Developer Third.i has topped out its luxury Potts Point apartment development, <a href="https://www.apartments.com.au/new-apartments/muse-potts-point-30-34-brougham-street-potts-point-nsw-2011">Muse</a>.

Under construction by Dilcara and expected to complete in mid-2026, Muse comprises just 13 apartments designed by acclaimed architects <a href="https://www.apartments.com.au/architects/wmk-architecture">WMK Architecture</a> and Mathieson. The building’s design celebrates Potts Point’s heritage character while introducing refined modern elements like advanced building technology and private balconies and terraces that offer views of the Sydney city skyline.

[smartcode_project:default project_id=112613 project_image_fid=231687]

Luke Berry, Director &amp; Co-Founder at Thirdi Group, said Muse is a celebration of Potts Point’s unique character and charm.

"With only 13 residences, we’ve created something truly special for those who appreciate exclusivity and design excellence," Berry says"

"The views, the location, and the lifestyle make Muse a rare opportunity in Sydney’s property market. We’re thrilled to see the project take shape and look forward to welcoming our residents in mid-2026.”

[smartcode_project:default project_id=112613 project_image_fid=231686]

Only a limited number of residences remain at Muse.

Third.i recently launched The Rushcutters nearby, also just 13 large-scale apartments. The two-bedroom apartments were all snapped up in double-quick time. The three-bedroom apartments are priced from just under $5 million.

Potts Point has always been popular for apartment living, but given the lack of suitable development sites in the affluent suburb, new apartment developments have been few and far between.

Early next year Ceerose will launch <a href="https://www.apartments.com.au/new-apartments/belgravia-potts-point-117-victoria-street-potts-point-nsw-2011">Belgravia</a>, a mix of two- and three-bedroom apartments on Victoria Street.

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Staff Writer

Third.i tops out Muse, Potts Point apartments

Buyer interest in Capital Corporation’s <a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> has been gaining momentum following the recent groundbreaking and the commencement of construction.

Enquiry data has pointed to a clear theme: larger apartments are leading demand, particularly among downsizers who want to remain on Sydney’s Upper North Shore.

Since June, three-bedroom layouts have attracted the highest level of enquiry. The three-bed, two-bath, two-car apartments priced from $1.69 million generated the most enquiries, the highest of any floorplan, followed by the larger three-bed garden residences which are priced at $2.25 million.

It's been a prevailing theme for Capital Corporation, who, in the early stages of marketing, reacted to buyer feedback to create more three-bedroom apartments.

The numbers echo what <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a> has observed since the project’s early stages. Buyers want generous internal space, established amenity and the ability to age in place without leaving the area.&nbsp;

[smartcode_project:default project_id=135247 project_image_fid=284378]

Capital Corporation Managing Director Jim Hunter said this was a major factor in the estate’s momentum, noting that “the combination of premium design, convenience and direct access to Sydney’s leading private hospital has proven to be a major drawcard”.

That connection to health and wellbeing has proven especially influential for older owner-occupiers. Research commissioned by Capital Corporation found that one in three Australians downsizing do so for health-related reasons, with a third specifically seeking proximity to medical facilities.&nbsp;

[smartcode_project:default project_id=135247 project_image_fid=262185]

The buyer profile emerging at <a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a> Estate reflects this shift. Local residents Peter and Corinne Collins, both in their mid-70s, are among those who chose to downsize within the suburb after decades in their family home. They secured a top-floor three-bedroom apartment after queuing on launch day in March, citing the bushland setting, walkability, and peace of mind of being close to medical services as key reasons for their purchase.

“Being able to walk everywhere, including to the hospital if we need to, really gave us peace of mind,” Corinne told Apartments.com.au.

Read more: <a href="https://www.apartments.com.au/news/nsw/from-family-home-to-bushland-retreat-why-peter-and-corinne-chose-the-residences-at-wahroonga-estate">From family home to bushland retreat: Why Peter and Corinne chose The Residences at Wahroonga Estate</a>

[smartcode_project:default project_id=135247 project_image_fid=3629]

Architecture firm <a href="https://www.apartments.com.au/architects/group-gsa">Group GSA</a>&nbsp;are behind the design at The Residences at Wahroonga Estate. There are 128 one-, two-, and three-bedroom apartments, complete with interiors&nbsp;by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>. Floor-to-ceiling glass maximises views of the bushland ridgeline, while on-site amenity includes a residents’ lounge, pet-friendly Green Spine, BBQ pavilion and direct access to Coups Creek bushland and walking tracks.

Gold Star iCIRT-rated builder&nbsp;<a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>&nbsp;was&nbsp;appointed earlier this year to deliver The Residences at Wahroonga Estate. They are expected to complete the building in late 2027, with residents to move in shortly after.

[smartcode_project_cta:default project_id=135247]

Joel Robinson

Downsizer demand continues to shape The Residences at Wahroonga Estate

With Brisbane’s housing market soaring and home ownership becoming increasingly out of reach for many buyers, townhouses have emerged as the new urban dream, offering private, low-maintenance retreats complete with pools, parklands, and lifestyle amenities.

As Brisbane faces a growing shortage of quality new residential offerings, <a href="https://www.apartments.com.au/developers/honeycombes-property-group">Honeycombes Property Group</a> has released to the market Songbird Terraces, a boutique development of just 34 terrace homes in the heart of the leafy residential enclave of Oxley.

Offering a more affordable option to the white picket fence house, buyers can purchase a brand new architecturally designed three bedroom terrace home overlooking park and bushland with a communal heated pool, BBQ terrace, private parklands and an on-site café, while being just minutes from <a href="https://www.apartments.com.au/developments/oxley-qld-4075">Oxley</a>’s village centre, train station, and a range of schools and amenities.

[smartcode_project:default project_id=149443 project_image_fid=5241]

Each of the spacious three bedroom plus multi purpose room or four bedroom townhomes feature premium finishes, landscaped courtyards, designer kitchens, two-car accommodation, and optional upgrades for tailored living.

Honeycombes Property Group Managing Director Peter Honeycombe said with completion anticipated in early 2027, this was an incredibly rare chance to buy a fixed-price, brand-new, off the plan home in one of Brisbane’s most tightly held and liveable suburbs, without the stress of auctions and chaotic open homes.

“With prices starting from $1.195 million, <a href="https://www.apartments.com.au/new-townhouses/songbird-terraces-oxley-10-honeyeater-circuit-oxley-qld-4075">Songbird Terraces</a> are designed for owner occupiers seeking space, style and lifestyle, without the maintenance,” Honeycombe said.

“Surrounded by natural bushland and close to manicured parks, walking trails, boutique shops, cafes, cinemas and golf courses, Oxley continues to stand out as one of Brisbane’s most liveable suburbs.”

[smartcode_project:default project_id=149443 project_image_fid=355541]

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a> Residential Director Andrew Scriven said with a limited number of homes available, Songbird Terraces was attracting strong interest from families, upsizers, first home buyers and downsizers looking for quality, location and long-term value.&nbsp;

“Demand is high, supply is low, and the market is crying out for high-quality homes in established well connected areas like Oxley,” Scriven said.

“What was once seen as a compromise between a house and an apartment a townhouse has now become a lifestyle choice, more and more homebuyers are shifting their focus from traditional detached houses to modern, low-maintenance townhouses that offer greater value and convenience.

“As the city’s population grows and urban sprawl becomes less sustainable, Brisbane’s townhouse market is set to expand even further.&nbsp;

“There’s definitely a panic from buyers who’ve been pushed out of the house market but still want to stay in well-connected suburbs with great schools and amenities, they are worried they will miss out as property prices continually rise.”

[smartcode_project:default project_id=149443 project_image_fid=5238]

After eight years of calling Australia home, Agnes Skoraczewska and Matt Biskupski decided it was finally time to take the next step and purchase a home of their own. With property prices continuing to climb, the couple didn’t want to wait any longer and secured a three-bedroom plus multi purpose room townhouse at Songbird Terraces, locking in a fixed price ahead of their move in 2027.

“The truth is, we didn’t want to wait any longer,” Biskupski said. “Seeing what was happening in the market, we realised now was the right time to buy. It gives us peace of mind knowing we no longer have to worry about renting.”

When they discovered Songbird Terraces, the decision came easily.

“The area is lovely and quiet, yet still so close to the city, it’s the perfect balance for work and life,” Skoraczewska said. “It’s a place where we can recharge our batteries while staying connected to everything we need.”

[smartcode_project:default project_id=149443 project_image_fid=5237]

For Agnes and Matt, buying off the plan offered the ideal solution, the confidence of securing their dream home at today’s prices, and the excitement of planning for the future in a community that perfectly fits their lifestyle.

As the final residential precinct within the Songbird Oxley master plan, Songbird Terraces will continue to breathe new life into the area and help create a suburb destination rich in lifestyle amenity.

Colliers Residential Director Lily O'Connell said Songbird is positioned to take full advantage of elevated north and east-facing parkland views, the homes feature low-maintenance design and high energy efficiency to reduce ongoing costs while enhancing everyday comfort.

“And with an array of layouts, catering to a diverse range of lifestyles this is an offering for all,” O'Connell said.

“This is the final release in a masterplanned community that’s become one of Oxley’s most desirable addresses, offering a last chance to enter this community where opportunities are few and far between.”

The homes will be delivered by Clearcon Builders, specialists in premium townhome construction. They will commence construction before Christmas, and is aiming to complete the development in early 2027.

<h2>Songbird Terraces Snapshot</h2>

<ul>
	<li>34 architecturally designed 3 bedroom + multi-purpose room terrace homes.</li>
	<li>An array of layouts, catering to a diverse range of lifestyles.</li>
	<li>Perfectly positioned to take advantage of north and east views over park and bushland.</li>
	<li>A multi-purpose room, which can serve as a second living area, teen retreat, study or fourth bedroom.</li>
	<li>Designer kitchens featuring high quality engineered stone benchtops and European appliances.</li>
	<li>Spacious outdoor living areas and landscaped courtyards perfect for alfresco dining.</li>
	<li>Generous internal and external spaces, designed to take advantage of views overlooking park and bushland.</li>
	<li>Low maintenance, energy efficient &amp; two car accommodation.</li>
	<li>Access to a heated resort-style pool, outdoor entertaining terrace and beautifully landscaped gardens and park.</li>
</ul>

[smartcode_project_cta:default project_id=149443]

Songbird Terraces offer 34 architect-designed townhomes in private enclave, surrounded by bushland, parks and resort style amenity

Townhouse living, Brisbane’s new affordable urban dream?

Kirra Beach has been hot property since the onset of the pandemic in early 2021.

Development sites were snapped up, projects sold out, and many of those developments are now beginning to be handed over to purchasers.

The latest entrant to Kirra, timing its arrival perfectly with little to no new off the plan apartment stock currently on the market in the area, is <a href="https://www.apartments.com.au/developers/pyco-group">Pyco Group</a>, which is expanding its South East Queensland footprint through projects such as Atelier in West End and Nouveau in Albion, both currently under construction and scheduled for completion next year.

They recently launched <a href="https://www.apartments.com.au/new-apartments/onde-kirra-10-churchill-street-kirra-beach-qld-4225">Ondé Kirra</a>, quietly set on Miles Street just a stone’s throw from the sand and the world-renowned surf break at Rainbow Bay.

[smartcode_project:default project_id=143621 project_image_fid=337600]

The current release focuses on a wide variety of three-bedroom configurations, from layouts starting at $1.89 million and offering nearly 130 sqm of space, to larger three-bed options approaching 160 sqm and oriented north-east to capture views over the ocean and the length of the Gold Coast skyline.

Each apartment follows a layout that prioritises light, airflow, and connection to the outdoors. Interiors are shaped by a warm, coastal-inspired palette that balances soft neutral tones with natural timbers. Kitchens feature premium finishes and flow directly into dining and living zones, framed by full-height glazing. Many apartments offer wraparound views and corner orientations to maximise natural light from multiple angles.

[smartcode_project:default project_id=143621 project_image_fid=337613]

There are just 90 apartments in the 14-storey building designed by DAH Architecture.

Beyond the apartments, Ondé’s offering is rounded out by a series of resident-only amenities designed for comfort and practicality. These include a fitness studio, outdoor pool, co-working pods, and lush communal spaces on the ground floor.

[smartcode_project:default project_id=143621 project_image_fid=337597]

Rawcorp kicked off construction on site just over three months ago, demolishing the two houses and two original walk-up unit blocks.

The award-winning construction firm is expecting to complete Ondé&nbsp;in mid-2027.

[smartcode_project_cta:default project_id=143621]

Ondé Kirra times entry to booming southern Gold Coast market as apartment options shrink

The Wentworth Park Sporting Complex and its immediate surrounds will make way for new housing and sporting facilities, the latest rezoning play by the Minns Labor Government to meet Sydney's housing supply crisis.

The 3.3-hectare Wentworth Park Sporting Complex will be&nbsp;converted into community sporting fields and public green space, allowing for the rezoning of the surrounding area to support up to 2,500 additional well-located homes.

These are in addition to the 4,800 homes already planned or approved nearby, including around 2,000 homes on the old Sydney Fish Market and neighbouring sites, bringing the precinct total to as many as 7,300 new homes.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/mirvac-to-develop-over-1-400-new-homes-on-former-sydney-fish-market-site">Mirvac to develop over 1,400 new homes on former Sydney Fish Market site</a>

In addition to the new housing and sporting facilities, the Wentworth Park precinct will be immediately adjacent to transport links including a new ferry stop at Sydney Fish Markets, an upgraded light rail station at Wentworth Park, a continuous 15-kilometre coastal boardwalk from the Blackwattle Bay to Woolloomooloo, and the Pyrmont Metro station, which is set to open in 2032.

When the current greyhound lease expires in September 2027, the existing facilities will be demolished and the land transferred to the City of Sydney to be converted into community sports fields. Current estimates suggest around 20 additional sport fields are required in the city area by 2031 in order to meet the needs of the sporting community.

The new 14-hectare park will also be made available for hosting festivals and community events as a condition of the transfer to ensure the new harbourside parklands can be utilised by the whole community.

“We recognise Wentworth Park holds deep history and meaning for many people, and we know some will be disappointed by this change," NSW Premier Chris Minns said, adding however that "cities change, and we&nbsp;have a responsibility to plan for the future.

“Right in the middle of Sydney and connected by rail, light rail, ferries and the future Metro, our plan for the future of Wentworth Park will deliver much-needed new housing while also providing up to 20 new community sporting fields.

“This is more homes, more playing fields and better public spaces, alongside the infrastructure that makes neighbourhoods work. This is homes and community facilities delivered together, not one without the other.”

“This is how we build a fairer and more balanced Sydney. By creating new housing in well-serviced areas, instead of pushing growth to places without the transport and infrastructure to support it.”

Minister for Planning and Public Spaces Paul Scully said&nbsp;Wentworth Park has a long and proud history.

"Today we’re securing its future for the next generation," Scully said.

"This plan keeps land in the public hands and delivers new homes, new sporting facilities and new open space for a community that is growing fast. Our city is changing, and we have a responsibility to make sure people can live near the jobs, education and transport they rely on. We’ll continue working closely with the City of Sydney to deliver this rezoning in a timely way, and we’re ready to step in with a State-led rezoning if it’s needed."

Minns Gov to demolish Wentworth Park Sporting Complex to make way for 2,500 new homes and sporting facilities

Stamp Duty

In a significant policy move aimed at stimulating the property market, the Victorian government has announced a major reduction in stamp duty for off-the-plan apartments, units, and townhouses.

Effective from October 21, 2024, the expanded concessions will apply to all eligible off-the-plan purchases and will remain in place for one year.

This initiative, designed to address the state’s housing affordability crisis, opens a window of opportunity for prospective buyers, particularly investors and owner-occupiers, to secure substantial stamp duty savings.

Key Changes to Stamp Duty Concessions

Previously, stamp duty on off-the-plan purchases was calculated based on the total price of the property, including the construction value. Under the new scheme, stamp duty will be calculated solely on the land value before construction begins. This shift in policy significantly reduces the financial burden for buyers, particularly in metropolitan areas where property prices continue to rise.

For example, a Victorian purchasing an off-the-plan apartment valued at $620,000, with the land component valued at $77,500, will now pay just $4,000 in stamp duty—down from $32,000. This $28,000 saving represents a significant reduction in upfront costs for property buyers, potentially unlocking the market for a wider demographic.

The changes also eliminate the previous cap on concessions, expanding eligibility beyond first-home buyers to include any purchaser of off-the-plan apartments, units, or townhouses within a strata subdivision.

<a data-entity-type="file" data-entity-uuid="69bb2163-758b-4133-85ae-a669cf3061bb" href="/developments/melbourne-vic"><img alt="Search New &amp; Off-the-Plan Property across Victoria" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-10-21%20at%208.49.26%20am.png?VersionId=tO1ATB0FSWLbOgFkHuqwpy6iUKclkflP" /></a>

Who Benefits from the Scheme

The new stamp duty concessions are aimed at boosting sales in Victoria’s off-the-plan sector, which has been slowing due to high taxes and market uncertainty. The scheme covers properties that are part of a strata subdivision. However, it excludes house and land packages or dwellings not part of a strata subdivision.

Existing concessions for first home buyers remain unchanged. Homes valued up to $600,000 will continue to benefit from full stamp duty exemptions, and concessions apply to properties valued up to $750,000.

A Limited-Time Opportunity for Buyers

The stamp duty concession is a time-sensitive initiative, with the expanded benefits available only until October 21, 2025. Buyers who are considering entering the market are urged to act promptly to take advantage of the scheme, as the concession will revert to its previous structure after this period.

For developments currently under construction, buyers are also eligible for reduced stamp duty, although the exact savings will depend on how much of the construction has been completed at the time of purchase.

Impact on the Market

The Victorian property industry has long advocated for a reduction in stamp duty, arguing that the high upfront cost has acted as a deterrent for both buyers and developers. By lowering these barriers, the government aims to revitalise the market, particularly in Melbourne, where apartment supply has struggled to keep pace with demand.

The concessions are expected to have a positive ripple effect on the rental market as well, as more off-the-plan properties come online. Developers will benefit from increased pre-sale success, helping them to meet financing requirements and commence construction sooner.

What Buyers Need to Know

For those interested in purchasing an off-the-plan property, the expanded stamp duty concessions represent a rare financial advantage. The Victorian government's removal of the concession cap makes this offer more widely available than previous schemes, opening the door for both investors and owner-occupiers to secure valuable savings.

Apartments.com.au will continue to provide updates on off-the-plan developments and related policy changes. Buyers interested in learning more about the stamp duty reduction can explore our latest listings or contact us for further insights into how this change could benefit them.

Summary of Eligibility:

<ul>
	<li>Applies to off-the-plan apartments, units, and townhouses within a strata subdivision.</li>
	<li>Stamp duty calculated based on land value, not total property price.</li>
	<li>Available for one year, ending October 21, 2025.</li>
	<li>No cap on eligibility; open to all buyers, not just first-home purchasers.</li>
	<li>With the Victorian government’s stamp duty concession, now is an ideal time for property buyers to enter the market while this limited offer remains available.</li>
</ul>

Victorian government's stamp duty cuts on off-the-plan apartments, units, and townhouses offer significant savings for property buyers. Learn more about eligibility, how to benefit, and why now is the prime time to buy with these expanded concessions.

Michael Bird

VIC Government slashes stamp duty for off-the-plan property buyers - savings available immediately, Oct 2024

As of January 16, property buyers in New South Wales who are seeking to spend under $1.5 million on their first home, can now opt to pay an annual land tax as opposed to the upfront cost of stamp duty.

The First Home Buyer Choice scheme, will also apply to those who&nbsp;signed a contract of purchase between 11 November 2022 and 15 January 2023. For this group, applications to choose the property tax can be made at any time between 16 January 2023 and 30 June 2023.

If settlement occurs on or before 15 January 2023, they will need to pay stamp duty, and then will be able to apply for a refund of the stamp duty from 16 January 2023.

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If settlement occurs on or after 16 January 2023, and they have chosen property tax, they will not need to pay stamp duty.

For those who are purchasing land with the intention to build their first home, the price cap will be up to $800,000.

The aim of the scheme is to remove a significant barrier impacting first home buyers entering the property market.

Analysis by Canstar showed that the&nbsp;number of owner-occupier first home buyer loans is over 31.3 per cent down over the 12 months to November, after numbers retreated a further 5.5 per cent over the month.

For a $1.5 million purchase in New South Wales, buyers would be expected to pay $67,000 in stamp duty, which is in addition to a minimum 10 per cent deposit, a total of over $210,000 upfront with both costs before taking ownership of the property.

Annual property tax payments are based on the land value of the purchased property. The property tax rates for 2022-2023 and 2023-2024 will be $400,&nbsp;plus an additional cost of 0.3 per cent of land value.

[smartcode_project:default project_id=112005 project_image_fid=191253]

Premier Dominic Perrottet said this choice will empower first home buyers as they head out to auctions and inspections over the weekend.

“Starting today, first home buyers will get a huge boost with a system that helps rather than hinders their journey to owning their first home,” Perrottet said.

“The opportunity starts now, with buyers able to choose the option that will suit their own financial circumstances and see them come out ahead in the long run.”

Treasurer Matt Kean said more than 6,000 first home buyers are estimated to choose the annual property fee each year.

[smartcode_project:default project_id=6552 project_image_fid=202005]

“This is about giving home hunters the chance to decide what works best for them. It will give people greater flexibility as they approach one of the biggest investment decisions most will make in their lifetime,” Kean said.

“Home ownership builds economic security, financial independence, personal freedom and offers people a stake in our nation. This reform will bring thousands of people closer to that dream, sooner.”

The First Home Buyer Choice is a key component of the Government’s $2.8 billion Housing Package announced in the 2022-23 NSW Budget.

For more information visit the NSW Government website <a href="https://www.service.nsw.gov.au/services/housing-and-property/land-tax-property-tax-and-stamp-duty">here</a>.&nbsp;

Analysis by Canstar showed that the number of owner-occupier first home buyer loans is over 31.3 per cent down over the 12 months to November


Changes to NSW stamp duty explained: What it means for first home buyers

Removing stamp duty would increase housing mobility, and lead to more efficient use of the nation’s housing stock, according to research by the National Housing Finance and Investment Corporation (NHFIC).

Families across all states and territories, except the ACT, are paying substantially more stamp duty when they move currently than they were 20 years ago, it noted.

Victoria now has Australia’s largest effective rate of transfer duty on a median property at around 5.4% (around $45,000), compared to 4.2% (around $12,000) back in 2002.

The report dubbed stamp duty an inefficient tax that impacts housing market mobility.

A household that bought a Sydney median priced house four times over the past 20 years would have paid more than 10 times the amount of duty than a household making only one purchase at the start of this period, it pointed out.

“Households that are considering downsizing and upsizing, or just seeking more space when they are working at home during COVID-19 wouldn't be penalised under a broad-based land tax compared with the current stamp duty arrangements across most states,” NHFIC CEO Nathan Dal Bon said .

“Encouraging more household mobility through reductions in stamp duty leads to more efficient use of the housing stock which means people can better ‘right-size’ their own housing arrangements in line with their individual preferences,” Dal Bon added.

The aim of transitioning from stamp duty to land tax is not to increase revenue per se, and the paper demonstrates that the transition can be achieved in a revenue neutral way.

"The typical household across all states (except the ACT) would be better off paying land tax on a median property than transfer duty," it suggested, noting a household in NSW would have to pay a broad-based land tax for more than 14 years to be worse off, which is greater than the 12 year average holding period of a property.

It noted the challenge of a revenue neutral swap between transfer duty and a broad-based land tax, under a slow house price growth scenario, would require approximately three times the amount of revenue as a faster transition ($94bn over a 20-year transition, compared with $32bn under a 5-year transition).

The National Housing Finance and Investment Corporation (NHFIC) commenced operations in 2018,  a corporate Commonwealth entity, part of the Treasury portfolio of agencies. 

The responsible Minister is the Minister for Housing, Michael Sukkar.


Removing stamp duty will have the benefit of reducing barriers to home ownership, according to the report of the National Housing Finance and Investment Corporation

jchancellor-FAypfDUnLy

Federal Treasury entity gets behind push to scrap state government stamp duty

The ACT Government has scrapped stamp duty for off-the-plan apartments and townhouses up to $500,000.

The stamp duty abolition will apply to any buyer &ndash; first-home buyers, upgraders, downsizers and everyone else in between &ndash; who purchase off-the-plan, the territory government said.

Under these changes, anyone purchasing a newly built apartment or townhouse valued at $500,000 will save $10,360 in stamp duty.

The welcomed phase-out of stamp duty is effective from 1 July 2021.

This is great news if you are looking for the perfect property to purchase and benefit from the new stamp duty reforms.

Urban takes a look at five off-the-plan properties in the ACT listed for under $500,000.

1. WOVA, Phillip 
Developer: Geocon Group 
Two-bedroom apartments from $475,900

[smartcode_project:default project_id=95099 project_image_fid=167553]

Situated in Canberra&rsquo;s Woden Valley, WOVA by Geocon Group is set to redefine contemporary community living.

The four-tower development boasts a collection of one, two and three-bedroom apartments with unrivalled transport connectivity and abundant amenity.

Designed by Fender Katsalidis and Oculus Urban Design, WOVA features spacious balconies, functional living areas and is located at the heart of a multi-billion dollar regeneration project.

2. Marlu, Denman Prospect 
Developer: Core Developments 
Two-bedroom apartments from $429,900

[smartcode_project:default project_id=29327 project_image_fid=84947]

Settled amongst Denman Prospect&rsquo;s finest homes, Marlu presents one, two and three-bedroom dwellings.

Designed by Stewart Architecture, the development visually fits into the surrounding context, with northern frontage overlooking Molonglo Valley and Black Mountain.

The space is equipped with an outdoor pool, gym, and communal entertaining area, as well as a central garden which provides amenity, solar aspect and privacy.

3. Nightfall, Belconnen 
Developer: Geocon Group 
Two-bedroom apartments from $484,900

[smartcode_project:default project_id=29898 project_image_fid=167586]

The final stage of Geocon&rsquo;s Republic Precinct, Nightfall, is due to reach completion at the end of this year.

The 21-storey tower boasts one and two-bedroom apartments with 30 different floorplans to meet the needs of a variety of buyers.

Designed by Fender Katsalidis, Nightfall includes a private sky garden, fully equipped kitchen, residents&rsquo; dining room and an established ground-floor plaza with retailers, supermarkets, caf&eacute;s and restaurants.

4. Dawn at Founders Lane, Braddon 
Developer: JW Land Development 
One-bedroom apartments from $415,000

[smartcode_project:default project_id=6542 project_image_fid=164004]

Dawn occupies one of the most coveted positions in Canberra, located at the boundary of Civic and Braddon.

Founders Lane is set to bring a fresh new wave of life to the city centre with open flowing space and a fresh look.

Each one and two-bedroom apartment boasts access to a central courtyard, a rooftop garden, an abundance of natural light and a sense of calm and wellbeing.

5. The Brooke, Bruce 
Developer: AVANTUS 
Two-bedroom apartments from $455,000

[smartcode_project:default project_id=88669 project_image_fid=144662]

The Brooke includes 99 beautifully thought-out apartments in one and two-bedroom configurations.

Inspired to optimise the best of Canberra, the development is nestled between Belconnen and the City and boasts convenient access to medical, educational, sporting, retail, and commercial precincts.

Designed by JUDD.studio, the homes include traditional and futuristic elements, spacious backyards and balconies and a contemporary colour palette.

This ACT Government's stamp duty reform is great news if you are looking for a new off-the-plan property to purchase in Canberra.

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 Five Canberra apartments under $500,000 that benefit from ACT’s new stamp duty reforms

The ACT government has scrapped stamp duty for off-the-plan apartment and townhouse purchases up to $500,000 from July 1.

The stamp duty abolition will apply to first-home buyers and other owner occupiers who exchange purchases for off-the-plan in the territory from July 1.

<a href="/developments/act">Buyers of newly built apartments or townhouses at $500,000 will save $10,360 in stamp duty.</a>

The eligibility criteria includes satisfaction of residency requirements, that at least one buyer must live in the home continuously for at least one year, starting within 12 months of the date of completion/settlement date.

Since 2012 the ACT has been reducing stamp duty.

&ldquo;This is a further step in our tax reform program and one that encourages an increased supply of housing below the $500,000 threshold,&quot; ACT Chief Minister Andrew Barr said.

The announcement is part of the territory&rsquo;s 20-year plan to phase out stamp duty and replace it with an annual land tax.

The plan has been underway since 2012.

Stamp duty has also beeen reduced by $1040 for any owner-occupier established property purchase between $200,000 to $1.455 million in 2021-22.

As part of the ACT tax reform program, average general rates have increased to offset revenue that would otherwise be lost due to the abolition of stamp duty.&nbsp;

This did not occur in 2020-21 as part of the Government&rsquo;s response to the COVID-19 pandemic.

The ACT government has scrapped stamp duty for off-the-plan apartment and townhouse purchases up to $500,000 from July 1

jchancellor

ACT stamp duty scrapped for owner occupier off the plan purchases up to $500,000

ASX-listed developer AVJennings is matching the government stamp duty concession on all Piper Townhomes for those who buy before the end of June.

Piper is a boutique collection of 14 modern, low-maintenance townhouses in the stunning bayside suburb of Williamstown.

[smartcode_project:default project_id=102256 project_image_fid=163752]

The development references Williamstown&rsquo;s well-known local personality Richard Piper, the postmaster&nbsp;of the Williamstown Post Office during the mid-nineteenth century.

&ldquo;With a rich maritime history, this picturesque suburb is situated within Hobson Bay and offers cafes, restaurants, supermarket, shops, swimming beaches and renowned boating clubs&rdquo;, the project marketing reads.

Residents can secure one of nine three-bedroom homes facing Nelson Place, an extension of the neighbouring Lonsdale and Lysander townhomes at Waterline Place.

[smartcode_project:default project_id=102256 project_image_fid=163757]

According to the developers, the vision for Waterline Place is to be &ldquo;a village within a village&rdquo;. It will be home to approximately 500 residences and feature a series of green, active and pedestrian-friendly streets and laneways.

Featuring bluestone and an angled roofline that pays homage to Williamstown&rsquo;s industrial past, the three-bedroom homes blend in with the established character of the area.

With full-height windows, clever storage solutions and a large living area that opens into a room-sized balcony, these larger residences are ideal for couples, young families and downsizers.

[smartcode_project:default project_id=102256 project_image_fid=163754]

The five two-bedroom, two-bathroom terraces fronting Waterline Place are designed for first time buyers or couples looking for intelligent layouts.

Delivering a compact design, the two-bedroom townhomes include a ground-floor study, living room, under-stair storage and a single-car garage.

Prices for the homes in the Piper collection start from $830,000 and reach up to $1,495,000 for a three-bedroom, 3.5-bathroom property.

[smartcode_project:default project_id=102256 project_image_fid=163752]

For residents who purchase the off-the-plan residence before 30th June, AVJennings will pay a rebate at settlement to the same value as the government concession.

The development is expected to reach completion in mid-2022.

About the developer

AVJennings is a leading residential property development company that has been part of the Australian landscape for more than 85 years.

With over 12,700 lots in its portfolio, the company has experience in home building, land development, pre-planned integrated housing and medium density activities.

Other projects by AVJennings include <a href="/developments/bethania-qld-4205">Parkside, a townhouse project in Queensland&rsquo;s Bethania</a>. 
[smartcode_project_cta: project_id=102256]

For residents who purchase the off-the-plan residence before 30th June, AVJennings will pay a rebate at settlement to the same value as the government concession

Pay $0 stamp duty on the brand-new Piper Townhomes in Williamstown

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<h2>What is Stamp Duty?</h2>

Stamp duty, or land transfer duty as it’s known in Victoria, is a once-off government tax on buying property payed by the purchaser. It is based on the purchase price and calculated via a scale, in a similar manner to income tax.

However, these standard rates don’t apply to all property purchases, particularly first home owners and foreign buyers.

Pictured below is a full tabulation of how transfer duty is calculated in Victoria.

<img alt="" height="246" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/stamp_duty_guide_vic.jpg" width="786">

<h2>Stamp duty on foreign purchasers</h2>

However, these rates don’t apply to all buyers or all types of property purchases. Foreign purchasers often have to pay additional duty of up to seven percent.

You can read more about the stamp duty provisions affecting foreign purchasers on the <a href="https://www.sro.vic.gov.au/foreignpurchaser" target="_blank">State Revenue Office website</a>.

<h2>Stamp Duty exemptions for first home buyers</h2>

The Victorian government’s current policy as of 2017 is the complete exemption of stamp duty for first home owners purchasing a property valued at up to $600,000. A saving of up to $31,070.for first home buyers.

For first home buyers purchasing a home valued between $600,001 and $750,000 a concessional rate of stamp duty applies.

Unlike the NSW First Home Owner Grants (FHOG), the stamp duty concession and exemption apply to all property types.

<h2>Other Stamp Duty exemptions and concession</h2>

Victoria also provides a concession to all purchasers of properties valued between $130,000 and $550,000 from paying stamp duty where they intend to use that property as their principal place of residence.

The rate of concession equates to a one percent reduction for all properties valued between $130,000 and $440,000 and a flat reduction of $3,100 for properties valued between $440,001 and $500,000.

There is also a “principal place of residence (off the plan concession)”, which only people purchasing an off the plan property they intend to use as their home are eligible and a threshold applies to the dutiable value of the property. This is $550,000 for non-first home buyers and $600,000 (for an exemption) $750,000 (for a concession) for first home buyers.

The Victorian government also provides a stamp duty exemption to pensioners buying a home valued at under $330,000 and a concessional rate to pensioners buying a home valued between $330,001 and $750,000.

Below are some properties eligible for stamp duty exemptions in Victoria:

1. Melbourne Quarter, Docklands 
Address: 628 Flinders Street, Docklands VIC 3008 
One-bedroom apartment from $458,000

[smartcode_project:default project_id=3459]

2. Live City, Footscray 
Address: 124-188 Ballarat Road, Footscray VIC 3011 
Two-bedroom apartments from $460,000

[smartcode_project:default project_id=3565]

3. Melbourne Grand, Melbourne 
Address: 556-558 Lonsdale Street, Melbourne VIC 3000 
One-bedroom apartments from $489,000

[smartcode_project:default project_id=3490]

 

Click here to view <a href="/news/vic/save-thousands-melbourne-apartments-you-can-buy-without-paying-stamp-duty" target="_blank">six homes in Melbourne you can purchase without paying stamp duty</a>.
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Stamp duty, or land transfer duty as it’s known in Victoria, is a once-off government tax on buying property payed by the purchaser

jordan_55689

What is stamp duty? A guide to stamp duty in Victoria

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More than ever as we emerge from the crisis we are going to have to get the most out of our economy.

Swapping stamp duty for land tax as the <a href="https://theconversation.com/abolish-stamp-duty-the-act-shows-the-rest-of-us-how-to-tax-property-105378">ACT government</a> is doing (over 20 years) and the <a href="https://www.treasury.nsw.gov.au/sites/default/files/2020-11/NSW%20TSY%20TF%20-%20Glossy.pdf">NSW government</a> is planning (using an opt-in arrangement), is one of the best ways the tax system can help.

This graph from the federal treasury’s 2015 <a href="https://treasury.gov.au/sites/default/files/2019-03/c2015-rethink-dp-TWP_combined-online.pdf">tax discussion paper</a> makes the point.

It says the “marginal excess burden” (damage) done by real estate stamp duty amounts to 70 cents for each dollar raised.

It discourages people and businesses from changing addresses as often as they should, meaning workers live further away from their work than they would and are reluctant to move to where there is better work.

<figure class="align-center zoomable"><a href="https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img alt="" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" src="https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" srcset="https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=397&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=397&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=397&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=498&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=498&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=498&amp;fit=crop&amp;dpr=3 2262w"></a>

<figcaption><a class="source" href="https://treasury.gov.au/sites/default/files/2019-03/c2015-rethink-dp-TWP_combined-online.pdf">Tax discussion paper, Australian Treasury March 2015</a></figcaption></figure>In contrast, treasury found the marginal excess burden of land tax was negative. Land tax makes sure land was used for its most useful purpose and not left idle.

Efficiency-wise it makes sense to swap one for the other, but as with all changes there will be winners and losers, some of them surprising.

In our <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3760893">just-published study</a>, we use real-world data on living arrangements from the Melbourne Institute’s <a href="https://melbourneinstitute.unimelb.edu.au/hilda">Household, Income and Labour Dynamics in Australia</a> survey and data on house prices and stamp duty rates from the Real Estate Institute Australia in an attempt to work out who the winners and losers will be.

<h2>Good for the young, and the old</h2>

We find that overall the swap should reduce the purchase price for home buyers, increase the sale price for sellers, increase the total number of transactions and reduce the degree of mismatch in housing.

It should also increase the rate of home ownership.

Young adults, particularly those who are currently having difficulty saving for a deposit would be better off.

Current homeowners would generally be worse off.

Renters would benefit because they are currently excluded from home ownership.

Older landlords, perhaps surprisingly, would also benefit. In many cases the increase in the value of their houses would outweigh the cost of the land tax.

Our findings raise a challenge for governments.

In the long run, the swap would improve the working of the economy, but in the short run it will hurt many current voters.

A gradual transition – either through a very long phase in (of the kind adopted by the ACT) or by allowing households to select into different tax systems (as NSW is planning) would help make the switch more palatable.

But the sooner we start, the better.<img alt="The Conversation" height="1" src="https://counter.theconversation.com/content/154935/count.gif?distributor=republish-lightbox-basic" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important" width="1">

 

This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/identifying-the-losers-and-surprising-winners-from-phasing-out-stamp-duty-154935">original article</a>.

 
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Swapping stamp duty for land tax as the ACT government is doing and the NSW government is planning, is one of the best ways the tax system can help our economy

Identifying the losers (and surprising winners) from phasing out stamp duty

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Owner-occupiers can stand to save up to $73,000 in the Parkhill apartment development in West Melbourne.

The project developer Central Equity are matching the VIC government's $15,000 HomeBuilder grant to save Parkhill buyers $30,000.

That, combined with the potential to save up to $43,000 in stamp duty for owner-occupiers, totals $73,000 of savings. 

[smartcode_project:default project_id=27406]

Investors will benefit from the $24,500 in stamp duty concessions, and Central Equity are offering a rental guarantee for investor purchasers.

One bedroom apartments in the block start from $479,000, or closer to $400,000 for owner-occupiers after the savings boost.

Two bedroom apartments start from $619,000, up to $819,000 when including an extra bathroom and a parking space.

<a href="/buildings/parkhill-apartments-west-melbourne-408-spencer-street-west-melbourne"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/parkhill_melbourne_render_2.jpg" width="1202"></a>

The apartments, many spanning more than 70 sqm, have been designed by Central Equity's inhouse design team. They all have up to 2.7 metre high ceilings, a gourmet kitchen with stone benchtops and Miele appliances and bathrooms with German tapware.

The development has a 6.5 star energy rating, with apartments fitted with double glazed windows.

Residents in the building will have access to a seven day concierge, a rooftop gym and a rooftop garden, complete with barbecues and outdoor seating.
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Owner-occupiers can stand to save up to $73,000 in the Parkhill apartment development in West Melbourne.

Buyers could save up to $73,000* on a brand new home at West Melbourne's Parkhill thanks to developer Central Equity matching the government grants

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A continuining drop in first home buyer numbers has chief executive of the Real Estate Instute of Western Australia (REIWA), Neville Pozzi, warning the government not to introduced any stamp duty increases for first timers.
He said that this drop should come as a budget warning to the state government.
“Given that first home buyers are dropping in numbers, it’s critical that the Treasurer doesn’t bring back stamp duty for this segment of the market,” Pozzi said.
Currently, first home buyers in Western Australia are exempt from stamp duty payments for homes under $500,000.
“It’s very concerning, however, that Premier Barnett has indicated that the current tax break for first home buyers is under review and might be changed,” he said.
“The housing market is very susceptible to cost pressures and making first homes more expensive would be a terrible blow to the market just as it’s starting to stabilise,” he said.
FHOG applications for the March quarter, as recorded by the Office of State Revenue, recorded a 9% drop. This is 21% below the June 2013 peak.
This drop is across both the established and new-build sectors, with established homes dropping by 14%.
“This means that grants being paid out have now fallen below the average since the FHOG was first introduced 14 years ago,” he said.
He noted that the "last thing" the market needs at present is any added cost pressure on first time buyers.
The median purchase by first home buyers in March was $470,000 in Perth, and $350,000 in regional Western Australia.
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