Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

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

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

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

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

NAB funds $1 billion Surfers Paradise apartment development, Palmera

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

First look: Aqualand joins St Leonards apartment party

Federal Budget

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<img src="https://counter.theconversation.edu.au/content/77101/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The measures in the 2017-18 Federal Budget targeting the supply of lower-cost rental housing are limited.
There are no significant funding increases to social housing and homelessness services. There is no increase in rent assistance to help low-income renters in the private rental market.
Capital gains tax and negative gearing settings remain largely untouched, and the proposed bond aggregator will support expansion of housing aimed at very specific groups. 
For the majority of Australia’s renters, housing will remain unaffordable, insecure and out of reach.
<h2>Community housing</h2>
If private investors get on board, the bond aggregator may help boost the supply of affordable and community housing by providing cheaper financing to community housing providers.
These two forms of housing are extremely important. However, they do little to help most renters.
Eligibility requirements for community housing mean many who require low-cost housing, where rent is calculated at between 25 percent and 30 percent of household income, are not able to gain access.
Single older women are among the fastest-growing group of homeless people in Australia. However, most are unable to access community housing because the only eligibility benchmark they meet is their low-income status. 
Women not leaving situations of domestic violence or who do not have a recognised disability will find it difficult to qualify for housing before they reach homelessness.
The private rental market these women face is obscene. There is extremely low housing security with the risk of eviction when the standard lease agreement (of six and 12 months) runs out. High rents place sufficient, nutritious food out of reach of their budget, and they face difficulties paying power bills.
Time spent bringing up children, the gendered pay gap and – for some – relationship breakdown are among the factors that lead to this housing experience.
Long waiting lists for social housing and eligibility restrictions mean this year’s budget proposals are likely to fail this group.
<h2>Affordable housing</h2>
The second target of the bond aggregator is affordable housing. This is housing that is rented at between 75% and 80% of market rent. It is often described as “key worker” housing, where teachers, ambulance drivers and police officers can live.
Affordable housing has an important place in the housing system. However, below-market rents in central, work-rich regions are still extremely high and out of reach for many.
Of more concern, it is unlikely that many of these lower-income workers would be able to maintain their high rents at retirement. This generates two risks:
<ul>
<li>
that the renter is evicted and forced to find housing on the private market, which puts them at high risk of homelessness
</li>
<li>
that the housing provider continues their commitment to house the tenant securely once their income drops, so the risk here is to the housing provider’s bottom line. They will face a loss of income, as they drop rents from 80% of market value to around 30% of the retired person’s pension.
</li>
</ul>
<h2>First home buyers</h2>
The budget tips its hat to first home buyers; prospective buyers will now be allowed to save up to A$30,000 at a reduced tax rate. But this is barely one-quarter of a standard 20% deposit for most apartments in Sydney.
Renters who aspire to home ownership and have sufficient income to service a mortgage may benefit from this measure. However, it will do little for the large number of low- and moderate-income households. For this group, spiralling housing costs put home ownership well out of reach.
It is also possible that this measure will add to inflationary pressure on housing prices by boosting demand for entry-level homes. Existing owners who are selling their homes would be the primary beneficiaries.
<h2>What’s missing?</h2>
There remains a need for courageous government action to tackle the structural inequities in the housing market. 
Removing tax incentives that keep investor heat in the market will be essential – and so will increases to social housing budgets.
Investment in a large stock of secure low-cost social housing should be prioritised. Failing this, there will be a need to increase rent assistance payments, particularly in high-cost regions. 
But this is far from ideal. More rent assistance will help renters in the short term, but amounts to a subsidy for private landlords in the long term.
<h2>Does the government care?</h2>
Underpinning much budget analysis is a sense that government should be concerned with the needs of the disadvantaged. Sociologist Keith Jacobs argues we should disavow ourselves of that view, describing housing policy in Australia as a “form of reverse welfarism that exacerbates social inequality”. 
Jacobs argues:
… the state should be understood as an agency that sustains the conditions necessary for the finance industry, developers and real estate agents, along with well-off householders and landlords, to reap profits.
The failure of the 2017 budget to tackle tax measures that support individual private investment, and its emphasis on funding social and affordable housing through market investment mechanisms while providing little direct support at the bottom end of the market, does little to challenge this argument.
Emma Power is senior Research Fellow, Geography and Urban Studies, Western Sydney University and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/emma-power-250930" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Is this the budget that forgot renters?

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The budget announcements to deal with the housing affordability crisis are positive but a national housing plan and minister should be in place to tackle the problem, according to a senior industry executive. 
Compass Housing’s manager of research David Adamson said the budget contained a range of positive measures for first home buyers to private rental to affordable housing and homelessness but still lacked “a cohesive plan with measurable outcomes”.  
Hunter and Central Coast-based Compass Housing is a community housing provider.
“In particular, we are pleased to see confirmation of a new bond aggregator to make it easier for community housing providers to obtain finance to deliver additional housing,” Adamson said.
“We are pleased to see reformed National Housing and Homelessness Agreements which will require state governments to hit targets for additional social and affordable housing and will encourage them to transfer additional stock to the not-for-profit sector,” he said. 
But he said Compass was disappointed there is still no integrated plan to solve Australia’s housing crisis.
“The budget contained some worthwhile initiatives but it remains to be seen if these measures will be enough to address the current housing shortfall.”
“Housing, including social and affordable housing, needs to be viewed as part of Australia’s social and economic infrastructure and integrated with other infrastructure planning.” 
Compass had stated the case for a national plan and minister in pre-budget talks. 
Determining funding for the right housing measures would be much easier if the government had a national housing plan and a minister for housing to ensure targets are met, its managing director Greg Budworth had said ahead of the budget.
Budworth, who is also co-chair of the United Nations Habitat programme’s civil society partner constituent group, said budgets should be developed to meet strategic and operational plans. 
He said it “makes no sense that Australia does not have a national plan nor a minister responsible for something as fundamental as housing”.
Budworth said he agreed with Treasurer Scott Morrison that there is no silver bullet to the housing crisis but says with rising social housing waiting lists, high capital city house prices and an increasing number of working people experiencing housing stress, action is long overdue. 
The government announced a new National Housing and Homelessness agreement with the states and territories to ensure a supply of housing for those most in need. The agreement includes $375 million of government funding for housing for the homeless and those needing crisis accommodation. 
In another step, starting next year, private investors would be offered incentives to invest in affordable housing, with a 60% discount on capital gains if they provide their property at below-market rent and to tenants on low-to-moderate incomes managed by a registered community housing provider. 
“An effective plan will only be realised if the Commonwealth government recognises that housing is a fundamental human right and the responsibility of the national government and a national minister, not just the states and territories,” Budworth said.
He suggested that the government’s national co-ordination and responsibility must include direct investment in social and affordable housing.
“There are less public housing dwellings now than last decade despite around 200,000 people on public and social housing waiting lists and a general acceptance that Australia has a shortfall of between 200,000 and 400,000 dwellings.”
Budworth said Australia was in a similar situation in 1945s when the national government took action in conjunction with the states.
“Back then there was a need for austerity but there was also acknowledgement that workers needed housing and that constructing housing would stimulate the economy and get people working.”
“With the current downturn in manufacturing and mining we have many workers for whom constructing housing is a realistic use of their skills; another example of housing’s integration with social infrastructure.” 
“This way, more social and affordable housing becomes possible on the back of economic infrastructure investment and job creation rather than as welfare subsidy.”
“If we had another “Affordable Housing Commission” type policy response the housing built could eventually sold by government, as it was previously.
Budworth said one example of possible integration of housing and other infrastructure planning was high speed rail links. He said such infrastructure is already being proposed and would create new commuter towns between those capital cities, taking pressure of capital city housing demand and boosting regional Australia’s economy.
“A rising tide can lift all ships and makes the provision of affordable housing and housing subsidies more sustainable.” 
He said a number of housing and community organisations, economists, academics and other experts have done considerable work to help the government to create a national plan.
“Where are Australia’s long term plans for infrastructure and housing? It is time for such plans rather than one off political cycle centric planning and initiatives. You can budget for a plan.”
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prateek24-ezbwHMbNAk

Budget positive on housing affordability, but Australia still needs a plan and minister: Compass Housing

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An ATO rule was introduced to catch foreign sellers taking money overseas.
But it was applied to all Australian sellers of $2 million-plus properties - and will now cover all sales above $750,000 in an expanded audit which will also catch local hidden black market property sellers.
The rule classifies all sellers as overseas investors unless they get a special tax clearance.
That means that all buyers of $750,000 plus properties must deduct 10 percent from the purchase price and pay that amount to the Australian Taxation Office (ATO) unless the seller can furnish a tax clearance. 
The rule will affect everyone, including Australians, despite being aimed at overseas investors taking their property windfalls overseas.
The measure can be traced back to the days when former treasurer Joe Hockey caved into pressures to curb Chinese investment in Australian residential property in 2015.
In the process, the treasurer was convinced by the Australian Taxation Office to widen the net to cover local residents.
According to an ATO fact sheet, in May 2013, the government announced that it would introduce a 10 percent non-final withholding tax on payments made to foreign residents who dispose of certain taxable Australian property with a market value above a specified $2 million threshold.
The new legislation for this measure became law in February 2016.
The $2 million rule applied to vacant land, buildings, residential and commercial property, leaseholds and strata title schemes.
The ATO website says, "The government is strengthening our foreign resident capital gains tax (CGT) regime to assist in the collection of foreign residents' liabilities."
A purchaser who does not receive a “clearance certificate” from the vendor and does not send 10 per cent of the purchase price off to the ATO will be liable to pay that 10 percent to the ATO plus
In the majority of cases, local resident vendors will have no problem obtaining a clearance certificate, but it might increase the risk of a tax audit for property sellers who:
<ul>
<li>Have not filed tax returns for many years;</li>
<li>Have filed tax returns, which would indicate they could not afford such a property;</li>
<li>Are selling their residential house at the same time as their neighbours to a single developer, which may give rise to a profit making scheme (such that the principal residence capital gains tax exemption may not apply to the value uplift generated by selling the properties together); or</li>
<li>Where the ATO has gathered information that indicates the vendor is in the business of developing property, which means that the principal residence capital gains tax exemption may not apply.</li>
</ul>
It was inevitable that over time, the ATO would shift their audit target identification processes to lower than $2 million-plus property vendors.
If the vendor has a tax debt, the application for a “clearance certificate” may in some circumstances involve the ATO seeking to recover some or all of that tax debt from the purchaser by way of a garnishee notice. 
In June of last year Property Observer reported on the obligations for seller and buyers for $2 million plus clearance certificates.
Similarly in June last year Property Observer reported on new legislation on the sale of $2 million plus homes.
Property Observer also reported in May last year about the upcoming ATO legislation that will affect sales of $2 million.
Property Observer commented on how the new ATO rule on property deals for $2 million houses will affect Chinese buyers.
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All $750,000 plus property sales to be caught in ATO audit aimed at overseas investors

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From 1 July 2018 the Government will require purchasers of new residential premises to remit the GST directly to the ATO as part of settlement.
KPMG's Indirect Tax Partner Kate Law says this announcement comes as a surprise.
"It is a significant divergence from the way the GST system currently operates , where GST is collected from the supplier (developers).
"The Government has announced this change as a tax integrity measure," she noted.
Around four years ago, ATO compliance programs targeted illegal “phoenix” activity, purportedly from a number of property developers who repeatedly placed companies in liquidation with outstanding GST obligations, despite having claimed input tax credits on construction costs.
However, KPMG indicated it was not aware of industry consultation on this issue more recently.
"We question the practicality and administrative cost of imposing GST on unregistered ‘mum and dad’ purchasers.
"Where developers use the margin scheme to calculate the GST liability, the purchaser is unlikely to be aware of the amount of GST included in the purchase price.
"This measure will therefore require developers to change the way they disclose the price to ensure the GST liability is disclosed as a separate line item," it noted
The Budget papers state that this measure is estimated to increase GST revenue by $660 million and associated payments to the States and Territories, net of administrative costs, by $1.6 billion over the forward estimates period (4 years to 2019-20).
However, the Budget papers state that the difference is due to the timing of when GST is collected and recognised.
"This suggests that it is not a permanent GST difference - which is seemingly at odds with the Government’s statement that some developers are failing to remit the GST to the ATO.”
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j.ballantyne1990-6AQqhLzZaK

New residential GST surprise policy shift in 2017 Budget 

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Foreign investors are facing a tax crackdown under the Budget package.
As of Tuesday's budget, foreign and temporary tax residents will no longer be exempt from a capital gains tax when selling their main residence in Australia.
Capital gains tax rules are being tightened for foreign investors, who will no longer be able to access the main residence exemption.
The new rule starts on budget night but will be grandfathered for existing properties until June 30, 2019, suggesting there might be an exodus arise to avoid paying the extended tax.
The Australian tax law is already complex when it is applied to domestic transactions, but its complexity increases when multiple jurisdictions and foreigner taxpayers are involved.
Accountants advise when evaluating Australian property as an investment, a foreign investor needs to fully understand their taxation obligations in both Australia and their own country of residence, which often requires the engagement of tax specialists in both countries.
It is suggested an individual will be an Australian tax resident if they reside in Australia or in Australia for over 183 days in the year of income.
Even though Australian tax residents will be taxed on worldwide income and the individual top marginal tax rate is relatively higher, there had been benefits of being tax residents until the budget announcement, including:
<ul>
<li>Access to the 50 percent CGT discount if the CGT asset is held for greater than 12 months;</li>
<li>Their main residence will be exempt from CGT upon sale (this would generally not apply to non-residents); and</li>
<li>There is no foreign stamp duty surcharge.</li>
</ul>
The withholding rate on capital gains tax that foreigners must pay when they sell property will increase to 12.5 percent from 10 percent beginning from July 1.
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Foreigners lose capital gains tax exemption on main residence 

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The Federal Budget has given seniors a nudge as part of its attempts to ease housing affordability by getting them to downsize. 
From July 1, 2018, people aged 65 and over will be able to make a non-concessional contribution (NCC) of up to $300,000 from the sale of their principal residence into their superannuation, if they have lived there for at least 10 years.
With this move, the government aims to encourage empty nesters to downsize to free up more multi-bedroomed properties.
The downsizing contributions will be outside of existing contribution caps, and both members of a couple will be able to take advantage of the measure from the same home. The scheme is expected to cost the government $30 million in lost revenue over the forward estimates period, News.com.au reported.
The new incentive is in addition to concessions already permitted and will be exempt from the age test, work test and the $1.6 million balance test for the NCC.
The measures apply from July 1, 2018.
The budget measure has been welcomed by the SMSF Association.
Association Chief Executive Officer John Maroney it would allow a couple to contribute up to $600,000 from the sale of their home to superannuation outside of the existing caps and balance restrictions.
"This means people can make a significant top-up contribution to their super funds, allowing them to fund a dignified and secure retirement,” he was cited as saying by moneymanagement.com.au.
"While the measure may not be a significant trigger to encourage downsizing, we welcome the ability for older Australians to top up their superannuation where downsizing their home provides them with funds to do so.”
But there are concerns for down-shifters on how the extra super assets would reduce their part-pension entitlement.
SMSF Association head of policy Jordan George had advised caution about such a move ahead of the budget.
“Incentives to encourage people to downsize their home is a sensible idea,” George told selfmanagedsuper. 
But while the exemption was a good idea in principle, George said it was crucial to consider any ramifications of such a measure for people’s pension entitlements. 
“The assets test for the age pension when people downsize and the profit from downsizing may affect their entitlement to the age pension – that could become a significant issue,” he noted. 
KPMG tax partner Damian Ryan said allowing older couples downsizing to contribute to their super funds was welcome news.
"This will allow some older Australians to sell the family home and contribute some of the proceeds into superannuation,” he said, adding, “Those on the age pension are unlikely to take up this initiative.”
He said the measure would be attractive to a group of members who would like to sell their family home but due to contribution caps would have been prevented from topping up their superannuation balance, essentially transferring funds from one tax-preferred asset to another.
Also, residence requirements for the Age Pension and Disability Support Pension are increasing to 10 years continuous residence, including five of a person’s working life, which will affect about 2,400 people.
 
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Budget 2017 encourages downsizing by pensioners, caution urged on entitlements

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The Real Estate Institute of Western Australia said the 2017 Budget saw the need to improve housing affordability and address supply constraints as well retain negative gearing and Capital Gains Tax (CGT) arrangements for property investors.
Hayden Groves, president, REIWA said the emphasis on housing affordability is long overdue, and he is pleased the Government is driving policy to improve housing outcomes, by helping first home buyers salary sacrifice a proportion of their pre-tax income.
"The Budget also encourages senior Australians over 65 to down size by making a non-concessional contribution of up to $300,000 into their superannuation fund from the proceeds of the sale of their principal home," he said.
“While we’re pleased the Turnbull Government have recognised the need to assist Australian seniors with housing affordability, more still needs to be done.
"REIWA will continue to advocate for reform to transfer duty, specifically a $10,000 concession for seniors to ‘right size.
The wins for small business owners included:
<ul>
<li>Small businesses with a turnover of up to $10 million will continue to be able to immediately write off expenditure up to $20,000 for a further year.</li>
<li>The Federal Government will take further action to reward States and Territories that cut red tape costs for small businesses.</li>
</ul>
"Most of our members are small business owners and these initiatives by the Federal Government will be a welcome relief to them given the challenging market conditions the industry is currently facing.
"although there were many positives for the WA real estate industry in the Budget, the Institute was disappointed the Government has chosen to slug foreign investors with a $5,000 levy if they fail to occupy or lease their property for at least six months each year.
"Additionally, the 2017-18 Budget prevents developers from selling more than 50 percent of new developments to foreign investors.
“Foreign investment in WA represents a very small proportion of our local market. These policies will only further dampen an already subdued housing market and deter foreigners who are not permanent residents to locate and live in WA."
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2017 Budget focus on housing affordability welcome news for Western Australia

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First home buyers will finally be able to top up their superannuation to save for a lower taxed deposit under the federal government’s wide-ranging housing affordability package.
Under the scheme for first home buyers, existing super balances will remain locked away.
But from July 1, savers will be able to salary sacrifice extra contributions into their superannuation account above the compulsory contribution, up to a maximum of $30,000 in total and $15,000 in a single year.
They will then be able to withdraw that cash from July 1, 2018 onwards, along with any associated earnings.
“Under this plan, most first home savers will be able accelerate their savings by at least 30 per cent,” Treasurer Scott Morrison said in his budget speech.
The SMSF Association Chief Executive Officer John Maroney says the Government initiative linking housing and superannuation offers superannuation funds, including the SMSF sector, an excellent opportunity to engage younger fund members in their superannuation.
The first home buyers’ proposal strikes the right balance between encouraging young people to save for a first home deposit in a concessional tax environment, but also protecting their retirement savings for the longer-term.”
Villawood Properties has applauded the First Home Super Saver Scheme, announced in last night’s Federal Budget.
Its executive director, Rory Costelloe, said the Budget’s housing affordability measures would be embraced by many who had been struggling to save a sufficient deposit in a market where prices continue to grow at unprecedented rate. 
"The Government's salary sacrifice option for first home buyers signals greater consideration for the wider market as it supports the first home buyers, without taking anything away from the wider market. 
“It's difficult for traditional young first home buyers to compete with the volume of new buyers, particularly given that Victoria had an immigration boost of 110,000 people last year. 
“The comparatively modest amount allowed for salary sacrifice will also mean there's not a sudden influx of purchasers on the market ready to buy, which would escalate already high demand even further,” Mr. Costelloe said. 
Costelloe added that giving new buyers access to funds through schemes such as the salary sacrifice option and revisions to First Home Buyers benefits were not enough to cool the housing market and that there is a real need slash current delays in getting land to market. 
“Victoria currently on has 21 days’ worth of supply of land on the market, in a competitive market its more like 90 days, the real answer to affordability is to increase supply - this means reduce planning red tape and third party appeal rights to allow developers to get sufficient supply to the market,” said Mr Costelloe.
Dubbed the “First Home Super Savers Scheme”, it will attract the tax benefits of superannuation, with contributions and earnings taxed at 15 per cent, rather than marginal rates, and withdrawals taxed at 30 per cent below their marginal rate.
“Savers will not have to set up another account, they can just use their existing super account and decide how much of their income they want to put aside to save for their first home deposit,” Mr Morrison said.
<div id="unruly-publisher-marker__inArticle">For an idea of how it would work, the government gives the example of “Michelle”.</div>
Michelle earns $60,000 a year, and salary sacrifices $10,000 of her pre-tax income into her superannuation account, boosting her balance by $8500 after contributions tax. After three years, she can withdraw $27,380 plus earnings on those contributions, paying tax of $1620, leaving her with $25,760 for her deposit. That works out to about $6240 more than if she had saved in a standard deposit account.
The scheme is expected to cost the budget bottom line $250 million over four years, while the Australian Taxation Office will be given an additional $9.4 million for its implementation.
Siobhan Hayden, HashChing COO, said Any Federal initiatives that allows Australians to salary sacrifice a proportion of their pre-tax income towards a deposit "is a good initiative." “However, Australia is not a single housing market, and therefore any single measure introduced by the Federal Budget to address this holistically will not be successful. “Supply issues still prevail, which continues to elevate prices in highly sought after suburbs. “Even those living in expensive suburbs are surprised by their own asset appreciation. “Innovative lending products will need to be introduced by existing lender participants, whereby multiple applicants can borrow but are proportionately liable. 
 “In the medium term, the Federal government should do a comprehensive review of the tax tabled on a new house build which is currently circa 40%,” she said.
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Voluntary super scheme for first home buyer savers in 2017 Budget

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Treasurer Scott Morrison’s ‘scalpel’-like approach to address housing affordability involves incentivising private investors to with tax discounts if they offer their property at below-market rents.
As part of the Budget announcement, the government will introduce a new National Housing and Homelessness agreement with the states and territories to ensure a supply of housing for those most in need. The agreement includes $375 million of government funding for housing for the homeless and those needing crisis accommodation. 
Beginning next year, private investors would be offered incentives to invest in affordable housing, with a 60% discount on capital gains if they provide their property at below-market rent and to tenants on low-to-moderate incomes managed by a registered community housing provider. 
The government will also establish a trust to get investors – both foreign and domestic – interested in investing in affordable housing.
“It’s a comprehensive plan, it’s not a silver bullet – nor is it intended to be,” Morrison was cited by saying in his budget lockup press conference by crikey.com.au.
Managed Investment Trusts (MITs) will be allowed to invest in affordable housing and investors who buy into these trusts will see an increase in the capital gains tax discount they receive of 60 percent up from 50 percent.
The discount, which will cost the government about $15 million over two years, helps to compensate for the lower yield on investing in social housing, according to The Australian Financial Review.
As another move to encourage investors, the government will strengthen the rent guarantee in these homes by allowing direct deductions of welfare payments from tenants. But investors must keep the property rental affordable for at least 10 years to get the discounts.
The establishment of a National Housing Finance and Investment Corporation (NHFIC) will provide $63.1 million over four years to operate a so-called “bond aggregator” that aims to provide cheaper financing for community housing providers. This is a good idea that should have a positive effect, and help address the high cost of funds that often plagues financing of housing for low-income earners, said economics professor Richard Holden. 
However, the federal government's budget met with its dose of scepticism from industry players.
Sara Watts, interim CEO of City West Housing, said the budget didn't go far enough on rental affordability.
“Last night’s budget doesn’t go far enough to address affordable rental housing shortfalls in our major cities, particularly for those who may never be able to afford their own home. Nor did the government add any clarity to the discussion about the difference between affordable housing and housing affordability. As a consequence, many key workers are no closer to being able to live near their place of work," said Watts.
However, she did welcome the introduction of a National Housing Infrastructure Facility that seeks to providing long-term, low cost financing for affordable rental housing.
"This will help affordable housing developers fund the construction of high-quality affordable rental housing stock."
 “For more than 20 years, City West Housing has designed, built and tenanted award-winning affordable housing for key workers in the City of Sydney area. Today, City West Housing owns and manages over 700 properties, has delivered 104 new properties into the market in 2016 and will have another 310 properties available to key workers by the end of 2019,” added Watts.
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Budget 2017 promises capital gains tax discount for affordable community housing investors

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The federal budget has addressed housing affordability issues in the Budget with an emphasis on “building more homes”, and Western Sydney figures prominently in it.
Treasurer Scott Morrison said there would also be “tens of thousands” of new homes delivered in western Sydney as part of the “Western Sydney city deal”.
The population of Western Sydney is expected to reach 1.4 million people by 2036, so an additional 180,000 new homes and jobs creation is required to support this population growth. 
The Western Sydney City Deal between the federal and state governments, according to the Urban Developer, pledges to;
<ul>
<li>target additional infrastructure investment to increase public transport and reduce traffic congestion, so people can spend more time with their families</li>
<li>deliver more jobs closer to homes and services, with a focus on youth and indigenous training and skills development.</li>
<li>increase housing through better planning and density done well, and streamlining approvals across all three levels of government</li>
</ul>
Since the election of the NSW Coalition government in 2011, there has been a renewed push for not only better infrastructure in Western Sydney, but also to decentralise Sydney by moving government offices that have traditionally resided in the CBD and migrate them to outer suburbs such as Parramatta and Liverpool.
NSW Premier Mike Baird and then Prime Minister Tony Abbott had first announced a second airport in Western Sydney’s Badgerys Creek. Baird and Prime Minister Malcolm Turnbull in October 2016 called the Western Sydney City Deal the "nation’s largest ever planning and investment partnership".
The federal government recently promised to build the Western Sydney Airport after the owners of Kingsford Smith Airport declined the offer.  It will provide up to $5.3 billion in equity to establish WSA Corporation Limited from 2017-18 to develop the airport. Works are expected to commence by late 2018 and airport operations by 2026, creating 20,000 jobs.
The push for Western Sydney housing began in 2014 when planning policy changes allowed 2,500 Western Sydney home sites to be instantly brought online.
Property Observer wrote that multi-storey residential towers are expected to be built in many parts of Sydney as numerous areas undergo a rezoning. 
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