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

Joel Robinson

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

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

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more internation and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

Stamp Duty

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The Real Estate Institute of New South Wales has collated a list of its concerns ahead of the NSW State Budget, with the abolishment of stamp duty the number one concern.
REINSW president John Cunningham said the NSW Government has left stamp duty rates unchanged for more than 30 years and are reaping the rewards at the expense of ordinary NSW citizens. 
“The NSW Treasurer and Premier must look to the lead of Federal Treasurer Scott Morrison who recognised the burden placed on middle Australians through bracket creep and lifted tax thresholds accordingly,” Mr Cunningham said. 
“The NSW Transfer Duty already collected for the 9 months from July 2015 to March 2016 is $6.749 billion.
“The NSW Half Yearly Review for 2015-16 highlighted stamp duty revenue in 2015-16 is forecast to be $863 million higher than at Budget at $7.841 billion, while Land tax revenue in 2015-16 is expected to be $104 million higher than at Budget at $2.764 billion."
“Based on Domain Group's March 2016 house price data, stamp duty of $31,827.50 would be  payable on a property at the median Sydney house price of $807,500. 
“On a house price of $1 million the stamp duty payable is $40,490, for houses over $1 million stamp duty payable is 5.5 per up to $3 million, and thereafter the rate becomes 7 percent.
“This means that after the stamp duty is paid, a man or woman on an average wage (currently around $75,000 to $77,000) would have to work for five to six months in order to just pay the stamp duty.
“This barrier to entry has become unjust and disproportionate over time. It is too much and is distorting social fortunes and creating a range of social challenges and consequences for young, middle aged and elderly people. "
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jonathanchancellor-7SQnKwU6yx

REINSW calls for removal of stamp duty

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Victorian stamp duty revenue is expected to drop by 6.4 per cent in 2016-17 after significant growth in revenue over the past few years, according to the Victorian Budget papers.
Land transfer duty will fall to $5.7 billion in the coming financial year after revenue growth of 23 per cent in 2015-16.
But Victoria’s land tax revenue is forecast to grow by 28 per cent to $2.2 billion in 2016-17, but average 2.5 per cent a year over the forward estimates.
“The boom in Victoria’s property market over the past few years has been driven by a strengthening labour market, historically low interest rates, increased investor demand and strong population growth,” the Victorian Budget paper states.
The government confirmed it will more than double the stamp duty surcharge on foreign residential property buyers, from 3 to 7 per cent on the purchase price.
The surcharge will apply to contracts inked from July 2016, and is expected to generate $53 million in revenue over 2016-17 and $321 million over the forward estimates.
The absentee landowner surcharge will also triple from 0.5 to 1.5 percent from next year. This initiative is expected to generate $28 million over 2016-17, and $84 million over the forward estimates.
The State Revenue Office will receive additional funding to establish and expand compliance programs involving the land tax principal place of residence exemption, foreigner purchaser additional duty, and absentee owner surcharge.
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po-LsXgBTHBmX

Victorian Government to reap lower stamp duties

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Foreign buyers will have to pay more stamp duty on Victorian residential real estate.
The Victorian government could raise an extra $500 million over four years.
Treasurer Tim Pallas said next week’s budget will increase the stamp duty surcharge for foreign buyers from three to seven per cent.
The land tax surcharge for absentee owners will rise from 0.5 to 1.5 percent.
“Victorians would say we deserve a contribution back into the state services from foreign purchases,” Mr Pallas told radio station 3AW.
The Labor government first introduced the surcharges for overseas property owners in last year’s budget.
Statistics show foreign demand for new properties in Victoria leapt from about 5 percent in 2011 to more than 30 percent in 2014.
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jchancellor-FAypfDUnLy

Foreign buyers in Victoria to have even higher stamp duty

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GUEST OBSERVER
Stamp duty is a tax that discourages the buying of homes and it should be replaced by a broad land tax. 
State governments have become comfortable with the large income they get from stamp duty on the purchase of homes but they must look at better, more efficient ways to raise funds.
Sydney’s housing is among the most expensive in the world and this is partly driven by the various taxes and levies required by governments. A broad based land tax would spread the income base across all land owners rather than only focussing on the sale of homes.
Recent discussion in the media has advocated for the end of stamp duty, to be replaced with an ongoing annual land tax, and this move has gained widespread support from business groups, social service advocates and the development industry. 
Many economists, including the Prime Minister himself, and Ken Henry, author of the 2010 Henry Tax Review, have stated that a broad based land tax is the most equitable and fairest way to tax property owners and developers. Unlike stamp duty which imposes a huge up-front financial burden upon home buyers, a broad-based land tax, paid annually and spread over a wider base of people, provides a steady income stream to government to fund infrastructure and does not hurt home buyers the way stamp duty does. 
Increasingly, young people are finding it more and costly to purchase a home, and stamp duty adds thousands and thousands to the cost of their mortgage. A land tax ensures that a larger pool of people contribute a small amount of tax, rather than hitting a home buyers with huge financial burden. Who wants to see their children struggling to pay off all thousands of dollars of taxes when they buy their first home? 
Broad based land taxes are simple to administer and encourage urban consolidation as the tax paid is based upon the size of the land. This tax encourages a more environmentally sustainable urban form. 
This is an excellent tax reform and will provide huge benefits for home buyers and a steady income stream for the government to fund infrastructure. 
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>. 
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A broad land tax should replace stamp duty: Chris Johnson

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Gladys Berejiklian, the Treasurer of New South Wales, is doing her bit to prop up waning stamp duty revenues.
She's just spent a tad over $1.6 million in Northbridge after selling her two level, two bedroom 1970s North Willoughby townhouse.
Her recent acquisition last sold at $1.3 million in early 2014, so reflected 10 percent plus annual price growth for the three bedroom, circa 2000 townhouse with study which sold through Richardson &amp; Wrench agent Tanya Barrett. It has (pictured) a big backyard.
Her redundant townhouse found its buyer after three weeks on the market, well ahead of its scheduled March auction. It was bought in 2008 for $626,000 and sold at an undisclosed price through Rawa Norman at Ray White.
She will still be in her electorate of Willougby, but closer to Macquarie Street.
Meanwhile stamp duty revenue from home sales have started off 2016 in decline reducing surplus funds available for the NSW State Government's infrastructure spending spree.
Property sale transactions in January and February were the quietest for three years.
March auction levels were less than last year suggesting the dip may extend further into 2016. 
The reduced activity could signal the end of the bonanza enabling the high spending on infrastructure by the state government in surplus.
After a confidence knocking slump in auction clearance rates in December to the low 50 percent, the wet mid-summer meant prospective vendors didn't get around to prepping their houses for 2016 listing.
An early Easter also contributing to the slowdown in activity.
Last year's strength in the Sydney property boom was being especially driven by properties valued over $1.2 million, the last NSW State Budget revealed, but the housing boom longevity was not being assumed by the NSW Treasury, when in her first budget, Gladys Berejiklian announced a surplus of $2.1 billion for 2014-15 largely to windfall stamp duty receipts.
Stamp duty receipts were predicted to rise from $7.8 billion in 2015-16 to $8.6 billion in 2018-19.
This article was first published in the Sunday Telegraph.
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Gladys Berejiklian sells North Willoughby townhouse

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Stamp duty revenue from home sales have started off 2016 in decline reducing surplus funds available for the NSW State Government's infrastructure spending spree.
Property sales netted $515 million in duties in January this year.
It was lower than the $551 million paid in January 2015.
Transactions were down to 14,800 from 16,400 monthly property sales a year earlier, in the quietest January for three years.
January is typically among the lowest months for revenues, but NSW Office of State Revenue figures indicated the 6.5 percent dip was the first since May 2013 that revenue was down on the same month 12 months prior.
Auction levels are running at less than last year suggesting the January dip may extend further into 2016. 
The latest February auction activity could signal the end of the bonanza enabling the high spending on infrastructure with February auction listings down around 20 percent at 2400 offerings. 
The auction market also ended a five-weekend sequence of above 70 percent clearance rates last weekend, slipping to 68 percent according to CoreLogic RP Data. Fresh Sydney for sale listings - auction and private treaty - are down 6.5 percent over the past four weeks compared to this time last year, CoreLogic noted.
After a slump in auction clearance rates in December to the low 50 percent, agents also blamed the wet mid-summer and an early Easter for contributing to the slowdown in activity.
The early 2015 strength in the Sydney property boom was being especially driven by properties valued over $1.2 million, the last NSW State Budget revealed, but the housing boom longevity was not being assumed by the NSW Treasury.
NSW land tax revenues were forecast to rise at a faster rate than stamp duty revenues, according to the NSW state budget papers when in her first budget, Treasurer Gladys Berejiklian announced a surplus of $2.1 billion for 2014-15 largely to windfall stamp duty receipts.
Stamp duty receipts were predicted to rise from $7.8 billion in 2015-16 to $8.6 billion in 2018-19, while the June budget papers warned that stamp duty is an "inherently volatile" revenue source for the state government.
The stamp duty fee, which remain at percent levels mostly introduced three decades ago, currently sits at a $5.33 billion total after the first seven months of the financial year.
 
 
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NSW stamp duty revenues in decline

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Get ready Australia. The Prime Minister announced this week his road map for tax reforms that he proposes to take to the next election.
No need to guess what the centrepiece will be – look no further than a 5% increase to the GST. This will be very hard to achieve given when the GST was introduced in 2000 the states and territories immediately reneged on their agreement to abolish duty taxes, so we can rightly expect that they will never renege again.
The problem facing Malcolm Turnbull is that the states and territories want more money and the federal government can’t fund this through their tax receipts. For years I have argued that (in the case of NSW for example) the state government is the biggest dead weight on the NSW economy.
Stamp duties, insurance duties, pay roll tax... the list goes on. For well over the past decade we have read tax paper after tax paper recommending the removal of these taxes although (until now) this has been ignored by federal politicians.
A report released this week by the National Centre for Social and Economic Modelling identified that the current 10% GST consumes 13.4% of disposable income for those in the bottom fifth of households, so a further rise in the GST would see this figure jump to 20%. Households in the top 20% would experience a much softer impact where this currently sits at 5.9% and after an increase the new figure would come in at around 8.8%.
For obvious reasons this analysis is going to make the sales pitch for an increase in GST all the much harder when Australians go to the polls around this time next year. Banking economist Saul Eslake announced this week that “Australia’s home ownership rate is actually the lowest it’s been since 1954.” So to fix this, negative gearing will come under much greater scrutiny as established home prices continue to rise. Let’s face it – Australia’s entire tax system is a mess, broken and in urgent need of major surgery.
The Turnbull government will need to also look at the benefits of allowing 100% of new developments to be sold off shore – up until December 2008, the previous restriction was 50%. Two of the big ticket items in the “rivers of gold” are Stamp Duty on residential housing and payroll tax – where we are now seeing clear evidence of what impact these duty/taxes are having on the economy.
If you look at the Mosman house market in 2011/12/13 there were on a weekly basis 75 occasions where there were more than 100 houses on the market. In 2014 the 100 barrier was broken on 14 occasions and in 2015 the market is yet to break 100 where we can all but guarantee Mosman will not break 100 in 2015.
NSW is currently drowning in wage stagnation which highlights why voters will be hard pressed to approve a 5 per cent increase to the GST. Pay roll tax for decades has been referred to as the most insidious tax – so by abolishing pay roll tax employers can then pay their respective staff more which then improves wage stagnation.
No doubt there will be many other opinions as to what is required to finally correct Australia’s taxing imbalances. We can rest assured that over the next twelve months we will be thrown many fascinating and troublesome alternatives for deliberation.
The Turnbull government should also be looking at the overall effect of simply removing the middle – tier of government given the duplication of departments that exist in both state and territories and Canberra. Maybe the time has arrived to simply remove the state and territory governments and thus broaden the responsibilities of the local governments.
Maybe the NSW government has identified that it’s vulnerable so it is moving quickly to amalgamate the councils and then alleviate any such scrutiny?
Whatever happens the next twelve months will unveil debates that we Australians have never before witnessed given the magnitude of this long overdue assignment.
Australia’s Prime Minister is more than capable of handling the task ahead – the people aren’t the problem it’s the politicians who have created this. The time has arrived to set an example once and for all – Australia’s road map for tax reforms has finally been given a new engine and a set of wheels.
Just don’t crash it PM.
<h5>MOSMAN – 2088</h5>
• Number of houses on the market this time last year – 105
• Number of houses on the market last week – 64
• Number of houses on the market this week – 75
• Number of apartments on the market this time last year – 76
• Number of apartments on the market last week – 63
• Number of apartments on the market this week – 60
<h5>CREMORNE – 2090</h5>
• Number of houses on the market this time last year – 17
• Number of houses on the market last week – 14
• Number of houses on the market this week – 12
• Number of apartments on the market this time last year – 41
• Number of apartments on the market last week – 16
• Number of apartments on the market this week – 17
<h5>NEUTRAL BAY – 2089</h5>
• Number of houses on the market this time last year – 10
• Number of houses on the market last week – 8
•Number of houses on the market this week – 6
• Number of apartments on the market this time last year– 42
• Number of apartments on the market last week – 31
*Number of apartments on the market this week – 30
 ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985.  He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000. 
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robertsimeon-hRNTwJyXkQ

Australia’s greatest ever sales pitch? Robert Simeon

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GUEST OBSERVER
Affordability issues in Sydney and Melbourne are creating stresses for homeowners considering an upgrade to a larger family home.
The national debate seems to be all about first home buyers, and with good reason given climbing real estate values coupled with ongoing housing shortages. 
The trouble is that upgrading to a bigger home is not a simple or straightforward transaction either, especially with more empty-nesters in Sydney’s northern and eastern suburbs and Melbourne’s southern and eastern suburbs sitting on larger family homes.
Empty-nesters are hindering the second home buyer markets in our major capital cities because the costs for them to downsize either to a smaller property or a different location are too prohibitive thanks to excessive stamp duty charges imposed by state governments.
Stamp duty eats into the retirement nest-eggs of many older Australians, especially those who have very little in the way of superannuation savings, because the majority of their working careers was completed prior to the introduction of compulsory superannuation in the early 1990s.
It also means that many older Australians are unable to benefit from uncapped, tax-free superannuation payments, which younger baby boomers are now enjoying as they head into retirement.
To rectify this financial imbalance for older, self-funded retirees, Mr Raine is urging state governments to consider stamp duty tax breaks for homeowners aged over 70, who would like to  sell a principal place of residence.
In turn, stamp duty-free real estate transactions for older Australians will help address some of the current supply constraints that are cramping the real estate plans of second time property buyers in our capital cities.
 
Angus Raine is executive chairman, <a href="https://www.raineandhorne.com.au" target="_blank">Raine &amp; Horne</a>.
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Stamp duty breaks will help solve second home buyer dilemma: Angus Raine

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Australian Government should formulate a national housing strategy that sets clear directions for Australia’s housing sector, is the recommendation of the National Seniors Australia.
In the submission to the House of Representatives Standing Committee on Economics, National Seniors also recommended the examination of all types of housing and issues associated with access, adequacy, affordability and security by utilising findings from the Inquiry on Homeownership, the Inquiry on Affordable Housing, the Federation Review and the Tax Review. 
"Outright homeownership has been falling for people aged 55 and over (39.7% in 2001 to 32.1% in 2011)meaning that a greater number of older Australians are either paying off mortgages during retirement or moving from homeowner-occupier into alternative forms of accommodation.
"Other reasons for a fall in homeownership amongst older Australians include loss of paid employment and significant life events such as divorce or losing a partner. 
"Research suggests that insecurity within the private rental market amongst older Australians has led to a shift to public housing.The Australian Housing and Urban Research Institute (AHURI) has found that older public housing households are expected to increase from 87,940 in 2001 to 109,560 in 2016, an increase of 24%.
"In the 85+ age group these are expected to increase by 155%. 
"Furthermore, by 2026 the number of lower-income people aged 65 and over who are living in rental households (as homeownership falls) are projected to far exceed the supply capacity of the social housing system. 
"Census data from 2006 to 2011 shows a steady increase in the number of renters aged 55 and over in the private market."
National Seniors Australia recommends that the Australian Government, in collaboration with state and territory governments, examine tenancy regulations, rights and advice services.
The aim would be to deliver security and support for long-term renters; recognise that renting in the private market is a significant form of tenure for many Australians; and increase the attractiveness of this form of tenure for Australia’s long term housing needs. 
"Older renters experience significant anxiety linked to their security of rental tenure and many experience housing stress.Such housing stress is magnified due to rent increasing well above CPI and the insufficiency of Commonwealth Rent Assistance.
"Renters face a number of disadvantages including forced moves which greatly contribute to instability. The frequency of moving between owners and renters in Australia is the highest in the OECD.
"The lack of long term (beyond 6-12 months) leases available to Australian renters increases instability.  
"Limiting the ability of property investors to terminate leases for ‘any reason with notice’ to a list of prescribed criteria, allowing pet ownership and minor alterations to the rental property would greatly enhance the lifestyle available to renters. 
"Improving the stability and security of tenure for a renter would provide them with the ability to receive similar non-financial benefits available to home owners.
"Creating greater equity in the Australian housing market would reduce the desire to become a homeowner, subsequently reducing the demand which is currently driving high housing prices in the market. 
"National Seniors recommends that the government investigate policies that will address barriers to downsizing (or 'rightsizing') for older Australians, for example, a national ‘rightsizing’ program. 
"Older Australians face barriers to relocating including: the inability to find value for money, stamp duty, moving costs, lack of suitable housing in familiar surroundings with easy access to required amenities, and impacts of selling the home on Age Pension eligibility. 
"These barriers also decrease capacity for older Australians to access equity in their home to assist with living costs during retirement.  
"Proceeds from the sale of the family home continue to remain exempt from the Age Pension assets test for up to 12 months, as long as the funds are intended to buy another home.  
"However, any interest earned on sale proceeds is counted under the income test, and, if a cheaper home is purchased, any surplus cash is included in the Age Pension asset test.  
"Concerns regarding the proceeds of the sale of the home being subject to the Age Pension assets test discourage 20% of all seniors, and 30% of Age Pensioners from selling the home.
"In 2013 the then Labor government announced the Supporting Senior Australians—housing help for seniors pilot,to address some of the barriers to downsizing that older Australians face. 
"The pilot exempted a portion of sale proceeds from the Age Pension asset test. However, it also applied restrictive conditions, including the requirement that a homeowner had to own their home for more than 25 years and quarantining the proceeds for ten years. 
"As an alternative National Seniors has called for the implementation of a ‘Rightsizing’ program that exempts up to $150,000 in proceeds from the sale of the home from the Age Pension income or asset test.  
"Excess sale funds could then go towards critical services, such as health costs, significantly reducing the burden on government-supported health systems. 
"The recent changes to the Age Pension asset test (legislated in June 2015) will provide an even greater deterrent for seniors to right-size. Reconsideration should be given to a program that allows seniors to right-size without the threat of future reductions to their Age Pension payments."
National Seniors recommends that the states and territories provide concessional stamp duty to older Australians to encourage downsizing and maintenance of homeowner-occupier tenure.  
"A reduction in stamp duty would encourage older people to right-size their homes and improve quality of life, while also providing many younger Australians access to suitable family homes which would not otherwise be available."
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Stamp duty reduction may drive senior property re-investment

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GUEST OBSERVER
Even before the government’s options paper on tax reform is released later this year, many reforms have been taken off the table, at least before the next election. Here’s the expert view on six.
Broadening or increasing the GST
Some experts say expanding the GST, which is a regressive tax, would unfairly hit middle-income earners and women.
Others say a broader base, not higher rate, would be the best approach.
<a href="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.11.45%20AM.png" target="_blank">Click to enlarge</a><img src="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.11.45%20AM.png" alt="" style="line-height: 1.3em;"> 
 
If done as part of a package of tax reforms, John Freebairn argues increasing the GST could actually boost our standard of living.
Prime Minister Tony Abbott and Treasurer Joe Hockey have said they will not make changes to the GST before the next election, and want the states to take responsibility for reform in this area. This is despite the fact that they could increase the GST without the support of the states.
<a href="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.13.45%20AM.png">Click to enlarge</a>
<img src="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.13.45%20AM.png" alt="">
Fixing the asymmetry between negative gearing and capital gains tax
As Helen Hodgson has explained, negative gearing would be less attractive if the capital gain on the sale of an investment was taxed in full.
<a href="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.15.54%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.15.54%20AM.png" alt="">
<a href="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.17.10%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.17.10%20AM.png" alt="">
The Henry Review recommended reducing the benefit of negative gearing by allowing only a 40% capital gains discount, but this was rejected by then Prime Minister Kevin Rudd.
Antony Ting says negative gearing is not a fair tax policy - particularly when considering the way investment properties are treated.
Dale Boccabella says the best solution would be to quarantine negative gearing so that losses on investment properties couldn’t be used as deductions against other income. But he also thinks abolishing it is preferable.
<a href="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.18.13%20AM.png" target="_blank">Click to enlarge</a> 
<img src="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.18.13%20AM.png" alt="">
Prime Minister Tony Abbott has ruled out any changes to negative gearing, arguing to do so would be akin to increasing taxes.
Adopting global measures to prevent tax avoidance by multinationals
When Australia hosted the G20 leaders summit in November last year, it agreed to a number of actions to ensure fairness in the international tax system. The OECD is leading global reforms, arguing unilateral action could harm the global agreement that is required to stop multinationals shifting profits to reduce their tax burden.
Since then, Treasurer Joe Hockey has announced new measures specifically designed to target multinationals using complex schemes to escape paying tax. Experts say the measures lack teeth since they only apply to foreign and not Australian multinationals.
The next set of OECD-led measures to address global tax avoidance are due to be released at this year’s G20 summit in Turkey. The OECD recommendations will be finalised by December.
Taxing trusts as if they were companies
In 1999 the Ralph Review of Business Taxation recommended that<a href="https://theconversation.com/shock-hockey-was-right-on-taxing-trusts-757"> </a>trusts be taxed as companies, a move that originally got the support of Treasurer Peter Costello. Political pressure soon saw the government back away from this plan, and despite Joe Hockey showing support for the idea back in 2011, it is not one that has the support of the government.
Dale Boccabella says the taxing of trusts is another anomaly in Australia’s tax system that is unfair. Trusts are commonly used by families with a high income to distribute funds to low-earning family members in order to minimise tax.
<a href="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.19.31%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.19.31%20AM.png" alt="">
Removing concessions on the taxation of super
Most experts agree superannuation tax concessions are unevenly distributed and are in need of reform<a href="https://theconversation.com/superannuation%20tax%20concessions%20are%20growing%20rapidly,%20are%20unevenly%20distributed%20and%20are%20in%20need%20of%20reform.">.</a>
<a href="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.20.59%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/23/Screen%20Shot%202015-07-23%20at%208.20.59%20AM.png" alt="">
The Financial System Inquiry suggests super tax breaks shouldn’t exceed what someone would get from the age pension.
The Labor Party wants to remove the tax-free concession available to people with annual superannuation incomes from earnings of more than A$75,000, a move it says would raise more than $14 billion over 10 years.
Prime Minister Tony Abbott has ruled out any “adverse changes” to superannuation, including changes to super tax concessions.
Expanding land tax over stamp duty
The Henry tax review argued stamp duties are a highly inefficient tax on land, and that land tax could provide an alternative and more stable source of revenue for the states.
Miranda Stewart says stamp duty is volatile<a href="https://theconversation.com/housing-and-tax-why-is-reform-so-hard-3300">,</a> feeds into house prices (contributing to lack of affordability) and taxes more heavily those people who purchase new housing more often, than those people who don’t.
Unfortunately, says Danika Wright, some states are addicted to stamp duty, making reform in this area highly unlikely.
Charis Palmer is deputy business editor at The Conversation and Emil Jeyaratnam is multimedia editor. Both can be contacted <a href="https://theconversation.com/au/team" target="_blank">here</a>.
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