. Original verandah elements will be dismantled, catalogued and reinstated, while significant internal features, including timber flooring, wall linings, joinery, doors, windows and hardware, will be retained. Later additions, including the enclosed rear verandah, will be removed to better reveal the building's original form.

Once restored, Alpha Cottage will accommodate the building manager's office, mail room and parcel facilities, providing an active everyday use that supports its long-term conservation rather than preserving it as a static display. The heritage strategy also maintains landscaped space around the building, allowing it to remain visually distinct beneath the new tower.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="43b027e1-576e-4624-a66c-7cc54ea8b7be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/banksia%20tower.png?VersionId=2W6E2yfkj2AQlWlLeV986grA5zB9f817" />

The Heritage Impact Assessment concludes that "the proposal secures the ongoing occupation, maintenance and conservation of Alpha Cottage," finding the development would result in "no more than a minor impact on the cultural heritage significance" of the building while ensuring its long-term future.

Joe Adsett Architects have designed the tower to sit above the heritage building rather than overwhelm it, creating a clear visual separation between old and new. The development's flowing balconies, integrated planting and organic façade respond to Brisbane's subtropical climate while complementing the restored cottage below.

Banksia occupies a prominent corner in Kangaroo Point within walking distance of the Kangaroo Point Bridge, Brisbane River, ferry services, QUT, the CBD and the Woolloongabba precinct. The site also benefits from direct access to active transport infrastructure and sits within an area earmarked for continued higher-density residential growth.

Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage

Buying into a masterplanned community often means committing to a vision still years from taking shape. At <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>, that vision is already visible.

Residents have moved into the completed first stage, landscaped spaces are established, and the next chapter is now underway. Stage 1 has been completed and settled, with Stage 2 now selling off-the-plan.

Designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a>, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> combines attainable apartment living with sustainability initiatives rarely seen at this price point, including rooftop solar, battery storage and a resident EV-sharing program.

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Located on Schofi​elds Road, just moments from Tal​lawong Metro Station and Schof​ields Train Station, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been designed to appeal to a broad mix of buyers, from first-home purchasers looking for a foothold in Sy​dney's property market to downsizers seeking a connected, low-maintenance lifestyle.

<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been conceived as a thoughtfully planned masterplanned community that will evolve over multiple stages, with buyers now able to secure one, two and three-bedroom apartments within a neighbourhood that is already beginning to establish its identity.

One of the project's defining features is its focus on sustainability. Solar energy systems, battery storage and future EV charging infrastructure have been incorporated throughout the development, reflecting a long-term approach to both environmental performance and everyday convenience.

Sustainability sits at the centre of the development's vision, with solar energy systems, battery storage and future EV charging infrastructure integrated throughout the community.

That emphasis on future-ready living extends beyond the technology. Landscaped communal gardens, outdoor gathering spaces and plans for a future retail precinct aim to create a neighbourhood where residents can access daily conveniences without travelling far from home.

[smartcode_project:default project_id=149637 project_image_fid=351027]

The apartments themselves have been designed with liveability front of mind. Rather than chasing maximum density, the focus has been placed on creating practical homes with generous natural light, usable layouts and strong connections to outdoor space.

Importantly, these design principles have been applied consistently across the one, two and three-bedroom apartment offerings.

The appeal of <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> is also closely linked to its location within Syd​ney's rapidly evolving north-west growth corridor. Over the past decade, major infrastructure investment has transformed the area, with new transport links, business precincts and community facilities reshaping suburbs like Talla​wong and Schofiel​ds.

The agent says buyers are increasingly recognising the area's long-term potential.

"Typical buyers that we're finding across <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> especially are your first-home buyers, your investors, your upsizers as well as your downsizers," Hawes says.

Connectivity remains one of the project's strongest drawcards. Residents have access to both Tallaw​ong Metro Station and Schofi​elds Train Station, providing links to the Sydn​ey CBD, Norw​est Business Park, Macquari​e Park and other major employment hubs. Retail centres including Rous​e Hill Town Centre and Sch​ofields Village are also nearby, alongside schools, parks and future healthcare infrastructure.

[smartcode_project:default project_id=149637 project_image_fid=351031]

For Stage 1 resident Roji, it is the balance between convenience and comfort that has defined the experience of living at Kew.

"For me, it's a balance of quality and convenience," she says. "Everything I need is right here."

"If I wanted to catch the train, Scho​fields Station is just around the corner. Tallaw​ong Metro connects me to the city."

More importantly, she says, the development has delivered something that cannot be measured in floorplans or specifications.

"<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> feels like home."

[smartcode_project:default project_id=149637 project_image_fid=351024]

As Stage 2 enters the market, that lived experience may be one of the project's strongest selling points. Buyers are not purchasing into an untested concept or a future promise. They are joining a community that is already taking shape.

Ongoing investment in transport, retail, healthcare and public open space continues to strengthen the appeal of Syd​ney's north-west growth corridor, while <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>'s established first stage provides buyers with a tangible sense of the community's future direction.

For a limited time, buyer can secure a new home at <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> with just a $10,000.

[smartcode_project_cta:default project_id=149637]

Kew Tallawong: A growing community taking shape in Sydney's north-west

<a href="https://www.apartments.com.au/developers/freecity">Freecity</a> has received development approval for its 51-storey mixed-use tower at 153-157 Walker Street, North Sydney, set to be one of the tallest mixed-use residential-led buildings in one of Sydney’s most sought-after commercial and residential addresses.

Lodged as a State Significant Development Application (SSDA) through the Housing Delivery Authority (HDA) pathway and approved by the NSW Department of Planning, Housing and Infrastructure following a comprehensive public exhibition and submissions process, <a href="https://www.apartments.com.au/new-apartments/153-walker-street-north-sydney-nsw-2060">the project</a> will deliver 296 apartments, alongside a 170-room, luxury hotel, activated retail and significant public domain improvements.

Situated just 200 metres from Victoria Cross Metro Station, on one of the largest developable sites in North Sydney, the development will rise to 234 metres, making it one of the tallest buildings in the suburb. With an end value of approximately $1.5 billion, the project responds directly to the NSW Government’s mandate to accelerate housing delivery in well-located, transit-connected areas.

<img alt="Freecity gets green light for mixed-use residential and hotel tower in North Sydney" data-entity-type="file" data-entity-uuid="192ec455-94bf-4e01-83ef-922b1b269d67" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Freecity%20-%20Walker%20Street%20North%20Sydney%201%20RESIZED%20.jpg?VersionId=Bzqp0SBHCDvLAHjA4QXkjuGoOEIh73Jl" />

The apartment mix will cater to a broad range of buyers, with 65 studio and one-bedroom apartments, 139 two-bedroom residences, 35 three-bedroom apartments, 48 four-bedroom homes, and nine penthouses. Residents will have access to a dedicated amenity level on Level 33, featuring a swimming pool with views towards the Harbour Bridge, Sydney Opera House and North Sydney CBD, as well as a gym, library, shared kitchen, lounge and outdoor entertaining areas.

The hotel will occupy the lower six levels of the building and include meeting and function spaces, a wellness centre with gym, yoga studio, swimming pool and sauna, further strengthening North Sydney's growing hospitality offering.

At ground level, the development has been designed to improve pedestrian connections through the precinct. More than 700 sqm of retail space will activate the street frontage, while a landscaped through-site link connecting Walker Street, Little Walker Street and Doris Fitton Park will provide new public open space with seating, paving and extensive native landscaping.

Freecity Group Co-Founder and Joint CEO Tony Sun said the project represents one of the most significant development opportunities currently available in North Sydney.

"This is one of the most significant development sites in North Sydney and it comes at a pivotal moment for the precinct," Sun said.

"North Sydney is undergoing a genuine transformation, and this project will contribute housing the city urgently needs while creating a landmark destination."

Executive Director of Development Michael Romano said demand for both residential and hotel accommodation would continue to strengthen as the Metro precinct matures.

"The structural demand for high-quality housing and hotel accommodation in North Sydney is compelling, and will only grow as the precinct continues to evolve around the new Metro station," Romano said.

Architectus has designed the tower, orientating the apartments to maximise views towards Sydney Harbour while introducing a sculpted façade intended to respond to light, wind and the surrounding skyline.

Architectus Principal Marko Damic said the design sought to create a tower that contributes to the public realm as much as the skyline.

"We wanted to design a tower that doesn't just sit in the skyline but actively participates and contributes to city life," Damic said.

First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and <a href="https://www.apartments.com.au/developers/perifa">PERIFA</a> have celebrated the topping out of <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf,</a> marking a significant milestone in the delivery of one of Syd​ney's most anticipated waterfront communities.

Located on Sydney's harbourfront at <a href="https://www.apartments.com.au/developments/putney-nsw-2112">Putney</a>, the project has now reached its highest structural point, with construction progressing strongly towards completion in 2027. 
&nbsp; 
The milestone was celebrated on-site with project partners Phoenix Property Investors, Mitsubishi Estate Asia, Versatile Construction, <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, consultants and stakeholders, to recognise the collective effort behind the transformation of the historic waterfront site into a vibrant new residential, marina and lifestyle destination.

[smartcode_project:default project_id=13962 project_image_fid=362240] 
&nbsp; 
<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will deliver a mix of waterfront residences and terraces, complemented by a private 36-berth marina, waterfront dining opportunities and a revitalised foreshore designed to reconnect the community with the river's edge. 
&nbsp; 
Abadeen Executive Chairman and Founder Justin Brown said the project represented a rare opportunity to create the next chapter in Sydn​ey's long history of successful waterfront precincts. 
&nbsp; 
"Throughout Sydney, some of the city's most sought-after addresses have emerged from carefully considered waterfront precincts such as Woolloom​ooloo Wharf, Walsh Bay and Breakfast Point," Brown said.

[smartcode_project:default project_id=13962 project_image_fid=362566] 
&nbsp; 
"What makes these places so successful is that they become much more than residential developments," Brown said.

"They bring together homes, hospitality, marina facilities, public spaces and a strong sense of community in locations where future supply is incredibly limited."

Brown has long described absolute waterfront land in Sy​dney as "finite."

"Once these opportunities are developed, they are rarely replicated. That's why Syd​ney's waterfront precincts have consistently demonstrated strong demand and long-term value growth over many decades. 
&nbsp; 
"<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is one of the few remaining opportunities to secure a residence within a masterplanned waterfront community that combines direct water access, marina ownership opportunities and a genuine village lifestyle just moments from the Sy​dney CBD."

[smartcode_project:default project_id=13962 project_image_fid=362564] 
&nbsp; 
PERIFA Founder and Managing Director Fabrizio Perilli said the project reflected a shared commitment to delivering exceptional places that create long-term value for residents and the broader community. 
&nbsp; 
"The topping out milestone is a significant achievement for the Versatile Group and a testament to the collaboration between all project partners, consultants and contractors involved," Perilli said. 
&nbsp; 
"Beyond the residences themselves, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will establish a new waterfront destination that celebrates the history, character and lifestyle of this unique location while creating a lasting legacy for future generations."

[smartcode_project:default project_id=13962 project_image_fid=291195] 
&nbsp; 
Construction is being delivered by <a href="https://www.apartments.com.au/builders/versatile">Versatile Construction</a>, with structural works now substantially complete across the precinct. Attention will progressively shift to the construction of the waterview terraces, apartment façades, services and interior fit-out works over the coming months. 
&nbsp; 
With limited residences and marina berths remaining, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> continues to attract strong interest from owner occupiers and downsizers seeking a premium waterfront lifestyle within close proximity to Putne​y Village, Rh​odes, Top Ry​de and the Syd​ney CBD. 
&nbsp; 
As one of the last opportunities to secure a residence within a new masterplanned waterfront community on Sy​dney Harbour, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is expected to remain a highly sought-after address for years to come.

[smartcode_project_cta:default project_id=13962]

Abadeen, PERIFA, top out Putney Wharf harbourfront precinct

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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

The inflation result the property market was waiting for

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GUEST OBSERVATION
The stars aligned over Warwick Farm, New South Wales, this week. Sharing the stage at the Aerotropolis Investor Forum, Prime Minister Malcolm Turnbull, New South Wales Premier Gladys Berejiklian and Liverpool City Mayor Wendy Waller were resolutely on the same script. For many Australians, including the prime minister himself, the fact that all levels of government are backing the Western Sydney airport project was remarkable. Yet bipartisan support is essential for such a project to succeed.
In a study released this week by the United States Studies Centre, we analysed the success factors of several US airport cities and found parallels that the Western Sydney development could draw on. We also identified policy settings that need to be resolved before the airport opens. That includes ensuring 24-hour operations, for a start.
What sort of development is this aerotropolis?
US geographic economist John D. Kasarda popularised the term aerotropolis to describe an integrated urban area around an airport – as opposed to the more usual ad hoc expansion of economic activity around airports.
<iframe src="https://www.youtube.com/embed/Oy3OSm1w-jY?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe>
Kasarda’s Aerotropolis.
The state and federal governments have adopted the term to define their aspirations for the greenfield site at Badgerys Creek. It presents, as Berejiklian told the overseas investors and infrastructure companies, a “once in a century opportunity” to go far beyond an airport as merely a runway and associated infrastructure.
The NSW government’s vision is more akin to Dallas-Fort Worth International Airport in Texas, the assembled advisers and government agencies explained. However, for every successful aerotropolis – like the Zuidas economic zone that hugs Amsterdam Schiphol airport, or the Dulles Technology Corridor along the main road linking Virginia’s Dulles Airport and Washington DC – there are many grand airport terminals struggling to remain viable.
The risk is lower in Australia, partly because of our more modest tastes in infrastructure architecture.
Even so, any new airport is at risk of being underused. This is especially true in a city where a new airport is competing against an incumbent.
However, all layers of government, but particularly the state government, are determined to avoid the Western Sydney airport becoming a white elephant, not least because the ultimate aim is to sell it to a private operator.
The American example
The most striking observation that arose from our study is that the NSW government has no power to deliberately shift air traffic to the new airport. This was de rigueur in 1970s and 1980s America.
The rise of Dallas-Fort Worth is a prime example. Dallas’s downtown airport at Love Field was closed, as was Great Southwest Airport in Fort Worth. Their traffic was amalgamated at Dallas-Fort Worth by legislative instrument (although a court challenge by low-cost carrier Southwest Airlines resurrected Love Field as its headquarters). The result is a major airport surrounded by one of the most economically productive metropolitan regions in the world.
Similarly, in Washington DC, noise complaints about Washington National Airport (later named after former US president Ronald Reagan) prompted authorities to force intercontinental jets to the new Dulles International Airport. US defence manufacturers set up offices nearby; hotels and conference centres followed. The counties around Dulles are now home to the highest concentration of defence aerospace headquarters and employees on the planet.
<img src="https://images.theconversation.com/files/221075/original/file-20180531-120499-eapx8h.PNG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Economic impact of commercial airports in the United States. United States Studies Centre/CDM Smith and IMPLAN (July 2014)
The state of play in Australia
Most US airports are owned and operated by government, in contrast to Australia. Because Sydney Airport is a privately run enterprise with agreed (if contested) operating restrictions, imposing further restrictions would be politically and financially impossible. Shareholders would demand compensation for any loss of business.
The restrictions on Sydney Airport (including noise-sharing routes, movement caps, and an 11pm-to-6am curfew) are due to federal law, not local ordinances as in the United States. Regardless, the Commonwealth is unlikely to further restrict traffic at the airport, not least because its proximity to the CBD is attractive to corporate travellers.
Instead, the governments must work with the hand they have been dealt. The NSW government is pinning its hopes for the aerotropolis on sectors such as defence aerospace, air freight logistics, advanced health care, and food agtech.
In many of these areas, however, Australia lacks a track record. New industries can be created, but it will be a case of starting from a position of weakness, rather than strength.
Take defence aerospace: Australia is a buyer of defence materiel rather than a supplier. What defence expertise there is is divided between South Australia, Queensland and Victoria, as well as NSW. This does not rule out its development as a major employment sector, but the conditions will need to improve. The planned defence aerospace precinct will have to attract many more businesses besides the anchor tenant, Northrup Grumman.
This was the point of the investor forum. Eight ministers, state and federal, were on hand and many made themselves available for investors to ask questions. This level of access at a public forum is unusual in Australia, and underscored the governments’ serious intent.
So what more can governments do?
Some policy settings need to be resolved before the airport opens. Legislating for 24-hour operations is a straightforward, but not uncontentious, move. Unpicking some other regulations may be trickier.
Take, for example, air services agreements. These are international bilateral treaties that restrict the number of flights between two countries. Within the detail of these agreements is a description of cities as greater metropolitan entities that would, if not amended, lump Western Sydney Airport with Sydney Airport under the same cap.
For the new airport to compete for passenger traffic, every tool at its disposal needs to be used to lure airlines. Removal from the bilateral quota is one such tool the federal government can use.
Similarly, a greater ability to vary landing charges and air traffic management fees for smaller airports needs to be considered for both Western Sydney Airport and Avalon Airport in Geelong. Competitive pricing is needed to attract low-cost carriers.
More fundamentally, governments need to stick to the bipartisan path on the airport’s development that shadow infrastructure and transport minister Anthony Albanese persuaded the Labor Party to adopt in the early days of the Abbott government. As the politicians on the aerotropolis forum stage know all too well, grand projects have been scuppered in Australia by political infighting.
Justin Wastnage, Non-resident Innovation and Entrepreneurship Program Fellow, United States Studies Centre, University of Sydney
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/western-sydney-aerotropolis-wont-build-itself-a-lot-is-riding-on-what-governments-do-97462" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Western Sydney Aerotropolis won't build itself – a lot is riding on what governments do

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GUEST OBSERVATION
This is an edited extract from Jacqui Dwyer, head of the RBA's information department, address to the Business Educators Australasia Annual Meeting.
Education in Australia is receiving a lot of attention at present. Against the background of Australia's core learning skills at school, there is much debate among educators about what we should teach, how we should teach it and how we should assess it. In terms of ‘what’ should be taught, the current debate provides a good opportunity to raise awareness of economics as a valuable field of study.
Economics is relevant to us all. Every day our lives are affected by economic decisions – ones we make personally and ones that are made by others. Economics is about how individuals and societies choose to allocate their limited resources to meet their needs and wants. It's about how we respond to incentives, make trade-offs, weigh up costs and benefits – and how we decide what is efficient and what is fair. Economics contains some powerful concepts and useful frameworks. It can help us better understand the choices involved in many personal decisions we make, and better understand the economic conditions and policies that affect our lives.
Given the relevance of economics, and the social benefits of economic literacy, how widely is it studied? Be it at high school or university, economics was once widely offered and widely chosen – but that is no longer true. This is weighing on both the size and diversity of the student population, with implications for economic literacy and the longer-term health of the economics discipline in Australia.
The High School Scene
First, I want to remind you of some of the key features of the economics landscape at Australian high schools.
Nationally, there has been a dramatic decline in Year 12 economics enrolments over the past 25 years of around 70%. Our case study of enrolments in New South Wales (for which we have the most detailed data), shows an even greater fall of 75% over the same period. This fall was concentrated in the early 1990s when economics was displaced by the introduction of business studies in 1991 – arguably a less analytically demanding and vocationally oriented subject (Graph 1).
<img src="https://www.urban.com.au/images/2018/5/29/G%201.gif" alt="">
In 1991, economics was the third most popular subject choice in New South Wales, surpassed only by English and mathematics. It was also taught in nearly all schools. These days, we find that it is taught in less than one-third of government schools and a little over half of non-government schools. Consistent with economics now being less available as a subject choice in government schools, there are sharply declining economics enrolments, especially in the comprehensive schools that the majority of students attend (Graph 2).
<img src="https://www.urban.com.au/images/2018/5/29/G%202.gif" alt="">
Another defining feature of the high school scene is the fall in the share of female students enrolled in economics. Again, in the early 1990s, there were roughly even shares of male and female students in economics classrooms, whereas these days there are roughly twice as many male students as female students (Graph 3). This gender imbalance is more pronounced than for STEM (science, technology, engineering and mathematics) and contrasts with the high and stable ratio of female to male students in the rival subject of business studies.
 
<img src="https://www.urban.com.au/images/2018/5/29/G%203.gif" alt="">
So over the course of a generation, there has been a pronounced fall in the size and diversity of the economics student population at Australian high schools. Has the same pattern been evident at universities?
The University Scene
In looking at university enrolments in economics, it is necessary to first establish what we mean by economics. At university, economics can be taken as a degree, a major or a subject within many different courses. We rely on each university's judgment about ‘how much economics’ counts as an economics enrolment when they report on this to the Department of Education and Training (DET).<a id="r2" href="https://www.rba.gov.au/speeches/2018/sp-so-2018-05-26#fn2"> </a>
Graph 4 compares economics enrolments in Australian high schools with university enrolments. It shows that while there has been a large fall in the level of economics enrolments at high school, economics enrolments at university have been fairly constant since the early 1990s and have fallen slightly since 2001 (when we have a series break in our data because the classification structure of subjects changed).
<img src="https://www.urban.com.au/images/2018/5/29/G%204.gif" alt="">
But how does this compare with growth in other subjects and the overall student population at university? Since 2001, while economics enrolments have edged down, enrolments in rival subjects have expanded, as has the total student population. In other words, economics is also being displaced at university by business-oriented subjects (banking, finance, management and commerce) and is lagging STEM in its ability to attract students (Graph 5). While these courses teach valuable skills, and some include similar skills to those learned in economics, economics students are a declining share of the university student population.
 <img src="https://www.urban.com.au/images/2018/5/29/G%205.gif" alt="">
One question that my colleagues ask is whether the declining share of students studying economics at uni reflects declining demand for economists in the job market. We actually don't know much about the level of demand for economic skills. But we do know that fewer universities are offering economics and half of those that do are in New South Wales and the ACT (Graph 6). Institutional concentration is not necessarily a problem – those universities that continue to offer economics may have high-calibre programs and attract high-calibre students. However, such concentration will weigh on the diversity of the economics student population if these universities do not have inclusive approaches to accepting students. Furthermore, the need to relocate to study economics will be a barrier for some students who might otherwise have chosen the subject.
 <img src="https://www.urban.com.au/images/2018/5/29/G%206.gif" alt="">
 
So let's look at some explicit indicators of diversity in economics. At university, there are more than twice as many male students as female students who study economics. And while there has always been a gender gap at university (unlike at high schools where gender balance once existed), this gap has widened over the past decade and is even more pronounced than presently at high school (Graph 7).
 <img src="https://www.urban.com.au/images/2018/5/29/G%207.gif" alt="">
Another important element of diversity is socio-economic status. A striking feature of the university data is the share of students studying economics who come from high socio-economic backgrounds – currently over 55%. This share has been increasing over the past twenty years, just as it has for economics students at high school (Graph 8). Furthermore, the share of university economics students from backgrounds of high socio-economic status exceeds that for rival subjects, and it significantly exceeds that for STEM students and the student population overall (Graph 9).<a id="r4" href="https://www.rba.gov.au/speeches/2018/sp-so-2018-05-26#fn4"> </a>
 <img src="https://www.urban.com.au/images/2018/5/29/G%208.gif" alt="">
<img src="https://www.urban.com.au/images/2018/5/29/G%209.gif" alt="">
 
What's Wrong with This Picture?
It is of concern to see the drift toward a smaller and more homogenous population of economics students – both at school and university. The number of students who study economics influences the level of economic literacy in society. And the diversity of those students ultimately influences the collective ability of the economics profession. Diversity has bearing on the economic questions that we ask, our approaches to answering them how we action solutions. Because those who study economics shape the discipline and determine economic policies, there are wider social benefits when the population of economics graduates is broadly representative of society.
The importance of diversity in the study of economics is increasingly being voiced by central bankers. The Chief Economist of the Bank of England, Andy Haldane, has been vocal about this issue. So too have researchers Amanda Bayer and David Wilcox who, in a US Federal Reserve discussion paper, identify pervasive imbalances in economics education in the United States and argue that this is a matter that warrants urgent attention.<a id="r6" href="https://www.rba.gov.au/speeches/2018/sp-so-2018-05-26#fn6"> </a>
So what has been driving the fall in size and diversity of Australia's economics student population? A number of forces are at work. To help inform the Bank's public education program, we have done a lot of data analysis and liaison with educators, education authorities and students. There are some dominant themes.
Economics has become less prominent. In the 1980s and early 1990s, economics was the subject of national debate. There was the lived experience of recession and big economic events like the floating of the dollar and the deregulation of labour and financial markets. So prevalent was the discussion of economics that former Prime Minister Paul Keating once said ‘I guarantee if you walk into any pet shop in Australia, the resident galah will be talking about microeconomic policy’. With Australia having experienced over a quarter of a century of continuous economic expansion, there is now a less involving – and less mature – national conversation about economics.
A relatively benign economic environment appears to have reduced the curiosity of students in seeking to learn about economics. However, the single largest factor weighing on the study of economics appears to have been the emergence of business studies as a subject choice in schools, and the growing dominance of business schools at universities.
When compared with rival subjects, economics has an image problem. Too few students understand what economics is and how it is relevant to them. Consequently, in a cluttered curriculum – at both high school and university – they are less likely to choose it. And if economics is no longer a core subject in many courses, the incentives to choose it fall further.
A key consideration in making a subject choice is its employability, especially given the effort and expense involved in investing in education. Many students - and importantly their parents - consider economics to be less employable than business-oriented subjects. They value subjects and degrees with a clear pathway to a specific occupation (e.g. by studying accounting you can become an accountant). However, the data tell us that graduate starting salaries are higher for economic students than students who take business-oriented subjects and that full-time employment rates are broadly similar. In fact, the sorts of skills acquired in the study of economics – such as analytical and problem solving skills – are likely to be highly valued as the nature of work changes (as explained by the Bank's Head of Economic Analysis, Alex Heath, in her speech on <a href="https://www.rba.gov.au/speeches/2017/sp-so-2017-12-01" target="_blank">Skills for the Modern Workforce</a>). It is perhaps because economics graduates are less likely to be employed in their subject field that the misperception about employability arises.
Role models are also important, and the lack of visibility of what an economist does results in a shortage of role models. Furthermore, to the extent that economists are visible, too often they are a homogenous bunch. This can have the effect of discouraging students, particularly females and those from minority backgrounds.
The lack of diversity in the economics profession speaks to implicit biases that also manifest themselves in the presentation of economic content – ranging from the lower rates of success in publication experienced by female economists, through to lower representation of females in economic examples in textbooks. Much has been made in recent years of the fact that females (or minority groups) rarely appear in textbooks, other than in stereotypic roles. This can be discouraging to female students and others who are not represented.
But in addition to all these factors that influence the choices a student might make, there are disincentives facing schools and universities in offering economics.
At the end of the day, schools and universities need to think about the value proposition of offering subjects. At high schools, where the fall in enrolments has been dramatic, principals need to assess whether economics enrolments are at a critical mass to support classes. They also need to have teachers who are equipped to deliver these courses. Over the past 20 years there has been a decline in the number of teachers who have themselves studied economics at university. With teachers increasingly teaching economics ‘out of field’, their confidence in delivering economics courses can be low.
Teaching economics at school is difficult. The concepts are analytically challenging and the script is always changing, given the need to include current economic conditions. The requirement for teachers to be across economic developments is demanding, especially if they are teaching out of field. Business studies, on the other hand, is easier to teach and has the (incorrectly) perceived benefit of greater employability. Consequently, in many schools, teaching resources have been allocated to business studies rather than economics.
Universities are faced with similar decisions about allocating resources. Additionally, their choices are influenced by government decisions that affect teaching revenue. Most domestic undergraduate students occupy ‘Commonwealth supported places’ where fee revenue is made up of a student contribution plus a government contribution. Economics is in the unfortunate position of being in the course group (along with law, commerce, accounting and administration) that has the highest student contribution and the lowest government contribution (Graph 10).
 <img src="https://www.urban.com.au/images/2018/5/29/G%2010.gif" alt="">
 
On top of this, analysis by Deloitte Access Economics suggests that, on average, universities only roughly break even in delivering economics to domestic students. But universities gain substantial revenue from courses offered to overseas students (where fees for economics and business courses can be twice those charged to domestic students). The business-oriented courses of commerce and management in Australia now attract around one-third of total overseas student enrolments; in fact, in 2015, there were 70 overseas students enrolled in commerce and management for every overseas student enrolled in economics. Consequently, business schools have been described as the ‘cash cows’ of Australian universities with large profits that are redistributed to fund other university activities, encouraging administrators to focus on offering business courses over economics.
The decision of administrators to favour business courses over economics is reinforced by lower completion rates in economics than in rival courses and university courses overall. Economics also disappoints on other metrics considered by administrators, such as rankings in research output.
A combination of these factors has left an entire generation of students less engaged with economics, less educated about it and potentially less equipped to understand or react to changes in their economic environment.
The Bank's Response
The Bank has always been committed to supporting people who want to learn more about economics and the Australian economy. Our observations about developments in economics education encouraged the establishment of the Bank's public education program. The program is still in its infancy, and we are grateful to you for the role you have played in helping us understand the needs of educators and students as we develop our educational resources and activities. In the course of doing this, we have learned much about how inaccessible economics can be and how much needs to be done to address that.
We have developed a series of resources that are designed to support students and educators, as well as being relevant for more general audiences. You can see these on the education section of the Bank's website. Our Ambassador program is well established with a group of young Bank economists delivering talks to students and educators across the country, including going into classrooms. We are out and about more, explaining what economics is, providing insights into what we do as economists and hopefully providing some useful role models. (This includes promoting awareness of role models outside the Bank, such as prominent Australian <a href="https://www.rba.gov.au/education/resources/women-in-economics" target="_blank">women in economics</a>.)
On more formal aspects of our program, we have made a <a href="https://www.rba.gov.au/publications/submissions/education/submission-to-nesa-review-of-commerce-years-7-10-syllabus/" target="_blank">submission</a> in support of economics being included in the middle years of high school in New South Wales. And the Bank is now an accredited provider of professional development for economics teachers. In fact, we look forward to seeing some of you at our annual Teacher Immersion Event next month.
Economics is relevant to students in many ways that they may not explicitly recognise. Students have great interest in understanding their own material welfare and that of society more broadly. They are interested in the personal and collective choices that determine such welfare, now and in the future. This all relates to economics. We need to make students aware of the ways in which economics can inform and empower them.
From improved economic literacy in the community, through to improved design of public policies, economics education delivers significant social benefits. In other words, there are civic returns to studying economics. Your role in encouraging that study is very important.
Jacqui Dwyer is head of the Reserve Bank of Australia's information department.
For the original speech, <a href="https://www.rba.gov.au/speeches/2018/sp-so-2018-05-26" target="_blank">click here.</a>
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What happened to the study of economics? RBA's Jacqui Dwyer

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EXPERT OBSERVATION 
Australian capital city dwelling prices fell for the seventh month in a row in May, with a fall of -0.2% which left prices down -1.1% from a year ago.
Sydney dwelling prices fell another 0.2% and have now fallen 4.5% from their August 2017 high, Melbourne prices fell another 0.5% and are down 1.6% from their November high.
 
Late last year Oliver predicted prices would drop between five and 10 percent.
Perth (-0.1%), Darwin (-0.2%) and Canberra (-0.1%) fell but Brisbane and Adelaide saw modest gains and Hobart remains very strong with prices up 0.8% in May or 12.7% year on year.
 
<img class="CToWUd a6T" src="https://mail.google.com/mail/u/0/?ui=2&amp;ik=b3e74386fa&amp;view=fimg&amp;th=163b8edf9574d7a0&amp;attid=0.4&amp;disp=emb&amp;attbid=ANGjdJ8yEFQwzoDUvcePcBG9z2954F0oQ74JXqS55cFGGqOXdCdvwdT1N5rNBYNayye8itcVkfOuurYBuLFnUn8Lqq4XyH2z8iIUzVkUo38NBM9xjM2WdQMrOTiAf_Q&amp;sz=w998-h650&amp;ats=1527816381594&amp;rm=163b8edf9574d7a0&amp;zw&amp;atsh=1" width="499" height="325">
Source: CoreLogic, AMP Capital 
APRA’s earlier tightening in lending standards for investors and interest only borrowers is clearly continuing to impact and along with poor affordability, rising supply, falling price growth expectations and the end of FOMO (fear of missing out) are pushing prices down in cities which have seen strong gains over the last few years, ie Sydney and Melbourne.
The latest round of tightening bank lending standards around borrower’s income and expenses is adding to this particularly in the very high home price to income cities of Sydney and Melbourne.
We expect prices in Sydney and Melbourne to fall another 4% or so this year, another 5% next year and to still be falling in 2020.
 
<img class="CToWUd a6T" src="https://mail.google.com/mail/u/0/?ui=2&amp;ik=b3e74386fa&amp;view=fimg&amp;th=163b8edf9574d7a0&amp;attid=0.5&amp;disp=emb&amp;attbid=ANGjdJ8dS9IyUYufyKljW7lgu1UCvwkNPXszTWBuHbF_xsRSAqdb5_oohOcZFAOy5cXgzlwEqOL0dDVgCFbKL2bmF9zbSsLxfF1eBgvd-pC1psmY1FEXwgg7B8tzHSA&amp;sz=w980-h636&amp;ats=1527816381594&amp;rm=163b8edf9574d7a0&amp;zw&amp;atsh=1" width="490" height="318">
Source: CoreLogic, AMP Capital
However, having not had the same boom over the last five or six years other capital cities are likely to perform better. Perth and Darwin look to be at or close to bottoming, Adelaide, Brisbane and Canberra are likely to see moderate growth and the boom in Hobart is likely to continue for a while yet.
Similarly home prices in regional centres (+0.2%mom/+2.2%yoy) are likely to hold up better with continuing modest growth as generally speaking they haven’t had the same boom as Sydney and Melbourne and so offer much better value and much higher rental yields. The average gross rental yield for regional areas is 4.9% compared to just 3.4% in the capital cities.
Capital city unit prices have been holding up better than home prices but may be starting to come under more pressure – they fell by 0.3% in May – as more supply comes on. The residential crane count may have peaked in Sydney and Melbourne but its still high meaning that there is still a huge amount of units to hit these two markets.
<img class="CToWUd a6T" src="https://mail.google.com/mail/u/0/?ui=2&amp;ik=b3e74386fa&amp;view=fimg&amp;th=163b8edf9574d7a0&amp;attid=0.6&amp;disp=emb&amp;attbid=ANGjdJ8xojTc_jnDT0AYF0qB8mZukTX8SEif1ZjQ-ZjgOFTUoWNAaNzGE2jfxjs5z8B6NjDsrcmuEkEdh5beT_8Ls0XjxR6hq6iu1fVzbiz59V_FDKrm0rymXzD-Dfk&amp;sz=w1048-h636&amp;ats=1527816381594&amp;rm=163b8edf9574d7a0&amp;zw&amp;atsh=1" width="524" height="318">
Source:  Rider Levett Bucknall Crane Index, AMP Capital 
Overall, Sydney and Melbourne are likely to see a top to bottom fall of around 15% spread out to 2020, but for national average prices the top to bottom fall is likely to be around 5%. A crash landing is unlikely in the absence of much higher interest rates or unemployment.
Implications for interest rates
The continuing weakness in home prices in Sydney and Melbourne will depress consumer spending as the wealth effect goes in reverse. It’s consistent with our view that the RBA will leave rates on hold out to 2020. Home price weakness is at levels where the RBA started cutting rates in 2008 and 2011, so while it’s not our base case we can’t rule out the next move in rates being a cut rather than a hike.
<a href="https://www.propertyobserver.com.au/https://plus.google.com/110172465327488162875?rel=author">SHANE OLIVER</a> is head of investment strategy and economics and chief economist at <a href="https://www.ampcapital.com.au/home">AMP Capital</a> and is responsible for AMP Capital's diversified investment funds.
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The slide in Australian home prices is set to continue: AMP's Shane Oliver

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<div>The top weekend auction offering was a trophy home at Bellevue Hill. </div>
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It was sold, at an undisclosed price, after being passed in at $16.2 million through The Agency agent Ben Collier at its onsite auction.
The home of UniLodge student accomodation company founder Jane Hewitt and husband, Mariner Securities director Gary Symons, had been listed with $15 million hopes.
They paid $11.71 million for the six bedroom Drumalbyn Road home (above) in 2013 when buying from APN News and Media chairman Peter Cosgrove.
<a href="https://www.realestate.com.au/property-house-nsw-bellevue+hill-128298906" target="_blank">The contemporary home</a> with Mediterranean overtones sits on 1415 square metres with a heated Peter Glass swimming pool.
The Agency's Ben Collier had the auction listing.
<div>Sydney's preliminary clearance rate fell to 52.3 per cent, down on last weekend’s final clearance rate of 56.1 per cent.</div>
<div> </div>
<div>"As results are collected it will be interesting to see if the final clearance rate will remain above 50 per cent," CoreLogic auction analyst Kevin Brogan said.</div>
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<div>The last time Sydney’s clearance rate fell below 50 per cent was between late 2010 and 2012 as the market moved through a downturn. </div>
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The first week of winter saw 2,272 auctions across the capital cities, with the market returning a preliminary clearance rate of 57.6 per cent.
Click here <a href="https://www.propertyobserver.com.au/images/2018/6/4/results-june4.jpg" target="_blank">to enlarge.</a>
<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/2018/6/4/results-june4.jpg" alt="">
Adelaide was the strongest capital at 68.2 per cent, with Canberra is second place at 65.9 per cent, while only 26.7 per cent of homes sold across Perth.
<div>
Melbourne returned a preliminary clearance rate of 61.6 per cent this week, increasing on last week’s 59 per cent final clearance. 
</div>
</div>
The top under the hammer sale was in Sydney's Greenwich when interior architect, Freya Reid, a principal of architecture firm Cave + Reid Design, and her husband, Peter Reid secured $5,750,000, which was $250,000 above reserve.
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<div>
Four of the eight bidders participated in bidding on the four-bedroom, three-bathroom home at <a href="https://www.realestate.com.au/property-house-nsw-greenwich-128267890">20 Wilona Avenue</a>, The Sunday Telegraph noted.
The contemporary home comes with heritage listed former coach house on its 713sqm block. 
They’d bought the property in 2007 for $1.9 million and completed a full redesign and rebuild in 2016.
Melbourne's highest sale was $5.44 million in Middle Park through Cayzer Real Estate. The 80 Nimmo Street offering was listed with $5 million to $5.5 million hopes.
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</div>
It was an <a href="https://www.realestate.com.au/property-house-vic-middle+park-128298970" target="_blank">original Edwardian residence</a>, with Little Page Street along its side, offered for the first time in over 60 years. 
Melbourne had the nation's cheapest sale when $255,000 was paid for <a href="https://www.realestate.com.au/sold/property-unit-vic-dandenong-128299778" target="_blank">39/39 King Street, Dandenong</a>.
Its price guide had been $210,000 to $230,000.
The two bedroom, two storey townhouse last sold at $157,000 in 2007.
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Weekend auction sales also included Brendan Moar, the gardening guru, who accepted $2.5 million in Camperdown.
It was sold at the pre-auction price guide, with just the one bidding of the two registered parties.
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<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td>
<h2>Auction highlights this week</h2>
</td>
<td>Saturday, 2 June 2018 </td>
</tr>
<tr>
<td colspan="2">
<table border="0" cellspacing="0" cellpadding="5">
<thead><tr>
<th>City </th>
<th colspan="2">Location </th>
<th>Value Sold </th>
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<tbody>
<tr>
<td colspan="2">
Most expensive
</td>
<td colspan="2"> </td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_0">
<td id="x_rpMostExpensive_tdMostExpensiveCity_0" align="left">Sydney</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_0" colspan="2">20 Wilona Av, Greenwich NSW 2065, 4 br House, Belle Property Lane Cove</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_0">$5,750,000</td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_1">
<td id="x_rpMostExpensive_tdMostExpensiveCity_1" align="left">Melbourne</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_1" colspan="2">80 Nimmo St, Middle Park VIC 3206, 4 br House, Cayzer Real Estate</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_1">$5,440,000</td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_2">
<td id="x_rpMostExpensive_tdMostExpensiveCity_2" align="left">Adelaide</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_2" colspan="2">9 St Anns Pl, Parkside SA 5063, 3 br House, Ouwens Casserly</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_2">$1,205,000</td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_3">
<td id="x_rpMostExpensive_tdMostExpensiveCity_3" align="left">Brisbane</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_3" colspan="2">95 Gordon St, Gordon Park QLD 4031, 5 br House, Place Newmarket</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_3">$1,683,000</td>
</tr>
<tr id="x_rpMostExpensive_trMostExpensiveRow_4">
<td id="x_rpMostExpensive_tdMostExpensiveCity_4" align="left">Canberra</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_4" colspan="2">16 Goble St, Hughes ACT 2605, 4 br House, RW Canberra</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_4">$1,312,500</td>
</tr>
<tr>
<td colspan="2">
Most affordable
</td>
<td colspan="2"> </td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_0">
<td id="x_rpMostAffordable_tdMostAffordableCity_0" align="left">Sydney</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_0" colspan="2">8/62 Alice St, Harris Park NSW 2150, 2 br Unit, AB Property Consultants</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_0">$500,000</td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_1">
<td id="x_rpMostAffordable_tdMostAffordableCity_1" align="left">Melbourne</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_1" colspan="2">39/39 King St, Dandenong VIC 3175, 2 br Unit, Del Real Estate</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_1">$255,000</td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_2">
<td id="x_rpMostAffordable_tdMostAffordableCity_2" align="left">Adelaide</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_2" colspan="2">15 Bradford St, Prospect SA 5082, 3 br House, HAR Property People</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_2">$422,000</td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_3">
<td id="x_rpMostAffordable_tdMostAffordableCity_3" align="left">Brisbane</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_3" colspan="2">25 MacSwiney St, Collingwood Park QLD 4301, 4 br House, HAR Springfield</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_3">$325,000</td>
</tr>
<tr id="x_rpMostAffordable_trMostAffordableRow_4">
<td id="x_rpMostAffordable_tdMostAffordableCity_4" align="left">Canberra</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_4" colspan="2">10/41 Blackall St, Barton ACT 2600, 2 br Unit, Philip Kouvelis Real estate</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_4">$690,000</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody></table>
 SOURCE Domain
 
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$16 million plus Bellevue Hill sale among weekend auction listings

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The budget end of Melbourne’s prestige market faces tough challenged, according to Melbourne buyers' agent Nicole Jacobs. 
Jacobs defines the entry-level prestige market as between $2.5 million to $3.5 million. 
"This gets you a fairly modest family abode in Hampton close to the beach, a single-fronted home in Albert Park that is liveable or a sizeable apartment or, if you are lucky, a townhouse in Toorak," she blogged.
But this section of the market had changed slowly over the past 12 auction weekends. 
"Properties that are compromised by way of position or floor plan, are unrenovated or on the wrong side of the street, are finding it tough," she told Domain readers.
"The family home market at this level is very discerning and it is often the buyer’s first big property upgrade.
"Expectations are high and the competition tough.
"They also know when the price does not reflect the value in the area.
The clear message for vendors was "meet the market or be on the market for some time".
"The market is changing and it is now time for buyers to have the upper hand," she says. 
Jacobs agrees good properties in this price bracket were still selling well, but the key was getting the price right. 
"Get it wrong and the property no longer attracts competition among anxious buyers. 
"It is passing in, in many cases on a vendor bid, and then appearing as a private sale with an asking price at or above the original advertised price range.
"Clearly, the only competition is the vendor."
Emma Bloom, from Melbourne buyer's agent Morrell &amp; Koren, told Fairfax Media that auctioneers were pulling out all stops to get the tiny number of bidders to raise their paddles. Many agents were also hitting the panic button and selling before auction.
"If you put in any bid, it's yours," she suggested.
"Everyone's standing around with their hands in their pockets."
But last month following a $9 million sale of a 2000sq m luxury house in Glen Iris, she expressed the opinion: "It was a ridiculous price." 
"Whoever says there is a slowdown needs to be watching what's happening in the leafy inner suburbs of Melbourne," she said.
Emma Bloom further claimed many expats fear the Australian property market could become even more competitive and expensive because of record low interest rates and high immigration.
<div class="cq-article-content-paras section">
<div id="article-inline-ad" class="adWrapper">"They are super nervous about the tide going out and being left with nothing," she advised, in an article on the $5 million plus market.</div>
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<div class="adWrapper">"They fear not having anywhere to live if they don't buy now."</div>
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<div class="adWrapper">Informed weekend market commentary came from long-established real estate agent Greg Hocking, from Greg Hocking Holdsworth, who suggested it was "a mixed bag at the moment.”</div>
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<div class="adWrapper">“Buyers are becoming more critical and that is very evident.</div>
<div class="adWrapper"> </div>
<div class="adWrapper">"We had a couple of decent sales today, but there were a couple of others where prospective buyers just stood there and did nothing.”</div>
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Nicole Jacobs says Melbourne's 'budget prestige' market is becoming a buyers' market

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EXPERT OBSERVATION
The Australian Bureau of Statistics (ABS) has released building approvals data for April 2018. Looking specifically at dwelling approvals, there were 18,701 houses and units approved for construction in April 2018.
The number of approvals is remarkably resilient considering that dwelling values are falling and there has been a significant volume of new housing approved over recent years.
In fact, building activity data for the December 2017 quarter showed there was a record high 46,359 dwellings approved for construction that had not yet commenced.
Since December 2017 a further, 77,634 dwellings have been approved for construction, it will be interesting to see just how many actually are built in the short-term given the backlog which already exists awaiting commencement.
<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/2018/5/31/pluse%201.jpg" alt=""> 
In April 2018, the 18,701 dwelling approvals were split between 10,618 approvals for houses and 8,083 approvals for units. The 18,701 approvals was the lowest monthly number of approvals since December 2017 however, house approvals were 0.7% higher over the month while unit approvals were -11.6% lower.
The 10,618 house approvals was actually the greatest monthly number of approvals since April 2015 while the 8,083 unit approvals was the fewest since December 2017. House approvals in April 2018 were just -2.2% lower than their recent cyclical peak while unit approvals were -31.9% lower than their peak.
 <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/2018/5/31/pluse%202.jpg" alt="">
Taking a closer look at units the data shows that approvals for high rise and townhouses fell over the month while low-rise unit approvals increased moderately. The chart also highlights the magnitude of the surge in high-rise approvals over recent years.
Historically the number of high-rise units and townhouse approvals has been fairly similar however, over recent years high-rise units have well and truly dominated the landscape.
With high rise unit projects becoming harder to make stack-up and presales more difficult as values fall, it’s expected that going forward there will be fewer high-rise approvals and potentially an uplift in medium density approvals such as low- rise units and townhouses.
 <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/2018/5/31/pulse%203.jpg" alt="">
The above chart shows a six month trend of the monthly house approvals data across each capital city. The charts show a clear declining trend in house approvals across Sydney, Brisbane, Perth and Adelaide. At the same time, approvals have remained steady over recent months in Melbourne and Darwin and have started to lift in both Hobart and Canberra.
 <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/2018/5/31/pulse%204.jpg" alt="">
On average over the past six months there have been far more units approved for construction in Sydney, Melbourne and Canberra and far more units approved in each of the other capital cities.
Although unit approvals have eased back of late, they remain close to historic highs in Melbourne and remain well above long-term average levels in Sydney, Brisbane, Adelaide and Canberra.
After years of booming unit approvals and a more moderate lift in house approvals, the recent falls in unit approvals comes at a time in which house approvals are climbing. As the data has shown, the recent declines in unit approvals are being led by high-rise units approvals which have surged to record levels over recent years.
Difficulty with getting finance and the necessary presales to proceed with large scale projects is likely to mean that moving forward houses and lower-density unit projects are likely to be the preferred options for developers.
That’s not to say that high-rise projects still won’t occur but they aren’t expected to be occurring at the magnitude seen over recent years.
Of course just because a dwelling is approved for construction doesn’t mean it will get built immediately.
The building activity data for the end of 2017 showed a record high volume of dwellings approved for construction but not commenced. If anything we would anticipate the number of dwellings in this category to increase further over the coming quarters, especially given the ongoing weakening of the Sydney and Melbourne housing markets.
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ckusher-ujnxiKuFQs

Building approvals remain resilient in face of falling dwelling values: Cameron Kusher

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Australian dwelling values slipped 0.1% lower in May, taking the annual change (-0.4%) into negative territory for the first time since October 2012, according to CoreLogic.
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In a sign the housing market downturn is becoming more entrenched, May marked the eighth consecutive month-on-month fall since the national market peaked in September last year, taking the cumulative fall in dwelling values to 1.1% through to the end of May 2018. 
Similar to the current softening in housing market conditions, the previous downturn, which ran briefly from late 2015 to early 2016, was also driven by tighter credit conditions. 
It lasted for only five months nationally, with national dwelling values falling by 97 basis points before surging higher again on the back of two 25 basis point cuts to the cash rate which led to a rebound in housing credit growth.
Click here <a href="https://www.propertyobserver.com.au/images/2018/6/1/index.jpg" target="_blank">to enlarge.</a>
<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/2018/6/1/index.jpg" alt="">
 
CoreLogic head of research Tim Lawless said Sydney and Melbourne performance has a big effect on the nation's figures.
“The negative headline growth rate is a symptom of weakening housing conditions across the capital cities, led by Melbourne and Sydney where previously, capital gains were nation-leading," Lawless said.
"Sydney and Melbourne comprise approximately 60% of Australia’s housing market by value, and 40% by number, so the performance of these two cities has a larger effect on the headline market performance.”
Click here <a href="https://www.propertyobserver.com.au/images/2018/6/1/annual.jpg" target="_blank">to enlarge.</a>
<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/2018/6/1/annual.jpg" alt="">
Melbourne has taken over from Sydney as the weakest performing housing market over the past three months Drilling down across the individual capitals shows Melbourne has taken over from Sydney as the weakest housing market, recording a 0.5% fall in values over the month to be 1.2% lower over the three months ending May. 
This is the largest decline in Melbourne dwelling values over a three month period since February 2012. Melbourne’s housing market was previously looking more resilient to value falls relative to Sydney. Recently however, auction clearance rates have been deteriorating, inventory levels are rising and transaction activity is tracking 12.9% lower than one year ago. 
Dwelling values slipped lower over the month across five of Australia’s eight capital cities. Apart from Melbourne, dwelling values recorded a month-on-month fall in Sydney (- 0.2%), Perth (-0.1%), Darwin (-0.2%) and Canberra (-0.1%), however, Sydney was the only capital city other than Melbourne to record a decline in dwelling values over the past three months, with a 0.9% fall. 
Hobart’s impressive run of capital gains continued and is showing little signs of slowing down with dwelling values jumping 0.8% over the month to be 3.7% higher over the rolling quarter and 12.7% higher year-on-year.
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Perth and Darwin showing signs of levelling. In Perth and Darwin where dwelling values have been trending lower since 2014, both cities recorded a subtle fall in values over the month, however, in a further sign that conditions are levelling out, dwelling values were up over the past three months across both cities. The annual rate of decline across Perth, at -1.2%, was the smallest annual fall in two years. 
The more expensive end of the housing market was the primary driver for weaker conditions. Nationally, the only value-based segment of the housing market to record an annual decline has been the most expensive quarter of the market where values were down 1.3% over the past twelve months. Simultaneously, the most affordable quarter of the market saw values rise by 1.0% and the broad middle of the market recorded a 2.3% rise in dwelling values over the year. 
At a national level, the weakness across the most expensive properties is heavily influenced by the Sydney and Melbourne markets where dwelling values are higher than other cities. 
In Sydney, the most expensive quarter of the market has seen dwelling values fall by 7.1% since peaking compared with a 1.4% fall across the least expensive quarter of the market and a 3.3% decline across the broad ‘middle’ of the market. Similarly, in Melbourne, the most expensive quarter of the market is down 3.3% since peaking, while the broader middle market saw dwelling values fall by 0.8%. The most affordable quarter of properties did not decline at all, remaining at record high values. The resilience across the most affordable quarter of the market in Sydney and Melbourne is likely attributable to the higher proportion of first home buyers, which, since the middle of 2017, appear to be propping up demand across the lower price points.
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Sydney property prices down 4.2 percent in first annual national decline since 2012: CoreLogic

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The busiest suburb for auctions this weekend is Reservoir in Victoria, with 20 homes set to go under the hammer, followed with 17 auctions scheduled in Port Macquarie in NSW and Bentleigh East in Victoria.
CoreLogic is tracking 2,121 capital city auctions this week, down slightly on last week’s 2,297 auctions held, with weekly volumes remaining relatively steady over past month while the weighted average clearance rate has continued to weaken. Over the same period one year ago, there was a considerably higher 2,578 auctions held.
As usual, Melbourne and Sydney are the two busiest capital city auction markets this week, with 990 and 791 homes scheduled to go to auction; down from last week’s final result which saw 1,132and 814 auctions held across the cities respectively.
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Auction activity is expected to be lower week-on week across Brisbane, Perth and Tasmania, while Adelaide and Canberra are expected to be the only capital cities this week to see a rise in volumes.
A Reservoir two bedroom unit priced at $550,000 - $600,000 has been scheduled for auction on June 2 (pictured below).
It is offered by Andrew Montalto and Lillian Akkari from Hockingstuart.
<a href="https://www.realestate.com.au/property-unit-vic-reservoir-128288882" target="_blank">Situated at 1/116 Boldewood Parade, Resevoir,</a> the unit comes with two bedrooms,  living area adjoined by a dining space and a kitchen, and secure single garage. 
It is close to Broadway shops, public transport, the recreation facilities of Gibson Reserve and bike paths by Darebin Creek.
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Another scheduled auction on Saturday is a Port Macquarie four bedroom house with a price guide of $660,000 to $710,000 (pictured below).
It is listed by Jenny Magill from Percival Property. 
<a href="https://www.realestate.com.au/property-house-nsw-port+macquarie-128208890" target="_blank">Located at 12 Cathie Rd,</a> the house on a 1270 sqm elevated lot features four bedrooms,  spacious dining/lounge room, enclosed patio and game room.
It is just a five minute walk to Emerald Downs Shopping Centre and tavern, and only a five minute walk to Watonga Street shopping precinct.
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Summary of Last Week’s results
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The combined capital city final auction clearance rate fell to 56.2 per cent last week; the third consecutive week where the combined weighted average has progressively declined. There were 2,297 homes taken to market which was only slightly higher than the week prior when 2,100 auctions were held and 56.8 per cent cleared. The last time clearance rates were tracking at a similar level was in early 2013 when volumes were less comparable over what was the January low period (667).
There were 1,132 Melbourne homes taken to market last week, increasing on the 1,033 over the week prior. The higher volumes saw the final clearance rate drop below 60 per cent, with 59 per cent of auctions successful down on the 62 per cent the previous week.
In Sydney, both auction volumes and the final clearance rate increased last week, with 814 auctions held returning a final auction clearance rate of 56.1 per cent, which was higher than the 54 per cent over the previous week when 672 auctions were held across the city.
Adelaide, Canberra and Perth all saw a week-on-week improvement in clearance rates, while Brisbane and Tasmania’s clearance rate fell.
Across the non-capital city regions, the highest clearance rate was recorded across the Hunter region, with 72.4 per cent of the 54 auctions successful.
 
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Reservoir ranks again as busiest weekend auction suburb

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The latest Australian Bureau of Statistics (ABS) figures for April 2018 show a big drop in non - residential approvals for NSW.
The April 2018 approvals for non-residential buildings in NSW have dropped from a high in December 2017 of $1,272 million to $877 million in April 2018 according to the ABS trend figures released today.
This represents a drop of 31% over a 4 month period which is of concern in relation to the jobs that flow from construction.
The residential approvals however seem to be stable with 5,744 approvals in April 2018 which is just ahead of the 5,691 approvals in March. Both detached houses and higher density apartment approvals were steady.
Click here <a href="https://www.propertyobserver.com.au/images/2018/5/31/taskforce.jpg" target="_blank">to enlarge.</a>
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There are concerns that the current slow-down in the sales of homes, particularly for pre-sales for apartments, could mean some projects will be delayed therefore reducing the job potential from residential construction. It is also clear that housing sales are slowing with the recent announcement by the NSW Treasurer of a drop in sales tax returns to the state government from the sale of new and existing homes.
The NSW Government will need to carefully watch the slowing amount of activity in the building construction sector that will impact on the 400,000 jobs currently generated by the sector. There are a number of levies applied by the state government and by councils that are impacting on the cost of housing that could be modified to help boost the supply of much needed housing particularly in Sydney. 
The Urban Taskforce is keen to work with the NSW Government to ensure that the significant number of jobs generated by the development sector is maintained over short and long term periods. 
CHRIS JOHNSON is the Urban Taskforce CEO.
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NSW sees non-residential building approvals drop by 31 percent

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Woods Bagot and Hecker Guthrie, Piccolo have unveiled its sequel to the multi award-winning success of Upper House and The Garden House.
Set in bayside Melbourne, on the cusp of Elwood village, the recently completed Elwood House delivers 30 boutique apartments.
Woods Bagot and Hecker Guthrie were the design team behind Piccolo’s 2011 Carlton apartment project The Garden House, a winner of six major property and design awards.
Piccolo director Michael Piccolo said there had long been a desire to replicate the success and timeless design of The Garden House elsewhere, but logistics had proved difficult, particularly when the project’s architect and Woods Bagot Design Director Nik Karalis moved overseas.
With the purchase of the former Elwood RSL Club site at 2 Pine Avenue in 2013 – a site Piccolo had his eye on for years when living just around the corner – as well as the return of Karalis to Australia, the pieces of the puzzle fell into place.
Located on the corner of Pine Avenue and Ormond Road, Elwood House features one, two and three bedroom apartments across four levels.
The building’s calming façade melds exposed concrete, slender profile brickwork handmade in Denmark and irrigated balcony planter boxes overflowing with greenery.
One bedrooms average a generous 50 to 80 square metres, while two bedrooms provide space to grow at 100 to 115 square metres and three bedrooms at 130 to a large 170 square metres.
The individual apartment interiors by Hecker Guthrie are entirely bespoke, with considered additions that surprise and delight.
Director Paul Hecker said the finest finishes include grey Aether natural stone floors and American Oak timber cabinetry adorns kitchens and storage areas. 
Created for Garden House, Apaiser’s ‘Piccolo’ bathtub sit in larger bathrooms.
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The project also features two retail tenancies fronting Ormond Road, beauty salon The Skin Boutique and the latest offering by Sixty One Group, the team behind favourites including Prahran’s Tall Timber, Richmond’s Touchwood, Hawthorn’s Short Straw, Fitzroy’s Marquis of Lorne and Carnegie’s Left Field.
The Group’s as yet unnamed café, to open in the coming months, will offer breakfast and lunch seven days, also serving dinner a few nights a week.
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