<p data-end="587" data-start="368">Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.</p>

<p data-end="778" data-start="589">The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.</p>

<p data-end="907" data-start="780"><a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.</p>

<p data-end="1052" data-start="909">The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.</p>

<p data-end="1311" data-start="1054">The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.</p>

<p data-end="1451" data-start="1313">The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.</p>

<p data-end="1676" data-start="1453">MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.</p>

<p data-end="1908" data-start="1678">Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.</p>

<p data-end="2142" data-start="1910">The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.</p>

<p data-end="2142" data-start="1910"><img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" /></p>

<p data-end="2308" data-start="2144">MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.</p>

<p data-end="2648" data-start="2310">"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.</p>

<p data-end="2797" data-start="2650">"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."</p>

<p data-end="2938" data-start="2799">The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.</p>

<p data-end="3216" data-start="2940">Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.</p>

<p data-end="3325" data-start="3218">Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.</p>

<p data-end="3442" data-start="3327">"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.</p>

<p data-end="3662" data-start="3444">"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."</p>

<p data-end="3818" data-start="3664">MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.</p>

<p data-end="4076" data-start="3820">"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.</p>

<p data-end="4375" data-start="4078">"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."</p>

<p data-end="4503" data-start="4377">Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.</p>

<p data-end="4741" data-start="4505">"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."</p>

<p data-end="4910" data-start="4743">The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.</p>

<p data-end="4951" data-start="4912">MAYD is targeting an early 2027 launch.</p>


Joel Robinson

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

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<p data-end="600" data-start="394">Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.</p>

<p data-end="733" data-start="602">But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.</p>

<p data-end="970" data-start="735">Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.</p>

<p data-end="970" data-start="735">[smartcode_project:default project_id=152737 project_image_fid=377679]</p>

<p data-end="1159" data-start="972">The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.</p>

<p data-end="1357" data-start="1161">It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.</p>

<p data-end="3400" data-start="3216">[smartcode_project:default project_id=152737 project_image_fid=377675]</p>

<p data-end="3400" data-start="3216">Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.</p>

<p data-end="1664" data-start="1517">Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.</p>

<p data-end="1826" data-start="1666">Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.</p>

<p data-end="1826" data-start="1666">[smartcode_project:default project_id=152737 project_image_fid=377685]</p>

<p data-end="2045" data-start="1828">Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.</p>

<p data-end="2269" data-start="2047">"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.</p>

<p data-end="2430" data-start="2271">A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.</p>

<p data-end="2606" data-start="2432">It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.</p>

<p data-end="2724" data-start="2608">At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.</p>

<p data-end="2892" data-start="2726">Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.</p>

<p data-end="2892" data-start="2726">[smartcode_project:default project_id=152737 project_image_fid=377680]</p>

<p data-end="3004" data-start="2894">Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.</p>

<p data-end="3214" data-start="3006">"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.</p>

<p data-end="3400" data-start="3216">The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.</p>

<p data-end="3400" data-start="3216">More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.</p>

<p data-end="3670" data-start="3538">&nbsp;</p>

<p data-end="3670" data-start="3538">[smartcode_project_cta:default project_id=152737]</p>

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

<p>A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.</p>

<p>Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.</p>

<p>Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.</p>

<p>[smartcode_project:default project_id=150999 project_image_fid=374005]</p>

<p>The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.</p>

<p>Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.</p>

<p>Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.</p>

<p>[smartcode_project:default project_id=150999 project_image_fid=374010]</p>

<p>Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.</p>

<p>The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.</p>

<p>“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.</p>

<p>[smartcode_project:default project_id=150999 project_image_fid=374002]</p>

<p>“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”</p>

<p>The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.</p>

<p>[smartcode_project_cta:default project_id=150999]</p>


Maréa Residences brings parkside apartments to Coolangatta

<p data-end="535" data-start="324">Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.</p>

<p data-end="717" data-start="537">The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.</p>

<p data-end="918" data-start="719">The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.</p>

<p data-end="1131" data-start="920">PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.</p>

<p data-end="1131" data-start="920"><img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" /></p>

<p data-end="1318" data-start="1133">Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.</p>

<p data-end="1433" data-start="1320">The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.</p>

<p data-end="1658" data-start="1591">A significant component of The One will be its residential amenity.</p>

<p data-end="1864" data-start="1660">More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.</p>

<p data-end="2011" data-start="1866">The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.</p>

<p data-end="2011" data-start="1866"><img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" /></p>

<p data-end="2191" data-start="2013">The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.</p>

<p data-end="2365" data-start="2193">PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.</p>

<p data-end="2473" data-start="2367">“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.</p>

<p data-end="2775" data-start="2475">“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”</p>

<p data-end="2943" data-start="2777">The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.</p>

<p data-end="3145" data-start="3001">PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.</p>


PDG secures approval for $1.5bn Southbank apartment development, The One

<p>Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.</p>

<p>The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.</p>

<p>That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.</p>

<p>The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.</p>

<p>A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.</p>

<p>&nbsp;</p>

<p>Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.</p>

<p>Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.</p>

<p>While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;</p>

<p>Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.</p>


First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

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<p>The NSW Opposition has promised a staggered stamp duty payments scheme for first home buyers if it wins government at the upcoming March election.</p>
<p>It was an undertaking revealed on the Channel 7/Daily Telgraph leaders debate i<span style="line-height: 1.3em;">n response to an audience question about what Luke Foley and Mike Baird would do to make it easier for first home buyers to enter the hot NSW market.</span></p>
<p>“Look at a scheme where people, rather than being charged 100 per cent of stamp duty upfront, they could pay it back in instalments over several years,” the NSW Opposition leader, Luke Foley suggested, seemingly foreshadowing a more detailed policy announcement.</p>
<p>Advising<span style="line-height: 1.3em;"> the key to lowering prices was increasing the number of houses built, Premier Mike Baird said </span><span style="line-height: 1.3em;">he had introduced a scheme where first home buyers purchasing new dwellings under $550,000 are exempt from paying stamp duty.</span></p>
<p><span style="line-height: 1.3em;">Stamp duty is one of the big upfront costs in buying a house especially if the buyers don't wish to be </span>corralled<span style="line-height: 1.3em;"> into buying a new house or flat.</span></p>
<p><span><a href="https://www.apps08.osr.nsw.gov.au/erevenue/calculators/fhnh.php" target="_blank">Stamp duty is calculated</a> by applying a sliding scale of state government taxation, depending on the value of the property purchase.</span></p>
<p><span><span><span>The NSW first-time buyer concession in place for stamp duty is designed to make it easier for peop</span></span></span>le to get their first home, but only news homes. </p>
<p>NSW is probably the most generous state.</p>
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<p>The scheme was established to assist eligible first home owners to purchase a new home or build their home by offering a $15 000 grant. The grant applies to new homes only and does not apply to the purchase of an established home, vacant land, business premises or a holiday house. The grant will reduce to $10,000 on 1 January 2016. </p>
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<p>The First Home New Home scheme commenced from 1 January 2012 and provides eligible purchasers with exemptions from transfer duty on new homes valued up to $550,000 and concessions for new homes valued between $550,000 and $650,000.</p>
<p>Eligible purchaser buying a vacant block of residential land to build their home will pay no duty on vacant land valued up to $350,000, and will receive concessions for vacant land valued between $350,000 and $450, 000.</p>
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jchancellor-FAypfDUnLy

NSW Labor promises staggered stamp duty for first home buyers

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<p>Will Rogers probably didn't have Sydney's inner west in mind when he famously said "don't wait to buy land; buy land and wait", but it would have been an apt observation if this has been the case.  </p>
<p>The New South Wales Valuer General reported that total land values had risen yet again by 11.3 percent in the 2016 financial year to $1.5 trillion.</p>
<p>The value of the state's land is up by more than 57 percent in only four financial years.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/01/17/NSW4.jpg" target="_blank">Click to enlarge</a></p>
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<br><div>Unsurprisingly the gains were driven by residential land values which rose by 11.1 percent to $1.2 trillion.</div>
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<div><strong><span style="text-decoration: underline;">Inner west land pressures</span></strong></div>
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<div>Caution should always be exercised when interpreting residential land value figures, which were calculated from a sample of more than 38,000 sales in the 2016 financial year. </div>
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<div>This is particularly so at the Local Government Area (LGA) level, where median values can be skewed higher by sites with development potential, particularly at this advanced stage in the cycle.</div>
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<div>As usual the most valuable residential land was the in the leafy LGAs of Mosman to the north ($1.84 million median) and Woollahra to the east ($1.82 million) which remain very much the domain of the wealthy, but most of the serious gains have been seen in the inner west of Sydney.</div>
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<div>No fewer than 16 LGAs now have a median residential land value of more than $1 million, which will result in hefty land tax levies. </div>
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<div><a href="https://www.propertyobserver.com.au/images/2017/01/17/NSW1.jpg" target="_blank">Click to enlarge</a></div>
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<br><div>Not everywhere saw large gains in land values, with often only moderate changes in regional and coastal New South Wales, and the Blue Mountains, for example. </div>
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<span>There were declines too in mining locations. </span><br><span><br></span><span>Broken Hill and the mining areas of the Hunter (the LGAs of Muswellbrook, Singleton, and the Upper Hunter) recorded drops in land values ranging from around 8 per cent to 15 percent.</span>
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<br><div>On the other hand, the greatest gains in the financial year were seen in Burwood, with land values up by no less than 37.5 per cent, a location which saw the sale of a number of development sites in both the centre of the suburb and along Parramatta Road. </div>
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<div>Over the past four financial years there have been crunching gains in half a dozen or more LGAs located to the west of the Sydney Central Business District.</div>
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<div><a href="https://www.propertyobserver.com.au/images/2017/01/17/NSW2.jpg" target="_blank">Click to enlarge</a></div>
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<br><div>We live in a nominal world, as the saying goes, and when looking at the greatest dollar value increase in median residential land values, top of the pile was Strathfield which has recorded an astronomical increase of $723,000 since FY2012.</div>
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<div><a href="https://www.propertyobserver.com.au/images/2017/01/17/NSW3.jpg" target="_blank">Click to enlarge</a></div>
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I can't think of anything pithy to say about these numbers, so I'll leave the last word to Will Rogers:<br><br>"Find out where the people are going and buy the land before they get there."<br><br>Indeed.
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<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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pwargent-M4siyDbqQY

NSW land values rise again to $1.5 trillion: Pete Wargent

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<p><span>EXPERT OBSERVATION</span></p>
<p><span>The March 2018 quarterly construction figures from the Australian Bureau of Statistics indicate a slow-down in NSW while Victoria grows.</span></p>
<p><span>The latest construction figures indicate a slowing rate of work in NSW particularly for </span><span>non-</span>residential work.</p>
<p>When the figures are looked<span> at on a per capita basis Victoria does seem to be building more than NSW. For total building in the March Quarter NSW construction was $1,145 per capita while</span><span>Victoria spent $1,343 per person.</span></p>
<p><span>In terms of residential construction over the March Quarter the per capita figures are</span><span>$785 per person in NSW and $878 per person </span><span>in Victoria.</span></p>
<p><span>On non</span>-residential construction over the March quarter NSW expenditure was $270 per capita<span> compared to the Victorian per capita expenditure of $339.</span></p>
<p>While both states are strong in long term measurements it does appear that Victoria is pulling<span> ahead in overall construction dollars </span><span>on a per capita basis.</span></p>
<p>It will be important for the NSW government to continue the excellent residential construction<span> of recent years into the future by ensuring a good pipeline of projects in the planning system. There are concerns in the Sydney apartment market of a slow-down in</span><span>pre commitments for apartments that could have an impact on housing supply.”</span></p>
<p><span>See below the graph of Total Building Value per Capita based on ABS seasonally adjusted data for the March 2018 quarter.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/25/C1.jpg" alt=""></span></p>
<p> </p>
<p><em><span>CHRIS JOHNSON</span> is the Urban Taskforce CEO.</em></p>
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j.ballantyne1990-6AQqhLzZaK

Construction slowing in New south Wales but growing in Victoria

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<p>From Bondi Junction to Broken Hill, NSW first home buyers are "back in the game," NSW Treasurer Dominic Perrottet exclaimed recently.</p>
<p>But first home buyers aren't there to play a game, and should pay very close attention to market conditions.</p>
<p>They ought not dive in simply because of the government incentives on offer.</p>
<p data-reactid="410">The top location for stamp duty relief under the FHB grants scheme has been Liverpool where more than 400 buyers have taken up home ownership since last July.</p>
<p data-reactid="412">It has been busy too in regional NSW with Gosford having 316 buyers, Wyong (224) and Wollongong (158). Also Wagga Wagga (251), Orange (230) and Dubbo (182).</p>
<p data-reactid="412">The 222 Queanbeyan buyers suggests Canberrans are moving across the border. </p>
<p>Since last July, the government grants have encouraged more than 19,000 home buyers to purchase their first home across NSW.</p>
<p>It was up from 5400 over the corresponding prior period in 2016.</p>
<p data-reactid="393">NSW Premier Gladys Berejiklian has been "thrilled" that her tax changes have had such a big impact. </p>
<p>She had made helping first home buyers one of her first priorities as Premier, when she took over from Mike Baird.</p>
<p data-reactid="406">She concedes there is always more to do on tackling housing affordability. Indeed the Housing Industry Association executive director David Bare said the government's attempts were meagre considering that up to 40 per cent of new house purchases were made up of local, state and federal government taxes.</p>
<p data-reactid="406">CoreLogic's head of research Cameron Kusher has recently warned first home buyers must be vigilant to avoid negative equity.</p>
<p>"Don't be lured into buying at the peak of the market because of attractive incentives," he advised.</p>
<p>From last July FHBs don’t have to pay stamp duty for new and existing homes for properties up to $650,000.</p>
<p>It represents a saving of maybe $26,000 to $34,000 depending on the purchase.</p>
<p>Stamp duty has also reduced for buyers paying between $650,000 and $800,000, along with incentives for new builds. </p>
<p>The volume of new loans to FHBs has climbed substantially over recent months. But average loan sizes have only increased slightly which suggests FHBs are wisely not using the removal of the stamp duty barrier to borrow more. </p>
<p>Kusher maintains first home buyers are the most sensitive to changes in interest rates. </p>
<p>Although he expects the cash rate to be on hold until 2019, potentially higher mortgage rates should raise some alarm bells for potential buyers.</p>
<p>The removal of stamp duty has come at the same time as the APRA-induced decline in investor activity so the FHB fill a vital void.</p>
<p>Kusher maintains a better option may be for FHBs to remain on the sidelines somewhat longer "as values potentially continue to slide".</p>
<p>He adds it will allow more time to save an even larger deposit.</p>
<p>This article was first published in the Saturday Daily Telegraph.</p>
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First home buyers back in the game - but need to know the rules

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<p><span>Figures from the Rental Bond Board appeared to show that the supply of rental accommodation was below growth trends for NSW. With this is mind what do the median rental statistics collected by the board reveal?</span><span style="line-height: 1.3em;"> </span></p>
<p><span>A number of interesting trends emerge. In 2010-11 the areas with the highest median rentals were the South Sydney and Upper North Shore. However between 2011-12 up until the most recent figures for 2013-14 it has been the Eastern Suburbs that consistently records the highest median rents. </span></p>
<p><span>In the Board’s figures the Eastern Suburbs covers a very diverse area across postcodes 2021-2036.</span></p>
<p><span>According the Board’s figures the median rental across this area is $610, and while rents have been on the rise, given the area’s diversity across suburbs like, Paddington, Moore Park, Little Bay, East Gardens, Vaucluse, Watsons Bay and Bondi the range of rents would be wide-ranging.</span></p>
<p><span>However what is more interesting is the general trends of median rents across the metropolitan area between 2010-11 and 2013-14, interesting because the figures show, somewhat surprisingly that the growth in median rents has been slowing. In 2010-11 the increase was 4.5% and in 2011-12 4.3%. However in 2012-13 the figure fell below 4% to 3.1% and in 2013-14 the increase was 2.9%.</span><span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 1.3em;"> </span></p>
<p><span>Over the same period there have been suburbs where median rental growth in the top five areas has been both above and less than the metropolitan figures. Looking at the Board’s figures here are some of the notable figures.</span></p>
<p><span>Rental Growth</span></p>
<p><span>All of the figures following are taken from figures published by The Renal Bond Board in its annual report.</span></p>
<p><span>In 2010-11 median rental growth across metro Sydney was 4.5% at $460.00, with some notable variations among the top three postcode groupings as follows:</span><span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 1.3em;"> </span></p>
<ul>
<li><span>Eastern Suburbs, Lower North Shore &amp; Mosman/Cremorne all increase by 10% to $550.00</span></li>
<li><span>South Sydney &amp; Upper North Shore grew by 9.8% to $560.00</span></li>
<li>
<span>Inner Sydney 5.7% to $560.00</span><span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 1.3em;"> </span>
</li>
</ul>
<p><span>In 2011-12 median rental growth was 4.3% to $480.00, and the top three postcode groupings were:</span></p>
<ul>
<li><span>Many/Warringah grew by 5.8% to $550.00</span></li>
<li><span>Eastern Suburbs grew by 5.5% to $580.00</span></li>
<li><span>Lower North Shore grew by 4.5% to $575.00</span></li>
</ul>
<p><span>Across this period it is notable that in three areas – Inner Sydney, South Sydney and Upper North Shore the Board’s figures showed no growth.</span></p>
<p><span>In 2012-13 rental growth fell to 3.1% to $495.00, the top three postcode groupings were:</span></p>
<ul>
<li><span>Inner Sydney and South Sydney at 5.4% to $590.00</span></li>
<li><span>Eastern Suburbs at 3.4% to $600.00</span></li>
<li><span>Lower North Shore 1.7% to $585.00</span></li>
<li><span>Upper North Shore 1.7% to $570.00</span></li>
</ul>
<p><span>Again it was notable that the Inner west showed no growth.</span></p>
<p><span>The most recent figures for 2013-14 growth fell again to 2.9%,a cross the metro region the median rental was $510.00 and the top three groupings were:</span></p>
<ul>
<li><span>Inner West grew by 4.3% to $575.00</span></li>
<li><span>Many/Warringah at 3.4% to $580.00</span></li>
<li><span>Mosman/Cremorne at 2.5% to $590.00</span></li>
</ul>
<p><span>In the same period rents on the Lower North Shore, according to the Board’s figures dropped by (0.9)%, which was the only negative result over the total period between 2010-2014.</span></p>
<p><span>Supply Catches Up</span></p>
<p><span>The big increases in 2010-11 (at 10% in some areas) have not been repeated, and this would appear to reflect more properties in particular apartments coming onto the market along with a rise in the number of investment properties being sold.</span></p>
<p><span>Currently the gap between the least and most expensive market is modest, based on median rentals $35.00 with Fairfield/Liverpool and Canterbury/Bankstown the most affordable and the Eastern Suburbs the most expensive market followed closely by the Inner Sydney and South Sydney, with both theses areas seeing a big increase in apartment developments.</span></p>
<p><span>It is also interesting to note that the gap between the least and most expensive rental markets has remain constant, although since 2010-11 the Upper North Shore has lost it’s spot as among the most expensive rental markets.</span></p>
<p><span>However we need to go to the country median rentals to see the most volatile figures, because in 2010-11 rents in Mudgee grew by 19.5% and in the following year by 14.1%, but in 2013-14 rents fell by (20%), which would largely reflect the changing fortunes of the mining industry.</span><span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 1.3em;"> </span></p>
<p><span>For the metro Sydney market, the demand for rental accommodation and rents continue to rise, although the patterns are not uniform. Some areas of the market have and will continue to see new developments added both as apartments and houses in new estates, as these remain popular with investors.</span><span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 1.3em;"> </span></p>
<p><span>The details and values outlined come from a very big pool of tenants as the Rental Bond Board looks after more than 726,337 tenancy bonds, and so the figures are a valid reflection of the wider rental market.</span></p>
<p><span>Given all of the activity across our property market in the last 12 months the Board’s report for 2014-15 should reveal some interesting trends.</span></p>
<div class="entry-content">
<p>To read the final part of Peter's two-part post, click here.</p>
<p><em>Peter Chittenden is managing director for residential of Colliers International. He can be contacted <a href="https://www.projectagenda.com.au/" target="_blank">here</a>.</em></p>
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pchittenden-eLqUUC8TWW

NSW rental supply below growth trends: Peter Chittenden

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<p>A bit of Bavaria in Blacktown sold at weekend auction for $570,000.</p>
<p>When Manfred and Franziska Hiller built their family home 50 years ago, they created a Bavarian-style property unique to the Blacktown area.</p>
<p>The couple purchased the block at 25 Berg Street, Blacktown in the 1960s and Manfred built <a href="https://www.realestateview.com.au/Real-Estate/25-berg-street-blacktown/Property-Details-buy-residential-7611814" target="_blank">the three bedroom home</a> himself, keeping true to their German culture.</p>
<p>“This home isn’t typical of the properties you find in the area,” selling agent, Andrew Sparks of Ray White St Martins said who had been quoting price expectations above $520,000.</p>
<p>“Inside has a true Bavarian feel to it and the garage has been converted to a man cave, complete with its own bar," he said.</p>
<p><span style="line-height: 1.3em;">The couple are moving into a local retirement village.</span></p>
<p><span style="line-height: 1.3em;">With </span><span style="line-height: 1.3em;">low listing numbers due to the distractions of the long weekend holiday break, APM reported an </span><span style="line-height: 1.3em;">83% clearance rate result that took to eight the number of weekend results above 80% recorded by the Sydney market.  </span></p>
<p> </p>
<p>Around 253 homes were listed to go under the hammer last Saturday which was well below the record September Saturday of 722 auctions conducted the previous weekend but similar to the 248 conducted over the same holiday weekend last year</p>
<p> </p>
<p>Sydney’s four-weekend average clearance rate now stands at 83% compared to 82.5% over the previous four-weekend period.</p>
<p> </p>
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Bit of Bavaria sells in Blacktown

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<div>EXPERT OBSERVER</div>
<div> </div>
<div>Actual investment was quite flat over the third quarter of the calendar year at a seasonally adjusted $29.4 billion, while fortunes have diverged significantly around the traps, according to the latest data from CapEx.</div>
<div> </div>
<div>In the economic powerhouse state of New South Wales the quarterly trend investment for private capital investment tore 12 per cent higher over the year to September 2018 to a record high of $8.22 billion. </div>
<div> </div>
<div>No wonder Greater Sydney has created almost 120,000 new jobs on a net basis over the past year, with plenty more coming down the pipe!</div>
<div> </div>
<div>Building and structures investment exploded 20 per cent higher over the year in NSW, while plant and equipment investment was up by a pretty solid 5 per cent. </div>
<div> </div>
<div>Huge investment numbers for the Premier State.</div>
<div> </div>
<div class="separator"><a href="https://2.bp.blogspot.com/-oP_LByC_MKw/W_9NyZULKgI/AAAAAAAAtHQ/_i6wzk2vJqEiNow9D_QEIrgLLo82y484QCLcBGAs/s1600/Capex.jpg"><img src="https://2.bp.blogspot.com/-oP_LByC_MKw/W_9NyZULKgI/AAAAAAAAtHQ/_i6wzk2vJqEiNow9D_QEIrgLLo82y484QCLcBGAs/s640/Capex.jpg" width="640" height="368" data-original-height="798" data-original-width="1384"></a></div>
<div class="separator"> </div>
<div class="separator"> </div>
<div class="separator">There was also steadier trend growth in Victoria, South Australia, and Queensland, while Tassie was off the charts with capital investment up by a ripping 33 per cent over the year to September, albeit from a low base in this cycle. </div>
<div class="separator"> </div>
<div class="separator">Unfortunately this was offset by shrinking investment in Western Australia - the quarterly trend now a walloping 62 per cent below the heady 2012 peaks - while Ichthys LNG investment has now dropped off the charts for the struggling Northern Territory. </div>
<div class="separator"> </div>
<div class="separator">On the plus side a number of iron ore and other resources projects are now hoving into view for WA, so from a sentiment perspective the bottom is now likely to be in out west. </div>
<div class="separator"> </div>
<div class="separator"><strong>Brighter times ahead</strong></div>
<div class="separator"> </div>
<div class="separator">Despite the modest actuals the Reserve Bank will surely be well pleased with this release, with the fourth estimate for 2018-19 capital investment rising all the way up to $114 billion, a substantial double-digit lift from the third estimate of $102 billion.</div>
<div class="separator"> </div>
<div class="separator">We haven't seen a quarterly upgrade in expectations of this magnitude for just shy of two decades. </div>
<div class="separator"> </div>
<div class="separator">The additional investment is planned and expected largely for the services industries, although investment in both mining and manufacturing also appears set to rise. </div>
<div class="separator"> </div>
<div class="separator">Overall, it was a sluggish result for actuals due to the seemingly endless drag from the resources jurisdictions, but Sydney is firing and the expectations for investment recorded a solid improvement. </div>
<div class="separator"> </div>
<div class="separator"><em>PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.</em></div>
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NSW investment booming: Pete Wargent

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<p>The New South Wales budget surplus forecast has increased by $600 million.</p>
<p>The NSW Treasurer Dominic Perrottet advised the projection for the 2017/18 year was revised up to $3.3 billion, from $2.7 billion.</p>
<p>The state government’s half-yearly budget review also revealed the first home buyers assistance scheme would cost $461 million this financial year.</p>
<p>“A significant reduction in transfer duty is derived from our first home owners grants and the concessions and tax cuts that form part of that.”</p>
<p>However, an increase in land tax will help offset the loss the government makes from the first home buyer concessions.</p>
<p>Higher than expected property values has pushed up the land tax revenue forecast by more than $100 million.</p>
<p><span>Land tax receipts from owners of investment properties and holiday homes in NSW are forecast to be $867 million higher than expected over the next three years.</span></p>
<p>Mr Perrottet said he was confident the Sydney housing market would remain healthy.</p>
<p>“We see the property market remaining strong, we see completions continuing at record levels,” Mr Perrottet said.</p>
<p>Fairfax Media noted t<span>he forecast assumes that the average price of residential properties sold in 2017-18 will be around 1.8 per cent above the average price the previous year. </span></p>
<p>Stamp duty revenue in the three years to 2020-21 has been revised down by $657 million, largely due to the take up of stamp duty concessions for first home buyers in a housing affordability package announced in the June budget.</p>
<p>Between June and November, 13,672 people have received stamp duty concessions, compared with 3970 people in the same five month period last year.</p>
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NSW property investors to pay $100 million more in land tax as values rise

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<p>The NSW Government’s stamp duty change may leave many commercial property owners “worse off”, according to property valuation firm m3property.</p>

<p>Owners of less valuable properties may potentially pay more than double after ten years.</p>

<p>Jennifer Williams, the firm’s national director of research, said it was unclear whether the new property tax would achieve its aims.</p>

<p>“We agree that change is required to make the NSW tax system fairer, simpler and less volatile and a broad-based property tax is a good option to achieve this”, she said.</p>

<p>“The devil is in the detail, however, and it is yet to be seen whether an opt-in system will achieve the simplicity the Government seeks or reduce the current revenue volatility given most commercial purchasers are unlikely to opt-in.”</p>

<p>Many purchasers are likely to be disadvantaged by the proposed new system, given the average length of commercial property ownership in NSW is greater than ten years, mp3property suggested.</p>

<p>A hypothetical case study found that after ten years the owner of a property with a market value of $2 million would pay $144,937 under the current system, and $298,061 under the new system.</p>

<p><img alt="" class="image-article_full_width_580px" height="296" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/m3property.png?itok=HUV0PWBm" width="580"></p>

<p>Whilst the burden on commercial owner-occupier operators appears to be higher for the proposed property tax, stamp duty must also be taken into consideration.</p>

<p>For investors who buy and sell more often, the choice of which tax route to take may be more complicated.</p>

<p>However, the impact on purchasers is likely to vary on the type of purchaser, the property’s land value, the length of time the investor retains the property, and which option a buyer takes at purchase, property tax or stamp duty and land tax.</p>
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Many purchasers are likely to be disadvantaged by the proposed new system, says property valuation firm m3property.

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NSW stamp duty change likely to leave many "worse off"

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<p>Researchers from UNSW Sydney’s City Futures Research Centre and the University of Technology Sydney (UTS) have, in partnership with the Strata Community Association (NSW) have developed the 'Strata Rectification Guide.</p>

<p>The <a href="https://cityfutures.be.unsw.edu.au/research/projects/defect-rectification/">online tool provides helpful information</a> for property owners and strata managers to navigate the process of identifying, documenting, reporting and rectifying building defects in strata schemes.</p>

<p>While the NSW Government has introduced a suite of reforms to the multi-billion-dollar apartment building sector in the aftermath of Opal Tower, the guide complements these changes by focusing on consumers already in buildings impacted by defects.</p>

<figure><p><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/strata.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="283" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/strata.png?itok=1AETkuUy" width="580"></a></p>
</figure><p>Strata Community Association (NSW) President Chris Duggan believes this guide could be a ‘game changer’.</p>

<p>“With the state’s reforms and the Building Commissioner reshaping construction quality, this guide complements the retrospective effort of the strata industry in educating managers and assists consumers to deal with the practical realities of defects,” he said.</p>

<p>Martin Loosemore, Professor of Construction Management at UTS, noted defects in apartment buildings have been a concern in NSW for many years and more will be affected in the future.</p>

<p>“Parts of the industry have been worried about building defects for some time before Opal Tower put it on the political map,” Prof. Loosemore said.</p>

<p>Though the particular focus of the guide is defects in common property such as hallways and courtyards, it also covers all levels of defects and their severity.</p>

<p>While the guide is most useful for current and potential strata apartment owners, renters could also find the guide beneficial for clarifying rights and responsibilities.</p>
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Researchers from UNSW and UTS have developed the ‘Strata Defects Rectification Guide’ in partnership with Strata Community Association (NSW).

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