Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

&nbsp;

&nbsp;

&nbsp;

Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

HomeBuilder Grant

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EXPERT OBSERVATION
HIA welcomes the release of crucial final touches to the Federal Government’s HomeBuilder scheme. 
The addition of this extra detail will clarify questions builders and home buyers have been asking since the scheme was announced on 4 June.
The HomeBuilder grant has already boosted interest in buying a new home or carrying out a renovation project. Builders are feeling positive about the next six months of activity and equally important is the potential the scheme has to generate activity in 2021. The new details will make this interest even stronger.
The Government has announced three key refinements to HomeBuilder:
<ul>
<li>allowing the necessary time for home buyers to arrange their finance approvals, building approvals and meet other legal requirements before work is required to commence, rather than the fixed three month timeframe initially announced; </li>
<li>clarification that a sales contract for a home purchased off the plan will be eligible in the same way as a building contract, and</li>
<li>aligning the process with the current timing of payments for first home owner grants for new homes. </li>
</ul>
These updates will give greater certainty to home buyers and their builders about what projects potentially qualify for the grant. 
Recognising that a fixed three month timeframe to commence building work did not reflect how dependent home builders are on other players, like the banks, the councils and building certifiers, is extremely important and a welcome update.
While the state and territory revenue offices now need to outline the final details of how applicants will apply for the grant and timing of payment, the new information clearly addresses key concerns HIA had raised with Government.
HIA has been working closely with state and territory revenue offices and we look forward to receiving these details soon, which will assist home buyers and builders begin taking full advantage of the grant. 
The HomeBuilder grant provides the incentive and the support needed to maintain housing activity in the second half of 2020.
Kristin Brookfield is the HIA Chief Executive Industry Policy
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Final touches add certainty to HomeBuilder scheme: HIA's Kristin Brookfield

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EXPERT OBSERVATION
The announcement of the HomeBuilder stimulus from the federal government in early June has been met with a mixture of excitement and criticism.
The scheme grants $25,000 dollars for new home builds and renovations where:
<ul>
<li>The recipient is an owner occupier;</li>
<li>The recipient earns no more than $125,000 per annum as a single applicant or $200,000 for a couple;  </li>
<li>The contract is signed between June 4 and December 31; and</li>
<li>Construction commences within 3 months of the contract date</li>
</ul>
For renovations, the existing property value must be no more than $1.5 million, and the renovation must be worth between $150,000 and $750,000. For new builds, the house and land value must not exceed $750,000.
While potential home owners are likely to be keen to take advantage of the scheme, many have noted that the policy largely creates stimulus for those that were planning to build and renovate anyway.
So instead of creating additional demand for construction work, it may just bring construction forward. This side-effect from housing stimulus has actually been seen before – and it has a name: a vacuum effect.
A vacuum effect describes housing stimulus bringing forward a planned decision to purchase property. It reflects a surge in buyer activity soon after housing grants are made available, and a significant drop in activity thereafter.
The implication is that rather than stimulating sustained, new demand, stimulus is simply bringing forward activity to a certain date, where it would likely have occurred over time anyway.
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The term was used by researchers from the City Futures Research Centre, in a publication analysing the impact of past housing stimulus on dwelling markets and first home buyer activity.
The phenomenon is prominent around the first home owner grant in 2000. 
This was a $7,000 grant, designed to soften the blow for first home buyers around an introduction of the GST.
The ‘boost’ to the first home owner grant, which was a temporary, additional $7-14,000 grant in the wake of the Global Financial Crisis, showed a similar outcome.
The image on page 1 shows the number of first home buyer loans secured each month off the back of the introduction of these policies from the retired ABS series 5609.
Despite the first home owner grant being in place since 2000, its uptake is concentrated up to November 2001. Following this, first home buyer participation fell away between 2002 and 2004. It is also evident around the first home owner grant ‘boost’, where the number of loans secured began to fall away before the program ended.
However in both of these instances, It is worth noting that any ‘vacuum’ effect here was likely compounded by a strong surge in dwelling values, which is when first home buyer participation is typically stunted due to affordability constraints. 
The implication for the HomeBuilder scheme is that rather than creating additional demand for property purchases and renovations, the scheme would just bring forward works that were already planned.
This is amplified by the timeframes of the HomeBuilder scheme. The kind of planning and financing that needs to be organised for a six-figure renovation means that it would largely be taken up by those who have already started the process.
Similarly for home owners, and first home buyers in particular, those looking to commit to a property purchase within the next 6 months would already have been saving a deposit and primed to buy.
However, where this policy may create additional construction lies in the fact that it is pivoting decision making from established property to new housing, likely to be skewed towards house and land projects. This is opposed to the first home owner boost (FHOB) in 2008. Even though the grant provided additional incentive for newly built property, 85% of those temporary grants were awarded for established purchases.
The HomeBuilder package may be limited in its ability to deliver new construction work, because it relies on decisions to purchase and renovate property in a highly uncertain economic climate. This is one of the reasons consensus is mounting around social housing being a more efficient use of government expenditure on housing, because it guarantees the upgrade and building of homes through direct expenditure.
Eliza Owen is the Head of Research Australia at CoreLogic
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The ‘vacuum’ effect and its implications for the HomeBuilder Scheme: Eliza Owen

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GUEST OBSERVATION
The government’s <a href="https://treasury.gov.au/coronavirus/homebuilder">HomeBuilder</a> scheme allows <a href="https://www.corelogic.com.au/news/homebuilder-renovations-where-are-most-owner-occupied-dwellings-below-15-million">certain</a> home owners to apply for a tax-free grant of A$25,000 if they are spending between $150,000 and $750,000 renovating a home or building a new home. Eligibility criteria are strict.
The scheme has boosted renovation talk in some circles (although, as CoreLogic has <a href="https://www.corelogic.com.au/news/vacuum-effect-and-its-implications-homebuilder-scheme">pointed</a> out, it may merely bring forward works that were already planned).
Here are some questions to ask yourself when trying to decide between renovating and moving – and how to add value to your existing home.
What adds value to a house?
Property market observers <a href="https://www.domain.com.au/advice/how-to-make-your-home-stand-out-when-selling-932031/">advise</a> updating or renewing bathrooms or kitchens – even small fixes such as replacing a cracked or dated splashback, replacing a bath or adding skylights can go a long way.
Think about easy repairs that create an invaluable good first impression – a fixed-up fence, a new carpet or resurfaced flooring or even good old decluttering.
But remember you’ll only qualify for HomeBuilder if you plan to spend at least $150,000 on an owner-occupied home worth no more than A$1.5 million (CoreLogic has <a href="https://www.corelogic.com.au/news/homebuilder-renovations-where-are-most-owner-occupied-dwellings-below-15-million">listed</a> which suburbs have the most owner-occupied properties under A$1.5 million).
Factors to consider if you’re thinking of renovating
How long till you retire? How secure is your employment? Thinking carefully about your earning potential between now and retirement will help you understand how what you can borrow and afford. If you are planning to stay, you will get the benefit and enjoyment of the renovations.
Do you need to stay close to school or work? If that’s a consideration, renovating may be worth more to you than buying further out.
Look closely at what your property is worth (there are plenty of online calculators) and keep track of how much similar local properties with one extra bedroom or bathroom sell for. That will give you a sense of the value-add to your home equity that a renovation might represent.
Be honest with yourself about the total cost of renovation. There are myriad expenses not always initially apparent. These may include:
<ul>
<li>
planning fees (the cost of getting a development assessed by council)
</li>
<li>
the cost of architectural drawings
</li>
<li>
consultants’ fees for environmental impact statements or arborists’ reports
</li>
<li>
extra costs due to a heritage listing
</li>
<li>
renting, if it’s not possible to live at home during renovation
</li>
<li>
the cost of protecting underground public assets such as water or sewerage pipes
</li>
<li>
extra costs caused by poor access or other limitations.
</li>
</ul>
Consider the possible long-term savings of retrofitting your home to be more energy-efficient. Proper insulation, secondary glazing, draught excluders and solar PV energy are expensive upfront but will save on long term running costs. It’s likely, as energy costs increase, homes that are at least partially off grid will be more attractive and valuable over time.
And remember that for some, even with help from HomeBuilder, renovation won’t stack up economically.
Some older people may eschew home renovation to put money aside to help children get a foot on the property ladder.
Others may decide potentially expensive renovation is worth it to hold onto a family home to which children return as they get older. It might sound sentimental but the idea of Christmas in the family homestead is worth it, for some.
Tax considerations
Find out what tax breaks, if any, you might be eligible for if you renovate to divide the family home into a smaller space (if you’re keen to downsize, or enhance the accessibility of your home, for example) and adding a self-contained granny flat.
However, if the granny flat is leased out, this section of the home would be considered income-producing. Your “main residence” is generally <a href="https://www.ato.gov.au/General/Capital-gains-tax/Your-home-and-other-real-estate/Your-main-residence/">exempt</a> from capital gains tax when it comes time to sell, but you may not qualify entirely for this exemption if a section of the property is income-producing.
You may also consider remodelling the family home into a duplex and, depending on council planning laws, convert the title into dual occupancy. However, these suggestions may complicate eligibility for the HomeBuilder grant (which seems to exclude property investors, although there’s no mention of partly converting the main place into a dual occupancy).
The best option here is to seek advice from a tax specialist.
Factors to consider if you’re thinking of selling up and buying elsewhere
Use a <a href="https://www.realestate.com.au/home-loans/stamp-duty-calculator">stamp-duty calculator</a> and <a href="https://www.localagentfinder.com.au/selling-costs-calculator">cost-of-selling calculator</a> to get a rough idea of those costs.
How important is proximity to work? Particularly if the coronavirus pandemic has opened your (or your employer’s) eyes to working remotely, would you consider a move to a more remote area where you can afford a bigger house?
Chat with a range of real estate agents and get into the habit of reading market media coverage. Have a sense of what houses sell for that featured your desired attributes (such as more bedrooms or off-street parking).
As a chartered building surveyor, I’d advise would-be downsizers to be cautious when buying a brand new high-rise apartment, due to risks of potentially costly defects that might become apparent over time.
And remember, even if you do sell and buy a new place, very few are able to find the perfect home. You may decide to make renovations anyway.
There are no easy answers. It comes down to your individual circumstances, your attitude to risk and ensuring you have a good grasp of the relative costs of each option.
Talk to a financial adviser, tax accountant, real estate agents, builders, architects and others who have been through each process about what they’d do differently next time.
<a href="https://theconversation.com/profiles/sara-wilkinson-14186">Sara Wilkinson</a>, Professor, School of the Built Environment, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a> and <a href="https://theconversation.com/profiles/hera-antoniades-229521">Hera Antoniades</a>, Associate Professor, School of the Built Environment, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-adds-value-to-your-house-how-to-decide-between-renovating-and-selling-140627">original article</a>.
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What adds value to your house? How to decide between renovating and selling

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GUEST OBSERVATION
<a href="https://treasury.gov.au/coronavirus/homebuilder">HomeBuilder</a> is a good idea gone bad. It is possibly the most complex and least equitable program the government could have devised to deliver construction jobs.
It gives $25,000 to people who already own a home or already have enough money to buy one while delivering a minimal stimulus to extra construction. It isn’t a program to create jobs, it is a way of making people who are reasonably well off richer.
It does not address homelessness, precarious rental or any of the other pressing problems that are caused by our current housing mix.
It might build more nice decks for sipping Chardonnay (most already planned), it might deliver ritzy new bathrooms with imported taps or even new kitchens with the latest European appliances, but it won’t help those suffering housing stress.
Construction is Australia’s <a href="https://www.abs.gov.au/ausstats/abs@.nsf/mf/6291.0.55.003">third-biggest employer</a>, after retail and health care and social assistance. It employs one in every 11 Australians, and it generates other jobs in the building supplies industry and in design and engineering.
The Master Builders Association says construction is facing a decline of <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-06-03/government-coronavirus-construction-stimulus-renovations-25k/12317786">40%</a>, with potentially horrendous implications for employment.
The industry has three main components:
<ul>
<li>
residential – apartments and houses
</li>
<li>
commercial – including offices, airport terminals, retail, tourism, education and factories
</li>
<li>
engineering – including roads, railways and airport runways.
</li>
</ul>
Engineering construction is doing reasonably well.
Across the country, governments are delivering a veritable infrastructure <a href="https://iview.abc.net.au/show/utopia">Utopia</a>. Continuing projects include the <a href="https://bigbuild.vic.gov.au/projects/melbourne-airport-rail">Tullamarine Airport Rail Link</a>, the second stage of the <a href="https://www.sydneymetro.info/citysouthwest/project-overview">Sydney Metro</a>, the <a href="https://northeastlink.vic.gov.au/">North East Link</a> motorway in Melbourne, the <a href="https://www.westconnex.com.au/">WestConnex</a> motorway in Sydney, the <a href="https://www.metronet.wa.gov.au/">Airport Metro</a> in Perth and <a href="https://crossriverrail.qld.gov.au/">Cross River Rail</a> in Brisbane.
All governments have to do is keep this pipeline going, which, by and large, they are doing.
On the other hand, commercial construction will be in deep trouble by the end of the year as current projects finish without new projects to replace them.
Outlook bleak, then COVID
The outlook for residential construction is desolate, although for some people with secure jobs working from home, COVID-19 appears to have ignited a mini home renovation boom.
Prior to COVID-19, commercial construction was <a href="https://www.masterbuilders.com.au/MediaLibraries/MB/Forecasts/Australia-Forecast_August-2019.pdf">forecast</a> to shrink from A$48.77 billion in 2020-11 to $41.3 billion in 2023-24.
Residential construction was forecast to bottom out in 2021-22 with only 168,000 dwelling starts, down from a peak of 233,872 starts in 2016-17.
Now, both forecasts will be slashed.
The tourism sector is dead, the education sector is near death and the multi-unit residential market, already badly impacted by confidence issues around <a href="https://theconversation.com/to-restore-public-confidence-in-apartments-rewrite-australias-building-codes-126678">construction quality</a>, is in terrible shape with many projects on hold.
Not big enough, not broad enough
The HomeBuilder scheme is not big enough or broad enough to do much to reignite residential construction. To be useful for jobs, it would need to deliver an extra 60,000 housing starts.
Given the only people who will benefit from the grant will be those some way down the track to either buying or building, it is hard to guess what the additional outcome will be, but it would be surprising if the scheme generated much additional activity.
Even if the full budget allocation of the scheme is taken up, it would fund only about 25,000 projects. Many would have gone ahead anyway.
Among the peculiarities of HomeBuilder are that it won’t work in much of Sydney where many houses are likely to be valued above the <a href="https://treasury.gov.au/coronavirus/homebuilder">$1.5 million</a> limit and it won’t work in regional towns where the required spend will overcapitalise existing houses.
Complexities aplenty
It will encourage people to build in fridges, microwaves, coffee makers and washing machines (many of them tastefully European) to bump the contract price up above the <a href="https://treasury.gov.au/coronavirus/homebuilder">$150,000</a> minimum.
It is a potential administrative nightmare for state governments that are already stretched administering existing emergency relief programs.
Who will establish that the value of an existing house is less than the $1.5 million upper limit? Will it be the value now in the middle of the COVID downturn or the value last year, or the value used to set local government rates?
Contracts are meant to be arms-length, but who will ensure the builder is not the cousin or the in-law of the owner, something that might be impossible to avoid in a small country town? If a garage is built on the side of a house, rather than as a separate structure, will it comply with the rules? And on and on and on.
Few extra homes
While these are legitimate questions, they ignore the big, central problem with the scheme: the opportunity to deliver a substantial program of social housing that would address real problems, including homelessness, has been missed.
And the government has done it in a way that will minimise the jobs created and maximise the wealth transfer to Australians who are relatively well off.
For a government that has mostly managed to do the right thing ever since COVID-19 hit, this has been a terrible policy clanger.
It will encourage everyone who cannot afford to buy a home, or who is homeless, to believe the government has forgotten them.<img src="https://counter.theconversation.com/content/140162/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/geoff-hanmer-90647">Geoff Hanmer</a>, Adjunct Professor of Architecture, <a href="https://theconversation.com/institutions/university-of-adelaide-1119">University of Adelaide</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/homebuilder-might-be-the-most-complex-least-equitable-construction-jobs-program-ever-devised-140162">original article</a>.
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HomeBuilder might be the most-complex least-equitable construction jobs program ever devised

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The HomeBuilder scheme announced in early June is intended to boost activity in the construction sector.
Dwelling construction is expected to see a lagged decline in activity off the back of COVID-19, as the recently recovering trend in dwelling approvals began to slip in April, led by a decline in unit approvals.
However, the $25,000 incentive for building a new home, or renovating an established one, comes with a set of extensive eligibility criteria.
Part of the eligibility for the renovation component of the scheme is that properties must be owner-occupied, and not exceed more than $1.5 million in value.
So where are the most owner-occupied properties under $1.5 million? 
Using CoreLogic’s extensive property database, we have put together a count of properties by region. The count of properties are those that we estimate are owner-occupied, and have a high confidence valuation of less than $1.5 million.
The top and bottom 10 regions by number of these properties is listed below.
<img src="https://www.urban.com.au/images/2020/6/9/PP%20CL%20JUNE%2011.JPG" alt="">
The list also includes the median dwelling value for all properties across the region of measurement (not just the owner-occupied properties valued below 1.5 million), and a rough estimate of the portion of all family households that are below the $200,000 income limit for the HomeBuilder scheme.
These additional data points are not factored into the count of properties generated, but provide some context around typical market values and household income.
What to make of the data
The data suggests that the highest number of owner-occupied properties is located in the Melbourne - South East region, which spans from Mount Waverly out to Bunyip. In fact, there are four Melbourne regions that have over 100,000 owner-occupied properties estimated to be valued under $1.5 million.
These regions represent the fringe of the metropolitan area, and include some relatively low income areas compared to the inner-city regions of Melbourne.
The Perth - North West region has the second highest volume of properties. The Perth - North West region spans from part of Glendalough, up to the Yeal Nature Reserve in the north. The ‘Bottom 10’ list of regions reflects one of two characteristics.
For Sydney’s Northern Beaches and Eastern Suburbs, many properties surpass the $1.5 million property value cap to qualify for a renovation grant. For parts of outback and regional Australia, there is just a low population of dwellings.
Even where dwellings fall well below the $1.5 million threshold for a renovation grant, many of these owner occupiers will not take up the homebuilder incentive for renovations.
In fact, CoreLogic estimates there are about 4.4 million owner-occupied properties across Australia with a high confidence valuation below $1.5 million, but the federal government estimates the scheme may only support about 7,000 renovations.
While part of this is the income cap put on the scheme, it is also due to the high value of renovations that is set in the eligibility criteria. The renovations qualifying for the HomeBuilder Scheme must be worth between $150,000 and $750,000.
For areas where dwelling prices and incomes are relatively low, this may lead to owners over-capitalising on renovations, where they cannot recoup the cost of upgrades to the property.
ELIZA OWEN is CoreLogic's <a href="https://www.corelogic.com.au/news/early-market-indicators-show-first-signs-housing-market-slowdown?utm_medium=email&amp;utm_source=newsletter&amp;utm_campaign=20200420_propertypulse" target="_blank">head of research</a>
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HomeBuilder, where are the most owneroccupied dwellings below $1.5 million? CoreLogic's Eliza Owen

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The Federal Government’s $25,000 Homebuilder package for the housing sector will help promote jobs and activity as New South Wales recovers from the economic effects of COVID-19.
That is important as construction is a key pillar of the economy – generating 7.5 percent of the nation’s growth as Australia’s third-biggest employer, after retail and health care and social assistance.
The $688 million package hopes to pull forward activity to avert the jobs cliff that could arise as exisiting projects finish in the second half of 2020 and early 2021.
The industry was not shutdown unlike other industries. But the package is aimed at forward work pipelines, with the time frame requiring quicker state government and council approvals, before any impact on the actual property market and prices and rents.
The program aims to provide 27,000 grants by December this year. It is for owner-occupiers, especially cashed up first home buyers, but not investors.
The means-tested grants will be restricted to large renovations and the construction of new homes as the project cost must be at least $150,000.
Prime Minister Scott Morrison said the scheme would drive a "tradie-led recovery" of the economy, and would support 140,000 direct construction jobs and a million workers in the wider residential building sector.
"The industry is facing a valley of death," the Master Builders Australia chief executive Denita Wawn warned.
The scheme will last until the end of the year, aiming to get 30,000 homes underway by Christmas.
Construction must commence within three months of the contract date.
Those eligible are singles who earned up to $125,000 the 2018-2019 tax year and couples who earned up to $200,000.
The scheme will work alongside existing state and territory first-home owner grants programs, stamp duty concessions and other grant schemes, including the federal government’s popular first-home loan deposit scheme and first-home super saver scheme.
The desired economic recovery will be swifter for having a housing that is robust, but there will be many would-be home owners who can't, won't or shouldn't participate.
It comes up against the backdrop that typically less than 20 percent of first-home buyers prefer to buy newly-constructed homes.
There are price thresholds that apply to the Homebuilder package, especially in Sydney which will be restrictive in most suburbs.
If you are building a new home the total value of the completed house and land needs to be less than $750,000.
Or if substantially renovating your existing home the value of your existing property does not exceed $1.5 million.
The package will primarily have an effect in the outer suburbs and its greenfield housing markets. Mostly people some way down the track to either buying or building will likely get to participate.
The scheme also covers buying units off the plan that are construction ready.
Architect academic Geoff Hanmer says no doubt the scheme's structure will encourage people to build in coffee makers, microwaves, fridges and washing machines to bump the contract price up above the $150,000 minimum.
Beware too that there are unscrupulous builders who may take advantage of the scheme, warns the NSW builder broker, Builder Finders' Lynette Manciameli, is concerned that the scheme is vulnerable to exploitation.
“What we are likely to see off the back of the HomeBuilder scheme is dodgy builders coming out of the woodwork." Mrs Manciameli suggests.
Adding it is more important than ever for consumers to do their due diligence when selecting a builder for their project including seeking out testimonials and checking credit scores.
This article was first published in The Daily Telegraph
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jchancellor-FAypfDUnLy

HomeBuilder scheme will drive a tradie-led recovery

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EXPERT OBSERVER
The Commonwealth Government’s $25,000 Homebuilder stimulus package for the housing and construction sector will help promote jobs, wages and activity as Australia recovers from the economic effects of COVID-19, according to the Urban Development Institute of Australia (UDIA).
The Government has today unveiled its housing stimulus plan to encourage homebuyers back into the market, start construction on new housing stock and generate jobs.
Housing and construction is a central pillar of the economy – generating 7.5 percent of the nation’s growth and supporting 750,000 direct and indirect jobs.
The economic recovery will be swifter and stronger for having a housing and construction industry that is robust, so the Government’s focus on stimulating activity is the right one.
Right now, the industry is facing a slowdown in pricing, rents, sales volumes, approvals, construction and forward work pipelines.
The package will help pull forward activity that meets the challenges of the ‘economic and jobs cliff’ facing the industry in the second half of 2020.
It was critical the federal government acted and now we need the states to play their part by applying targeted incentives into the ‘gaps’ in the Homebuilder scheme (such as townhouses and off-the-plan apartments), as well as fixing planning and state taxation barriers to new housing.
“States sit at the coalface of housing markets, and are the custodians of approval systems, state taxes and charges and local government processes. This is their once-in-a-generation opportunity to drive real reform right through the whole housing supply chain.
The federal package represents an important shift from the stabilisation phase of the Government’s response to COVID-19 to one that addresses the need to kickstart activity across the economy.
The Government’s Homebuilder package is modelled around the First Home Owners Deposit Gap Scheme it launched in January this year with the same income caps for singles and couples but applied to all homebuyers.
We encourage the Government to keep an open mind on the income and price thresholds that apply to the Homebuilder package, given the difference between major capital cities and regions. A $750,000 pricing cap, especially in Sydney and Melbourne for house and land, will be restrictive in many areas.
UDIA is also conscious the package will primarily have an effect in greenfield markets, and there is limited benefit to middle ring or apartment development also crucial for creating needed supply and employment.
UDIA believes that a broader spectrum of income caps may be needed to generate the shortfall in demand which we estimate to be up to 50,000 new homes over the near term and we urge the Government to continually review this so the vital objective of stimulating demand in the short term is achieved.
UDIA’s “Bounce Back” plan also promoted deeper and broader demand initiatives that UDIA wants to work with governments to enable the industry by advancing: 
Investment in infrastructure in partnership with the states that unlocks the essential trunk infrastructure needed over the next 12 months to service new residential construction and create a double dividend of future supply and jobs.
More efficient planning and environmental approvals, including guaranteed assessment timelines for major projects currently stuck in the system related to the Environmental Biodiversity and Conservation Act.
A pathway to re-establish immigration levels that support economic growth, consistent with health protocols.
SIMON BASHEER is the UDIA National President.
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New Homebuilder Grant is a crucial move to counteract coronavirus: UDIA's Simon Basheer

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Unscrupulous builders may take advantage of the Federal Government’s newly announced HomeBuilder scheme, warns NSW builder broker, Builder Finders.
The $688 million stimulus initiative will provide $25,000 for Australians to spend on building or upgrading their home in a bid to support Australia’s struggling construction sector.
The grants will be means-tested and will be restricted to larger renovations and the construction of new homes at a project cost of at least $150,000.
While pleased swift action has been taken to boost the construction industry, Director at Builder Finders, Lynette Manciameli, is concerned that the scheme is vulnerable to exploitation.
“We welcome the HomeBuilder scheme, as it will give the construction industry a much needed boost in these unprecedented times while allowing Australians to pursue their building and renovation aspirations.
“However, as we saw with the pink batts disaster following the GFC, even the best laid plans can have unintended consequences. Incentivised by the opportunity to make quick cash, several irresponsible operators delivered substandard work, scammed unwitting customers or placed untrained young workers at risk.
“What we are likely to see off the back of the HomeBuilder scheme is dodgy builders coming out of the woodwork. This is bad news for the consumer and bad news for the many reputable builders who are doing the right thing.”
Mrs Manciameli acknowledges that poor construction standards in the past have meant that building issues are extremely common in Australia.
“Over the past decade, new homeowners in Australia have faced a $10.5 billion bill to repair defects such as leaks, cracks, problems with plumbing, guttering issues and more. A lack of regulation and the opportunity for shoddy builders to make quick cash will further exacerbate the problem.”
Mrs Manciameli argues that it is more important than ever for consumers to do their due diligence when selecting a builder for their project.
“There are several builders out there who are doing the right thing and have a sterling reputation for quality. Consumers should do everything in their power to vet builders including seeking out testimonials and checking credit scores. This will help them avoid being saddled with a dodgy builder before it's too late.”
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HomeBuilder scheme may be exploited by dodgy builders experts warn

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Australians will be offered $25,000 grants to build a new home or start a major renovation under a new $688 million federal government housing package.
The government announced the rort-free HomeBuilder program on Thursday after new figures revealed the country dipped into a recession for the first time in three decades.
An estimated $15 billion boost to economic activity will be delivered under the $688m Home Builder stimulus package with the plan restricted to people on middle incomes and to new homes and major renovations valued between $150,000 to $750,000.
The pre-renovation value of the house must not exceed $1.5 million and excludes sheds, pools, granny flats and any other structures not attached to the property.
The $1.5 million cap will exclude many inner Melbourne and Sydney homes as the median house price for each city sits at $918,350 and $1,168,806, respectively, according to Domain figures.
Prime Minister Scott Morrison said the scheme would drive a "tradie-led recovery" of the economy, and would support 140,000 direct construction jobs and a million workers in the wider residential building sector.
The temporary scheme that will last until the end of the year, aiming to build 30,000 homes by Christmas.
Construction of a new home or a substantial renovation must be contracted to begin within three months to prevent a rise in house prices.
Those eligible are singles who earned up to $125,000 the previous financial year and couples who earned up to $200,000.
The scheme will work along existing state and territory first-home owner grants programs, stamp duty concessions and other grant schemes, including the federal government’s first-home loan deposit scheme and first-home super saver scheme.
Treasurer Josh Frydenberg said the package aimed to spark jobs and stimulus for the economy.
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