<p>Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.</p>

<p>The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.</p>

<p>That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.</p>

<p>The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.</p>

<p>A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.</p>

<p>&nbsp;</p>

<p>Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.</p>

<p>Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.</p>

<p>While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;</p>

<p>Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.</p>


Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

<p><strong>IN BRIEF</strong></p>

<ul>
	<li>
	<p>Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.</p>
	</li>
	<li>
	<p>Construction on The Waterline is complete, with the first residents expected to move in from mid-October.</p>
	</li>
	<li>
	<p>Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.</p>
	</li>
</ul>

<hr />
<p>Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.</p>

<p>Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.</p>

<p>[smartcode_project:default project_id=113271 project_image_fid=366708]</p>

<p>Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.</p>

<p>“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.</p>

<p>“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.</p>

<p>“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”</p>

<p>[smartcode_project:default project_id=113271 project_image_fid=366709]</p>

<p>The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.</p>

<p>The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.</p>

<p>Each residence also has three secure basement car spaces and additional storage.</p>

<p>“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.</p>

<p>“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”</p>

<p><img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" /></p>

<p>Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.</p>

<p>Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.</p>

<p>Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.</p>

<p>“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.</p>

<p>“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.</p>

<p>“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”</p>

<p>Sky Homes are priced from $3.65 million.</p>

<p>Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.</p>

<p>Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.</p>

<p>Harbour Shores is being marketed by Colliers International.</p>

<p data-end="555" data-start="341">[smartcode_project_cta:default project_id=113271]</p>


Lewis Land opens sky home display as The Waterline completes at Harbour Shores

<p data-end="387" data-start="97">St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.</p>

<p data-end="697" data-start="389">The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.</p>

<p data-end="925" data-start="699">Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.</p>

<p data-end="1217" data-start="927">It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.</p>

<p data-end="1217" data-start="927"><img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" /></p>

<p data-end="1538" data-start="1219">The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.</p>

<p data-end="1723" data-start="1540">The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.</p>

<p data-end="2063" data-start="1725">The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.</p>

<p data-end="2063" data-start="1725"><img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" /></p>

<p data-end="2205" data-start="2065">Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.</p>

<p data-end="4244" data-start="4087">The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.</p>

<p data-end="4598" data-start="4246">The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.</p>

<p data-end="4798" data-start="4600">Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.</p>

<p data-end="4798" data-start="4600">The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.</p>

<p data-end="5032" data-start="4800"><img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" /></p>

<p data-end="5486" data-start="5211">&nbsp;</p>

<p data-end="2205" data-start="2065">The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.</p>

<p data-end="2375" data-start="2207">Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.</p>

<p data-end="2712" data-start="2377">Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.</p>

<p data-end="2751" data-start="2714"><em><a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a></em></p>

<p data-end="2865" data-start="2753">Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.</p>

<p data-end="3067" data-start="2867">Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.</p>

<p data-end="3379" data-start="3069">Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.</p>

<p data-end="3379" data-start="3069"><a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station"><em>First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</em></a></p>

<p data-end="3883" data-start="3659">&nbsp;</p>


First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

<p data-end="540" data-start="324">When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East<br />
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.</p>

<p data-end="680" data-start="542">The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.</p>

<p data-end="909" data-start="682">The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.</p>

<p data-end="909" data-start="682">[smartcode_project:default project_id=6109 project_image_fid=376073]</p>

<p data-end="1076" data-start="911">Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.</p>

<p data-end="1166" data-start="1078">"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.</p>

<p data-end="1257" data-start="1168">"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."</p>

<p data-end="1257" data-start="1168">[smartcode_project:default project_id=6109 project_image_fid=376072]</p>

<p data-end="1406" data-start="1259">The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.</p>

<p data-end="1475" data-start="1408">For Palumbo, the project also marks a return to familiar territory.</p>

<p data-end="1671" data-start="1477">The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.</p>

<p data-end="1726" data-start="1673">"The opportunity emerged, and we moved to secure the site," Palumbo said.</p>

<p data-end="1874" data-start="1728">"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.</p>

<p data-end="2025" data-start="1876">"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.</p>

<p data-end="2111" data-start="2027">"Now we're on the market and those changes have really resonated with local buyers."</p>

<p data-end="2225" data-start="2113">That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.</p>

<p data-end="2383" data-start="2227">Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.</p>

<p data-end="2446" data-start="2385">"Local owner-occupiers have always been our market," he said.</p>

<p data-end="2602" data-start="2448">"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."</p>

<p data-end="2602" data-start="2448">[smartcode_project:default project_id=6109 project_image_fid=376068]</p>

<p data-end="2742" data-start="2604">The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.</p>

<p data-end="3013" data-start="2744">South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.</p>

<p data-end="3013" data-start="2744"></p>

<p data-end="3065" data-start="3015">Location has been a major part of the proposition for both buyer cohorts.</p>

<p data-end="3065" data-start="3015">[smartcode_project:default project_id=6109 project_image_fid=376075]</p>

<p data-end="3250" data-start="3067">Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.</p>

<p data-end="3376" data-start="3252">Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.</p>

<p data-end="3516" data-start="3378">Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.</p>

<p data-end="3592" data-start="3518">"There's very few allotments on that side that can be developed," he said.</p>

<p data-end="3714" data-start="3594">"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."</p>

<p data-end="3861" data-start="3716">Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.</p>

<p data-end="4004" data-start="3863">Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.</p>

<p data-end="4145" data-start="4006">Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.</p>

<p data-end="4145" data-start="4006">[smartcode_project:default project_id=6109 project_image_fid=376067]</p>

<p data-end="4273" data-start="4147">The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.</p>

<p data-end="4480" data-start="4275">A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.</p>

<p data-end="4650" data-start="4482">Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.</p>

<p data-end="4785" data-start="4652">The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.</p>

<p data-end="4889" data-start="4787">Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.</p>

<p data-end="5144" data-start="4891">Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.</p>

<p data-end="5305" data-start="5146">He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.</p>

<p data-end="5378" data-start="5307">"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.</p>

<p data-end="5495" data-start="5380">"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."</p>

<p data-end="5650" data-start="5497">Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.</p>

<p>[smartcode_project_cta:default project_id=6109]</p>

Palumbo's return to Kent Town strikes early chord with buyers

<p>Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.</p>

<p>The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.</p>

<p><a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.</p>

<p>The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.</p>

<p>The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.</p>

<p><img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" /></p>

<p>GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.</p>

<p>"St Lucia is one of those suburbs people do not want to leave," Gray said.</p>

<p>"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.</p>

<p>"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.</p>

<p>"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."</p>

<p>The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.</p>

<p>GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.</p>

<p>"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.</p>

<p>"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.</p>

<p>"The fundamentals here are as strong as anything we have assessed in Brisbane."</p>

<p><img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" /></p>

<p>Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.</p>

<p>GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.</p>

<p>The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.</p>

<p>Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.</p>

<p>The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.</p>

<p>Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.</p>

<p>Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.</p>

<hr />
<h2>SILK PROJECT FACTS</h2>

<p>Developer-builder: GRAYA</p>

<p>Project: Silk</p>

<p>Location: 16-18 Sandford Street, St Lucia</p>

<p>Apartments: 22</p>

<p>Built form: 15 levels</p>

<p>Site: 810 sqm riverfront holding</p>

<p>Mix: 16 split-floor and six full-floor residences</p>

<p>Status: Development approved</p>

<p>Next step: Construction planning underway</p>

<p>[smartcode_project_cta:default project_id=152168]</p>


GRAYA greenlit for riverfront St Lucia apartment development, Silk

Stamp Duty

<html><body>
<p>First home buyers should pay attention to market conditions, not the incentives on offer.</p>
<p>According to recently released housing finance data from the Australian Bureau of Statistics, the volume of new loans to first home buyers in New South Wales and Victoria has climbed substantially over recent months as value growth has slowed and even begun to fall in Sydney and Melbourne. </p>
<p>First home buyers must be vigilant about purchasing homes and not just be lured into buying at the peak of the market because of attractive incentives.</p>
<p>In New South Wales, from 1 July 2017 first home buyers don’t have to pay stamp duty for both new and existing homes for properties up to $650,000.</p>
<p>Stamp duty payable is reduced for buyers paying between $650,000 and $800,000.  In Victoria, if you buy a new or established home from July 1 2017 no stamp duty is payable on homes worth less than $600,000 and stamp duty is reduced for properties worth between $600,000 and $750,000.</p>
<p>The removal of stamp duty has resulted in a substantial increase in first home buyer housing finance commitments. </p>
<p>Over the six months from July to December 2017 there were 14,279 first home buyer finance commitments in New South Wales and 18,675 in Victoria.  To put this into some sort of perspective, over the six months prior to the new incentives going live there had been 7,891 first home buyer housing finance commitments in New South Wales and 12,683 commitments in Victoria.  This represents an increase in first home buyer volumes over the two six month periods before and after the changes to incentives of 81.0% in New South Wales and 47.2% in Victoria.</p>
<p>Since the stamp duty changes, average loan sizes have increased by 1.3% in New South Wales compared to an increase of 1.1% over the previous six months.  This seemingly suggests that the first home buyers entering the market are not using the removal of the stamp duty barrier to borrow more. </p>
<p>In Victoria, it is a bit of a different story with average first home buyer loan sizes increasing 7.0% over the past six months compared to a 2.7% increase over the previous six months.  This would seem to suggest in Victoria, the stamp duty concessions are leading to mortgagees borrowing more.</p>
<p>The most concerning thing for any potential first home buyer in the current New South Wales and Victoria markets should be the lure of entering a market which has been growing rapidly for many years.  In fact, recent data for Sydney and Melbourne indicates that values are now declining. </p>
<p>Across all of New South Wales, values have fallen -2.4% from their August 2017 peak to January 2018 with values -3.1% lower in Sydney and not yet declining in regional New South Wales.  In Victoria, values are -0.1% lower than their November 2017 peak with declines of -0.4% in Melbourne and no declines as yet in regional Victoria.  An important point to note is that the rate of value growth is slowing in regional areas of New South Wales and Victoria although the slowdown is greater in regional New South Wales to-date.</p>
<p>While those declines may sound quite minor, first home buyers are generally most sensitive to changes in interest rates.  Although the cash rate is expected to be on hold until early 2019, the combination of already falling dwelling values and potentially higher mortgage rates in the medium-term, these factors should raise some alarm bells for potential buyers. </p>
<p>For first home buyers there may be a sense that the removal of stamp duty along with the falling share of investors in the market creates the opportunity for entry however, ideally you do not want to be buying into a market which has only recently entered a downturn. </p>
<p>The best bet for potential first home buyers may not be to jump at the incentives which are currently available.  With values declining and investor demand continuing to trend lower a better option may be to remain on the sidelines somewhat longer as values potentially continue to slide.  By doing this you potentially avoid going into negative equity immediately, you potentially buy at a lower price and you have time to save an even larger deposit for your mortgage. </p>
<p>Furthermore, for well qualified borrowers with substantial deposits banks are competing heavily and offering substantial discounts for owner occupiers taking out principal and interest mortgages so if you take time and shop around you may be able to get a really good mortgage rate.</p>
<p><em>Cameron Kusher is head of research for CoreLogic. You can contact him <a href="https://www.propertyobserver.com.au/https://www.corelogic.com.au/taxonomy/term/28"><span class="s2">here</span></a>.</em></p>
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ckusher-ujnxiKuFQs

Market conditions more important than incentives on offer for FHB's

<html><body>
<p>GUEST OBSERVER</p>
<p>Since October 2016, all foreign buyers and developers are subject to a 3% stamp duty surcharge on the acquisition of residential property in Queensland known as Additional Foreign Acquirer Duty (AFAD). The Commissioner has now updated conditions under which ex gratia relief from AFAD can be sought.</p>
<p>This relief is available to foreign persons, as defined in the Duties Act 2001, carrying out ‘significant’ residential development. Relief from AFAD may be granted by the Commissioner on a case-by-case basis. Foreign Persons must also meet regulatory requirements such as complying with the Corporations Act 2001 and complying with Queensland taxation laws. AFAD will only apply to the acquisition of residential land in Queensland by those who are either: </p>
<ul>
<li>a foreign individual - individuals without Australian citizenship or permanent residents (permanent residents include New Zealanders with either permanent visas or special category visas both defined by the Migration Act 1958 (Cth); </li>
<li>a foreign corporation - companies incorporated outside Australia, or Australian companies where at least 50% interest is with a foreign person/s or related person/s (ie relatives/spouse or partners in a partnership); or </li>
<li>a trust where at least 50% of its interests are held by a foreign person/s. </li>
</ul>
<p><strong>RESIDENTIAL LAND</strong></p>
<p>“Residential land” is land that is or will be solely or primarily used for residential purposes. This includes established houses and apartments, vacant land where a home or apartment will be built, land for development for residential use (ie smaller unit block developments, housing subdivisions, and major developments with a residential component), and/or refurbishment, renovation, or extension of a building for residential use. </p>
<p>“Residential land” does not include land that will be or is currently used for hotel and motel purposes. </p>
<p><strong>WHEN EX GRATIA RELIEF CAN APPLY</strong></p>
<p>The Commissioner has announced a number of guidelines and conditions that will be taken into account when determining whether ex gratia relief from AFAD will be granted.</p>
<p>1. The foreign developer undertaking the transaction must be Australia based: </p>
<p>In order to satisfy the conditions of AFAD relief, a foreign developer will need to use a range of factors to establish that they are ‘Australian based’, including:  </p>
<ul>
<li>whether the foreign entity has a head office or principal place of business situated in Australia; </li>
<li>if the foreign entity has significant management staff and office presence in Australia; </li>
<li>whether its employees are Australian citizens or permanent residents; </li>
<li>any past business dealings within Australia; </li>
<li>the input that the foreign entity’s Australian management staff and employees have toward the operation of the foreign entity in Australia, and; </li>
<li>whether the foreign entity primarily engages with Australian building contractors and suppliers in construction work. </li>
</ul>
<p>2. The foreign developer will need to have complied with any Foreign Investment Review Board (FIRB) requirements in relation to the acquisition of land.</p>
<p>3. The foreign developer must also meet regulatory requirements, such as complying with the Corporations Act 2001 (Cth) and complying with Queensland taxation laws.</p>
<p>4. The development must be significant, or the developer has significant development status.In order for relief from AFAD to apply, the development being carried out must be established as ‘significant development’. This condition will automatically be met if the foreign developer is commencing development or re-development of 50 or more residential lots.</p>
<p>In instances where fewer than 50 lots are being developed, such as in regional areas, the status of ‘significant development’ can still be established if the foreign developer is able to demonstrate that the development makes a significant contribution to the economy, population and social development of that region.</p>
<p>‘Significant developer’ status will also be satisfied if the developer will undertake development or redevelopment of 50 or more residential lots in a 12-month period or, alternatively, the developer averages 50 or more residential lots per year taken on average over a period of up to five years.</p>
<p>5. The foreign developer must primarily employ or contract Australian building contractors and suppliers to engage in the development. This requires that over 50% of the value paid by the developer for goods and services must be paid to Australian contractors and suppliers, or over 50% of the foreign developer’s employees for the development are Australian.</p>
<p><strong>WHAT DO YOU NEED TO DO?</strong></p>
<p>Foreign investors or developers looking to undertake significant development in Australia are able to apply for ex gratia relief from AFAD through the Commissioner. A statutory declaration must be lodged to the Office of State Revenue detailing the basis on which the foreign developer satisfies conditions for relief along with any supporting evidence.</p>
<p>By submitting a request for relief, a foreign developer will also be acknowledging their obligation to inform the Office of State Revenue within 28 days if it no longer satisfies the conditions for relief.</p>
<p><em><strong>Paul O'Dea</strong> is a partner with ClarkeKann, Brisbane.</em></p>
<p><em>You can contact him <a href="mailto:p.odea@clarkekann.com.au" target="_blank">via email</a>.</em></p>
</body></html>

j.ballantyne1990-6AQqhLzZaK

Where foreign buyers can seek relief from Queensland's added stamp duty surcharge: Paul O'Dea

<html><body>
<p class="p1"><span class="s1">The REIQ is urging candidates for the Queensland state election next month to consider</span><span style="font-size: 12.16px;"> of the state’s biggest employers and one of the government’s largest single sources of revenue, the real estate sector.</span><span class="Apple-converted-space" style="font-size: 12.16px;"> </span></p>
<p class="p1"><span class="s1">REIQ CEO Antonia Mercorella said the election offered voters an opportunity to cast a vote for a candidate who recognises the importance that the real estate sector plays in the state’s economy.</span></p>
<p class="p1"><span class="s1">“Real estate employs around 50,000 Queenslanders and this makes it of huge significance to the future fortunes of Queensland," she said.<span class="Apple-converted-space"><br></span></span></p>
<p class="p1"><span class="s1">“Improving the health of the sector is at stake and voters should keep this in mind when casting their votes on November 25."</span></p>
<p class="p1">Mercorella outlined three changes that should be made. </p>
<p class="p1"><span class="s1"><strong>FIRST HOME OWNER GRANT:</strong> The grant can help more young Queenslanders get their foot on the property ladder by being broadened to include all properties, established </span><span class="s2">and</span><span class="s1"> new-builds. As it stands, only those first-home buyers who are building their first home or buying off-the-plan are eligible for the grant, which locks out thousands of equally-deserving young Queenslanders from the property market. Broadening the grant, especially in regional Queensland where take-up hasn’t been as strong due to the fact that it’s cheaper to buy an established home than to build new, will bring thousands of young Queenslanders to the property market, bringing buyers to oversupplied markets and helping those local economies.<span class="Apple-converted-space"> </span></span></p>
<p class="p1"><span class="s1"><strong>STAMP DUTY: </strong>The REIQ urges the Government to abolish stamp duty. This inefficient and disproportionate tax stymies housing mobility and delivers uneven revenue to the Government. When house prices are up, revenue is up, and when house prices are low the Government’s revenue is low. The Henry Tax Review in 2011 identified this onerous tax as one that should be replaced with a more efficient system and the REIQ echoes this well-founded view. This would give the industry a much-needed shot in the arm, giving those buyers a nudge who need to move but are putting it off for expense reasons.<span class="Apple-converted-space"> </span></span></p>
<p class="p1"><span class="s1"><strong>MANDATORY CPD:</strong> Consumer protection is at the heart of the REIQ’s push for the Government to introduce mandatory continuing professional development for all real estate practitioners. Our goal is to ensure real estate agents are as qualified, as educated and as professional as other professions that handle people’s wealth, such as accountants and solicitors. There is no legitimate reason to continue delaying introducing this measure.<span class="Apple-converted-space"> </span></span></p>
</body></html>

jrobinson-rf4aSBido9

REIQ hopes for real estate sector improvements with state election looming

<html><body>
<div class="tg-tlc-storybody_intro">
<p>State Government stamp duty cuts have saved first-home buyers in Victoria more than $76 million.</p>
</div>
<p>Around 4500 new homeowners have benefited from the concessions between July 1 and October 12, including 3711 who paid no stamp duty at all.</p>
<p>The cuts, announced in March and introduced in July, scrapped the property tax on homes that cost less than $600,000.</p>
<p>First-home buyers purchasing property between $600,000-$750,000 also received reduced discounts.</p>
<p>Premier Daniel Andrews said the average first-home buyer was $8000 better off.</p>
</body></html>

Victorian stamp duty cuts cost $76 million since July

<html><body>
<div>AFG released its mortgage index for the September 2017, and it too showed a switch towards first homebuyers. </div>
<div> </div>
<div>First homebuyer activity has been buoyed by stamp duty concessions in New South Wales and Victoria. </div>
<div> </div>
<div>The average mortgage size rose to an all-time high of $491,952, up from $479,101 a year earlier.</div>
<div> </div>
<div>However, regulatory intervention has slowed the pace of the increase. </div>
<div> </div>
<div class="separator"><a href="https://3.bp.blogspot.com/-cDne2REAVJI/WeBUKQ-ez0I/AAAAAAAAmmI/56Y6ViVGspc7IB05l26LtM7zEAeqhF8awCEwYBhgL/s1600/AFG2.jpg"><img src="https://3.bp.blogspot.com/-cDne2REAVJI/WeBUKQ-ez0I/AAAAAAAAmmI/56Y6ViVGspc7IB05l26LtM7zEAeqhF8awCEwYBhgL/s640/AFG2.jpg" width="640" height="384" data-original-height="830" data-original-width="1380"></a></div>
<p> </p>
<div>The increase in mortgage size was driven by Victoria, Queensland, and South Australia.</div>
<div> </div>
<div>Elsewhere, macroprudential measures have evidently slowed the mortgage market.</div>
<p> </p>
<div class="separator"><a href="https://4.bp.blogspot.com/-10_x__ClhRU/WeBULX4Q45I/AAAAAAAAmmQ/cIzsSH9pYfUExKK7Xc1yWqfkHP76ANnnACLcBGAs/s1600/AFG1.jpg"><img src="https://4.bp.blogspot.com/-10_x__ClhRU/WeBULX4Q45I/AAAAAAAAmmQ/cIzsSH9pYfUExKK7Xc1yWqfkHP76ANnnACLcBGAs/s640/AFG1.jpg" width="640" height="392" data-original-height="826" data-original-width="1345"></a></div>
<p> </p>
<div class="separator"> </div>
<div>The figures for total lodgement volumes at the state level are necessarily seasonal, but simply underscore the sheer strength of the lending growth in Victoria. </div>
<div> </div>
<div>Victoria appears to be the only state where cooling measures have not had a material impact. </div>
<p> </p>
<div class="separator"><a href="https://1.bp.blogspot.com/-PgbEKU0aL5c/WeBULOvd8AI/AAAAAAAAmmM/f9ZXSkoQD5geXz_-Sp6VXvi7UUlHDkC4wCLcBGAs/s1600/AFG3.jpg"><img src="https://1.bp.blogspot.com/-PgbEKU0aL5c/WeBULOvd8AI/AAAAAAAAmmM/f9ZXSkoQD5geXz_-Sp6VXvi7UUlHDkC4wCLcBGAs/s640/AFG3.jpg" width="640" height="386" data-original-height="819" data-original-width="1353"></a></div>
<p> </p>
<div>There has been a massive shift away from investors, down to just a 29 per cent market share, from above 40 per cent at the peak.</div>
<div> </div>
<div>The other notable trend was the shift away from the major market lenders.</div>
<div> </div>
<div>Market share was down to 64.4 per cent for the main players, the lowest such result since the global financial crisis. </div>
<p> </p>
</body></html>

pwargent-M4siyDbqQY

The return of the first home buyer: Pete Wargent

<html><body>
<p class="p1"><span class="s1">GUEST OBSERVER</span></p>
<p class="p1"><span class="s1">First home buyers are close to record lows in many of Australia’s states and they are below the long term average in every state except Western Australia.  </span></p>
<p class="p1"><span class="s1">As at the end of April 2017, first home buyers comprised just 13.9 percent of all owner occupier mortgage demand nationally.  The situation is worse in New South Wales, where first time buyers comprised only 8.4 percent of the market over the first four months of the year so far; based on the long term average, first home buyers ‘normally’ comprise around one fifth of owner occupier demand across New South Wales.</span></p>
<p class="p2"><a href="https://www.propertyobserver.com.au/images/2017/06/29/Screen%20Shot%202017-06-29%20at%2011.51.30%20AM.png" target="_blank">Click to enlarge </a></p>
<p class="p2"><img src="https://www.urban.com.au/images/2017/06/29/Screen%20Shot%202017-06-29%20at%2011.51.30%20AM.png" alt=""></p>
<p class="p1"><span class="s1">With first home buyer participation declining as prices rise, it’s an easy connection to suggest that housing affordability is to blame for the low participation rate, but that is probably only part of the reason.  South Australia, for example, doesn’t have the same affordability challenges as New South Wales, yet first time buyers are the second lowest of any state at 12.2 percent and first time buyer activity in Victoria (16.6 percent) is more substantial than participation in Tasmania (15.2 percent) where housing is the most affordable of any state.</span></p>
<p class="p1"><span class="s1">Availability of jobs is an important factor for first home buyers and this is likely to be one of the factors supporting first time buyer demand in Victoria, even though stamp duty rates (prior to July 1) are high and affordability measures are the second highest of any capital city outside of Sydney.   </span></p>
<p class="p1"><span class="s1">Over the past five years 39 percent of the jobs created nationally have been in Victoria which is substantially higher than the long term average of 24 percent.</span></p>
<p class="p1"><span class="s1">The two states where first time buyers are most active, at least on a proportional basis, are Western Australia, where first time buyers comprise 28.4 percent of owner occupier mortgage demand, and Queensland at 21.5 percent.  </span></p>
<p class="p1"><span class="s1">First home buyers are higher than the long term average in Western Australia and Queensland first timers are close to the long term average participation rates.  Jobs growth has been mild across both states over the past five years, however housing prices have been tracking lower in Perth and increasing roughly in line with incomes in Brisbane.  </span></p>
<p class="p1"><span class="s1">The dwelling price to income ratio in Brisbane is 5.9 and in Perth its 6.0; substantially lower than the larger capital cities.  </span></p>
<p class="p1"><span class="s1">It’s likely that the healthier affordability of housing in these regions, despite the mild jobs growth, is a primary factor in supporting first time buyer demand.</span></p>
<p class="p1"><span class="s1">Other factors come back to transaction costs, particularly the cost of stamp duty and deposit.  </span></p>
<p class="p1"><span class="s1">There is a high likelihood that stamp duty exemptions for first home buyers, which go live on July 1</span><span class="s2">st</span><span class="s1"> in Victoria and New South Wales will temporarily boost first time buyer numbers in the market.  <br></span></p>
<p class="p1"><span class="s1">While the exemptions are likely to drive first home buyer demand, it’s likely that additional demand concentrated across the lower priced end of the market could simply push prices higher over the short to medium term. </span></p>
<p class="p1"><span class="s1"><em>Tim Lawless is head of the CoreLogic research and analytics team and can be contacted </em><a href="https://www.corelogic.com.au" target="_blank"><span class="s2"><em>here</em></span></a><em>.</em></span></p>
<p class="p1"><span class="s1"> </span></p>
</body></html>

tlawless-5VLUrbAk9s

First home buyers at record lows

<html><body>
<p>National Property Buyers is offering special offers to first home buyers as the end of the financial year approaches and New South Wales and Victoria legislate stamp duty changes in the coming weeks.</p>
<p>The property agency’s special offer for first home buyers includes a house-warming gift of up to $1,000 off conveyancing and the flexibility to pay success fee over an agreed time frame.</p>
<p>The average loan size for first home buyers rose $300 to $317,100 between March 2017 and April 2017, according to ABS data. The average loan size for all owner occupied housing commitments rose $3,700 to $371,700 for the same period.</p>
<p>ABS data showed that the number of first home buyer commitments as a percentage of total owner occupied housing finance commitments rose to 13.9 percent in April 2017 from 13.5 percent in March 2017. </p>
<p>Meanwhile, NSW has scrapped stamp duty for property up to $650,000 from July 1, while homes up to $800,000 will also see a discounted stamp duty.</p>
<p>The Victorian government has also proposed to completely abolish stamp duty for new and existing properties that are up to $600,000. Properties that are between $600,000 and $750,000 will have their stamp duty discounted. Queensland has extended FHB grants. </p>
<p>For more information from National Property Buyers, <a href="https://www.nationalpropertybuyers.com.au" target="_blank">click here</a>.</p>
</body></html>

jonathanchancellor-7SQnKwU6yx

National Property Buyers rolls out special offers for first home buyers

<html><body><div>
<div>
<div>
<p>First home buyers in New South Wales will be able to buy property up to $650,000 without having to pay stamp duty.</p>
<p>The policy, which will apply to new and existing homes, will start from July 1 in an attempt to combat the housing affordability issue by the NSW State Government.</p>
<p>The cap had previously been set at $550,000 for first home buyers.</p>
<p>Homes up to $800,000 will also see a discounted stamp duty.</p>
<p>Stamp duty charged on lenders' motgage insurance will also be scrapped by the government which will save around $2,900 on an $800,000 home.</p>
<p>Up to $34,360 will be saved under the package, according to the government.</p>
<p>The move comes despite a warning from the NSW Government property adviser, the former Reserve Bank governor Glenn Stevens, who said in his report to the Premier that he hasn't been a "big fan" of demand side support for first home buyers.</p>
<p>But he suggested the real value of the support has declined as dwelling prices had risen, which suggested to Stevens that thresholds could be reconsidered.</p>
<p>"Done carefully, the extent of help could perhaps be moved up, carefully, to recognise the price rises that have already occurred, without this measure itself materially contributing to further upward pressure on prices," he said.</p>
<p>"The more that additional generosity to some is combined with a tightening up in some other area - such as removing the grant given to anyone buying a new home - such that the changes are more or less budget neutral, the more easily it can be defended against the criticism that it is self-defeating by inflating prices."</p>
<p>Stevens said the government could avoid putting upward pressure on house prices if the support for first home buyers increased in line with the rise in house prices.</p>
<div title="Page 1">
<div>
<div>
<p>Under the NSW Government's plan, from 1 July 2017 first home buyers will also see:</p>
<p>• a $10,000 First Home Owners Grant will be available to builders of new properties worth up to $750,000 and purchasers of new properties worth up to $600,000;</p>
<p>• a doubling of the foreign investor surcharge from four per cent to eight per cent on stamp duty and a rise from 0.75 per cent to 2 per cent on land tax;</p>
<p>• the abolition of the off-the-plan transfer duty concession for residential purchases by investors.</p>
</div>
</div>
<table>
<colgroup>
<col>
<col>
<col>
</colgroup>
<tbody>
<tr>
<td>
<div>
<div>
<p>First home purchase price</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>Savings for first home buyers of new dwellings*</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>Savings for first home buyers of existing dwellings*</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>Total stamp duty charges for foreign investors (surcharge plus stamp duty)**</p>
</div>
</div>
</td>
</tr>
<tr>
<td>
<div>
<div>
<p>$500,000</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$28,768</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$18,768</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$57,990</p>
</div>
</div>
</td>
</tr>
<tr>
<td>
<div>
<div>
<p>$550,000</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$31,451</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$21,451</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$64,240</p>
</div>
</div>
</td>
</tr>
<tr>
<td>
<div>
<div>
<p>$600,000</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$34,361</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$24,361</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$70,490</p>
</div>
</div>
</td>
</tr>
<tr>
<td>
<div>
<div>
<p>$650,000</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$26,857</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$26,857</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$76,740</p>
</div>
</div>
</td>
</tr>
<tr>
<td>
<div>
<div>
<p>$700,000</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$18,786</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$18,786</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$82,990</p>
</div>
</div>
</td>
</tr>
<tr>
<td>
<div>
<div>
<p>$710,000</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$17,172</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$17,172</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$84,240</p>
</div>
</div>
</td>
</tr>
<tr>
<td>
<div>
<div>
<p>$750,000</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$10,950</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$10,950</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$89,240</p>
</div>
</div>
</td>
</tr>
<tr>
<td>
<div>
<div>
<p>$775,000</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$6,922</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$6,922</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$92,365</p>
</div>
</div>
</td>
</tr>
<tr>
<td>
<div>
<div>
<p>$800,000</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$2,896</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$2,896</p>
</div>
</div>
</td>
<td>
<div>
<div>
<p>$95,490</p>
</div>
</div>
</td>
</tr>
</tbody>
</table>
<div>
<div>
<p> </p>
</div>
</div>
</div>
</div>
</div>
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Stamp duty scrapped for NSW first home buyers under $650,000 from July 1

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<p>Rising property prices, onerous deposits and competition from local and overseas investors has driven changes to the first home buyer grant system in New South Wales with a number of changes being introduced July 1, 2017.</p>
<p>Glenn Stevens, former governor of the Reserve Bank of Australia said as incomes have risen and preferences about housing have changed, the prices commanded by land in the most desirable locations have increased a great deal.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/06/02/Screen%20Shot%202017-06-02%20at%2010.46.43%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/06/02/Screen%20Shot%202017-06-02%20at%2010.46.43%20AM.png" alt=""></p>
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<p><span>"The NSW economy has been outperforming other regions of the country, helping incomes to rise and employment to grow faster than elsewhere, and attracting more people, particularly as the mining investment boom tailed off," he said.</span></p>
<p><span>"This came after a fairly lengthy period of underperformance in NSW following the 2000 Olympics – some of it is ‘catch-up’. </span></p>
<p><span>"So in a way, some of what we see are the sort of challenges associated with a growth economy. </span></p>
<p><span>"Most observers agree that the supply side of the market in general has struggled to keep up with demand. </span></p>
<p><span>"To be sure, construction rates are presently at record highs. </span></p>
<p><span>"But there is a stock issue: the previous period of underbuilding leaves a cumulative shortfall in the number of dwellings, estimated by the Department of Planning to be as large as 100,000 dwellings. </span></p>
<p><span>"If our objective is housing being affordable in an environment of growth in population and income, we need to have the supply side able to respond to demand in a more elastic way. </span></p>
<p><span>"Most importantly, NSW needs a plan for growth. </span></p>
<p><span>"Leaders need to explain what we need to do to accommodate more people, why growth without a plan is a not a good outcome – but why an even worse outcome would be stagnation."</span></p>
<p><span>Change to stamp duty and concessions include:</span></p>
<p>• abolition of stamp duty for all new and existing homes up to $650,000, with stamp duty discounts for homes up to $800,000; </p>
<p>• a $10,000 First Home Owners Grant available to builders of new properties worth up to $750,000 and purchasers of new properties worth up to $600,000; </p>
<p>• abolition of insurance duty on lenders’ mortgage insurance; </p>
<p>• a doubling of the foreign investor surcharge from four percent to eight percent on stamp duty and a rise from 0.75 percent to 2 percent on land tax; </p>
<p>• the abolition of the off-the-plan transfer duty concession for residential purchases by investors. </p>
<p><a href="https://www.propertyobserver.com.au/images/2017/06/02/Screen%20Shot%202017-06-02%20at%2010.35.06%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/06/02/Screen%20Shot%202017-06-02%20at%2010.35.06%20AM.png" alt=""></p>
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<p>In releasing the package, NSW Treasury said given that housing prices reflect supply and demand, this housing undersupply has meant that competition for housing is high and has pushed up prices.</p>
<p>"Over the past 25 years, NSW has experienced significant population growth," it said.</p>
<p>"From 1991 to 2016, the number of people living in the state increased by 31 percent – growing from 5.9 million to 7.7 million residents.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/06/02/Screen%20Shot%202017-06-02%20at%2010.41.39%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/06/02/Screen%20Shot%202017-06-02%20at%2010.41.39%20AM.png" alt=""></p>
<p>"Sydney’s population growth was even stronger – rising 36 percent from 3.4 million to 4.7 million people over the same period.</p>
<p>"But as the population grew, the previous government failed to maintain sufficient supply of housing across Sydney and New South Wales.</p>
<p>"Between 2000 and 2010, dwelling completions across NSW declined substantially.</p>
<p>"In Sydney, the decline was even more severe with less than half the number of homes completed in 2010 as there were in 2000.</p>
<p>"NSW Treasury’s 2016 Intergenerational Report estimates there was accumulated undersupply of 100,000 dwellings by the end of 2015. That is, even if no one else moved to Sydney an additional 100,000 dwellings would be needed to meet this pent-up demand.</p>
<p><a href="https://www.propertyobserver.com.au/images/2017/06/02/Screen%20Shot%202017-06-02%20at%2010.44.50%20AM.png" target="_blank">Click to enlarge</a></p>
<p><img src="https://www.urban.com.au/images/2017/06/02/Screen%20Shot%202017-06-02%20at%2010.44.50%20AM.png" alt=""></p>
<p>"Since 2011, the NSW Government has made housing supply a priority. However whilst there has been a significant recovery in building activity in these last few years, the years of low activity between 2000 and 2010, combined with a growing population, has resulted in demand for housing remaining strong."</p>
<p>"In addition to the undersupply, an extra 725,000 dwellings are estimated to be required in the Greater Sydney area over the next 20 years to cater for projected population growth. </p>
<p><a href="https://www.propertyobserver.com.au/images/2017/06/02/Screen%20Shot%202017-06-02%20at%2010.45.44%20AM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="https://www.urban.com.au/images/2017/06/02/Screen%20Shot%202017-06-02%20at%2010.45.44%20AM.png" alt=""></span></p>
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Rising property prices, onerous deposits and overseas competition drive NSW FHB grant changes

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<p>Foreign investors will pay higher surcharges when buying residential real estate in New South Wales following new measures to combat housing affordability to be introduced by the State Government.</p>
<p>From July 1 2017 stamp duty surchage for new purchases by foreign investors will rise from four percent to eight percent.</p>
<p>The surcharge on land tax will rise from 0.75 percent to two percent and foreign developers will be exempt from the increased surcharges.</p>
<p>Investors of any kind will no longer be able to delay paying stamp duty on off-the-plan properties for 12 months.</p>
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