<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

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

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

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

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

Policy

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Stamp duty on property conveyancing, insurance and motor vehicle sales should be scrapped and the goods and services tax (GST) lifted to make up any funding shortfall, accounting professional body CPA Australia has proposed.
<a href="/expert-insights/finance/how-stamp-duty-varies-state-by-state">Pressure has been mounting for changes to stamp duty</a>, which is charged when properties change hands, with representatives from various state branches of the Real Estate Institute, the Property Council of Australia and other industry commentators calling for the tax to be reviewed.
CPA Australia chief executive Alex Malley described stamp duty and taxes on property conveyancing, which often run to tens of thousands of dollars, as “inefficient and unpopular”.
He said modifications to the GST could raise enough revenue to allow government to eliminate the charges.
“Additional GST revenue can be used to abolish a number of inefficient state taxes and also provide for personal income tax cuts and compensation for low income households, while also boosting economic growth,” Malley said.
The accounting body commissioned KPMG to prepare a report comparing four scenarios involving changes to the base and rate of the GST, along with the removal of stamp duties.
Under the existing system, a 10% GST is applied to a wide range of products and services in Australia. Food, health and education are excluded.
One scenario looked at maintaining the level of the GST but extending it to include food, health and education. The report estimated an additional $12.1 billion could be raised in the first year through this course of action.
Another scenario examined retaining current exemptions while increasing the GST to 15%. This would raise an extra $26 billion, the report estimated.
A third case considered lifting the GST and extending it to cover health and education but not fresh food, which was reckoned to bring in $36.8 billion in extra revenue.
The final scenario involved increasing the GST to 15% and broadening its reach to include food, health and education. The modelling found this would raise $42.9 billion additional revenue.
“The additional revenue raised in each of the scenarios can be used to retire or reduce inefficient and unpopular taxes, including stamp duties on insurance, motor vehicles and conveyancing on residential and commercial properties,” Malley said.
“The modelling reveals that there is also sufficient revenue to return to households as income tax cuts or as compensation for low income households who would not benefit from changes in income taxes.
“The net outcome in all the reform scenarios we’ve looked at is that households across the income spectrum can be better off.”
Previous reviews of the taxation system have excluded the GST, which was introduced by the Howard government in 2000, more than 20 years after a consumption-based tax was first proposed for Australia.
{mijopolls 92}
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Raise the GST to abolish stamp duty: Accountancy group

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Senator Sam Dastyari, the chair of the Senate Economics References Committee, will be undertaking an inquiry into how tradies have been affected by insolvency in the construction industry.
"In the latter half of this year, the Senate Economics Committee will make recommendations to the Abbott government," he said.
He claimed the legal and regulatory framework continued to be manipulated with many insolvencies that involved "no more than a simple refusal to pay bills".
"It is often alleged that head contractors have used their subcontractors as cash flow while a project is being built and then refuse to pay on completion," said Dastyari.
"And then there is the practice of phoenixing, where the assets of an insolvent company are transferred to a new company that has the same directors.
"To an outsider, it seems that our legal system often serves to protect the bad guys, and it comes as no surprise that unscrupulous means are used to recover debts, further damaging the reputation of the industry.
"We want to hear from everyone who has ideas about what we, in the parliament, can do to help, whether they are developers or suppliers, lead contractors or sub-contractors.
"We will be seeking the advice of lenders, insurers, and lawyers involved in debt recovery, and of course, insolvency practitioners."
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jchancellor-FAypfDUnLy

Senate to investigate building industry phoenixing harm to tradies

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House prices are soaring in comparison to incomes, making life difficult for many and threatening to undermine national economic performance. Western Australia has devised an innovative policy solution.
Using a shared equity model, the Shared Home Ownership scheme allows low-earning prospective homeowners who meet certain criteria to purchase a property by sharing up to 30% of the capital cost with the Department of Housing and borrow the rest with a SharedStart loan through state mortgage lender KeyStart Home Loans.
The loan is directly linked to a major construction expressions of interest project that means the department is able to procure newly built, affordable dwellings in bulk from the market at discounted rates. The discount to market prices gained by the department become its equity share in the portfolio of properties.
In recognition of its achievements, the Department of Housing won the overall award at the 2014 WA Premier’s Awards for Public Sector Excellence and the “Developing the Economy” award for the scheme.
Perhaps unsurprisingly given Australians’ obsession with home ownership, <a href="https://www.ahuri.edu.au/publications/projects/p70394" target="_blank">previous research conducted</a> with potential purchasers of shared equity homes showed focus group participants had two primary motivations that would impact on their interest in such schemes: wanting the security of having a place of their own on the one hand, and desiring asset accumulation on the other.
So unlike other shared ownership models where the government retains a permanent interest in the property, stunting the resident’s opportunities for wealth formation but ensuring long-term affordability is maintained, WA’s Shared Home Ownership scheme encourages the resident to eventually buy out the department’s share, offering a path to full home ownership.
Interest rates are set higher than the lowest variable market rate so that, while repayments will be lower for the period that the homebuyer owns only 70-80% of the property, they will be incentivised to refinance with a private institution once they buy out the department’s share.
So far the program has helped deliver home ownership to over 700 low-income households, many of whom would not have been able to do so otherwise. Though such a program cannot be targeted at the lowest socio-economic groups, as it still relies on a regular income to pay off a mortgage, it lowers barriers to entry for those making below-median incomes.
The program was developed “in response to an increased demand for affordable housing as rents became unaffordable in Western Australia”, says Adrian Warner, acting director of strategy and policy at the Department of Housing.
“In the March quarter of 2014, the median rent reached $460 in Perth, while the median house price increased to $540,000, up from $525,000 in the previous quarter,” he said.
<img class="aligncenter size-full wp-image-22441" src="https://www.themandarin.com.au/wp-content/uploads/2015/02/graph.png" alt="graph" width="504" height="405">
The program has been praised for its benefits to prospective purchasers, government and the wider community, he said:
<ul>
<li>Purchasers only need to borrow 70-80% of the property value;</li>
<li>The equity component is not dependent on a government grant or debt;</li>
<li>The supply of entry-level housing is increased;</li>
<li>It supports local industry and creates value for the economy — over $650 million in economic activity to date;</li>
<li>First home buyers require only a 2% or $2000 deposit;</li>
<li>No lender’s mortgage insurance or monthly account keeping fees.</li>
</ul>
According to figures provided by the Department of Housing, to date, SharedStart has delivered:
<ul>
<li>$149 million of direct construction activity;</li>
<li>$112 million of induced activity by suppliers;</li>
<li>1491 jobs supported;</li>
<li>722 households into home ownership;</li>
<li>Total economic benefit to the state of $465 million.</li>
</ul>
{qtube vid:=9w3-JRBmeis}
Return for households and government
A <a href="https://www.ahuri.edu.au/publications/projects/syn91" target="_blank">report by the Australian Housing and Urban Research Institute</a> in partnership with PricewaterhouseCoopers found the program was not only achieving its intended outcomes, but had generated significant returns for households, government and industry. AHURI found that the department’s practice of acquiring new homes had helped increase housing supply:
“The shared equity EOI initiative increased the overall supply of low-cost dwellings through its EOI procurement process. This distinguishes the EOI initiative from shared equity schemes that are linked to existing dwellings and therefore do not achieve an increase in the overall supply of dwellings …
“There was agreement amongst all stakeholders interviewed that the shared equity EOI initiative has been highly effective in increasing the supply of lower-cost housing. For example, a peak body representative described the effectiveness in relation to increasing lower-cost housing supply as ‘outstanding’ and a senior Keystart representative commented that the scheme has been highly effective in terms of providing low-cost properties, which were under $300,000 in several circumstances.
Resident satisfaction with housing affordability was very high:
“… the majority of respondents (87.4%) agreed or strongly agreed that their mortgage payments were affordable; and the majority of respondents (74.9%) agreed or strongly agreed that their home was affordable to run (e.g. in terms of utility bills).”
And the program has done well helping lower income people move into their own housing:
“The scheme was successful in providing home ownership opportunities to members of the targeted client groups. This included: eight public housing tenants who moved into home ownership via the shared equity EOI scheme; 188 survey respondents who were first home owners and 198 survey respondents who reported that they would never have been able to buy a home from the private market without the shared equity EOI scheme; six survey respondents who reported having a disability; and nine respondents who reported living with a person with a disability; 58 survey respondents who were single home owners with one child or more; and 42 survey respondents who were key workers [nurse, teacher, police etc].”
The program has encouraged more interest among developers for building one- and two-bedroom housing, something traditionally seen as more risky.
The report found that the typical expectation of housing assistance is that it is a form of subsidy to households that generates significant costs to government. “Instead,” said Warner, “this form of assistance makes a sustained, substantial difference to the financial wellbeing of lower-income households whilst also delivering a positive rate of return for government. Through this process, value has been created for government in the form of embedded equity stock.
“These initial equity shares had an estimated value of $58 million by September 2013 for 722 properties ($80,729 per property). These equity shares were created without capital expenditure by the department.
“Due to the nature of the SharedStart scheme, as house prices increase so will the value of equity shares held by the department. Additionally, the scheme ensures that the portfolio maintains a strong asset base as government sells down other state assets.”
The scheme is part of the government’s Affordable Housing Strategy 2010-2020, which sets a target of at least 20,000 new affordable homes by 2020.
“The government passed the halfway mark on its target just three years into the strategy,” said Warner. “Over 17,000 new affordable housing opportunities have been created since January 2010, on schedule to exceed the target of 20,000 by 2020.”
<a href="https://www.ahuri.edu.au/publications/projects/p80088">Research from 2003 showed</a> shared equity to be a more effective policy option than the First Home Owners Grant at assisting low-income earners into housing. According to modelling, shared equity would have a greater impact on home ownership rates, is more likely to be taken up by lower income households, and is less likely to simply bring forward home purchase decisions.
This article first appeared on <a href="https://www.themandarin.com.au/" target="_blank">The Mandarin</a>.
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po-LsXgBTHBmX

How WA is tackling the housing affordability crisis

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The prospect of including the family home in the pension assets test was not being seriously considered by the Minister for Social Services, Scott Morrison.
He reportedly discussed it with two seniors groups, National Seniors Australia and Council on the Ageing (COTA) Australia last month, but ruled it out this morning.
It was suggested the government had agreed that Baby Boomers, whether retired or approaching, would be exempt from any asset test changes that would be transitional to allow ample time to prepare.
The discussion comes ahead of the upcoming intergenerational report, the five-yearly public service exercise containing the 40-year budget forecasts.
Morrison, who was put in charge of the welfare system in the late 2014 Abbott Government ministerial reshuffle, sounded out seniors groups during talks late last month, according to the report by Phil Coorey at The Australian Financial Review.
But today Scott Morrison said the idea of restricting wealthier retirees' access to the pension by means-testing their homes was not something he was considering. 
"The idea that this Government would put the family home in the assets test for the pension is just not under consideration," he told ABC Radio National this morning.
Instead Scott Morrison said he wanted to encourage older people to move into smaller homes using the money to fund their own retirement.
"There is a big penalty at the moment for people who want to choose to sell the family home and to use income to support them as they age," he said.
"We do have an ageing population and at the moment the system penalises people for doing that."
The 2010 intergenerational report estimated that by 2049-50, age-related pension payments would increase from 2.7% of GDP to 3.9%.
The Grattan Institute estimated in 2013 that including some of the value of the home in the assets test could raise $5 billion a year given pensioner-age households with a $1 million in net assets. 
Labor opposes including the family home in the assets test on the basis that the value of the home depends on where people live.
"A lot of people would live in Sydney, for example, in a house they bought a long, long time ago, which has increased in value. Doesn't mean they are cash rich. It just means they are living in a house in which they have raised their family and which now has a considerable value to it because they live in Sydney," shadow treasurer Chris Bowen said.
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Scott Morrison re-considering family home inclusion in pension assets test

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 Is NSW building a property crisis?
Well there are many arguments to this equation although I don’t really believe we will see a major downturn from a real estate collapse. 
Parts of Australia are doing exceptionally well and other parts such as Western Australia (which are not reported) are experiencing massive corrections. The heart of the problem is that Australia is now into its sixth year of a low cash rate that looks to go even lower.
It was not a good week with the Australian Bureau of Statistics (ABS) releasing the jobless rate this week which showed that the jobless rate had jumped from 6.1% to 6.4% between January and December. Australia now has the second highest unemployment rate in the English speaking world. 
Of course the Abbott government will point to the Senate blocking key budget measures which is in part true however those measures are not going to resurrect the jobless rate. As I wrote last week – <a href="https://www.rwm.com.au/2015/02/06/kick-start-the-economy-and-abolish-payroll-tax/" target="_blank" title="Kick start the economy and abolish payroll tax">kick start the economy and abolish payroll tax</a> given for years Treasury officials and commentators have expressed opinions that this tax is slowing down business growth and jobs.
NSW faces an election next month so imagine what would happen if NSW Labor announced that if elected they would abolish payroll tax? The NSW government has an extra $20 billion in the bank following the sale of poles and wires so it would be fair to see concessions made to their ugly taxes of stamp duty and payroll tax.
In 2013, 14 more than 860,000 real estate transactions were undertaken in NSW which in real terms equates to a windfall in stamp duty receipts. So what we have is the NSW government making hay whilst the sun shines, although I would issue a warning to them in that NSW will see fewer transactions given a large proportion of these transactions went to investors who are long-term investors. 
The other point that needs to be raised is that NSW and Victoria have the highest rates of stamp duty in the country where the rates have only ever gone up. In NSW the stamp duty paid on a median – priced home has grown to around 25% of annual disposable income per household, from close to 10% in 1991.
NSW is in the fortunate position that it has amazing upside with investors clamoring to buy bricks and mortar largely within a 15 kilometre radius of the CBD. These suburbs are gold plated where for the very first time they have multiple buyer demographics – overseas buyers, investors, home owners and first home buyers to a lesser degree.
One Mosman real estate agent incorrectly reported this week (no surprises there) that Asian buyers accounted for around 20% of Mosman house sales in 2014. Like most things we have read about real estate in recent times there is much more fiction than there is fact. 
I went to CoreLogic RP Data and noted that Mosman recorded 353 house transactions in 2014 and looked at the vendors names and noted that on 36 occasions the buyers had Asian names. So 36 transactions from 353 sales shows a market share of 9.8% and the vast majority of these would be Australian residents – although we will never really know.
You see it’s very easy for an overseas buyer to transfer money to an Australian resident to buy a property which is placed in the resident’s name. Down the track, when the overseas party is granted Australian residency, so long as they show proof that the buyer of the property was acting as their “trustee” and all the monies paid was theirs, then at a cost of $50 they can transfer the property into their name – it’s that easy. 
The Foreign Investment Review Board never hear or even see these stealth property transactions, but the state government does receive stamp duty from the transaction although many would argue that this loophole needs to be closed as a matter of urgency. The other problem is that the appointed authorities have no idea that this even exists or for that matter happening. If it’s a loophole then it should be closed.
So back to the cash rate, which has now been at record lows for six years and will in all probability stay at these lows for probably another six years. The average term for a mortgage is 25 years so what we are seeing is half that term (12 years) at record lows where nearly all are not on interest only repayments. So theoretically, when the cash rate does start increasing those households would have paid down the greater share of their respective mortgage.
A NSW Greens candidate has weighted into next month’s election by proposing significant changes to the rights of those renting:
<ol>
<li>Allow landlords to impose one increase in rent per year.</li>
<li>
Cap rent rises at the rate of inflation (or the CPI) which is usually around 2 to 3% each year.
</li>
<li>Not allow landlords to evict tenants without a valid reason.</li>
</ol>
So when it comes to property and taxes in NSW, we all must remember that our politicians know best.
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robertsimeon-hRNTwJyXkQ

Is NSW building a property crisis?

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GUEST OBSERVATION
Prime Minister Tony Abbott <a href="https://www.pm.gov.au/media/2015-02-11/government-tightens-rules-foreign-purchases-agricultural-land" target="_blank">has announced</a> long-promised changes to the rules for foreign land purchases and ownership in Australia.
There are two key changes. First, the Foreign Investment Review Board (FIRB) threshold will be reduced from A$252 million to A$15 million and be applied to cumulative purchases. Second, the Australian Taxation Office (ATO) will be tasked with creating a “stocktake” of foreign-owned agricultural land, which may lead to a national register.
Media reports of last week’s announcement have largely focused on the merits of lowering the FIRB’s screening threshold. But the foreign-owned land stocktake and register should be equally scrutinised.
Spearheaded by high-profile land (and water) sales to non-Australians, such as <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2012-10-12/sale-of-cubbie-station-confirmed/4310256" target="_blank">Cubbie Station</a>, the issue of foreign investment in agriculture has generated much discussion in recent years. Central to this sensitive issue is that no one knows exactly how much agricultural land foreign companies and governments own. And while there is uncertainty, the public debate seems locked to a dualism between “we are selling the family farm” and “overseas capital can only benefit agriculture”.
<a href="https://theconversation.com/lost-in-the-paddock-australia-flying-blind-on-farm-ownership-23836" target="_blank">Last year,</a> my colleague and I called for better national data sets that clearly document who owns agricultural land and at what rate it is changing hands. A land register documenting foreign ownership of agricultural land would likely address this data deficiency, but only partially.
Details of what the ATO will produce are yet to be delivered. But, it seems the ATO will start to record new foreign land purchases from 1 July 2015 (irrespective of value). This may then be matched with the development of a national foreign-owned land register that draws on the land titles registers kept by state and territory governments.
It’s not just about land
So far, media reports indicate the register will be focused on land. But what about investment in agricultural businesses separate from direct investment in land? In the most recent <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/allprimarymainfeatures/32E9BB779DABA3C1CA257905001453BC?opendocument" target="_blank">Agricultural Land and Water Ownership survey</a>, the Australian Bureau of Statistics reported that almost 90% of farmland was fully Australian owned and just under 99% of farm businesses were fully Australian owned.
Although that survey was <a href="https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22committees%2Fcommsen%2Ff49f61d7-23de-4f6f-b807-735c752ebcfa%2F0002%22" target="_blank">widely criticised</a>, the distinction remains important if efforts to document foreign land ownership are to prove as useful as possible. This is because although land ownership and the ownership of farm operations may or may not align, each is shaped by the other.
So, a register of foreign-owned land addresses only part of the huge data deficiencies related to foreign investment in the Australian farming sector. Despite the difficulties of untangling business structures, the ATO is perhaps best placed to align data collection and reporting on foreign ownership of both agricultural businesses and land.
What about water?
Australia’s water market and the legal separation of land and water titles further complicate the issue. It’s unclear whether a comparable register for foreign water ownership will be part of the ATO’s mandate.
Questions about who owns water access rights and at what rate they are changing hands are equally – or perhaps more – significant. This is especially in light of the Australian Bureau of Statistics’ results that showed agricultural water entitlements with some degree of foreign ownership increased by <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/allprimarymainfeatures/32E9BB779DABA3C1CA257905001453BC?opendocument" target="_blank">55% between 2010 and 2013</a>. In contrast, Australian land with some degree of foreign ownership remained largely unchanged.
Like land, the state and territory governments manage their water registers, so similar integration between the state/territory systems and any national register would be required.
It’s time to broaden the debate
The debate about foreign ownership of agricultural land and the means used to document it need to be broadened.
Whether it’s ownership of land, water or agricultural businesses, non-Australian sources of capital are only part of the picture. The foreign ownership debate needs to evolve to – or be merged with – a broader debate about the future of the agricultural sector.
Too often the future of agriculture is reduced to a binary logic of <a href="https://theconversation.com/who-will-be-the-next-round-of-investors-in-australian-farming-23773" target="_blank">family farmers and corporate farms</a>. However, the reality is there are many different ways to organise agricultural business and production.
Foreign investment is only one of the drivers of change. Australian institutional investment or private equity partnerships and their relationships with land and water ownership are also shaping the agricultural sector and rural communities. How these alternative business models may be changing will slip through the gaps of any land register focused exclusively on foreign ownership.
More data will not resolve the issue of foreign ownership. It also won’t magically set the future direction of agriculture. But, good data sets that capture the full spectrum of agricultural business and asset ownership models can better inform these debates.
If the ATO stocktake of foreign-owned land becomes a formal register, the prime minister’s announcement is a positive step. But it doesn’t go far enough. It’s time to move beyond the foreign- versus Australian-owned dichotomy. Expanding a national foreign-owned land register to include other agricultural assets and ownership changes among domestic investors will enable more informed discussion on what Australians really value about economic development, land and water resources and food production.
<img src="https://counter.theconversation.edu.au/content/37517/count.gif" alt="The Conversation" width="1" height="1">Erin Smith is post-doctoral research fellow at University of the Sunshine Coast.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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ErinSmith-E4pdY7HUvR

Land ownership just the start in foreign investment debate

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Purchases of agricultural land of over $15 million will now be subject to Foreign Investment Review Board (FIRB) scrutiny, the Prime Minister Tony Abbott announced today. The Australian Taxation Office will conduct a stocktake to provide the register of foreign agricultural landholdings in Australia.
The new $15 million screening threshold will apply to the cumulative value of agricultural land owned by the foreign investor, including the purposed purchase.
"This is not saying that we don't want foreign investment," Abbott said.
"We do want foreign investment but it's got to be the right investment, the right investment that serves our purposes.”
The Commonwealth government is delivering on its commitment from the last election for scrutiny of foreign purchases of agricultural land being moved from $252 million to $15 million from 1 March 2015.
The Government will also establish a foreign ownership register of agricultural land to strengthen reporting requirements and provide a clear picture of foreign investment in Australia’s agricultural sector.
From 1 July 2015 the Australian Tax Office (ATO) will start collecting information on all new foreign investment in agricultural land regardless of value.
The government will continue to work with state and territory governments so that the ATO register will use land title transfer information.
 
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Abbott announces $15 million rural property acquisition FIRB threshold

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Abolish payroll tax and kick start the economy; it’s that simple! 
Problem solved – cue the Henry Tax Review which found that of the major heads of taxation revenue, payroll tax is more damaging to the economy than company tax. 
When Australia entered the global financial crisis, instead of handing out money, payroll tax should have been immediately abolished. If Australia wants to have strong employment then back the engine room that drives the economy, instead of greedy states and territories trying to destroy it.
If the Prime Minister wants to save his position he should act immediately on this given last week’s cash rate cut is not going to save the economy. What we are clearly seeing now is home owners and property investors being given the greatest free kick in Australian economic history with the majority well ahead of their respective mortgage repayments. Unless something is done we will see the cash rate at the current level and possibly lower for quite some time to come.
One only has to look at the NSW report on state finances for 2013-14 where a surplus of $1.247 billion was announced thanks mainly to residential and commercial sales. Nobody likes paying stamp duty on real estate transactions especially since they too were supposed to be abolished in 2000 when the GST was introduced. For those who follow the property markets closely ask yourself one simple question – where would real estate prices be today if stamp duty had been abolished? You’re right – they would be much higher.
Back to the 2013-14 NSW state finances report where government revenue grew by 9.8% and expenses grew by just 4.6%. Payroll tax receipts were $248 million which was much less than forecast – surprise, surprise.
The Abbott government needs to act decisively and fast given the budget is in such disarray that this week we saw the governor of the Reserve Bank and the new head of Treasury deliver a dire warning to Cabinet that unless the Senate passes the government’s spending cuts, the budget is at risk of never getting back to surplus. If payroll tax was removed the government would get back to surplus much faster as businesses can then re-invest much more back into their respective businesses instead of being fined for employing people.
If Tony Abbott wants to shirt-front something then there would be no better place to start than by abolishing this absurd tax that is dragging the economy down. What remains to be seen is whether or not our politicians in Canberra have the economic intelligence to recognise this anchor on the Australian economy and act forthwith.
Interesting to read <a href="/expert-insights/finance/what-central-banks-around-the-world-are-doing-with-interest-rates">what central banks around the world are doing with interest rates</a> given many are now predicting that the RBA will cut again when they meet next month. The RBA recently released their credit aggregates for December 2014 which identified that home lending is now up to a record $1.42 trillion. Total credit grew by 5.9% with housing posting 7.1%, business 4.8% and personal credit 0.9% in annual terms. If payroll tax were to be abolished business credit would almost double – which is exactly what our economy needs. Why is it that that elected governments fail to recognise this, given this would also drive up spending and GST receipts?
Maybe we need to do a test case, so where better to start than NSW – the best performing state in Australia. NSW also has a state election looming so it would be political suicide for either major party to fight such a decision.
The states and territories made a mockery of removing nominated taxes when the GST was introduced so it’s high time the electorates started reminding these governments that enough is enough.
Aside from politicians, I am yet to find anyone who supports payroll tax in Australia.
So what does that tell you?
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Abolish payroll tax and kick start the economy: Robert Simeon

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I made one glaring observation about the Australian property markets in 2014: many commentators have absolutely no idea how the markets work and persistently work and respond accordingly from incorrect data.
In 2014 there was no bubble that burst, there was no property boom, although Sydney in particular led the charge of the letterboxes given there is a misguided focus on median house prices. Of course it’s an absolute no-brainer when you constantly use the Sydney figure given the top three house price sales were three eastern suburbs homes for $39.000 million, $37.000 million and $32.000 million (approximately) which obviously skews the median prices to silly levels.
Commentators then force feed this data by suggesting that the Sydney median house price is surging and this is reflective for all price demographics. When you remove the elephants in the market – otherwise known as the investors – Sydney performed well although by no means a property boom/bubble.
I agree that Sydney luxury residential to run second only to New York in 2015: Knight Frank however if you removed the new overseas buyer surge Sydney would in all probability be in decline, given this is what is driving the top – end currently. It will be interesting to watch in 2015 if the report on foreign investment in residential real estate has any impact on the top – end property markets given the significant exposure this topic has received.
We auctioned an apartment last Saturday and a prospective buyer asked me if they could bid given this prospective purchaser did not have Australian residency nor FIRB approval (they must have seen my cameo on 7.30 recently). I advised them no and the only way they can legally bid is to put the property in the daughter’s name then transfer the name once approval was granted and then they would have to pay stamp duty again. They decided to pay double stamp duty if they were successful although they missed out.
2015 will be an extraordinary year for real estate given for the first time we will see new measures which, depending on how severe, are all aimed at tempering the insatiable appetite of property investors. Firstly, we will watch with interest how the macroprudential measures are applied and the effect this has on property investors. Short-term, we can expect to see a little hesitance although the investors will return bigger than ever. Of course the investor threshold has APRA concerned given it’s now well above the 10% comfort zone. The threshold is much like the inflation rate where the Reserve Bank likes to keep this between 2 and 3%.
The other big talking point in 2015 will be negative gearing given it is now being described as a class warfare –which is the last thing the federal government wants to hear. No doubt the Murray Inquiry will be front and centre for real estate debate given it was a sweeping review which made 44 recommendations with 13 taxes requiring attention.
Will this inquiry be treated with the same disdain as the Henry Tax Review whose many recommendations were quickly filed in the too hard basket? I expect much of the same given the Abbott government is struggling in the polls – although I would add that nothing would surprise me. In 2011/12 (yes, these are the current figures to work from) Australia had 1.9 million property investors, so one can only imagine how much this has increased given the huge role property investors have played in 2013/14. Whatever the outcome we can expect to see some form of tinkering with negative gearing although having said that nobody really knows for sure what impact this will have on property markets in general.
In 2014 very few got the cash rate predictions correct which remained unchanged for 2014 at 2.50%. Full marks to Australia’s head teller Glenn Stevens who was under all sorts of pressure from a multitude of peanut galleries to prick this property bubble. His reading of Australia’s property markets proved to be 100% correct, although sadly very few acknowledge the outstanding job he does by getting these crucial calls right.
It would not be an easy job given the vast majority of the Reserve’s decisions is made from incomplete and more often than not inaccurate data. Or as our head teller recently described this as “the vagaries of quarterly national accounting”.
I wonder what his thoughts are on the Sydney median house price given the methodology applied should be the definition of dumb and dumber?
Over to the Mosman market where the greatest number of houses on the market in 2014 (in any one week) peaked at 123 (on 20 November) Mosman on seven occasions had more than 100 properties for sale and that was from 23 October to 4 December. The greatest number of apartments on the market in 2014 was 76 on 27 November. Cremorne houses peaked at 21 on 16 October and Cremorne apartments peaked at 41 on 6 November. Neutral Bay houses peaked at 15 on 20 March and apartments peaked at 54 on 16 October.
On reflection these are small numbers in comparison to previous years (pre-GFC) so the local markets remain constant albeit somewhat docile – we don’t see any significant changes for 2015. Our policy is to call the market as it is – warts and all.
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In 2015, expect to see measures to temper investor demand

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GUEST OBSERVATION
The new Victorian Andrews government has lost no time putting its stamp on the future shape of Melbourne, funding the planning stage of the Melbourne Metro Rail tunnel – while fretting about the $9 billion cost.
Victoria can fund this vital connection, lifting train speeds and frequency throughout the network.
Land prices along this route will soar and government is entitled to use some of this to fund the project through value capture.
People forget 30% of the Melbourne underground loop was funded by a special city levy on land values from 1963. The Melbourne Underground Rail Loop Authority ensured city land owners shared a small portion of benefits they gained from the project. There is no reason we can’t do this again.
There are <a href="https://www.prosper.org.au/26p/" target="_blank">very good studies</a> that prove the merit of this approach. In London, the recent Jubilee rail line delivered £13 billion in windfall gains to landowners within 1,000 yards of the eleven new rail stations. Construction costs were just £3.5 billion.
The rise in land values directly attributable to this civic improvement was enough to pay for the rail link <a href="https://www.propertyobserver.com.au/https://www.transportblog.com/archives/000344" target="_blank">nearly four times over</a>.
The ALP referred directly to land value capture to fund the removal of level crossings in its <a href="https://www.danielandrews.com.au/wp-content/uploads/2013/11/Victorian-Labors-Project-10000.pdf" target="_blank">Project 10,000 </a>election manifesto. It is economically sound, fair to taxpayers and, in practice, drives powerful infrastructure improvement by recycling investment funds.
Doubts remain as to whether the roads-biased Abbott government will assist this vital Victorian rail project. There is more than enough embedded in land values to fund the cross-city rail – with or without federal help.
After mentioning the soft option of tolling drivers, which has <a href="https://www.prosper.org.au/2014/04/11/superannuation-the-next-sacrificial-lamb-in-failed-infrastructure-model/" target="_blank">failed spectacularly as a financing mechanism in NSW and QLD</a>, an article <a href="https://www.theage.com.au/victoria/toll-motorists-to-pay-for-rail-tunnel-expert-says-20141210-124azo" target="_blank">in The Age </a>recently quoted the RACV’s Bryan Negus:
"RACV public policy head Brian Negus said tolling level crossings would be impractical.
"He said some on Labor’s list could be removed in a public-private partnership, with the private sector given development rights around the rail line.
"'If you remove six or seven together in one package and put those out to the private sector in a value capture arrangement with government funding as well, that’s a good way of trying to deliver them,' he said."
With <a href="https://www.smh.com.au/it-pro/rash-financial-deals-dilute-philanthropy-20121223-2btp6" target="_blank">the cost of Public Private partnerships continuing to rise</a>, one wonders when a Labor government will ever question them? From <a href="https://www.smh.com.au/comment/why-tunnel-vision-will-cost-all-victorians-big-time-20130623-2oq8h" target="_blank">the cost of finance at 2% above government financing</a>, the public interest is immediately at a disadvantage.
Then there is the incredible cost per train station. The Wyndham Vale and Tarneit stations are rumoured to have cost $50 million each. These are jaw dropping costs, for which the developer paid nothing to see his land values skyrocket. But the millennium falcon of train stations – the Williams Landing station – tops them all at $110 million (including overpasses). The size of these costs ensures the government mustutilise the most efficient form of revenue raising possible. Under the current arrangements, the public will recognise such immense infrastructure projects as nothing more than <a href="https://www.earthsharing.org.au/2014/12/the-code-to-housing-wastage/" target="_blank">developer welfare</a>.
The academic with the lead quote in the article almost got it right:
"Speaking this week on a panel organised by Engineers Australia, Professor Stanley of the Institute of Transport and Logistics Studies said the revenue could go into a transport fund that would help the government deliver a long-term plan for Melbourne.
"'The general principle is you identify who the beneficiaries are from implementing public policy initiatives and ask them to make a contribution, and the people who are going to benefit from this are the motor vehicle users who get a better run,' he later told Fairfax Media."
But Professor Stanley looks only at the users – the car drivers. The real beneficiaries are the surrounding land owners. Some property valuers estimate the value of a train station adds $70,000 to each property within walking distance. A sway of <a href="https://www.prosper.org.au/26p/" target="_blank">high level reports</a> have pointed to the use of a fairer infrastructure financing system.
Former Prosper Australia President Robert McAlpine was a Melbourne City Council bureaucrat who played a significant role in ensuring surrounding land owners to the City Loop paid something back to the community to say thanks for the new service – and the windfall gains. However, today landowners scream poor when they have to pay even 2% of the benefits back.
But alas we face the usual battle: One real estate industry figure said imposing such a special levy on land along the route would be met with spirited opposition from property groups.
The tenor of the first few comments accompanying the article suggest the people have had enough.
With the new Victorian government introducing the <a href="https://www.vic.gov.au/contactsandservices/directory/?ea0_lfz149_120.&amp;roleWithSubordinates&amp;d8469aeb-74d4-4051-acac-e822b89ac64d" target="_blank">Ministry of Equality</a>, this policy innovation is a vital step forward.
Karl Fiztgerald is project director of <a href="https://www.prosper.org.au/" target="_blank">Prosper Australia</a>.
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