ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

[smartcode_project_cta:default project_id=136432]

BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

<section data-element_type="section" data-id="b086848">
Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.

They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.

The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.
</section>

<section data-element_type="section" data-id="534a164">
Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.

“Melbourne is regaining momentum,"&nbsp;Stevens said.

"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.

“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."

<img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" />

Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.

Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.

“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”

Kokoda Property will now progress concept design ahead of a future planning process.
</section>

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.

In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.

“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.

"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

[smartcode_project:default project_id=108747 project_image_fid=193023]

Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.

Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.

[smartcode_project:default project_id=108747 project_image_fid=284864]

Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.

Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.

"This is paramount in the current market," Pezet says.

Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.

[smartcode_project:default project_id=108747 project_image_fid=190743]

One of the biggest drawcards to Lagoon has been the size of the apartments.

"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.

"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

Lagoon is set to complete construction in mid-2026.

[smartcode_project_cta:default project_id=108747]

Lagoon Main Beach approaches sell-out as local buyers drive $75m in sales

Crisis

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We’re going to benefit from the shutdown imposed by the virus, in infinite ways. It may not feel like it at the moment, and I don’t disregard the pain many are going through, but Australia will look back at this crisis as a time that changed the nation for the better.
The discussion now is about how and when we return to normal. But the new normal will be different to the old. It has to be.
One of the big lessons is that we cannot continue to have so many important things made in one country – or anywhere offshore. There are things we need to make in Australia. Manufacturing is poised for a revival, with benefits in employment. This will be part of a strong economic recovery.
The corporate twits who thought it made sense to locate customer call centres offshore because it saved a few bucks are now reconsidering their strategies. They need to bring customer service back home and in the process they will have fewer angry and frustrated customers. And create jobs in Australia.
The situation has forced us to innovate and to work harder at helping our customers. Real estate has found ways to function without live auctions and open houses. We’re seeing examples of online auctions achieving sales well over the reserve price. One-on-one inspections of properties have taken us back to old service standards and getting to know buyers one-on-one. Everyone benefits.
Many of us have realised how much we value the simple things we took for granted, like meeting friends for a cuppa or taking the family to the beach. When the restrictions are lifted, Australians will party like they never have since the end of World War Two – not extravagantly but by going to cafes, pubs, theatres, parks and beaches. A recent survey indicates people plan to take holidays in Australia. Many of the lost jobs will come back (not all, unfortunately).
Some people have learned, by accident, how to save. The restrictions have stopped us going out and spending. The improvement to the bank balance has been an eye-opener. Now some of us know how to get on top of the mortgage and young adults have been shown a way to save a deposit for a first home. First-home buyers with secure jobs will be busy in the second half of the year.
The resources sector has remained steady in the shutdown period. Queensland locations with links to the mining industry have experienced an uplift in rental demand amid the virus crisis, with rents actually rising. China, our biggest trading partner, is projected by the IMF to experience moderate economic growth this year and a boom next year. I’m expecting a resources boom in Australia as China and other nations get ambitious about economic recovery. Real estate markets influenced by resources links may surge – but investors should proceed with caution, because these are fickle and volatile markets.
A more engaging trend with impacts on real estate is the one I wrote about last week. We can expect an increase in people moving from the big cities and buying in lifestyle areas within an hour or two of the city. This movement has been enhanced by technology which allows people to work remotely – and will be exacerbated by the shutdown, which has forced people to work from home.
Some will make it a permanent arrangement. Expect uplift in markets like the Central Coast and the Southern Highlands in NSW; Ballarat, Bendigo, the Latrobe Valley and elsewhere in Victoria; and the Sunshine Coast in Queensland.
As an aside, the virus has done all of us a favour by delivering a major come-uppance to the ugly bastards who run global oil businesses and regularly hold the world to ransom with their cynical manipulation of supply and prices. We’ve all saved money by needing to fill up our cars less often and paying less when we do. Will it change our habits post-shutdown? Hopefully, but probably not.
The virus has generally done the environment a big favour. The before-and-after shots of some of world’s big cities are a revelation, including some in Australia. There’s been a big reduction in emissions. The greatest benefit of the shutdown would be achieved if we learnt something from that. Will we? I fear we will easily slip back into old habits.
But, amid everything, we’ve learnt who the real heroes are and how much we underpay them. We’ve discovered that we can do without over-rated footie players and self-absorbed corporate executives, but not without under-resourced and under-appreciated nurses. Boris Johnson has learnt that more than most.
And we’ve seen a cultural shift in politics and business. There’s been a refreshing absence of adversarial politics. The country apparently can function without people shouting at one another in Parliament. Let’s make that a permanent change.
Business in many ways has sought to be part of the solution, even including the major banks. The only sectors which haven’t entered into the spirit of pulling together have been insurance and some sections of news media.
Who knows – maybe going out of your way to help people is actually good for business.
Terry Ryder is the founder of hotspotting.com.au ryder@hotspotting.com.au twitter.com/hotspotting
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terryryder-YECXbqmri2

The future benefits of the coronavirus crisis: HotSpotting's Terry Ryder

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EXPERT OBSERVATION
Following times of crisis, real estate is traditionally the first to bounce back.
COVID-19 bears striking similarities to the Spanish Flu pandemic of 1919, when despite the media creating fear and hysteria through alarmist headlines, capital city housing prices didn’t fall at all. They boomed in 1919 and then continued to rise by more than ten per cent each year until 1921.
After the national recession (1990-91) and after the GFC (2008-09), it was the real estate market that most quickly saw a return to pre-crisis activity and values.
Why? Because everyone needs a roof over their head  - be that as an owner occupier or a tenant, a business owner or employee, an educator or student, a surgeon or a patient. Be that as a grower or manufacturer, wholesaler or retailer.
I see no indication that this crisis, this pandemic, will be any different. And look what the federal government has done in light of COVID-19? It has stepped in to look after the real estate market as an asset class. I haven’t seen any similar level of intervention in other asset classes, including the share market.
I look at the stages we have already gone through since the first suggestion of COVID-19 affecting the real estate industry some six or seven weeks ago, and what is still to come.
For some perspective, the coronavirus pandemic was confirmed to have reached Australia on January 25, 2020. The first death in this country was recorded om March 1st. On 24th March, realestate.com.au reported that ‘Every day is changing in the wake of coronavirus and it is becoming clear that the property market will not be immune.’ On 12th April, it reported ‘The coronavirus pandemic is having a catastrophic effect on Australia’s economy. While it’s still too soon to tell what damage has extended to the property market, it will unlikely come out unscathed.’
Stage 1 - Outbreak. Taking away of freedom.
Our federal and state governments introduce necessary rules and guidelines to restrict the spread of COVID-19.
Stage 2 - Acceptance
We are adapting to the new way of doing things. Businesses are adapting and pivoting, but initial acceptance turns to ‘get me out of here’ as the novelty wears off. (Staff gravitate back to the office environment, for example). Real estate transactions still occur as people still want and need to buy, sell and rent. Rules around inspections change. Auction go virtual. The real estate industry responds and the better the leadership, the more continuity is ensured and the more fluidly this this carries us through the peak crisis period. We are now starting to see a light at the end of the tunnel.
Stage 3 - Return to ‘normal’. Almost there.
This is ahead of us. It is a re-entry into life as we knew it. It will be complex to navigate, and business leaders and employees alike have critical roles to play in restructuring and moving forward. Courage, confidence, compassion and above all, great leadership, are required.
Stage 4 - The ‘new’ normal
There is a need to re-imagine the old, to bed down new or adapted strategies, and thrive. Businesses won’t go back to what they knew before the pandemic. They will reinvent themselves to be more resilient.
The real estate industry has got this.
We are at the cusp of the positive phase but stage 3 will not be a ‘bang, bang, bang’ like stage 1. This will be more gradual – over three to six months rather than a matter of weeks.
In the medical landscape, the focus is on the flattening of the curve. In the real estate landscape, we look to the upward curve of positive indicators.
This COVID-19 pandemic is going to give us a ‘new normal’ but those trends will shape the way we live and work.
Nothing will change the need for a roof over our heads.
Share market losses and recessions are not necessarily predictors of property declines. Confidence will drive economic recovery, and real estate activity will be significant as ‘flight to safety’ sees property offering better options in comparison to other asset classes given the low interest rate environment and the fiscal policies put in place by governments in response to COVID-19. (Relief packages, stimulation packages, funding and support)
One of the most googled questions right now is: How will coronavirus affect house prices?
Some markets may experience this more than others, with a decrease in values – but not at alarmist levels. I do not believe we’ll see significant drops or forced sales across the board.
Right now, around one-third of the world’s population is living under some sort of lockdown. Only public health indicators will bring an ‘end’ to the pandemic.
Three factors determine the severity of economic downturn: the degree of isolation and social distancing expected; how long these things go on for; and monetary and fiscal policies.
Australia is in a good space. As is New Zealand.
While no sector of the economy is being spared from COVID-19 impact, real estate is Australia’s biggest industry and its greatest contributor to employment. It represents more than 13 per cent of GDP, which is why those leaders who must manage and plan the economic and policy response to this pandemic will keep their focus firmly on real estate.
Housing is Australia's single largest asset class. Residential property outperformed all other investment types, including shares, over the past 20 years.
Real estate makes the economy stable, has tangible value, provides jobs and is an income generating asset. Real estate exists to provide shelter. Real estate will be a major pillar of recovery.
And when we come out the other end, our leaders – across government, real estate and other sectors, will be even better prepared for any crisis of the future.
MICHAEL DAVOREN is the Managing Director at RE/MAX Australia
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j.ballantyne1990-6AQqhLzZaK

All roads lead to real estate: RE/MAX's Michael Davoren

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<div>The housing affordability crisis is now one of the biggest issues in Australia, causing widespread social, political and economic implications, and according to Douglas Driscoll, chief executive of real estate group Starr Partners.</div>
<div> </div>
<div>Housing affordability is not just a problem for the young generation, it impacts other echelons of the Australian population.</div>
<div> </div>
<div>Over time, Australia has started to view property as a business opportunity as opposed to merely somewhere to live, and it is now a national obsession. In fact, Australia has the highest number of residential mortgages per capita in the world, with house prices having risen at a rate that far outperforms that of household income and rents.<a href="https://outlook.office.com/owa/?realm=propertyobserver.com.au#_ftn1"></a> </div>
<div> </div>
<div>He said he is perplexed by the Government’s restraint and says it needs to move beyond deploying election tactics because inactivity is no longer an option.</div>
<div> </div>
<div> “There’s a lot of conversation but little action being undertaken to reach a resolution. You don’t need to be a professor of economics to see that we need a levelling of the playing field. We require immediate and prudent Government intervention that will protect the interests of future generations, not just win votes at the next election,” he said.</div>
<div> </div>
<div>“If you simply just tried to give first home buyers more of an edge this will prove counterproductive and might have disastrous consequences; it could simply add more fuel to what is already a roaring inferno and see property prices artificially increased to a whole new level. </div>
<div> </div>
<div>"Resultantly, investors will just end up outbidding owner-occupiers and paying even more. </div>
<div> </div>
<div>"Conversely, I don’t think it’s fair that we simply hone in on the wealthy.</div>
<div> </div>
<div>"In my opinion, this issue can only be resolved by pincer movement, applying tactics on both sides of the spectrum is the only way we can begin to reach a more level playing field."</div>
<div> </div>
<div>
He believes affordability could be addressed on a state-level.
</div>
<div> </div>
<div>“We are so obsessed with our own little patch of Australia, but at the end of the day we need to remember that regional Australia and even other capital cities are not faced with the crippling prices we have in Sydney," he said.</div>
<div> </div>
<div>"The matter is met with incredible complexity; if we change legislation, what does that mean for the other eighteen million Australians living outside of the harbour city?”</div>
<div> </div>
<div>Looking abroad, less than 50 percent of residents in Germany own their home. Tax regulations, stable prices, availability of housing and risk-averse banks make renting the more attractive option<a href="https://outlook.office.com/owa/?realm=propertyobserver.com.au#_ftn2"></a>. </div>
<div> </div>
<div>Contrastingly, the UK Government has a number of options for buyers under affordable home ownership schemes. Shared ownership is a scheme that allows UK residents to buy a share of their home and pay rent on the remaining share.<a href="https://outlook.office.com/owa/?realm=propertyobserver.com.au#_ftn3"></a> </div>
<div> </div>
<div>DOUGLAS OFFERS SIX SOLUTIONS TO THE HOUSING AFFORDABILITY CRISIS:</div>
<div> </div>
<div>1.       DISCOUNTED MORTGAGE RATES FOR FIRST HOME BUYERS. Subsidies already exist for students, with the availability of extremely competitive low-interest rate loans and study assist loans, so why can’t something similar be offered to first home buyers? The role and responsibility of any Government is to serve society and create opportunities for the people it represents. Unlike education, home ownership is not a democratic right, but it is certainly something that a government should help encourage and financially facilitate.</div>
<div> </div>
<div>2.       LIMIT NEGATIVE GEARING. Negative gearing looks as if it is going to be front and centre of the political debate for the upcoming Federal election. Contrary to some reports, negative gearing is not necessarily the domain of the wealthy, but it is certainly not something that the working class always benefit from. I don’t subscribe to the theory that negative gearing is responsible for driving property prices up, but it is definitely a contributing factor, and unlike a lot of my peers, I believe that some form of prudent intervention is now needed. I have to question why the Government ruled out changes to negative gearing in the recently announced Federal Budget, because something needs to give. Regardless of their recent manifesto, I still believe it’s a case of when, not if. The two main political parties seem to be diametrically opposed on this matter, but personally I believe that the solution lies somewhere between the two standpoints. Rather than abolish negative gearing altogether, it could perhaps be less generous or capped to a certain number of properties, for example. This would only apply to new transactions with any existing investments being grandfathered. </div>
<div> </div>
<div>3.       ABOLISH STAMP DUTY ON FIRST TIME PURCHASES. Historically, the Government has tried to entice younger generations into buying property by offering grants, but this is fundamentally flawed in my opinion and has never really worked. Instead, first home buyers should be made exempt from having to pay the exorbitant cost of stamp duty.</div>
<div> </div>
<div>4.       ALLOW FIRST HOME BUYERS TO PURCHASE USING THEIR SUPERANNUATION. In theory, this isn’t a bad idea, but most first home buyers probably don’t have enough money in their super to pay the deposit for a property, especially if they are hoping to buy in Sydney. Rather than simply being able to take the money from their superannuation fund, it should be structured as an interest-free loan, with repayments being made over a long-term period with the full amount needing to be settled before the maturation of the fund.</div>
<div> </div>
<div>5.       SIGNIFICANT INVESTMENT IN REGIONAL TOWNS. One of the key contributing factors of the affordability crisis is the migration of the masses to metropolitan areas; meaning that we all want to live in the same areas and are often left fighting over the same scraps. Many rural locations are deemed by some city dwellers as antiquated outposts. What if there was considerable investment in these areas that would breathe life back into them and make them more attractive to buyers? Over the past few years, the NSW State Government has spent billions of dollars on macro projects within the confines of Sydney, such as large-scale urban regeneration and new or upgraded transport infrastructure. –Imagine what would happen if they spent similar sums on areas such as Maitland, Wollongong and Bathurst. Would they become viable alternatives for people looking to buy a home? The introduction of high-speed rail connections to these areas would certainly enhance their desirability. Another enticement could be to offer incentives to outer-city locations on an exclusive basis</div>
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<div>6.       SHARED OWNERSHIP. The UK’s version of this flexible scheme helps subsidise the purchase price and allows the homeowner to buy bigger shares as and when they can afford to. I think a similar model would work here in Australia. We have to be mindful from a socioeconomic view that property doesn’t just become the reserve of the rich.</div>
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<div>DOUGLAS DRISCOLL is chief executive officer of real estate agency <a href="https://www.starrpartners.com.au/" target="_blank">Starr Partners</a>.</div>
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