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

Joel Robinson

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

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

WM Residences fills gap in Mordialloc townhouse market

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

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

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

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

NAB funds $1 billion Surfers Paradise apartment development, Palmera

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

First look: Aqualand joins St Leonards apartment party

Household

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LF Economics duo Lindsay David and Philip Soos have lobbed their submission, titled The Great Australian Household Debt Trap: Why Housing Prices Have Increased as the first presentation to the House of Representatives Standing Committee on Economics 2015 Inquiry into Home Ownership.
But at the same time they claim this latest housing inquiry is a "transparent political ploy" to avert implementing a raft of genuine policies that would impinge upon the government-supported ability of the FIRE sector to siphon record-breaking profits from the economy and labour through the extraction of economic rents, primarily usury and land rent. 
"Given that very few, if any, recommendations from previous inquiries have been implemented, there was little need to hold the recent inquiry into the housing sector," <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/House/Economics/Home_Ownership/Submissions" target="_blank">the submission says</a>.
"There is no need, therefore, for this inquiry to take place at all, especially considering it has been known since 1879 with the publication of the world’s most popular economics book, Henry George’s Progress and Poverty, what the most effective approach is in terms of efficiency and equity in dealing with the issues that afflict Australia’s real estate market. 
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"The Australian public would be far better served if an alternate inquiry were to be held that investigated ways to democratise the clearly malfunctioning political system which regressively only assists Australia’s army of private monopolists, usurers, speculators, rent seekers, free riders, financial robber barons, control frauds, inheritors and indolent rich.
"It is high time the nation’s politicians, political parties, public executives, top-level public economists, regulators and bureaucrats have their power over policymaking significantly restricted by and for the benefit of the public and common good.
"It is this self-interest that has helped to perpetuate the largest debt-financed real estate bubble in Australia’s history."  
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They argue in the 9000 word submission that since 1996, property prices have outpaced inflation, incomes, rents and GDP, making it difficult for potential first home buyers (FHBs) to enter the market while lower income households and marginal groups struggle to afford decent shelter.
They add the Australian housing market shares similarities with countries that experienced real estate bubbles, such as the United States, Spain, Denmark, the Netherlands and Ireland.
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"Government, the FIRE sector (finance, insurance and real estate) and the mainstream economics profession predictably deny the existence of a housing bubble, but Australia’s economic history demonstrates they occurred during the 1830s, 1880s, 1920s, mid-1970s and late 1980s. 
"The bursting of these bubbles invariably caused economic recessions and depressions. 
"Contrary to the analyses of the vested interests, the data clearly establishes Australia is in the midst of the largest housing bubble on record. 
"Policymakers are caught between a rock and a hard place, as implementing needed reforms will likely burst the bubble, causing severe financial and economic fallout as residential land prices revert to mean."
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They argue governments have worsened market inefficiencies by cynically enacting and maintaining policies to inflate housing prices. 
"The inertia regarding housing and tax reform is due to the recognition from the first Rudd government onwards that the nation is in the midst of its largest housing bubble on record. 
"The tolerance of housing policies that maintain bubble-inflated prices, ignore objective evidence, contradict the recommendations of earlier inquiries and erode housing affordability are entirely predictable. 
"Property ownership and speculation has been elevated to the status of religion in Australia, compounded by a perverse culture of homeowner entitlement driven by a degenerate taxation system that penalises work and effort while rewarding unearned wealth and income."
<a href="/images/2015/06/19/TAble2.jpg">Click to enlarge</a><img src="/images/2015/06/19/TAble2.jpg" alt="" style="line-height: 1.3em;">
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The researchers noted previous inquiries into the housing sector in 2004, 2008 and 2015 identified both supply and demand-side variables as contributing to high housing prices: availability of finance, lower nominal interest rates and inflation, preferential taxation treatment for all land owners, developer charges and levies, the composition and rate of employment, demographic change (population growth, household size and age structure), cash grants to FHBs, rezoning policies and the returns from other investments.
"Current housing prices cannot be explained by these fundamental factors, however, as both the nominal rent to inflation and rent to income ratios have remained steady over the course of the housing price boom."
It is argued there are two primary causes for the housing bubble: a rapid acceleration in mortgage debt and perverse taxation policies encouraging speculation.
The duo make 15 housing market recommendations, (published below) and some 23 banking recommendations too.
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Recommendation #1: More efficient use of the State Land Tax (SLT). 
The SLT is an ideal tool to moderate both land price bubbles and their subsequent devastating busts, and is already in the toolkit of state and territory governments. Unfortunately, this tax has been rendered comatose by a host of exemptions and concessional treatments. The SLT requires broadening to include owner-occupied housing and agricultural land, calculated on a per-square-metre value basis. The narrow existing base and progressivity of the SLT incurs only a small deadweight loss; the complete removal of exemptions and concessions would reduce this deadweight loss to zero. 
On the other hand, the federal government could take charge by imposing a comprehensive Land Value Tax (LVT) on all land. An increasing marginal rate schedule taxes the least valuable land at 0 per cent, with rising rates calculated on a per-square-metre value basis. Land taxes apply per land holding, but not on an entity’s total holdings, to encourage development. 
Recommendation #2: Changes to municipal rates calculations. 
Municipal rates should be levied using site value (SV) rating, taxing the underlying land only. Under the capital improved value (CIV) or net annual value (NAV) system, construction is taxed, suppressing building activity and imposing widespread deadweight losses.32 Use of Minimum Rates provides a direct subsidy to those owning more valuable sites. Ratepayers should oppose this wealth transfer - an impost on their capital values as well as annual charges. Rates should not be capped to the rate of inflation given residential land prices have far outstripped inflation.
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Recommendation #3: Reform stamp duty tax. 
Unlike most recommendations regarding stamp duty, it is a tax worth keeping. Theoretical studies on the deadweight losses of taxation will indicate stamp duty is an inefficient transactions tax, but this only holds on the unrealistic assumption that the housing market is efficient. As Australia is at the peak of its largest housing bubble on record (revealing the housing market is not efficient), stamp duty instead acts similarly to a Tobin tax: it reduces both prices and volatility. Evidence demonstrates stamp duty in Australia reduces housing prices equal to or greater than the value of the stamp duty, rather than increasing prices as is commonly believed.33 This is precisely why the housing lobby seeks to reduce and eliminate this tax. 
Given the inefficiencies currently wrought in the housing market, stamp duty is likely to be welfare-enhancing, and thus should be retained. A reformist approach would be to increase stamp duty on the more speculative transactions, for instance, owner-occupier and investment property purchases with a loan to value (LVR) ratio above 80%, rising further if interest-only loans are used, while reducing stamp duty for transactions with lower LVRs and amortizing principal and interest mortgages. If a sufficiently large, broad-based LVT proved it could quell an inefficient housing market, stamp duty could be gradually reduced. It should also be noted that the incidence of stamp duty results in a portion falling on the dwelling structure, which results in inefficiency as with council rates based on the CIV or NAV system.
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Recommendation #4: Reform housing tax expenditures. 
The capital gains and land value tax exemptions for owner-occupiers and the capital gains tax discount for investors should be removed.34 Owner-occupier mortgage interest deductibility is ruled out because it is the equivalent of the negative gearing benefit for investors, and therefore likely to encourage larger private debt burdens. 
SMSF tax concessions should be modified by bringing them into line with the benchmark treatment for property investment.35 Provisions allowing SMSFs to borrow for investment purposes are removed to limit risk and losses during future real estate corrections. 
Recommendation #5: Quarantine negative gearing. 
Negative gearing is a Ponzi-amplification mechanism that provides incentive to increase mortgage debt to speculate on the movements of future capital prices. The ability of property investors to write off net rental income losses against labour income tax should be disallowed. The ability of investors to claim depreciation on buildings should be reviewed, as it allows income that otherwise would have been taxed at the full rate to be converted into capital gains that are only taxed at 50 per cent of the nominal rate. 
Recommendation #6: Removal of all first home buyer subsidies. 
The FHB grant and boost, including the first home savers accounts, should be removed. These housing subsidies act as a demand-side stimulus that further erodes affordability. When combined with highly-leveraged mortgages, the result is rapid housing price inflation that substantially outstrips the size of the grant. These grants are a gift to vendors, not FHBs.
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Recommendation #7: Prevent superannuation lump-sum withdrawals. 
Disallow the use of lump-sum withdrawals from superannuation accounts to finance purchases of owner-occupied property or to prevent foreclosure (while allowing SMSF purchases as noted above). The former acts like a FHB grant, while the latter is another gift to bankers. 
Recommendation #8: Increase the Commonwealth Rent Assistance (CRA) scheme. 
The CRA should be increased to assist low and moderate income tenants, and index it to nominal rental price growth. The CRA is better targeted than NG and the NRAS because it provides direct cash assistance to tenants. The program may place upwards pressure on rental prices as it increases eligible tenants’ purchasing power. 
Recommendation #9: Greater investment in public housing. 
A substantial increase in funding for public housing would assist long-term, low-income individuals and families reliant on social welfare to exit the private rental market, ameliorating their financial stress. We have an obligation to look after those who have difficulty managing their affairs. 
Recommendation #10: Tenancy law reform. 
Australian tenancy laws should adopt the higher standards enjoyed by other Western nations. Tenants’ limited rights include less stability and security in tenure due to shorter lease terms (6 to 12 months on average), lower rental vacancy rates favouring landlords during contractual negotiations, termination of leases for no reason, and requisite landlord permission for minor alterations and pet ownership. 
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Recommendation #11: The adoption of ‘right to build’ laws. 
This policy encourages timely development of residential property. Planning delays and uncertainties may raise land costs, thus, this effect is negated by a right (positive presumption) for developers and home builders to undertake activity, within specified local and state government guidelines. If a development is opposed, then the onus is upon the aggrieved party to take the developer to the civil tribunal to modify or prevent construction. 
Recommendation #12: Elimination of state/local government infrastructure charges and levies. 
Governments should reverse its preference for imposing direct charges on developers, instead financing local infrastructure directly. Governments can either adopt the Texan Municipal Utility District (MUD) model or return to the original system of issuing municipal bonds to finance local infrastructure and paying down debts through council rates. 
It should be noted that developer levies and charges do not feed through into higher housing prices as is commonly believed; rather, developers subsume the levies and charges through lower profit margins which explains why they oppose them. Regardless, those who benefit from local infrastructure should finance its provision through the benefits-pays system: landowners through council rates and SLT/LVT. 
Recommendation #13: Streamlining of zoning processes.
 Land subdivision and zoning vacant land for residential use in capital cities takes too long, generating considerable costs, uncertainty and reducing developer competition. Comprehensive betterment taxes should be applied to agricultural land that is rezoned for commercial and residential purposes.
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Recommendation #14: Removal of most urban growth boundaries (UGBs). 
Except for ecologically or culturally sensitive regions of land, there is no sound rationale for UGBs, as only a tiny fraction of Australia’s land mass is urbanised. Building further out on the fringe may lower housing costs, but this will likely be more than offset by the rise in transportation costs. 
Recommendation #15: Establish the ‘Right to Rent’ program. 
The Right to Rent program allows any household in danger of foreclosure to remain in their home for a period of 5 to 10 years (or longer), paying the market rate of rent to the new owner (the bank). This policy helps protect owner-occupiers from the injurious effects of lenders’ control frauds. The plan does not bailout the banks or home owners, can be implemented straight away, does not create more bureaucracy and protects property from theft, squatting and vandalism. It also gives owner-occupiers more power in working through mortgage modifications, potentially reducing the number of delinquencies, insolvencies and foreclosures.
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