<p>Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.</p>

<p>Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;</p>

<p>David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;</p>

<p>“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;</p>

<p>[smartcode_project:default project_id=110291 project_image_fid=302785]</p>

<h2>Affordable product leads, premium demand remains resilient</h2>

<p>Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;</p>

<p>Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;</p>

<p>At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.</p>

<p>Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.</p>

<p>Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;</p>

<p>[smartcode_project:default project_id=148957 project_image_fid=364102]</p>

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

<p>Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.</p>

<p>David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.</p>

<p>“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;</p>

<p>Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.</p>

<p>[smartcode_project:default project_id=108869 project_image_fid=317905]</p>

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

<p>While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;</p>

<p>Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;</p>

<p>However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.</p>

<p>Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;</p>


Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<p><a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.</p>

<p>The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.</p>

<p>Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.</p>

<p>“Brisbane was the right step for Sammut,” Sammut said.</p>

<p>“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”</p>

<p><img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" /></p>

<p>Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.</p>

<p>The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.</p>

<p>“We are DA approved now which is very exciting,” Sammut said.</p>

<p>“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”</p>

<p><img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" /></p>

<p>Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.</p>

<p>“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.</p>

<p>The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.</p>

<p>“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”</p>

<p>The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.</p>

<p>The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.</p>


Sammut secures approval for debut Brisbane apartment development in Toowong

<p>Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.</p>

<p>Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.</p>

<p>The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.</p>

<p>“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.</p>

<p>“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.</p>

<p>“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”</p>

<p>The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.</p>

<p>“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”</p>

<p>From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.</p>

<p>“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”</p>

<p>The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.</p>

<p>“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.</p>

<p>Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.</p>

<p>“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.</p>

<p>“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”</p>

<p>The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.</p>

<p>“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.</p>

<p>Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.</p>

<p>&nbsp;</p>


Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

<p>Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.</p>

<p>The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.</p>

<p>It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.</p>

<p>With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.</p>

<p>“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.</p>

<p>“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”</p>

<p><img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" /></p>

<p>GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.</p>

<p>“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”</p>

<p>Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.</p>

<p>“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.</p>

<p><img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" /></p>

<p>&nbsp;</p>

<p>One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.</p>

<p>Green praised local policy settings.</p>

<p>“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”</p>

<p>One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.</p>

<p>“The way we will be able to achieve economies of scale is through size,” Green added.</p>


One Living enters Sydney's new apartment market with Northern Beaches site acquisition

<p>It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.</p>

<p>Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.</p>

<p>Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be</p>

<p data-end="683" data-start="511">"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.</p>

<p data-end="882" data-start="690">"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."</p>

<p data-end="882" data-start="690">[smartcode_project:default project_id=134646 project_image_fid=6109]</p>

<p>The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.</p>

<p>The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.</p>

<p>Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6110]</p>

<p>Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.</p>

<p>The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.</p>

<p>[smartcode_project:default project_id=134646 project_image_fid=6116]</p>

<p data-end="247" data-is-last-node="" data-is-only-node="" data-start="0">While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.</p>

<p>WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.</p>

<p>With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.</p>

<p>[smartcode_project_cta:default project_id=134646]</p>


WM Residences fills gap in Mordialloc townhouse market

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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>
<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/NSW1.jpg" alt=""></div>
<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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<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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