Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Victoria

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First home buyers in Victoria have seen the biggest increase in the time needed to save for a deposit for a median priced house across all of Australia, according to a new report by Bankwest.
Victorian first time buyers (FTBs) are having to save for seven months longer than they did last year, the biggest increase in the country, thanks to a buoyant property market in the state.
FTBs have to save for 5.4 years to save the necessary $126,187 needed for a deposit, up from 4.9 years last year and well above the 4.6 year national average, said the 2017 Bankwest First Time Buyers Report.
Despite this shows, first time buyers are not being put off from trying to get their foot on the housing ladder with 26,369 first time purchases in the year to June 2017 (roughly stable YoY).
Furthermore, ABS data shows the number of FTBs buying in the year to August 2017 rose by 3% to 27,758 (accounting for 15.1% of all homes purchased in the same period).
<a href="https://www.propertyobserver.com.au/images/2017/12/1/VicMostTime.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/12/1/VicMostTime.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/12/1/VicLeastTime.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/12/1/VicLeastTime.png" alt="">
Victoria’s FTBs have been responding to a number of factors, according to Bankwest general manager Personal &amp; Small Business Banking, Donna Dalby.
“Victorian house prices rose by 14.0% in the 12 months to August 2017 but also in 2017 we saw the introduction of stamp duty discounts for Victorian first time buyers on properties up to $750,000,” she said.
“While Victorian wages only grew by 2% this stamp duty discount will have encouraged first time buyers into the market. There were approximately 3,162 FTBs in Victoria in the month of August 2017 alone, the highest number since December 2009.”
In Melbourne, it takes more than four years for FTBs to save for a deposit in every local government area (LGA) in the city - the first time in the history of the report. Two in three (67.7%) LGAs require FTBs to save for more than six years, up from 54.8% in 2016.
FTB couples in Melbourne will need an average of 6.4 years to save the $153, 008 deposit needed on a median priced house, eight months longer than in 2016 (5.7 years) and 1.5 years above the capital city average of 4.9 years.
Melbourne’s Boroondara area is the least accessible as FTBs there will require an average of 15 years to save a median deposit of $436,738.
The saving time here rose by 1.4 years year onn year, driven by a 12.8%1 increase in Boroondara median house prices.
A four-bedroom house at <a href="https://www.realestate.com.au/property-farmlet-vic-gannawarra-7913094" target="_blank">50 Lake Road, Gannawarra</a> (picture above) is on the market for $350,000. It was previously listed in 2013 for $355,000.
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jonathanchancellor-7SQnKwU6yx

Victorian FHBs hampered by buoyant housing market 

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The Melbourne areas with the most number of unoccupied properties have been revealed, as the Andrews government prepares for its new vacant property tax.
The new tax will hit the Melbourne City Council area, where more than 2500 high-rise apartments are vacant.
The new tax will apply to the 16 local government areas from January 1 next year for properties that are left vacant for more than six months in a calendar year.
In the Moonee Valley council area, which includes Essendon, Moonee Ponds, Ascot Vale, Avondale Heights, there are at least 1700 empty properties.
There are more than 1000 vacant properties in the inner-northern Yarra City Council area, which takes in Fitzroy, North Carlton, Collingwood and Richmond.
Glen Eira and Port Phillip each have up to 1300 unoccupied properties.
 The number of empty homes is estimated based on water usage.
Premier Daniel Andrews said the vacancy tax would send a strong message to property owners who were "land banking" that they needed to sell or rent those homes.
There is a range of exemptions for the tax. Some of those will include deceased estates, holiday homes and properties being renovated.
Mr Andrews said the vacancy tax was a commonsense change.
"This is a really powerful signal to the market not to be leaving properties vacant at a time when so many people are finding it so hard to get into the market."
Census figures from 2016 showed that Australia had 200,000 more homes sitting empty than it did a decade ago. 
The vacancy tax is expected to raise more than $80 million over four years. But Mr Andrews said he hoped it would encourage owners to rent or sell their properties rather than providing revenue to the government.
Opposition Treasurer Michael O'Brien​ asked "are property owners now required to send their diaries to Daniel Andrews' tax officials?"
HomeGround Real Estate, a division of Launch Housing, is calling on owners of empty properties in the municipality to return 1,000 homes to the rental market.
Despite the current housing affordability crisis, more than 7,000 homes in the City of Melbourne municipality remain empty according to City of Melbourne demographic data 2013*. Returning just 14 per cent, or 1,000 homes, to the rental market would make a big difference to the growing number of people who struggle to find an affordable home in Melbourne.
HomeGround Real Estate is a not-for-profit real estate agency run by Launch Housing, one of Melbourne’s largest providers of housing and homelessness services. The innovative social enterprise aims to increase the stock of affordable housing for clients throughout Melbourne, securing affordable properties for low income tenants, including women and children escaping family violence. 
Launch Housing Deputy CEO Dr Heather Holst said property owners leave homes empty for a variety of reasons but listing the properties with HomeGround Real Estate could make a big difference.
“More and more people on lower incomes are at risk of homelessness due to the lack of affordable rental properties in Melbourne.
“The benefits are huge. People who have otherwise been priced out of the market are offered more affordable private rental, and HomeGround Real Estate offers landlords expert property and tenancy management services that give them peace of mind, the opportunity to contribute to those in need of housing, and a ‘social return’ on their negotiated, discounted rental fee.” 
The City of Melbourne made a one-off grant of $150,000, from its $2 million Pathways Innovation Package, to HomeGround Real Estate to contribute to activities that will increase the number of rental properties that are available to people experiencing homelessness within the municipality.
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j.ballantyne1990-6AQqhLzZaK

Melbourne's vacant property hotspots revealed as Andrews introduces new tax

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Victoria’s land sales boom continues in step with strong migration, with new research by Oliver Hume showing prices rising and new lot sales increasing by 2.1% in the last three months.
Melbourne land continues to be some of the hottest property in the country with new lots being snapped up in just around three weeks on average, down from nearly 200 days five years ago.
Median prices in metropolitan Melbourne’s growth areas rose by around a third, reaching over $292,000 in the September quarter 2017, according to Oliver Hume’s new Quarterly Market Report.
Meanwhile, lot sizes keep shrinking. The median size of a lot declined over the year to 414 sqm in the September quarter 2017 from 420 sqm in the September quarter 2016.
The research, which covers key land, apartment and development site markets in Victoria and South East Queensland, analysed thousands of transactions.
It showed around 6,800 land sales in the three months to the end of September across key markets in Victoria.
The median price of land in metropolitan Melbourne’s growth areas reached $292,650 in the third quarter, up 7.6% (or $20,650 from $272,000 in the June quarter of 2017.) 
Melbourne’s west remains the city’s major growth corridor with more than 50 active projects; the northern corridor had 38 active projects, while the south-east corridor had over 31 projects. 
Oliver Hume national head of Research George Bougias said Melbourne’s unprecedented population growth was driving the property market.
“The new property market continues to see considerable growth,” he said. “It is being driven by a range of demand and supply factors, especially record population growth and demographic change.
“Population growth via natural increase remains high and Victoria continues to attract an increasing number of overseas and interstate migrants. Importantly, many new migrants are now calling Melbourne’s growth area municipalities home.”
Victoria’s population rose by over 149,000 people in the year ending March 2017 with all components of population growth either at their peak or close to their previous peak.
<a href="https://www.propertyobserver.com.au/images/2017/11/15/AvgTimeonMkt.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/11/15/AvgTimeonMkt.png" alt="">
Oliver Hume director Gerrard Ellis said land was attracting a wide variety of buyers including first home buyers, investors and value hunters from Sydney.
“Over the last couple of years, we have seen an ever-increasing number of people priced out of the Sydney market looking to set up their life in Melbourne,” he said. “If your job and family are transferrable, the decision is pretty simple.
“Melbourne is not just attracting locals either with roughly three out of every four buyers in Melbourne born overseas and one-in-five from India.” 
An analysis of buyers in the September quarter showed first home buyers (38%) remain the most active and together with second home buyers account for around 70% of all new land purchases.
Bougias said the medium and long-term outlook for land sale prices and volumes remained positive if population growth continued to remain robust.
“Metropolitan Melbourne could add over a million people in under a decade with the greenfields playing a critical role in accommodating this higher than expected population growth,” he said.
“The Melbourne greenfield market is nationally significant in accommodating Australia’s record growth in population.”
Bougias said the population of Melbourne would continue to grow strongly well into the future, and probably outstrip most official forecasts.
Except for the first quarter of 2015, the average time on market for new land lots has now fallen or remained steady in every quarter since the third quarter of 2013, after peaking in the current cycle at 6.6 months at the end of 2012.
The statistic measures the period from when a piece of land is released for sale by a developer until it is contracted by a purchaser.
 
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Victorian land sales soar as population grows fast: Oliver Hume

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Located on the shores of Victoria’s Gippsland Lakes, Bay House at Metung has sold for a record $2.8 million.
The <a href="https://www.realestate.com.au/sold/property-house-vic-metung-124869986" target="_blank">charming three bedroom residence</a> is on a 1888 sqm block on Bancroft Bay, at the upper end of the town's market.
It had been traded at $2.55 million in 2007, setting a record which was only bettered last year when another house on what's known as Shaving Point sold for $2.62 million.
The picturesque township, four hours east of Melbourne, comes with a $415,000 the median house price.
Bay House offered a state of the art kitchen, open-plan living area, fireplace, timber floors, and a fully fitted self-contained studio.
With all bedrooms complete with ensuites and water views, the Metung Road retreat sold through Castran Real Estate agent, John Castran, in conjunction with King &amp; Heath First National. 
It came with landscaped gardens and lawn with 26 metres of bay frontage.
The property included a jetty and a private floating marina with deep water berthing for two boats up to 17m, plus additional berthing for smaller vessels. 
This article was first published in The Weekend Australian.
 
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jchancellor-FAypfDUnLy

Record waterfront Metung beach house sale

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

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Rental bidding apps such as Rentberry, Liveoffer and Rentwolf, which aim to implement the property auction process to renting, could soon face a crackdown in Victoria.
The announcement was part of the Labor government’s policy push to make “renting fair” through a package of tenancy reforms.
Victoria’s Minister for Consumer Affairs Marlene Kairouz said that as more people are renting than “ever before and for longer – that’s why tenants need a fairer deal”.
“These changes will crack down on rental bidding, make it easier and faster for renters to get their bond back, and will better hold landlords and agents to account for their actions,” Kairouz added.
Academic Garrick Small from CQUniversity Australia had noted recently in The Conversation that in a market already tilted in favour of landlords, renting apps could further push up rents.
Small summarised each of the apps: Live Offer, Rentberry and Rentwolf
"Live Offer asks prospective tenants to fill out forms and these are then ranked for the landlord to choose," Small said.
"The prospective tenants can see where they are in the rankings, in real time.
<img src="https://www.urban.com.au/images/2017/10/18/LiveOffer.png" alt="">
"Rentberry is more of a real-time auction site.
"Prospective tenants submit bids, can see what the current highest bid is and how many bids there have been. 
 <img src="https://www.urban.com.au/images/2017/10/20/Rentberry.png" alt="">
"With Rentwolf, prospective tenants set up extensive profiles, as they would with AirBnB, and then apply for properties through the marketplace."
<img src="https://www.urban.com.au/images/2017/10/20/Rentwolf.png" alt="">
Domain reported earlier this year that the controversial Silicon Valley start-up, Rentberry that lets tenants bid against each other for rental properties will launch in Australia this year.
Elite website editor Sarah Bell recently listed some ‘thinking points’ about rent bidding apps in the Elite Agent.
While she said that the apps encourage a free and open system, rewarding those who compete and are bold, a roof over our heads is a basic necessity and bidding will only increase the stress of renting.
Also, the ‘market price’ for rentals won’t necessarily be dependent on the features of the accommodation as much as it will turn on the availability of the accommodation. 
Bell suggested making available data on recently leased comparable properties so that tenants can make an informed decision about market value, as opposed to market value being whatever a tenant is prepared to pay. 
Rental bidding creates an uneven bargaining power between tenant and landlord, she said.
“There is a danger that as the economy cycles and rental accommodation becomes more scarce, the non-property owning class – some of whom are the most vulnerable people in our society – will feel the impact most sharply.”
The rental bidding apps should try to address the imbalance of power between landlord and tenant. 
The highest possible market price could punish a tenant through the term of a lease and the hassles involved where a tenant cannot afford and ceases to pay rent can dwarf a theoretical windfall from an inflated rent bid.
Limits on bidding based on affordability were needed to protect those most vulnerable to over-bidding, she suggested.
Bidding simply makes price the most important factor in choosing a tenant, rather than other factors such as the tenant’s rental history, stability and others that make a good tenant.
Rental bidding can eventually backfire if tenants feel it is unfair. Collectively, tenants could vote with their feet and simply refuse to rent properties in a rent-bid scenario – essentially driving their corrective action on a perceived power imbalance, she says.
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Debate grows as Victoria announces crackdown on rental bidding  

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What is something worth? How do you put a dollar value on something like a river, a forest or a reef? When one report announces that <a href="https://theconversation.com/whats-the-economic-value-of-the-great-barrier-reef-its-priceless-80061" target="_blank">the Great Barrier Reef is worth A$56 billion</a>, and another that it’s <a href="https://theconversation.com/whats-the-economic-value-of-the-great-barrier-reef-its-priceless-80061" target="_blank">effectively priceless</a>, what does it mean and can they be reconciled?
This contrast points to fundamentally different notions of value. Environmental accounting is a way of recognising and comparing multiple sources of value, in order to better weigh competing priorities in resource management.
In practice it is sometimes crude, but it’s been <a href="https://unstats.un.org/unsd/envaccounting/seeaRev/SEEA_CF_Final_en.pdf" target="_blank">standardised internationally</a> and its scope is expanding to include <a href="https://unstats.un.org/unsd/envaccounting/seeaRev/eea_final_en.pdf" target="_blank">social, cultural, and intrinsic benefits</a>.
Using environmental accounting we’ve <a href="https://rdcu.be/vXlL" target="_blank">investigated</a> the tall, wet forests of Victoria’s Central Highlands to weigh the competing economic cases for continuing <a href="https://www.vafi.org.au/" target="_blank">native timber harvesting</a> and creating a <a href="https://www.greatforestnationalpark.com.au/" target="_blank">Great Forest National Park</a>. But first we’ll explain a little more about environmental accounting, and how we put a price on trees.
<h2>What we count</h2>
Essentially, environmental accounting involves identifying the contributions of the environment to the economy, summarised as gross domestic product (GDP). In Australia, the Australian Bureau of Statistics standardises the data and reporting of these contributions in the <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/AusStats/ABS@.nsf/MF/5204.0" target="_blank">System of National Accounts</a>. The Bureau also produces <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/AusStats/ABS@.nsf/MF/4655.0" target="_blank">environmental accounts</a> that extend the range of information presented - e.g. water and energy use and greenhouse gas emissions.
But there are other things of value, like positive environmental and social outcomes, worth incorporating into calculations. <a href="https://unstats.un.org/unsd/envaccounting/seeaRev/eea_final_en.pdf" target="_blank">Ecosystem accounting</a> gives researchers a framework for doing this, extending the accounting to look at the value of different “ecosystem services” – the contributions of ecosystems to our wellbeing - and not just goods and services captured in our national accounts or environmental accounts.
For example, businesses and homes pay a price for water delivery, but the supplier doesn’t pay for the water that entered the dam. That water is an ecosystem service created by forests and the atmosphere. By assessing costs in the water supply industry, we can estimate the value of the ecosystem service of water provisioning.
<h2>The value of Victoria’s Central Highlands</h2>
Victoria’s Central Highlands are contested ground. Claims and counter-claims abound between the proponents of native timber production and those who are concerned about the impacts of logging on water supply, climate abatement and threatened species.
<a href="https://rdcu.be/vXlL" target="_blank">Our research</a> has, for the first time, directly compared the economic and environmental values of this ecosystem. It shows that creating a Great Forest National Park is clearly better value.
With any change in land management, there will be gains and losses for different people and groups. Assessing these trade-offs is complex, made even more so by patchy and inconsistent data.
Through careful accounting, we synthesised the available data and calculated the <a href="https://tsrhub.worldsecuresystems.com/Ecosystem%20Complete%20Report_V5_highest%20quality.pdf" target="_blank">annual contributions of industries</a> to GDP. In 2013-14, the latest year for which all financial data were available, these came to A$310 million for water supply, A$312 million for agriculture, A$260 million for tourism and potentially A$49 million for carbon storage. (There is no current market for carbon stored in native forests in Australia – more on that in a minute.)
All of this far exceeds the A$12 million from native timber production. Although timber production is a traditional industry, its contribution to the regional economy is now comparatively small.
<a href="https://images.theconversation.com/files/186939/original/file-20170921-16572-3kqj0h.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/186939/original/file-20170921-16572-3kqj0h.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> The GDP contribution in millions of dollars by primary industries in 2013-14. Author provided
The industries that use ecosystem services are classified as <a href="https://www.abs.gov.au/ANZSIC" target="_blank">primary production</a> – agriculture, forestry and water supply. This classification is comprehensive (it covers all economic activities) and mutually exclusive (there is no overlap of categories). Downstream uses of the products from agriculture, forestry and water supply are an important consideration for the industries as a whole, but are included in manufacturing industries and not in ecosystem accounts.
<h2>Older forests are more valuable</h2>
Native timber production involves clearfell harvesting (<a href="https://www.vicforests.com.au/planning-1/harvestingtypes" target="_blank">removing the majority of trees at the site</a>) and slash burning (using <a href="https://www.vicforests.com.au/planning-1/harvestingtypes" target="_blank">high-intensity fire to burn logging residue and provide an ash bed for regeneration</a>). Regenerating forests are younger, with all trees the same age, and have lower species diversity.
This means these young forests contribute less to biodiversity, carbon storage, water supply and recreation. Therefore harvesting native timber requires a trade-off between these conflicting activities.
<a href="https://images.theconversation.com/files/186940/original/file-20170921-16572-1mfc03p.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/186940/original/file-20170921-16572-1mfc03p.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Trade-offs between industries in their use of ecosystem services can be complementary (green) or conflicting (red). Author provided
But <a href="">more than 60%</a> of the native timber harvested in the Central Highlands is used for pulp. This can be substituted by production from plantations that are more efficient and increased use of recycled paper. Both softwood and hardwood plantations can provide <a href="https://www.mup.com.au/books/9780522854190-the-forest-wars" target="_blank">substitute sawlogs</a>.
If we phased out native forest harvesting, increases in the value of water supply and carbon storage would offset the loss of A$12 million per year contributed by the industry. (It would also most likely increase profits for the tourism and plantation timber sectors.)
Older trees use less water than young regrowth, and allowing native forests to age would increase the supply of water to Melbourne’s main reservoirs by an estimated 10.5 gigalitres per year. That’s worth <a href="https://tsrhub.worldsecuresystems.com/Ecosystem%20Complete%20Report_V5_highest%20quality.pdf" target="_blank">A$8 million per year</a>. Security of water supply for the increasing population of Melbourne is an ever-present concern, particularly with projected decreases in rainfall and streamflow.
Older forests also <a href="https://www.sciencedirect.com/science/article/pii/S092180091300030X" target="_blank">store more carbon</a> than younger regrowth forests. The federal government’s Emission Reduction Fund does not recognise native forest management as an eligible activity for <a href="https://www.environment.gov.au/climate-change/government/emissions-reduction-fund" target="_blank">carbon trading</a>, but if this changed the forest could earn carbon credits worth A$13 million per year. This would provide an ongoing and low-cost source of carbon abatement, which could be used to meet Australia’s emissions reduction targets, while the Victorian government could use the money gained to support an industry transition.
Of course, economic benefit is only one way of looking at land. We know that the Central Highlands is home to unique flora and fauna that cannot be replaced (much of which is <a href="https://tsrhub.worldsecuresystems.com/Ecosystem%20Complete%20Report_V5_highest%20quality.pdf" target="_blank">increasingly under threat</a>). But careful environmental accounting can help explicitly define the various trade-offs of different activities.
<img src="https://counter.theconversation.com/content/84357/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">It’s particularly important when legacy industries – like native timber harvesting – are no longer environmentally or economically viable. The accounting reveals the current mix of benefits and costs, allowing management of this area to be reconsidered.
<a href="https://theconversation.com/profiles/heather-keith-145929" target="_blank">Heather Keith</a>, Research Fellow in Ecology, <a href="https://theconversation.com/institutions/australian-national-university-877" target="_blank">Australian National University</a>; <a href="https://theconversation.com/profiles/david-lindenmayer-4848" target="_blank">David Lindenmayer</a>, Professor, The Fenner School of Environment and Society, <a href="https://theconversation.com/institutions/australian-national-university-877" target="_blank">Australian National University</a>, and <a href="https://theconversation.com/profiles/michael-vardon-165459" target="_blank">Michael Vardon</a>, Visiting Fellow at the Fenner School, <a href="https://theconversation.com/institutions/australian-national-university-877" target="_blank">Australian National University</a>
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/money-cant-buy-me-love-but-you-can-put-a-price-on-a-tree-84357">original article</a>.
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Money can't buy me love, but you can put a price on a tree

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Mortgagees have sold a four-bedroom weatherboard for $169,000 at Stanhope in Victoria's north central district.
The property at <a href="https://www.realestate.com.au/sold/property-house-vic-stanhope-125981422" target="_blank">2 Ross Court</a> had country style verandahs.
Set behind a picket fence, the home came with a renovated kitchen.
It was sold by Peter Cardamone.
It last sold at $117,000 in 2003.
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Stanhope mortgagee offering sells for $169,000

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Landlord insurance will go up after the Andrews' Government pet policy for tenants is introduced in Victoria next year.
Canstar says most exisiting landlord insurances don't include covering damage from pets.
"Landlords should check with their insurer to see if they’re covered, before allowing pets at their property," one industry adviser recently stressed.
“Before allowing pets at your property, it’s a good idea to establish a pet agreement between you and your tenant,” they said.
“You should also outline the consequences if a tenant fails to meet their obligations.”
It is recommended property managers closely monitor whether animals are present at the property by conducting regular property inspections.
Landlord insurance is an absolute must for property investors, providing financial security against damage, rent defaults or theft.
"Landlords need to be wary of getting a cheap landlord insurance policy with lots of exclusions," Canstar noted. 
The Canstar tables below show the median rental income, average insurance costs, and percentage of rental income across capital cities in Australia. The costs are based on a landlord insurance policy with $300,000 of building insurance cover (for houses) and $25,000 of contents insurance (for both houses and units). 
<table class="table table-responsive table-hover"><tbody>
<tr>
<th width="153">Location</th>
<th width="153">Median Annual Rental Income</th>
<th width="153">Average Annual Insurance Premium</th>
<th width="153">Percentage of Income spent on Insurance</th>
</tr>
<tr>
<td width="153">Sydney</td>
<td width="153">$27,560
 
($530/week)
</td>
<td width="153">$1,160.53</td>
<td width="153">4.2%</td>
</tr>
<tr>
<td width="153">Melbourne</td>
<td width="153">$20,800
 
($400/week)
</td>
<td width="153">$928.07</td>
<td width="153">4.5%</td>
</tr>
<tr>
<td width="153">Brisbane</td>
<td width="153">$20,800
 
($400/week)
</td>
<td width="153">$1,112.37</td>
<td width="153">5.3%</td>
</tr>
<tr>
<td width="153">Adelaide</td>
<td width="153">$18,460
 
($355/week)
</td>
<td width="153">$891.82</td>
<td width="153">4.8%</td>
</tr>
<tr>
<td width="153">Perth</td>
<td width="153">$20,280
 
($390/week)
</td>
<td width="153">$939.41</td>
<td width="153">4.6%</td>
</tr>
<tr>
<td width="153">Hobart</td>
<td width="153">$18,200
 
($350/week)
</td>
<td width="153">$836.91</td>
<td width="153">4.6%</td>
</tr>
<tr>
<td colspan="4" width="612">
Source: Average premiums from CANSTAR – Landlord Insurance star ratings report.
</td>
</tr>
</tbody></table>
 In Sydney insurance costs 4.3% of rental income.
The price of insurance in Melbourne equates to 4.2% of income.
Hobart is the cheapest place for insuring an investment property, for houses (above) and apartments (below).
<table class="table table-responsive table-hover"><tbody>
<tr>
<th>Location</th>
<th>Median Annual Rental Income</th>
<th>Average Annual Insurance Premium</th>
<th>Percentage of Income spent on Insurance</th>
</tr>
<tr>
<td>Sydney</td>
<td>$27,300
 
($525/week)
</td>
<td>$419.25</td>
<td>1.5%</td>
</tr>
<tr>
<td>Melbourne</td>
<td>$19,760
 
($380/week)
</td>
<td>$335.49</td>
<td>1.7%</td>
</tr>
<tr>
<td>Brisbane</td>
<td>$19,760
 
($380/week)
</td>
<td>$396.99</td>
<td>2.0%</td>
</tr>
<tr>
<td>Adelaide</td>
<td>$14,820
 
($285/week)
</td>
<td>$316.61</td>
<td>2.1%</td>
</tr>
<tr>
<td>Perth</td>
<td>$17,420
 
($335/week)
</td>
<td>$347.55</td>
<td>2.0%</td>
</tr>
<tr>
<td>Hobart</td>
<td>$14,820
 
($285/week)
</td>
<td>$307.57</td>
<td>2.1%</td>
</tr>
<tr>
<td colspan="4">
Source: Average premiums from CANSTAR – Landlord Insurance star ratings report.
 
</td>
</tr>
</tbody></table>
The NSW Left faction of the Labor Opposition has also been considering a policy that would stop all landlords in the state from banning pets from their properties.
A proposed policy doing the rounds within the Labor Left seeks to propose an amendment to the ALP’s policy platform that “disallows ‘no pets’ clauses”, the Daily Telegraph reported earlier this year.
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Victorian government pet policy for tenants will trigger higher landlord insurance

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The Victorian government has announced reforms to the rental market.
The reforms include limiting rent increases for the same tenant to once a year. 
The government will also abolish "no specified reason" notices to vacate, and new restrictions will be placed on ending leases without a reason at the end of a lease when that lease has lasted more than one fixed term.
The State Labor Government says "a rent increase every 6 months can put strain on the hip pockets of renters."
Less frequent rent increases will help tenants manage cost of living pressures.
"Rent increases are changing from being able to be increased every 12 months instead of every 6 months," the government signalled.
"Rent increases must be reasonable.
"Tenants have the right to appeal to VCAT if they believe an increase is excessive compared with the market rent," the government announced.
Landlords will be expected to put their best foot forward from the outset of the rental process by settling on a realistic fixed price, enabling applicants to broadly rely on the advertised price when looking for their next rental property.
All landlords and agents must:
<ul>
<li>be advertised at a fixed price (no ranges or ’price plus’ advertising)</li>
<li>not invite prospective tenants to make an offer at a price higher than the fixed price (including via technology platforms)</li>
</ul>
The reforms require amendments to Residential Tenancies Act 1997. The process to amend the RTA is underway.
Victorian landlords and real estate agents risk being put on a blacklist under these state government reforms aimed at giving tenants more rights.
<div class="story-content">
Premier Daniel Andrews says the changes will also prevent blanket bans on pets in rentals, establish a commissioner for residential tenancies, and force landlords to disclose to potential tenants plans to sell.
"For too long we've had an imbalance and things have not been as fair as they should be," he told reporters in Melbourne on Sunday.
"The landlord and the agent have all the power and given how tight the market is, the tenant can't speak out and has no voice."
"The one in four Victorians that rent their home have for a long time have been owed a much fairer deal, and we are going to give it to them,'' Mr Andrews said.
The legislation will be introduced to parliament in 2018.
Consumer Affairs Minister Marlene Kairouz says potential renters will still be able to offer additional money to secure a place.
"Real estate agents will be prohibited from advertising a range for the rental price ... they have to advertise the exact amount," she said.
"If a renter really wants a property and is prepared to pay an extra $10 a week, they (agents) will be able to accept that but they're not able to solicit extra money."
The Real Estate Institute of Victoria was quickly critical of the government's plan, which it said would "significantly imbalance the market in favour of tenants".
"All landlords should reconsider whether they want to remain in the private rental market given their rights are being eroded," REIV chief executive Gil King said in a statement.
Current laws restrict any rental agreements to a maximum of five years but Premier Daniel Andrews said, when introducing reforms earlier this year, signalled under the new rules there would be no "artificial cap."
One-year leases are the norm for most renters in Victoria.
</div>
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