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

Joel Robinson

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

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

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

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

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

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

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

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

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

First Home Buyers

<html><body>
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
GUEST OBSERVER
The package of measures to support first homebuyers released by the NSW Government is a step in the right direction.
The decision to support first homebuyers with the purchase of existing properties is something that we have been lobbying fiercely for for some time now.
It is great to see that the NSW Government has recognised the significant role that existing properties play in the issue of housing affordability and the restrictions first homebuyers faced with paying excessive amounts of stamp duty.
Premier Gladys Berejiklian announced the stamp duty exemption will be extended to first homebuyers of existing homes up to $650,000 from 1 July 2017 and reduced stamp duty rates to homes valued up to $800,000. The current stamp duty exemptions on new homes up to $550,000 and a reduced rate stamp duty rate to $650,000 will also be increased to match the new exemptions and concessions for existing homes.
We believe there is room to increase stamp duty concessions to further reflect the median house price in Sydney as well as Newcastle and Wollongong and believe that at the levels announced by the state government, regional areas, where property prices are not so high will benefit from an influx of first homebuyers.
However, not enough has been done to address bracket creep. As a result the rest of the market is left to pay excessively high stamp duties that have not been reviewed for more than 30 years and have gone on average from less than 2 percent of the purchase price to now more than 4 percent.
The effects of the announced foreign investment levies are a great unknown as they could have a positive or a negative effect.
If the new levy doesn’t dampen the enthusiasm of foreign investors there will be the same level of activity, they will pay a higher price and the government will reach it’s revenue targets, however little will be achieved to help with the issue of housing affordability because they will still be competing with first homebuyers.
On the flip side if they do respond and go elsewhere it could have a negative effect on the marketplace as it will impact on construction and employment. There is the possibly of a huge negative impact on the viability of major developments due to the banks insistence on extensive presales. This would put upward pressure on supply and rents.
We are waiting on the detail of the medium density changes as this was a big part of our lobbying. REINSW believes it is one of the quickest solutions to the supply/choice issues of getting people moving to more appropriate housing.
We are hoping that the state government is going to retain some powers on this as local councils are too slow to respond due to NIMBYism. REINSW is after a coordinated multi occupancy policy to enable two, three and four dwelling medium density subdivisions in residential zones similar to the old SEPP on dual occupancy.
REINSW recognises that the document released by the NSW Government is entitled “A Fair Go for First Homebuyers”.
We hope that the second phase of the Government’s housing affordability plan is “A Fair Go for Retirees” which includes stamp duty concessions for retirees to sell and move to a more appropriate home, by providing a discount on a single purchase for people aged 65 and over to get the stock of clogged family homes into the market.
The retirees are often sitting on nest eggs they could realise much earlier whereby they could subdivide and build a new more appropriate home along with a home or two to sell or retain for family or low-income accommodation.
This is great first step by Premier Berejiklian to address housing affordability as pledged in her first days of office. We look forward to seeing the Government build on this promise and will continue offer support and guidance throughout the process. 
 
</div>
</div>
</div>
<div class="page" title="Page 2">
<div class="layoutArea">
<div class="column">
John Cunningham is president, REINSW and can be contacted <a href="https://www.reinsw.com.au/imis15_Prod/web" target="_blank">here</a>.
</div>
</div>
</div>
</body></html>

jchancellor-FAypfDUnLy

First homebuyers package a step in the right direction: REINSW

<html><body>
The NSW Government has announced it will abolish stamp duty paid on new and existing homes worth up to $650,000 for first home buyers taking effect July 1, 2017.
The duty concession on properties valued between $650,000 and $800,000 will be gradually reduced. 
Concessions on vacant land will remain unchanged. 
According to the NSW Government, a property costing $650,000 would have the entire stamp duty of $24,740 waived while a home costing $700,000 would be entitled to a $16,493 reduction. 
First home buyers building a new property will be entitled to a $10,000 grant on homes worth up to $750,000. First home buyers purchasing a new property worth up to $600,000 will be entitled to a $10,000 grant.
The $5,000 New Home Grant Scheme will be closed.
<a href="https://www.propertyobserver.com.au/images/2017/06/02/Screen%20Shot%202017-06-02%20at%2010.01.04%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/02/Screen%20Shot%202017-06-02%20at%2010.01.04%20AM.png" alt="">
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
Premier Gladys Berejiklian said she wanted to ensure owning a home is not out of reach for people in NSW.
“These measures focus on supporting first homebuyers with new and better targeted grants and concessions, turbocharging housing supply to put downward pressure on prices and delivering more infrastructure to support the faster construction of new homes," she said.
“This is a complex challenge and there is no single or overnight solution. I am confident these measures will make a difference and allow us to meet the housing challenge for our growing State.
The 12-month deferral of duty for residential off the plan purchases by investors will be abolished. Buyers who are purchasing a home they plan to live in off-the-plan will still be entitled to a 12-month delay in the payment of stamp duty, however this is closed to investors. It takes effect from 1 July.
</div>
</div>
</div>
</body></html>

jonathanchancellor-7SQnKwU6yx

NSW Government to roll out first home buyer stamp duty caps

<html><body>
<div id="title">
The First Home Owner Grant (FHOG) scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation.
Under the scheme, one-off grants are still payable to first home owners that satisfy the eligibility criteria.
To see if you are eligible, click on the links below the correspond to the state or territory you are looking to purchase in.
</div>
<div id="generalinfo">
New South Wales State Government
<a href="https://www.osr.nsw.gov.au/grants" 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/2015/07/28/nsw.jpg" alt="" width="200" height="138"></a>
 
 
Australian Capital Territory 
<a href="https://www.revenue.act.gov.au/home-buyer-assistance/first-home-owner-grant" target="_blank"><img src="https://www.urban.com.au/images/2015/07/28/ACT%20Logo.gif" alt=""></a>
 
Northern Territory State Government
<a href="https://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/Pages/default.aspx" 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/2015/07/28/nt1.jpg" alt=""></a>
 
Queensland State Government
<a href="https://greatstartgrant.osr.qld.gov.au/" target="_blank"><img src="https://www.urban.com.au/images/2015/07/28/qld.png" alt=""></a>
 
Government of South Australia
<a href="https://www.revenuesa.sa.gov.au/" target="_blank"><img src="https://www.urban.com.au/images/2015/07/28/sa.png" alt="" width="309" height="206"></a>
Tasmanian Government
<a href="https://www.sro.tas.gov.au/" target="_blank"><img src="https://www.urban.com.au/images/2015/07/28/tas.png" alt=""></a>
State Revenue Office of Victoria
<a href="https://www.sro.vic.gov.au/first-home-owner" 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/2015/07/28/album_photos_medium_28.jpg" alt=""></a>
Government of Western Australia
<a href="https://www.finance.wa.gov.au/cms/State_Revenue/FHOG/First_Home_Owner_Grant.aspx" 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/2015/07/28/govOfWATextColour_283x268.jpg" alt=""></a>
</div>
</body></html>

What are the government grants for first home buyers in your state or territory?

<html><body>
The never-ending conversations around housing affordability, particularly around how millennials will get a head-start on the property ladder, has seen a whole raft of suggestions thrown at a possible solution.
I have chosen a 25th percentile price for this analysis which reflects prices at the more affordable end of the housing market and is often more representative of the prices at which first home buyers are looking at to enter the market.
Keep in mind certain states have stamp duty exemptions which exist below specific price thresholds.
<a href="https://www.propertyobserver.com.au/images/2017/05/25/Screen%20Shot%202017-05-25%20at%2011.57.46%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/05/25/Screen%20Shot%202017-05-25%20at%2011.57.46%20am.jpg" alt="">
For this analysis, we have assumed that the first home buyer is purchasing at the 25th percentile price for owner occupation.
City x city stamp duty requirements:
<ul>
<li>Sydney - $25,733 for houses and $273 for units</li>
<li>Melbourne - $11,553 for houses and $8,507 for units</li>
<li>Brisbane - $1,043 for houses and $845 for units</li>
<li>Adelaide - $16,046 for houses and $12,622 for units</li>
<li>Perth - $422 for houses and $402 for units</li>
<li>Hobart - $9,302 for houses and $7,266 for units</li>
<li>Darwin - $7,557 for houses and $6,337 for units</li>
<li>Canberra - $15,107 for houses and $8,303 for units.</li>
</ul>
It’s a common misconception that in order to purchase a home you need a 20% deposit.
<a href="https://www.propertyobserver.com.au/images/2017/05/25/Screen%20Shot%202017-05-25%20at%2011.58.03%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/05/25/Screen%20Shot%202017-05-25%20at%2011.58.03%20am.jpg" alt="">
Whilst a 20% deposit is beneficial it is not a necessity however, if you have a deposit of less than 20% most lenders will require you to pay lenders mortgage insurance (LMI).
LMI can be paid up front or capitalised into the loan repayments.
Either way, if a buyer is required to pay LMI, it will result in higher mortgage repayments or a larger up front deposit.
This analysis has made no provision for LMI costs.
<a href="https://www.propertyobserver.com.au/images/2017/05/25/Screen%20Shot%202017-05-25%20at%2011.58.22%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/05/25/Screen%20Shot%202017-05-25%20at%2011.58.22%20am.jpg" alt="">
The cost of the deposit along with the stamp duty in each capital city for deposits of 5%, 10%, 15% and 20%, remembering that the stamp duty cost is fixed so the cost increases highlighted reflect the greater savings required for a larger deposit.
Saving for a deposit, even a 5% deposit, is a much tougher task in Sydney and Canberra than it is elsewhere in the country.
A 5% deposit on a house in Sydney requires $59,033, in Canberra it requires $41,357 while the deposits required for a house in all other capital cities except for Adelaide ($32,921) is less than half of the deposit required in Sydney.
Another challenge for potential first home buyers, particularly in Sydney and Melbourne is that household incomes are not growing at the same pace as dwelling values.
Over the 12 months to April 2017, Sydney dwelling values have increased by 16.0% and Melbourne values are 15.3% higher.
<a href="https://www.propertyobserver.com.au/images/2017/05/25/Screen%20Shot%202017-05-25%20at%2011.58.30%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/05/25/Screen%20Shot%202017-05-25%20at%2011.58.30%20am.jpg" alt="">
Modelled household income data from the Australian National University (ANU) indicates that over the 12 months to March 2017 Sydney household incomes have increased by a comparatively lower 4.6% and Melbourne household incomes are 2.7% higher.
Entry into the housing market remains a real challenge, particularly in our largest and most expensive capital cities.
Even in cheaper areas, household income growth is fairly slow which makes saving a deposit difficult.
It is unclear as to how, absent a big fall in property prices, housing affordability for first home buyers can be greatly improved.
Governments have tried incentives such as grants in the past and they generally just lead to greater demand and higher property prices.
The future onset for the housing affordability challenge over the coming years could potentially create greater social pressures where our youth may look to move away from the commercial hubs of Sydney and Melbourne because housing costs are too high.
<a href="https://www.propertyobserver.com.au/images/2017/05/25/Screen%20Shot%202017-05-25%20at%2011.58.41%20am.jpg" target="_blank">Click to enlarge</a>
<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/2017/05/25/Screen%20Shot%202017-05-25%20at%2011.58.41%20am.jpg" alt="">
Added to this, businesses may find it increasingly difficult to attract young talent unless they offer opportunities in areas where housing is more affordable, both from a purchase and rental perspective.
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/" target="_blank">here</a>.
</body></html>

ckusher-ujnxiKuFQs

How much first home buyers really need: Cameron Kusher

<html><body>
Proposed reforms to changes in stamp duty, first home-owners grants, shared equity and clamping down on underquoting by the Victorian government will be compared to the current rules and regulations in the New South Wales jurisdiction according to TressCox lawyers.
In a research note, TressCox said with the Victorian election just over a year away and housing affordability becoming a nation-wide issue of interest, it is of no surprise that the Victorian government is looking to implement major reforms to improve access to the housing market for first home-buyers.
"The proposed changes in Victoria will now be compared to the current rules and regulations in the New South Wales jurisdiction," it said.
"The Victorian government has proposed to completely abolish stamp duty for new and existing properties that are up to $600,000.
"Properties that are between $600,000 and $750,000 will have their stamp duty discounted.
"The current regulations also allow for concessions for pensioners for properties valued at up to $750,000 and for those individuals using the property as the Principal place of Residence for properties valued at up to $550,000.
"The Victorian proposal is subtly, yet critically different to stamp duty exemptions in New South Wales.
"The NSW exemption under the First Home – New Home Scheme only applies to homes which are of a value of up to $550,000.
"Similar to the Victorian proposal, the NSW rules do provide concessions in stamp duty for homes valued between $550,000 and $650,000.
"An exemption also exists for the purchase of a vacant block of land valued at up to $300,000 where the purchaser wishes to build their home.
"Concessions are available for vacant land valued between $300,000 and $450,000.
"It is important to note that unlike the proposed Victorian reforms, the stamp duty exemption and concession for first home buyers in New South Wales only apply to brand new homes and not existing properties.
"Currently, the Victorian rules provide a $10,000 grant for first home owners on new homes valued at up to $750,000.
"The Victorian proposals seek to incentivise purchases of property in regional areas by doubling the First Home Owner Grant to $20,000 from 1 July 2017.
"Prior to 2012 In NSW, the First Home Owner Grant provided a $7,000 grant for eligible transactions. However, for all contracts entered into after 1 October 2012, the grant applies only to new homes which do not exceed a value of $750,000.
"The transaction date of the sale of land is particularly important in NSW as it defines the grant amount a purchaser may be eligible for.
"For instance, transactions for new homes under the NSW scheme dated between 1 October 2012 to 31 December 2015 could be offered a grant of $15,000.
"Transactions from 1 January 2016 may be eligible for a grant of $10,000.
"Changes to Victorian laws provide that the concession will now only be applicable to home buyers who intend for the property to be their principal place of residence and will no longer be available for residential investment or commercial properties.
"NSW provides a $5,000 grant for purchasers of new homes which are either new homes or off the plan which are valued at up to $450,000.
"In a bid to combat vacant properties held by investors, the VRPT will be applied to properties which remain unoccupied for over six months in a calendar year.
"The tax will include some exemptions for properties used as holiday homes, for work purposes, deceased estates and for Victorian owners who are temporarily overseas.
"The tax is slated for implementation on 1 January 2018 and the current rate proposed will be 1 percent of the capital improved value of the property.
"At this stage, the new tax in Victoria does not have an equal counterpart in NSW."
For more information visit <a href="https://www.tresscox.com.au/" target="_blank">www.tresscox.com.au</a>.
</body></html>

j.ballantyne1990-6AQqhLzZaK

First home buyers, stamp duty exemptions and grants: Victoria versus NSW

<html><body>
The Housing Finance statistics, released by the Australian Bureau of Statistics last week, continue to show volatility, but with a positive result for total dwelling finance for the month of March, up by 0.9 percent.
“Performance across the States was mixed, with the number of commitments increasing in NSW, Tasmania, the Northern Territory and the ACT, slightly edging out a fall in the number of dwelling commitments in Victoria, Queensland, Western Australia and South Australia,” Matthew Pollock, Master Builders, National Manager Housing said.
“The number of first home buyer loans jumped by 20 percent in March, recording an extra 1,350 loans on top of the February statistics.
But the share of first home buyer loans is still very low, at 13.6 percent of total loan commitments in March, compared to a decade average of around 18 percent,” Matthew Pollock said.
</body></html>

Finance for first-home buyers lifts but remains low

<html><body><div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
The value of all housing-related lending increased by 0.9 percent in March and annual growth lifted to 5.3 percent.
The value of housing loans to owner-occupiers (excl. refinancing) rose by 1.7 percent and annual growth stepped up to 6.4 percent. 
The value of loans to investors rose by 0.8 percent in March.
Total lending for dwelling-related construction lifted by 4.5 percent and has stabilised in trend terms over the past 4 months. 
<a href="https://www.propertyobserver.com.au/images/2017/05/15/Screen%20Shot%202017-05-16%20at%208.29.14%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/15/Screen%20Shot%202017-05-16%20at%208.29.14%20AM.png" alt="">
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
Overall lending conditions in the housing market remained firm in March, consistent with both strong auction clearance rates and robust dwelling price growth. Key details below: 
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
Owner-Occupiers (O-Os): Lending growth to O-Os (ex-refinancing) by value 12 has risen for five of the past six months. 
The monthly growth rate averages out at a solid 1.3 percent over that period. By number, however, a 0.5 percent fall was recorded 9 following a 0.8 percent contraction in February. 
A small lift in the average loan size was posted. Surprisingly, the average loan size to O-Os has trended down since late 2016 despite dwelling prices firming. The anomaly is explained, in part, by the big influence that investors and foreign buyers have had on price growth in both Sydney and Melbourne. 
</div>
</div>
</div>
</div>
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
Investors: The value of lending to investors moved a little higher in March after a solid 5.7 percent contraction in February. It looks like growth in the flow of lending to investors has eased after accelerating markedly throughout 2016 as the RBA eased policy twice. Notwithstanding, lending growth to investors was 14.2 percent higher through the year in March. 
We expect to see lending growth to this segment moderate in coming data prints as some tightening in lending conditions to investors has an impact on the flow of credit. We do note, however, that the national auction clearance rate firmed on the weekend to 76.2 percent on stronger volumes. This suggests that there is still a fair bit of positive momentum in the property market. 
<a href="https://www.propertyobserver.com.au/images/2017/05/15/Screen%20Shot%202017-05-16%20at%208.30.18%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/15/Screen%20Shot%202017-05-16%20at%208.30.18%20AM.png" alt="">
</div>
</div>
</div>
</div>
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
Construction: Total lending for dwelling-related construction has broadly tracked sideways over the past four months. There is still plenty of residential construction to come. Commencement and completions will remain firm throughout 2017 which will help to boost the supply of new dwellings. Lending for alterations and additions lifted in March and has been trending higher. This is consistent with other indicators that show renovation activity is lifting 
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
States: The data on O-O loans by State showed that annual growth in the number of loans has tracked broadly sideways in NSW, Vic and QLD. The number of loans to O-Os in WA continues to trend lower. An update on lending to investors by State will be in Wednesday’s Lending Finance release.
First home buyers: The number of loans to first home buyers posted a big 20.5 percent lift in March. Notwithstanding, first home buyers accounted for just 13.6 percent of all O-O dwellings financed over the month which is very low by historic standards. 
Note that the March housing finance figures predate APRA’s latest round of measures to mitigate risks in the mortgage lending market (announced 31 March). 
</div>
</div>
</div>
</div>
Gareth Aird is economist at Commonwealth Bank and can be contacted <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/gareth-aird/14/790/905">here</a>.
</div>
</div>
</div>
</div>
 
</div>
</div>
</div>
</div>
 
</div>
</div>
</div>
</div></body></html>

Overall lending growth in the housing market remained firm in March: Gareth Aird

<html><body><div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
The latest bulletin from Secret Agent charts the winners and losers in the 2017 Federal Budget with first home buyers, downsizers and renters all appearing on the winning list.
Secret Agent said in Victoria the first home super saver scheme may drive demand for property below $600,000.
"First home buyers will be able to use voluntary contributions to their superannuation to save for a house deposit," the report said.
"Withdrawals will be taxed at a lower rate, but the amount you can contribute is capped at $15,000 a year and $30,000 all up. Both members of a couple can take advantage of the scheme. 
"In Victoria, the state government will abolish stamp duty for first time buyers of homes valued up to $600,000, make cuts to stamp duty on homes valued up to $750,000, and also double the First Home Owner Grant to $20,000 in regional Victoria. 
"With the first home super saver scheme, we may see increased demand for property below $600,000. This will push up the prices of houses and townhouses in outer suburbs such as Cranbourne. Inner city suburbs will be less affected, as average prices are typically above $600,000. 
"Developers will also have to compete more aggressively for development sites that allow sub-$600,000 townhouses to be built and sold in these outer suburbs."
Downsizers 
"A person aged 65 or over will be permitted to make a non- concessional contribution to superannuation of up to $300,000 from the proceeds of selling a principal residence owned for the past ten or more years from 1 July 2018," the report said.
"This is good news for real estate agencies operating in areas popular among downsizers, such as the inner city, as there is more incentive for elderly property owners to sell their home. Developers can also benefit from creating stock in these areas."
Resident Investors 
"There will be new tax incentives for investing in affordable housing; specific incentives for Managed Investment Trust (MIT) vehicles, as well as a CGT concession for resident investors who invest in these schemes," Secret Agent said.
Renters 
"Foreign investors are being slugged with an extra charge for properties left vacant —the Budget proposes an annual levy of at least $5,000 and there will be an increase in their application fees. 
"Combined with the state government vacant tax, these additional costs may bring some rent relief and increase stock available for renters. 
<div class="page" title="Page 1">
<div class="section">
<div class="layoutArea">
<div class="column">
LOSERS 
Developers 
"The Budget outlines that foreign ownership of new developments will be capped at 50 percent. To fund a development project, banks normally require more than 50 percent of stock to be presold. 
"Given that many new developments, especially high-rise apartments, have traditionally been marketed to overseas buyers, limiting foreign ownership to 50 percent will put the feasibility of many projects at risk. This effect is compounded when combined with the recent state tax changes, such as the increase in stamp duty on off-the-plan purchases in Victoria. The number of construction jobs available will also decrease. 
"One silver lining is that, together with the new apartment design standards, we may finally see new stock designed to a higher quality to capture the interest of local buyers, who are now equally important to the success of a development project.
Foreign Investors 
"Foreign tax residents and temporary tax residents will no longer be able to access the CGT main residence exemption. Grandfathering will be available until 30 June 2019 for properties held prior to 7.30 pm (AEST) on Budget night. 
"The loss of CGT exemption could push foreign investors to sell their property as most of these investments are negatively geared already. This may eventually lead to disposal of the investment since it is no longer profitable. 
Investors 
"The Government has introduced two new measures to restrict the availability of deductions with respect to depreciation deduction and travel expenses, expecting to save $800 million over the forward estimates. 
"The restrictions on residential investment property deductions will reduce incentives for buyers to make new investments. The implications are more severe for high income earners, who can no longer claim as many deductions on tax. As there will be less demand for depreciation reports, qualified quantity surveyors may also be affected. 
Banks 
"The introduction of a major bank levy from 1 July 2017 could increase cost of funding for larger banks, which may seek to be compensated by increasing mortgage interest rates. "
 
</div>
</div>
</div>
</div>
For more information, <a href="https://secretagent.com.au/">click here</a>.
 
</div>
</div>
</div>
</div></body></html>

2017 Budget winners and losers: Secret Agent

<html><body>
Young first home buyers willing to save are the big Budget winners thanks to a simple superannuation top-up scheme that offers generous tax breaks.
The Budget also offers the elderly an incentive to down-size homes with tax breaks too.
Treasurer Scott Morrison has shown no restraint on taxing foreigners either – which is a big revenue earner.
And Aussie investors will lose travel expense claims when they inspect their investment property interstate. This measure will save about $200 million annually.
The headline housing measure kicks in from July 1 when the first-home buyer can salary sacrifice into their super account above their already hefty compulsory contribution.
For Sydney buyers, there’s an issue with the low cap as The First Home Super Savers Scheme limits total contribution to $30,000 per person or $60,000 a couple, so the bank of mum and dad will still be needed to get anything close to Sydney’s median $990,000 house or $740,000 unit.
Regular super contributions remain off limits. But certainly it’s better than money in the bank, as Treasurer Scott Morrison calculates most will accelerate savings by 30 percent.
The measure will cost the government about $65 million annually. The downsizing incentive is calculated to cost about $10 million annually, with a delayed 2018 start.
Unfortunately, this mean it would be premature to expect a flood of five bedroom houses hitting the market any time soon.
Taxing foreigners in many ways is the revenue treat in the Budget, which could turn them away.
Capturing the $5000 plus annual tax on vacant properties owned by foreigners – the so-called ghost home tax – will be tricky. Though they could start by looking at the lights off in Haymarket.
This article was first published in the Daily Telegraph.
</body></html>

Super idea in 2017 Budget for first home buyers

<html><body>
First home buyers will finally be able to top up their superannuation to save for a lower taxed deposit under the federal government’s wide-ranging housing affordability package.
Under the scheme for first home buyers, existing super balances will remain locked away.
But from July 1, savers will be able to salary sacrifice extra contributions into their superannuation account above the compulsory contribution, up to a maximum of $30,000 in total and $15,000 in a single year.
They will then be able to withdraw that cash from July 1, 2018 onwards, along with any associated earnings.
“Under this plan, most first home savers will be able accelerate their savings by at least 30 per cent,” Treasurer Scott Morrison said in his budget speech.
The SMSF Association Chief Executive Officer John Maroney says the Government initiative linking housing and superannuation offers superannuation funds, including the SMSF sector, an excellent opportunity to engage younger fund members in their superannuation.
The first home buyers’ proposal strikes the right balance between encouraging young people to save for a first home deposit in a concessional tax environment, but also protecting their retirement savings for the longer-term.”
Villawood Properties has applauded the First Home Super Saver Scheme, announced in last night’s Federal Budget.
Its executive director, Rory Costelloe, said the Budget’s housing affordability measures would be embraced by many who had been struggling to save a sufficient deposit in a market where prices continue to grow at unprecedented rate. 
"The Government's salary sacrifice option for first home buyers signals greater consideration for the wider market as it supports the first home buyers, without taking anything away from the wider market. 
“It's difficult for traditional young first home buyers to compete with the volume of new buyers, particularly given that Victoria had an immigration boost of 110,000 people last year. 
“The comparatively modest amount allowed for salary sacrifice will also mean there's not a sudden influx of purchasers on the market ready to buy, which would escalate already high demand even further,” Mr. Costelloe said. 
Costelloe added that giving new buyers access to funds through schemes such as the salary sacrifice option and revisions to First Home Buyers benefits were not enough to cool the housing market and that there is a real need slash current delays in getting land to market. 
“Victoria currently on has 21 days’ worth of supply of land on the market, in a competitive market its more like 90 days, the real answer to affordability is to increase supply - this means reduce planning red tape and third party appeal rights to allow developers to get sufficient supply to the market,” said Mr Costelloe.
Dubbed the “First Home Super Savers Scheme”, it will attract the tax benefits of superannuation, with contributions and earnings taxed at 15 per cent, rather than marginal rates, and withdrawals taxed at 30 per cent below their marginal rate.
“Savers will not have to set up another account, they can just use their existing super account and decide how much of their income they want to put aside to save for their first home deposit,” Mr Morrison said.
<div id="unruly-publisher-marker__inArticle">For an idea of how it would work, the government gives the example of “Michelle”.</div>
Michelle earns $60,000 a year, and salary sacrifices $10,000 of her pre-tax income into her superannuation account, boosting her balance by $8500 after contributions tax. After three years, she can withdraw $27,380 plus earnings on those contributions, paying tax of $1620, leaving her with $25,760 for her deposit. That works out to about $6240 more than if she had saved in a standard deposit account.
The scheme is expected to cost the budget bottom line $250 million over four years, while the Australian Taxation Office will be given an additional $9.4 million for its implementation.
Siobhan Hayden, HashChing COO, said Any Federal initiatives that allows Australians to salary sacrifice a proportion of their pre-tax income towards a deposit "is a good initiative." “However, Australia is not a single housing market, and therefore any single measure introduced by the Federal Budget to address this holistically will not be successful. “Supply issues still prevail, which continues to elevate prices in highly sought after suburbs. “Even those living in expensive suburbs are surprised by their own asset appreciation. “Innovative lending products will need to be introduced by existing lender participants, whereby multiple applicants can borrow but are proportionately liable. 
 “In the medium term, the Federal government should do a comprehensive review of the tax tabled on a new house build which is currently circa 40%,” she said.
</body></html>

First Home Buyers

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

First Home Buyers

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News