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

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

Joel Robinson

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

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

NAB funds $1 billion Surfers Paradise apartment development, Palmera

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

First look: Aqualand joins St Leonards apartment party

<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">
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.

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.

<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" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

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.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

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.

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.”

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.”

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.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<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" />Interior View of the Heritage Building Apartment

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.

&nbsp;

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.

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.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

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.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“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.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<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" />

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.

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.

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.”

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.

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.

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>.
</section>

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

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

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

Stamp Duty

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The NSW Government has announced it will abolish stamp duty paid on new and existing homes worth up to $650,000 for first home buyers taking effect July 1, 2017.
The duty concession on properties valued between $650,000 and $800,000 will be gradually reduced. 
Concessions on vacant land will remain unchanged. 
According to the NSW Government, a property costing $650,000 would have the entire stamp duty of $24,740 waived while a home costing $700,000 would be entitled to a $16,493 reduction. 
First home buyers building a new property will be entitled to a $10,000 grant on homes worth up to $750,000. First home buyers purchasing a new property worth up to $600,000 will be entitled to a $10,000 grant.
The $5,000 New Home Grant Scheme will be closed.
<a href="https://www.propertyobserver.com.au/images/2017/06/02/Screen%20Shot%202017-06-02%20at%2010.01.04%20AM.png" target="_blank">Click to enlarge</a>
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Premier Gladys Berejiklian said she wanted to ensure owning a home is not out of reach for people in NSW.
“These measures focus on supporting first homebuyers with new and better targeted grants and concessions, turbocharging housing supply to put downward pressure on prices and delivering more infrastructure to support the faster construction of new homes," she said.
“This is a complex challenge and there is no single or overnight solution. I am confident these measures will make a difference and allow us to meet the housing challenge for our growing State.
The 12-month deferral of duty for residential off the plan purchases by investors will be abolished. Buyers who are purchasing a home they plan to live in off-the-plan will still be entitled to a 12-month delay in the payment of stamp duty, however this is closed to investors. It takes effect from 1 July.
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jonathanchancellor-7SQnKwU6yx

NSW Government to roll out first home buyer stamp duty caps

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<div id="title">
The First Home Owner Grant (FHOG) scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation.
Under the scheme, one-off grants are still payable to first home owners that satisfy the eligibility criteria.
To see if you are eligible, click on the links below the correspond to the state or territory you are looking to purchase in.
</div>
<div id="generalinfo">
New South Wales State Government
<a href="https://www.osr.nsw.gov.au/grants" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/07/28/nsw.jpg" alt="" width="200" height="138"></a>
 
 
Australian Capital Territory 
<a href="https://www.revenue.act.gov.au/home-buyer-assistance/first-home-owner-grant" target="_blank"><img src="https://www.urban.com.au/images/2015/07/28/ACT%20Logo.gif" alt=""></a>
 
Northern Territory State Government
<a href="https://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/Pages/default.aspx" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/07/28/nt1.jpg" alt=""></a>
 
Queensland State Government
<a href="https://greatstartgrant.osr.qld.gov.au/" target="_blank"><img src="https://www.urban.com.au/images/2015/07/28/qld.png" alt=""></a>
 
Government of South Australia
<a href="https://www.revenuesa.sa.gov.au/" target="_blank"><img src="https://www.urban.com.au/images/2015/07/28/sa.png" alt="" width="309" height="206"></a>
Tasmanian Government
<a href="https://www.sro.tas.gov.au/" target="_blank"><img src="https://www.urban.com.au/images/2015/07/28/tas.png" alt=""></a>
State Revenue Office of Victoria
<a href="https://www.sro.vic.gov.au/first-home-owner" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/07/28/album_photos_medium_28.jpg" alt=""></a>
Government of Western Australia
<a href="https://www.finance.wa.gov.au/cms/State_Revenue/FHOG/First_Home_Owner_Grant.aspx" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2015/07/28/govOfWATextColour_283x268.jpg" alt=""></a>
</div>
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What are the government grants for first home buyers in your state or territory?

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New South Wales will double its foreign investors stamp duty surcharge to 8 percent as part of premier Gladys Berejiklian’s moves to address housing affordability ahead of the budget. 
The annual land tax surcharge on foreign home owners will also increase to 2 percent from the existing 0.75 per cent.
Berejiklian is expected to announce more details after a cabinet meeting on Thursday, The Australian Financial Review reported. 
Although Sydney median home prices are the highest in the country, the latest data suggests prices fell slightly in May with concerns about an oversupply of new apartments. 
The tax hikes are expected to raise $1.9 billion over the next four years for the NSW budget, compared to $150 million raised from the 4 percent tax which was announced in last year's budget.
New South Wales stamp duty and land transfer receipts were back up to $9.4 billon over the year to January 2017.
Treasurer Scott Morrison has predicted that foreign buyers would fall by more than half this year as states increase taxes and the tax office cracks down on buyers who try to skirt Foreign Investment Review Board approval.
The NSW government is also poised to widen access to its first-home buyers bonus, offering it to buyers of existing stock rather than just new homes, the AFR said.
The state budget will be announced on June 20.
Housing affordability is one of the cornerstones of Berejiklian’s agenda after she became the NSW premier earlier this year. She appointed former Reserve Bank governor Glenn Stevens as an advisor on the package which cabinet is now considering. 
Foreigners made up about 11 percent of home purchases in NSW in the September quarter last year, according to NSW government data.
NSW surcharge is now above Victoria which charges 7 percent but it is still below comparable international jurisdictions facing a similar flood of foreign buyers. In Canada some provinces charge as much as 15 percent.  The tax charges are in addition to normal NSW stamp duty of as high as 7 percent.
But only about 2 percent of NSW home buyers paid the surcharge because it does not affect foreign citizens provided they are permanent residents who have been in Australia for 200 days in the preceding year.
In 2015-16, FIRB approved about 13,000 purchases by foreigners in NSW, about a third of the 40,000 foreign residential approvals. FIRB's definition of foreign buyers is slightly different to NSW. 
Morrison says the total number of foreign buyers will to 15,000 this year.
FIRB data suggests that the vast majority of foreign buyers come from China.
Some have argued that foreigners buy the equivalent of a quarter of new housing constructed in NSW. 
 
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NSW hikes stamp duty for foreign investors to 8 percent

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Government charges are dissuading property owners from selling their homes, driving up demand and impacting affordability, a survey by LJ Hooker has shown.
The survey of 2,700 home owners showed 44 percent of respondents who wanted to sell in 2016 but decided against it, cited transactional imposts such as the stamp duty they would pay on their next property as the reason for staying put.
If stamp duty was lessened, 51 percent of respondents said they would likely go to market, but that figure increased to 61 percent of respondents if the charge was scrapped entirely.
As the Commonwealth and state governments prepare to tackle affordability in their 2017-18 Budgets, pent-up demand has been a significant contributor to price rises in capital cities.
Nationwide, listings were 8.9 percent fewer in 2016 than the previous 12 months according to CoreLogic RP Data.
The reduced level of choice – accompanied by a record low cash rate - resulted in the number of transactions dropping by 9.2 percent over 2016.
LJ Hooker’s Head of Research Mathew Tiller said the survey found 60 percent of survey respondents who requested a market update in 2016 decided against selling.
“A market update is the first critical step in the selling process,” said Mr Tiller.
“The fact that six out of every ten people who had a market update, also known as an appraisal decided against listing suggests there is a deterrent in the selling process,” he said.
“When pressed for the reason why they chose not to sell, almost half (44 percent) indicated the costs involved with selling then buying a new home, including stamp duty, were too high.
As stamp duty is pegged by the state governments to property prices, we’ve seen transactional costs rise exponentially.
In Sydney, the sale of a median priced property costs a buyer around $40,000; in Melbourne, the 5.3 percent duty adds $37,520 for buyers.
While Sydney and Melbourne sellers have enjoyed strong price growth, respondents have reported the accompanying increase in stamp duty, on the purchase of their next home, as a reason to not sell.”
Mr Tiller said the high response rate to “cost of change” such as stamp duty could give governments ‘food for thought’ during their budget preparations.
“A drop off in the number of transactions has a bearing on the amount of stamp duties collected by governments and place strains on their programs.”
LJ Hooker Network Chief Graeme Hyde said while the efforts of governments to increase new supply assisted in improving market affordability, established homes overwhelmingly accounted for the bulk of real estate transactions.
“Home owners are staying in their properties for longer periods of time which is reducing the necessary turnover of stock.
With an increasing and ageing population, it’s important all market demographics have the confidence to buy and sell in the marketplace to aid sustainability,” said Mr Hyde.
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j.ballantyne1990-6AQqhLzZaK

Stamp duty stopping Australians from selling

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Stamp duty isn't a much admired tax.
Except by governments that is!
The arguments against stamp and transfer duties include that they discourage labour force mobility, while making life challenging for first home buyers.
It's not hard to see why governments like them, though.
Over the year to February 2017 the NSW Office of State Revenue (OSR) alone recorded astronomical receipts of $9.4 billion.
Stamp duty is now accounting for more than a quarter of state government revenue in NSW.
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Chart-1.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/30/Chart-1.jpg" alt="">
I noted last year how the NSW government has smashed its budget targets to leave itself with net debt of less than zero for the first time, largely thanks to this remarkable windfall.
A proposed alternative would be to put an annual tax on the unimproved value of residential land, including for the family home (there is already a land tax threshold in place, but it doesn't capture all homeowners due to an exemption on the family home).
The main challenge is that with residential land values in New South Wales of $1,657 billion, the annual tax would have to be quite significant to raise the equivalent $9.4 billion.
Recent proposals have included an annual land tax of 0.75 per cent.
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Chart-2.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/30/Chart-2.jpg" alt="">
There are now just over 3 million dwellings in New South Wales, so another way to look at it is that households and owners of other residential dwellings may have to stump up on average $3,100 per annum to raise the equivalent amount of tax.
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Chart-3.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/30/Chart-3.jpg" alt="">
A proposed land value tax would typically deliver comparatively little pain for those living in an apartment, since the land value content of such dwellings is relatively low.
On the other hand I think of the retirees on my street who now have very valuable land under their homes, for which the annual land tax bill would be impossible for them to pay.
So the argument goes, by taxing people on their homes they will be 'incentivised' to move somewhere smaller and more appropriate for their needs.
It could certainly happen over time, though it would be a brave move politically.
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank">Four Green Houses and a Red Hotel</a>.
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pwargent-M4siyDbqQY

Stamp duty bonanza: Pete Wargent 

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There’s plenty to like and lots to criticise in the housing measures announced by the State Government in Victoria.
Firstly, let’s be grateful for some progress on a difficult issue and acknowledge this factor: at last we have a state government willing to recognise that resolution of affordability issues lies within its own hands.
The standard political response to affordability problems is to point the finger of blame in other directions. All manner of culprits have been made scapegoats, including foreign buyers, Australian investors and migrants to Australians.
But the reality is that politicians lie at the heart of the problems. All three levels of government play significant roles in adding to the costs of building or buying dwellings – none more so than state governments.
So it’s refreshing to see Victoria taking some responsibility for this issue. It’s also heartening to see that Premier Daniel Andrews and his cohorts have recognised that simplistic solutions won’t make a difference. Rather, they have announced a multi-phased campaign to try to improve things.
Too much media time in the affordability debate has been wasted on people advocating single-pronged solutions, usually based on their own vested interests or on politically-motivated opinions that lack any substance or a basis in research.
The Victorian Government has announced a series of measures which address some, but certainly not all, of the factors wrapped up in the contentious issue.
It has taken steps in increase supply, both in Melbourne and in regional Victoria.
It has sought to encourage people out of the Melbourne market and into regional areas.
And it has addressed the stamp duty cost burden on first-home buyers, while also introducing a joint-purchase scheme to further assist first-timers.
There are plenty of issues it hasn’t addressed, especially the way in which government policies, taxes and charges had enormously to the cost of producing new homes.
That’s because it wants to make a difference without taking too much of a hit to the Budget bottom line. Like all state governments, it’s addicted to all that lovely revenue it rips out of the housing industry in taxes, fees and charges of various kinds.
So it’s found a way to slug investors while helping first-home buyers, so that it recoups from the former some of the revenue it loses by helping the latter.
It’s introducing a tax on investor properties left vacant for six months of the year, equal to 1 percent of the property’s capital-improved value. The idea is to force to owners to sell them or rent them out, thereby adding to the supply of homes. This won’t apply, apparently, to holiday homes or homes owned by people who move overseas temporarily.
It’s claimed there are at least 24,000 homes sitting empty in Melbourne because their owners prefer to keep them vacant rather than put in tenants. There’s a fundamental issue here that needs to be debated, based on the individual’s right to make decisions about their assets. 
The Government is also increasing housing supply through plans for 17 new suburbs with 100,000 home sites around the Melbourne metropolitan area.
The Government is abolishing stamp duty for first-home buyers of properties up to $600,000, with stamp duty discounts for those between $600,000 and $750,000. It will pay for them by removing the stamp duty exemption for investors who buy off-the-plan apartments.
It’s also increasing grants for first-home buyers in regional Victoria (new homes only) from $10,000 to $20,000. There aren’t too many rural locations with pressing affordability issues so this, it seems, is more about encouraging people to move to regional centres, thereby easing demand-supply pressures in Melbourne.
There’s also a new plan called HomesVic, whereby the government will co-purchase homes jointly with first-home buyers.
Many people would applaud those measures or most of them. They’re designed to help first-time buyers in various ways while slugging people who buy homes as investments.
But it’s an approach that fails to recognise the part investors play in lifting housing supply, providing a necessary pool of homes for rent and creating wealth to provide for future retirement. 
It also ignores the most pressing issue of the affordability situation: the part state governments play in inflating the cost of new housing. This government is, essentially, giving with one hand and taking away with the other – it’s providing grants, stamp duty concessions and other assistance to first-time buyers of homes which are expensive in the first place because of governments imposts on the dwelling supply process. 
If they had the political will they could make new dwellings considerably cheaper - and then those grants and concessions wouldn’t be so necessary.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/">hotspotting.com.au</a>. You can  <a href="mailto:%20%3Cscript%20type='text/javascript'%3E%20%3C!--%20var%20prefix%20=%20'ma'%20+%20'il'%20+%20'to';%20var%20path%20=%20'hr'%20+%20'ef'%20+%20'=';%20var%20addy38821%20=%20'ryder'%20+%20'@';%20addy38821%20=%20addy38821%20+%20'hotspotting'%20+%20'.'%20+%20'com'%20+%20'.'%20+%20'au';%20document.write('%3Ca%20'%20+%20path%20+%20'/''%20+%20prefix%20+%20':'%20+%20addy38821%20+%20'/'%3E');%20document.write(addy38821);%20document.write('%3C//a%3E');%20//--%3E/n%20%3C/script%3E%3Cscript%20type='text/javascript'%3E%20%3C!--%20document.write('%3Cspan%20style=/'display:%20none;/'%3E');%20//--%3E%20%3C/script%3EThis%20email%20address%20is%20being%20protected%20from%20spambots.%20You%20need%20JavaScript%20enabled%20to%20view%20it.%20%3Cscript%20type='text/javascript'%3E%20%3C!--%20document.write('%3C/');%20document.write('span%3E');%20//--%3E%20%3C/script%3E">email him</a> or follow him on <a href="https://twitter.com/hotspotting">Twitter.</a>
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terryryder-YECXbqmri2

Victoria slugs investors, helps first-home buyers: Terry Ryder

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The Victorian government has abolished stamp duty for first home buyers for purchases below $600,000.
Those buying a home valued between $600,000 and $750,000 will be eligible for a concession from the Andrews Labor Government from July 2017.
The exemption and concession will apply to both new and established homes, in a move that is expected to help 25,000 Victorians find their first home.
The Government will also remove off-the-plan stamp duty concessions on investment properties, described as "a further move to help tilt the scales back towards home owners."
The off-the-plan stamp duty concession will now be available solely for those who intend to live in the property or who are eligible for the first home buyer stamp duty concession.
The stamp duty for off-the-plan investors will raise almost as much as axing stamp duty for low-price first home buyers will cost, it has been advised.
At the same time, a Vacant Residential Property Tax will be introduced to address the number of properties being left empty across inner and middle suburbs of Melbourne.
Under the changes, owners who unreasonably leave these properties vacant will instead "be encouraged to make them available for either purchase or rent."
The Vacant Residential Property Tax will be levied at 1 per cent, multiplied by the capital improved value of the taxable property.
For example, if the property has a capital improved value of $500,000, the amount paid will be $5,000.
There will be a number of exemptions, recognising there are some legitimate reasons for a property being left vacant, including holiday homes, deceased estates and homes owned by Victorians who are temporarily overseas.
Premier Daniel Andrews said in the past, "if you worked hard and saved enough, you could afford to buy your own home. Now, that’s getting harder and harder.
“These changes will help thousands of Victorians make the Great Australian Dream a reality.”
“With negative gearing and capital gains tax concessions, the odds are already stacked against first home buyers.
"This will help level the playing field.”
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jchancellor-FAypfDUnLy

Victorian investors lose OTP stamp duty concessions

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<h3 class="post-title entry-title"> </h3>
<div id="post-body-183755154986059073" class="post-body entry-content">
<div>New South Wales stamp duty and land transfer receipts were back up to $9.4 billon over the year to January 2017.</div>
<div> </div>
<div>The rolling annual number of transactions is down from previous heights, though remains high with so many apartments being constructed.</div>
<div> </div>
<div><a href="https://www.propertyobserver.com.au/images/2017/02/21/NSW.jpg" target="_blank">Click to enlarge </a></div>
<div> </div>
<div class="separator"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/21/NSW.jpg" alt=""></div>
<div> </div>
<div>
<div>With a record construction boom and rising Sydney dwelling prices, it shouldn't be a surprise that stamp duty and transfers paid rose to record highs in FY2016.</div>
<div> </div>
<div>In fact, the NSW state budget surged into a massive $4.7 billion surplus in 2015-16.</div>
<div> </div>
<div>This result was miles ahead of forecasts and left the state government with net debt of less than zero.</div>
<div> Yes, the state government moved into a cash positive position for the first time ever.  </div>
<div> </div>
<div>To complete the virtuous circle, billions of these funds need to be rolled into urgently required infrastructure projects, not least to plug the hole in the economy that will be left by declining housing construction from 2018 forth. </div>
</div>
<div> </div>
<div>Plenty more where this came from in 2017 as apartment completions hit the market (recall too that the 2016 NSW Budget introduced a 4 per cent surcharge purchaser duty on the acquisition of residential real estate by foreign persons from June 21, 2016.).</div>
<div> </div>
<div>It's important to recognise that the record windfall represents a surge in pre-sold apartments as much as any recent increase in market liquidity, as stock on market levels to date remain relatively low.</div>
<div> </div>
<div>
<div>The number of transactions jumped to above 25,000 in November 2016, and total receipts seared to an unprecedented $1.78 billion in the month.</div>
<div> </div>
<div>Just to put that number in context, the prior year equivalent figure had been only $729 million, and the previous record for any individual month was just $1.2 billion.</div>
<div> </div>
<div>The November number was so much higher than the prior year that it seemingly defies logic, although there had been a change in purchase duties for non-residents, and then there was the $16 billion Ausgrid sale.</div>
<div> </div>
<div>In January 2017 there were 17,473 transactions, a slightly lower figure than in the prior year.</div>
</div>
<div> </div>
<div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx">Four Green Houses and a Red Hotel</a>.
</div>
</div>
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NSW stamp duty boom continues in 2017: Pete Wargent  

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GUEST OBSERVER
A review of tax system including stamp duty should be the first point of business for newly appointed premier Gladys Berejiklian.
Former premier Mike Baird had taxation reform on his agenda. 
It's time for his successor to deliver something back to property consumers.
A review of the tax system is necessary immediately.
The NSW government has seen windfall after windfall in recent years and it is time to give back.
We urge Premier Berejiklian to recognise that stamp duty has not been reviewed for 30 years.
It’s time for a Premier to step in and take charge. We believe that Gladys Berejiklian has the potential to be the Premier who leads NSW into a future where property consumers aren’t being ripped off by outdated stamp duty brackets.
Premier Berejiklian can lead NSW into a future were incentives for first homebuyers purchasing existing properties are reinstated. We call on Premier Berejiklian, as leader of the NSW Government to reduce stamp duty for first homebuyers by 50 per cent for the purchase of a residential property less than $1 million. 
We also urge her to provide the ability to pay the stamp duty over time in what will help to ease the housing affordability crisis that we are experiencing.
REINSW proposes a one off 50 per cent concession for the over 65's up to $1 million, another step that will also help to get the supply chain moving. 
Premier Berejiklian and her government will see a $4 billion surplus for 2016–2017.
By cutting stamp duty we are not asking government to reduce its revenue, to the contrary we believe, based on the experiences in other states, that a reduction in the stamp duty rate will generate additional market activity. 
To further support supply and affordability we call on the new premier to make amendments to planning laws, to bring back a SEPP for Dual Occupancy. This will provide the middle ring suburbs of Sydney with part of the solution to this major issue. 
We look forward to working Premier Berejiklian and helping support those who choose to live in NSW, the nation's best performing economy.
John Cunningham is president of the REINSW and can be contacted <a href="https://www.reinsw.com.au/imis15_prod/" target="_blank">here</a>.
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REINSW calls on new premier to review stamp duty

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GUEST OBSERVATION
Varying from state to state, another factor contributing to the high entry cost to housing is stamp duty, particularly in Australia’s largest two capital cities.
Levied by each state and territory and payable by the receiver when a property is transferred, stamp duty varies remarkably across the states and territories based on the price of the property, the type of buyer (owner occupier / first home buyer / investor) and the type of property. 
Calculating how much stamp duty is applicable on a property purchase can be confusing due to the significant differences regionally, but also due to the complexity of rules, concessions and limits that are applied to the calculation of stamp duty.
Based on the median dwelling value across each capital city, stamp duty estimates can range from a whopping $32,680 in Melbourne to a modest $9,000 in Brisbane.
Even though the median dwelling value is $200,000 higher in Sydney compared with Melbourne, the cost of stamp duty on the median valued home is actually slightly lower in Sydney, at $31,763, due to higher stamp duty rates in Victoria.
In some states, first-time home buyers can be offered substantial concessions on stamp duty; however there is generally an upper limit. 
For example, first home buyer property transactions in Victoria with a price tag of $600,000 or less will enjoy a 50% reduction on their rate of stamp duty. 
In Queensland, first home buyers purchasing a property priced less than $550,000 can realise a discount of more than $8,000.
Stamp duty rates can also be higher for investors.
Surprisingly, New South Wales, which is the state with the largest proportion of investors, does not charge a premium rate of stamp duty on this segment of the market.
The three largest states also charge a stamp duty premium on property purchasers by foreign buyers.
Because stamp duty costs are percentage based, as dwelling values move higher, stamp duty costs can rise disproportionately faster due to bracket creep. 
Over the past five years dwelling values in these two cities have increased by 62% and 38% respectively which implies at least a commensurate rise in stamp duty costs in these cities.
The high transactional costs associated with housing are likely to be one factor that is contributing to a slowdown in the number of sales across the country.
While stamp duty is generally the largest transactional cost associated with buying, there are other costs such as building and pest inspections, conveyancing, removalists and more that also need to be factored in and are likely to be dampening participation in the housing market. 
Add to this the fact that most lenders will be seeking a 20% deposit and the barriers to entry become even more substantial.
For state governments, stamp duty is one of the largest revenue sources. 
In the 2014-15 financial year, state and local government taxation revenue was recorded at $89.278 billion having increased by 7.0% over the year. 
The taxation revenue was comprised of $45.203 billion or 50.6% from property related taxes (mostly stamp duty and municipal rates). 
While total tax revenue increased 7.0% over the year, property tax revenue increased by 10.5% highlighting that property taxes are the largest source of taxation revenue for state and local governments and are rising at a rapid pace.
If transaction numbers across the housing market continue to trend lower, state governments are likely to encounter a budget hole as stamp duty revenue falls.  
For this and associated reasons, we may find state governments become more serious about considering a broader based land tax that is applicable to all property owners rather than a stamp duty that is payable only across the small percentage of properties that transact each year.
Tim Lawless heads up the CoreLogic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia.
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