Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

GRAYA greenlit for riverfront St Lucia apartment development, Silk

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?

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The Barangaroo waterfront development project on Sydney’s western CBD foreshore ought to proceed, even if the nearby Wynyard station faces being overloaded after the project’s completion, the project's lead architect says.
“Would it be better with more public transport? The answer is yes,” Lord Richard Rogers said when asked if there was a public transport deficit surrounding the project.
“You have to go ahead, even without it, as otherwise the precinct will be even less sustainable,” Lord Rogers said in an interview proceeding the release of the NSW Auditor-General's report that suggests an extra 13,000 commuters a day will pass through Wynyard station to get to work at Barangaroo within a decade.
The Auditor-General's report highlighted the transport challenge of delivering 22,700 people to Barangaroo, with the former government lacking any specific transportation initiatives.
“It was a pity they (the Labor government) haven’t done more and I hope [the Coalition government] go ahead now, especially with the light rail,” Lord Rogers said.
He said all he could assume was if the density was increased “then ideally a visionary government will put the public transport”.
“It will all help – using the harbour more would be wonderful. I don’t understand why it’s used so little,” he said.
Lord Rogers describes the renewal of the 22-hectare stretch of concrete and East Darling Harbour wharves as ''turning Sydney's back door into another front door''.
“The water is critical, the public space is critical, the city is growing and you need more public space,” he says.
The Barangaroo Development Authority has set a target that 63% of commuters will travel to the precinct by train.
“You could also persuade people to go by bicycle … and you wouldn’t have a congestion problem here if 37% went by bike like in Copenhagen.
“It would help if Sydney had more walking, better roads, beautiful trees and safer footpaths,” he says.
“I have been delighted to see there’s a lot of stress on new infrastructure and public transport (from the new government), which I think is really critical,” Lord Rogers says.
“It would be wrong to restrict the development to existing infrastructure,” said Ivan Harbour, a partner at London-based architectural firm Rogers Stirk Harbour + Partners, whose design was selected for the project.
Lord Rogers spoke about the development when he was in Sydney in May to review the project and to meet NSW Planning Minister, Brad Hazzard.
Wynyard, which opened in 1932, averages about 108,000 passenger movements a day between Monday and Friday. As the third-busiest station on the CityRail grid, it has more than 37,000 people arrive there every morning.
The Auditor-General’s report revealed that even without the Barangaroo development, Wynyard would hit capacity by 2017.
''The success of Barangaroo depends very much on people being able to get there and leave with ease,'' Auditor-General Peter Achterstraat says.
The NSW Planning and Infrastructure Minister, Brad Hazzard welcomed the AuditorGeneral’s report on Barangaroo, stressing it highlighted issues Labor failed to address when in government.
“Barangaroo is a bold project for Sydney and this report confirms the government’s view thatthe former Labor government failed to address all aspects needed to maximise the potentialof this project,” Mr Hazzard says.
“The report also confirms the government was right to instigate a ‘short?sharp review’ of theprocesses involved in Barangaroo.
“What is contained in the Auditor-General’s report comes as no surprise to the newgovernment, but is a very valuable tool in ensuring the best possible outcome forBarangaroo.
“Barangaroo is a golden opportunity for world?class development and working with Lend Lease, the NSW Government will ensure Sydney becomes number one again.
“I will be working with my colleagues, including Transport Minister, Gladys Berejiklian toaddress the issues necessary to make the outcome of Barangaroo the very best.”
The Australian Institute of Architects NSW Chapter says there is an urgent need to analyse the transport requirements for the development site and for the government to be satisfied that the requirements would be met within the timeframe of the proposed development of Barangaroo South.
“A full transport plan is required,” the institute says in its submission to Brad Hazzard’s review of the project.
“The government has an obligation to co-ordinate adequate infrastructure to respond to the transport needs of the site’s development.
“While the proposed ferry service will be a welcome addition to the transport mix, what is needed for the anticipated peak-hour demand is a second heavy rail line or a Metro, and possibly both.
“There is a possibility at Barangaroo of creating a new precinct that fundamentally alters the public/private transport mix in favour of public transport.“But a shift of this kind requires careful long-term planning and infrastructure funding.
“The Transport Management and Accessibility Plan submitted with the developer’s concept plan modification proposal was largely completed in 2008, prior to the cancellation of the City Metro.
“The 2010 update acknowledged the need for a new high-volume pedestrian tunnel from Barangaroo to Wynyard Station and George Street and two bridges over Hickson Road.
“The problem is that Wynyard Station is known to be over capacity already.
“The design of the platforms has been assessed as being critically narrow to the point of risk to life.
“There needs to be an analysis of the loading capacity of light rail from the CBD to Circular Quay via Sussex Street and Hickson Road and of the ferry service to and from Margaret Street, particularly at peak hours.
“In addition, an appropriate area needs to be set aside for transport purposes at the southern end of the site to safeguard future heavy rail and future metro services,” the institute says.
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jchancellor-FAypfDUnLy

Barangaroo must proceed, even with Wynyard woes: Lord Rogers

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Property group Dexus has paid $17 million for a 27,128-square-metre industrial property in La Palma, California.
The initial purchase price yield is 4.3%.
The US acquisition comes exactly a week after Dexus offloaded a 70,000-square-metre Toronto warehouse for $67 million.
The building, at 5911 Fresca Drive, has 149 square metres of newly appointed office space and has direct access to the 5 and 91 freeways, as well as close proximity to the Los Angeles and Long Beach ports.
The acquisition enhances Dexus’ presence in the California market and grows its US portfolio, which now comprises 88 industrial properties totalling more than 2.3 million square metres.
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lschlesinger-FZcF9M3vE6

Dexus acquires Californian warehouse for $17 million

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Receivers have been appointed to sell two Queensland golf courses bought in 2002 by a Babcock &amp; Brown investment syndicate.
 The Robina Woods golf course, considered by many to be the most picturesque on the Gold Coast, has been listed for receivership sale through CB Richard Ellis and McVay Real Estate, along with the nearby The Colonial course.
 The courses have been listed for sale under instructions from Joseph Hayes and Jamie Harris from McGrathNicol as receivers and managers of Playmore Golf Pty Ltd.
 Former Babcock &amp; Brown chief executive Phil Green has been one of the three directors of Playmore since 2002, along with Sydney entrepreneur Danny Goldberg, and Malta-based Eric Lucas.
 The property was bought in 2002 for $7.28 million from the American Golf Corporation.
A recent meeting of creditors was attended by 16 creditors with claims totalling $3.86 million.
Reporting on its purchase, the Australian Financial Review noted the investment syndicate was managed by Babcock &amp; Brown.
Noting Babcock &amp; Brown was one of Australia’s savviest property investors, the newspaper quoted Babcock director Michael Maxwell as saying golf was a sector with growth potential as a wave of people retired from the main cities.
Maxwell said Robina Woods and The Colonial were examples of golf courses where there was a mature environment that could generate acceptable investment returns.
“It’s not a sector you can just waltz into,” Mr Maxwell told the AFR.
The highly rated championship golf courses are within a few kilometres of each other in the master-planned residential community of Robina.
 Offers are due by August 18, with agents Mark Witheriff and Paul Nyholt of CBRE, with McVay Real Estate’s Will and Sam McVay, expecting international interest.
“Courses of this standard are rarely offered to the market, with Royal Pines being the last Gold Coast course to change hands in 2009,” Mr Witheriff said.
 Prospective purchasers could include time-share and hotel operators.
 Robina Woods is an 18-hole, par 71 course on 61 hectares.
 The Marsh Waston-designed course opened in 1990 and incorporates a landmark clubhouse with food and beverage facilities and banquet rooms. There are tennis courts and access to a wedding chapel.
 The Colonial is an 18-hole, par 72 course on 75 hectares designed by Mitsuaki Kobayashi, which opened in 1992. Built by Nara Australia Pty Ltd, the course opened as Paradise Springs Golf Course. Its facilities include a Queenslander-style clubhouse, pool and spa.
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Babcock and Brown’s Queensland golf course investment caught in the rough

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Residential building activity has surged in Victoria, with the value of building permit activity for high-rise apartments up 70% to $2.9 billion, according to the Building Commission.
Overall building permit activity in Victoria in the 11 months to the end of May was valued at $22 billion – just 1% higher than the same period in the previous financial year.
“Residential was the standout category,” acting building commissioner, Peter Donald says.
Domestic housing building permit activity remained steady when compared with the same period last financial year, creeping up 0.6% to $12 billion.
Mr Donald said there was a 33% decrease in the value of building permits for public buildings over the 11-month period, reflecting the ongoing wind-down of government stimulus programs.
Commercial building was 5% below the same period in the 2009-10 financial year.
Inner Melbourne was the only region to record a rise in building permit activity, improving 11% to $8.9 billion.
The falls in building permit activity ranged from 0.3% for outer Melbourne to 18% for the north-east region of rural Victoria.
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High-rise apartments lead Victoria’s residential building surge

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Property developer Frasers has entered an agreement with Japanese construction firm Sekisui House to jointly develop the majority of the $2 billion Central Park project in central Sydney.
While the value of the deal has not been disclosed, a spokesperson confirmed that it is 50/50 joint venture.  “Both parties are equal partners in the joint venture,” she told Property Observer.
Work on the 5.8-hectare, mixed-use site began in late 2008 and completion of the project is expected to take between eight and 10 years.
To date, more than 500 apartments have been sold off-the-plan for the first residential stage, ‘One Central Park’, which is due for completion by mid-2013. The 116-metre, 33-storey tower will comprise a 632 apartments upon completion and has been designed by French architect Jean Nouvel.
The first batch of 228 apartments, priced between $460,000 and $1 million, was sold off-the-plan within six weeks of being released in August 2010.
A second batch of 100 apartments was released in October 2010, priced between $515,000 and $1.2 million, and a third batch of 150 apartments was released in December 2010 between $610,000 and $1.25 million.
Central Park is 1.5 kilometres from the Sydney Town Hall and is defined by Broadway, Abercrombie Street, O’Connor Street, Wellington Street and Kensington Street in Chippendale.
Upon completion Central Park will comprise about 1,900 apartments, student housing, a hotel, a 16,000-square-metre multi-level retail centre and a 75,000-square-metre commercial office campus.
Due to the demand, construction of Central Park’s second residential stage, ‘Park Lane’, has been brought forward, with construction expected to begin shortly.
Frasers is currently involved in similar joint ventures with Sekisui House in Singapore.
Sekisui House Limited has a market cap of 541 billion yen ($6.76 billion) and recently marked the completion in Japan of two million homes.
Under the terms of the joint venture, which will come into effect after satisfaction of relevant conditions, Frasers will continue as development manager, project manager and sales and marketing manager for the project.
Frasers Property Australia CEO Guy Pahor says the joint venture will allow Frasers to recycle capital into other development opportunities in line with the company’s strategic growth objectives.
Frasers purchased the site in 2007, began demolition and early infrastructure works in 2008 and achieved master plan approval in early 2009.</body></html>

Japanese developers partner with Frasers on Central Park 

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China's central bank has raised interest rates by 25 basis points – the third rate rise this year and its fifth rate increase in the latest round of tightening.
The government continues its fight against high inflation in what is the world's second-largest economy, although some commentators in China have raised concerns that the central bank had already tightened policy too far, choking off credit to small and medium-sized companies.
As the Wall Street Journal notes, how China balances controlling inflation with keeping up growth is of keen importance to the global economy.
China's consumer price index rose 5.5% in May from a year earlier – the fastest pace in nearly three years. Analysts widely expect inflation to top 6% in June before gradually declining in the second half.
The inflation figures are due to be released on July 15, along with gross domestic product figures that will likely show the rate of economic growth slowed in the second quarter.
"With inflation over 6% in June, the focus on inflation is understandable," Mark Williams, an economist at research firm Capital Economics, told the WSJ.
The PBOC said in a statement it will raise the one-year yuan lending rate to 6.56% from 6.31%, and the one-year yuan deposit rate to 3.50% from 3.25%, effective Thursday.
The move comes after the PBOC announced increases in its benchmark lending and deposit rates on April 5 and February 8, following two such rises in 2010. The PBOC also raised banks' required reserve ratio six times in 2010 and six times so far this year.
Bloomberg reports Chinese Premier <a href="https://topics.bloomberg.com/wen-jiabao/">Wen Jiabao</a> said last month that the government may not reach an annual inflation target of 4% after the rate was 5.2% in the first five months.
Besides raising rates, policy makers have boosted banks’ reserve requirements to record levels, restricted mortgages and home purchases, and allowed gains by the yuan against the dollar.
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China lifts rates for third time this year

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Mining magnate Clive Palmer, Queensland's richest man, has bought the Hyatt Regency resort at Coolum on the Sunshine Coast.
"The Hyatt Regency is one of the state's leading resorts and has a rich history," Mr Palmer said.
The purchase price has not been revealed but it was expected to fetch considerably more than the recently sold $35 million Sheraton Mirage at Port Douglas, which Mr Palmer gave consideration to buying.
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Mining magnate Clive Palmer snaps up Sunshine Coast resort

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Time on market for prestige houses and units in the ACT has blown out due to an oversupply of properties, according to CBRE’s latest market assessment.
Properties priced between $500,000 and $1 million are taking between two and six months to sell, while those priced above $1 million are taking between three and six months to sell.
As a result, the prestige ACT market is now a buyer's domain, according to CBRE’s ACT Residential Marketview for the second quarter of 2011.
Prestige sellers in the outer suburbs of Canberra are particurlarly struggling, CBRE associate director for valuation and advisory services, Marcus Hon told Property Observer.
 
Prestige units are taking longer to sell than prestige homes due to an oversupply of properties.
“Asking prices are staying put. But units that would have taken one or two months to sell are now taking four months to sell,” he explains.
According to Mr Hon, realistic pricing has become very important in the prestige sector to stimulate genuine buyer interest, given the current level of buyer caution.
But strong conditions remain in the investment market, with off-the-plan sales exceeding expectations.
“There has been speculation that the minimal 5% outlay has been the persuasive factor in getting potential purchasers to commit to residential projects,” says CBRE global research and consulting manager Sam Reilly.
“However, this has created a degree of risk as over 1,000 settlements are due to occur in the next two years.”
The prestige market remains strongest in suburbs closest to Canberra where there is limited supply with Hon noting good levels of inquiry in the inner north and southern suburbs.
There have been some exceptions.
According to Mr Hon, a prestige home in Nicholls, Gunghahlin, sold recently for $1.6 million.
Gunghahlin was recently the site of the biggest land sale of the year in the ACT with a 35-hectare site selling in June to the Village Building Company for $36.25 million in an auction that attracted bids from 11 local and interstate companies.
The ACT housing market remains strongest for properties priced around the RP Data median price of $483,750.
CBRE says buyers and sellers are well-matched in the entry level house and unit market, where properties are priced around $500,000.
While CBRE has noted “reasonable levels of enquiry” in this price bracket, a buyers’ market has emerged for properties above this mark.
Overall, the ACT residential market has bucked the national trend of falling housing prices despite its economy forecast to underperform relative to the national economy up until 2015.
Deloitte Access Economics forecasts growth per annum of 2.5% over this period.
While buyer demand has declined across all sectors in recent months, this had not translated to negative corrections in capital values, indicating a good level of resilience in the market.
“While the general slowdown that has impacted the Australian residential sector is now evident in the ACT, this market has avoided the price falls that have been experienced across some of the other major markets, notably Perth and south-east Queensland,” says Reilly.
“As the biggest employer, the government keeps things going. Government spending has an immediate flow through to employment,” he says.
“There has been no talk yet of spending reforms.
“It is difficult to get reforms passed given the current government. If we had a majority government, there might be more speculation about reforms.”
“As is always the case in the ACT, government spending measures will remain critical to the future performance of the market. Given the lack of substantial reforms or announcements in this area the outlook is stable in the medium term.”
Reilly says the Gunghalin Drive extension, ASIO building construction works and the Woden Green precinct development have all had a positive influence on surrounding areas.
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Canberra prestige homes taking six months to sell: CBRE

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Australian investors who hold New Zealand property in their portfolio are going to be watching the upcoming election closely.
The Labour Opposition seems set to unveil plans to introduce a capital gains tax on investment properties if it wins the November election.
Labor's proposed tax overhaul, which will be unveiled next Thursday, is presumed to be grandfathered and only apply to property purchased after its instigation.
But any new tax will have a serious dampening effect on the attraction of its property market (internally and externally) given the New Zealand commercial property market has become increasingly attractive to Australian investors over recent years.
The light tax regime has been a strong factor in seeing Australian investment across the ditch, although presumably the Australian government can tax investors for capital gains made offshore. The rise in the value of the Australian dollar during the past two years against New Zealand’s currency has assisted the buying interest from Australia, along with the effects of its three-year property price downturn.
Mortgage interest rates in New Zealand are more than 2% lower than they are in Australia, increasing the attractiveness of buying for investors who sourced their funding from New Zealand banks.
There’s also been no stamp duty and no land tax. And New Zealand’s 4% deprecation allowance is higher than Australia’s.
Last month an Auckland CBD office building providing a rental yield of just under 9% was sold to an Australian, with the buyers borrowing half of the price from a local bank at a fixed 6.5% interest rate for five years.
New Zealand property investment is not quite a national obsession like it is in Australia, but there are about 200,000 property investors in New Zealand.
It typically seen as the kiss of death to propose a tax before getting into government, but Labour, seeking lower deficits, has little choice but to find a new source of revenue to keep fiscally credible. Just like Prime Minister John Key saying before the last election he would not raise GST, and then doing so.
It is understood the capital gains tax rate would be set at about 15%, so if an investor had bought an investment property at about $400,000 and sold it for $500,000, making a profit of $100,000, the investor would pay 15% or $15,000 of that to the government in tax.
It has been reported Labour has been swayed by the prospect such a tax could raise up to NZ$4.5 billion. In 2009, the Tax Working Group estimated a broad-based capital gains tax could raise once in a steady state up to $9 billion a year, and excluding the family home, would cut that to NZ$4.5 billion a year. Its estimates were based on property price inflation of 2% a year.
The Prime Minister has been quick to say the only short-term winners from a capital gains tax will be accountants, as the tax doesn't raise a lot of money upfront.
"People only pay the tax when they sell the asset and so people tend to hang on to those assets for longer. They are hideously complex and people spend their life with their tax accountants," Key says.
Key has said a capital gains tax would need to be levied at 30% to raise the NZ$4.5 billion revenue. At 15%, it would be 15 years before the government collected $500 million a year, he said.
The Greens have previously supported a capital gains tax.
"New Zealand's problem over the last decade has been a lot of capital has gone into housing because of the tax incentives when where we really needed it was in the productive sector," the Greens co-leader Russel Norman has been reported as saying.
Labour leader Phil Goff has declined to comment about the tax before the official announcement on July 14. It is understood the party considered many options, including a land tax, before settling on capital gains.
Capital gains tax was introduced in Australia on September 20, 1985 – one of a number of tax reforms by the Hawke/Keating government. The tax applies only to assets acquired on or after that date. Gains (or losses) on earlier assets, called pre-CGT assets, are ignored.
New Zealand had a property speculation tax, introduced by Labour in 1973, and repealed in 1979.
By not comprehensively taxing capital gains, New Zealand is unusual amongst OECD countries. In contrast with the treatment of capital gains and property, New Zealand taxes corporate taxable income at a relatively high rate.
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Aussie property investors fear introduction of CGT in NZ

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The streets of Western Australia are often made to sound like they flow with gold, magnetite, copper, zinc and nickel. But the south-west of the state is looking like the investor’s poor cousin.
Despite being in the throes of the mining boom, the Kalgoorlie/Boulder region of WA has never pulled the double-digit returns of the Pilbara.
New REIWA figures for the March quarter 2011 show the region has a residential yield of 5.5%, which is half that of the Pilbara. Local agents attribute this to the maturity of the market and good planning.
“We have kept up with housing demand for more than 100 years. Karratha and Port Hedland are young and unrealistic. The WA government has even had to step in to help with the Pilbara Cities project,” says Allan Pendal, a partner of Kalgoorlie agent John Matthew &amp; Sons.
Investors hold about 25% of housing stock in Kalgoorlie-Boulder so owner-occupiers drive development. Expansion of the Eastern Goldfields is likely to see some growth.
“While we have no surplus of housing, the yields are kept realistic because we keep up with demand. The rental vacancy is about 1% but the turnover is high at between 2 and 3%,” he says.
Valuer Michael Valetta, director of CBRE Perth, says residential prices throughout the region are very soft and will stay that way for years. He says the mining boom is not always the dominant player.
“In 2009 Ravensthorpe and Hopetoun were hit hard by BHP Billiton’s decision to close the nickel mine. People just didn’t need to live there anymore,” Mr Valetta says.
Canadian resources outfit First Quantum Minerals has now bought the mine, in a move that has already changed the face of the region.
“We have experienced a small revival with the mine reopening,” says local agent Terri Pens of Elders Real Estate Hopetoun.
“While 2009 was a tough year, things are certainly improving. My 150-property rent roll has no vacancies,” Mrs Pens says.
The estate agent expects a housing shortage as Tectonic ramps up its Phillips River project, while Galaxy has opened a lithium mine in Ravensthorpe.
In 2009 Mrs Pens sold 18 houses for BHP for between $375,000 and $395,000. She has just listed a property for resale and expects it to go for $500,000.
But despite this activity, yields remains below 5% for top-of-the-range houses associated with the mines.
In the parallel world of non-mining property, RP Data has the median house price for Ravensthorpe for June 2011 at just $140,000 – down 47.9 per cent on last year – but at least people are returning to the town and the school is full.
Further south, on the southern tip of the state, Albany, with its low rental yield of just a tad over 4%, is not expecting any such benefits should the proposed $1.95 billion Southdown magnetite mine go ahead. Such an operation, which would pump the mineral as slurry 90km from the Wallstead deposit to Albany, will produce about 600 jobs.
“We will employ locally where we can and those that we employ from further afield will be expected to live locally. The numbers will not be huge,” says a Grange spokesperson.
REIWA WA March quarter 2011 residential rental yeilds: houses  
 
Region / Median / Rent per week / Gross yield
Albany Urban Area $383,360 $300 4.1%
Augusta/Margaret River $437,500 $320 3.8%
Broome Urban Area $607,500 $665 5.7%
Bunbury Urban Area $365,000 $330 4.7%
Busselton $415,000 $310 3.9%
Esperance $350,000 $290 4.3%
Geraldton/Greenough $400,000 $320 4.2%
Kalgoorlie/Boulder $330,000 $350 5.5%
Karratha Urban Area $795,000 $1,600 10.5%
Mandurah/Murray $391,500 $320 4.3%
Northam $287,000 $310 5.6%
Port Hedland Urban Area $751,750 $1,600 11.1%
 
Source: Landgate/reiwa.com ©
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