Prominent Malaysian developer <a href="https://www.apartments.com.au/developers/osk-property">OSK Property</a> has unveiled <a href="https://www.apartments.com.au/new-apartments/aura-at-melbourne-square-7-hoff-boulevard-southbank-vic-3006">Aura</a>, the next stage of its $3.5 billion Melbourne Square precinct in Southbank, continuing its push into wellness-led, amenity-rich apartment living.

The $800 million tower, planned for 7 Hoff Boulevard, will rise 67 storeys and deliver 673 apartments, with COX Architecture drawing on both Japanese design principles and Australia’s natural landscape to shape the building’s identity. A rectangular grid aesthetic defines the building’s exterior, with COX drawing design cues from New York high-rises and Tokyo’s skyline.

Aura builds on a growing trend in high-density living, where wellness is no longer an add-on but central to the product. The development is structured around four key pillars, combining calm, minimalist residences with layered communal spaces, landscaped gardens, and a suite of wellness amenities designed to support both physical and mental wellbeing.

[smartcode_project:default project_id=151921 project_image_fid=367465]

At the core of the project is what OSK describes as a vertical wellness ecosystem, a multi-level approach to amenity that integrates health, lifestyle, and social spaces throughout the building rather than confining them to a single level.

The main resident hub, the Aura Club on level seven, will include a pool, cold plunge, spa, gym, Pilates and yoga studios, alongside more lifestyle-driven inclusions like a golf simulator, music rooms, library, and work-from-home spaces. Above, a series of higher-level amenity zones, including the Meridian Club and Cumulus Club, introduce more refined, social and retreat-style environments, with private dining, lounges, and premium wellness spaces positioned to take advantage of city views.

[smartcode_project:default project_id=151921 project_image_fid=367467]

The residences themselves will largely include balconies, a key design move in a market increasingly focused on natural light, airflow, and connection to the outdoors. Views will extend across the CBD, the Arts Precinct, Royal Botanic Gardens, and beyond.

Aura also introduces approximately 1,600 sqm of retail across the lower levels, further activating the Melbourne Square precinct, which already includes Kennedy Park, a Woolworths, childcare, and a growing mix of hospitality operators.

[smartcode_project:default project_id=151921 project_image_fid=367474]

“Aura stands tall as an exemplar of holistic wellness – its focus on social, physical and mental health culminate in a building that is calming, restorative and relaxing, where residents will have their own sanctuary within the well-connected and sought-after <a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>," says&nbsp;OSK Property CEO Chong Boon Woon.

“We have been very encouraged by the market’s response to the BLVD offering, and we know there is a strong demand for the level of amenity, service and design that the Melbourne Square precinct is known for.

“Complemented by work-from-home lounges for professionals, family friendly outdoor garden spaces, and state-of-the-art fitness and wellness facilities, Aura will continue our focus on maximising physical, emotional, and mental wellbeing,” he said.&nbsp;

[smartcode_project:default project_id=151921 project_image_fid=367475]

The project follows the strong performance of BLVD, which is now around 80 per cent sold, and reinforces OSK Property’s long-term commitment to Melbourne Square as a fully integrated, mixed-use precinct.

Construction is expected to commence in late 2026.

[smartcode_project_cta:default project_id=151921]

Joel Robinson

OSK unveils AURA, the latest stage in Southbank's $3.5 billion Melbourne Square precinct

National developer Time &amp; Place appears to have settled on a design for its long-anticipated Potts Point project.

After several years of back and forth with local council and the NSW Government, the developer, which has spent close to a decade targeting the former The Chimes site on Macleay Street, has now progressed its plans.

Following a concept design submission last year by SJB, Time &amp; Place has lodged a full State Significant Development Application with the NSW Government, this time for a scheme designed by Kerry Hill Architects.

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="504d2a27-d65f-4227-8189-1e35e3376e62" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.38.24%E2%80%AFAM.png?VersionId=_XqFKATYHF30KnVByPxhaI9UBzmkmfn7" />

The 16-storey proposal includes 44 apartments, 21 of which will be build-to-sell. These will comprise 19 three-bedroom apartments and two four-bedroom penthouses.

More than 50 per cent of the development will be dedicated to affordable housing, with 23 one- and two-bedroom apartments delivered in line with the NSW Government’s Housing SEPP.

Kerry Hill Architects said the proposal is driven by a strong response to place.

“Our proposal for a new residential building for Potts Point in Sydney is driven by a deep consideration of place,” the practice said in its submission.

“This operates on multiple levels, including a landscape approach that reinstates endemic flora of the Sydney peninsula and provides a ground-floor garden for residents, reconnecting the site to its pre-European history. A brick podium further strengthens this relationship to context, integrating planting and fine bronze detailing that references the predominant material language of Macleay Street.”

The three-level podium will be topped by a communal resident space, featuring a covered pool designed to receive direct afternoon sun in winter, a neighbouring reflection pool, dining and event areas oriented to maximise sunset views, and an outdoor exercise zone.

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="8d3eedc1-babb-44a3-bd96-d8a42f3adf1f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.37.48%E2%80%AFAM.png?VersionId=Ii7.4dvqNatu5GQi6bhqNjAswrMB998." />

The design also incorporates highly crafted shopfronts and a clearly defined residential entry to activate the street. Juliette balconies to the podium residences will provide passive surveillance and a strong sense of habitation.

Above, the larger apartments are housed within a light-coloured masonry and bronze tower.

“The tower steps back in a series of gently curved volumes that reference the rich Art Deco context of Macleay Street,” the architects said. “Carefully calibrated vertical fins frame the views while providing privacy and a sense of refuge.”

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="6fab60f4-3140-4469-b47a-48c781e0a30b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.28.44%E2%80%AFAM.png?VersionId=e5XxrM3kzdASdKlcIACHAHbOSZhSKC9O" />

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in South Melbourne.

The developer has approval for The Burke, a mixed-use project in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>&nbsp;being delivered in partnership with Woolworths. The 60 apartments, positioned above a new Woolworths supermarket, are expected to launch in the coming months. Time &amp; Place is also progressing plans for the redevelopment of&nbsp;<a href="https://www.apartments.com.au/developments/northcote-vic-3070">Northcote</a>&nbsp;Plaza, and have recently submitted plans for a <a href="https://www.apartments.com.au/news/vic/time-place-unveils-plans-22-storey-south-melbourne-tower">22-storey tower</a>, another in South Melbourne.

In&nbsp;<a href="https://www.apartments.com.au/developments/sydney-nsw">Sydney</a>, the developer has two projects in Manly: Two Tides, which is currently under construction, and an ultra high-end building on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach. It is also continuing to work through the redevelopment of The Chimes building on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as Marlborough House, the redevelopment of the original David Jones warehouse building in&nbsp;<a href="https://www.apartments.com.au/developments/surry-hills-nsw-2010">Surry Hills</a>.

First look: Time & Place settles on design for The Chimes, Potts Point redevelopment

<a href="https://www.apartments.com.au/developers/develotek">Develotek</a> is joining the likes of TOGA, Deicorp, and One Global Capital, betting on a boom in Five Dock ahead of the 2032 mooted opening of the Five Dock Metro Station.

Develotek, which is currently developing Bianca on the Drummoyne waterfront and has plans approved for a tower in Chatswood, has filed a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/79-81-queens-road-five-dock-nsw-2046">two-building project in the evolving Kings Bay precinct</a>.

The buildings, one more boutique just five storeys and the other 26 storeys, will rise from an 3,158 sqm site across&nbsp;79–81 Queens Road and 2–8 Spencer Street, will home 134 one-, two-, and three-bedroom apartments, above ground-floor retail and five basement levels of parking.

A key component of the proposal is the inclusion of 15 per cent of residential floor space as in-fill affordable housing, unlocking additional height and density under the Housing SEPP.

<img alt="First Look: Develotek lodges State Significant shop top housing project in Five Dock precinct" data-entity-type="file" data-entity-uuid="3ee31bf7-75ba-4bc5-b190-49885193219f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_2.png?VersionId=730UbrduuwK3C1sO28RHjiLPUPqXqjkh" />

Designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>, the scheme adopts a podium-and-tower configuration, with a five-storey street wall along Queens Road transitioning to a 26-storey tower set deeper into the site. The ground plane prioritises activation and permeability, with retail frontages and a new through-site link connecting Queens Road to Spencer Street.

At the upper levels, the tower façade has been conceived using a modular system to support prefabrication and reduce construction waste, while improving build efficiency. The splayed form draws on the geometry of surrounding industrial rooftops, reinterpreting the area’s heritage in a contemporary expression while also helping to reduce solar heat gain to east and west-facing apartments.

“This project aspires to transform a former industrial site into a connected, resilient and people-focused urban community, grounded in Country, shaped by history, and designed to enrich everyday life within the evolving Kings Bay Precinct,” said John Walsh, Principal at Plus Studio.

The proposal reflects the broader transformation of the Kings Bay Precinct under the Parramatta Road Corridor Urban Transformation Strategy, marking a shift from its industrial past to a higher-density, mixed-use urban neighbourhood.

<img alt="First Look: Develotek lodges State Significant shop top housing project in Five Dock precinct" data-entity-type="file" data-entity-uuid="abde734c-1e31-4a97-a1d2-fa9bcf31c380" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/building%20podium.png?VersionId=fNUupP6u146yEytQT31kKVRxwtACgPpP" />

Develotek is emerging as an active participant in the state’s affordable housing-led uplift pathway. The developer recently secured approval for a 34-storey mixed-use tower in Chatswood, where it similarly leveraged the in-fill affordable housing provisions to increase scale and deliver a 101-unit scheme with dedicated affordable apartments.

Their entry into Five Dock places them alongside a growing list of developers targeting the suburb ahead of its anticipated transport uplift, with Sydney Metro set to extend into the area. Major players including TOGA, Deicorp, and One Global Capital are all progressing large-scale precinct-style developments nearby, collectively reshaping the low-rise industrial fabric into a higher-density mixed-use corridor.

The Five Dock site sits within the Kings Bay Precinct, a key renewal area under the Parramatta Road Corridor Urban Transformation Strategy, where planning controls support significant uplift tied to affordable housing delivery. The consolidated 3,158 sqm site is currently occupied by low-rise industrial uses, including warehouses and vehicle workshops, earmarked for transition.

First Look: Develotek joins in Five Dock apartment boom

Ascot’s Racecourse Road continues to be a hive of activity for Brisbane developers.

Following Fortis and GRAYA, which are both preparing new projects along the key strip connecting Kingsford Smith Drive and Eagle Farm Racecourse, local developer <a href="https://www.apartments.com.au/developers/skyhold">Skyhold</a> is the latest to lodge plans for its own development.

The group is proposing One One Two Residences, a boutique project comprising just seven apartments, named after its address at 112 Racecourse Road.

The proposal outlines a five-storey building on an 810 sqm site. The built form slightly exceeds the four-storey expectation under the neighbourhood plan, aligning instead with the emerging character of the strip. As the planning report notes, “the locality is characterised by a transition toward medium-rise residential development, with a number of recent developments… above the stipulated height limits.”

<img alt="First Look: Skyhold lodges plans for boutique Ascot apartments as Racecourse Road revival gathers pace" data-entity-type="file" data-entity-uuid="ec577631-8c51-4163-960e-e7b3a77d655b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ascot.png?VersionId=iAzQ46D4Uu1UqiS0mVnlcy9jeFKBpJIj" />

Designed by 111 with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/paul-bangay-garden-design">Paul Bangay Studio</a>, the scheme adopts a layered architectural approach with strong articulation and a subtropical response. Deep balconies, integrated planters, and a mix of masonry and textured finishes define the façade, while upper-level setbacks reduce perceived bulk. The architectural statement describes “a series of horizontally expressed layers, defined by deep balconies and a consistent robust material palette,” aimed at delivering a refined streetscape presence.

Apartments are configured as large-format residences, including multiple three-bedroom layouts and a full-floor penthouse, supported by ground-level parking. A rooftop terrace will provide communal amenities including a pool and landscaped recreation areas. The design prioritises privacy, natural ventilation, and greenery, with planting integrated across all levels to soften the building form and contribute to the public realm.

<img alt="First Look: Skyhold lodges plans for boutique Ascot apartments as Racecourse Road revival gathers pace" data-entity-type="file" data-entity-uuid="1e1219bd-b45a-4d7f-bbc7-7207d7b2fc94" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ascot%20entry.png?VersionId=JIoUOLMgQ5xWpEF0etEI3ffIoIVjD7gO" />

The proposal sits within the Racecourse Road precinct, a key mixed-use spine in Ascot that continues to attract renewed development interest.

Later this year national developer Fortis will launch its own boutique development, which, pending council approvals, will be 16 apartments designed by Koichi Takada Architects, just down the street.

“Racecourse Road is going through a massive revitalisation and we’re proud to be a part of that transformation,” said Fortis's QLD General Manager, Dan Boman.

Nearby, GRAYA is advancing its larger-scale The Gallery, a mixed-use shop-top housing project designed to act as a “catalytic project for Racecourse Road.”

First Look: Racecourse Road, Hamilton revitalization to continue as Skyhold joins the party

Twenty-five years after launching one of Australia’s most visionary and successful masterplanned beach communities - Casuarina on the Northern NSW Tweed Coast - developer Consolidated Properties Group has unveiled plans for an $800 million sister project located 10 kilometres south, at Cudgera Creek near the coastal town of Pottsville.

CPG has taken the wraps off Caldera, a 78-hectare masterplanned village that builds on the legacy of Casuarina and aims to help address Northern NSW’s coastal housing shortage via the delivery of 550 homes built in a sustainable manner and addressing affordability and housing diversity, while also focusing on architectural and ecological merit.

Caldera is being brought to life by the same creative team that delivered Casuarina, led by Consolidated Properties CEO and chairman Don O’Rorke, Hutchinson Builders chairman Scott Hutchinson and renowned urban designer Brian Toyota, of architectural practice Bureau Proberts.

CPG has lodged a rezoning application with Tweed Shire Council for the Caldera site, which has been designated since 1991 as the Dunloe Park Urban Release Area, the final land release area within the Pottsville locality and one of only four remaining growth areas along the entire Tweed coastal strip. Preliminary plans for Caldera feature a 13-hectare retail and commercial precinct at the core of the village, surrounded by meticulously planned residential areas comprising around 550 homesites.

The retail hub will be anchored by a Coles Supermarket and will offer 7000 sqm of retail and 23 commercial lots designed to serve the local community and bring together curated shopping, dining, gym, wellness, childcare, medical and other essential services.

<img alt="Cons prop" data-entity-type="file" data-entity-uuid="fca7dc71-4b71-45b1-bb04-5a60bd7158d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%208.34.04%E2%80%AFAM.png?VersionId=vAKwIvLuwmTKj6blHJRYIEeXS_8lCgUx" />

The project will create more than 1500 jobs over its development cycle, according to its economic modelling, and significantly address the shortage of employment land in the Tweed.

The residential areas will encourage a sense of community via a cohesive urban design that encourages walking, cycling, enhanced resident connectivity and reduced reliance on cars via bike paths and pedestrian-friendly streets.

Homesites will include a range of options from premium ridge-top homes to affordable housing options, ensuring a community that is inclusive of different income levels and designed to appeal to a wide demographic from baby boomers to families, singles and professionals. Architectural and planting covenants on home building will support the village’s built form and protect its character.

O’Rorke says CPG intends Caldera to be a model project delivered efficiently in a dedicated urban release area and ‘very much for this region and for this time’.

“Our vision for Caldera is to create a modern coastal village with its own unique northern NSW identity,” he said.

“Building on our legacy of Casuarina, 25 years on, this new village is designed to stand apart, offering the future of modern living, balancing the natural beauty of the region with contemporary amenities and convenience.

“Caldera will be more than just a place to live - it will be a welcoming, inclusive coastal village neighbouring Pottsville that invites visitors and embraces new residents. With its strong ties to the land, vibrant lifestyle and sense of place, Caldera will set a new standard for village living in Northern NSW.”

<img alt="CPG" data-entity-type="file" data-entity-uuid="9a5a7cf4-5f76-4ddf-bd05-c8fb77d0a787" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%208.33.59%E2%80%AFAM.png?VersionId=J1CzCGD7kE7fcAMd41V4pKAf_sI4L5Jv" />

The project’s centrepiece is environmental sustainability, with comprehensive wetlands protection measures and planting of native trees, parklands, village greens and communal grounds to enhance the natural beauty of the area.

CPG will also deliver a developer-funded wastewater treatment plant to ensure zero ocean outflows and provide high quality long-term infrastructure for Tweed Shire.

A key focus is wildlife management planning, including extensive conservation controls for the West Pottsville koala population, aligned with Tweed Shire Council’s Koala Plan of Management and designed to enhance koala habitat connectivity and future population growth.

Caldera will extend the existing koala corridor by connecting koala precincts west of the Pacific Highway with populations in the north and east precincts. A koala underpass will be created under Pottsville Road to complete the connection of this important corridor. Native tree plantings will expand essential koala food sources, while approximately eight kilometres of exclusion fencing will be constructed to safeguard the koalas from urban threats.

The Caldera site is nestled in the hills of Cudgera Creek and benefits from its rich natural surroundings including the Pottsville Wetland, Cudgera Creek Nature Reserve and nearby Pottsville Beach.

It takes its name from the surrounding Tweed Shield Volcano and Caldera, the vast bowl-shaped depression stretching from Byron Bay to the Queensland border that 20 million years ago was the world’s largest shield volcano and which has shaped the region’s striking landscape, with Mount Warning standing as one of its most iconic features.

The development is a joint venture between CPG and Pottsville Development Corporation, which made its first investment in Pottsville more than 45 years ago and is the developer of Black Rocks By the Sea, a masterplanned community now part of the fabric of Pottsville and which was the catalyst for the construction of a bridge across the Pottsville Estuary, providing direct access to the beach.

CPG’s $1.5 billion Casuarina Beach township, 10 kilometres to the north of Caldera, commenced construction in 2000 and has become the model for modern Australian, eco-sensitive beachside development.

Consolidated Properties unveils $800m coastal village Caldera in Casuarina

Foreign Ownership

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EXPERT OBSERVATION
Debate around offshore investment in housing rose in May after data from the Foreign Investment Review Board (FIRB) showed an apparent collapse in investment.  Despite this, ANZ Research believes foreign buyers still have a sizeable presence in the Australian property sector. Here’s why.
According to the FIRB, the number of approvals granted for foreign purchasers to buy residential property in Australia fell by 67% in 2016-17. But this has largely been driven by the introduction of application fees.
“Foreign buyers still have a sizeable presence in the Australian property sector.”
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/19/ANZ1.jpg" alt="">
Other data suggest a much smaller decline in foreign buying than the FIRB data. The ANZ-Property Council Survey shows a sustained but gradual fall in the presence of foreign buyers since the peak about two years ago.
Decline
Nationwide, just 11,000 approvals were granted by FIRB in 2016-17, down from 40,000 the previous year. The scale of decline was similar across each of the states, with approvals in New South Wales, Victoria and Queensland all falling 65% to 70% year on year.
Victoria is still the most attractive market for foreign buyers on the basis of the FIRB data, recording 40% of all approvals, followed by New South Wales (30%) and Queensland (20%).
The FIRB believes “the most significant factor explaining this drop is the introduction of application fees in December 2015”. The fees mean from the end of 2015 onwards, it has been in the interest of potential foreign buyers to only apply for approval when they are likely to purchase.
Still, these data do not tell us how many approvals are converted into purchases of property. The headline FIRB data therefore do not tell us much about the actual activity of foreign buyers.
Scale
In order to assess movements in foreign-buyer activity, we refer to the quarterly ANZ-PCA survey.
Respondents report the share of property sales to foreign buyers has steadily declined from its peak around two years ago.
The June 2018 survey suggests nationwide 16% of property sales were to foreign buyers, down from 24% in September 2016.
New South Wales (16% down from 25%) and Victoria (21% down from 31%) report similar declines over the same period. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/19/ANZ2.jpg" alt="">
That the presence of foreign buyers is declining is not surprising. The past couple of years have seen significant policy changes, including:
<ul>
<li>tighter Chinese capital controls, such as limiting the outflow of foreign currency per person per year;</li>
<li>the introduction and subsequent raising of stamp duty surcharges on foreign purchasers across New South Wales, Victoria, Queensland and Western Australia;</li>
<li>vacancy tax on foreign-owned properties that are unavailable for rental for at least six months a year; and</li>
<li>a 50% cap on foreign ownership in new developments.</li>
</ul>
These structural changes are likely to prevent foreign buyer activity rebounding to its previous peak.
Despite the fall in activity, foreign buyers continue to have an important presence in Australia, attracted by our solid economy and strong population growth.
When assessing these movements, ANZ Research places greater weight on the results of the ANZ-PCA Survey than the raw FIRB data.
Daniel Gradwell is a Senior Economist at ANZ
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jrobinson-rf4aSBido9

What the FIRB data really means: ANZ Research

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<div class="cq-article-content-paras section">
Melbourne apartment developer Jonathan Hallinan, a Financial Review Rich Lister, has called time.
"I am pulling out of the residential space," Jonathan Hallinan told the press this week. "Policy makers have repeatedly hit our industry with several regulatory changes, which are now compounding to result in what is likely to be a devastating effect on housing supply and affordability in the long term," he had previously blogged. "Over my 22-year career as a property developer, I have had to remain nimble enough to withstand changing market forces. "I have not tried to forecast economic swings or predict fluctuations in the housing economy, but rather create a formidable business model that can endure the inevitable peaks and troughs of the property cycle. "However, the last 12 months of successive government restrictions on the property industry have put insurmountable pressures on many developers that are far beyond most local developers’ ability to restructure their business models and adapt. "It would appear that our policy makers, who evidently believe that their actions are alleviating the pressures of an over-heated housing market, are, with great success, crippling the very industry that has the power to ease the housing affordability crisis." Hallinan lists the recent adverse changes:
</div>
<div class="cq-article-content-media section">
1. Introduction of APRA regulations on banks and financial lenders which resulted in changes to investment lending, reducing the borrowing power of investors.
2. Removal of the stamp-duty concession from off-the-plan purchasers for investors
3. Introduction of plot ratios to the Melbourne planning scheme, hugely lessening the number of dwellings that could be built on a development site.
4. Implementation of apartment design guidelines, forcing developers to build fewer larger and more expensive apartments.
5. Limitations on foreign purchasers to not more than 50% ownership in a given apartment project
6. 7% foreign surcharge on all offshore purchasers
7. Enforcement of minimum $5,000 FIRB application fees
8. Increase of 5.5% stamp duty fees on foreign purchasers
9. Enforcement of absentee surcharges on purchasers with properties vacant for six months or more
10. Proposed introduction of a new tax on the four banks as part of the 2017 Budget.
"Since the [stamp duty] changes have been implemented, foreign sales have been almost non-existent," Hallinan told the Australian Financial Review. He reaffirmed that supply of new apartments would "fall off a cliff" as more developers followed suit.
"Supply is about to fall of the cliff, so my predictions are that rental occupancy will decrease when this happens.
"You will see price growth and yet another boom over and above the one we already are witnessing," he suggested in his blog post.
One of BPM's most recent acquisitions was a two-storey commercial King Street building in the centre of Melbourne for $12.35 million with a plans for a new hotel as part of a mixed-use development.
Jonathan Hallinan founded BPM in 1995 securing early success with luxury townhouses in Melbourne’s bayside areas.
In 2015 BPM was working on its first high-rise luxury development, Shadow Play, a $300 million project of 494 apartments which is shortly due for completion.
Designed by Ellenberg Fraser, with interior finishes from designers Hecker Guthrie, the project is at the corner of City Rd and Clarendon St, previously home to King Furniture.
</div>
<div class="cq-article-content-paras section">
<div>
There was a $10 million plus penthouse sale secured in 2015. By August 2016 there'd been a 75% sales success.
The marketing included a $350,000 bespoke promotional short film, which billed Shadow Play as “elegant hedonism”.
Hallinan suggested there was "a misconception in the media that foreign buyers are our enemy in this crisis, creating more competition for local buyers."
He advised his Shadow Play project of 500 apartments relied on the sale of 150 apartments being sold to international purchasers to get out of the ground.
"Without these 150 sales, the project would not have gone ahead, and certainly would not have been able to develop the additional 350 apartments, which were all sold to local buyers.
"And of the 150 foreign purchasers, the majority are investors providing further supply into the over-heated local rental market."
Only last year when the AFR asked Hallinan to describe his life philosophy he said: "Love the fight, not just the victory. The victory for me is developing buildings that contribute to the skyline of Australian cities. But in signing up for that dream more than 20 years ago, I also signed up for the costs and the pain. I made a conscious choice."
At its peak BPM had more than 2,600 apartments across 16 projects under development with a combined value in excess of $1.4 billion.
There was even speculation of $US300 million site acquisitions in Los Angeles as he signalled he did not want to be exposed to the ups and downs of just one country’s real estate market.
“I am not prepared to have a business that is in one property cycle,” he told The Australian in 2015.
</div>
<div>
Back home, last October Hallinan advised only two apartment settlements failed to proceed in two of his completed projects in the Melbourne and Brisbane apartment markets.
<div class="cq-article-content-paras section">
They were the 40-unit Black Fold project in Brisbane's West End and the 30-unit Light Edge project in Melbourne.
"We've settled 70 in the last two months," Hallinan told Fairfax Media.
"Over two projects, we've had two fall over. Those two were very quickly resold."
Black Fold was a collaboration between BPM, Noel Robinson Architects and Hecker Guthrie with one and two bedroom apartments.
The <a href="https://www.facebook.com/bpmdevelopment/photos/a.1599677896987160.1073741834.1586943561593927/1599677926987157/?type=3&amp;theater" target="_blank">27-29 Bank Street project</a> was a sellout after its 2015 marketing.
Black Fold is situated 1.5 kilometres south west of the CBD.
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Jonathan Hallinan won The CEO Magazine’s Construction Executive of the year award in 2015.
His first property was in the south-east Melbourne suburb of Bentleigh at age 19, following the completion of my carpenter's apprenticeship.
He purchased the property for $90,000, with just $12,000 of his own equity. 
"Through managing the renovation and subdivision process, I turned a $12,000 investment into $220,000 in 18 months," he once advised.
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jchancellor-FAypfDUnLy

Jonathan Hallinan calls time saying foreign buyers are a necessity not "our enemy"

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GUEST OBSERVER
Foreign national ownership of property is a growing concern for many countries, including New Zealand and Australia. From 2018, New Zealand is banning foreign ownership of residential property in an attempt to curb housing inflation and high vacancy rates.
What’s going on in New Zealand?
New Zealand residential property inflation reached 10.46% last year. Prices rose by 34% over the past three years.
As a consequence, New Zealanders are increasingly concerned that people on low and medium incomes are being locked out of the property market. Home ownership in New Zealand has reached its lowest level in 65 years – only a quarter of adults under 40 years own their own home compared to half in 1991.
Immigration to New Zealand grew by 19% in the last financial year. Strong immigration, low interest rates and limited housing supplies, particularly in areas affected by recent earthquakes, have fuelled the rise in house prices.
Jancinda Ardern’s new Labour government went to the election with a comprehensive housing platform that included a crackdown on speculative investors. Labour stated that 2015 tax changes applying to investor earnings were not having the desired effect of limiting price growth.
How does Australia compare?
When it comes to housing, New Zealand is both leading the way while behind Australia in other areas of housing policy. The incoming New Zealand legislative changes emphasise the banning of foreign ownership of residential property. Australia’s Foreign Investment Review Board (FIRB) already applies a ban on foreign ownership for existing (as opposed to new) housing. Like Australia, the New Zealand legislation will continue to allow permanent residents to buy existing homes.
However, there are some significant differences. New Zealand’s law will also apply to foreign trusts and foreign corporations. Australian still allows some foreign trusts and corporations to buy existing homes where staff need to be accommodated. In Australia, overseas residential investment is largely channelled into building new homes.
Many in Australia consider that temporary residents such as students and those here for work should not be allowed to buy existing residential properties. The FIRB allows this. The proposed New Zealand legislation, in its current form, does not.
New Zealand anticipates that removing investor demand by excluding foreign nationals from the market will help stabilise house prices. However, there is little evidence that such measures have successfully slowed price inflation in Australia.
Increases in stamp duty rates for some foreign residential purchases are at odds with the FIRB’s long-standing need to encourage investment to offset foreign trade deficits. In the 2015/16 year, for example, approvals for foreign investment in real estate totalled A$72.4 billion.
However, the New South Wales and Victorian governments both increased stamp duty surcharges for foreign investors in residential real estate to make it less attractive to them. The difference here between the two countries is that in Australia the surcharge is being levied as a state initiative rather than a federal one.
Not all states apply a surcharge to foreign investments in real estate. For this reason, the impact is less likely to antagonise Australia’s major trading partners and investors such as China.
The New Zealand surcharges will be applied nationally. Therefore, the surcharge may be viewed as a protectionist measure.
Protectionism and the Productivity Commission
Concern is growing that a global increase in protectionism (favoured by the Trump administration) could lead to a worldwide recession and lower living standards, including in Australia.
However, although foreign ownership restrictions could hurt New Zealand’s reputation as an open economy, they are unlikely to do so. This is because 58.5% of the funds coming into New Zealand are from Australia, the United Kingdom and the United States. These are also the countries that New Zealand most heavily invests in. Where the surcharge remains reasonable, it is unlikely to impact upon investment or be seen as a protectionist measure.
New Zealand has been much slower than Australia to introduce rules on residential property ownership. Its proposed legislation closely mirrors Australia’s legislation in regard to who may buy existing homes. These measures have not significantly slowed housing price rises in Australia.
<img src="https://counter.theconversation.com/content/87089/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">However, New Zealand also plans to limit residential ownership of property by temporary residents and apply a surcharge nationally. These additional measures may have greater effect on limiting housing price rises than Australia’s restrictions have had so far.
Erika Altmann, Property and Housing Management Researcher, University of Tasmania.
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/foreign-ownership-of-housing-how-do-australia-and-new-zealand-compare-87089" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

How Australia and New Zealand compare for foreign ownership of housing: Erika Altmann

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<img src="https://counter.theconversation.edu.au/content/65155/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Katter's Australian Party federal MP Bob Katter said 30 percent of the Northern Territory's farmland and 22 percent of Tasmania's farmland is foreign-owned. Is that true?
Foreign ownership of Australian agricultural land is not new. Foreign cattle barons owned large areas of land in the Australian outback throughout much of the 20th century.
However, foreign investors' interest in large tracts of farmland, and the federal treasurer’s decision to block the sale of the S. Kidman and Co cattle properties to a Chinese buyer, have helped fuel public debate on the issue.
When the Australian Taxation Office (ATO) released a new Agricultural Land Register in early September, federal MP Bob Katter said that 30 percent of Northern Territory farmland and 22 percent of Tasmanian farmland is now foreign-owned.
Is that right?
Checking the source
The Conversation asked a spokesperson for Bob Katter for sources to support his assertion but did not hear back before deadline.
Nevertheless, it’s clear Katter was referring to the Australian Taxation Office’s new Register of Foreign Ownership of Agricultural Land.
The register lists investors who are legally required to report their interests in Australian agricultural land - whether that interest is freehold (meaning owned outright) or leasehold (meaning the land is rented).
Under rules announced in early 2015, investors must now notify the tax office within 30 days if they:
<ul>
<li>Are a foreign person starting to hold agricultural land</li>
<li>Are a foreign person ceasing to hold agricultural land</li>
<li>Become a foreign person while holding agricultural land</li>
<li>Cease to be a foreign person while holding agricultural land</li>
<li>Are a foreign person holding land that becomes agricultural land or</li>
<li>Are a foreign person holding land that ceases to be agricultural land</li>
</ul>
To build the register, the ATO collects investors' names, contact details, country of incorporation and Australian Business Number or equivalent identifier. For individual investors, the ATO recorded their nationality, and passport and visa details. It also collects the land title details.
The ATO report covers registrations made between July 1, 2015 and June 30, 2016.
What does the report show?
The report shows that the largest amount of foreign agricultural land is held by investors from the United Kingdom, in control of 27.5 million hectares. Investors from the the United States (7.7 million hectares) hold the second largest amount of land, followed by the Netherlands (3.0 million hectares). Chinese investors hold the fifth largest amount of land, with about 1.5 million hectares.
<a href="/images/2016/09/22/image-20160921-12468-1wprtdj.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/22/image-20160921-12468-1wprtdj.png" alt="">
<a class="source" href="https://firb.gov.au/about/publication/register-of-foreign-ownership-of-agricultural-land/">The Conversation/Foreign Investment Review Board</a>, <a class="license" href="https://creativecommons.org/licenses/by-nd/4.0/">CC BY-ND</a>
<h2>Leasing vs owning</h2>
Bob Katter correctly quoted the percentages from the report, but his wording wasn’t quite accurate. He didn’t differentiate between foreign-owned and foreign-leased land.
To be fair, though, it’s not unusual for land to be leased for long periods of time – even as much as 99 years. So in practice, the difference between owning and leasing may be moot. The register doesn’t specify the length of the leases, saying only that:
"An interest in agricultural land includes a freehold interest or the right to occupy land under a lease (including a sublease or licence) where the term of the lease or licence (including any extension or renewal) is reasonably likely to exceed five years."
What we do know is that the register shows that 30.1 percent of agricultural land in the Northern Territory and 21.8 percent of agricultural land in Tasmania is held by foreign interests.
The register shows that almost all of the foreign-held agricultural land in the Northern Territory is leased (but the register doesn’t say exactly how long the leases are).
In Tasmania, the numbers are very different. The register shows that of the farmland there that is held by foreigners, about 88 percent of it is freehold – meaning it is owned by a foreign interest.
Much of the land identified in the report, particularly in the Northern Territory, is likely to be Crown leasehold. This means ultimate ownership rights remain with the Australian government, and lessees are required to manage the land in line with Australian property, agricultural and environmental laws.
<h2>How does this compare to the past?</h2>
We don’t know for sure, because the ATO register is the first of its kind.
The main previous source of official data on this issue was the Australian Bureau of Statistics’ (ABS) Agricultural Land and Water Ownership Survey, run in 2010 and 2013.
The 2013 ABS survey found 12.4 percent of Australian agricultural land had some level of foreign ownership, saying that:
Of the 400 million hectares of agricultural land in Australia, nearly 50 million hectares had some level of foreign ownership; this is up by around 5 million hectares, an increase of 11 percent on the 2010 result.
The ABS reported 31.7 percent of Northern Territory farmland as foreign-owned in 2013. Unfortunately, the Tasmanian data from the 2013 survey was not published.
If we compare the ATO and ABS data, it appears that the percentage of foreign-held agricultural land in Australia increased slightly between 2013 and 2016. It also appears that the percentage of foreign-held farmland in the Northern Territory fell slightly.
But care must be taken when comparing the results from the ATO register and the ABS survey. The ABS survey presents estimates based on a sample of agricultural businesses listed in the ABS business register, and must be used with care because of potential sampling errors.
It’s likely that the ATO register reflects a more complete record of foreign ownership and leasing than the earlier ABS data.
<h2>What don’t we know about foreign control of agricultural land?</h2>
Not all the information collected by the ATO has been made public.
The publicly available report doesn’t show who owns the land – it doesn’t show what proportion of the foreign-held land is owned or leased by foreign governments or foreign government investors such as state-owned enterprises.
The register’s guiding legislation states that any publicly reported statistics must not identify investors, which limits what information the ATO can release for public perusal.
<h2>Verdict</h2>
Bob Katter got his figures right but his wording was not entirely accurate. It would have been more accurate for him to say that 30% of the Northern Territory’s farmland and about 22% percent of Tasmania’s farmland is now foreign-held – not foreign-“owned”.
In the Northern Territory, most of the foreign-held land is leased; in Tasmania most of that foreign-held land is owned outright by the foreign entity.
However, the register doesn’t include the length of land leases. For those tracts of land held under very long leases, the practical difference between owning and leasing may not be meaningful. – Erin Smith and Bill Pritchard.
<h2>Review</h2>
This is a sound FactCheck. I have independently confirmed all data and calculations used in the analysis. The authors are correct in confirming Katter’s claim, with the caveat that the term foreign “held” rather than “owned” should have been used.
Some further – and significant – qualifications of the ATO data can also be drawn out:
While Tasmania and NT have relatively similar overall levels, their sectoral patterns are qualitatively different. As the ATO data show, most foreign-owned land in NT is for livestock production, while in Tasmania nearly all is in the forestry sector.
The legal differences between ownership and leasing are very slight in terms of assessing control and legal compliance matters. While the authors claim that leaseholders are required to meet “all Australian property, agricultural and environmental laws”, this is equally true of freeholders as well.
The ATO report appears not to adjust for the share of a property held by a foreign interest. For example, it does not differentiate between a farm that is 20 percent foreign-owned and one that is 100% foreign-owned. It is possible that some or even much of the “foreign held” land is actually a minority share in a joint-venture with Australian partners.
Significantly, the report only identifies the “place of incorporation” of the investor, rather than the nationality of the ultimate owner. Much of the British and American interests may well be held by legal persons of third countries, who have incorporated businesses (or bought shares in property trusts) in these jurisdictions. The dominance of the US and UK might therefore reflect a practice of incorporating agribusinesses in these countries, rather than ultimate ownership residing there. – Jeffrey Wilson
Erin Smith is post-doctoral Research Fellow, University of the Sunshine Coast and can be contacted <a href="https://theconversation.com/profiles/erin-smith-94841" target="_blank">here</a>.
Bill Pritchard is professor in Human Geography, University of Sydney and can be contacted <a href="https://theconversation.com/profiles/bill-pritchard-126" target="_blank">here</a>.
Jeffrey Wilson is fellow of the Asia Research Centre, Murdoch University and can be contacted <a href="https://theconversation.com/profiles/jeffrey-wilson-12717" target="_blank">here</a>.
All are authors for The Conversation.
 
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Is 30 percent of Northern Territory farmland and 22 percent of Tasmanian farmland foreign-owned?

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<img src="https://counter.theconversation.edu.au/content/63757/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
China’s state-owned enterprises are becoming increasingly privatised, as government involvement shifts from full control to economic guidance.
This means these firms should be treated like any other foreign investor when it comes to buying Australian assets.
Treasurer Scott Morrison recently rejected the bids by both state-owned State Grid Corporation of China and private Hong Kong firm Cheung Kong Infrastructure for the lease of 50.4 percent of Ausgrid, the New South Wales electricity distribution network, on the grounds of national security.
Concerns about Chinese investment usually centre around the role of the Chinese government and its noncommercial objectives. China’s government does maintain extensive influence over its market economy, through both indirect policy measures as well as direct participation via state-owned enterprises.
However political economists argue the Chinese state is more developmental than predatory. This is because Chinese foreign investment policies have changed from a restricting and regulating approach, through strict approval mechanisms and foreign exchange allocation, towards a more facilitating approach.
The Chinese government provides general guidance, government services, and financial incentives to align commercial decisions of firms with the strategic planning of the country. One example of this is the one-belt-one-road strategy aimed at building economic cooperation and trade links with a number of countries, including Australia.
The vast majority of Chinese state-owned enterprises have upgraded their internal governance and senior management teams including appointing external independent directors or foreign senior managers. Many of these enterprises have taken steps to introduce mixed private ownership to improve managerial autonomy.
According to research, by 2013, more than 52 percent of central state-owned enterprises have transitioned into mixed-ownership enterprises. For example, China’s biggest oil producer, PetroChina Company Limited, is the the listed arm of state-owned China National Petroleum Corporation (CNPC), now publicly traded on Shanghai, Hong Kong, and New York Stock Exchanges.
The role of Chinese government in foreign investment alternates between that of a shareholder, who wants to invest in the safest and most profitable foreign assets to that of an economic coordinator, using investment as a channel of upgrading the country’s industry infrastructure.
<h2>China’s changing investment in Australia</h2>
China as an emerging economy has been a popular destination of foreign direct investment for decades since its “open-door” policy in the 1980s. Its participation in the global economy as an outward investor is a relatively recent phenomenon, with substantial growth only after China’s entry into the World Trade Organisation in 2001. The growth has however been trending upwards consistently in the recent years despite the global financial crisis.
The driving forces, motivations, and the resultant patterns of Chinese investment overseas have evolved over time. Starting in the early 1990s, Chinese investment was primarily concentrated in the natural resource sector, directly mandated by the state to compensate for the lack of raw material and energy supply domestically.
Chinese investment in manufacturing overseas picked up steam in the following years, partially in response to the rising labour costs and market competition at home that motivated producers to seek cost efficiency and market potentials in neighbouring emerging economies. It was also partly aiming to catch up with global market leaders by tapping into foreign markets for high-value brand assets, technological competencies, and other intangibles.
More recent years have seen Chinese foreign investment diversifying into the service sector, such as commercial services, mining services, logistics, and utility infrastructures, reflecting an effort by Chinese investors to move up the global value chain.
<h2>A level playing field in assessment</h2>
The notion that Western economies need to have foreign investment regulations (often China-specific) to ensure national security is disputed in academic research.
Existing regulations for foreign direct investment in advanced economies are already sufficient for safeguarding national interests. The sale of Ausgrid should have been evaluated based on the existing foreign investment regulations only rather than relying on the decision of the Treasurer, made on a case by case basis.
State-owned enterprises should disclosure the details of asset sales, not only financial details, but also the key contractual arrangements with regard to the ownership and operation of assets. Fair or unfair, Chinese state-owned enterprises are in a disadvantaged position in terms of their legitimacy perceived by host country stakeholders.
According to research, these sorts of enterprises should pursue shared ownership arrangements, such as a join venture structure, which can help these firms mitigate formal and informal institutional barriers in the host country.
Adhering to corporate governance practices and information disclosure norms of the host country can deliver greater transparency against sinophobia. Non-market strategies, such as networking with social and political leaders, as well as corporate social responsibility initiatives, can also help Chinese investors build local legitimacy in host countries.
Lin Cui is associate professor School of Management, Australian National University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/lin-cui-291117" target="_blank">here</a>.
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