Builder-developer <a href="https://www.apartments.com.au/developers/mcnab-developments">McNab</a> has wasted little time reshaping one of South Brisbane's most significant undeveloped apartment sites after acquiring the property earlier this year.&nbsp;

McNab has lodged plans to scrap an existing approval for two 30-storey towers and instead deliver a single 28-storey residential building, preserving part of the site for a future development opportunity.

The proposal, lodged over <a href="https://www.apartments.com.au/new-apartments/64-peel-street-south-brisbane-qld-4101">64 Peel Street and 9 Cordelia Street</a>, is for a residential-led mixed-use development comprising 124 apartments above a landscaped podium, alongside a boundary realignment that preserves part of the land for a future residential project.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="743bf564-3f8f-45fc-b8d3-bbf18f5b628f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20Peel%20st%20podium.png?VersionId=EhCxGrVn_VFH3qTbKnI4WppGwaMnOn0t" />

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a>, the development will deliver 119 two-bedroom and five three-bedroom apartments across 23 residential levels. A five-level podium will accommodate 135 car spaces, while the ground floor will include a 66 sqm commercial tenancy, an activated residential lobby with work-from-home spaces, and a publicly accessible landscaped plaza linking Cordelia and Peel streets.&nbsp;

Communal amenities will span Level 6 and the rooftop, including indoor and outdoor recreation spaces, a swimming pool, barbecue facilities, kitchen and dining areas, lawn space, sauna, steam room and yoga facilities.

The application also proposes a boundary realignment to create a standalone 1,290 sqm development lot while retaining an adjacent parcel for future redevelopment, allowing the balance of the site to contribute additional housing over time.

Hayball said the architecture has been shaped by the site's elevated corner position at the intersection of Peel and Cordelia streets and Brisbane's subtropical climate.

The design incorporates generous landscaped setbacks, a masonry podium wrapped with planting, large north-facing balconies, and a slender tower profile intended to maximise natural light, cross ventilation and long-range views. The rooftop has been conceived as a wellness-focused retreat overlooking Brisbane, with amenities positioned to capture views towards Mount Coot-tha and the CBD.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="c5f99e84-6ad8-4a87-82d1-869685b754d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20tower%20perspective.png?VersionId=Gw0IuJaSAlk.tvGBxInhZOcQAdIB..2b" />

The planning submission positions the proposal as a response to both changing market conditions and Brisbane's Kurilpa Sustainable Growth Precinct planning reforms.

McNab acquired the site after the previous approval was granted, with the existing scheme no longer reflecting current residential market demands, economic conditions, construction challenges, construction efficiencies or the quality of development outcome now being pursued, the planning report noted.

McNab continues to expand its residential development pipeline across Brisbane and the Gold Coast. The developer recently launched The Tannery in West End, securing more than 60 per cent of apartments before the project's public release. It is also delivering Elements Budds Beach in Surfers Paradise and Lucia Highgate Hill, an eight-apartment boutique development overlooking the Brisbane River.

Joel Robinson

McNab resets decade-old South Brisbane approval with 124-apartment tower

A steeply sloping Bellevue Hill site is set to accommodate a new mid-rise apartment development, with plans lodged for 20 homes that respond to the site's dramatic topography.

The proposal for the consolidated land at <a href="https://www.apartments.com.au/new-apartments/138a-140-bellevue-road-bellevue-hill-nsw-2023">138A-140 Bellevue Road</a> has been designed by Sydney architecture practice Common Office, which has used the site’s substantial fall to distribute the building’s scale and unlock 20 apartments without presenting the full height to the street.&nbsp;

“The unique design strategy leverages the site’s substantial topographical fall to facilitate increased density, presenting a seven-storey profile to Bellevue Road while rising to 10 storeys at the rear,” Common Office said in its architectural design report.

The apartment mix spans one, two, three- and four-bedroom residences. Four two-bedroom apartments are designated as affordable housing, while the plans also include two adaptable dwellings. The mix is majority three-beds, with the typical three-bed apartment offering around 144 sqm internally, with balconies of around 15 sqm.

The affordable housing component represents 15 per cent of the residential floor area and allows the project to access additional height and floor space under the NSW Government’s in-fill affordable housing provisions. The site also falls within the inner area of the Low and Mid-Rise Housing Policy because it is within 400 metres walking distance of Double Bay Town Centre.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="b1230d0f-3bfa-4a11-abaf-0928c66ef345" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da.png?VersionId=dZeMK3P.OutGjN8ycjsxm8uNsj_QFWQv" />

Common Office has arranged the building around a masonry podium and a lighter upper volume, drawing on two recurring elements of Bellevue Hill’s established architecture: sandstone bases and the vertical proportions of local Inter-war Art Deco apartment buildings.

“The proposal is governed by a holistic design language that reconciles the solid horizontal masonry of the neighbourhood’s podiums with the elegant verticality of its Art Deco heritage,” the architect said.

“The building maintains a consistent rhythmic logic utilising deep recesses and a sophisticated material transition to break down the 10-storey scale into a series of articulated, human-scale volumes.”

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="0147f503-1af1-4d51-97fb-c2f1cba63a9d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20bldg.png?VersionId=GoW7q3NlK67OpnePXhk7zvklrlKb72Qc" />

Large-format sandstone tiles will define the lower levels, establishing a robust base that negotiates the change in elevation from Bellevue Road. Above, red-tinted precast concrete frames, recessed balconies, anodised aluminium screens and expanded metal details will create a more vertically expressed façade. Integrated planter beds will introduce greenery across balcony edges and recessed sections of the building.

The elongated northern façade has been divided into three recessed vertical masses to reduce its perceived length. Triangular window elements and metal privacy screens reference the geometry of nearby Art Deco buildings while controlling overlooking toward surrounding homes. The southern elevation will incorporate further privacy screening, landscaped edges and deep balconies to maintain light and ventilation.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="e8679cf1-18bc-4447-8a0f-0052b94ab83c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da%20rooftop.png?VersionId=5SQqQqRFf76rvE2p1TbxJSweMN70AIbc" />

Private and communal landscaping is distributed throughout the development. A landscaped garden apartment is positioned within the lower portion of the site, while a communal terrace on Level 5 will include a central timber deck, barbecue facilities, resident planting plots and areas for outdoor dining and informal gatherings.

Common Office described the terrace as an elevated sanctuary designed to capture district views and sunlight. Its planting strategy incorporates endemic species associated with the Eastern Suburbs Banksia Scrub, extending the landscape vertically through the building and providing habitat for local flora and fauna.

A second communal outdoor area is proposed at roof level, with built-in seating, paved gathering areas and perimeter planting.

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction. Positive Investment Enterprise is delivering the 16-apartment Kew Palm House on Birriga Road, while Chanine Developments is also under construction at Florian, a 36-apartment project on Banksia Road.

&nbsp;

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction.

First Look: Apartment development pitched for Bellevue Hill, Double Bay fringe

South Brisbane's apartment pipeline continues to build momentum, with <a href="https://www.apartments.com.au/developers/trk-property-group">TRK Property Group</a> lodging plans for a 161-apartment tower on Montague Road as developers accelerate investment across the Kurilpa Sustainable Growth Precinct.

The proposal for 176–186 Montague Road would replace an existing office building with a 20-storey residential tower designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, adding to a growing pipeline of high-density projects reshaping one of Brisbane's fastest-evolving inner-city precincts.

The project has been conceived as a "living building", featuring a flowing tower form, extensive vertical landscaping, and generous communal spaces that respond to the evolving Kurilpa Sustainable Growth Precinct.

TRK Property Group Development Director Matt Kan said the project reflected the confidence developers have in South Brisbane's long-term future.

"South Brisbane is entering an incredibly exciting period, and we see Montague Road sitting right at the heart of that evolution," Kan said.

"With the former Visy site directly opposite us and significant investment planned throughout the broader Kurilpa precinct, there is a real sense of momentum around this part of the city and what it will become over the coming years.

"For TRK, this is an opportunity to be part of that next chapter and deliver a project that responds to where the precinct is heading, while contributing to the continued evolution of Brisbane's river edge."

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="590fe1ad-f892-4446-a679-80e33a16d029" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20tower%20facade.png?VersionId=uOJStrcKpyHFcPE1w6_9SMAFzVMCcZll" />

The scheme includes a mix of one, two, three and four-bedroom apartments, incorporating multi-purpose rooms in selected residences to provide additional flexibility for home offices or expanded living areas. The proposed mix comprises 15 one-bedroom, 13 one-bedroom plus MPR, 73 two-bedroom, 26 two-bedroom plus MPR, 30 three-bedroom, and four four-bedroom apartments.

Rather than adopting a conventional rectilinear tower, COX Architecture has developed a sculpted form inspired by the movement of the Brisbane River.

"The proposal has been designed by COX Architecture as a 'living building' that responds to the site's riverine setting, floodplain history and evolving urban context within the Kurilpa Sustainable Growth Precinct," the planning report states.

"The architectural form draws from the fluid nature of the Brisbane River, with a curved and undulating tower form that creates a varied architectural edge and avoids a conventional rectilinear tower expression."

The podium has also been designed as an architectural feature rather than a conventional parking structure, with cascading planting, screening and natural-toned materials softening its appearance. Resident parking is elevated above ground level to address the site's flood constraints, while habitable apartments sit above flood planning levels. Upper-level communal facilities are designed to accommodate shelter-in-place arrangements during major flood events.

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="01fa15d0-90df-46c7-9555-7941fc45373c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20podium.png?VersionId=mHyua.w1pHGBt9qEdWzrlsv.leztUCwO" />

Communal amenity is a major focus of the proposal. Around 1,815 sqm of shared resident space is proposed across the ground floor, level 19 and the rooftop, including co-working areas, indoor and outdoor recreation spaces, wellness facilities, dining and gathering areas, lawn spaces, a rooftop pool and spa, and extensive landscaping. At street level, a landscaped forecourt and approximately 345 sqm of publicly accessible open space along Montague Road are intended to improve the pedestrian experience while activating the building's frontage.

The development will provide 163 car spaces, including 152 resident bays and 11 visitor spaces, together with 144 bicycle spaces incorporating resident storage, visitor parking, bicycle maintenance facilities and e-mobility charging infrastructure.

The site sits within one of Brisbane's fastest-changing inner-city precincts, less than two kilometres from the CBD and within easy reach of South Bank, West End, the Queensland Cultural Centre and extensive public transport connections. The Kurilpa Sustainable Growth Precinct planning framework is encouraging higher-density residential development to help meet Brisbane's housing supply targets while supporting walkable, transit-oriented neighbourhoods.

TRK Property joins South Brisbane apartment surge with Montague Road tower plans

Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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The perception that the Australian housing market is in a “serious bubble” means US investors are wary of funding residential mortgage-backed securities (RMBS) issued by the major banks, according to Peter Dorrian, head of global wealth management at the Australian arm of investment firm Pimco.
According to Dorrian there is “quite a wide difference” of opinion between Australian investors’ perceptions of Australian banks and overseas investors’ opinion of them.
“I have a US colleague with me at the moment and he says Australia has the most overvalued housing market in the world and that is has a serious bubble,” Dorrian told Business Spectator, while stressing that this was not necessarily Pimco’s view.
“There is a view that the big four banks are so tightly levered into the domestic property market that if there was to be a more severe correction of the Australian property market it would have an impact on their balance sheets,” he says.
This is despite the average loan-to-valuation ratio on RMBS portfolios being around the 50% mark, meaning it would require a significant fall in house prices to have a severe impact on the banks’ balance sheets.
“But its perception that counts at the moment,” Dorrian says.
His comments come as Australia’s sixth biggest mortgage lender, ING Direct, raised $800 million in the first deal of the year for the Australian RMBS market but limited interest from overseas investors.
“Investors were primarily local,” David Breen, head of corporate affairs at ING Direct told Property Observer with insurance companies, fund managers and superannuation funds among those that invested in this issuance.
The ING Direct issue was priced at 145 points over the one month bank bill swap rate (BBSW) – the benchmark rate at which banks will lend to each other.
RMBS, where mortgages are bundled together and sold to institutional investors, was a very cheap form of wholesale funding in the decade prior to the GFC, accounting for 23% of all bank mortgage funding at its peak.
However the market collapsed in the two years following the sub-prime crisis in the US, falling 41% from $204 billion to $120 billion as overseas investors’ appetite for the product shrank. 
It has since recovered some ground, but is now a much more expensive form of funding, with little appeal for foreign investors.
<img src="/images/stories/rmbs.gif">
Aside from investor wariness because of housing concerns, Dorrian says Australian banks are also facing a lot of competition from other international banks for wholesale funding.
 
 
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lschlesinger-FZcF9M3vE6

Perception of Australian housing price bubble keeping US RMBS investors away: Pimco

<html><body>
One of my favourite proverbs is never judge by appearances, and it is often trailed by the quote “for things are seldom what they seem”.
William Shakespeare spawned the proverb in The Merchant of Venice from his famous soliloquy “All that glitters is not gold.”
Four hundred years later our lives are a constant race against time to acquire possessions, and we often disregard the old Bard’s advice.
Appearances can be deceptive and are sometimes designed to be just that. Or is it that we don’t see the woods for the trees, or forget that beauty is skin deep?
There is a certain element of arrogance in making quick decisions by judging by appearances. It is an error that can cost us dearly; whether it is a decision to impulsively buy a home simply because it offered a new kitchen or a car because it had a leatherette steering wheel.
Perhaps the real truth is that over the generations mankind did learn from the Bard. But did we only learn to present ourselves and our possessions with a false external covering and to hide the truth? And did we learn too that first impressions are what really count?
Making decisions about anything is based on evaluation of evidence. You need to look at all the angles and not just the superficial ones. And the same is true too for snap decisions about people you meet simply because of the clothes they wear. Remember Mahatma Gandhi?
There is an interesting methodology for reaching decisions called “triangulation”.
It is all about using multiple sources of information including the facts, your own perception, and getting advice from others who can add to the weight of argument before you make a final decision.
In real estate transactions whether you are buying or selling you need to keep your wits about you and remember William Shakespeare. Trust your instinct by all means, but don’t rush into a decision that could cost you a lot of money.
And lastly, engage a buyers’ agent or vendor advocate to advise you independently in your best interest. They will give you unbiased advice that will help you make a rational and well founded decision.
Tim Mansfield is founder and principal of Sydney-based buyers' agency <a href="https://www.primepropertybuyer.com/" target="_blank">Prime Property Buyer</a>.
 
 
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tmansfield-Rk8rBecHRA

Appearances can be deceiving, so don't make a costly error when buying a house

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<img src="/images/stories/1point4percent.gif">
The percentage of Canberrasuburbs with a median unit price of under $300,000, according to RP Data. This is the second-lowest percentage in Australia; Darwin doesn't have a single suburb with a median unit price under $300,000.
 
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The percentage of Melbourne suburbs with a median unit price of under $300,000, according to RP Data.
 
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<img src="/images/stories/14point9percent.gif">
The percentage of Perth suburbs with a median unit price of under $300,000, according to RP Data.
 
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<img src="/images/stories/15point4percent.gif">
The percentage of Brisbane suburbs with a median unit price of under $300,000, according to RP Data.
 
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<img src="/images/stories/16point2percent.gif">
The percentage of Sydney suburbs with a median unit price of under $300,000, according to RP Data.
 
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<img src="/images/stories/38point2percent.gif">
The percentage of Adelaide suburbs with a median unit price of under $300,000, according to RP Data.
 
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<img src="/images/stories/74point1percent.gif">
 
The percentage of Hobart suburbs with a median unit price of under $300,000, according to RP Data.
 
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cknowlton-QnEa6ntUYP

The number of capital city suburbs with unit prices under $300,000: RP Data

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Ask anyone in real estate about 2011 and they’ll tell you it was a tough year. For the first time in nearly a decade, buyers were no longer prepared to pay the “vendor price” for their dream home. In Melton, the sentiment was no different. Last year, some properties were on the market anywhere from three months up to a year.
Having said that, we definitely didn’t feel the same impact as some of our western counterparts such as Braybrook, whose median price in December recorded a fall of 27% from its peak ($380,000, down from $518,000) or St Albans, which experienced a 18% decline from its peak median price ($360,000 down from $440,000). In fact, recently released <a target="_blank" href="https://www.reiv.com.au/en/Property-Research/Median-Prices/2011-Median-Prices.aspx">REIV figures on 2011 median prices</a> revealed Melton was in the top five growth suburbs for 2011, recording an 8% growth in its median price.
Unlike the majority of Melbourne – the auction capital of Australia – Melton’s modus operandi is a little different. Here, it’s all about the private sale. So while the rest of Melbourne has just kicked into 2012 with its first “super Saturday” last weekend, out in the ’burbs we’ve been back in full swing since the new year.
In the last three months we’ve definitely seen improved confidence, evident in our lower stock levels and quicker turnaround times – just the other day we sold a property within two days! We’ve also just listed <a target="_blank" href="https://www.realestate.com.au/property-house-vic-melton-110027169">a three-bedroom brick home</a> in the heart of Melton that has already gained a lot of interest because its asking price of $239,000 to $245,000 makes it unbeatable value.
So where’s the interest coming from? Right now, it’s the investors who are dominating our market. The small outlay – our median price is $293,500 – needed to buy in one of Melbourne’s top growth suburbs makes Melton the perfect investment for the start-up investor. Not only is impressive capital gains an advantage, but properties are also returning high rental yields substantially higher than Melbourne’s gross house rental yields of 4%<a target="_blank" href="https://m.smh.com.au/business/property/rental-returns-nothing-to-write-home-about-20120215-1t5nu">.</a> Savvy investors recognise now is the time to buy when the market is stable, as opposed to later when the pressure on prices will eventually be greater.
The fact that our median price is nearly half of Melbourne’s ($540,383) also makes our area extremely affordable – and attractive – for first-home buyers. For $250,000, buyers can typically pick up a centrally located three-bedroom brick home on a 600-square-metre block – a bargain for young families looking to upgrade, given the same price wouldn’t even get you a one-bedroom apartment in the inner city.
There’s currently a wealth of buyers waiting on the sideline due to uncertainty around unemployment and interest rates. At the moment they’re holding back but at the end of the day, when people move, it’s for life changes such as growing families, empty nesters downsizing or job relocations that won’t stop because of what’s happening in the market. We’ll see an influx of buyers as confidence continues to grow, which will start driving prices up again.
In Melton, we expect to be in the driving seat as our affordability, infrastructure, space and proximity to the city makes us the perfect choice for young families. We already have one of the highest population growth rates in Victoria at 7.1% – nearly five times the statewide average of 1.5% – and anticipate this will continue growing as buyers start to come out of the woodwork.
Julian Conte has more than a decade experience in real estate and is director of <a target="_blank" href="https://www.hockingstuart.com.au/">hockingstuart</a> Melton and Werribee.
 
 
 
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Melton: The hockingstuart mid-autumn 2012 property review

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There is little for the housing market to cheer about following the release of weak February lending figures from the RBA and only a small improvement in new home sales as recorded by the HIA - JELD-WEN New Home Sales report.
Housing credit increased by 0.4% during February, following an increase of 0.5% during January to be up 5.3% for the year, the weakest annual growth in RBA records going back 34 years.
During February, new home sales increased by 3% but still remained at their lowest levels in 11 years, according to research by CommSec.
Detached house sales rose by 2.2% while more volatile multi-unit sales jumped by 10.5% to a combined estimated 4,000 sales for the month. However, this is well below the more than 7,000 sales recording in February 2011 and the 8,000 sales in February 2010.
Western Australia was the strongest-performing detached new home sales market in February recording a seasonally adjusted 12.8% increase followed by New South Wales (5.3%), Queensland (3.5%). Detached house sales dropped by 7.4% in Victoria.
For the three months to February 2012 new home sales have fallen by 5.6% to be 16.8% lower than the three month period to February last year with detached sales down 17%. Multi-unit sales are up 5.4% over the February quarter but down 15% for the quarter year-on-year.
Victoria’s new housing market has felt the brunt of the slump with an 18.3% drop over the February 2012 quarter with Queensland also faring poorly with new home sales down 11.3%.
Figures compiled by CommSec based on the latest APRA monthly banking statistics show that bank housing, personal and business loans rose by 5.7% over the year to February, the slowest annual pace in four months and below the long-term trend rate of 13% while bank deposits with Australian residents grew by 9.3% over the year to February, the fastest growth in five months but below longer-term trends.
“The Reserve Bank must remain alert to the trends and keep a rate cut on the table at next week’s board meeting,” James says.
HIA chief economist Dr Harley Dale says any bounce in new home sales in February was encouraging after an awful start to 2012.
“Furthermore, it was the continued decline in Victoria from previous record highs which pulled new home sales down in February, while there was improvement everywhere else.”
“Looking beyond just one month, however, there is much work to be done to see new home sales volumes back at healthy levels across the country,” he says.
Dale says there is evidence of the beginning of a recovery in Western Australia while the prospect of policy reform in New South Wales and Queensland increases the likelihood of a lift in new home sales volumes in these states through 2012-13.
“Obviously further interest rate cuts wouldn’t go astray in helping perpetuate this recovery,” he adds.
Click to enlarge
<a href="/images/stories/hiamarch30.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/hiamarch30thumb.gif"></a>
CommSec economist Savanth Sebastian says the latest new housing and mortgage figures indicate that Australian consumers and home-buyers remain “super-cautious and that mood is continuing to constrain activity for retailers and housing-dependent businesses”.
“While the Reserve Bank doesn’t seem in a rush to cut rates, the ongoing downturn in the residential building market certainly keeps another rate cut on the table – especially given that even housing credit is growing at the weakest levels in 34 years,” he says.
“A sustained lack of new building can have serious ramifications for affordable housing. Already vacancy rates across the country are low and given the ongoing lift in migration further building will be required to alleviate the pickup in demand. No doubt the lack of new housing construction will be closely assessed by policymakers.”
Total credit provided to the private sector by financial intermediaries rose by 0.4% over February 2012, to be up 3.5% for the year with business credit increasing by 0.4% (up 1.2% for the year) and personal credit up 0.3% (down 1.1% for the year).
Savanth says private sector credit data tends to be a good forward-looking indicator on activity, with an increase in borrowings usually following by an increase in spending in the next few months.
“In that context the lack of significant growth in business credit is disappointing. At present businesses are cashed up and content to use existing cash facilities and that trend is unlikely to change anytime soon.
“Overall the Reserve Bank seems comfortable with the current position of the domestic economy. Effectively policymakers have been depressing parts of the economy (like housing and the household sector) to ensure that there is enough spare capacity for the growth in business investment and the mining sector,” he says.
“The key for the Reserve Bank is to ensure that inflation remains in check as the recovery gains traction. As such CommSec does not expect the Reserve Bank to cut interest rates until at least May,” he says.
 
 
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New home sales up 3% as mortgage growth flat lines: HIA and RBA

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The new foreign owners of Australia's biggest beer company, Foster's, have pledged to keep the 108-year-old Abbotsford brewery open, dismissing suggestions the inner-Melbourne plant would be sold to property developers.
Foster's chief executive Ari Mervis says the brewery, which employs more than 200 workers, will be maintained as it represented a historic link for the company.
''We have no intention of moving it or closing it, certainly at Abbotsford there is an opportunity to improve the efficiencies, but there is no intention to close it down or need to close it down,'' he told an analyst conference in London earlier this week.
Ever since Foster's was bought by global brewing giant SABMiller late last year for $12 billion plus, there’s been speculation the Abbotsford brewery would be closed and the land sold off to help pay for the acquisition.
Carlton &amp; United Breweries began making beer on the banks of the Yarra in 1904 having commenced operations at the top end of Swanston Street 23 years after Melbourne was founded in 1835.
The 10-hectare site, set four kilometres east of the city centre, comes with an estimated value of $100 million plus. The suburb <a href="https://www.propertyobserver.com.au/developments/inner-melbourne-suburb-of-abbotsford-becoming-a-development-hotspot/2012031853839" target="_blank">has become a hive of residential development activity</a>.
The brewery and its buildings – old and small by modern standards, but not heritage listed – are constrained by heavy traffic as well as inefficient work practices, analysts maintain.
Foster's could save close to $4 in reduced electricity, water, labour, packaging and freight costs on each case of beer produced at the ''antiquated'' Abbotsford site if it moved to another location, according to Merrill Lynch.
In a briefing note to clients in June, analyst David Errington said, ''on 55 million cases produced at Abbotsford, this would lead to cost savings of between $150 million and $200 million''.
Five years ago Fosters sold 12 properties adjacent to the Abbotsford brewery for $49 million.
 
 
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jchancellor-FAypfDUnLy

Foster’s new foreign owners pledge to keep Abbotsford brewery open

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Our property markets started the year in a tug of war, caught between falling interest rates on the one hand and market uncertainty on the other. 
Now that we’re almost a quarter of the way through the year, it’s worth reviewing what’s really going on in the property markets and what’s ahead for the rest of the year. 
CommSec economist Craig James is calling Australia the boom and gloom economy. Our economy is still growing – unlike many others, especially in Europe – and underpinned by a mining boom, but consumers and businesses are gloomy. 
And it is much the same with property – some areas are faring well, but many aren’t. 
So what gives? 
The world economy is slowly working through its problems. 
The concern of a meltdown in Europe that could bring the financial system to its knees now seems to have been averted.  And the US economy is improving, albeit slowly, however its property market is still in a slump. 
Back home we started the year with political uncertainty, which hasn’t really disappeared. Worries about the mining and carbon taxes, as well as the effectiveness of a minority government still remain. 
Add to that the fact that the banks are now raising interest rates out of line with the Reserve Bank plus threats of increasing unemployment and many of us are putting off making major purchasing decisions like buying a new house or investment property. 
What’s happening in our property market? 
Fact is, the number of properties on the market is high, properties are remaining on the market for sale longer and many buyers are still nervous about making a decision. 
Of course there is not just one “property market”. What I call “investment-grade properties” – in the middle price range (say $450,000 to $850,000) in prime locations and with an element of scarcity – are still selling well, even though there is clearly less interest from both owner occupiers and investors than there was before. 
However, “B” and “C” class properties are not selling well. 
Some have dropped in value by up to 10% and some can’t be given away (well, it’s not really as bad as that, but you’d have to give a very steep discount for someone to buy them). 
When you look at the whole of Australia, property sales are at a 16-year low, with <a target="_blank" href="https://www.rpdata.com/">RP Data</a> reporting that only 375,000 properties sold last year. In more normal times, sales were over 600,000 properties a year. 
The problem is that even though turnover is down the number of properties listed for sale is climbing, with about 310,000 properties for sale across Australia. 
This is up 23% on a year ago and more than 50% above pre-global financial crisis levels. 
So what does this all mean for the future? 
This means the market has about 10 months' supply of housing for sale, up from a more normal level of four months of stock. 
In other words, unless we see a substantial improvement in sentiment or in the economy we are not likely to see much change in house prices over the next six months. 
What these figures don’t show is how fragmented the markets really are. 
 
We know there is not one Australian property market. There are many different markets in different geographic locations and at various price brackets. 
There is no doubt that home values are still falling in some areas and they are rising in others. And overall our property markets are flat. 
It’s a bit like me putting my left hand in a bucket of ice-cold water and my right hand in a bucket of hot water and saying “on average the temperature is fine.” 
Currently there are some property markets that are strong, with more buyers wanting the short supply of available good properties, and there are other markets where the property markets are ice-cold, with few buyers available for the large number of properties available for sale. 
It’s worst at the top end. 
The top end of the market has been worst hit. 
The most expensive 20% of suburbs across Australia have registered price falls of about 6.5% over this period. And if you broke this group down further – into say the dearest 10% of suburbs – you would find steeper losses again.
<img src="/images/stories/yardneymarch30.png">
Source: RPData.com
 
 
Some green shoots 
Before all this makes you feel to gloomy, there is some good news out there:
 
<ol start="1">
<li>The vacancy rates in our capital cities are low and rents are increasing.</li>
<li>More properties are selling – sure it’s still a buyer’s market out there, but vendors are becoming more realistic and meeting the market.</li>
<li>Consumer confidence is slowly increasing. </li>
<li>Finance preapprovals are slowly rising. This always happens when new buyers are getting themselves ready to enter the market.</li>
<li>The cycle is moving on as it always does. We are now in the stabilisation stage of the property market. </li>
</ol>
So what is a property investor to do? 
While some will sit waiting for the proverbial bell to ring proclaiming that we’ve reached the bottom, others are taking advantage of the opportunities that this uncertainty is dishing up and getting set for the next stage of the property cycle by buying the right type of property. 
One with an element of scarcity, in an area that has always exhibited above average capital growth and one to which they can add value through renovations or development, thereby ‘manufacturing’ capital growth. 
We are moving into the next stage of the property cycle 
And the next stage is the stabilisation phase of the cycle. 
You see, the markets don’t move directly from the downturn phase to a property upturn. There is a period of time where buyers return and take up the slack before prices start rising. 
And I expect more buyers to return to the market later this year when they realise prices won’t fall any further. 
By the way, the stabilisation phase is a great time for savvy investors to get set for the upturn stage of the cycle. 
This year may be a good time to buy property – I have always found it a good time to buy when everybody tells you that property is a bad investment. Now is the time to get set for the future. 
I’m looking forward to the balance of 2012. Are you?
Michael Yardney is the director of <a href="https://www.metropole.com.au/">Metropole Property Investment Strategists</a> , a best-selling author and one of Australia's leading experts in wealth creation through property. He also writes the <a href="https://www.propertyupdate.com.au/">Property Investment Update</a> blog.
 
 
 
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myardney-DFoGhGbSJX

Australian property markets differ, and investors must find opportunities: Michael Yardney

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<a target="_blank" href="https://www.propertyobserver.com.au/landlords/fire-in-an-investment-property-leaves-unanswered-questions/2012012253108">A little while ago</a>, I shared a story with you about a fire that substantially damaged one of our rental properties.
The story overall is a little sad.  The owners were away on holidays, enjoying a summer break with their children, so it wasn’t until a few weeks later when they returned that we were able to let them know what had happened.  I suppose this is a great example of why it’s so important to let your property manager know when you go on holidays.
The tenant, after he moved into the other property we arranged for him, was severely injured in a motorbike accident. He is still recovering in hospital and will never live the life he once had.
It’s now more than two months down the track, and the rebuilding of the property is coming to an end.  The new kitchen has been fitted, the ducted heating has been replaced, the walls and ceiling replaced and repainted where required, all the electrical wiring checked and the windows replaced.
We are in the final stages of choosing the carpet colour and new blinds for the property and getting things ready for the releasing of the property again.
The property manager, Courtney, has continued to co-ordinate access for the tradespeople on behalf of the owners’ corporation.  She has also continued to ensure our owner was updated on a regular basis.
There are several aspects of this story that investors really need to think about.
Firstly, the owners have not received any rental payment throughout the past few months, and while yes, they will receive loss of rent income from the owners’ corporation insurance policy after the claim is finalised, processed and then a payout made, the challenge is managing their own cashflow during this time.  It’s been tough for them!
Secondly, if the owners had not had a current landlord insurance policy in place, they would have had to pay for replacing the carpets and blinds, at a cost of about $2,100. The owners’ corporation’s insurance policy has co-ordinated the rest of the rebuilding process.
So the next time your property manager asks you “Do you have a landlord insurance policy in place?”, I hope you remember this event and the circumstances that occurred and were through no fault of the owner.
 Leah Calnan is the director of <a target="_blank" title="Metro Property Management homepage" href="https://www.metropm.com.au/">Metro Property Management</a> in Victoria and is the chairwoman of the REIV Property Management Chapter.
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leahcalnan-pwE6GD6KY9

A fire in an investment property proves the importance of landlord insurance

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<div><img src="/images/stories/86542.gif"></div>
<div>The total number of advertised listings in Queensland, of which 14,420 are new listings, according to RP Data. This is up from a total of 76,170 at the same time last year.</div>
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<div><img src="/images/stories/81694.gif"></div>
<div>The total number of advertised listings in New South Wales, of which 15,185 are new listings, according to RP Data. This is up from a total of 66,773 at the same time last year.</div>
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<div><img src="/images/stories/71674.gif"></div>
<div>The total number of advertised listings in Victoria, of which 12,738 are new listings, according to RP Data. This is up from a total of 48,459 at the same time last year.</div>
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<div><img src="/images/stories/34435.gif"></div>
<div>The total number of advertised listings in Western Australia, of which 6,477 are new listings, according to RP Data. This is up from a total of 33,116 at the same time last year.</div>
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<div><img src="/images/stories/20779.gif"></div>
<div>The total number of advertised listings in South Australia, of which 3,590 are new listings, according to RP Data. This is up from a total of 16,438 at the same time last year.</div>
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<div><img src="/images/stories/12285.gif"></div>
<div>The total number of advertised listings in Tasmania, of which 1,497 are new listings, according to RP Data. This is up from a total of 9,256 at the same time last year.</div>
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<div><img src="/images/stories/2313.gif"></div>
<div>The total number of advertised listings in ACT, of which 648 are new listings, according to RP Data. This is up from a total of 1,800 at the same time last year.</div>
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<div><img src="/images/stories/1725.gif"></div>
<div>The total number of advertised listings in Northern Territory, of which 389 are new listings, according to RP Data. This is up from a total of 1,644 at the same time last year.</div>
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How much stock is on the market in your state? A state-by-state analysis: RP Data

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A proposal by the federal government to vastly expand the areas around major airports that could face residential housing construction restrictions due to aircraft noise will put $33.5 billion of new housing projects at risk, according to property development lobby group Urban Taskforce Australia (UTA).
The $33.5 billion figure (which comprises 134,000 new dwellings) applies across Brisbane, Melbourne, Perth, Sydney and Canberra and was calculated by property research and advisory firm MacroPlanDimasi.
MacroPlanDimasi also estimates that values of houses in newly designated high-noise zones could fall by 5%.
The new proposals are outlined in a draft document, <a target="_blank" href="https://www.infrastructure.gov.au/aviation/environmental/nasf/files/Draft_National_Airports_Safeguarding_Framework_Combined.pdf">Principles for a National Airports Safeguarding Framework</a>, released by the National Airports Safeguarding Advisory Group on March 21. The proposal is not accompanied by any shift in established flight paths.
The proposals are aimed at minimising residential development near airports and “improving safety outcomes by ensuring aviation requirements are recognised in land use planning decisions”.
It calls for improvements made to the current Australian noise exposure forecast (ANEF) system, which has guided development around airports for the past 30 years.
The report notes that while the populations with the highest aircraft noise exposure often live within the 20 ANEF contour (an area defined as having high noise pollution and where there are currently planning restrictions), “the majority of noise complaints that are received are now coming from residents living outside the 20 ANEF contour”.
“ANEF zones do not capture all noise-affected areas, and experience has shown that the ANEF contours are not necessarily an indicator of the full spread of noise complaints.
“Just as aircraft noise does not suddenly stop at the 20 ANEF level, there is no hard and fast line where aircraft noise suddenly changes from being acceptable to being unacceptable… Aircraft noise impacts follow a continuum and clearly, noise impacts close to, but outside an identified threshold will be almost indistinguishable to the impacts on the ‘the other side of the line’,” the draft document says.
{yoogallery src=[images/stories/march29airports]}
It calls for a “complementary suite of noise measures in conjunction with the ANEF system”, including four new noise controls and provides maps showing a vastly expanded areas around 10 major airports affected by aircraft noise that could potentially face planning restrictions.
The UTA says research carried out on its behalf by acoustic engineers Wilkinson Murray shows that 1,000 square kilometres of planned development around for housing in the proposal.
“This will impact on many proposed developments as well as the value of existing properties,” says the UTA. The UTA also expressed concern at the three week exhibition period explaining the proposals, which has now passed, calling it a “far too short a period to genuinely engage in public consultation”.
It also notes reports prepared by MacroPlanDimasi (on the property and financial implications of the draft framework), CBRE (on the planning and property implications of the draft framework), Wilkinson Murray (on acoustic issues around the draft framework) and Gadens lawyers (on legal implications of the draft framework all expressed considerable concern about the draft framework.
The proposals have also been criticised by Sam Haddad, director-general of the NSW Department of Planning, who in a letter to the UTA said he doubted there was “sufficient evidence that the existing ANEF system needed to be changed”.
Haddad says the NSW government will not support the draft measures and will not be agreeing to any changes in planning policy.
Consultations on the draft framework have now closed but it has yet to be endorsed by federal, state and territory governments.
It is next expected to be considered by the Standing Council on Transport and Infrastructure (SCOTI) and subject to SCOTI endorsement, each jurisdiction would then consider implementation through its own mechanisms and may undertake further consultation processes.
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