<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

Canberra

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The market has improved significantly in Canberra with a 7.6% spike in property values over the first eight months of the year compared to a decline of 0.9% for the same period in 2015, according to the latest McGrath report.
Underpinning this growth is an undersupply of houses for sale; greater stability in the federal government following many years of unrest; and a very low unemployment rate of just 3.6%, boosted by the lifting of a two-year hiring freeze in the public service in mid-2015.
There is a distinct new confidence in the marketplace following the federal election, their latest report advised.
Canberra is always directly affected by elections because one in three workers are employed in the public service.
Unlike the last federal election, there was no threat of mass job cuts on either side of politics, so the market maintained its momentum during the long campaign.
The Coalition’s return meant continuing stability for government employees; no changes to negative gearing or capital gains; and a tax cut that would benefit a large proportion of residents, who are among the highest paid workers in the country.
Opens have been well-attended and auction clearance rates for houses have remained just shy of 70% for the 12 months to June 2016, according to Domain research.
Interest rate cuts are no longer having a stimulatory effect, with buyers now used to record lows.
However, young couples and families are leveraging rates to stretch their budgets further and buy in premium locations close to the best schools.
The $1 billion ‘Mr Fluffy’ buyback and demolition of 1,022 homes across 56 suburbs by 2018 continues having a big impact on the market.
Approximately 260 homes have already been demolished with 176 scheduled for demolition between July and December 2016.
The scheme has displaced hundreds of families who all need to buy or rent.
They have been paid well for their homes and the stamp duty concession on their next purchase is giving them extra buying power and the ability to buy quickly and compete strongly at auction.
Some are staying in their area, others are upgrading elsewhere.
For example, many Mr Fluffy sellers in Belconnen are heading to nearby Gungahlin where they can purchase bigger, newer homes.
Meanwhile, the incredibly rare opportunity to buy vacant land in premium established suburbs following the demolition of Mr Fluffy homes is really exciting buyers.
The first 10 blocks were taken to auction in April. Among the sales was a block in Pearce for $605,000 and one in Chapman for $610,000 – both close to the city’s median house price of $607,000.
This signalled to other home owners just how valuable their land has become due to limited release of new supply in recent years.
<a href="/images/2016/10/31/Canberra.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/Canberra.jpg" alt="">
Original housing stock in Canberra’s prized inner north and south is more than 60 years old and due for an overhaul.
Owners are realising the best way to capitalise on their land value is to re-build and families are out in force looking for knockdown opportunities in prime locations.
Downsizers are among these buyers, with many not ready for apartment living.
Townhouses are hard to find so many downsizers are looking to build dual occupancies instead – sometimes in joint venture deals with friends.
The Over 60s Home Bonus Scheme provides downsizers with a market advantage due to a substantial discount on stamp duty.
"On a $660,000 purchase, just $20 is payable. We are finding that many people are still unaware of this opportunity but once informed they feel incentivised to sell," the report stated.
Canberra’s apartment oversupply continues, comprising 51.2% of all homes for sale, according to CoreLogic RP Data. However, property values and rental yields are holding up well.
The median apartment price has risen 1.7% in calendar year 2016 and rental yields are among the highest in the country at 5.1%.
The rental market is being supported by extra demand from Mr Fluffy sellers as well as usual strong demand from young workers, students at two universities and public service contractors who do not want to settle in Canberra permanently.
<a href="/images/2016/10/31/Audi%20Canberra.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/31/Audi%20Canberra.jpg" alt="">
John McGrath's top suburb picks in the ACT:
1. Kambah
Underrated and prime for growth, Canberra’s largest suburb with 6,140 homes offers better value than Woden and Weston Creek and a diverse range of properties. Centrally located, it is the most northern suburb of Tuggeranong with good access to arterial roads for the CBD commute.
2. Curtin
Big money is being spent in Curtin, which has undergone a changing of the guard over the past few years. Ex-government housing has been sold off, knocked down and re-built and family buyers priced out of Deakin, Hughes and Garran have bought and renovated.
3. O’Connor
Adjoining Turner where houses are in very short supply, O’Connor offers great value. However, strong buyer demand has made it Canberra’s number one suburb for growth in FY2016, with house prices rising 21.5% to a median of $960,000 and apartment/townhouse values up 15.3% to $490,000.
4. Franklin/Harrison
Sitting on opposite sides of Flemington Road, the main arterial road leading out of Gungahlin to the city, these two suburbs will directly benefit from the new light rail. Both are family-oriented neighbourhoods with good schools and close proximity to the CBD.
5. Cook/Aranda
These two suburbs are well positioned to benefit from Belconnen’s gentrification. A lot of new townhouses and apartments are being built in the area, creating residential precincts with great amenities including shops, restaurants and cinemas.
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j.ballantyne1990-6AQqhLzZaK

Canberra property market significantly improved since federal election: McGrath

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Upon returning to Queensland Reds, former ACT Brumbies captain Stephen Moore has sold his Canberra family home.
Peter Blackshaw Real Estate agent Rowan Glanville sold the four bedroom home pre-auction to a local family.
Rowan said more than 40 groups had inspected the house since it hit the market three weeks ago.
Set on 1960 sqm, the <a href="https://www.realestate.com.au/property-house-act-yarralumla-123745438" target="_blank">Yarralumla home cost $1.65 million in 2014</a>.
The property is almost double the size of the traditional quarter-acre block that characterises many of Canberra’s established suburbs.
<div>“We’re very sad to leave Canberra,” Moore told Domain.</div>
<div>
“The decision to move up to Queensland happened very quickly.
"Now that it’s happened we’re excited by the challenge, particularly for me with my career, [but] Canberra’s been such a big part of my life.
“It’s where both our kids were born, it’s the only place in Australia where Courtney, my wife, has lived, so for her it’s very much home in terms of Australia.”
</div>
Moore and Courtney have bought into Queensland, paying $1.5 million for a three bedroom home in Bardon.
 
 
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Wallabies skipper Stephen Moore sells in Canberra

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One of the few remaining commercial-scale grazing properties in the historic Bungendore district has been listed for sale.
It will bring to an end five generations of continuous occupation by the Hyles family.
Woodlands was taken up more than 150 years ago by Richard and Jessie Hyles.
It is being sold now as part of a succession plan by Bruce Hyles and his family.
Meares and Associates will offer the <a href="https://www.realestate.com.au/property-livestock-nsw-bungendore-7850266" target="_blank">1157 hectare property at online auction</a> on November 15-16.
It is expected to draw competition from grazing interests, serious investors and lifestyle seekers alike.
Situated eight kilometres south of Bungendore with views northwards to Lake George, Woodlands is under three hours’ drive from Sydney.
Although still managed successfully as a commercial grazing operation, based on Merino sheep, the property has obvious potential for subdivision up to a maximum of 14 lots, to meet the steady demand from Canberra for small holdings. 
More than 200,000 pine trees have been planted, either in a 120ha dedicated woodlot or in strategic shelter belts.
Average rainfall is 640mm and the property is watered by 43 dams, an equipped bore and semi-permanent creeks.
As presently managed, “Woodlands” is operated as a woolgrowing concern, with a self-replacing Merino flock of Hazeldean bloodlines producing adult fleeces of 4.5-5kg and 19-19.5 microns.
In recent years a proportion of the ewe flock has been mated to Border Leicester rams to produce first-cross lambs, the ewe portion of which has commanded ready competition at the annual regional summer restocker sales.
The property’s estimated carrying capacity of 2600-3000 DSE offers considerable upside potential, with further investment in pasture establishment and infrastructure.
Woodlands has a Victorian-style homestead built in the 1870s as a wedding present for Jessie Hyles.
Bidding for Woodlands is expected to reach $2.8 million to $3 million.
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Pastoral Woodlands on Canberra's doorstep

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Woodlands, located at Bungendore on the edge of the ever expanding Canberra, has been listed for online sale.
The sheep/wool farm is being <a href="https://www.realestate.com.au/property-livestock-nsw-bungendore-7850266" target="_blank">offered for sale via Meares Online Auction</a> by Meares &amp; Associates on 15th/16th November, 2016.
Woodlands comprises 1157.81 hectares with 420 ha established improved pastures including phalaris, cocksfoot and clovers.
The property was selectively top dressed with fertiliser up until approximately 2010.
It is a five minute drive from the historic tourist mecca Bungendore, 30-40 minute drive from the nation’s capital Canberra and its international airport and a three hour drive from Sydney CBD.
Woodlands was taken up by the Hyles family over 150 years ago, and has been managed by five generations of the family over that time. 
The property is currently conservatively carrying 2,600 – 3,000 DSE’s.
However agent Chris Meares says there's the ability to produce beef cattle, run a horse or stud operation, as well as viticulture including wine grapes.
The homestead, set in an attractive garden with a decomposed granite tennis court, is an 1870’s styled Victorian abode where renovations and extensions have been carried out over the years,
Ther's a 5 Stand electric woolshed and shearer’s quarters that can accommodate 12.
Its former school house is used for bunk accommodation.
"This offering would ideally suit an existing farmer or an ‘off farm’ investor,” Chris Meares suggests.
Woodlands is expected to sell for around $3 million with offers closing at 2pm 16th November, 2016 AEDT.
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Bungendore's Woodlands for online auction

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<div>A bit of early disclosure: I'll admit here straight away that I had a few gripes with the Grattan Institute during the recent election campaign when I felt they were twisting 'facts' to suit their arguments. For example:</div>
<a href="/images/2016/10/24/Grattan.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/Grattan.jpg" alt="">
 
<div>Over years of experience in housing markets, I've literally never heard of anyone paying a huge lump of stamp duty only to sell their investment property because the rents had become too high (before buying another loss-making investment property, and incurring yet more stamp duty). Would never happen in a month of Sundays.</div>
<div> </div>
<div>Anyway, I generally don't bear grudges, so we can let bygones be just that! Let's move on from that to today's op-ed from Grattan, which recommended that other states follow the Australian Capital Territory (ACT) lead in phasing out stamp duties for a broad based property tax. 
</div>
<div>Land tax in the ACT</div>
<div> </div>
<div>In theory, phasing out stamp duty - a pro-cyclical levy which discourages labour force mobility (if, for some unknown reason, not landlord churn!) - in favour of higher recurrent property taxes is a sound economic principle.</div>
<div> </div>
<div>Of course, one always fears that new and additional taxes raised will be frittered away on infrastructure white elephants, while those of us that have already paid their stamp duties are naturally inclined to be grouchy (in the same way that I'm bound to think that Chartered Accountants shouldn't have open book exams, because we didn't 'back in my day'). </div>
<div> </div>
<div>Overall, I tend to agree with most of Grattan's points, with stamp duties being an inefficient if extraordinarily lucrative levy. </div>
<div> </div>
<div>In fact, I wrote a piece myself for Property Observer back in 2013 which discussed precisely the potential benefits of introducing a progressive and recurrent property tax (i.e. not necessarily a straight land tax). </div>
<div> </div>
<div><a href="/images/2016/10/24/ACT4.jpg" target="_blank">Click to enlarge</a></div>
<div> </div>
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<div>
 Canberra housing
</div>
<div> </div>
<div>That said, five years in to the experiment, there was no analysis provided by Grattan of the impact of the tax reforms to date on the housing market in the nation's capital itself. </div>
<div> </div>
<div>As always, of course, it's impossible to isolate the impact of shifts in property taxes. We can't after all run a parallel universe wherein another version of Canberra sticks with the old regime as a control experiment (Lord knows, just the one Canberra existing in our own Universe is plenty!).</div>
<div> </div>
<div>In any event, here's a quick look at what's been going down.</div>
<div> </div>
<div>The ABS Residential Property Price Indexes to 30 June 2016 showed established house prices rising by +8.0 per cent, and a +6.0 per cent increase for all dwellings - rates of price growth which in a healthy market should be resulting in a strong supply response. Anecdotal evidence suggests that house prices have been going a bit silly in parts of Canberra, though I do worry about the outlook for the new apartment market in the city.</div>
<div> </div>
<div>Investor loans have understandably declined due to the inevitable uncertainty of change. This may in part be due to tighter lending restrictions introduced by APRA in 2015, and in any case many would argue that lower investor loan activity is on balance a good thing.  </div>
<a href="/images/2016/10/24/ACT1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/ACT1.jpg" alt="">
 Less thrillingly, detached house approvals have tanked.
<a href="/images/2016/10/24/ACT1-1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/ACT1-1.jpg" alt="">
<div>The trend in monthly new house commencements has basically crashed in the ACT, down by more than 50 per cent since the beginning of 2011. Attached dwelling commencements, on the other hand, have held up much better, perhaps reflective of record low interest rates, a structural shift towards attached dwellings, as well as strong pre-sales to offshore investors. Long lead times Whatever the causes, with the long lead times for apartments there are presently more than 5,000 dwellings under construction in the ACT, of which only 600 or so are detached houses. </div>
<div> </div>
<div>As a result of the above dynamics, vacancy rates in the capital have nosedived from 2.5 per cent in 2014 to just 1.1 per cent, even though population growth in the entire territory is tracking at just 5,000 per annum.</div>
<a href="/images/2016/10/24/VR.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/VR.jpg" alt="">
 
<div>According to SQM Research, after a lag asking rents have soared lately, up by +12.3 per cent over the past year for houses, while even apartment asking rents have ripped +9.3 per cent higher. And this through a period when nationally rental growth is tracking at two decade lows.</div>
<div> </div>
<div>Granted this vast increase in asking rents is yet to be reflected in the ABS consumer price indexes, which lag significantly. The figures for Q3 2016 will be released next week. But in any case, when the 5,000 dwellings under construction eventually hit the market, rents for apartments at least should eventually return to flat or falling in real terms. <div class="separator"><a href="/images/2016/10/24/Z1.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/10/24/Z1.jpg" alt=""></div>
</div>
The wrap
<div>No strong conclusion either way here. As noted, we can't readily know the counter-factual, while some of the prevailing housing market dynamics in Canberra may be related to restricted land release, in particular the lack of responsive detached housing supply. </div>
<div> </div>
<div>On taxes, my view is that homeowners shouldn't have to pay twice, and that will no doubt be the view of most other homeowners too. Therefore in the real world the most populous states would find it extremely difficult to phase in such a tax with the required long exemption period for existing homeowners, due to the initial revenue shortfall (look at the unprecedented stamp duty windfalls being delivered in New South Wales, for example).</div>
<div> </div>
<div>I'd also be very wary of declaring the ACT experiment an unqualified success while even in a low density market such as Canberra with moderate population growth asking rents for houses are rising at more than twelve times the rate of inflation!</div>
<div> </div>
<div>Nevertheless, it looks to me as though the rental market will probably correct itself in time with a flood of new apartment stock in the supply pipeline.</div>
<div> </div>
<div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
</div>
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Asking rents soaring in Canberra, but why? Pete Wargent

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An office building at Braddon, ACT is currently up for sale, just seven years after selling at $44 million.
The A-grade property at <a href="https://www.realcommercial.com.au/property-offices-act-braddon-502120266" target="_blank">82 Northbourne Avenue</a> has striking architecture on the CBD fringe of Canberra.
The seven storey building is the latest to hit the market on Northbourne Avenue.
The highly visible structure is expected to sell for about $60 million.
<img src="/images/2016/10/03/82%20Northbourne%20Avenue.jpg" alt="">
The building was designed by architects BVN and occupied by the Australian Maritime Safety Authority.
The land is 2090 square metres with a floor area of 7,001 square metres, plus it includes basement parking.
The building is offered through joint agencies Colliers International agents Tim Mutton and Paul Powderly and Raine &amp; Horne Commercial Canberra agents Nick Cotis and Frank Morella.
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Braddon office building tipped for $60m plus sale 

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This year has been a strong period for the ACT property market with most Canberra suburbs recording a median price growth, according to Herron Todd White’s latest monthly market report.
The property advisory firm says that active sections of the market include standard housing at the entry level price points in some Canberra fringe and outer suburban locations.
Generally purchasers are looking for large blocks within established suburbs that provide access to good education and employment services.
Entry level price point for this style of housing ranges between $450,000 and $550,000. Most homes within this section of the market provide three and four bedroom accommodation, generally built circa 1975 and in many cases are ready for some renovation and upgrading. An example would be a three bedroom home at <a href="https://www.realestate.com.au/property-house-nsw-queanbeyan-122913366" target="_blank">34 Brereton Street</a> (pictured above) that is for sale for $549,000.
Inner suburban locations in Canberra’s north and south set a higher price point at generally $1 million plus. This section of the market is also relatively buoyant with families looking to move up the property ladder with their second or third purchases.
Again block size, location and proximity to schools and other services are the main drivers. This section of the market ranges from $1 million to around $2.5 million. Market activity for property in the $3 million plus price point is slower, although transactions have still been recorded at the higher levels throughout 2016.
Herron Todd White noted that property prices in medium density areas is impacted by strong supplies.
"Price points in the medium density market range from $250,000 to $300,00 for a one bedroom unit recently constructed in a fringe Town Centre location, to $400,000 to $500,000 for a centrally located unit in Canberra’s inner north or inner south," said the report. "Both investors and owner occupiers are active, however strong supply within the medium density market has had an impact on activity."
With similar results expected for next year, this year’s hottest suburbs include entry level areas on the fringe of the ACT right through to prestige suburbs in Canberra’s inner south.
Domain senior economist Andrew Wilson says that pinpointing the strongest suburbs is trickier in Canberra than it is in other cities.
The nation’s capital is home to a compressed market, with a higher entry point in affordable suburbs and a lower entry point in prestige suburbs, when compared to Sydney and Melbourne, Dr Wilson says.
“When the market rises, it rises as a whole. Most suburbs will record price growth in 2016.”
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Property market in Canberra strong with suburbs recording median price growth: HTW

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Following their recent $1.5 million purchase of a Queenslander in Brisbane's Bardon, Wallabies skipper Stephen Moore and wife Courtney have listed their Canberra home.
Canberra had been home for the Moore family for more than seven years whilst Stephen represented the Brumbies. Moore has returned the Queensland Reds where he started his career.
They bought the <a href="https://www.realestate.com.au/property-house-act-yarralumla-123745438" target="_blank">Yarralumla home</a> for $1.65 million in 2014.
Peter Blackshaw Real Estate are marketing the four-bedroom, two-bathroom home on a 1960 square metres of land.
Agent Rowan Glanville puts it to auction on October 29.
This article was first published in the Weekend Australian Mansion Australia property section.
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Wallabies skipper Stephen Moore lists Canberra home

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The longtime Hohnen family residence at Forrest in Canberra was the capital's top auction result last month when sold for $2.1 million.
It was an early 1950s house built for the late Ross Hohnen, a pioneer ANU administrator from the late 1940s and first Canberran of the Year. 
He'd founded the Industrial Design Council of Australia in 1957.
The classic red brick, heritage home sits back on its 2614 sq m Empire Circuit corner block with two entrances. It sold through Peter Blackshaw Real Estate Manuka agent Mario Sanfrancesco.
This article was first published in the Weekend Australian Mansion Australia property section.
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Longtime Hohnen family residence at Forrest in Canberra sold

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Over the three months to June 2016, 2.9% of Canberra houses and 21.7% of units re-sold at a loss, according to the latest CoreLogic Pain and Gain report. 
The report compares the most recent sale price to the previous sale price in order to determine whether the property sold at a gross profit or gross loss.
<a href="/images/2016/09/28/pain%20and%20gain%20canberra.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/28/pain%20and%20gain%20canberra.jpg" alt="">
The proportion of house resales at a loss increased over the quarter while the proportion of unit resales at a loss fell slightly.
<a href="/images/2016/09/28/canberra%20pain%20and%20gain%20chart.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/28/canberra%20pain%20and%20gain%20chart.jpg" alt="">
Get the full report <a href="https://www.corelogic.com.au/news/file-download?id=56fe4d38-98f3-4f82-b763-e91283945def">here</a>
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