Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Build to Rent

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It is critical that government and industry continued to work together to ensure build-to-rent schemes could become more feasible to help address the current housing affordability issues facing so many Australians.
Build-to-rent is popular overseas in countries like the Unites States, but is still in its early stages in Australia.
As a major investor in affordable housing First State Super wants to expand our investments in this sector and see the barriers removed to make way for the market to grow.
Growth in this sector is not as financially viable in Australia as it is internationally due to a number of challenges presented by the Australian financial system with its current tax laws.
The build-to-rent sector in the United States was significant, largely made possible by the financial system in the US – particularly the banking and debt systems and urged for greater tax incentives in Australia, including GST reform and a reduction in stamp duty.
Additional changes to policy to make build-to-rent more attractive in Australia were needed including reductions to land tax as well as additional concessions for density requirements under planning laws.
In order for build-to-rent projects to be successful there needs to be a reduction in land tax and more release of State and Federal land available for development. The Australian landscape has proven to be difficult with a higher cost of land holding it back compared to some overseas markets.
First State Super welcomed the NSW Government’s recent announcement that it would cut land tax for the next 20 years for new build-to-rent housing projects and would give a 50 per cent discount on land tax to developers who invested in build-to-rent schemes. Additional schemes for build-to-rent housing projects would be welcomed to allow for more investment in this space.
Now is the opportunity for governments, industry and investors to work together and respond to these challenging issues and allow for more investment opportunities of scale in affordable housing and build-to-rent developments.
First State Super has commenced its first ‘build to rent’ affordable housing project in New South Wales and is interested in expanding its investments across Australia, in addition to other affordable housing initiatives.
Over the past 12 months First State Super has invested $250 million in key worker affordable housing initiatives in NSW and Victoria; one of the largest commitments of this kind of any Australian super fund.
These key worker affordable housing investments have seen hundreds of new or renovated apartments and units rented to nurses, teachers, police, paramedics, aged and disability support workers and other key workers at 80 per cent of the market rate.
We know that for many key workers finding safe, secure quality housing near their workplace is a challenge. These investments support key workers to secure affordable rental accommodation close to work and other important amenities.
However, they also support our crucial construction sector to maintain jobs and move forward with important projects despite the economic uncertainty.
First State Super will be making further announcements regarding additional investments in affordable housing shortly and has committed to increase that investment to $400 million this year.
There is a real opportunity for investors like us to collaborate with government to respond to the significant issue of housing affordability, to help support future housing needs across the country, provide a welcome boost to construction and to support jobs.
DAMIEN GRAHAM is the First State Super Chief Investment Officer 
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j.ballantyne1990-6AQqhLzZaK

Build-to-rent is a key element of housing affordability going forward: Damian Graham

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Sydney-based developer, Coronation Property Co, has announced the acquisition of its latest western Sydney site in Merrylands Court, Merrylands.
Situated at 52-54 McFarlane Street, the 12,418 sqm site sits in the heart of the Merrylands town centre, adjacent to one of Stockland’s top-performing shopping centres.
Acquired from Stockland for $41 million, the site is currently DA-approved for the construction of five high-density towers that will comprise 562 residential apartments, as well as approximately 4,500 sqm of ground level retail and basement parking.
Pictured above is a render of the previous owner's plans for the Merryland site (Source: <a href="https://www.commercialrealestate.com.au/news/sydney-developer-coronation-property-plans-build-to-rent-project-following-41-million-merrylands-purchase-920972/">https://www.commercialrealestate.com.au</a>).
Following the DA approval, the Merrylands Town Centre planning controls have been amended and as such Coronation is also exploring increased yield at the site, says Managing Director, Joseph Nahas.
“Our goal is to deliver a mixed-use precinct with a combination of build-to-rent and build-to-sell apartments, as well as a bustling new retail offering for the community that will include a gym, supermarket and a wide variety of food and beverage vendors,” said Managing Director, Joseph Nahas
On the topic of build-to-rent, Mr Nahas says Coronation Property is backing the concept to succeed in Australia, adding that he saw the site as a "seed investment" for their build-to-rent business.
Coronation aim to deliver 5,000 apartments over the next seven years and play a leading roles in built-to-rent for Australia.
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Coronation Property acquire $41 million Merrylands residential site

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GUEST OBSERVATION
PowerHousing Australia today welcomes the announcement of tax breaks for institutional investors into build-to-rent if the ALP wins the upcoming Federal Election in May.
The Managed Investment Trust withholding tax rate would be cut from 30% to 15% on tax distributions attributable to investments in BTR.
The announcement today of decreased tax rates for institutional investors if focused on affordable housing will see greater investment into the development of build-to-rent properties as part of a burgeoning new domestic asset investment class.
Build-to-rent is already established in the US where it is known as multifamily housing, and its great success has been followed through in the UK.
With house prices still out of reach to many Australians, increased investment into this emerging asset class will see more rental stock available to the market.
PowerHousing Australia met in the past year with the key pension funds, financial and affordable housing providers as well as intermediaries in San Francisco, New York and Washington and the runs are on the board for the past 30 years.
Build to Rent in the U.S supplies up to 10% of all residential housing delivery per year, and is a safe, government backed investment class which has the lowest volatility in a down turn such as the Great Recession which decimated the US housing market a decade ago.
This election announcement follows the recent announcement of the ALP’s NRAS type 10-year scheme which will subsidise investment into new affordable housing and aims to deliver a quarter of a million new dwellings in areas of need.
With each monthly Building Approvals update we see the Australian new home delivery pipeline fall away. Incentivsation through an NRAS 2.0 as promised and this MIT measure would reduce the potential for new housing delivery rates to collapse with rental prices increase to impact affordability.
The increased federal focus on tackling the housing crisis will go a long way to addressing the shortfall in affordable and appropriate housing across the country, and ensure more Australians can be adequately and fairly housed.
Nicholas Proud is CEO of PowerHousing Australia, which represents Tier One and scale-growth community housing providers.
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jonathanchancellor-7SQnKwU6yx

Build-to-rent backing will boost building approvals: Nicholas Proud 

<html><body>
EXPERT OBSERVATION
The announcement by the Federal Labor Party of their support for a build-to-rent model through tax relief is good news.
There is a big swing to rental accommodation in Australian cities, but tenants are unable to have long term security of tenure.
In America and Britain long term rental is available through build-to-rent models, but this approach has not worked in Australia due to excessive taxes.
The announcement by the Federal Labor Party that they will cut the managed investment trust withholding rate in half would make build-to-rent economically viable.
The build-to-rent model works with apartment precincts that have shared amenities where residents can have a comfortable lifestyle while having the security of tenure in their own rental home.
It is likely that the larger developers of apartments will be encouraged to move into this new long term rental market.
Hopefully the current Federal Government will also support tax incentives to encourage a swing to long term rental across Australia’s cities.
There are 2.7 million renters of homes across Australia. Urban areas in Sydney have very high percentages of renters with Parramatta having 70%, Surry Hills 64% and Newtown 62%.
It is clear that younger people in particular, are swinging towards rental accommodation in bustling inner city urban areas where they are close to amenities and work.
With housing approvals dropping fast in Australian cities the industry will need a stimulus to boost housing supply. A viable build-to-rent approach will encourage the development of more homes across the country.
The Urban Taskforce is a strong supporter of Australia having a viable long term rental approach.
It is clear that many millennials now prefer an urban lifestyle, and many prefer this to be through a rental model in apartments.
This is clearly a different lifestyle to the suburban home and it needs to be supported as part of our diverse approach to how Australians want to live.
CHRIS JOHNSON is the Urban Taskforce CEO.
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cjohnson-8xfqfuuCSq

Labor's build-to-rent support is good news: Chris Johnson

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The NSW Government has announced the shortlisted consortia seeking the contract to build Australia’s first social, affordable and private Build-to-Rent development.
There are three consortia set to tender for the opportunity to deliver around 500 new homes under this innovative new Communities Plus model.
They are:
<ul>
<li>·         a John Laing-led consortium including Compass Housing Services</li>
<li>·         Frasers Property and Hume Community Housing Association</li>
<li>·         Capella Capital, Lendlease Building and Evolve Housing</li>
</ul>
The departing Minister for Social Housing Pru Goward said there had been a strong market response to the Build- to-Rent project where the project will be built on state government land and after 40 years rental stream reverts to the government.
“The overwhelmingly strong response from the expressions of interest process tells us that Build-to-Rent will become an integral part of the Government’s social and affordable housing building program," she said.
“Build-to-Rent will bridge the housing gap in a market where more people than ever before are renting.”
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
Around 70 per cent of the property will be build-to-rent units while the others will be affordable and social housing.
Communities Plus is the largest social and affordable housing initiative in Australia, delivering up to 23,500 new and replacement social and affordable houses over 10 years. 
The NSW Government will announce the successful proponent in the third quarter of 2019.
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NSW Government shortlists three consortia for Redfern build-to-rent development

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Earlier this month, <a href="/news/victorian-government-paves-the-way-for-build-to-rent">Urban.com.au reported</a> on the Victorian State Government's endorsement of Grocon's 60-storey Build-to-Rent development on City Road in Southbank.  Planning Minister, Richard Wynne endorsed the Bates Smart-designed proposal of 400-apartments, noting that barriers have been removed to pave the way for this new asset class that offers Melburnians a quality yet affordable housing option.

<blockquote>
New ideas often take a while to navigate the planning system. These actions will ensure that build-to-rent can prosper and increase the stock of rental housing to meet the current record demand.

- Richard Wynne, Minister for Planning
</blockquote>

According to Bates Smart, the design of the Southbank development has "been distilled from the best offerings noted from significant field research locally and abroad including a study tour of the US, conducted in March 2018, where representatives from Bates Smart visited 18 properties across New York, Boston and San Francisco." 

Apartments.com.au spoke to Bates Smart Director Julian Anderson about the research has undertaken on the Build-to-Rent model and the office's work in designing Melbourne's first BTR project on Southbank.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/42681628932_f8e15a5799_h.jpg" rel="gallery-all" title="The site which has now been cleared. Image: Ryan Seychell"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/42681628932_f8e15a5799_h.jpg?itok=lAQOrj0v" title="The site which has now been cleared. Image: Ryan Seychell" width="580"></a>

<figcaption>The site which has now been cleared. Image: Ryan Seychell</figcaption></figure>Apartments.com.au: What are some of the barriers to successfully adopting the Build-to-rent model in Australia?

Julian Anderson: The main barrier in Australia at the moment is the challenging tax environment. Assuming the tax regime is modified, there shouldn’t be any other obstacles to its success. In Europe and the US, millennials are choosing to live in these developments because of the lifestyle it supports and like Australia, home ownership is becoming increasingly difficult because of rising costs and supply constraints.

The Treasurer, Tim Pallas has commented that: “Encouraging BTR will increase the supply of new, large-scale housing for longer-term renting.” There have been barriers for residents in terms of choice in the rental market and build-to-rent offers Australians a genuine alternative for occupants to create and maintain the lifestyle they want and continue live in the CBD with access to the best in transport, work, retail and lifestyle activity.

There are some negative connotations associated with the US build-to-rent model where it is perceived as creating an elitist environment. This did not appear to be the case during our team’s study tour of the US build-to-rent model in 2017 where we visited 18 projects. We experienced first-hand how the US model encourages and promotes a diverse community and caters to varying lifestyle needs, while offering a more secure housing solution.

U: How can the build-to-rent model address the challenges associated with housing affordability and population growth?

JA: Residential development in Melbourne and the CBD periphery is relatively stagnant due to lending controls tightening for both foreign and local developers and purchasers. With Melbourne’s population scheduled to double to 8 million within the next 20 years, making it the size of London today, we will need to cater to this huge population growth. One way to do that is via the introduction of this build-to-rent typology. The success of these projects is not constrained by purchasers’ willingness or ability to buy, rather, it is driven by a demand in Melbourne that is growing exponentially.

Affordability and build-to-rent don’t necessarily go hand-in-hand and we need to continue to look at international models to establish an appropriate affordable housing provision in this country. This is as much an issue for ‘build-to-sell’ apartment developments as it is for ‘build-to-rent.’

How did you approach the design of City Road compared to say one of the luxury projects Bates Smart have designed on Spring Street?

JA: As with all of our projects, we start by developing a brief with the client. This was undertaken on this project during a study tour of the US, during which we surveyed 18 build-to-rent properties across New York, Boston and San Francisco. The newer properties contained significant amounts of amenity space, and most interestingly, the provision of areas within the building enabling flexible working. For example, in several build-to-rent properties in the US we saw residents running their small businesses from their laptop using the work lounge spaces provided within the development, rather than running it from out of their apartment.

So while the brief is different, the design process is very similar. We’ll ask ourselves questions like how does the building need to respond to its local context, how do we maximise access to light and views, how are the amenity spaces arranged and distributed to maximise benefits for the residents and how do people want to live in the 21st century? It’s then up to the client working with us to determine what level of luxury they’re seeking to introduce into the project. It’s about creating the best environment in which people can live and enjoy the lifestyle offerings.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/home_southbank_bs.jpg" rel="gallery-all" title="The 60-storey BTR project on Southbank. Image: Bates Smart"><img alt="" class="image-article-full-width-580px" height="725" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/home_southbank_bs.jpg?itok=AH7N36Ll" title="The 60-storey BTR project on Southbank. Image: Bates Smart" width="580"></a>

<figcaption>The 60-storey BTR project on Southbank. Image: Bates Smart</figcaption></figure>U: How was the City Road project conceived? What were some of the key drivers behind the design?

JA: Our client recognised the scale and importance of the build-to-rent market in the US as well as its global appeal and saw the opportunity that existed in Melbourne, particularly with the likely demand in the next 20 years. There was also a recognition that the existing rental market in Australia lacked the sort of security of tenure, consistent quality and services that were on offer in the US.

Travelling with the client and constantly talking about design and the project allowed us to very quickly agree on many aspects of the design. We saw how other buildings had dealt with similar challenges we were facing in our local context including how to deal with proximity to our neighbours, a material palette that responds to former industrial neighbourhoods and height. Constantly debating and discussing design over this two-week period sped the design process up so that upon return, we mapped out a very clear design direction for us to pursue.

We were very interested in creating a building that responds to the building’s local context, so the use of the brick in the podium is about relating to the large number of brick warehouses that used to exist in this area. We also see brick as having that tactile quality that creates a physical connection between the residents and the building. This materiality makes the building more inviting.

The facade approach is ordered and calm relative to many of the nearby buildings. We wanted to create a building that in its tower form was different to many neighbouring developments in Southbank. There are so many projects in this area that are trying to stand apart and make a statement, so we focused on creating an elegant and sophisticated building. There is a sense of repose and calm in this project.

U: The City Rd project is 60-storeys tall - is there an ideal size for delivering the build-to-rent model? Or is it easily scaleable?

JA: It’s relatively straight forward to scale up or down in design terms. In the US there is a bit of an amenity arms race occurring. We saw developments of over 1,000 apartments that have up to 8,000 to 10,000sqm of amenity space including full size basketball courts and commercially scaled gyms. In the US and in particular San Francisco, we saw smaller scale developments of under 100 apartments which were as successful as their larger counterparts, so I can see no obstacles to this being introduced at a smaller scale in Australia.

One of the key components of these types of developments is the ability to build a community in a way that is quite different to what occurs in a build-to-sell development. Strong communities were created, with very engaged residents, particularly in the smaller scale developments when compared with those that we saw that contained over 1,000 apartments.

U: Do you expect to see a development that comprises a mix of BTR and apartments for private sale in the future? 695 LaTrobe for example would feature a mix of BTR and hotel suties.

JA: Yes I think if you look to other world cities of Melbourne’s size, and appreciating our future population growth in the next 20 years, you’re seeing more and more mixed use-type developments located within proximity to public transport. We need to continue to cater to increased population densities in and around these transport nodes. For the ongoing success of Melbourne and the continued creation of walkable cities, we need to provide this rich mix of spaces where people can work, live and play.

There is also an opportunity as the build-to-rent market matures in Australia to create more blended living and working environments. As people’s ability work to more flexibly and remotely increases, our buildings need to be designed to suit the changing working environment. This hasn’t happened yet so it’s a good opportunity for architects and developers to explore more creative and interesting design solutions. I’d like to think that build-to-rent could be the catalyst that allows further exploration of these more blended mixed-use environments.
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Laurence Dragomir

Bates Smart's Julian Anderson discusses Build-to-Rent

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The Victorian Government has come out in support of the Build-to-Rent (BTR) model in an effort to improve access, choice and quality for tenants while also providing greater rental tenancy lengths. The Build-to-Rent model involves building properties to rent instead of selling them to individual buyers with the aim of can providing high quality and well maintained rental stock to renters.

The BTR announcement follows hot on the heels of the Government’s recent changes to the Residential Tenancies Act which seeks to ensure renting becomes "fairer for Victorians". The model has been established for quite some time overseas but is very much an emerging sector in Australia.

The development industry has identified some barriers to the delivery of BTR. In response the Government will facilitate planning assessment, establish an industry working group, financially support BTR in community housing, clarify taxation arrangements, and lobby the federal government to make it easier to realise BTR in Australia.

Mlbourne-based developer Grocon recently obtained approval for Victoria's first BTR development - a 60-storey apartment building at 260 City Rd, Southbank designed by Bates Smart. This revised scheme replaces a previous approval for a 62-storey residential development first designed by Hayball for Apex Vic, before being sold to Altus Developments who engaged Moull Murray architects to revised conceive a revised scheme known as Monarch Tower. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/grocon_city_rd.png" rel="gallery-all" title="Grocon has received approval for a 60-storey purpose built tower. Image: Grocon"><img alt="" class="image-article-full-width-580px" height="728" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/grocon_city_rd.png?itok=tpHeggUe" title="Grocon has received approval for a 60-storey purpose built tower. Image: Grocon" width="580"></a>

<figcaption>Grocon has received approval for a 60-storey purpose built tower. Image: Grocon</figcaption></figure><blockquote>
Grocon is pleased to announce it has secured planning approval for Australia’s first purpose designed and developed Build to Rent in Southbank Melbourne which will include 400 apartments over 60 levels.  Grocon is proud to have collaborated with Bates Smart, the Department of Environment, Water, Land and Planning (DEWLP) and City of Melbourne for this exciting project.

- Grocon
</blockquote>

With the support of the Victorian Government, Salta might finally progress plans for its development site at 695-699 LaTrobe Street on the Docklands waterfront. Having already secured InterContinental Hotel Group (IHG) to operate a five-star Indigo-branded hotel of 170 rooms, the balance of the development will comprise 260 BTR apartments.

To be known as Hotel Indigo Melbourne Docklands the curved tower has been designed by Fender Katsalidis to reflect its harbourside location, with completion forecast for 2020.

According to the Victorian Government, a host of other development applications will be assessed via a fast tracked approval process. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/695-latrobe-indigo.jpg" rel="gallery-all" title="Salta's Docklands project will include 260 BTR apartments. Images: Fender Katsalidis"><img alt="" class="image-article-full-width-580px" height="246" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/695-latrobe-indigo.jpg?itok=FO1mL8LE" title="Salta's Docklands project will include 260 BTR apartments. Images: Fender Katsalidis" width="580"></a>

<figcaption>Salta's Docklands project will include 260 BTR apartments. Images: Fender Katsalidis</figcaption></figure><h2>What they say</h2>

<blockquote>
Encouraging BTR will increase the supply of new, large-scale housing for longer-term renting. It can grow our stock of affordable and social housing, expanding housing choices for Victorians.” “Victoria is leading the way in supporting Build-to-Rent. We’ll keep listening for new ideas through our new industry working group.

- Tim Pallas, Treasurer
</blockquote>

<blockquote>
New ideas often take a while to navigate the planning system. These actions will ensure that BTR can prosper and increase the stock of rental housing to meet the current record demand.

- Richard Wynne, Minister for Planning
</blockquote>

<blockquote>
The Victorian Government’s support for build to rent is best in class and a welcome first step in creating a sector that will deliver high quality rental accommodation and provide greater security of tenure for Victorians. We congratulate the Government on its willingness to work with industry to address these challenges.

- Cressida Wall, Executive Director, Property Council Victorian of Australia
</blockquote>

 
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Victorian Government paves the way for Build to Rent

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<div>
The Hannah's Pies site in Ultimo has been sold for about $20 million.
The site, next to the Powerhouse Museum at 562-576 Harris Street, was sold with a leaseback to the pie shop. 
</div>
<div>
It was sold to Caper Property which owns two sites, both in inner-west Sydney. 
They are the Bald Face Stag Hotel and One Camperdown, Fairfax Media has reported.
Caper Property, which is seeking to capitalise in the build-to-rent and co-living sectors, is led by Chrsytan Paul formerly with boutique investment firm Aura Capital.
</div>
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Hannah's Pies, Ultimo site sold to Caper Property

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Renters want stability and security of tenure for the same reasons property owners do. 
They seek a stable location that enables the household to stay connected with their family, friends, schools, jobs and community. 
Moving frequently is also inconvenient and expensive, so the ongoing threat of not having leases renewed leaves renters, especially low-income renters, vulnerable. 
There is now a new concept that aims to alleviate some of the issues. 
Build to rent is where investors build multi-unit buildings and, instead of selling the units, they are retained to rent. 
Build to rent is well established in the UK and USA, but never really taken up in Australia by large scale investors.
Indeed rental housing supply has been primarily come from individuals rather than or large investors or even government in Australia. It's been mostly left to mum and dad investors. 
There have been very few large scale investors with the capacity or preparedness to take it on. Certainly Harry Triguboff leads the way given the many apartments he has kept in his private portfolio. While such apartment developments increase rental supply, they do not target lower income households. 
Unlike many European countries where public/social housing is a major component of the housing profile, social housing has never exceeded more than six percent of Australia’s housing stock. 
An Australian Housing and Urban Research Institute study indicated big Australian investor institutions had no experience of large scale investment in rental housing in to judge Australian outcomes. Untried investment niches normally require a pioneering investor and a novelty premium on the rate of return. 
The recent announcement by NSW Minister for Social Housing, Pru Goward of a project in Redfern provides such a positive start towards the aim of providing a more diverse supply of housing for Sydney. The site will accommodate social, affordable and market rental housing on land provided by the NSW government.
The government to retain the land while investors, in partnership with community housing providers will fund, build and manage the site under a 40 year lease.
The Elizabeth Street site, which includes the Police Citizens Youth Club premises, will be exempt from land tax. It’s expected 500 dwellings will be built with 30 per cent earmarked for affordable housing.
The Property Council NSW executive director Jane Fitzgerald said the government has put its money where its mouth is. “They’re not only giving the land but also giving a full land tax exemption for the project which should really make a difference for making the financials stack up,” Ms Fitzgerald said.
One of the key reasons for Australia's slow embrace has been the perceived low returns. High property management costs are another barrier, coupled by the illiquidity that comes with all property assets.   
There also remains a perceived high risk, of public policy changes. Unlike commercial property, the current GST rules won't help the roll out of build-to-rent.
That's something for Treasurer Scott Morrison to address. The shadow treasurer Chris Bowen has sought a parliamentary review as it "would be a shame to see this sector get killed by policy."
This article first appeared in The Daily Telegraph.
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jchancellor-FAypfDUnLy

NSW State Government backed build to rent will offer renters stability

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Harry Triguboff, one of the country's biggest owners of rental apartments, has accused unspecified rival developers, but the likes of Lendlease, Mirvac and Stockland, of supporting build-to-rent housing because they were trying to drum up capital at a time of harder access to funds.
Triguboff owns a portfolio of more than 4000 apartments that he rents out.
He suggested the current build-to-rent drive was pushed by his rivals.
"They want… a tax break," Meriton boss Mr Triguboff told The Australian Financial Review, though not naming them directly in the article.
"But the interesting thing is, it's not the people with the money talking.
"It's the snorers that have no money to build."
Housing built for long-term rent to middle-income households has yet to become established in Australia because tax concessions for investment in residential housing are not available to institutions in the way they are to mum-and-dad investors and low yields on residential property do not make it viable.
Last year, Treasurer Scott Morrison ruled out the use of managed investment trusts, a vehicle that pays a low 15 per cent withholding tax, for at-market residential property, saying they had to be limited to the purpose of affordable, or key-worker, housing.
The shadow treasurer Chris Bowen last month signalled he would reconsider the issue.
But Mr Triguboff, who subsidises his own rental portfolio with profit from his development projects in Sydney, Brisbane and Gold Coast, questioned whether foreign institutions were interested in Australian build-to-rent as an asset class.
"I'm critical of people talking about it without naming who are the people that will invest," he said in an interview with the Financial Review.
"I don't think they have people that will invest. I think what they are trying to do is sell the idea to Morrison, then they will run around and get somebody. That's how it appears."
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