One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

New South Wales

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The reluctance of many home owners to trade up homes partly stems from increases in stamp duty rates, an RBA study suggests.
It noted in New South Wales and Victoria, the housing price thresholds at which higher rates of stamp duty apply have not been changed for a number of years. 
"As housing prices have risen, more buyers have fallen into the higher stamp duty brackets, acting as a disincentive to purchase housing," the report says. 
In New South Wales the stamp duty paid on a median-priced home has grown to around 25% of annual disposable income per household, from close to 10% in 1991. 
<a href="https://www.rba.gov.au/publications/smp/2014/nov/html/index" target="_blank">The report</a> looked at housing turnover.
<img src="/images/2014/11/07/rba-nov-7-one.jpg" alt="">
Another consideration taking effect has been home owners unwilling to borrow more because growth in labour income has slowed.
Nominal labour income has grown at an average annual rate of 2.7% over the past two years, compared with a decade average of 6.2%, it noted adding the widespread expectation was that wage growth will remain subdued for a time.
Moreover, the Westpac-Melbourne Institute survey suggests that the share of households expecting more unemployment a year ahead has been at above-average levels since late 2011, which is an unusually long time by the historical standards of the survey. 
Housing turnover and loan approvals have risen by less than housing prices when compared with previous cycles in the housing market in recent times, according to the report.
It suggested housing prices and turnover might move together over time for a number of reasons, although the relationship may not be quite as tight as that between turnover and loan approvals (and it is possible for prices to rise with only limited turnover).
It pointed to one strand of past research that found that an increase in housing prices causes an increase in turnover. This is because higher housing prices increase the net wealth of home owners.
"This allows those owners who did not previously have a large enough deposit to trade up to a more expensive dwelling, thereby increasing turnover.
"A complementary strand of research has found that the causality can also run in the other direction, from turnover to housing prices," it said.
Turnover and housing price growth have moved together over time, although the relationship appears to have weakened somewhat in recent years.
The change is most evident in Sydney and Melbourne, where growth in housing prices has been strongest of late.
<img src="/images/2014/11/07/rba-nov-7-two.jpg" alt="">
The rate of turnover has remained low in those cities, both in terms of their longer-term averages and relative to growth in housing prices.
It suggests that some vendors might discern a rise in housing demand by observing a rise in turnover, thereby encouraging them to raise their reserve prices.
The report suggested it ws difficult to know why the turnover rate has remained relatively low compared with its history and compared with prices. 
It note the debt-to-income ratio has been stable at high levels.
"Although interest rates are currently low, the expected repayment burden on loans is at 10-year average levels, when calculated using a longer- term interest rate to account for the expectation that variable interest rates will move up over time," the report said.
"Indeed, in New South Wales and Victoria, which have experienced the greatest disparity between housing prices and turnover relative to historical norms, the share of current income required to service an average loan over the next 10 years is close to historical highs." 
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jchancellor-FAypfDUnLy

NSW stamp duty stopping market activity: RBA

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Lots, terraces and new homes will be available to purchase at the Argyle masterplanned community in Elderslie on Saturday.
Investa Land and AVJennings are developing the project, which they predict will house about 1,500 people upon completion. The Australian Bureau of Statistics recorded 4,252 residents in Elderslie in 2011.
Alan Soutar, executive general manager at AVJennings, said the available properties include completed homes and terraces, house and land packages from preferred builders and home sites. Prices begin at $257,000.
"We've already had a number of expressions of interest for houses and land at Argyle from a range of purchasers including first and second home buyers, and young families," said Soutar.
According to Cameron Holt, chief executive of Investa Land, Argyle residents will benefit from the upcoming South West Rail link, which is currently under construction.
"They can also enjoy over three and a half hectares of open space and public parks through the development, ideal for family and friends to enjoy," said Holt.
<a href="/news">Elderslie</a> is around an hour's drive south west of Sydney's CBD.
<img src="/images/2014/11/07/elderslie-nov-7-one.jpg" alt="">
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jrichardson-uRX5hFdKfN

Masterplanned community in Elderslie, NSW launches tomorrow

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The NSW government would be well advised to start planning immediately to ensure the state's momentum keeps moving forward well into the next decade – failure to do so would clearly indicate that managing the state of NSW is well beyond their capabilities. 
They say success leaves clues, so look no further than the Sydney property market which has delivered the NSW budget a $1 billion windfall thanks to stamp duty and other related property taxes. NSW Treasury has just announced the final result for 2013/14 with a surplus of $1.247 billion – well up from the June budget estimate of $988 million.
The reality is that property prices have started to cool and commodity prices down 20% this year. Hence, it’s time to start fast tracking the next phase of NSW growth with confidence building infrastructure approvals. On current projections, Sydney will (at a minimum) need to double its 1,673,800 homes over the next 50 years – so there is no time like the present to get started – carpe diem.
It’s well documented that massive growth spurts follow new infrastructure developments – former NSW state architect Chris Johnson has forecast that Sydney needs to build 11 new highrise apartment towers each year for the next 50 years to protect suburban life from being ruined by overdevelopment as the city’s population grows. 
“Five thousand new towers, containing 110 apartments each, would provide 550,000 new homes – that will accommodate only a third of our planned population growth over the next 50 years,” said Johnson.
It’s not hard to see where declines are quickly starting to take place with BIS Shrapnel pointing out this week: “The recovery to a net overseas migration intake of 242,800 in 2012/13 was underpinned largely by a rebound in such arrivals. However, with arrivals now trending downwards as resource sector investment slows, net overseas migration flows weakened to 235,800 in the year to December 2013 and monthly indicators since then suggest a further slowing.”
The latest figures from the Australian Bureau of Statistics reveal that Australia’s population increased by 160,000 births over deaths and a further 244,000 people through immigration – which is now the big driver in this demographic. NSW in 2013, had a natural increase of 50,000 extra people, net overseas migration added 68,000 extra people with 15,500 people deciding to reside elsewhere. As Chris Johnson pointed out: “The demographics for Sydney are clear. Growth is coming and is essential for the long-term prosperity of the city. It will keep house prices stable, it will provide jobs, it will support our ageing population and it will position us as a global city.”
Of course a major problem that requires immediate attention is Australia’s public transport which is hopeless given two-thirds of the country’s population resides in the capital cities. Everyone knows that the state and territory have neglected public transport for decades, so you can’t start announcing residential infrastructure initiatives without substantial public transport upgrades.
Cue the blame game between the states and federal government as to where these responsibilities lie. The latest in this ongoing debate is now clearly aimed at reforming Australia’s Federation – although this has major challenges in itself given the “vertical fiscal imbalance” with all the states and territories wanting more of the GST cake portions. This explains why a Federation white paper is being prepared to address Australia’s revenue and spending responsibilities of all governments.
In 2014 -15, NSW will receive 97 cents for every dollar of GST it pays, Victoria will receive 88 cents and WA will receive just 37 cents – so this explains why reforming the state and territories is such a difficult task.
In the case of NSW, you see businesses wanting to get going despite being constantly held back as they await the relevant approvals given NSW does not have a masterplan for development.
 The most obvious case is that in 2013/14 the NSW government pocketed $1.247 billion in taxes for doing next to nothing – just imagine what those revenues might be if they were to announce a residential real estate infrastructure plan? Who knows, first home buyers may even be able to get in given a significant number of apartment developments would actually bring prices down.
The only problem for the NSW government is that it has a long history of living in the past.
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It's time for NSW to stop living in the past and seize the day

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GUEST OBSERVATION
The new NSW 2014 Contract for Sale and Purchase of Land 2014 edition will be released in a few weeks and there are several changes that both buyers and vendors should be aware of. 
The main alterations include the following:
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The introduction of E-Conveyancing in Clause 30 means that National Electronic Conveyancing (NEC) is to be the new environment for completing real property transactions and lodging land title dealings throughout Australia.  The aim is to streamline conveyancing and mortgage transactions but it’s s not an entirely electronic conveyancing environment.  Contract formation, vendor disclosure, and even requisitions (in NSW) will still be paper-based.  NEC, however, will allow for electronic settlement, funds movement, revenue collection and lodgement/registration.  
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Extra vendor disclosure documents will be required including those relating to the Swimming Pools Amendment Act (2012) and the Home Building Amendment Act (2014) as well as amendments to additional disclosure obligations on lot owners of strata and community schemes. 
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<li>
Recognition and insertion of buyer’s agent names with space being provided on page one of the 2014 edition, if a purchaser is being represented by their own buyer’s agent.  The definition of “deposit holder” in Clause 1 has also been extended so a buyer’s agent (who maintains a trust account) is able to be deposit holder for those matters where there is neither a vendor’s agent nor a vendor’s solicitor. 
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Additions to Inclusions on page one now to include solar panels. 
</li>
<li>
The increasingly common practice of payment by deposit bonds or guarantees is reflected in a new Clause 3 which now requires vendors to explicitly choose whether to accept a deposit bond from a purchaser, with the default choice in the printed form being a “no”.
</li>
</ol>
The 2014 edition will also only be sold in an electronic format with watermarking of the individual address across the contract, to minimize possible multiple duplication and copyright issues. It is expected that, as with previous NSW editions, that the cross-over period for solicitors and conveyancers will take time, however a new edition was long overdue given the last one was 2005.
As buyer’s agents, I believe the new insertion is a step closer to widespread recognition of the increasing role our industry is now playing in real estate property purchases.  Buyer’s agents are fast becoming a secret weapon in the property market as home buyers realize the benefits of having a professional and fully independent advocate on their side.
Jacque Parker is director of <a href="https://www.housesearchaustralia.com.au">House Search Australia</a> and the president of the <a href="https://rebaa.com.au/" target="_blank">Real Estate Buyers Agents Association of Australia</a> (REBAA).
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JacqueParker-uBQkZrvXSL

The five changes to NSW sale contracts that every buyer and seller should know

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Corella, the Palm Beach waterfront home with Pittwater views, has been listed for 30 October auction with $4 million plus hopes.
The timeless classic Walter Barda designed home was built by Shane Kavanagh. Everything thought of with its outdoor shower and lock-up under house storage for kayaks.
The five bedroom, three bathroom house<a href="https://corellapalmbeach.com" target="_blank"> is the cul de sac weekender</a> of former ALP state and federal minister Laurie Brereton and his wife, the retired judge Tricia Kavanagh.
It is some three decades since the couple bought the level, 588 square metre property for $200,000 in October 1984.
LJ Hooker listing agent Peter Robinson says the street record of $3.72 million was set in late 2007.
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Palm Beach's classic Corella listed with $4 million plus hopes

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The local newspaper in Newcastle has declared, erroneously, that inner-city units “have piled on more than 20% equity for their owners in the past 12 months”.
It’s a sadly typical case of a non-expert writer misunderstanding and misinterpreting statistics.
What has really happened in Newcastle? The sale of new upmarket apartments has lifted the median unit price. According to Domain, the median price for apartments in the Newcastle LGA has risen 23.6% in 12 months.
The journalist reporting this interpreted it as “Newcastle LGA unit prices have climbed a whopping 23.6%”.
Regrettably, it’s another example of someone writing about a subject beyond their expertise, not that it takes a genius to understand the workings of median prices and how they mislead more often than they inform.
The median price has risen 23.6% but property values have not.
I would delighted if property values had increased that much because Newcastle is a location I’ve recommended to investors over the past couple of years. If people who had acted on that tip had experienced a 20%-plus rise in wealth, I would feel validated. Nothing as strong as that has occurred, however.
I have often said that Newcastle is one of Australia’s most underrated property markets. I see if as an attractive alternative to Sydney for both home buyers and investors seeking affordable real estate is a growth economy with plenty of attractive lifestyle factors.
Newcastle has the world’s largest coal export port and coal is on a downer, but Newcastle has continued to pump because the city has other drivers. There has been big spending on infrastructure in Newcastle and the Hunter region – including the $1.4 billion Hunter Expressway - and there’s plenty more to come, notably in the CBD.
The real estate market has responded with solid growth in property prices. But the market has not jumped 20%-plus.
Caution is always needed when dealing with median prices. Often they’re a comment on the type of property being sold, rather than the movement in values.
If an upmarket project is sold during a given time period in a particular suburb, it will elevate the median price. Conversely, if a budget estate is sold, it may have the effect of pulling down the median price for the suburb, but this should not be seen as a decline in values.
The only way to accurately gauge movements in values is to examine re-sales. I have seen many instances where the median price has decreased at a time when property values are rising – and vice versa.
So it’s plain wrong to tell newspaper readers that owners of Newcastle apartments have had a 20%-plus increase in equity.
The caution consumers should take over real estate statistics extends well beyond median prices (and median rents and median yields). Rubbery figures are bouncing around many of our property markets.
The report on Property Observer this week <a href="/expert-insights/buying/sydney-october-auction-strength-easing-says-apm-but-rp-data-proffers-otherwise">on Sydney auction results</a> is a case in point. Two major data sources put contrasting interpretations on the weekend results. One said the results showed the market rising while the other suggested it was evidence of decline.
The numerous occasions in which commentators have declared the so-called property boom over, on the basis of a single month’s price data from a single source, is further evidence of the perils of misreading property statistics – especially those relating to movements in median prices.
The best way to chart the rise or fall of individual markets is to monitor changes in sales volumes.
Terry Ryder is the founder of <a href="https://hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> him or contact him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter</a>.
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terryryder-YECXbqmri2

Newcastle figures show why you can't trust median prices

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The Real Estate Institute of New South Wales’ September 2014 Vacancy Rate Survey revealed that rental markets across Sydney and New South Wales are tightening, with an overall fall of 0.1% to 1.7% for Sydney.
REINSW president Malcolm Gunning said that it was in outer Sydney where the largest declines were seen over the past few months, currently hitting 10 month lows, but that declines were seen across the board.
Here are the results:
<ol>
<li>Outer Sydney: 1.4% (a 0.2% decline) 
</li>
<li>Mid-North Coast: 1.4% (down 0.2%) 
</li>
<li>Albury: 1.6% (down 0.1%) 
</li>
<li>Central Coast: 1.7% (down 0.3%) 
</li>
<li>Inner Sydney: 1.8% (steady) 
</li>
<li>Middle Sydney: 1.9% (down 0.3%) 
</li>
<li>Illawarra: 2.0% (steady, despite a 0.5% rise in Wollongong) 
</li>
<li>Northern Rivers: 2.7% (down 1.0%) 
</li>
<li>Riverina: 2.8% (down 0.6%) 
</li>
<li>Hunter region: 3.1% (down 0.2%, with a 0.8% fall in Newcastle) 
</li>
<li>Orana: 3.2% (up 1.1%) 
</li>
<li>Central West: 4.3% (up 0.5%)</li>
</ol>
Source: REINSW.
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jduke-EHk3XBmHkn

NSW's tightest rental markets: REINSW

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Sydney’s most affordable house to sell at auction was in Long Jetty on the Central Coast, 100 km north of the CBD, for $385,000.
Figures released by APM noted that the 1960s-built three-bedroom house at 50 Stella Street sold through LJ Hooker The Entrance.
The large, level site of 676 square metres is a short stroll to the beach and other local amenities. According to RP Data, it last traded in 1990 for $90,000. 
Figures on the database shows the median house price for Long Jetty in August was $473,000, which is up on the same time last year when it was $420,000.
Capital growth was more than 8% in 2013 for the area while the median rent was $380 a week. This would reflect a yield of more than 5% for an investor. 
A house on a sub-divided block of 338 square metres at 71/17A Stella Street exchanged earlier this year for $410,000.
The record price for the street is $565,000, which was paid last year for a three-bedroom house on 613 square metres at 115 Stella Street.
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andreadixon-oif3j7eKne

Long Jetty secures NSW cheapest auction result

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A NSW government position paper has outlined 58 changes for those living in community schemes.
NSW Fair Trading Minister, Matthew Mason-Cox, said that more than 25% of the state’s population lives or works in strata and community schemes and by 2040 more than half of Sydney’s housing stock will be multi-unit type dwellings.
“Community schemes range from highrise buildings to rural subdivisions with irrigation channels as association property, as well as large closed communities with private roads, high security and extensive recreational facilities such as marinas and golf courses,” said Mason-Cox.
“The position paper sets out a coherent and informed approach to meet the future needs of residents living in nearly 2200 community, neighbourhood and precinct schemes operating around the state.
“At the very heart of the package are measures that seek to better protect residents with a focus on ensuring transparency and accountability in decision-making.”
This will provide a framework for community schemes going forward, removing the “onerous requirement” for all owners to agree unanimously on decisions relating to their property.
“Special resolutions will be sufficient where a significant majority of owners are in agreement,” he said.
More than 2,000 submissions and 1,200 online comments were made on the 2012 discussion paper.
“Community scheme law reforms will be delivered as part of a package of building industry reforms concerning the multiple occupancy of buildings, strata, security of payments and home warranty insurance,” Mason-Cox said.
The next step will be to draft the Community Scheme Bills, before consultation on the draft legislation in 2015.
Here is a selection about 10 of the crucial changes:
<ol>
<li>Meetings can be attended in various forms, including social media, video and teleconferencing 
</li>
<li>Committee members will be required to “act with due care and diligence” and disclose any potential conflicts of interest 
</li>
<li>A limit will be put on the number of proxies able to be held by any person, and limit the matters in which a priority vote can be used 
</li>
<li>Stop non-owners with a financial interest in the scheme from being a member of the strata/community committee (this would prohibit managing agents and letting agents) 
</li>
<li>A requirement for developers to set “realistic” levies, during the initial period and first year after 
</li>
<li>Disclosure and accountability for managing agents, with a contract term of three years minimum 
</li>
<li>Restriction of developers’ rights to vote on matters relating to building defects 
</li>
<li>Expansion on the issues that can be dealt with at NCAT 
</li>
<li>Better ways to improve parking within schemes 
</li>
<li>A requirement for meetings to be called to authorise certain matters identified in a development contract as “development concerns” (Community title specific)</li>
</ol>
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The 10 changes to know from NSW's strata reform paper

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Last week we looked at John McGrath’s top four regional hotspots in New South Wales.
Offering lower price points than the capital city, strong growth prospects and stronger yields than generally obtained, it’s clear why investors might consider them.
Today, we ask – which of McGrath’s regional hotspots is on your list?
<a href="/news">Moss Vale </a>
Houses
<ul>
<li>Median price: $400,000</li>
<li>Rental yield: 4.68%</li>
</ul>
Source: RP Data
<a href="/news">Mount Ousley</a>, <a href="/news">Balgownie</a>
Houses – Mount Ousley
<ul>
<li>Median price: $510,000</li>
<li>Rental yield: 5.25%</li>
</ul>
Source: RP Data
Houses – Balgownie
<ul>
<li>Median price: $577,000</li>
<li>Rental yield: 4.06%</li>
</ul>
Source: RP Data
<a href="/news">Blackheath </a>
Houses
<ul>
<li>Median price: $380,000</li>
<li>Rental yield: 4.52%</li>
</ul>
Source: RP Data
<a href="/news">Kincumber</a>
Houses
<ul>
<li>Median price: $427,000</li>
<li>Rental yield: 4.87%</li>
</ul>
Source: RP Data
{mijopolls 37}
Photo of Moss Vale courtesy of Bidgee/<a class="mw-mmv-license cc-license" href="https://creativecommons.org/licenses/by-sa/3.0/au/deed.en" target="_blank">CC-BY-SA-3.0-au</a>.
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