<p>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.</p>

<p>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.</p>

<p>Multiplex has been appointed the builder, and construction is now underway.</p>

<p>[smartcode_project:default project_id=108274 project_image_fid=365784]</p>

<p>Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.</p>

<p>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.</p>

<p>“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.</p>

<p>He said NAB’s early support was instrumental in helping establish the company’s development model.</p>

<p>“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.</p>

<p>“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.”</p>

<p>[smartcode_project:default project_id=108274 project_image_fid=365771]</p>

<p>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.</p>

<p>Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.</p>

<p>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.</p>

<p>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.</p>

<p>The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.</p>

<p>[smartcode_project:default project_id=108274 project_image_fid=365768]</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>[smartcode_project_cta:default project_id=108274]</p>


Joel Robinson

NAB funds $1 billion Surfers Paradise apartment development, Palmera

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p data-end="792" data-start="529"><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" /></p>

<p data-end="1040" data-start="794">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.”</p>

<p>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.</p>

<p>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.</p>

<p>Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.</p>

<p>“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.</p>

<p>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.</p>

<p>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.”</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>“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.</p>

<p>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.</p>

<p>“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.</p>

<p>“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”</p>

<p>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.</p>

<p>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.</p>

<p>&nbsp;</p>

<p>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.</p>

<p><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" /></p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>


First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
<p data-end="577" data-start="264">The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.</p>

<p data-end="577" data-start="264">The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.</p>

<p data-end="577" data-start="264"><img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" /></p>

<p><em>Interior view from the Northern Building Penthouse overlooking the park</em></p>

<p>&nbsp;</p>

<p data-end="1070" data-start="809">The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.</p>

<p data-end="1246" data-start="1072">Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.</p>

<p data-end="1483" data-start="1248">Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.</p>

<p data-end="1854" data-start="1485">Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”</p>

<p data-end="2059" data-start="1856">The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”</p>

<p data-end="2318" data-start="2061">The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.</p>

<p data-end="2486" data-start="2320">Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.</p>

<p data-end="2486" data-start="2320"><img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" /><em>Interior View of the Heritage Building Apartment</em></p>

<p data-end="2814" data-start="2488">The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.</p>

<p data-end="3188" data-start="2816">&nbsp;</p>

<p data-end="3625" data-start="3404">The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.</p>

<p data-end="4003" data-start="3627">The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.</p>

<p data-end="4149" data-start="4005">Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.</p>

<p data-end="4488" data-start="4151">The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.</p>

<p data-end="4609" data-start="4490">The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.</p>

<p data-end="4894" data-start="4611">“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.</p>

<p data-end="5090" data-start="4896">The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.</p>

<p data-end="5090" data-start="4896"><img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" /></p>

<p data-end="5304" data-start="5092">The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.</p>

<p data-end="5498" data-start="5306">Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.</p>

<p data-end="6154" data-is-last-node="" data-is-only-node="" data-start="5806">In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”</p>

<p>Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.</p>

<p>The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.</p>

<p>It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.</p>
</section>


First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

<p>The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.</p>

<p>Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.</p>

<p>The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.</p>

<p>The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.</p>

<p>Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.</p>

<p>The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.</p>

<p>The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.</p>

<p>Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.</p>

<p>Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.</p>

<p data-end="345" data-start="110">The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.</p>

<p data-end="689" data-start="347">Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.</p>

<p data-end="689" data-start="347">Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.</p>


Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

<p>Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.</p>

<p>The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.</p>

<p>The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.</p>

<p>The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" /></p>

<p>SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.</p>

<p>“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.</p>

<p>The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.</p>

<p>“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" /></p>

<p>The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.</p>

<p>Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.</p>

<p>The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.</p>

<p>COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" /></p>

<p>“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.</p>

<p>The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.</p>

<p>The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.</p>

<p>Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a></em></p>


First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

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>
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</td>
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<p>$95,490</p>
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<p> </p>
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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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