Family-owned builder and developer <a href="https://www.apartments.com.au/developers/omaya">Omaya</a> is bringing its 27-storey The Maybelle development to market, with the 229-apartment tower rising alongside Ismay Reserve near North Strathfield.

<a href="https://www.apartments.com.au/new-apartments/the-maybelle-21-parramatta-road-homebush-nsw-2140">The Maybelle</a> will comprise one, two and three-bedroom apartments, with its height providing elevated outlooks towards the Sydney skyline and Harbour Bridge, while other residences will look across neighbouring Ismay Reserve.

Designed by <a href="https://www.apartments.com.au/architects/squillace-architects">Squillace Architects</a>, the tower combines its parkside setting with proximity to the established retail, dining and transport amenity around North Strathfield.

[smartcode_project:default project_id=134873 project_image_fid=376196]

Residences will feature open-plan living spaces and a choice of two interior schemes, while communal amenity is spread across two elevated levels of the building.

Level 8 will be home to the Garden Pavilion, a full-floor resident space incorporating communal entertaining and breakout areas, seating and recreation spaces. Further up the tower, a landscaped Sky Terrace on Level 14 will provide another communal area with panoramic views towards the Harbour Bridge and Sydney skyline.

At ground level, the development sits directly alongside Ismay Reserve, where lawns, walking paths, children's play areas, picnic spaces and recreational facilities extend the green space available immediately around the project.

[smartcode_project:default project_id=134873 project_image_fid=376194]

The Maybelle is also within walking distance of North Strathfield and the Bakehouse Quarter, which provides a mix of cafés, restaurants, shops and everyday services.

Existing rail and bus services provide connections across Sydney, while the future North Strathfield Metro and access to the M4 will add to the transport options available around the precinct. Walking and cycling routes also extend via Powells Creek towards Sydney Olympic Park and its sporting, entertainment and parkland precincts.

Families are also well positioned for access to a broad selection of established schools and education options across Strathfield and the surrounding Inner West.

[smartcode_project:default project_id=134873 project_image_fid=376181]

Omaya has operated in Sydney for more than 35 years, managing projects from acquisition and design through to construction and delivery. The family-owned company is both developer and builder of The Maybelle.

Apartments start from $560,000, with the development protected by 10-year Latent Defects Insurance.

Construction is well underway, with completion expected by the end of 2026 and move-in anticipated from Q1 2027.

[smartcode_project_cta:default project_id=134873]

Joel Robinson

The Maybelle brings 27-storey parkside tower to market near North Strathfield

Melbourne developer <a href="https://www.apartments.com.au/developers/pdg-corporation">PDG</a> has unveiled its vision for the former Water Tank Site in Ivanhoe, which would see it transformed into a thriving residential neighbourhood, complete with a 2000 sqm public park.&nbsp;

Delivered in partnership with <a href="https://www.apartments.com.au/developers/development-victoria">Development Victoria</a>, the proposal would transform the prominent corner of Bell Street and Upper Heidelberg Road into a connected community comprising two residential buildings, generous public open space and shared amenities.&nbsp;

The vision includes 287 one, two and three-bedroom apartments, with a minimum of 10 per cent allocated to affordable housing, alongside a 2,000-square-metre publicly accessible park featuring a children's playground, activity lawn, indigenous planting, timber climbing logs, seating areas and a rock gathering circle.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a>, the proposal draws on the site's industrial heritage, using a robust architectural language that references the former water tank through expressive structural elements and durable, self-finished materials.&nbsp;

Extensive landscaping has been woven throughout the development, creating a living landscape that strengthens connections to nature while responding sensitively to the surrounding neighbourhood. Two residential buildings ranging from three to 12 storeys are linked by a landscaped forecourt, creating a welcoming arrival experience and improving pedestrian connections through the site.&nbsp;

Residents would also enjoy more than 1,000 square metres of communal open space, including barbecue and dining facilities, vegetable gardens, landscaped seating pavilions and a dedicated coworking space.&nbsp;

PDG Founder and Managing Director Vince Giuliano said the vision reflected an opportunity to transform one of Ivanhoe's most recognisable sites into a place that balanced housing, community and landscape.&nbsp;

"This is an opportunity to reimagine an important site and create a neighbourhood that delivers lasting benefits for Ivanhoe," Giuliano said.&nbsp;

"We're creating much more than new homes. The vision brings together affordable housing, quality architecture, meaningful public open space and shared places that encourage people to connect, while respecting the site's history and its place within the local community."&nbsp;

Development Victoria’s Executive General Manager Precincts, Niall Cunningham, said the application is an important step for the government-owned site.&nbsp;

“This is about delivering more homes in a well-connected location, along with public open space that the Ivanhoe community will benefit from for years to come,” Cunningham said.&nbsp;

PDG was selected as development partner in late 2025 following a competitive tender process.&nbsp;

A planning submission for the project is currently being progressed through the Victorian Government's Development Facilitation Program, with positive early engagement from both Banyule Council and the Department of Transport and Planning.

PDG unveils plans to transform landmark Ivanhoe Water Tank Site

Shane Wilkinson's <a href="https://www.apartments.com.au/developers/pace-development-group">Pace Development Group</a> has lodged plans for a major residential precinct on the former Presentation College site in Windsor, with an eight-building masterplan ultimately rising to 10 storeys.

The proposal at <a href="https://www.apartments.com.au/new-apartments/167-dandenong-road-windsor-vic-3181">167–187 Dandenong Road</a> spans a substantial 19,027 sqm site and is being progressed across six stages, with the first residential stages comprising 170 homes across four buildings designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>.

Stage Two will deliver the bulk of the initial housing, with Building A comprising 81 apartments and Building B 49 apartments, both rising to six storeys.

Stage Three will deliver a further 40 homes. The heritage Nagel Building, identified as Building C, will be converted to 12 dwellings, while a new five-storey Building D will comprise 28 apartments at the Hornby Street and Dandenong Road corner.

The 170 homes across Stages Two and Three will include a mix of one, two and three-bedroom apartments, including townhouse-style dwellings.<img alt="First look: Pace plans landscaped housing precinct on former Windsor school site" data-entity-type="file" data-entity-uuid="83c56e3e-dfb9-4e12-b172-c3f18513ec32" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_9.png?VersionId=xRcRpSZsxX.UX_NDDGcRZktw7HVrzx7u" />

&nbsp;

The longer-term masterplan points to considerably greater density across the site.

Indicative plans show Building E accommodating around 80 dwellings across up to 10 storeys, while Building F is earmarked for around 120 dwellings and also up to 10 storeys. Building G is planned to range between four and 10 storeys, however its apartment yield is yet to be determined. That means the masterplan currently identifies at least 370 dwellings across Buildings A to F before any apartments within Building G are counted.

Across the 1.9-hectare site, that represents an indicative density of at least 194 dwellings per hectare, with the final figure to increase once the yield of Building G is established.

Pace is pursuing the project through the Victorian Government's Development Facilitation Program, with Urbis lodging a combined Section 96A planning scheme amendment and planning application on behalf of the developer, which secured the site earlier this year.

The application seeks detailed approval for Stages One, Two and Three, alongside approval of the broader masterplan framework that will guide the later residential stages. Stage One will see an existing heritage building adaptively reused for a wellness and fitness-related facility, while the broader precinct will retain several significant heritage buildings and established trees as part of the redevelopment.

A minimum 10 per cent affordable housing contribution is proposed across both the initial residential stages and the later masterplan stages, delivered through a discounted rental model.

The project comes immediately after a major change to the site's planning controls.

The site was rezoned to the Housing Choice and Transport Zone through Planning Scheme Amendment GC285, gazetted on July 22, 2026, and now sits within the inner catchment of the Windsor Station precinct under the State Government's Train and Tram Zone Activity Centres Program.

While the new controls identify large sites within the inner catchment for buildings of up to six storeys, Pace's masterplan pushes height to 10 storeys in parts of the site, with the taller buildings concentrated toward the centre and along the Sandringham railway corridor.

Lower-scale built form is proposed toward the site's more sensitive residential and heritage edges, with Buildings A and B generally stepping from three storeys at their interfaces to six storeys at upper levels.

Cera Stribley's masterplan breaks the development into a collection of separate buildings rather than a continuous built form, with landscaped spaces, new pedestrian links and a new publicly accessible road forming part of the precinct.

The planning report says the development will create new pedestrian connections to Elm Place and along the railway corridor, as well as a new publicly accessible road linking Elm Place with Dandenong Road. The proposed buildings will occupy around 54 per cent of the site, leaving a substantial portion available for landscaping, communal areas and permeable surfaces.

Urbis said the scale of the project reflected the site's strategic location close to Windsor Station, tram services and the Chapel Street Activity Centre, with the former school campus identified as a significant opportunity to increase housing supply on an underutilised inner-Melbourne site.

&nbsp;

First look: Pace plans landscaped housing precinct on former Windsor school site

<a href="https://www.apartments.com.au/developers/jl-place">JL PLACE</a>'s Veil Brighton is approaching its final months of construction, with the nine-townhouse development at 17 Rooding Street expected to complete in December 2026.

The milestone is bringing the boutique project closer to becoming a finished part of the <a href="https://www.apartments.com.au/developments/brighton-vic-3186">Brighton</a> streetscape, with much of Brighton's everyday amenity within a short walk.

Palace Cinema, Coles Supermarket and North Brighton Station are all around five minutes on foot from <a href="https://www.apartments.com.au/new-townhouses/veil-brighton-17-rooding-street-brighton-vic-3186">Veil</a>, alongside numerous cafés, restaurants and bars. The station provides a direct rail connection toward Melbourne's CBD, while Bay Street and the wider Brighton retail and dining network add to the range of services accessible without relying on a car for every trip.

"The location was fundamental to the project. Brighton is an established suburb where many buyers already have strong connections to the area and want to remain close to the people, places and amenities that form part of their everyday life," the developer said.

"Veil sits in a highly walkable part of Brighton, with a Walk Score of 90/100."

For buyers looking to right-size within Bayside, that level of walkability adds to the appeal of a more manageable way of living. Everyday shopping, dining, entertainment and public transport can be accessed without relying on the car for every trip, while residents remain connected to the places and routines that make Brighton familiar. It allows buyers to simplify day-to-day life without giving up the convenience, amenity and connections they already value.

[smartcode_project:default project_id=7877 project_image_fid=355754]

As completion approaches, the architecture, landscaping and material palette are progressively becoming visible on site, giving prospective purchasers a clearer view of the finished development beyond its plans and renders.

Veil comprises nine townhouses, predominantly three-bedroom homes with between 2.5 and 3.5 bathrooms, two car spaces and, depending on the residence, study areas and private outdoor space. Selected homes include a bedroom on the ground floor.

Veil occupies a middle ground between detached housing and apartment living, retaining private gardens, storage and secure parking within a more manageable residential format.

<a href="https://www.apartments.com.au/architects/schmidt-pang-architects">Schmidt &amp; Pang</a> designed the architecture around natural light, ventilation, privacy and practical use of space. From Rooding Street, the façade has been composed to read as a cohesive residential building rather than nine individual townhouses, with landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick Landscape Architects</a> integrated throughout the site.

Inside, natural stone, oak flooring, integrated joinery and brushed nickel finishes establish a restrained material palette, while kitchens include Miele appliances and substantial storage such as pantries. Walk-in robes and dedicated study spaces have also been incorporated across the collection.

[smartcode_project:default project_id=7877 project_image_fid=355852]

The project team said the planning of the homes has been informed by how the spaces function for both daily routines and larger gatherings.

"Our new homes owners at Veil have enjoyed the attention to detail in creating efficient layouts that use every space well. Hosting Christmas lunch and large family gatherings is an ease when care is taken to consider how people really live and entertain."

Private landscaped gardens extend the living spaces outdoors, while secure basement parking and bicycle parking are provided below. The homes have also been designed to achieve a 7-star energy rating, supported by double glazing, high-quality insulation, natural ventilation, LED lighting, water tanks and water-efficient fittings. Each residence is backed by a 10-year building guarantee.

Veil is being built by <a href="https://www.apartments.com.au/builders/jeniton">Jeniton</a>.&nbsp;Limited-time stamp duty savings are also currently available on selected purchases at Veil, adding another consideration as the project moves toward completion.

[smartcode_project_cta:default project_id=7877]

Veil Brighton nears completion in one of the suburb's most walkable pockets

<a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a> has recorded 134 sales worth just over $400 million in two months of pre-release activity at The Riversdale, as the developer brings its $750 million South Brisbane riverfront project to the broader market.

The sales represent more than 60 per cent of the project's 213 apartments, with Mosaic reporting the majority of purchasers have been local owner-occupiers and downsizers.

<a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale</a> will rise 39 storeys from its north-facing site at 91 Montague Road, delivering a mix of two, three and four-bedroom apartments alongside a collection of Mosaic's premium Masterpiece Series Sky Homes.

[smartcode_project:default project_id=151614 project_image_fid=371872]

The early buyer response comes ahead of the wider evolution of the northern end of Montague Road, where The Riversdale will be one of the first major residential projects delivered within an emerging riverfront precinct.

Directly adjoining the development is a planned 7.1-hectare mixed-use precinct, set to introduce new residences, parkland and public realm along the river's edge. The Riversdale's position directly on the Brisbane River gives it a relationship with the waterfront that Mosaic says cannot be replicated by future buildings within the precinct.

The site is also the result of a years-long pursuit by Mosaic. The developer first earmarked the <a href="https://www.apartments.com.au/developments/south-brisbane-qld-4101">South Brisbane</a> property in 2018, reflecting what Founder and Managing Director Brook Monahan has described as a deliberately patient approach to acquiring development sites.

[smartcode_project:default project_id=151614 project_image_fid=372083]

"We aren't opportunistic," Monahan previously told Apartments.com.au.

"Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau Proberts</a>, The Riversdale has been shaped around the qualities of the riverfront site, with apartments oriented to capture northern light and uninterrupted Brisbane River views.

Generous floorplans and expansive balconies extend the living spaces towards the river, while natural materials and a restrained interior palette have been selected with longevity in mind.

[smartcode_project:default project_id=151614 project_image_fid=371890]

Residents will have access to a level of amenity more commonly associated with world-class hotels and private members' clubs, with almost 3,000 sqm dedicated to wellness, connection, recreation and everyday convenience.

At ground level is a business lounge, private meeting rooms and dedicated workspaces. Mid-tower is a wellness sanctuary featuring magnesium hot and cold plunge pools, sauna, steam room, infrared therapy facilities, a Pilates and yoga studio, and a commercial-grade gymnasium.

Crowning The Riversdale is a rooftop featuring a 35-metre swimming pool with lap lane and spa, outdoor dining and seating terraces, firepit lounges and views of the city, river and Mount Coot-tha.

A private members' club-inspired retreat offers private dining rooms, a whisky lounge, media rooms and immersive entertainment experiences. Completing the amenity offering are two hotel-style guest suites and a resident-exclusive electric vehicle fleet and car-share program.

[smartcode_project:default project_id=151614 project_image_fid=371877]

The Riversdale sits at the northern end of Montague Road between South Bank and West End, around 1.3 kilometres from the Brisbane CBD, providing access to the city's major cultural, dining and recreation precincts.

It becomes Mosaic's largest Brisbane project to date and adds to a pipeline already under construction across the city.

In Brisbane, the developer is currently delivering The Bedford and The Carter at Kangaroo Point, both of which are approaching sell-out, with a further four projects being delivered on the Gold Coast. Mosaic has completed more than $2 billion in projects since 2012 and has a further development pipeline exceeding $2 billion across South East Queensland.

Early works are underway at The Riversdale, which will be delivered by Mosaic's in-house construction division. Completion is anticipated in late 2029, with remaining apartments priced from $1.98 million.

[smartcode_project_cta:default project_id=151614]

Mosaic records more than $400m in two months at South Brisbane's The Riversdale

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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CBRE has appointed of Ray Pittman (pictured above left) as president and chief executive officer of the firm’s Pacific operations.
In tandem, CBRE’s long-standing Pacific president and chief executive officer Tom Southern (pictured above right), has been promoted to a new role as executive chairman, Pacific with overall responsibility for the region. He will concentrate on strategy, recruitment and clients.
Pittman is its Colorado, US senior managing director, one of the 52,000 global staff.
He has 28 years' experience in commercial real estate, both in agency and development, having initially joined CBRE in 1985
He had his own Pittman Development Group before rejoining CBRE in 2011.
Photo: Supplied. 
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jchancellor-FAypfDUnLy

CBRE's Tom Southern becomes executive chairman as Ray Pittman appointed CEO

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The Garibaldi Inn commercial retail premises at 37 Alexandra Street, Hunters Hill have been sold for $7.8 million.
The landmark property comprises the original sandstone building and two substantial separate retail and commercial buildings. 
The centre has 14 retail and commercial tenants with a total lettable area of approximately 770 square metres and underground parking for 14 cars.
<a href="/expert-insights/investing/sandstone-garibaldi-hunters-hill-commercial-offering">Its full occupied net income was given as $555,885</a>.
It sits within what became known in the 1850s as The French Village, at Hunters Hill, Sydney's smallest and oldest municipality.  
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Sandstone Garibaldi, Hunters Hill commercial offering secures $7.8 million

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GUEST OBSERVATION
Housing is too big an issue to be left untouched in the lead-up to the NSW state election.
After weeks of relative inactivity, there has been a succession of announcements that could affect the NSW real estate market, covering housing supply, the practices of real estate agents and the transaction costs faced by first home buyers.
While claiming to target underlying affordability issues in the housing market, these promises are designed to appeal particularly to prospective home buyers - but could actually worsen affordability.
In fact, the one policy that could make the biggest difference is one that neither side of politics is likely to touch: axing stamp duty altogether.
Meek tweaks to existing policy
NSW Premier Mike Baird made the first move, announcing that if re-elected, his government would <a href="https://www.smh.com.au/nsw/nsw-state-election-2015/nsw-election-2015-baird-pledges-hed-double-land-release-for-new-housing-20150306-13x8un" target="_blank">“supercharge” new housing supply</a> around Sydney through increased land release.
But the reality is that most of the recent and proposed Sydney-based land releases are in areas that don’t match the needs of the target home buyers, especially employment opportunities. Around 30% of lots released in the first term of the Baird government have been in the Blacktown local government area, also covering future growth sites such as Schofields. Department of Employment figures show that this area also has the <a href="https://lmip.gov.au/default.aspx?LMIP/LFR_SAFOUR/NSW_LFR_LM_byLFR_UnemploymentRate" target="_blank">highest unemployment rate</a> in Sydney at 6.3% relative to a city-wide unemployment rate of 5.3%.
Another promise from the NSW Liberals has been to <a href="https://www.dailytelegraph.com.au/news/nsw/premier-mike-baird-pledges-crackdown-on-real-estate-agents-who-underquote-no-fines-issued-since-2004/story-fni0cx12-1227251897133" target="_blank">crack down on the practice of “underquoting”</a> by real estate agents. That’s where agents advertise a property at below what the vendor would reasonably accept, thereby boosting the pool of potential buyers who turn up to an auction.
Underquoting already attracts a fine of $22,000 in NSW, yet is poorly detected. It has been more than 10 years since a fine for underquoting was issued in NSW. Echoing promises made by Denis Napthine prior to his loss at the Victorian state election in late 2014, the Baird government has promised to target loopholes that permit agents to get away with underquoting, increase the penalty and possibly cancel agents’ licences.
For their part, Labor’s Luke Foley has <a href="https://www.smh.com.au/nsw/luke-foley-raises--stamp-duty-overhaul-during-second-election-debate-20150308-13ydxz" target="_blank">proposed</a> a policy that would allow first home owners to pay their stamp duty over five years instead of within three months of the property purchase.
Critics of NSW Labor’s plan question whether it really does help first home buyers to defer payments that will accrue interest in line with inflation.
And by removing this upfront cost, there is additional spending money available in the property search. Essentially, the Labor policy boosts demand in the short term at the longer term expense of first home buyers who will face increased repayment stress.
In fact, a more meaningful and positive impact on the entire housing market could be achieved through scrapping stamp duty on property transfers altogether.
Stamping out stamp duty
<a href="https://www.osr.nsw.gov.au/taxes/transfer-land/about" target="_blank">Stamp duty is a transaction tax</a>, and a significant one in real estate transactions in Sydney. Latest <a href="https://www.corelogic.com.au/research/monthly-indices" target="_blank">CoreLogic RP Data figures</a> show the median house price in Sydney is now over $900,000. On these numbers, a house selling at the median price in Sydney would attract a stamp duty bill of more than $35,000.
Transaction taxes affect all trading behaviour, but the impact is magnified in housing markets. The sheer size of looming stamp duty bills can limit opportunities for people to move house, locking them into a single property. This often hits hardest those in most need of relocation, like people whose living arrangements have changed because of divorce or who need to move for work.
Stamp duty also acts as a drag on the broader economy by restricting the efficiency of property prices, property supply and even labour mobility.
Why is the government too shy to touch stamp duty?
Put simply, the NSW government is addicted to stamp duty.
Current Minister for Planning, and former Minister for Community Services (under which other agencies such as NSW Housing sit), <a href="https://www.smh.com.au/act-news/goulburns-pru-goward-braces-for-a-huge-hit-at-nsw-poll-20150309-13yvw6" target="_blank">Pru Goward describes the situation perfectly</a>: "…We have a housing boom that of course is generating tremendous stamp duty revenue, so our revenue is back in the black and that has enabled us to make spending commitments that we otherwise would not be able to do."
NSW raised <a href="https://www.smh.com.au/nsw/stamp-duty-surge-bumps-nsw-surplus-to-12-billion-20141028-11czfw" target="_blank">more than $1 billion through stamp duty last year</a>. That is a very hard source of revenue for any government to let go of. Unfortunately for voters, it’s also incredibly inefficient.
The Henry Tax review <a href="https://taxreview.treasury.gov.au/content/FinalReport.aspx?doc=html/publications/Papers/Final_Report_Part_2/chapter_c2-4.htm" target="_blank">recommended switching away from stamp duty</a> to broad-based taxes, such as consumption tax or even land taxes. <a href="https://www.cpaaustralia.com.au/professional-resources/taxation/tax-reform-in-australia" target="_blank">CPA Australia</a> recommended something similar. The success of this switch would require cooperation between different levels of government.
More carrot, less stick
But is there a solution in the middle? A key flaw to Foley’s proposal is that it increases demand and is expected to further push up prices. Rather than incentivise first home owners to buy, why not offer an incentive for prospective sellers to put their property on the market?
The “empty nesters”, for example, now nearing retirement and with little need for the family home may be interested in downsizing to a smaller, more manageable property. Stamp duty is a cost that currently creates a disincentive for them to move.
Take away the stamp duty and the government could help create a more efficient housing market where home buyers have access to the right property for their needs.
<img src="https://counter.theconversation.edu.au/content/38536/count.gif" alt="The Conversation" width="1" height="1">Danika Wright is lecturer in finance at University of Sydney.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
{mijopolls 97} 
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po-LsXgBTHBmX

Killing off stamp duty - a good policy that no politician supports: Danika Wright

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Sydney's Institute Arcade at 332 Darling Street, Balmain has been listed for sale.
The tenanted building has nine shops, five suites and a penthouse. This year, it will gross $527,838, plus GST. Current tenants include Alegrias, a Spanish tapas restaurant, and a hairdresser.
Its penthouse has three bedrooms, with city and harbour views.
<a href="https://www.realcommercial.com.au/property-retail-nsw-balmain-501484715" target="_blank">The Institute Arcade</a> was designed by architect Edward J Bowen to house the Working's Men Institute, which was established in 1965. Construction began on the building in 1887, and it was completed in 1896, reportedly for £6,000.
At the time, the building held a 400-seat lecture hall, a billiard hall, a library, a chess room and a reading room. According to Leichhardt Council, by 1912 the Institute, which aimed to 'improve the education of working men and instruct them in the trades', had 700 members.
Since then, the building has housed the Balmain dole office (during the depression), entertainment venues, and now a mix of offices, retailers and restaurants. Its interiors, renovated since its construction, are reminiscent of the building's history, with moulded arches and a tessellated tile floor in the building's foyer.
The building is currently zoned B2, for mixed residential and commercial use. It has 929 square metres of floor space, on a 645 square metre plot.
The Institute Arcade, being marketed through Steven Zoellner of Laing + Simmons Double Bay and Sonia Leal of Niche Portfolio, will be auctioned on 7 April.
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jrichardson-uRX5hFdKfN

Balmain's Institute Arcade going under the hammer

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It's a real choice for hotel investors currently across the bay in Melbourne.
But Sorrento or Queenscliff?
The Queenscliff Hotel has been relisted for sale, with a private auction scheduled for this Friday, 20 March.
The Continental Hotel at Sorrento has been listed by the Di Pietro family with offers due 16 April.
Our property contrarians Jonathan Chancellor and Margie Blok debate the merits of the two hotels on opposite side of The Heads, yet only 12 kilometres apart.
HE SAID:<img src="/images/stories/2013/09/06/jc-silhouette-5.jpg" alt="jc-silhouette-5" width="130" height="195" style="float: right;">
It's the <a href="https://www.abercrombys.com.au/queenscliff-queenscliff-hotel-16-gellibrand-street-ab2974/" target="_blank">striking 1887 Queen Anne-style building</a> (pictured above) for me. If only for the special occasion memories held from when the late Mietta O'Donnell ran the hotel as a fine dining destination between 1978 and 1983. Admitting it wasn't as regular haunt as her ornate Alfred Place institution in the laneway off Collins Street at the business end of town.
Queenscliff became a significant tourist destination in the late 19th century with holiday-makers taking a two hour paddle steamer journey from Melbourne. 
Andrew Harlock and Tim Derham at Abercromby’s are selling the property on a walk-in, walk-out basis, with initial expectations at $3.5 million plus.
The hotel is still taking guests, but the restaurant served its last meals on Christmas Day, following the death of owner Johann Schuetz who with his wife, Theresa bought the property in 2002.
The 1887 built Queenscliff Hotel on the western tip of Port Phillip bay was designed by Melbourne architects Reed, Henderson &amp; Smart, the same architects responsible for the State Library of Victoria, Collins Street Baptist Church, Melbourne Trades Hall and a number of Melbourne university buildings.
It was built by NW Frogley in the English Queen Anne style for Martha Nugent and Joseph Goslin, wealthy local citizens at the time.
Heritage documents describe its polygonal tower, with its coned roof and bellcast profile and gables, as a reflection of northern European Renaissance architecture, particularly from countries as such France and the Netherlands.
Ofcourse while I adore limestone bathrooms, a little bit of Tudor-style woodwork and elaborate fretwork, turrets and towers with conical or pyramid-shaped roofs are always of acute interest.
I fell in love with Queen Anne over champers at the first Queen Anne house in Australia, Caerleon in the suburb of Bellevue Hill.
The Schuetz family acquired the property in 2002 from restaurateur Patricia O’Donnell, sister of the late Mietta O'Donnell. Schuetz offered the hotel in 2010 attracting offers close to $4 million.
<img src="/images/stories/2013/09/06/mb-silhouette-4.jpg" alt="mb-silhouette-4" width="130" height="195" style="float: left;">SHE SAID:
Coming from Sydney, it has to be the limestone Sorrento Contintental Hotel for me. NSW just doesn't see enough limestone or bluestone, just plenty of sandstone.
It was the pioneer thespian and entrepreneur George Coppin who built the mansard-capped hotel in the 1870s, the four storey limestone building <a href="https://www.continentalhotel.com.au/History.htm" target="_blank">The "Conti"</a> (pictured below). Jonathan can have his fusty selection.
<img src="/images/2015/03/11/sorernto-march-11-one.jpg">
The seaside spruiker shipped wealthy Melburnians to the Mornington Peninsula on his paddle steamers, and then put them on his tramway to stay at his Hotel Continental.
I love being close to the golf course.
It had been on the toss of a coin - a choice between Australia and America - that Coppin sailed from Sussex on the Templar, arriving in Sydney in 1843 with his partner, Maria Watkins Burroughs, where he was to perform at the Royal Victoria Theatre on Pitt Street.
Coppin briefly owned the Clown Hotel, directly opposite the theatre, which failed as Sydney's first permanent musical entertainment venue, before he moved south to Melbourne.
The Continental Hotel at Sorrento has been listed for sale by the Di Pietro family with $15 million expectations.
The hotel will be sold with freehold and business with offers due 16 April through Sothebys International agent Rob Curtain, in conjunction with CBRE.
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He Said/She Said: Queenscliff Hotel or Sorrento's Continental? 

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The Newport Arms Hotel has been sold to Justin Hemmes' hospitality group Merivale. No price has been revealed, but there were $50 million expectations.
The group was for long time inner Sydney concentrated, but expanded over recent times to Manly and Coogee.
Indeed he had been to the newly-purchased Newport Arms hotel just once before.
His late father and mother, John and Merivale, started the empire in the Pitt Street fashion store which had a cafe.
Ray White Hotels Australia secured the sale of the 11,000 square metres of Sydney northern beaches waterfront land holding.
Owner Wayne Bayfield advised that the sale of the family's flagship hotel was a watershed moment.
Agents for the sale Andrew Jolliffe and Joel Fisher of Ray White Hotels commented a number of local and international parties had sought to acquire the asset. 
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Justin Hemmes buys The Newport Arms hotel

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Valued at more than $3.2 trillion, Estates Gazette has come up with its second annual global rankings of 100 heavyweights in the world of global property investment.
Focusing on real assets, rather than debt or securities, <a href="https://image.e.estatesgazette.com/lib/fe9912717165057970/m/7/GIG_070315_GLOBAL100.pdf?x=1" target="_blank">the list</a> pulls together investors from all over the globe.
There are three entries from Australia - Westfield in 39th place, Lend Lease in 86th place and Stockland in 91st position.
Brookfield Asset Management, CBRE Global Investors and Blackstone continue to dominate the top three positions, with more than $280 billion of property between them.
This year, UK retail REIT Hammerson nudges its way on to the bottom of the list with $11.3 billion of assets.
Estate Gazette's report noted China Vanke became the first Chinese company to enter the top five.
Asian investors make up almost a third of this year’s rankings by volume of holdings, with $999 billion of property.
<img src="/images/2015/03/18/list-mar-28-one.jpg" alt="">
Source: Estate Gazette
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Westfield Australia's top result in list of world's global property heavyweights

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An investor has sold the Metro Markets shopping centre in Biggera Waters on the Gold Coast to fund manager Intrasia Oxley RE for $23.05 million.
The 33 Hollywell Road mall is anchored by Drakes Super IGA and has 34 speciality stores and five offices.
There is a total of 6,980 square metres of lettable space.
The centre, which has potential for further high-density development, has an average lease length of 5.9 years with a net income of $2.757 million per year.
The deal was brokered by Will McVay at McVay Real Estate at 8.36 per cent yield.
Meanwhile Beerwah Marketplace &amp; Village, on the Sunshine Coast, has been announced for sale, by Jacob Swan and Sam Hatcher of JLL.
Recent JLL Research recorded a decline in the average South East Queensland vacancy rate (for specialty retail stores) from a high of 5.5% in Q4-2011 to just 3.9% in Q4-2014.
The decline in vacancy has been particularly notable in the sub-regional and neighbourhood shopping centre sectors. 
Average specialty rents have now stabilised in this sector.
Beerwah Marketplace &amp; Village is a triple anchored sub regional shopping centre comprising Woolworths Supermarket (3,059 square meters), IGA Supermarket (2,482 square meters) and Target (1,201 square meters), two mini majors, 34 specialty stores, one kiosk and a Caltex Woolworths petrol station with a total centre gross lettable area of 11,091 square meters, serviced by 448 at-grade car bays.
Expressions of Interest close 16 April.
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Instrasia Oxley spend $23 million on Gold Coast shopping centre

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The Penrith Panthers leagues club plans to develop about 100 acres worth of land adjacent to its licensed club facility.
It will start with construction of a retirement and aged care facility in its first stage with subsequent plans for construction of high-end apartments, retail and office space and potentially a new rugby league centre of excellence.
Panthers chief executive Warren Wilson told the Australian Financial Review he expected approvals in April with construction to begin by the end of the year.
The club will partner with Sydney-based Tulich Aged Care Services for the construction of a 108 unit retirement village complex and a 108 bed aged care facility, along with seven specialty retail stores.
"There's a shortage of good aged care facilities out here, so we thought it would be a good thing for our members," Wilson told the Australian Financial Review. The Panthers were still seeking a joint-venture partner for the construction of 400 to 700 apartments.
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Penrith Panthers venture into retirement village project

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Constructed in the late 1960s, two Clara Street, South Yarra apartment blocks have been sold at more than $5 million each on yields of 4.3% following an auction conducted by Teska Carson.
They were the 25 Clara Street offering - 12 strata titled apartments with a current income of circa $224,000 - and 27 Clara Street - 12 strata titled apartments with a current income of circa $235,000. 
The Clara Street sales follow other recent sales including 11 Park Street, South Yarra last November at $4.4 million on a 2.73% yield. It was an art deco, three level, six apartment complex. 
In December, 6-8 Mona Place, South Yarra sold at $2,735,000, on a 3.62% yield. It was a four level, six strata titled unit complex sold through Savills Australia.
Tom Maule at Teska Carson said with demand at or near its peak, supply nominal, and liquidity high with interest rates at an all-time low, "yields were in a race to the bottom".
"Enquiry for these types of properties at the moment is extraordinary to say the least and it’s being driven by a booming housing market which is in turn being driven by Melbourne’s exceptional population growth," said Maule.
South Yarra office yields are a different matter.
<div>
An investor has paid $7.8 million for a Claremont Street, strata office floor reflecting a 7.56% yield for the 1,147 square metre space.
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