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

Joel Robinson

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

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

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

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

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

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

The apartment price gap drawing Sydney buyers west

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

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

Foreign Buyers

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EXPERT OBSERVER
The spectre of Australia’s vacancy tax is about to become real for Chinese residential property owners, with penalties of up to $52,500 looming for those who miss the deadline. 
One year after the Federal Government introduced vacancy tax rules, the first returns are starting to become due – and up to 15,000 foreign investors will be expected to provide evidence as to whether their property sat vacant in the last year.
Foreign owners of Australian residential property face a minimum vacancy tax of $5,200, and even occupied properties could incur a $52,500 penalty if the owner fails to meet the deadline to lodge a return declaring occupancy of their assets with the Australian Taxation Office (ATO).
Further, if they fail to keep the necessary records to prove occupation, they could be hit with an additional penalty of $52,500. And even then, the owner would still be liable to pay the vacancy fee. For a property worth upwards of $4 million, that could equate to combined penalties and fees of more than $150,000 —even if the property has been occupied throughout.
The annual vacancy tax rules are the latest in a series of imposts on foreign buyers, designed to reduce the impact of foreign ownership on housing affordability, particularly in the core property markets of Sydney and Melbourne.
While the ‘ghost tax’ is intended as a financial incentive for foreign owners to make their dwelling available for rent and increase available housing in Australia, it raises the question of whether Chinese buyers might be scared away by the long-term implication of the new rules.
Foreign owners must lodge a vacancy tax return every year, keep records for at least five years after selling, keep evidence regarding who is using their property, and manage the risk of significant financial penalties if they fail to do so.
The immediate challenge facing foreign owners who have bought a residential property since May 2017 is identifying when they will need to submit their vacancy review, and how they will go about proving whether the property was vacant or not.
While the burden of this new tax on Chinese buyers is hauntingly clear, the impact on foreign sales in the Australian residential market is not.
Chinese buyers remain Australia’s biggest investors in real estate but according to statistics published in the Foreign Investment Review Board’s (FIRB) 2016-17 Annual Report, the size of their investment more than halved from AUD$31.5 billion in 2015-16 to AUD$15.2 billion in 2016-17.
Overall FIRB real estate approvals plunged from 40,149 in 2015-16, to 13,198 last year. But there have been a number of factors that may have contributed to this reduction, including the introduction of FIRB application fees, tighter Chinese capital controls and weaker Australian property market conditions.
For Chinese buyers, the residential property market continues to become more hostile in Australia and while it hasn’t yet reached New Zealand levels - where foreign buyers have been banned altogether - the latest changes are likely to have a chilling effect for many looking to purchase property.
Denise Honey is a partner at tax consulting firm Pitcher Partners.
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jrobinson-rf4aSBido9

The potential impact of Australia's new vacancy tax rules on foreign ownership

<html><body>
EXPERT OBSERVER
They say, “money makes the world go ‘round” and although it may seem crass and crude, it’s quite true. Take a drive through any of WA’s industrial estates – Henderson, Kewdale, Malaga, Wangara -and you’ll see the wheels of commerce turning. Look closer and you’ll see the workers that work hard all day to give precious economic security to their families.
In Australia’s biggest industry, property (bigger than mining and manufacturing combined), you’ll see people engaged in materials supply. Factories and warehouses producing tiles, beams, trusses, cabinetry and furnishings. Logistics workers get these components to site for construction which requires skilled plumbers, electricians, plasterers and a team of supervisory and administrative staff. Once a property is complete, more workers are needed, like accountants, lawyers, real-estate and leasing agents.
Every single one of these workers spends money in WA shops, buys food from our supermarkets and restaurants and pays for their kids’ education. Money indeed keeps WA moving.
For WA to grow and compete with the rest of the world we need more than just our own money circulating.
Foreign investment and exports are key factors in our success. Many of our West Australian jobs depend on an external injection of money, and the property industry is no different.
The Upper House is due to debate the Labor Government’s proposed foreign owner duty surcharge very soon – a proposed 7% surcharge on foreign purchasers of residential property in WA.
This tax is not just for rich, overseas investors, it’s for regular migrant mums and dads who want to build a home and a life in WA. Just like the many migrants from all over the world that have come to WA since its foundation and have made Perth the great City it is today.
An additional 7% impost will deter these migrants from choosing Perth. The greatest number of Asian migrants are from Singapore (China is in fifth position). With kids studying at Uni, they could just as easily choose another Australian or international city to settle.
We don’t have the issues of Sydney or Melbourne where the surcharge originated as a way to dampen demand. Our tentatively recovering property market needs support, especially in an environment of slowing demand due to tightening bank finance. 
Understandably, the McGowan Government is looking for new sources of revenue for budget repair. But with Building Approvals currently tracking at –19.4% [Source: ABS/Property Council July 2018] the timing is terrible. Also, key data indicators point to little revenue being raised in reality.
The WA budget has forecast $123million over 3 ½ years yet all industry bodies including the Property Council, REIWA and the UDIA warn that the number of transactions will fall. In fact, that’s exactly what’s happened in South Australia.
The SA budget was released last week and it demonstrates exactly what could happen if this surcharge were introduced here. The SA Government have reduced forecast tax receipts by 50%, stating “Conveyance duty forecasts also incorporate downward revisions to the Foreign Owner Surcharge in all years reflecting lower than expected collection in 2017-18 and projected lower demand from foreign buyers from 2018-19 compared to original estimates.”
Simply put, fewer property transactions equates directly to fewer jobs. This affects all workers that help make money move around the WA economy.
The Property Council calls on the Members of the Upper House to vote against this tax – for now at least. It may be needed one day in the future but now is not the time to risk West Australian jobs for little gain.
Sandra Brewer is the Executive Director of the Property Council of Australia WA
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j.ballantyne1990-6AQqhLzZaK

Charging foreign owners extra for property will cost WA jobs: Sandra Brewer

<html><body>
EXPERT OBSERVER
Prospective home buyers beware, Australian real estate prices are likely to escalate further now the New Zealand government has moved to tighten up on foreign ownership.
Australia needs urgently, to follow New Zealand’s example and crack down on foreign ownership or even more Australians will miss out on the chance to own their own home.
The pressure on Australian property prices is likely to increase substantially with New Zealand tightening its foreign investment rules and overseas buyers forced to look elsewhere to invest.
The New Zealand Government has the courage to tackle the issue of housing affordability head on but what about Australia?
You don’t have to be a rocket scientist to work out where these foreign buyers will divert their attention and buying power now that the New Zealand Government has passed new legislation to address this growing problem.
New laws were just passed in New Zealand Parliament this week banning foreigners from buying most types of property after a foreign spending spree has seen prices pushed up and local buyers pushed out.
According to the latest figures from the Australian Tax Office's Agricultural Land Register 13.6 per cent of all Australian agricultural land is foreign owned with the UK and China the largest owners.
Sadly they don’t know how much non-agricultural land is in foreign hands.
It’s important to remember that China alone has more decamillionaires than Australia has tax payers.
The New Zealand Government has clearly recognised the very real threat foreign ownership poses to housing affordability with rates of homelessness in the country among the highest in the developed world.
In contrast, the Australian Government seems to keep fiddling around at the edges rather than addressing the problem head on.
Much of the current generation have already been priced out of the market due to the high number of foreign buyers outbidding Australian citizens in particular over the past decade and this will only get worse unless significant policy changes are implemented.
Australia’s relatively strong economy and consistent capital growth in its major cities over many decades is part of the attraction to foreign buyers and will continue to drive foreign ownership of prime Australian land, both regionally and in the cities, pushing prices even higher.
It is obvious that non-residents eager to buy Australian real estate will do so if you make it easy for them because they see Australia as a stable economy and a safe place to store their money
Patrick Bright is the EPS Property Search director and author of The Insider’s Guide to Buying Real Estate
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Australia needs to follow New Zealand's lead and act now on foreign ownership: Patrick Bright

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The Santa Barbara, United States based former 1956 Olympian Jon Henricks - who was 100 metre freestyle swimming world record holder - has sold his Balmoral slopes house after 48 years for about $5.2 million.
The dual Melbourne Olympic gold medallist was recently outspoken about how the state government’s recently introduced land tax surcharge for foreigners forced him to list the <a href="https://www.realestate.com.au/sold/property-house-nsw-mosman-128255974" target="_blank">Mosman home</a> he and his American wife Bonnie purchased in 1969.
The non-resident land tax rate was raised this year from 0.75% to 2%, with the changes meaning the couple would have to pay up to $60,000 a year.
Following the hike, Henricks listed through McGrath’s Michael Coombs with a $5 million to $5.5 million guide ahead of Saturday’s scheduled auction.
The Plunkett Road home sold inside the guide pre-auction on Thursday.
“Little by little the land tax has grown and up until to last year we were able to keep the home afloat with money from renting it out when we’re not around,” he said.
“This is absolutely devastating to deal with, there has been so many memories at the home and it has been good to us, it is all very bittersweet and devastating for us,” Henricks said.
The home has been the Henricks Australian home for nearly 50 years.
This article first appeared in The Sunday Telegraph.
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Olympic gold medal winner and world record holder Jon Henricks sells Mosman home

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The body of evidence against the foreign investor tax increase expected in next week’s State Budget continues to grow, according to Queensland’s property industry. 
New research from the AEC Group, commissioned by the Property Council, has estimated that the decline in foreign investment in Queensland since the Government introduced an additional foreign investment tax in 2016, has equated to a decrease in Gross State Product of between $2.4 billion and $3.9 billion.  
The analysis indicates that the revenue expected to have been collected through the foreign investor tax equated to less than 1% of the overseas economic contribution Queensland lost between 2015-16 and 2016-17.
“It is clear that reduced foreign investor interest in Queensland has cost the state far more than the revenue raised through this foreign investor tax,” Property Council Queensland Executive Director, Chris Mountford, said.
“Regrettably we are still seeing the Government pursue short-sighted tax increases without adequately considering the long term consequences.”
“We certainly acknowledge that the State Government’s tax increase is not the only factor that has reduced the flow of foreign investment to Queensland. But it has played a big part, and it is a factor that is entirely in the control of the State Government.”
“The data shows the State Government has kicked a significant fiscal and economic ‘own goal’," Mountford said.
The State  Government intends to increase the stamp duty surcharge on foreign buyers of residential property from 3% to 7% of the purchase price from 1 July 2018.
 
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Foreigners' property tax is Queensland Government's own goal 

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GUEST OBSERVATION
You may know that the suburb of Barangaroo is very popular with offshore buyers. Australian expats living overseas and foreign buyers from other countries — especially China — love this little corner of Sydney.
Why do they love Barangaroo so much, and what does it mean for you? 
James Pratt knows the suburb as well as any auctioneer. His firm, JPA Group, is located in one of the area’s new commercial towers and he has worked in the area from the opening.
“It seems like every time we have an auction booked in Barangaroo, the property sells prior,” he told me.
“Barangaroo is an excellent market for sellers, because you’re not limited to one kind of buyer. The buyer urgency goes all around the world. You’ve got both occupiers and investors. Few areas of Sydney have that kind of wide appeal.”
Jane Zhao, Sales Director and Principal of Mango Real Estate, recently set a record price for a two-bedroom apartment in Barangaroo.
The apartment is on a low floor and came with a parking space. Both the vendor and the buyer are owner occupants from mainland China.
Zhao said, “This home sold for a record price of $3.5 million in just one week. The buyers wanted to take occupancy quickly, so they didn’t care about historical transaction prices. They valued speed.“
“The owner and buyer had very similar tastes,” said Zhao. “They both loved this apartment because of the low-floor water views, which are very hard to find anywhere else in Sydney.”
Zhao believes Chinese buyers are the market to go to with Barangaroo listings. 
“I used Juwai.com to penetrate the Chinese market. They have cash. Everything is cash. They don’t need loans. I have many more buyers who want to purchase in Barangaroo, but there just isn’t enough inventory.
Other agents are also selling Barangaroo apartments at markups. Matthew Mifsud, a Sales Agent with Raine &amp; Horne City Living Pyrmont, has closed several transactions for prices significantly above the most recent prior sales price.
“A three-bedroom penthouse apartment in 17 Barangaroo Avenue was purchased off-the plan for $3.995 million and just resold for $5.5 million.
“A two-bedroom apartment I sold at 21 Barangaroo Avenue sold for $3.0 million in February 2018, after being purchased off-the plan for $1.875 million.”
Mifsud also sold a one-bedroom apartment at 25 Barangaroo Avenue for a 15% gain after just 13 months.
Barangaroo is even attracting Chinese buyers from other parts of Sydney, including Chatswood.
Joanne  Dai, a former investment banker who is Sales Executive at Century 21 City Quarter, has helped Chinese buyers move from Chatswood to Barangaroo.
“My client told me she loves Chatswood because of the Chinese influence there,” Dai said.
“But in Barangaroo she wakes up every morning with an amazing view of the Sydney Harbour. It reminds her why she chose to live in this country.”
“Barangaroo is expensive, but it offers a rare opportunity to own an iconic property along the Sydney Harbour. The last time we had such an opportunity was in 1998, when the Bennelong apartments were offered to the public. That was 20 years ago. Who knows when the next opportunity is going to be?”
Auctioneer Pratt noted that, “Barangaroo sprinted to about 15% capital gains in 2017, much better performance than in most of the rest of the city.” The average sales price in Barangaroo is $2.9m, 78% higher than in nearby Pyrmont.
According to Mifsud, Barangaroo apartments are well proportioned, with a typical two-bedroom having about 100 square meters of internal space. 
“That’s 20 to 25% better than in Lendlease’s Haymarket development, Darling Square,” he said.
“Some of the two-bedrooms in Barangarooo actually have two car spots,” Mifsud said, “which is almost unheard of.”
The huge demand for Barangaroo homes is ironic, because when promotion began there, more than one Chinese buyer told our team that they were unsure about the location. Now, if LendLease could magically produce another apartment building in Barangaroo, it would fill up with happy buyers in just a few weeks.
The marketing material from one of the buildings says it best: “Sydney is now the place everyone wants to call home,” and Barangaroo is the suburb where they want to live.
Carrie Law is the CEO and director at Juwai.com.
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Why rich Chinese buyers like Barangaroo: Juwai's Carrie Law

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Foreigners buying WA real estate will be hit with a 7 per cent surcharge on the purchase price as the McGowan Government moved in last week's budget to almost double the tax.
Targeting overseas buyers, the State Budget included an increased rate from the 4 per cent surcharge which was announced in last year’s Budget.
The new rate of 7 per cent will be applied to foreign property buyers from January 1 next year, bring WA in line with other states which currently levy their surcharges at 7 per cent or 8 per cent..
It hopes to raise about $123 million between the 2018-19 and 2021-22 financial years.
On handing down the Budget, Treasurer Ben Wyatt noted the higher surcharge is not a new tax because it was a policy commitment made during the election campaign last year.
“Increasing the foreign buyers surcharge to 7 per cent will bring WA in line with other States, and provide the Government with additional revenue to help the State’s financial position,” Mr Wyatt said.
Last year the Government believed the charge to foreign buyers would bring revenue of about $21 million in its first year.
The charge will apply on the dutiable value of residential property purchased by foreigners and it will also capture corporations and trusts.
It will be applied on top of standard stamp duty payments.
NSW charges foreign buyers an 8 per cent surcharge, Victoria and South Australia charge 7 per cent, and Queensland 3 per cent.
The West Australian government is counting on the lithium boom to help it manage record state debt.
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Western Australia to raise tax on foreigners buying property

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Figures compiled by realestate.com.au show that searches for Australian property by Chinese-based property seekers fell 15 per cent nationally last year.
Sydney searches were down more than 30 per cent and Melbourne down over 10 per cent.
"The biggest drops were in the last quarter of 2017," REA Group chief economist Nerida Conisbee told Fairfax Media.
"I think a lot has to do with taxes introduced last year, sentiment towards Australian property in general and perhaps a slowdown in the construction cycle meaning less to buy.
"Chinese capital controls are perhaps also making an impact – fewer Chinese developers may be impacting buyers." 
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Chinese property searches for Sydney property down 30 percent on realestate.com.au

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The veteran property developer Harry Triguboff said many of his Chinese buyers "can't settle" on their off the plan apartment purchases.
"And everyone thought that the Australian buyer would come in when the prices started coming down – they haven't – I knew they wouldn't."
"It's not bad, it's very bad," developer Harry Triguboff said in response to government taxes and credit restrictions on foreign buyer's residential property acquisitions.
A sharp drop in foreign buyers was detailed in the latest ANZ/Property Council of Australia survey of more than 1700 property professionals from across the industry.
"When we start saying that stamp duty for foreign buyers should be 12 per cent instead of 4 per cent, that is called stupid," Triguboff told The Australian Financial Review.
Triguboff said foreign buyer demand started to soften more than a year ago, with prices now going "lower and lower".
"Many of the Chinese can't settle. So now we have to resell them – there is another problem."
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Last May Harry Triguboff, Australia’s biggest apartment developer, noted he was financing about $200 million mostly Chinese buyers of his apartments as China imposed tougher currency controls to get money out of the country. </div>
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<div class="related-quotes section">The ANZ/PCA survey reveals that over the past three months, total residential property sales to foreigners dropped in every state barring South Australia.</div>
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Foreign investment – states and territories and national Source: ANZ-Property Council 
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Local buyers are not buying apartments forfeited by Chinese buyers: Harry Triguboff

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We are often asked about the rules around foreign investment and the impact that such investors have on the Australian housing market. While concrete data are hard to come by, we are able to combine existing data with informed assumptions to reveal some useful insights.
We build on recent work by Australia’s Reserve Bank (RBA) to estimate that foreign investors purchased between 35,000 and 60,000 dwellings in Australia in 2015-16. Foreign buyers seem to make up only a small share of total housing turnover for the year (7–13%), although the impact is more significant as a share of newly- constructed dwellings (15–25%) and in some states.
Using Foreign Investment Review Board (FIRB) data back to 1995-96, we estimate that foreigners own between 2.5% and 4% of Australia’s housing stock, plus anything purchased before that year. The size of this range reflects uncertainty about the extent to which foreign buyer approvals convert to actual purchases.
The sizeable foreign-buyer share of newly-constructed housing implies that foreign demand has been an important contributor to Australia’s recent construction boom. But the relatively lower share of total market activity suggests that foreign buyers have not been the primary driver of the price growth in recent years. That is not to say foreign buying has had no impact on prices.
The estimated 2.5–4% foreign ownership of Australia’s housing stock is significant, especially considering that the current rate of growth is much stronger than in the past. It is also not large enough for us to be particularly concerned about a foreign exodus from the Australian housing market.
We note that Revenue New South Wales has several times this year released data on the number and value of foreign purchasers that have been subjected to stamp duty surcharges. It would be helpful if other state governments released their suite of data on foreign buyers, which would assist in more concrete analysis around the impact of foreigners on Australia’s housing market.
Click here <a href="https://www.propertyobserver.com.au/images/2017/12/8/foreign_buyers1.jpg" target="_blank">to enlarge. </a>
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WHAT DO WE KNOW?
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In terms of the FIRB process, the key details are:
- Foreigners require FIRB approval to purchase new dwellings or vacant residential land. The vast majority of applications for new dwellings are approved without conditions. Applications to purchase vacant land are subject to construction being completed within four years, to prevent land banking.
- Contrary to relatively popular belief, foreigners can obtain approval to purchase existing dwellings. These applications are generally only approved subject to the purchaser increasing the stock of housing. For example, a knock down and rebuild where one existing dwelling is replaced with two or more townhouses or units.
- Temporary residents (such as students or people on working visas) are also required to obtain FIRB approval to purchase an existing dwelling. These purchasers are not permitted to lease out the property and are required to sell the property once they leave Australia.
Because all foreign buyers require this approval to purchase Australian property, the FIRB have data on the value and number of approvals granted. Note however, that this does not give us the number of approvals that were actioned.
The FIRB data tell us that in 2015-16, 40,100 property purchases by foreign buyers were approved, valued at AUD72.4bn. Each FIRB approval can be for more than one property, so the value figure is particularly important. Foreign purchases have risen sharply in recent years, led by Chinese purchasers; with the value of approvals granted in 2015-16 three and a half times greater than just five years ago.
Click here <a href="https://www.propertyobserver.com.au/images/2017/12/8/Foreign_buyers2.jpg" target="_blank">to enlarge.</a>
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QUANTIFYING THE IMPACT
The FIRB data tells us about approvals, not actual purchases. So, to calculate actual foreign buying, we need to make some assumptions about the rate at which approvals translate into purchases.
In doing so we need to be mindful that a fee for approvals was introduced in December 2015. This means that for half of 2015-16 and in all subsequent years, the ‘conversion rate’ from approvals to purchases is likely to be much higher, because potential buyers are unlikely to incur the application fee unless they are highly committed.
The FIRB approved $72.4bn of sales to foreign purchasers in 2015-16. To convert this into the number of transactions, we lean on recent estimates from the RBA, which noted that foreign buyers are purchasing around 10-15% of all new housing and around 25% of new apartments.
1. To line up our analysis with the RBA, we assume that 30–50% of approvals result in a property purchase.
2. If foreigners are purchasing around 25% of new apartments, this suggests around 80% of foreign purchases are apartments and the remaining 20% are houses. By applying this ratio to CoreLogic data on house and apartment/unit prices, we derive an average price of foreign purchases of $620,000 nationwide for 2015-16.
These conversion rates imply that foreign purchasers bought AUD22–35bn of Australian property in 2015-16. At the median price described above, this translates to the purchase of 35,000–60,000 dwellings nationwide.
Click here <a href="https://www.propertyobserver.com.au/images/2017/12/8/Foreign_buyers_3.jpg" target="_blank">to enlarge.</a>
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That number can be broken down further to assess how many of these purchases were for new dwellings. We estimate that foreign buyers purchased 30,000–50,000 new dwellings in 2015-16, representing 15–25% of Australia’s new builds that year. In flow terms, therefore, the impact of foreign buyers on the new housing segment could be sizeable.
On our estimates, most of this foreign activity in new housing in 2015-16 seems to have been in Victoria. We estimate that foreigners purchased 13,000–20,000 new dwellings in Victoria, representing 25–35% of total new builds in the year. The market share seems to be higher in Queensland (25–45% of new dwellings) and lower in New South Wales (15–20%).
However, the impact of foreign buyers is less significant when we compare the level of purchasing against Australia’s total housing turnover.
In 2015-16, 465,000 dwellings were sold, meaning that foreign purchases of 35,000–60,000 dwellings accounted for only 7–13% of the market. Again, foreigners seem to be most active in Victoria (10–20% of sales) and Queensland (10– 15%), followed by New South Wales (5–10%).
The analysis can be extended back to the commencement of the FIRB data in 1995-96. Over the past 21 years (again assuming that 30–50% of FIRB approvals translate into purchases, and that foreigners have been buying 80% units and 20% houses), we find that foreign buyers have purchased an estimated 250,000–450,000 dwellings in Australia. As of the 2016 Census, Australia’s total stock of housing was 9.8 million dwellings. This means that foreigners could own approximately 2.5–4% of Australia’s housing stock.
This estimate is imperfect. It does not include properties bought before 1995-96, nor the subsequent sale of any properties previously held by foreign owners. Further, it is sensitive to the assumed 30-50% conversion rate from approvals to purchases, and the impact that the mix of houses and apartments would have on the average purchase price.
Assuming our estimate of 30-50% of purchases to approvals is near the mark, this yields a useful frame of reference when assessing the impact of foreign buyers of the Australian market. At 15–25% of new builds in 2015-16, foreign demand is clearly one of the drivers of the strength in our dwelling investment profile. If this demand were to dry up suddenly, Australia’s construction pipeline would likely be notably weaker than currently expected.
The impact of foreign demand on prices is less clear. The purchase of 7–13% of total sales each year is not as significant as the share of new construction. So the impact on overall prices is likely to be less than the impact on construction.
Another way of looking at this is in terms of the stock of housing, rather than the flow. As described above, we estimate that foreign owners hold 2.5–4% of Australia’s housing stock. Around 5% of Australia’s housing stock is bought and sold each year. This means that only a large shock, causing a high share of foreign owners to sell their Australian property, would be significant enough to drive sale prices lower.
WHAT OTHER ANALYSIS IS THERE?
The RBA recently noted that, “nationally, purchases by foreign buyers are equivalent to around 10–15 per cent of new construction, or about 5 per cent of total housing sales.” The RBA also suggests that the foreign buyer share of new construction purchases is higher for apartments, “but it is still only perhaps around one quarter of newly built apartments”. As described above, we have used these figures as a starting point for our analysis.
Revenue New South Wales has released details of purchases that incurred the foreign buyer stamp duty surcharge in 2016-17. The data show that just under 4,000 purchases incurred the stamp duty, generating AUD185m revenue for the state.
The first few months of data appear incomplete, so ignoring these and annualising the data suggest that around 5,000 properties are bought by foreign investors each year, at present. This is 4% of total turnover and 10% of new properties if no existing properties were purchased, which is consistent with our estimate of foreign buyer activity in New South Wales. But because stamp duty has only recently been introduced in New South Wales, we do not have a longer time series to investigate.
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Similar estimates are also found in the ANZ-Property Council survey. Survey respondents from the residential property sector (who are primarily developers and therefore focussed on newly-constructed dwellings) reported in the December quarter that 18% of property sales nationwide were to foreign buyers. New South Wales and Victoria topped the list at 22%, followed by Queensland with 15%. 
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While the nationwide number in this survey is consistent with our estimates above, the estimate of foreign purchases of new builds in Queensland (at 15%) is much lower than our estimates (of 25–45%). 
In contrast, the estimates for New South Wales and Victoria are broadly in line. As such, we think the portion of foreign purchases in Queensland is likely to sit at the lower end of our estimated range. 
Treasury have also released work into the impact of foreign investment on dwelling prices. They found that foreign demand is responsible for only a small share of the strong property price growth between July 2010 and March 2015. Their modelling found that foreign buyers have pushed dwelling prices AUD80–122 higher per quarter, which is “very small when compared with the average quarterly increase in Sydney and Melbourne property prices over the period studied of around $12,800.” 
Keeping in mind the data imperfections and subsequent variety of estimates, the research tends to suggest that while the presence of foreign buyers has been rising strongly in recent years, they are likely to still be a small share of our total housing market. 
It is our view that foreign buyers have supported dwelling investment through the current cycle, but have not been the main cause of the rapid price growth and are unlikely to be the cause of a sharp price correction. 
Click here <a href="https://www.propertyobserver.com.au/images/2017/12/8/Foreign_buyers4.jpg" target="_blank">to enlarge.</a>
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