<p>The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.</p>

<p>Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."</p>

<p>That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.</p>

<p>Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.</p>

<p>[smartcode_project:default project_id=144913 project_image_fid=297740]</p>

<p>Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.</p>

<p>The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.</p>

<p>[smartcode_project:default project_id=144913 project_image_fid=297741]</p>

<p>The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.</p>

<p>Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.</p>

<p>[smartcode_project:default project_id=144913 project_image_fid=297735]</p>

<p>Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.</p>

<p>Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.</p>

<p>[smartcode_project_cta:default project_id=144913]</p>


Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

<p>National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.</p>

<p>Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.</p>

<p>[smartcode_project:default project_id=145922 project_image_fid=373556]</p>

<p>The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.</p>

<p>Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.</p>

<p>"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.</p>

<p>"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.</p>

<p>"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."</p>

<p>[smartcode_project:default project_id=145922 project_image_fid=373559]</p>

<p>Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.</p>

<p>The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.</p>

<p>[smartcode_project:default project_id=145922 project_image_fid=373583]</p>

<p>Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.</p>

<p>Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.</p>

<p>[smartcode_project:default project_id=145922 project_image_fid=373571]</p>

<p>Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.</p>

<p>Completion of Crest &amp; Walker is slated for late 2028.</p>

<p>[smartcode_project_cta:default project_id=145922]</p>


Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

<p>The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.</p>

<p>It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 52-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.</p>

<p>Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.</p>

<p>While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.</p>

<p>[smartcode_project:default project_id=6515 project_image_fid=68833]</p>

<p>Developer Bensons Property Group is behind the 52-storey tower, which has just shy of 250 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.</p>

<p>The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.</p>

<p>"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.</p>

<p>"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.</p>

<p>"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."</p>

<p>[smartcode_project:default project_id=6515 project_image_fid=360215]</p>

<p>One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.</p>

<p>"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.</p>

<p>While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.</p>

<p>"The size of the site is something that would be incredibly difficult to replicate today," she says.</p>

<p>"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."</p>

<p>[smartcode_project:default project_id=6515 project_image_fid=68839]</p>

<p>There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.</p>

<p>As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.</p>

<p>"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.</p>

<p>A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.</p>

<p>The remaining apartments are ready to inspect in person, by appointment.</p>

<p>[smartcode_project_cta:default project_id=6515]</p>


A decade in the making: Residents to move into Chevron One as construction wraps up

<p>A general rule of thumb in new apartment developments is that the penthouses get the rooftop.</p>

<p>It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.</p>

<p><a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.</p>

<p>Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.</p>

<p>The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=374053]</p>

<p>"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.</p>

<p>"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.</p>

<p>"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=374052]</p>

<p>The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.</p>

<p>Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=372547]</p>

<p>The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.</p>

<p>The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=374054]</p>

<p>Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.</p>

<p>Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=370962]</p>

<p>While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.</p>

<p>It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.</p>

<p>Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.</p>

<p>[smartcode_project:default project_id=146527 project_image_fid=366550]</p>

<p>That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.</p>

<p>Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.</p>

<p>[smartcode_project_cta:default project_id=150017]</p>


Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

<p>As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.</p>

<p>At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.</p>

<p>[smartcode_project:default project_id=426 project_image_fid=359199]</p>

<p>The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.</p>

<p>Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.</p>

<p>In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.</p>

<p>[smartcode_project:default project_id=426 project_image_fid=360299]</p>

<p>The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.</p>

<p>Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.</p>

<p>This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.</p>

<p>[smartcode_project:default project_id=426 project_image_fid=360300]</p>

<p>What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.</p>

<p>The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.</p>

<p>Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.</p>

<p>[smartcode_project_cta:default project_id=426]</p>


Elevated amenity anchors daily life at Aeris, Melrose Park

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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>
<p><span><span><span> </span></span></span></p>
<p> </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>
<div id="post-body-8533436492725214477" class="post-body entry-content">
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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>
<div> </div>
<div><strong><span style="text-decoration: underline;">Inner west land pressures</span></strong></div>
<div> </div>
<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>
<div> </div>
<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>
<div> </div>
<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>
<div> </div>
<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>
<div> </div>
<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>
<div><span> </span></div>
<div>
<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>
</div>
<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>
<div> </div>
<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>
<div> </div>
<div><a href="https://www.propertyobserver.com.au/images/2017/01/17/NSW2.jpg" target="_blank">Click to enlarge</a></div>
<br><div class="separator"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/01/17/NSW2.jpg" alt=""></div>
<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>
<div> </div>
<div><a href="https://www.propertyobserver.com.au/images/2017/01/17/NSW3.jpg" target="_blank">Click to enlarge</a></div>
<br><div class="separator"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/01/17/NSW3.jpg" alt=""></div>
<br><div class="separator"> </div>
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.
<div> </div>
</div>
<div class="post-footer">
<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>
</div>
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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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<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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<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 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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