<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> (Urban) has broken ground at Keira Place, its new major mixed-use residential precinct in the heart of Wollongong CBD.

Held at 120-122 Smith Street, the groundbreaking marked the commencement of construction on Stage 1 of <a href="https://www.apartments.com.au/new-apartments/keira-place-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, with the opening of the new display suite. 
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Keira Place is a State Significant Development that will deliver new housing supply, affordable homes and inclusive living options within walking distance of Wollongong’s CBD, coastline, transport, hospital and education precincts.

[smartcode_project:default project_id=144442 project_image_fid=369868] 
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Stage 1 is now under construction and will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, along with activated ground-floor retail and commercial space. 
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Urban Co-CEO Patrick Elias said the groundbreaking represented a significant milestone for Wollongong and reflected Urban’s long-term commitment to regional cities.

“Today’s groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong’s city centre,” Elias said. 
&nbsp; 
“Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection.”

[smartcode_project:default project_id=144442 project_image_fid=369869] 
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Hon. Paul Scully MP, Minister for Planning and Public Spaces, Member for Wollongong said Keira Place is exactly the kind of development Wollongong needs – delivering new homes close to transport, employment and services, while supporting the continued growth and renewal of the CBD.

"This project reflects the Minns Labor Government's commitment to increasing housing supply in well-located areas." 
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Wollongong Lord Mayor Cr Tania Brown said Keira Place would deliver lasting community benefits for the city. 
&nbsp; 
"Keira Place is a welcome addition to Wollongong's CBD delivering new housing, affordable homes and activated street-level spaces that will benefit our community for years to come," Brown said. 
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"Urban Property Group's investment reflects the confidence that quality developers have in Wollongong's future, and I look forward to seeing this precinct come to life."

[smartcode_project:default project_id=144442 project_image_fid=369867] 
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Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a>, with interiors by <a href="https://www.apartments.com.au/interior-designers/dko">DKO,</a> Keira Place prioritises liveability and long-term performance, with landscaped shared spaces, generous apartment layouts and a pedestrian-friendly streetscape along Smith Street. 
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Residents will have access to landscaped podium areas, communal rooftop amenities with views to Mount Keira and the Wollongong skyline, and convenient ground-level retail.

The development will have 10-year Latent Defects Insurance by Resilience Insurance.

[smartcode_project_cta:default project_id=144442]

Joel Robinson

Groundbreaking marks start of construction at Keira Place in Wollongong CBD

Gold Coast-based developer <a href="https://www.apartments.com.au/developers/ignite-projects">Ignite Projects</a> has lodged a Development Application for a landmark $120 million precinct set to transform the southern gateway of the much-loved Spit.

Positioned at the most prominent entry point to the iconic peninsula, the project has been designed with a strong focus on architecture, public space, heritage and connectivity, delivering a revitalised parkland setting that invites locals and visitors to engage with the Broadwater.

Central to The Isles proposal is a significantly upgraded public realm, including landscaped open space, a new waterfront café, and a family-friendly park featuring a naval-themed playground, open lawns and improved pedestrian connections.

<img alt="Ignite Projects unveils exciting details of landmark gateway precinct for the Spit" data-entity-type="file" data-entity-uuid="de83a270-6091-4b26-bed0-86f9248e7f9e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/The%20Isles%201.jpg?VersionId=vt79HlCOwV9F7eLQe9.Z3bv9JGLMaSP2" />

The design retains and celebrates key elements of the site’s history. The training mast from the vacant and degraded naval cadet building, which forms part of a former Navy minesweeper, will be preserved. The existing Navy Memorial will be relocated and upgraded in collaboration with the RSL, allowing it to be publicly accessible for the first time in years. 
&nbsp; 
Heritage-listed Humphreys Boat Shed remnants will remain and be incorporated into the landscape, while the site’s established Norfolk Pines will be retained, reinforcing the area’s character and sense of place. The enhanced parkland will ultimately create a long-term community asset at the entry to The Spit. 
&nbsp; 
The Development Application (DA) lodged with Gold Coast City Council includes 28 waterfront apartments across three levels, ranging in size from 145sqm to 383sqm, designed as a feature landmark within the precinct and complement the public domain.

<img alt="Ignite Projects unveils exciting details of landmark gateway precinct for the Spit" data-entity-type="file" data-entity-uuid="bbf94e00-b56a-47fb-a15d-3d17b0b1ec76" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/The%20Isles%203.jpg?VersionId=A0vmBNE_KohYJo1EoZcmF5IVW4tT5aDo" /> 
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Ignite Projects Director Josh Foote said the project as a whole had been carefully shaped to deliver a meaningful outcome for the wider community, not just future residents. 
&nbsp; 
“This is about more than delivering opulent apartments – it’s about creating a welcoming and memorable gateway to The Spit that people can enjoy every day,” Mr Foote said. 
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“We’ve worked hard to ensure the public realm is a central part of the project, from the landscaped parklands and family-friendly spaces through to the preservation and celebration of important local heritage.”

<img alt="Ignite Projects unveils exciting details of landmark gateway precinct for the Spit" data-entity-type="file" data-entity-uuid="443bbde5-8221-45f8-a549-dad2623df20c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/The%20Isles%204.jpg?VersionId=iUl6nc.sHkjMdo_1RigwbwUz_celHJ3H" /> 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, The Isles adopts a considered subtropical approach, with the building form shaped to maximise natural light, cross ventilation and views to the Broadwater and surrounding parklands. 
&nbsp; 
Architect Rafael Contreras said the design responded directly to its unique coastal setting. 
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“Rather than a typical built form, the architecture has been shaped by performance and experience – from optimising outlook and privacy to creating a strong connection to landscape and climate,” Mr Contreras said. 
&nbsp; 
“A central landscaped courtyard allows light, air and greenery to permeate the building, while the articulated façade introduces movement and rhythm inspired by the Broadwater.

“The Isles will create a place where people can gather, relax and connect with the water, while also delivering a refined residential product that responds to its unique setting.”

<img alt="Ignite Projects unveils exciting details of landmark gateway precinct for the Spit" data-entity-type="file" data-entity-uuid="1089570d-1120-4302-9900-fb9f75c75c26" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/The%20Isles%205.jpg?VersionId=pl9qmKZNbaL3A7XjmD7sjhLwmXaqzzLZ" /> 
&nbsp; 
The DA relates to the residential and public realm components, with a proposed boutique marina to be progressed as part of a future stage, subject to separate approvals. 
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The Isles is being delivered under The Spit Master Plan, a collaborative vision to create a new residential, tourism, leisure, natural environment and cultural heritage hub on the iconic and much-loved peninsula.&nbsp; 
&nbsp; 
Ignite Projects has an established track record delivering premium residential projects across the Gold Coast, including The Monaco at Main Beach and Cabana at Palm Beach. 
&nbsp; 
Sales for The Isles are expected to commence in coming months from an on-site display suite, with construction targeted to begin later this year, subject to approvals.

Ignite Projects unveils exciting details of landmark gateway precinct for the Spit

The Federal Government’s sweeping changes to negative gearing and capital gains tax could trigger an unintended consequence: a surge of investor demand into the new and off the plan apartment sector.

While Treasurer Jim Chalmers has framed the reforms as a way to improve housing affordability and rebalance the tax system, the carve-outs for newly built housing are already positioning off the plan apartments as one of the few remaining tax-effective property investment plays.

Under the changes handed down in the Federal Budget, investors purchasing established properties after budget night will no longer be able to access negative gearing benefits. The Government will also replace the long-standing 50 per cent capital gains tax discount with a new inflation-indexation model and introduce a minimum 30 per cent tax on gains from July 2027.

However, there is a major exemption.

Investors buying new builds, including off the plan apartments, will still be eligible for negative gearing and will be able to choose between retaining the current 50 per cent CGT discount or adopting the new indexed model.

That distinction is expected to reshape investor behaviour almost immediately.

For years, established housing has dominated investor purchases because of its perceived lower risk, immediate rental returns and stronger historical capital growth. But with the tax advantages now heavily skewed toward new housing supply, the economics are changing rapidly.

The Federal Government has been explicit about its intent.

“The housing market and tax system are broken,” Chalmers said ahead of the Budget, arguing that existing concessions were disproportionately rewarding speculation rather than supporting housing supply.

The Government says the reforms are designed to encourage investment into new housing rather than established stock, a move aimed at increasing supply during a prolonged housing shortage.

According to the official Budget papers, limiting negative gearing to newly built homes is intended to “better align tax incentives with housing supply objectives.”

For the apartment development sector, particularly the off the plan market, the changes could become one of the strongest investor tailwinds in years.

Developers across Sydney, Melbourne and Brisbane have spent the past two years battling elevated construction costs, higher interest rates and subdued investor confidence. Many projects have struggled to secure sufficient pre-sales to commence construction, particularly in markets heavily reliant on investor demand.

The Budget changes may now alter that equation.

Investors seeking tax-effective property exposure will increasingly find themselves funnelled toward newly built apartments simply because established dwellings no longer offer the same benefits.

Commonwealth Bank described the reforms as one of the most significant shifts to residential property investment settings in decades, noting that the package is centred around “limiting negative gearing for residential property to new builds” while replacing the existing CGT framework.

That could have profound implications for the apartment sector.

Off the plan apartments already hold several advantages for investors. Purchasers typically secure a property at today’s price while settlement occurs years later, allowing time for capital growth and reducing the upfront capital burden. Brand-new apartments also generally attract depreciation benefits, lower maintenance costs, and stronger appeal to renters seeking modern amenity.

Now, they may also become one of the only residential property types still offering the full suite of historical tax advantages.

Industry analysts expect investor demand to increasingly migrate toward projects that can clearly demonstrate strong rental demand, transport connectivity and long-term supply constraints.

The shift is likely to be particularly pronounced in apartment markets already underpinned by structural undersupply, including inner Brisbane, the Gold Coast, parts of Sydney’s Lower North Shore and select Melbourne precincts where new apartment commencements have collapsed over recent years.

The reforms also arrive at a time when apartment supply nationally remains critically constrained.

Australia is already struggling to meet the Federal Government’s target of delivering 1.2 million new homes over five years. Construction feasibility pressures have delayed or shelved thousands of apartments across the country, particularly as building costs remain elevated and financing conditions remain tight.

Critics of the Budget changes argue the reforms could reduce overall investor participation in the housing market and place upward pressure on rents by discouraging investment in established housing.

Some economists estimate the measures could reduce housing supply over the longer term if overall investor appetite weakens.

However, the Government is betting that redirecting investor capital into new housing supply will offset those concerns.

“To continue to incentivise construction of new housing, investors building new residential properties will be able to choose either the 50 per cent CGT discount or the new arrangements,” the Budget papers stated.

That wording has been closely watched by the development industry because it effectively positions new apartments as the preferred investment class within residential property.

For off the plan developers, the reforms could become a powerful sales tool.

Projects that have increasingly relied on owner-occupier demand may once again attract investors seeking to preserve the tax advantages still attached to newly built housing before the July 2027 changes take effect.

The reforms are also expected to sharpen the divide between established and new housing markets.

Rather than a broad investor retreat from property altogether, many analysts expect a redistribution of capital toward sectors still supported by Government incentives.

That could create stronger demand for apartment projects in key urban growth corridors and transit-oriented precincts where population growth, migration and rental shortages remain elevated.

The policy direction also aligns with the Government’s broader push toward increasing housing density in established urban areas.

Across Sydney, Brisbane and Melbourne, planning reforms are increasingly encouraging higher-density apartment development around transport infrastructure and activity centres. By maintaining tax incentives for new housing, the Federal Government is effectively reinforcing that agenda from a taxation perspective.

For apartment developers who have spent years navigating subdued investor confidence, the changes may ultimately become the catalyst that reactivates parts of the off the plan market.

While the broader property sector is still digesting the long-term implications of the Budget, one thing is already becoming clear.

The era of investors buying established apartments and houses primarily for tax advantages may be ending.

But for off the plan apartments, the investment story may just be beginning.

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Investors to flood off the plan apartment market?

Adding to Chatswood’s growing skyline, <a href="https://www.apartments.com.au/new-apartments/the-anderson-chatswood-54-56-anderson-street-chatswood-nsw-2067">The Anderson</a> is grounded in a simple principle: apartment living in a major centre does not have to come at the expense of space and outlook.

Set on Anderson Street in the heart of <a href="https://www.apartments.com.au/developments/chatswood-nsw-2067">Chatswood</a>, the new residential tower, a collaboration between developers <a href="https://www.apartments.com.au/developers/changfa-group">Changfa Group</a> and <a href="https://www.apartments.com.au/developers/huirong-group">Huirong Group</a> with architecture and interiors by <a href="https://www.apartments.com.au/architects/ajc-architects">AJC Architects</a>, will introduce 122 apartments that prioritise generous proportions, considered orientation, and a strong connection to the surrounding heritage precinct.

The design originated from a Design Excellence Competition, where AJC proposed a building that combines suburban-style apartment scale with the density expected in a transport-rich centre. The development will include more than 1,800 square metres of retail and commercial space at street level, landscaped communal roof terraces, and a ground-floor pocket park framed by canopy trees. Together these elements aim to create a building that integrates with Chatswood’s evolving streetscape while maintaining a strong residential focus.

[smartcode_project:default project_id=151353 project_image_fid=353250]

A key driver behind the architecture was the desire to deliver family-sized apartments rarely seen in the Chatswood market. The Anderson includes a mix of one to four-bedroom apartments, with around 35 per cent of the residences configured as three or four-bedroom homes. At the top of the building, two double-storey penthouses span approximately 200 square metres each, reinforcing the project’s emphasis on scale and long-term liveability for both downsizers and intergenerational households.

Orientation and outlook were central to the planning of the building. The apartments are positioned to maximise views to the north and east across Chatswood’s heritage precinct, with upper levels capturing glimpses of the Pacific Ocean. South-facing apartments gain distant views toward the Sydney CBD and Harbour Bridge, while the building’s configuration intentionally reduces western exposure at lower levels to minimise overlooking toward the nearby railway corridor.

The external design references the character of the surrounding conservation area without replicating it directly. A brick podium anchors the building to the street and introduces a series of architectural portals that draw inspiration from the nearby Chatswood Presbyterian Church. Above this base, the tower shifts to a lighter, more open expression defined by horizontal lines and carefully detailed balconies that balance privacy with outward views.

[smartcode_project:default project_id=151353 project_image_fid=353254]

Toward the top of the tower, AJC introduces a distinctive lantern-like element formed by sliding screens. These screens provide both solar shading and privacy while also creating a visual marker for the building within the Chatswood skyline. The feature reinforces the architectural intent of the project, a structure that is visually refined while still responding to the practical requirements of apartment living.

Inside the residences, interior architecture focuses on clear spatial flow and practical everyday use. Open-plan living areas connect directly to large balconies, extending the internal living spaces outward and allowing natural light to move deeper into the apartments. Kitchens are designed as central working spaces with premium appliances and carefully selected materials, positioned to serve both daily living and entertaining.

[smartcode_project:default project_id=151353 project_image_fid=353256]

Bathrooms follow a similarly restrained design language, using refined fixtures and materials to create calm, functional spaces, while wardrobe areas adopt a gallery-style layout with integrated lighting and generous storage. These elements reflect a broader design approach that prioritises clarity, functionality, and durability over decorative gestures.

Positioned just a short walk from Chatswood Interchange, residents will have direct access to rail, metro, retail, and dining. The Metro extension allows travel from Chatswood to Martin Place in approximately 11 minutes, placing the CBD within easy reach for residents while maintaining the convenience of a walkable North Shore neighbourhood.

One-bedroom apartments at The Anderson start from $1,022,000.

[smartcode_project_cta:default project_id=151353]

How AJC designed The Anderson to bring oversized apartment living to Chatswood

<a href="https://www.apartments.com.au/developers/bridgewell-development">Bridgewell Capital</a> has lodged plans for a major mixed-use apartment development in the heart of Maroubra, seeking a significant uplift in height and density controls to deliver 120 apartments and a 120-place childcare centre near Maroubra Junction.

The State Significant Development application, filed through the NSW Government’s Housing Delivery Authority pathway, covers a 3,270 sqm amalgamated site at 251-257 Maroubra Road and 133-135 Garden Street. The proposal includes a concurrent rezoning that would increase the maximum building height from 12 metres to 35.6 metres and lift the floor space ratio to 4.02:1.

Designed by <a href="https://www.apartments.com.au/architects/bka-architecture">BKA Architecture</a>, the project would replace a mechanic’s workshop and several detached homes with a 10-storey residential building above four basement levels.

The scheme comprises 120 apartments, including 27 affordable housing units to be managed by a community housing provider for 15 years, alongside 203 basement car spaces and 92 bicycle spaces. A childcare centre occupying nearly 900 sqm of floor area would sit at ground level and be capable of accommodating 120 children and 22 staff.

<img alt="First look: Bridgewell plots 120 apartments and childcare centre in Maroubra town centre" data-entity-type="file" data-entity-uuid="038a0639-f9e4-4303-8fcc-d43e73fa480f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bridgewell%20pers.png?VersionId=eGBElxmNqJW.YF3JFYgHTnPgAstdyXR3" />

According to the Design Report, the project has been conceived as a “gateway proposal” that responds to Maroubra’s evolving urban character and its proximity to the town centre.

“Designed to complement the character of Maroubra’s town centre, this gateway proposal features a building scale that matches its surroundings,” the report stated.

“It integrates residential units above a ground-level childcare centre, fulfilling the strategic objectives of the Randwick City Council Masterplan.”

The apartment mix is weighted toward larger residences aimed at families and downsizers, reflecting changing demographics in the Randwick LGA and increasing demand for medium-density housing close to transport and amenity.

BKA Architecture said the proposal seeks to reinforce Maroubra Road as a civic spine while improving the pedestrian experience around the site through landscaping and upgraded public interfaces.

“The design capitalises on the following site opportunities: reinforcement of Maroubra Road as a civic spine, enhancement of pedestrian pathways and the public interface via new landscaping, and strong market demand for two and three-bedroom apartments to support families and down-sizers,” the Design Report noted.

<img alt="First look: Bridgewell plots 120 apartments and childcare centre in Maroubra town centre" data-entity-type="file" data-entity-uuid="ee509779-3c7e-4918-b03d-761c785459d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bridgewell%20site.png?VersionId=eZC4Ruyn.C7O.Qwfr1SVeP5.ds1c5.66" />

The building has been designed with setbacks and articulation intended to transition between the commercial intensity of Maroubra Junction and the surrounding lower-scale residential neighbourhoods. Communal open space is proposed on level one, while upper-level apartments would secure views towards Port Botany, Maroubra Beach and Sydney’s eastern suburbs.

The development sits around 200 metres east of the Maroubra Junction intersection of Anzac Parade and Maroubra Road, within one of Randwick’s identified strategic centres. The site is close to Pacific Square Shopping Centre, major bus routes, schools, parks and future cycling infrastructure proposed under the Maroubra Junction Masterplan.

The Maroubra proposal aligns with broader NSW Government initiatives encouraging higher-density housing near established centres and transport corridors, particularly where affordable housing is incorporated.

Bridgewell is also working on a <a href="https://www.apartments.com.au/news/qld/goldfields-sets-the-stage-as-quartet-milton-launches">new 55-unit project in Killara</a>.

First look: Bridgewell plots 120 apartments and childcare centre in Maroubra town centre

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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Australian Property Monitors (APM) has released a list of results from 434 auctions in Sydney for the weekend of March 1. The clearance rate was 82.7%. <a target="_blank" rel="nofollow" href="https://www.homepriceguide.com.au/saturday_auction_results/Sydney.pdf" style="font-size: 14px;">Click here</a> for the auction results, and click on each street address to see the property's marketing.
 
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APM's Sydney 434 auction results show a 82.7% clearance rate

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The Waterfront, Shell Cove, a masterplanned community in Illawarra, has awarded a tender for Stage Two of a $150 million boat harbour situated within the development. Won by Coastwide Civil and valued at $65 million, it is the second of three contracts for this part of the development.
Australand, the developer, and Shellharbour City Council, announced the winner of the tender together. Coastwide Civil also won the first contract for this stage of <a target="_blank" href="/news">Shell Cove</a>'s development.
They are calling <a target="_blank" href="https://www.shellcove.com.au/the-waterfront/">The Waterfront and Shell Cove</a> generally to be the future lifestyle, boating and tourist destination on the south coast of New South Wales. At completion, it will include a 300 berth boat harbour and a town centre with cafes, shops and restaurants.
Mayor Marianne Saliba said that this marks a move into the second stage without any recorded delays. The idea for a boat harbour in this area was first mentioned in the 1980s, according to <a target="_blank" href="https://www.illawarramercury.com.au/story/1981772/shell-cove-project-takes-shape-at-last/">The Illawarra Mercury</a>.
"The creation of the boat harbour and its surrounds is an exciting prospect for our community that will come to fruition during this next construction phase," Saliba said.
"The second stage involves the largest program of construction activities including almost 80 percent of the works to be undertaken on the harbour that will bring this long held dream of Council's closer to a reality," she said.
Australand Shell Cove development director, Glenn Colquhoun, said that stage one is nearing completion.
Stage two involves excavating almost 950,000 cubic metres of soil and rock to create the eastern harbour basin. It also includes constructing the boat harbour edge and constructing a boat ramp for the outer harbour. This is the largest of the three stages and will take three years to complete.
The final stage will be to connect the basin to the ocean.
“The Waterfront, Shell Cove will be one of the most significant pieces of infrastructure delivered in coastal NSW for many years and we are so pleased to appoint such a strong contractor as Coastwide Civil,” said Colquhoun.
More than $50 million to the entire residential development has been committed to the project to date, including the retention and maintenance of 11.5 hectare Myimbarr Westlands.
“The Waterfront, Shell Cove will be an integral part of the overall residential masterplanned community, offering an unbeatable home and lifestyle on the south coast,” he said.
It includes more than 60 hectares of public open space, an on-site primary school and a community centre.
<a target="_blank" href="https://www.propertyobserver.com.au/news/demand-remains-strong-for-australand-s-shell-cove-masterplanned-community/2013100865580">Launch day late last year saw all the 11 sites brought to market snapped up</a>, with the second release brought forward to cater for this demand. Prices for both have been <a target="_blank" href="https://www.propertyobserver.com.au/news/shell-cove-to-release-12-more-lots-this-weekend-following-strong-buyer-demand/2013102265883">somewhere from $310,000 to $400,000</a>.
jduke@propertyobserver.com.au
             
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jduke-EHk3XBmHkn

Residential masterplanned community’s $150 million boat harbour tender awarded

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Investors are being offered a rare opportunity to buy a residential development site, with development approval for an 18-level mixed use building in Sydney's exclusive suburb of North Sydney. 
Located at 225-235 Pacific Highway and 22 Angelo Street, the 1,538 square metre site is approved for 190 apartments with 11,937 square metres of residential space plus ground commercial/retail space of 867 square metres. 
<img alt="north-sydney-feb-26-one" height="288" width="470" src="/images/stories/2014/02/26/north-sydney-feb-26-one.jpg">
Knight Frank’s Andrew Drury, Peter Krieg, Brett Burridge and Dominic Ong have been appointed to sell the mixed use development site on behalf of industrial property investment group, Ford Land Company.
Mr Drury said that with limited development sites remaining in such prestige localities, <a target="_blank" href="https://225pacific.com.au/?">225-235 Pacific Highway</a> offers a rare opportunity to acquire such a property with valuable development consent.
The agents said that potential buyer could immediately start per-sales from settlement of the purchase.  
The approval consists of six, three bedroom penthouse apartments, 72 two bedroom apartments, 97 one bedroom apartments, 15 studio apartments, roof top communal entertaining areas, six levels of secure basement parking for 150 cars plus extensive storage areas. The approval also includes lower ground floor areas incorporating a tapas bar, restaurant and café and a top floor concierge apartment.
The DA approved site will be ready for construction to commence in July 2014. The public tender closes on 18 March.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
        
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Rare residential development site opportunity in North Sydney

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Melbourne-based unlisted property fund manager, Quintessential Equity, has leased a further 13% of its office building in Sydney's Lane Cove West, taking it to near fully occupancy. 
Quintessential Equity purchased the 166 Epping Road property last April when it was just 80% occupied. 
Following the recent leasing to a joint venture between Downer EDI Works Pty Ltd, a subsidiary of ASX-listed Downer EDI Limited, and Mouchel International (Jersey) Limited, a major international infrastructure and business services group - just two% or 161 square metres of the building is now vacant. 
Quintessential Equity director, Shane Quinn, said the additional lease agreement was a
positive result for investors in the Trust and demonstrated the success achieved through
proactive management by the company.
"Since we settled 166 Epping Road, we have made steps towards significant enhancements to the property, aiming to attract new tenants".
“We have enhanced the presentation of the space and worked with leasing agent specialists in the Lane Cove area to encourage new tenants to preview the refurbished office building".
The five level commercial building has three levels of office accommodation with a total net lettable area of about 7,129 square metres as well as two levels of basement car parking with 235 individual car spaces.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
                     
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Quintessential Equity sign additional lease to expand Lane Cove West office

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Several offshore parties are believed to be circling one of Australia's most prestigious hotels - the iconic Sofitel Wentworth - barely a week into the marketing of the five star hotel.  
Property Observer understand that a number of parties from China, Europe, the US and Singapore are already believed to be having a hard look at the hotel -  which has become famous for hosting Liberal Party gatherings on election night.
It is understood that the final buyer is likely to come from offshore and that the selling price will be about $200 million. 
LaSalle Investment Management acquired the hotel for $130 million in 2010, on behalf of the LaSalle Asia Opportunity Fund III.
Expressions of interest for the 436-room hotel close on 21 March through Jones Lang LaSalle's Hotels &amp; Hospitality Group and McVay Real Estate.
<a href="mailto:news@propertyosberver.com.au" target="_blank">news@propertyosberver.com.au</a>
<a href="mailto:news@propertyosberver.com.au" target="_blank"></a>            
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Numerous offshore parties circling the iconic five star Sofitel Wentworth hotel

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New statistics are showing an increasing trend towards urban apartment living in both Melbourne and Sydney, according to the Urban Taskforce. The Sydney Metropolian Program saw three quarters of the housing approvals being for apartments, however Urban Taskforce's CEO, Chris Johnson, warns that this number could slow as delays on Urban Activation Precincts hinder supply. “The December housing approval figures show that 76% were for multi-unit apartment projects which continues the trend at this level,” said Johnson. “For the last three months of 2013 apartments were 73.2% of all housing approvals and 71.1% of all housing completions.” He noted that Sydney is swinging towards more urban apartments in inner city areas with investors and owner occupiers showing interest. “There is also a clear swing towards more urban living with its greater variety of amenities by a number of demographic groups. It is important that the planning system supports zoning for apartments where people want to live," he said. The greatest number of apartment approvals by LGA in December for apartment approvals: <a href="/news">Parramatta</a> (463) <a href="/news">Waverly</a> (367) <a href="/news">Canterbury</a> (316) The highest number of apartment completions over this period: <a href="/news">Botany Bay </a>(368) <a href="/news">Willoughby</a> (295) Meanwhile, in Melbourne, five high rise projects totalling 2,000 apartments were approved in just one day. “The Victorian Planning Minister in approving a 63 storey apartment tower as well as two 55 storey towers is supporting the growing interest in apartment living in urban areas of Australia,” he said. “The demonstration of leadership by the state government in fast tracking these approvals is a lesson for other states where approvals are often delegated to other bodies.” He said that while many corridors in Melbourne can retain their suburban character, there are nodes where mid- and highrise is appropriate. “The swing towards apartment living in Australian cities seems to be part of a cultural shift to favour location over dwelling size. Coming with the new form of urban living is a more co-operative approach to sharing amenities like swimming pools, parks and gymnasiums," he said. A growing interest in rental properties may be behind much of this shift in Melbourne. <a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
              
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Shift towards apartments in Sydney and Melbourne needs government to keep up: Urban Taskforce

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A new 20-storey apartment complex, with 129 homes, will be launched in Bondi Junction in May, comprising of two towers.
The complex, named <a target="_blank" href="https://www.aquabondijunction.com.au">AQUA</a>, is being developed by Leighton Properties, along with joint venture partner, Melbourne-based Qualitas, and will be located on the corner of Oxford Street and Hollywood Avenue. This is the third joint venture arrangement between the two companies.
Built on 1,309 square metres, adjacent to a Westfield Shopping Centre, and near Bondi Junction train and bus interchange, the street level of the development will include retail and landscaped outdoor spaces.
<img width="470" height="524" src="/images/stories/2014/02/24/bondi-feb-24-one.jpg" alt="bondi-feb-24-one">
Not to be confused with <a target="_blank" href="https://aquapetsaquariums.com.au/">AquaPets Aquariam</a> at Bondi Junction, AQUA, at 241 - 245 Oxford Street, is also aiming for a four star Green Star design.
Most of the apartments will have Sydney Harbour, Opera House or ocean views, and they are all of north and easterly aspects. They vary from studios to three-bedroom apartments, and the complex will also feature rooftop gardens.
The interior design will be from Koichi Takada, renowned designer who has been involved in <a target="_blank" href="https://www.propertyobserver.com.au/https://showcase.propertyobserver.com.au/2/3">North Sydney’s Skye</a>, <a target="_blank" href="https://www.propertyobserver.com.au/developments/work-begins-on-australia-s-largest-cantilever-on-frasers-one-central-park-tower/2012102357266">One Central Park</a> in Broadway and <a target="_blank" href="/news">Pacific in Bondi Beach</a>.
The current median price for a unit in <a target="_blank" href="/news">Bondi</a> is $735,000, with a 14.2% increase over the past year. Achievable median weekly asking rent is sitting at $650 per week.
Kann Finch Architects, in collaboration with DC8 Studio, will be undertaking the design.
A glass lobby will link the two towers. They are placed on a podium, which is said to maximise the view corridors.
The north tower features “shell white” horizontal bands, while the south tower features contrasting “wayward grey” bands.
Gavin Tonnet, Leighton Properties national head of residential said that they have appointed Colliers International as sales agents, and anticipate marketing to begin in May when the display centre is ready on site.
“[Bondi] is already a great place to live, and our apartments will add quality and style unmatched for this area, and continue the transformation of Bondi Junction’s urban centre,” Tonnet said.
Qualitas’ director, Mark Fischer, said that it’s a convenient location for transport, shopping, restaurants and entertainment.
“We have no doubt AQUA will be Bondi Junction’s most prestigious residential building,” said Fischer.
The enquiry page sees interested buyers able to select options on a studio from "under $500,000" to "$600,000+", one-bedroom from "under $600,000" to "$800,000+", two-bedrooms from "under $900,000" to "$1.2 million+" and three-bedroom properties from "under $900,000" to "$2 million+".
jduke@propertyobserver.com.au
   
 
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Two 20-storey apartment towers, Aqua, to be launched in Bondi Junction

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Recently announced delays to strata reform have seen mixed responses, with some satisfied the time is being taken to ensure the previous drafts are carefully considered, and others concerned as to what delays mean to what was initially proposed.
Noting <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/strata-reform-see-developers-fear-more-onerous-requirements-but-concerns-may-be-misplaced/2014022067943">his fears for more “onerous requirements” on developers under changes to the current draft</a>, Urban Taskforce CEO Chris Johnson last week expressed his disappointment with the delays.
These delays are <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/changes-to-nsw-strata-laws-delayed-after-stakeholders-demand-more-time/2014021867843">said to be due to an "unrealistic timeframe" that may place the changes to the legislation in jeopardy</a>.
Brookfield Multiplex, a member of Urban Taskforce, while noting that they have not been officially informed of any delays to the reform package that involves amendments to the Home Building and Strata Management Acts, provided Property Observer with a written statement about the delays.
“Further, Brookfield Multiplex can not understand why there would be delays to introducing the legislation as draft bills were circulated in December and by and large there is consensus amongst the stakeholders on the key reform elements. Our expectation is that the legislation will be introduced into Parliament this session,” regional managing director of Brookfield Multiplex Australasia, David Ghannoum, said.”
“The current Acts are not working as the legislation intended. This is to the detriment of homeowners, consumers and the building industry. Accordingly Brookfield Multiplex remains a strong supporter of the reform package,” said Ghannoum.
Applauding the work of previous minister, Anthony Roberts, in developing the “much overdue reform package and for building a consensus around those reforms”, they encouraged the new minister to keep momentum up for the changes.
Urban Development Institute of Australia’s chief executive Stephen Albin, however, recently told Property Observer that he isn't expecting any major changes for developers due to the delay.
Back in November 2013, when the position paper was released, the <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/nsw-strata-law-reforms-get-thumbs-up/2013111466361">draft for changes to the reforms received a fairly broad thumbs up from a number of groups in the industry</a>.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Developers speak out against strata reform delays

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Australian Property Monitors (APM) has released a list of results from 537 auctions in Sydney for the weekend of February 22. The clearance rate was 86.0%. <a target="_blank" rel="nofollow" href="https://www.homepriceguide.com.au/saturday_auction_results/Sydney.pdf" style="font-size: 14px;">Click here</a> for the auction results, and click on each street address to see the property's marketing.
    
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APM's Sydney 537 auction results show a 86% clearance rate

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The delay to the reforms of the New South Wales Strata Act is being called a disappointment that may see the introduction of “onerous requirements” for developers, according to Urban Taskforce CEO, Chris Johnson.
The six month delay of the reforms comes as stakeholders are asking for more time, with <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/changes-to-nsw-strata-laws-delayed-after-stakeholders-demand-more-time/2014021867843">October suggested as the potential date to expect the changes to be pushed to</a>.
Johnson said that a number of members were looking to re-enter developing in the apartment market on the basis of the proposed reforms, but that they are now reconsidering in light of the delays.
“The development industry has gone along with the reforms as a package but the delay announced by NSW Fair Trading could untangle agreements to-date,” he said.
“It is vital to diffuse the litigious environment around defects resolution and we supported the use of independent assessors and the use of a retention fund of 2% to cover defects but the delays could see other more onerous requirements added to industry costs.”
Johnson told Property Observer that they’ve reached a reasonable package between the various parties, and they’re concerned as to what any changes now may mean.
“The groups that seem happy about [the reforms] taking more time are generally the owners corporation network and consumer groups,” he said, noting that they’d worked with these groups in the past to come up with the current arrangement.
His fear is that the reforms will become skewed against the development industry.
“The reality is that the New South Wales government has been slow in bringing in reforms to do with planning and now the strata act. We’re only a year out from an election and any good bold reformist decisions need to be made well away from that time,” he said.
However, the Urban Development Institute of Australia’s chief executive Stephen Albin disagreed with claims that it will make developers reconsider.
“I don’t think that people will put off plans based on a change in three months, we have been talking about these reforms for the last six or seven years, it isn’t a deal breaker for investors,” Albin told Property Observer.
“The delays aren’t ideal, it would have been great had the whole legislative package been together, but I think one of the important points is that there’s transparency and certainty. The whole package needs to go to parliament as one. It’s a smarter move than putting two bits of legislation up at different times,” he said.
“These laws, which are all about creating better infrastructure, better communities, may be subject to politics and that’s not a good thing, but I think they’ve done the right thing to put the package together as one.”
The UDIA, who have been involved with assisting the legislation for five years, said that there has been a general consensus towards these changes.
Any further requirements for the developers may be changes in the margin, but he said that there are unlikely to be substantial differences as a result of the delay.
“We’ve learned lessons from the planning system and the way planning reforms have been a subject of political misinformation, this time we go in with our eyes wide open,” he said.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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