<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

<section data-scroll-anchor="false" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" data-turn-id-container="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" dir="auto">
The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

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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You’re sitting around a table with friends one night, downing a couple of glasses of red. The conversation turns to property investment, and how hard it is to get into the market. Emboldened by the wine, someone suggests beating the affordability barrier by pooling your resources and buying a property together.
In principle, it’s a great idea. By clubbing together, you’ll be able to afford a better quality investment property than you could as individuals. What’s more, your individual share of the mortgage is likely to be smaller than if you’d purchased on your own, which gives you more room to breathe financially.
Buying with friends can work well — provided that everyone has clear and consistent expectations before entering into the arrangement. It’s wise to draft a written agreement covering the key aspects and likely eventualities of the arrangement. You can do this yourselves, however it can be a complex undertaking so it may be best to see a solicitor with a specialist knowledge of contracts.
One of the most important considerations the agreement should cover is how long you intend to hold the property. Is this a short-term proposition, e.g. three to five years, or a long-term commitment?
<blockquote>
Remember, if you're planning on buying with friends you are entering a business deal, not a social arrangement.
</blockquote>
Ideally, you should hold residential investment property for at least seven to 10 years to ride out market fluctuations and make the most of compound capital growth. However, even with the best of intentions, unforeseen changes in the lives of the owners means there may come a time when it’s no longer appropriate or viable for one of them to continue the arrangement.
For this reason, the written agreement should address a range of possible life changes. For example, what will happen when one owner wants to sell their share of the property and free up funds to buy a home of their own to live in, start a family, or return to full-time study? What if one owner wants to buy the others out? How will the price be determined? What will happen if one owner loses their job, can’t work due to illness or injury, or dies?
The agreement should cover the dollar amount each person will commit to the investment, and the ownership split in percentage terms. It’s also worth including a reference to the terms of the contract you and your friends have with the lender. If you are borrowing money for the purchase, the lender will consider each of you ‘jointly and severally liable’ for the debt.
In other words, if one of you is unable to meet your repayments, the lender can hold the other borrowers liable for your share of the debt, and can take action to recover it from them.
To minimise this risk, each borrower should take out the relevant insurances such as life insurance and income protection insurance which will help cover their financial commitments in the event of illness, injury or death.
Your agreement should also detail nuts-and-bolts issues such as who will have responsibility for day-to-day management of the property.
Who will deal with the lender or broker, liaise with the property manager and (if relevant) Body Corporate? Who will ensure that council rates bills, insurance premiums and maintenance fees are paid on time and in full? If you have to make an insurance claim and you find out your policy has lapsed, no-one wants to hear the fateful words: “I thought you were handling that.”
The written agreement should also detail the procedure to be followed if there is a dispute amongst the owners. Whilst this may sound a little rigid or over-the-top (after all, you wouldn’t be buying with them if you didn’t think you could resolve problems) it’s important to look at the agreement in the cold light of day.
Remember: you are entering a business deal, not a social arrangement. The shared values and common interests that bind you together as friends won’t necessarily translate to a business environment.
When you buy with friends, you may benefit initially by spending less than you would on your own, but you also carry a greater risk of the venture failing due to conflicting expectations about managing change.
There’s little point risking a friendship over money—so for everyone’s sake, agree on the terms of the deal, put it in writing and then get on with business. This way, you’ll not only stand to gain financially, but maintain your friendship as well. 
Mark Armstrong is a director of <a href="https://www.ipropertyplan.com.au/">iProperty Plan</a>, which provides independent analysis and tailored advice to investors and home buyers.
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marmstrong-sd3emVLPPb

Buying with friends: A good idea in principle, but can it work in practice?

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GUEST OBSERVATION
The substantial increase in electricity prices over the past decade has seen building owners becoming increasingly conscious of the impact that heating, ventilation and air conditioning (HVAC) units are having on their bottom line.
These units account for around 40% of a building’s energy expenditure and 70% of a landlord’s total energy bills. Data also shows that at least 15% of this consumption is attributed to faults and inefficiencies – issues normally addressed at intervals decided by building maintenance teams, not at the point of malfunction.
These constant faults and inefficiencies are leading to high tenant dissatisfaction due to poor conditions, lower National Australian Built Environment Rating System (NABERS) star ratings, increased carbon emissions and of course, skyrocketing energy bills.
For this reason I’ve spent the past two years developing the ACE Platform, capable of identifying and correcting faults and inefficiencies in HVAC units in real time.
It works by digging into multiple data sources including building management systems, sensor and control data, occupancy figures and weather data, and feeding it into a cloud-based analytics engine.
It then recreates the structure of the plant and equipment virtually, determining optimal energy usage and generating reports at points where actual energy usage deviates from this norm. These reports are issued to building owners and maintenance teams in a simple, specific and actionable format – allowing issues to be addressed before they become a tenant complaint or begin to cost thousands of dollars. 
The ACE Platform was recently trialed at large commercial shopping centre Wollongong Central where it was shown to save the property owner $5,250 on energy every month – a forecasted saving of $63,000 per year.
Though the trial was on just one site, with many owners holding over 50 sites in their portfolios the savings the software platform could deliver to a business could amount to millions of dollars per year. Greater tenant retention rates and increased NABERS ratings could also deliver greater returns to shareholders through an increase in the value of the asset.
David Walsh is chief executive officer of CIM Environmental Group.
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kjiminez-eaYKfU7qd2

Could this be the future of building optimisation?

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News that the Abbott government will abandon the fifth tranche of the National Rental Affordability Scheme (NRAS) has brought mixed reactions from the housing industry.
The scheme provides tax free incentives to developers and investors providing approved housing to the rental market at 20% below market value. According to the government, there are no current funds allocated for any future rounds of NRAS, with all money that was allocated to the fifth round returned to the budget and redistributed elsewhere. The <a href="/expert-insights/national-rental-affordability-scheme-nras-fifth-round-will-not-proceed-2014-budget">2014 budget papers suggest</a> scrapping the scheme will result in savings of $235 million over three years, and will reportedly could contribute $1 billion to revenue savings over the program's life.
Developers who have already received NRAS approval for their projects will continue to receive payments for up to ten years so long as their eligibility requirements are met and their constructions proceed according to the pre-arranged timelines. 
However, the Department of Social Services will be withdrawing financial support for projects where “insufficient progress” has been made in the dwellings’ construction. Investors are still able to invest in NRAS properties, as some 18,000 dwellings are still to be delivered. This yet to be completed apartment in Sydney’s Harris Park is currently advertised by Onyx (pictured below), a property investment advice company that markets NRAS approved dwellings.
<img src="/images/2014/05/14/NRAS%20ad.JPG" alt="">
Investors who own completed NRAS approved properties will this year receive $10,661 from the government. All applications for NRAS’s fifth round of approvals, which closed in August last year, have been abandoned and will not be approved.
The Housing Industry Association (HIA) has described the abandonment the final round of the National Rental Affordability Scheme as disappointing.
"The scheme has resulted in thousands of affordable homes for low and moderate income households, increased Australia’s housing stock and generated countless jobs the process,” said Graham Wolfe, the HIA chief executive. 
Prior to the budget announcements, HIA's chief economist Harley Dale told the Financial Review that the scheme had delivered affordable housing for thousands of Australians. “It’s been a good scheme that has helped boost low-cost rental accommodation, and we would like to see it continue,” he said.
The Urban Development Institute of Australia (UDIA) described the move as a “major disappointment.” “Since its establishment in 2008, NRAS has delivered 14,575 new homes for low and moderate income households, and was on track to provide 23,884 more,” said UDIA’s national president Cameron Shephard.
However, the Real Estate Institute of Australia has welcomed the Abbott lead government’s decision, with president Peter Bushby calling the action “one REIA supports”. 
In February, SQM Research managing director Louis Christopher told Property Observer while the scheme needed to be adjusted to keep out "dodgy developers" and improve transparency, "the NRAS is a good idea, and we’re supporters of it."
The NRAS was launched by the Labor government in 2008 as a partnership between the Commonwealth and state and territory governments.
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No future for NRAS as fifth round is scrapped in 2014 budget

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First home buyers saving for a deposit have lost an incentive with the abolition of the First Home Savers Account (FHSA) scheme in the federal budget, the Real Estate Institute of Australia (REIA) president, Peter Bushby says. 
It has created greater concern as the cessation of Government co-contributions for existing account holders will hurt those relying on them to bolster their savings.
“We would like to have seen the scheme reviewed and improved rather than simply thrown on the scrap heap because of an initial low uptake.”
“With home ownership in Australia declining and first home buyers finding it increasing difficult to enter the housing market, this will not help the situation.”
Bushby noted "by contrast" the government has indicated that the National Rental Affordability Scheme (NRAS) would be reviewed, "an action REIA supports”.
“With budget forecasts of moderate growth, a slight increase in unemployment and inflation well within the RBA’s target zone, interest rates should remain low for some time and that is good news for home owners and prospective buyers,” concluded Bushby. 
The REIA had previously compiled a 10-point wishlist for<a href="/expert-insights/investing/the-reias-10-point-wishlist-for-the-federal-budget"> what it hoped to see in the federal budget</a>.
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FHSA scheme needed review not scrapping: REIA

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Local public and private infrastructure is a key determinant of value for property. But what are the local amenities that really support price growth?
Many investors were keeping a close eye on the federal budget, with big projects on the way as part of a <a href="/expert-insights/investing/the-budget-will-be-big-on-infrastructure-but-we-need-more-than-just-roads">$10 billion infrastructure package from the Abbott government</a>. 
As Observer Terry Ryder has said, to predict price growth, <a href="/expert-insights/investing/follow-the-infrastructure-trail-to-find-future-growth-suburbs">you need to follow the infrastructure trail</a>.
Property Observer looks at the pieces of infrastructure that will deliver value to your property purchase.
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Train stations Prices will be boosted by infrastructure that increases demand from the desired buyer groups. Easy rail access to employment hubs will make a suburb popular with employed professionals, workers and students. 
</li>
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Education facilities  Good schools, kindergartens and universities will all drive demand for a suburb. Not only do schools support population growth for up and coming suburbs, but good quality schools will attract buyers who are willing to buy their way into the right school zone, <a href="/news/hot-topic-buying-property-to-secure-children-a-school-place">as seen in Balwyn and McKinnon.</a>  
</li>
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Airport  As we learned from The Castle, properties can languish near the noise and pollution offered by an airport. But away from the flight path, prices can flourish thanks to increased employment and tourism in the area. Many are looking towards Badgerys Creek to see if <a href="/expert-insights/sydneys-new-airport-at-badgerys-creek-will-be-a-double-edged-sword-for-investors">Sydney’s second airport will pay off for investors</a>. 
</li>
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Roads  Roads, like rail, will attract buyers who need to be connected to employment hubs. Brisbane’s <a href="/expert-insights/investing/nine-brisbane-suburbs-to-become-property-hotspots-place-advisory">Toowong, Woolloongabba and Hamilton</a> are all set to benefit from road projects in the coming years. 
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Hospitals  Hospitals and other emergency services are vital pieces of infrastructure for a suburb. While Hobart’s property market is still underperforming, some believe that the $340 million secured by Independent Andrew Wilkie for the redevelopment of the Royal Hobart Hospital helped keep the city’s market out of an even deeper slump. 
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National parks  Tourism and recreation facilities are often key drivers of demand for a suburb. Colliers project director Curtis Field, who is marketing the New South Wales North Shore community development Crimson Hill, says that the national park bordering the project has been a big draw card for buyers. “We’ve seen purchasers come in and want to downsize and have something brand new that’s not on the highway, not sitting on the train station, but bordering the bushland,” he said. 
</li>
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Jetties and marinas  The past year has seen many developers marketing jetties and marinas as prime pieces of private infrastructure for new apartments. One such development is Wyndham Harbour in Port Phillip Bay, <a href="/news/buyers-to-navigate-towards-wyndham-harbours-the-lighthouse">set to be Victoria’s biggest marina upon completion</a>. 
</li>
</ol>
 Whether public or private, local infrastructure will be a major factor in the kinds of buyers your prospective property attracts. Recreation facilities could attract young families or retirees, roads and rail can lure professionals and students and jetties and marinas can help secure luxury buyers for waterfront suburbs.
If you're looking for price growth, make sure you keep one eye on the infrastructure to come.
Photo courtesy of Flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>.
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Seven ways infrastructure boosts your property’s value or investment outcome

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GUEST OBSERVATION
Prime Minister Tony Abbott has hailed the <a href="https://www.theguardian.com/world/2014/apr/07/tony-abbott-free-trade-deal-shared-values-japan-australia" target="_blank" style="line-height: 1.3em;">“shared values”</a> that enabled Australia’s free trade deal with Japan and now heads to China for crucial trade talks.
But the Australian mainstream sees itself as fundamentally separate from our Asian neighbours across most economic and cultural dimensions.
This mindset is challenging enough in trade and person-to-person ties. Transport infrastructure and city planning just don’t feature sensibly in discussion between Australia and its developed Asian neighbours.
Abbott has invited the Koreans to invest in yet more roads, but we have continuously spurned a long-held Japanese interest in Australian high speed rail opportunities.
Two problematic and emblematic cultural preconceptions hold Australia back from fully engaging with our region in the field of urban planning and infrastructure.
The first is the idea that Asia is “too different” to be relevant to our experience. The second is the even more problematic idea that we have nothing to learn from Asia (while they should presumably listen intently to us).
This intellectual blockage is possibly caused by an Australian infrastructure inferiority complex arising from decades of lost opportunities - rather than some weakness of planning policy or cities in developed Asia.
It also originates from insufficient distinction between developing Asia and developed Asia (incorporating Japan, Korea, Hong Kong, Taiwan and Singapore).
Let’s be real here - Australian cities are planned appallingly and have some of the most unsustainable living patterns and transport outcomes of all the world’s developed cities.
<img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/45890/width668/29fkmghq-1396996230.jpg" alt="">
Photo: Nagoya, which has similar population to Sydney or Melbourne, has an efficient metro system and an emphasis on rail travel. Chris Hale, March 2014
Places like Melbourne have done okay recently with downtown urban design and renewal. But at a broader scale, we have failed to develop mass transit systems capable of meeting commuter demands.
This hurts our cities and it hurts our trade opportunities in the infrastructure, planning and city design sphere.
Sydney has recently decided on a light rail corridor where a metro was needed. Melbourne struggles to launch any coherent response to rampant ridership growth on trams and trains.
Brisbane remains in cloud cuckoo land with its bus obsession - when only strategic rail-based interventions can shape its future growth.
Australian cities have spent the past 30 years riding the complacency of a car culture based on local vehicle manufacturing.
Major road projects formed the core of cynical pork barrel politics, draining the vast bulk of our infrastructure dollar.
Australians need to take a serious look at what major Asian cities - such as Tokyo - have achieved in infrastructure and urban policy over recent decades.
Tokyo coped with a massive influx of internal Japanese economic migrants during the second half of the 20th century. It did so through radical investment in metro rail, combined with judicious attention to zoning, parklands and community assets, which has led to the dominance of rail as majority mode of travel.
Other cities such as Singapore and Hong Kong have heavily oriented city planning to rail, with new metro stations opening yearly to bring distinct benefits of convenience and livability.
Japan’s high speed rail has also played a core role in that country’s economic and scientific development. Recently the Chinese have invested in a great and growing system of fast inter-city connections.
By contrast, successive Australian governments at all levels have turned their backs on transit as a tool for policy, economic development, and urban structure.
Infrastructure Australia was clearly due for an overhaul, but as a country we can’t afford a replacement that exists only to rubber stamp destructive road pork.
Tony Abbott has said he wants to be the ‘infrastructure prime-minister’ but his reported obsession with the virtues of the private vehicle over public transport can only be understood as an outdated and defeatist ideology.
This thought process has no place in influencing contemporary infrastructure policy.
We should look carefully at the emphasis Asia has placed on high-speed inter-city rail. These systems are now the backbone of advanced economies around the world, while only Americans and Australians remain unconvinced.
By censoring our discussion, we miss out on a fuller appreciation of 21st century infrastructure thinking and urbanism. Some great planning ideas and examples are available right on our doorstep.
Perhaps its time for a little less lecturing, and a little more learning.
Chris Hale is lecturer, Department of Infrastructure Engineering at University of Melbourne.
Chris Hale receives funding from the Carlton Connect Initiative of the University of Melbourne. This also includes funding from: City of Moreland, City of Darebin, and City of Yarra, Grimshaw architects, and MGS architects. Over many years, Chris has been the recipient of meaningful in-kind support from the MTR Corporation of Hong Kong - in the form of data availability, strategic briefings, and access to senior staff time.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
Photo courtesy of Flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>.
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jake-cSmGT7VXVf

Time for Australia to consider Asian lessons on city infrastructure

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The Australian Bureau of Statistics (ABS) released housing finance data for March 2014 earlier this week.
The data showed that the number of owner occupier housing finance commitments fell by -0.9% in March.  In value terms, lending to owner occupiers was -1.2% lower over the month and lending to investors was down -0.8%.
<img class="aligncenter size-full wp-image-3222" src="https://blog.rpdata.com/wp-content/uploads/2014/05/Chart-11.jpg" alt="Chart 1" width="500" height="182">
Looking at the break-down of housing finance commitments by value over-time, you can see that on a 12 month average basis, the greatest proportion of lending over the past year has gone to investors (37.7%) followed by: owner occupier subsequent purchasers (non-first home buyers) (36.7%), refinances by owner occupiers (17.6%) and owner occupier first home buyers (7.9%). 
As the above chart shows, investment lending is at its highest level in a number of years and there has previously only ever been one period where investment lending was greater than lending to subsequent purchasers. 
The proportion of lending to first home buyers is at a record low, accounting for an average of 7.9% of the value of finance commitments over the 12 months to March 2014.
<img class="aligncenter size-full wp-image-3223" src="https://blog.rpdata.com/wp-content/uploads/2014/05/Chart-21.jpg" alt="Chart 2" width="500" height="179">
Turning the focus to the monthly data on the number of owner occupier housing finance commitments, as mentioned these were -0.9% lower with refinance commitments down -1.0% and non-refinance commitments falling -0.9%. 
Despite the monthly fall, as the above chart shows, both refinances and non-refinances are trending higher albeit non-refinances in particular remain well below historic average levels.
<img class="aligncenter size-full wp-image-3224" src="https://blog.rpdata.com/wp-content/uploads/2014/05/Chart-31.jpg" alt="Chart 3" width="500" height="182">
Over the month, owner occupier housing finance commitments to first home buyers increased by 12.2% which was the largest monthly rise since May 2012.  Despite the monthly rise, first home buyer commitments remain slightly lower than a year ago (-0.8%). 
As a proportion of total owner occupier finance commitments, first home buyers accounted for 12.6% of commitments in March, up from 12.5% in February but down from 14.1% in March 2013.
<img class="aligncenter size-full wp-image-3225" src="https://blog.rpdata.com/wp-content/uploads/2014/05/Chart-41.jpg" alt="Chart 4" width="500" height="181">
The total value of investment housing finance commitments fell by -0.8% in March 2014 however, it has increased by 27.9% year-on-year.  As mentioned, the proportion of investment commitments has, on average, been higher than owner occupier subsequent purchases over the past year. 
In March, investment finance commitments accounted for 39.1% of total finance commitments.  The level of investment activity remains at a level which is well above average and of a magnitude not recorded since late in 2003.  Although it is hard to bed down any timely and accurate statistics on overseas buyers it is important to note that if foreign buyers are purchasing with funds sourced from abroad, they are not captured in these figures.
<blockquote>
The last time we saw investment activity at these levels we also witnessed a marked slowdown in value growth nationally.
</blockquote>
With the level of investment remaining stubbornly high, it is no wonder that the Reserve Bank continues to repeat its warning that housing in Australia is not a one-way bet.  Obviously low mortgage rates coupled with strong value growth, particularly in Sydney and Melbourne is attracting the attention of investors. 
The potential challenge will be what happens next with investors once value growth slows and mortgage rates rise. 
The last time we saw investment activity at these levels we also witnessed a marked slowdown in value growth nationally. As an example, in Sydney values began falling shortly thereafter and values took five and a half years to return to their previous peaks.  Investors jumping into the market at this time should definitely bear this in mind.
Overall, the monthly read on housing finance data was weak, however, the trend shows that demand for finance is continuing to escalate. In particular, investors and upgraders are really driving the housing market at the moment.
However, the level of activity by owner occupiers purchasing homes (as opposed to refinancing) remains well below average levels.  Obviously the rise in investment lending is to some extent restricting the level of lending to owner occupiers.
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Level of investment remains stubbornly high in housing finance data

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"An array of spending cuts at the poorest": Budget 2014

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Singapore’s sovereign wealth fund GIC has sold $505 million worth of shares in the property giant GPT Group.
The block trade was executed last night through UBS at $3.81 per security, representing a 2.7% discount to the earlier trading price.
The selldown accounts for just shy of 8% of the GPT share register.
The Singaporean pension fund secured its GPT shares during the global financial crisis, so will take an estimated $400 million profit.
GIC first bought a 12% stake in 2008 for as little as 60 cents a share.
The Singapore investor is expected to retain exchangeable securities in GPT.
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Singapore's GIC sells $505 million in shares in property giant GPT Group

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GUEST OBSERVATION
The great Australian dream to own a house has long been underwritten by the great Australian housing subsidy. Whether you are a <a href="https://www.housing.nsw.gov.au/Living+in+Public+Housing/" target="_blank">public</a> or <a href="https://www.communityhousing.org.au/" target="_blank">social</a> housing tenant, a private renter or a homeowner, chances are your house was subsidised through a <a href="https://www.housing.nsw.gov.au/Living+in+Public+Housing/Rent+and+Other+Charges/" target="_blank">rental subsidy</a>, <a href="https://www.firsthome.gov.au/" target="_blank">housing grant</a> or <a href="https://www.ato.gov.au/Individuals/Income-and-deductions/In-detail/Investments,-including-rental-properties/Rental-properties-2012-13/?page=16" target="_blank">taxation credit</a>. On budget night there will be housing winners and losers, but it’s worth remembering we all live in subsidised housing.
Public housing subsidies
<a href="https://www.ncoa.gov.au/" target="_blank">The National Commission of Audit</a> urged the Commonwealth to limit its involvement in public and social housing by providing rent assistance to income support recipients.
If treasurer Joe Hockey followed through with these recommendations public housing tenants would have to pay market rent for their housing after receiving rent assistance. This would undermine the central purpose of public housing as a form of affordable housing tenure that provides very low-income people with housing at below market rates, often as a percentage of their income.
Providing rent assistance to people to contribute to market rate rental properties would be bad news for housing equity. The frail and elderly, those with carer responsibilities or complex medical needs, or very low-income Australians in public or social housing would be hit hardest.
Private housing subsidies
Private housing subsidies are like chocolate, we know that we should use them in moderation but we just cannot cut back. We often pretend they are not subsidies at all. AMP’s <a href="https://m.afr.com/p/national/big_talk_small_acts_on_bn_budget_AkRrPW2xaygUjpIodRK8IK" target="_blank">chief economist</a> Shane Oliver says “changes to negative gearing or the CGT exemption on the family home would be seen as ‘unAustralian’”.
<a href="https://grattan.edu.au/" target="_blank">Grattan Institute</a> data suggests that more than 90% of private housing subsidies go to property owners over private renters (see figure below). This includes the roughly A$30 billion capital gains tax benefit for owner-occupiers and the A$7 billion negative gearing benefit for landlords each year.
<img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/48230/width668/rycjyqqy-1399860931.jpg" alt="">
Report: Renovating Housing Policy Grattan Institute
Often taxation concessions – the <a href="https://www.dss.gov.au/our-responsibilities/housing-support/programs-services/national-rental-affordability-scheme" target="_blank">National Rental Affordability Scheme</a> (NRAS) excluded – do not generate new housing stock. They all, with the addition of the first homebuyers grant, drive up property prices. This is good for homeowners and developers. It is bad for first homebuyers and private renters. The removal of housing subsidies that operate below or offset market rents would be catastrophic for the most disadvantaged people in Australian cities.
While the Commission of Audit was largely <a href="https://www.smh.com.au/federal-politics/political-opinion/tax-the-flaw-at-the-heart-of-the-national-commission-of-audit-20140501-zr2oy" target="_blank">silent</a> on private housing taxation subsidies, under its recommendations <a href="https://tunswblog.blogspot.com.au/2014/05/what-commission-of-audit-says-about" target="_blank">NRAS would go too</a>. NRAS was designed to encourage private investors to provide affordable rental housing. Associate Professor <a href="https://theconversation.com/rental-affordability-scheme-fears-are-misplaced-24338" target="_blank">Michael Darcy</a> argues:
"NRAS is also a tax benefit, but it provides a fixed rebate of around A$10,000 a year for ten years. Investors can claim the rebate so long as a property is rented through an approved non-profit housing manager at 20% below the market rate. Potential tenants are means tested. In this way NRAS sought to keep investors in the affordable sector for the longer term."
Post-budget affordable housing?
The forecast is grim for housing affordability in many Australian cities. According to <a href="/expert-insights/buying/sydney-now-has-170-suburbs-with-1-million-median-house-price-apm">Australian Property Monitors</a>, of Sydney’s approximately 600 suburbs 170 now have A$1 million median house prices. This constitutes an increase of about 47 suburbs in six months.
In Melbourne “<a href="/expert-insights/buying/investors-up-first-home-buyers-down-in-the-melbourne-market">the numbers of first home buyers have shrunk to record lows</a> ” as more first home buyers remain in rental accommodation or live with family members.
There is scope for innovation with public, non-government and private sector housing models and taxation policy. The National Rental Affordability Scheme is certainly not perfect, but at least it provides additional housing stock that operates below market rates.
As the details of the budget come in, the great Australian housing subsidies will be revealed. But Hockey has indicated he will take most of the <a href="https://www.smh.com.au/federal-politics/political-opinion/tax-the-flaw-at-the-heart-of-the-national-commission-of-audit-20140501-zr2oy" target="_blank">tax reforms to the next election</a>. Any move toward greater housing equity would require a significant recalibration of public and private housing subsidies and taxation reforms.
When housing subsidies are revealed on budget night, remember, we will always need housing options that operate outside the market for the poorest and most disadvantaged Australians.
Dallas Rogers is Research Fellow - Urban Research Centre at University of Western Sydney.<a href="https://theconversation.com/institutions/university-of-western-sydney"></a>
Dallas Rogers does not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article, and has no relevant affiliations.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. 
Photo courtesy of Steve Davidson/Flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>.
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