A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Joel Robinson

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

[smartcode_project:default project_id=134974 project_image_fid=5427]

The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

[smartcode_project_cta:default project_id=134974]

Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

[smartcode_project:default project_id=152125 project_image_fid=363778]

The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

[smartcode_project_cta:default project_id=152125]

Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Skymark takes out 10-year Resilience Insurance LDI at Solis Cronulla

Housing Supply

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GUEST OBSERVER
CoreLogic’s Accumulation Index looks at the total returns from the housing asset class factoring in the change in the value of the dwelling and the gross rental return from the property.
The CoreLogic Accumulation Index shows that nationally, the total returns from the housing asset class over the 12 months to August 2017 were 13.2%.  Because the return is calculated from value change as well as the gross rental yield, you tend to find that houses have a superior value growth performance while units offer superior rental returns.  
Over the past year, total returns for houses nationally have been recorded at 13.5% compared to a 12.0% return for units.  Over the 10 years to August 2017, the annual total returns for housing nationally have been recorded at 8.8%, split between 8.9% for houses and 8.5% for units.
<h3 class="text-align-center">Annual total returns from the housing asset class, National</h3>
Click to enlarge
<img src="https://www.urban.com.au/images/2017/09/20/2017-09-18-image1.png" alt="">
Total housing returns have generally been superior in capital cities to regional markets however, in the 2008 and 2010-11 downturns, returns slumped by a greater magnitude in the capital cities.  Over the past decade, combined capital city annual total returns have been recorded at 9.3% with returns of 9.5% for houses and 9.0% for units.  Over the 12 months to August 2017, total returns have been recorded at 14.0% for houses and 12.3% for units.  Like the national chart, the recent data for the combined capital cities shows that total returns have started to slow.
<h3 class="text-align-center">Annual total returns from the housing asset class, combined capital cities</h3>
Click to enlarge
<img src="https://www.urban.com.au/images/2017/09/20/2017-09-18-image2.png" alt="">
Regional markets are also beginning to see total returns slow however, the returns over recent years have generally not been as strong as those across the combined capital cities.  Over the past 12 months, total returns have been recorded at 11.7% for houses and 10.2% for units.  Over the past decade, annual total returns for housing outside of the capital cities have been recorded at 7.0%, 7.2% for houses and 5.6% for units.
<h3 class="text-align-center">Annual total returns from the housing asset class, combined regional markets</h3>
Click to enlarge
<img src="https://www.urban.com.au/images/2017/09/20/2017-09-18-image3.png" alt="">
Hobart has recorded the strongest annual growth of all capital cities over the past year and it also has some of the highest rental yields which has meant it has had the strongest total returns.  Total returns for houses over the past year have been above 10% in each of Sydney, Melbourne, Adelaide, Hobart and Canberra.  For units, double-digit total returns have been achieved over the past year in each of Sydney, Melbourne and Hobart.  Units in Darwin were the only capital city property type to achieve negative returns over the past year.
<h3 class="text-align-center">Annual total returns from the housing asset class, individual capital cities, to Aug-17</h3>
Click to enlarge
<img src="https://www.urban.com.au/images/2017/09/20/2017-09-18-image4.png" alt="">
With capital growth now appearing to have peaked and rental yields at record lows it is reasonable to expect a further moderating of total returns over the coming months.  
The other important thing to consider when looking at total returns is the calculation of the rental income.  Although rents are increasing in many areas, the assumption in a gross rental yield calculation is that the property is occupied for 52 weeks of the year.  In some parts of the country this is increasingly difficult to achieve and it can eat into the investment returns.
The total returns data, particularly for the past decade, shows why housing investment has been so popular and hit record highs.  
Returns have been fairly consistent and less volatile than equities however, the ongoing strength and the evidence of a recent slowdown should give investors pause for thought.  
With mortgage rates starting to increase for investors, record-high levels of new housing supply and value growth slowing, housing investors shouldn’t assume that the types of returns seen over recent years will continue to be replicated going forward.
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/" target="_blank">here</a>.
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ckusher-ujnxiKuFQs

Total returns from housing are starting to ease: Cameron Kusher

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GUEST OBSERVER
The NSW Labor Party’s approach to affordable housing must work with the development industry rather than add a new tax.
Labor’s affordable housing announcement contains some positive proposals that will generate more affordable homes across Sydney, but this will depend on the details.
The strong approach to driving outcomes on government owned land, with a state wide audit, and tasking UrbanGrowth to deliver outcomes will certainly give results.
Clearly the private sector purchase of government owned land will need to be discounted to provide 25% of new homes as being affordable.
The proposal for 15% of new properties on private land to be affordable will only work if it is based on rezoning and floor space uplift.
The Labor Party's 'Next Steps' document attached to the media release identifies 'A 15% Affordable Housing Mandate on privately owned land' which sounds like an inclusionary zoning approach.
To simply force developers to provide 15% of their homes to a community housing developer will only increase the cost of the remaining 85% of homes. If this is the case the Urban Taskforce does not support a 15% inclusionary zoning tax.
The Urban Taskforce has proposed a better approach to the supply of more affordable housing as a modification of the state government’s Affordable Rental Housing State Environmental Planning Policy (SEPP).
This policy was brought in by the Labor Party in 2009, to provide up to 20% of a housing development as being affordable.
The modification needs to increase the uplift to 20% in floor space and height and to maintain the requirement of affordable rents for 10 years. We urge all political parties to consider this practical and achievable approach to delivering more affordable homes. 
The discussion on housing supply and affordability in Sydney must not become a battlefield between political parties. It seems that any proposal by one political party is immediately attacked by another political party. The Urban Taskforce calls on all political parties to contribute to a constructive discussion on Sydney's housing crisis.
The Urban Taskforce is keen to work with all political parties to develop sustainable approaches to the provision of affordable housing.
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.
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jonathanchancellor-7SQnKwU6yx

Affordable housing policies must work with industry: Chris Johnson

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GUEST OBSERVER
Planning decisions across NSW need to be determined by different independent panels depending on project size.
The current suggestions that development applications should be determined by independent panels will take the politics out of decision making. 
But there need to be different panels depending on the scale of development. Small scale projects should remain with council planners to provide reports to a council independent panel but large projects over $20 million will need a different process.
The over $20 million projects inevitably involve state government agencies like roads and transport so these projects are determined by planning panels. 
In Sydney these are chaired by the Greater Sydney Commission’s District Commissioner. 
Under the current arrangements local council planners prepare a planning report which is provided to the panel to make their decision. 
However, the report often takes a negative position on the proposed development, reflecting the views of local councillors rather than providing an independent, merit based analysis of the proposal. A better process for large projects in
Sydney is to establish six District Planning Offices in each of the Greater Sydney Commission’s districts.
Currently only 1.3 percent of the Development Applications that are processed in Sydney are above $20 million but they are the big projects that represent 47.3 percent of the total construction value of DAs.
 These big projects currently take a massive 271 days on average to be approved and they need specialist planning skills to negotiate with government agencies. 
The six District Planning Offices could second skilled staff from councils in the district into a single office to prepare planning reports. 
The other 98.7 percent of DAs should be processed at the local council level by council planners. Both small and large projects can be assessed by independent panels.
If the NSW Government is going to reform the planning system to make it more independent it should do this in a manner that acknowledges the new governance structure established by the Greater Sydney Commission of six districts. 
A decade or so ago there were very few large precinct wide apartment projects involving hundreds of apartments as well as commercial, retail and open space but now these sophisticated and complex projects are far more common. 
The time is ripe for a more sophisticated planning system that supports larger projects that are ultimately the key to driving Sydney’s housing supply.
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI">here</a>.
 
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jchancellor-FAypfDUnLy

Keep planning decisions for small projects with council panels and for large projects with regional panels

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Based on the relationship between demonstrated housing demand and advertised stock levels we are seeing relatively more stock available for sale compared to demand for that stock across the capital cities at the moment.
The months of supply figure compares the number of unique properties advertised for sale to the number of transactions in the market. The analysis provides unique insight into how long it should take to clear the volume of stock currently available for sale. It is important to note that off-the-plan housing stock is typically not advertised for sale as individual properties and as a result is not included within this analysis.
Across the combined capital cities, there is currently 4.4 months’ worth of residential properties being advertised for sale. As the first chart shows, the months of supply is currently higher at this point of the year than it has been each year since 2012. The increasing months of supply is largely due to the slowing rate of transaction activity rather than a spike in properties available for sale, indicating demand has diminished relative to advertised supply levels which is pushing the figure higher. <a href="https://www.corelogic.com.au/resources/property-pulse/article-graphs-img/2017-05-15--image1.jpg" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/19/rsz_kusherchart.png" width="700" height="425">
Sydney – there is currently 3.0 months of established housing supply available for sale across the city. The city has seen consistently low months of supply over recent years however, the figure is currently at its highest level for this time of year since 2012.
Melbourne – established housing stock currently sits at 4.2 months of supply for the city. Supply levels remain quite low but are at their highest levels for this time of year in five years.
Brisbane – the city currently has 5.1 months of established housing stock available for sale. The months of supply figure is higher than it has been at this time of year for each of the past five years.
Adelaide – there is currently 3.7 months of established housing stock available for sale. Although stock levels are higher than they were at this time over the past two years, stock levels were higher over the three years previous to that.
Perth – at the moment there is 8.3 months of established housing stock available for sale throughout the city. This is a high months of supply figure relative to other capital but it is well down on the 8.7 months at the same time last year.
Hobart – the months of supply figure for Hobart is the lowest it has been for many years. There is currently 4.1 months’ worth of established stock available for sale which is down from 5.0 months a year ago and the 7.2 months the year previous.
Darwin – across the city there is currently 6.7 months of established housing supply which is well down on the 10.5 months at the same time a year ago and 7.5 months over the previous year.
Canberra – there is currently 2.6 months of supply of established housing stock for sale in Canberra. The months of supply level is the same as what it was a year ago but lower than the previous years highlighted.
Based on these figures it seems that the supply of stock for sale relative to demand is increasing in Sydney, Melbourne and Brisbane. Meanwhile demand is outweighing supply in Hobart and Canberra leading to a decline in the months of supply. In Perth and Darwin supply continues to dramatically outweigh demand but the balance is slowly improving. In Adelaide there has been little change in months of supply over recent years suggesting the market is in relative equilibrium.
Cameron Kusher is a research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/" target="_blank">here</a>.
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Fewer buyers results in greater months of supply: Cameron Kusher

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Increases in housing stock in Sydney and Perth have failed to match population growth in these capitals, according to research from the Australian Housing and Urban Research Institute (AHURI) and the Bankwest Curtin Economics Centre (BCEC).
The report, titled Housing Supply Responsiveness in Australia: Distribution, Drivers and Institutional Settings, takes a look at how well supply is keeping up with demand across Australia’s regions and capital cities. 
Lead researcher and deputy director of BCEC, Professor Rachel Ong, said while national growth in Australia’s housing stock has kept pace with population growth over the last ten years, the picture is very different for some of our major capitals. 
“Increases in Perth and Sydney’s housing stock over the past ten years have been insufficient to match the increase in their growing populations, with supply-side barriers more acute in Sydney than Perth,” Professor Ong said. 
The issue of housing affordability is more nuanced than previously thought, with most new housing concentrated in mid-to-high price market segments, it says.
“We’d normally expect to see a trickle-down effect, where building higher-value homes leads to the opening up of lower-value homes for those on lower incomes. Our research indicates this isn’t the case, meaning an increase in housing supply is not leading to better housing affordability,” Professor Ong said. 
<a href="https://www.propertyobserver.com.au/images/2017/05/18/Link.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/18/Link.png" alt="">
 
In its executive summary, the research said that a one percent increase in the level of real housing prices is estimated to produce a 4.7 percent (3.9 percent) increase in new house (unit) supply. These house price gains translate into a very small increase in the housing stock which will do little to keep up with demand pressures.  
 
“This indicates that a broader policy response is needed to address the structural impediments that weaken the 'trickle down' impact on new housing supply. There is a real need for targeted government intervention, including measures that improve financial incentives for developers to build at the lower end of the housing market.” 
<a href="https://www.propertyobserver.com.au/images/2017/05/18/BuildingApprovals.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/18/BuildingApprovals.png" alt="">
 
<a href="https://www.propertyobserver.com.au/images/2017/05/18/Units.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/05/18/Units.png" alt="">
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<img src="https://www.urban.com.au/images/2017/05/18/All.png" alt="">
 
A positive finding from the report is that the supply of units is more likely to be concentrated in job-rich areas, with more than 50 percent of new units built in the highest job density areas in Australia. 
 
“A likely result of that will be shorter commuting time to work, which offers an important boost to productivity,” Professor Ong said.
 
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Housing supply not keeping up with population growth in some capital cities, says study

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GUEST OBSERVER
The six district plans for Metropolitan Sydney must be amended to drive housing supply, says the Urban Taskforce. 
The district plans for Sydney along with the draft amendments to the Metropolitan Strategy contain a shift away from housing supply by reverting to single use zoning to focus on job.
The current Metropolitan Strategy (A Plan for Growing Sydney) clearly sees higher density housing as part of a mixed use approach to Strategic Centres but the draft amendment has removed housing in favour of commercial development.
The current focus by the NSW Government on housing affordability and the need to boost supply in Sydney must be enabled by the Greater Sydney Commission’s plans and how they influence decisions on planning proposals. With councils in Sydney going through an amalgamation process and the fact that it could be two years before Local Environmental Plans are completed it will be the District Plans that will influence planning decisions on new housing proposals. Sydney’s housing crisis needs urgent action.
A further shift away from housing supply has occurred with the use of the ‘precautionary approach’ to the rezoning of employment lands including inner city industrial sites that are becoming redundant. A number of planning proposals to develop mixed use precincts on these sites have been rejected over recent months by the Greater Sydney Commission’s Planning Panels because they do not conform with the draft District Plans.
The Urban Taskforce is concerned that there are now two conflicting planning documents for Sydney that both need to be considered to meet the Strategic Merit test for Planning Proposals. The existing Metropolitan Strategy clearly supports mixed use centres while the draft plans propose single use zoning. The confusion from these two planning documents is leading to significant risk for applicants of planning proposals.
The Greater Sydney Commission (GSC) has produced a significant amount of quality material that outlines the 20 and 40 year visions for Sydney in relation to the major growth that is predicted. There are many parts of the draft plans that contain excellent proposals. The Urban Taskforce’s submission to the GSC acknowledges the extent of the material produced and of the willingness of the commissioners and the staff to consult with the development industry. There are however a number of areas in the plans that we believe need further work and our submission focusses on these.
The Urban Taskforce submission contained 10 key issues which are listed below: 
1. Acknowledgement of the extent of the material
2. The legal status of the draft district plans in relation to ‘a plan for growing sydney’ is uncertain
3. The ‘three-city’ vision for sydney is supported 
4. A clear vision of the future built form of the greater sydney area is needed
5. Developers are increasingly becoming responsible for funding of infrastructure and affordable housing
6. Too many planning decisions are delegated to councils 
7. Housing supply must be given higher priority 
8. Community involvement must relate to the scale of the plan (local, district, metropolitan)
9. A mixed use cosmopolitan character should be promoted 
10. Affordable housing should be provided through an incentive-based system
The Urban Taskforce is keen to be involved in the amendment and refinement of the six District Plans and the Metropolitan Strategy - Towards Our Greater Sydney 2056 through discussions with the GSC.
We will also be producing research publications that add to the continuing dialogue between government, the community and the industry on Sydney’s future.
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The full submission on the Draft District Plans and the Draft Amendment to A Plan for Growing Sydney by the Urban Taskforce is available <a href="https://www.urbantaskforce.com.au/index.php?option=com_phocadownload&amp;view=category&amp;downloa%20d=2180:submission-draft-sydney-district-plans-and-towards-our-greater-sydney-2056&amp;id=2:what-s-%20new&amp;Itemid=141%20" target="_blank">here</a>.
 
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.
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Draft district plans must be amended to help solve Sydney’s housing crisis

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GUEST OBSERVER
Premier Berejiklian’s new ministry must drive housing supply and ensure NSW retains its position as Australia’s leading state. 
The new ministry announced by NSW Premier, Gladys Berejiklian is an very talented and competent team, capable of ensuring the continued success of the high-performing NSW economy.
In particular, the appointment of the Hon. Anthony Roberts as Minister for Planning and Minister for Housing is an excellent choice. His past achievements and experience, including overhauling the ageing NSW strata system, make him very well placed to improve the lack- lustre performance of the NSW planning system.
The Urban Taskforce is keen to work with Minister Roberts on ways to drive more housing completions throughout NSW and in particular in the Sydney metropolitan area. We believe there are many aspects of the NSW planning system and the Draft District Plans for Sydney which prevent greatly hinder the supply of new housing. Given the current housing affordability crisis, changes must be made to address this problem.
Minister Roberts should look at restrictive land use zones and development controls that prevent adequate housing supply and onerous conditions of consent which lead to only 58 per cent of housing approvals become real houses or apartments. 
Other key issues include lengthy bureaucratic approval processes which create delays and blockages in the planning system and excessive levies and fees which drive up the cost of housing.
The Urban Taskforce and the property industry is keen to work collaboratively with the new Minister for Planning and Housing to help alleviate the housing affordability crisis and deliver positive outcomes for the people of NSW.
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.
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mick.cee-iDmgDDAmu8

Minister Roberts must drive housing supply

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<img src="https://counter.theconversation.edu.au/content/69612/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Although plenty of pundits seem to think a December rate hike by the US Federal Reserve is a lock, the intervening data would be very important.
With the most recent US GDP growth figures, it looks like the jury is largely in.
Third-quarter GDP growth was revised to an annualised rate of 3.2 percent on a seasonally adjusted basis. Consumer spending was a key component, with personal consumption up 2.8 percent. That indicates some underlying confidence that bodes well for future growth figures.
Adding to that, the Markit Flash US Services PMI Business Activity Index was at a preliminary 54.7 in November, almost the same as the 54.8 in October. This is the ninth consecutive month of an expansionary purchasing managers index. It’s a further sign that inventories are being worked down and assets put to productive use.
Absent some other negative news, it will be hard for the FOMC to resist raising rates at their December meeting.
Here in Australia, the ABS released figures on Wednesday showing another decline in residential building approvals – the third in as many months. Year-on-year approvals are down about nearly a quarter. That signals an uncomfortable dent in confidence, apart from in and of itself being a A$1.5 billion drop in economic activity.
<a href="/images/2016/12/06/Screen%20Shot%202016-12-06%20at%209.53.52%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/12/06/Screen%20Shot%202016-12-06%20at%209.53.52%20AM.png" alt="">
In a further sign that any cyclical upturn in residential construction looks to have come to an end, new home sales were down 8.5 percent in October, with the Melbourne market a key driver. Interestingly, this was not just a product of the much-vaunted boom in Melbourne apartment construction: multi-unit sales were down 9.2 percent nation-wide, but detached houses were down 8.2 percent.
Combined, this will do nothing to help the housing affordability crisis Australia has been facing for some years now. That crisis led to NSW Planning Minister Rob Stokes breaking ranks with the federal Liberal Party in suggesting that negative gearing reform should be considered as part of the solution to the housing crisis. That could not be written off as a slip of the tongue after Premier Mike Baird reiterated the sentiment in his remarks to the National Press Club on Tuesday.
My stance on the matter is well known to readers of this column, given my report for the McKell Institute 18 months ago, advocating the gradual elimination of negative gearing for existing properties. I didn’t fire the starter’s pistol on negative gearing reform, but, to push the athletics analogy, it’s beginning to look like I rang the bell for the last lap.
<a href="/images/2016/12/06/Screen%20Shot%202016-12-06%20at%209.54.46%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/12/06/Screen%20Shot%202016-12-06%20at%209.54.46%20AM.png" alt="">
Italy is the world’s eighth-largest economy, with GDP of US$1.81 trillion. It has rarely grown, and often shrunk, since the financial crisis, with the most recent growth rate at 0.3 percent.
Like much of the Eurozone, Italy is teetering on the precipice of a Japan-like deflationary spiral, with inflation at -0.2 percent.
It shares a high unemployment rate with many other European countries. Italy’s is at 11.7 percent, while its youth unemployment rate is a staggering and alarming 37.1 percent. As I wrote about France last week, that’s simply not compatible with the social compact of a liberal democracy in the medium term.
Italy’s balance sheet doesn’t look much better. Italy’s debt/GDP ratio is 132.7 percent, the fourth highest in the world, which leaves little wiggle room with its budget deficit of 2.6 percent of GDP. That has been improving since the financial crisis, but balance is still far from in sight. And because Italy is in the euro zone, it cannot simply inflate its debts away.
In many ways, Italy is the poster child of the European dilemma. It entered into a currency union without becoming part of a fiscal union. It is stuck with the euro, but it would be calamitous to go off it.
No wonder, then, that there is a referendum this weekend to consider amending the constitution to try to reduce the power of the Senate and reduce gridlock. Prime Minister Matteo Renzi, a pro-European, has essentially staked his reputation on it.
Should it fail to pass, there is the very real possibility of a Grexit-cum-Brexit moment in the weeks to come.
Richard Holden is professor of economics and PLuS Alliance Fellow, UNSW Australia and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/richard-holden-118107" target="_blank">here</a>.
 
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The data that won’t help the government on housing supply

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The underlying demand for new dwellings is driven largely by the increase in households, underpinned by population growth, according to QBE's latest housing report.
The balance between underlying demand and supply has an impact on vacancy rates, rents, prices and construction.
Chart 15 shows the forecast average underlying demand for additional dwellings by state in the next three years compared with current supply, with supply indicated by total new dwelling starts in 2015/16.
<img src="/images/2016/10/14/Chart%2015.jpg" alt="">
New dwelling starts in 2015/16 in all states are on track to be higher than forecast annual underlying demand over the three years to 2018/19.
The boost to new dwelling supply will move all the states into oversupply, with the exception of New South Wales, where the accumulation of a high dwelling deficiency will take some time to be absorbed.
The states where commencements are now highest relative to forecast underlying demand are Australian Capital Territory (86% above), the Northern Territory (69% above) and Western Australia (61% above).
Chart 16 shows dwelling stock deficiency by state as a percentage of forecast annual underlying demand as at June from 2016 through to 2019.
<a href="/images/2016/10/14/Chart%2016.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/14/Chart%2016.jpg" alt="">
A large dwelling stock deficiency has accumulated in New South Wales and is currently the highest of all states at June 2016. This is evidenced by its low vacancy rate. With dwelling starts now eclipsing annual underlying demand; being 49% higher, the dwelling stock deficiency in New South Wales is beginning to be absorbed and is projected to fall below one year’s worth of underlying demand from 2017/18.
Record highrise apartment construction activity in the inner city areas of both Melbourne and Brisbane is taking supply above underlying demand. In Victoria, dwelling starts were 40% above underlying demand, while in Queensland it was 59% higher.
As a result, the small dwelling stock deficiencies in each state at June 2016 are anticipated to erode and become a dwelling stock surplus by June 2017. The stock surplus in each state is forecast to increase with the surplus likely to be most concentrated in the apartment sector.
With Western Australia’s commencements being 61% higher than underlying demand in 2015/16, a small stock surplus has already emerged, which is evidenced by Perth’s high vacancy rate.
With much of Western Australia’s temporary skilled migrants living in camps onsite and in temporary accommodation during periods of not working, it is likely that the surplus dwelling stock is higher than indicated.
As the Western Australian economy continues to slow and temporary migrants return to their country of origin, the oversupply is expected to become more acute over the next three years.
In the Northern Territory the current dwelling surplus is illustrated by Darwin’s high vacancy rates and falling rents, and the surplus is expected to persist throughout the forecast period.
Similarly, in Tasmania and South Australia, based on current and forecast construction levels, the current dwelling surplus in both states is forecast to rise through to 2018/19 and be higher than a year’s underlying demand.
The Australian Capital Territory has been consistently overbuilding, culminating in a growing surplus of dwellings over the next three years. This is characterised by falls in rents, and until recently, high vacancy rates.
There has been a marked shift toward new unit development since 2012/13, which includes villa units, townhouses, semi detached dwellings, terraces, flats and apartments. The rising demand for new units has partly been underpinned by demographic trends, with an increase in preference by some of the population to live in smaller dwellings.
<a href="/images/2016/10/14/Table%204.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/14/Table%204.jpg" alt="">
However, the largest driver of the shift has been the strong investor demand in this period, with units typically favoured by investor purchasers. Units have accounted for 46% of total dwelling approvals in Australia between 2012/13 and 2015/16. This compares with a 33% share in the 10 years to 2011/12.
The largest increase in unit development has been in Victoria (from 30% share in the 10 years to 2011/12, to 47% over the past four years) and Queensland (33% share rising to 46%). While over half of new dwelling approvals in New South Wales, Northern Territory and Australian Capital Territory are units, unit building activity has always accounted for a high share of new dwelling activity in this state and these territories. Gains in unit development have been less pronounced in the other states.
With the increase in unit construction being higher than for house construction over the past four years, it is likely that oversupplies in the states will be most prevalent in the unit sector. In Victoria and Queensland, where the greatest increases in unit dwelling building is occurring, the projected surpluses will be most heavily concentrated amongst apartments in the inner city markets.
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j.ballantyne1990-6AQqhLzZaK

New dwelling supply will result in oversupply: QBE Housing Outlook

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GUEST OBSERVER
Despite repeated warnings around apartment oversupply and settlement risk, the number of dwellings being approved for construction across the capital cities remains unquestionably strong.
In July 2016, there were 17,380 capital city dwelling approvals which was the highest number of approvals since October 2015.  It was also the third highest monthly number of capital city dwelling approvals on record.  Despite a recent slowdown in capital city dwelling approvals there was a substantial rebound in July 2016.
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<h3>Monthly and 6 month average number of capital city house and unit approvals</h3>
<a href="/images/2016/10/04/2016-09-26--image1.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/04/2016-09-26--image1.png" alt="">
<h3>6 month average number of capital city dwelling approvals</h3>
<a href="/images/2016/10/04/2016-09-26--image2.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/04/2016-09-26--image2.png" alt="">
Looking at the split between houses and units over the month, there were 6,482 houses and 10,898 units approved for construction across the combined capital cities.  There have now been more units approved for construction than houses across the combined capital cities for 22 consecutive months.  Over the 12 months to July 2016, 57.9% of all capital city dwelling approvals were for units.
<h3>6 month average number of capital city house approvals</h3>
<a href="/images/2016/10/04/2016-09-26--image3.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/04/2016-09-26--image3.png" alt="">
<h3>6 month average number of capital city unit approvals</h3>
<a href="/images/2016/10/04/2016-09-26--image4.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/04/2016-09-26--image4.png" alt="">
Over the past year, there have been 76,356 capital city houses and 104,835 capital city units approved for construction.  In each of: Sydney, Melbourne, Brisbane and Canberra there have been more units than houses approved for construction over the past year.
Sydney - there were 54,667 dwelling approvals over the past year which is 7.3% higher than the previous year.  This figure comprised of 16,360 house approvals (+3.2% yoy) and 38,307 unit approvals (+9.1% yoy).
Melbourne – over the year to July 2016 there were 57,428 dwellings approvals which was -0.2% lower over the year.  25,880 of these approvals were for houses and 31,548 were units, with the year-on-year changes recorded at +11.2% and  -7.9% respectively.
Brisbane – The 30,901 dwelling approvals over the past year consisted of 11,210 houses and 19,691 units.  Overall approvals are 4.0% higher over the year with house approvals -1.4% lower and unit approvals 7.4% higher. 
Adelaide – there were 6,119 houses and 3,899 units approved over the past year resulting in 10,018 total approvals.  Over the past year, dwelling approvals are 10.9% higher with house approvals up 9.3% and unit approvals 13.5% higher.
Perth – the number of annual dwellings approvals fell by -24.3% over the year to 20,963.  Over the year, the 14,202 house approvals were -26.7% fewer than the previous year and the 6,761 unit approvals were -18.6% less than a year ago.
Hobart – there were only 989 new dwellings approved for construction over the year, 799 of which were houses and 190 units.  House approvals were -22.7% lower year-on-year and unit approvals were down -10.8%.
Darwin – there were 1,304 dwelling approvals over the past year which was -12.7% lower year-on-year.  Over the year, the 657 house approvals was -22.8% lower than the previous year and the 647 unit approvals were 0.6% higher than the previous year.
Canberra – there were 1,129 houses and 3,792 units approved for construction over the past 12 months.  There were -8.1% fewer house approvals than over the previous year while unit approvals were 24.7% higher over the year.
Despite policy makers and analysts (including CoreLogic) voicing concerns about the level of housing construction currently underway, particularly for units, approvals in capital cities generally remain unquestionably strong.  From here it will be interesting to see how many of these approvals immediately progress to commencement and ultimately through to a completion.  Tighter lending conditions for both developers and purchasers for off-the-plan units is likely to result in a larger proportion of approvals that don’t proceed through to a finished product.  The data also reiterates why purchasers of off-the-plan units in major capital city housing markets should be very selective with regard to the types of units they purchase.
Importantly, oversupply concerns are most visible across specific and well defined geographic areas and product types. CoreLogic’s Settlement Risk Report identifies the Melbourne inner city and Brisbane inner city as the two markets where the largest amount of unit supply is likely to be delivered over the next 24 months.
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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