When long-time Ivanhoe locals Graeme and Catherine, decided it was time to downsize, they weren’t necessarily in a rush.&nbsp;

Like many in their stage of life, they had started thinking about apartment living, but anticipated making the shift in two to three years.

That timeline changed when they visited <a href="https://www.urban.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe">Candela</a>, a new boutique development by <a href="https://www.urban.com.au/developers/salter-brothers">Salter Brothers</a>. The project ticked all the boxes they were looking for: location, quality design, and long-term lifestyle benefits, which prompted them to bring their decision forward.

“It was the right place at the right time,” they said. “We knew immediately it ticked all the boxes, and we didn’t want to wait.”

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Their decision to downsize was driven by a combination of practical needs and lifestyle considerations. Their existing home, while much loved, had become increasingly difficult to maintain. It spanned multiple levels, included extensive front and back gardens, and was starting to show the wear that comes with age.&nbsp;

They were looking for a more manageable lifestyle, one with less upkeep and more freedom. A brand-new apartment with no maintenance requirements and the ability to simply “lock up and leave” gave them peace of mind and a greater sense of control over their future.

Financially, the purchase made sense as well. The available stamp duty savings, strong price-to-value offering, and timing of the settlement suited their plans, making the transition smoother and more cost-effective. The apartment's design and inclusions further supported their choice.

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The layout was both functional and flexible: three bedrooms, a butler’s pantry, a separate laundry, and a large open-plan living area. It gave them the freedom to host a family, accommodate guests, or set up a home office. The expansive balcony and elevated views added to the appeal, providing a sense of openness and connection to the outdoors.

“It just had a really good flow,” Catherine noted, something they found lacking in many other apartments they’d considered, particularly in the established market.

Candela’s boutique scale was another deciding factor. With a smaller number of residences and a top-floor penthouse position, the couple felt the development offered the privacy and space they were looking for, without feeling isolated.

“We liked that it wasn’t a huge development. It felt well-balanced, modern but still with a sense of community, not overwhelming,” they said.

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Equally important was the ability to remain in Ivanhoe, a suburb they know well and have deep roots in. After 46 years in the area, proximity to local parks, shops, and familiar faces mattered just as much as the apartment itself.

“We didn’t want to give up the community we’ve known for decades. Candela allowed us to upgrade our lifestyle while staying in the place we call home.”

With a Walk Score of 90, the village location supports a convenient, connected lifestyle. <a href="https://www.apartments.com.au/developments/ivanhoe-vic-3079">Ivanhoe</a> Station is just a eight-minute walk away, and the neighbourhood offers access to parks, cafes, restaurants, and schools along Upper Heidelberg Road, all within easy reach.

Beyond the apartment, the couple also saw value in the broader vision for Candela, one that integrates residential living with public spaces and local amenities.&nbsp;

The development introduces 58 new apartments as well as a mix of commercial and social spaces that integrate contemporary architecture with the suburb’s existing character.&nbsp;

At ground level, residents will find a charming café and a lifestyle wellness centre, perfect for unwinding and rejuvenating. Meanwhile, the rooftop garden offers a stunning vantage point for residents to enjoy breathtaking sunsets, host gatherings, or enjoy barbecues with family and friends. It's not just a place to live; it's a vibrant community where every moment is an opportunity to connect and create lasting memories.

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Staff Writer

Why Ivanhoe locals are choosing to downsize to Candela

Mark and Roy Makari are expanding their presence in Sydney’s South West with a second major proposal for Leppington, this time envisioning a 900-dwelling mixed-use development just 850 metres from their previously lodged tower trio on Fifth Avenue.

Project management and construction management firm Creative Vision filed the plans for the&nbsp;multi-building project at <a href="https://www.apartments.com.au/new-apartments/230-rickard-road-leppington-nsw-2179">230 Rickard Road, Leppington</a>. The proposal seeks to establish a new focal point for the precinct through a high-density, transit-oriented development supported by diverse land uses.

According to the Scoping Report prepared for the Department of Planning, the scheme includes around 900 apartments across multiple towers, including 135 dwellings designated for affordable housing. A mix of market and subsidised apartments will be supported by ground-level activation through retail and office space, a childcare centre, and a hotel, forming a comprehensive urban precinct.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="34797362-f3dc-4d84-8235-2657fc5f3bde" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Plan.png?VersionId=Uzckrz9tUpDQl5lX1_WMhjnv16bsr8wG" />

The Design Report by <a href="https://www.apartments.com.au/architects/studiosc-0">Studio SC</a> notes that the project “intends to deliver a high-quality, high-density built form that supports the vision for the Leppington Town Centre, integrating mixed-use outcomes and public domain upgrades.” The development is expected to be delivered in stages, although a precise timeline is yet to be confirmed.

The project will be assessed through a future State Significant Development Application, with the Scoping Report indicating the team will seek design excellence via a competitive process or through an expert design review panel. Early massing diagrams suggest a series of mid- to high-rise buildings framing a central landscaped spine, with emphasis on pedestrian permeability and public space.

The planning documentation flags a strong sustainability agenda, stating that the development will “respond to the urban heat island effect, incorporate water sensitive urban design, and prioritise active transport”.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="369d7b54-1279-4cde-88ec-dcb215594414" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Podium_1.png?VersionId=QArL7B2kkLt63vl5xvL0FNV_ardAlez4" />

The proposal follows in the footsteps of the Makaris’ nearby Fifth Avenue site, where they’ve submitted plans for three towers comprising nearly 500 apartments, with 10 per cent dedicated to affordable housing. That project features commercial podiums, a childcare centre, and a new public park that would occupy more than a third of the site.

Both developments are situated within walking distance of Leppington Train Station and fall under strategic precinct plans promoting higher density housing. The town centre is undergoing substantial transformation, driven by state government planning reforms aimed at fast-tracking housing delivery.

Together, the two projects represent a combined ambition of nearly 1,400 new homes across just under two kilometres of central Leppington.

First look: 900-home mixed-use precinct planned for Leppington

Leading Australian integrated property development group, <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a>, has released the signature penthouses crowning its landmark AURA by Aqualand precinct at 168 Walker Street in North Sydney, unveiling Il Magnate and La Divina as the largest and most luxurious penthouses in the suburb.

With prices anticipated to commence from $15 million, and each accompanied by a new Porsche Carrera 911 valued at over $500K, the residences mark the culmination of <a href="https://www.apartments.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA by Aqualand</a>’s decade-long journey and the beginning of its final sales chapter. 
&nbsp; 
Their release follows more than $850 million in record-breaking residential sales and the building’s completion and occupation.

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The Richards Stanisich-designed 284 sqm Il Magnate and 224 sqm La Divina penthouses, collectively known as The Icons of AURA, are conceived as grand luxury homes rather than apartments, with expansive proportions, elevated materiality and curated identities that reflect their status as one-off residences.&nbsp;

Il Magnate features a grande master suite, complete with substantial walk-in dressing area and ensuite, three other bedrooms, second ensuite and another bathroom, powder room, open plan kitchen, scullery, substantial dining area and generous living room divided by a feature fireplace, and a multifunction wintergarden, which is ideal for a study and adjoining office breakout space. &nbsp;

Meanwhile, the La Divina residence offers the same amenities, sans the powder room, on a slightly smaller alternate floor plan configuration.

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Each occupies half of AURA by Aqualand’s topmost 28th level, comes with four secure car spaces and pairs sweeping Sydney Harbour panoramas with large-scale living spaces, refined detailing and a level of craftsmanship and amenity rarely offered in the North Shore market.&nbsp;

Penthouse residents will also receive Etymon’s ‘Black Key’ private concierge and lifestyle management service, an invitation only offering providing the ultimate in bespoke personalisation, including a range of everyday discrete services, from dinner party management, grocery deliveries, pet feeding or plants watered, dinners, snacks and coffee deliveries, event ticket sourcing, right up to organising travel visas and international airfares. Rarely seen in Australian properties, the service provides residents the benefits of living in a world-class luxury hotel-style home, akin to The Ritz, or the Waldorf Astoria.

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<a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>’s Director, Kirsten Stanisich, said the studio set out to craft residences that feel profoundly considered, contemporary and deeply connected to their setting.

“From the outset, we approached these penthouses with the sensibility of a grand Parisian residence - generous in scale, elegant in proportion and designed to feel more like a handcrafted home than an apartment," Stanisich said.

“Their elevated position and sweeping harbour outlook informed every decision, creating a rare connection between urban sophistication and natural calm. We shaped each space with expressive materiality, sculptural forms and bespoke detailing that invite touch and interaction.&nbsp;

“The result is a pair of residences defined by volume, light and an inherent softness - refined, flexible and deeply personal. These penthouses are unlike anything else in North Sydney, offering a sanctuary of true luxury framed by some of the city’s most remarkable views.”

For Aqualand’s Head of Sales &amp; Marketing, Alex Adams, the collaboration with Porsche underscores the shared ethos behind the residences.

“Aqualand’s collaboration with Porsche underpins both brand’s sharing an obsession with craftsmanship, design excellence, and enduring value," Adams said.

“Our penthouses are created for those who appreciate the finer details and expect the extraordinary at every touchpoint. Including a Porsche simply extends that experience beyond the residence - it’s a continuation of the lifestyle our buyers already live.”&nbsp;

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Aqualand’s Managing Director, Jin Lin, said the penthouses represent both the pinnacle of AURA by Aqualand and an important design benchmark for the company’s future pipeline.&nbsp;

“These stunning penthouses reflect the purest expression of Aqualand’s design ambition," Lin said.

“The unparalleled design intent makes them not only the glistening crown of AURA by Aqualand, but the crown of North Sydney itself. They’re essentially a thank you gift to a burgeoning community that deserves this level of quality and architectural consideration.&nbsp;

“We’re leveraging the unrivalled standard set here as the foundation for what comes next, including our upcoming Anderson Street, Chatswood; 15 Blue Street, North Sydney and Central Barangaroo projects. Purchasers of these penthouses will essentially be living inside the blueprint of Aqualand’s future.

“These landmark residences demonstrate how far North Sydney has evolved and the strength of demand for highly curated, bespoke luxury homes. They’re more than penthouses, they’re legacy residences.&nbsp;

“With AURA by Aqualand now a thriving new precinct with residents well and truly settled, and our in-house world-class lifestyle amenity activated, Il Magnate and La Divina represent a once-in-a-lifetime opportunity to secure an extraordinary piece of North Sydney’s future.”

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Joel Robinson

Aqualand launches North Sydney penthouses with free Porsche Carrera 911

<a href="https://www.apartments.com.au/developments/bokarina-qld-4575">Bokarina</a> Beach has quietly evolved into one of the Sunshine Coast’s most complete coastal lifestyle precincts, defined not just by proximity to the ocean, but by how residential living, local retail and everyday amenity are stitched together.&nbsp;

Gardner Vaughan Group’s <a href="https://www.apartments.com.au/new-apartments/bask-bokarina-38-bokarina-boulevard-bokarina-qld-4575">Bask Bokarina</a> now represents the final residential chapter in that transformation.

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Over recent years, the Bokarina Beach precinct has taken shape as a walkable, community-oriented neighbourhood, anchored by beachfront access, Lake Kawana to the west, and a growing mix of cafés, specialty retail and public open space.&nbsp;

With Zinc Bokarina already delivered next door by <a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> (GVG), Bask is the last opportunity to buy a brand new apartment within the precinct, effectively rounding out a fully formed coastal village.

GVG has positioned Bask to strengthen that lifestyle framework. Ten ground-floor retail spaces are planned beneath the residences, extending Bokarina Boulevard’s existing activity and reinforcing the area’s everyday convenience, from casual dining and coffee to local services, within a short walk of the beach.

[smartcode_project:default project_id=141609 project_image_fid=333359]

The residential component comprises 135 apartments across two buildings, Mydas and Caretta, with a clear shift toward larger three- and four-bedroom layouts and penthouses. That mix reflects a maturing buyer profile in Bokarina, where demand is increasingly led by owner-occupiers and active downsizers seeking space, permanence, and connection to place rather than short-term coastal accommodation.

Design and amenity have followed the same logic. Residents will have access to a heated plunge pool, gym, private dining room with a full kitchen, landscaped communal gardens with barbecues and a firepit, and a shared herb and vegetable garden, facilities intended to support daily use rather than resort-style turnover. Pet-friendly features, including a dog wash bay, acknowledge both buyer expectations and the area’s dog-friendly beach, located around 250 metres from the site.

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“Bokarina has become one of the Sunshine Coast’s most desirable beachside communities, and Bask represents the very last chance to buy new in this location,” GVG Director Sam Gardner said.&nbsp;

“Our focus has been to create spacious, functional apartments that meet the needs of locals who want to downsize without compromise, as well as those seeking a full-time coastal retreat.”

Positioned between the Pacific Ocean and Lake Kawana, Bask apartments have been oriented to capture outlooks toward the water or the Glass House Mountains, reinforcing the project’s connection to its natural surroundings. With parks, beachfront paths, hospitals, retail and public transport already in place, Bask arrives at a point where the broader precinct is no longer emerging, but established.

Construction is expected to complete in Q3 this year, with apartments ready to move into this Spring.

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Bask to complete Bokarina’s Sunshine Coast lifestyle precinct as final apartments are released

Property development giant <a href="https://www.apartments.com.au/developers/avid-property-group">AVID Property Group</a> is approaching completion, and sell-out, of its Surry Hills apartment development, <a href="https://www.apartments.com.au/new-apartments/the-rathbone-23-47-flinders-street-surry-hills-nsw-2010">The Rathbone</a>.

The Flinders St project has sold well over half of its 32 apartments, which will sit above two retail spaces.

Now hitting the market are the final 14 one-, two-, and three-bedroom apartments, which start from $1.15 million. AVID is targeting a mid-2026 completion.

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AVID General Manager New South Wales Danny Boubli said as more apartments are introduced to increase housing options in inner-city areas, homebuyers are searching for a &nbsp;sense of belonging in addition to location, convenience and value.&nbsp;

“There are very few opportunities for new developments in Surry Hills, and since acquiring the site, we’ve even seen one early purchaser merge two apartments plans together, reflecting the demand for a spacious, premium offering in a prime location,” Boubli said.&nbsp;

“Demand has been strong since we launched to market – we don’t see these final apartments staying on the market for long.”&nbsp;

Architectural firm Studio SC has designed the building which pays homage to the former 1900s Rathbone Terraces that once sat on the 990 sqm island site.

Boubil said the team has made every effort to create "truly liveable apartments", through&nbsp;functional floor plans, security, storage, and the inclusion of quality fittings.

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&nbsp;

Sustainable design has also been implemented throughout the development, with natural light flooding each apartment, ventilation throughout, extensive landscaping and where possible, materials with a high level of recycled content and low volatile organic compound paints have been used. &nbsp;

Apartments range in size from 57 sqm for the one-bedrooms to the large-scale 165 sqm three-beds which are priced at $2,575,000.

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AVID launches final apartments at The Rathbone, Surry Hills

Land Tax

Removing stamp duty would increase housing mobility, and lead to more efficient use of the nation’s housing stock, according to research by the National Housing Finance and Investment Corporation (NHFIC).

Families across all states and territories, except the ACT, are paying substantially more stamp duty when they move currently than they were 20 years ago, it noted.

Victoria now has Australia’s largest effective rate of transfer duty on a median property at around 5.4% (around $45,000), compared to 4.2% (around $12,000) back in 2002.

The report dubbed stamp duty an inefficient tax that impacts housing market mobility.

A household that bought a Sydney median priced house four times over the past 20 years would have paid more than 10 times the amount of duty than a household making only one purchase at the start of this period, it pointed out.

“Households that are considering downsizing and upsizing, or just seeking more space when they are working at home during COVID-19 wouldn't be penalised under a broad-based land tax compared with the current stamp duty arrangements across most states,” NHFIC CEO Nathan Dal Bon said .

“Encouraging more household mobility through reductions in stamp duty leads to more efficient use of the housing stock which means people can better ‘right-size’ their own housing arrangements in line with their individual preferences,” Dal Bon added.

The aim of transitioning from stamp duty to land tax is not to increase revenue per se, and the paper demonstrates that the transition can be achieved in a revenue neutral way.

"The typical household across all states (except the ACT) would be better off paying land tax on a median property than transfer duty," it suggested, noting a household in NSW would have to pay a broad-based land tax for more than 14 years to be worse off, which is greater than the 12 year average holding period of a property.

It noted the challenge of a revenue neutral swap between transfer duty and a broad-based land tax, under a slow house price growth scenario, would require approximately three times the amount of revenue as a faster transition ($94bn over a 20-year transition, compared with $32bn under a 5-year transition).

The National Housing Finance and Investment Corporation (NHFIC) commenced operations in 2018,  a corporate Commonwealth entity, part of the Treasury portfolio of agencies. 

The responsible Minister is the Minister for Housing, Michael Sukkar.


Removing stamp duty will have the benefit of reducing barriers to home ownership, according to the report of the National Housing Finance and Investment Corporation

jchancellor-FAypfDUnLy

Federal Treasury entity gets behind push to scrap state government stamp duty

<h2 class="legacy">EXPERT INSIGHT</h2>

Victorian treasurer Tim Pallas&rsquo;s three-pronged strategy to raise an extra <a href="https://www.premier.vic.gov.au/contributing-fair-share-stronger-victoria">A$2.7 billion in property taxes</a> over the next four years is a case of two out of three ain&rsquo;t bad.

<h2>Land tax ✅</h2>

First, Pallas will raise $1.5 billion over four years by lifting land taxes on landholdings worth between $1.8 and $3 million by 0.25%, and by 0.3 percentage points on landholdings worth more than $3 million.

This is a good move. Taxes levied on the value of landholdings are among the <a href="https://theconversation.com/abolish-stamp-duty-the-act-shows-the-rest-of-us-how-to-tax-property-105378">most efficient states can impose</a>. And land taxes offer a more sustainable and less-volatile tax base than stamp duties on property transactions.

<h2>Windfall gains levy ✅</h2>

Second, developers and landowners who reap windfall gains when their property is rezoned will be hit with a 50% levy if the gain is $500,000 or more, with the tax phasing in from windfalls above $100,000. The new levy will not apply to growth-zone land where developers already pay the <a href="https://www.sro.vic.gov.au/growth-areas-infrastructure-contribution">Growth Areas Infrastructure Contribution </a>charge.

Again, this is a good move. It should reduce incentives for <a href="https://www.theage.com.au/politics/victoria/how-money-talks-in-victorian-politics-five-lessons-from-the-casey-corruption-scandal-20201218-p56oo3.html">corruption</a> when planning applications are decided.

As a tax, collecting unearned windfall gains is extraordinarily efficient, so efficient it shouldn&rsquo;t even be called a tax but a charge for a change in allowable land use, which is <a href="https://theconversation.com/our-states-are-crying-poor-they-wouldnt-if-they-charged-for-rezoning-142838">what it is</a>.

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The new re-zoning charge won&rsquo;t raise much in the short term: just $124 million over four years.

But the next time there is a major rezoning &mdash; think of the bonanzas that have flowed to land holders from previous rezonings in <a href="https://www.theage.com.au/national/victoria/report-slams-matthew-guy-on-rezoning-of-fishermans-bend-20151019-gkcyrv.html">Melbourne&rsquo;s Fisherman&rsquo;s Bend</a> and the Docklands &mdash; it will deliver taxpayers hundreds of millions if not billions.

The property lobby <a href="https://www.afr.com/property/commercial/victorian-windfall-tax-will-hit-urban-infill-developers-say-20210516-p57sbh">has been quick to claim</a> that charging for rezoning windfalls will deter higher-density development in Melbourne, or increase prices. Both claims should be ignored.

Capturing a share of rezoning windfalls won&rsquo;t deter developers. Instead it could make it easier to solve Melbourne&rsquo;s housing crisis while reducing incentives for corruption in planning decisions.

Planning rules make it hard to build more housing in inner suburbs. Zoning for higher density is necessary, but unpopular. Local residents partly object because they think developers are getting a free kick.

The Victorian treasurer&rsquo;s decision to make the winners pay for some of their winnings will make the process fairer and less divisive.

It&rsquo;s a myth that charges for changes in land use raise home prices. Australian evidence suggests those lucky enough to own land before it is rezoned <a href="https://www.sciencedirect.com/science/article/abs/pii/S0264275117301051">pay the charges</a> rather than pass them on to eventual homebuyers, which might be why they object.

And future developers will pay less for their land, because the expectation of windfall gains won&rsquo;t be built into the price.

The ACT Government has charged <a href="https://www.planning.act.gov.au/leasing-and-titles/varying-crown-leases/lease-variation-charge">75%</a> for land value uplift for three decades without scaring away developers.

But the third prong of the Pallas plan &mdash; lifting stamp duty from 5.5% to 6.5% on properties that sell for more than $2 million &mdash; is a step in the wrong direction.

<h2>More stamp duty ❌</h2>

Stamp duties are among the most <a href="https://theconversation.com/abolish-stamp-duty-the-act-shows-the-rest-of-us-how-to-tax-property-105378">inefficient</a> and inequitable taxes Australia has.

They discourage people from moving to housing and cities that better suit their needs, and they are inequitable discourage people from moving to better jobs.

And the revenue they provide is volatile: any slowdown in property sales &mdash; as happened during COVID took hold &ndash; punches a big hole in state budgets.

Few Victorians will be affected by this tax hike: less than 5% of all Melbourne homes (and just 0.5% of regional Victorian homes) went for $2 million or more last year, according to <a href="https://twitter.com/timlawless/status/1394500338846081026">Corelogic</a>.

Someone buying a $2.5 million home will pay just an extra $5,000 in stamp duty.

But Pallas should be looking to replace stamp duty with broad-based land taxes, as <a href="https://www.treasury.nsw.gov.au/property-tax-proposal">NSW</a> is planning to do.

Tax hikes are rarely popular. But they will become increasingly necessary as states try to repair their budgets after the COVID crisis.

In the quest for a better tax system, Pallas has just taken two steps forward, and one step back.

<img alt="The Conversation" f="" height="1" j="" m8tkrlktj="" src="https://counter.theconversation.com/content/161353/count.gif?distributor=republish-lightbox-basic" width="1" />

<hr />
<a href="https://theconversation.com/profiles/brendan-coates-154644">Brendan Coates</a>, Program Director, Household Finances, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a>

This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-lesson-for-australia-out-of-victorias-property-tax-hikes-two-out-of-three-aint-bad-161353">original article</a>.

Victorian treasurer Tim Pallas’s three-pronged strategy to raise an extra A$2.7 billion in property taxes over the next four years is a case of two out of three ain’t bad

jordan_55689

The lesson for Australia out of Victoria’s 3 property tax hikes

It was announced over the weekend that the Victorian Government will seek to increase stamp duty and land tax from July 1.

Stamp duty will rise from 5.5 per cent to 6.5 per cent for those purchasing any property over $2 million and a land tax increase from 2.25 per cent to 2.55 per cent for properties valued over $3 million.

There will be a larger increase in land tax on properties valued between $1.8 million and $3 million. There will be a 19 per cent from the current 1.3 per cent, up&nbsp;to 1.55 per cent.

Urban.com.au CEO Mike Bird says the proposal will have the greatest effect on downsizers and younger families.

&quot;The policy feels inconsistent with the recent federal government budget focusing on encouraging older generations to down size from the family home into something more suitable (down sizers are now able to contribute to $300k from their home sale into their superannuation at a more favourable tax rate), freeing up that housing stock for younger growing families,&quot; Mr Bird said.

&quot;We want to see barriers removed to enable home owners to &quot;rightsize&quot; into something that makes sense for their living requirements and this policy isn&#39;t helping achieve that.&quot;

One of Melbourne&#39;s most recognised developer,&nbsp;Tim Gurner, says it is not the time to kill one part of the economy that is providing strength and jobs for Australia.

&quot;These&nbsp;draconian style tax regimes need much deeper and thorough conversation and thought!!&quot; Gurner says.

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Gurner says the introduction can only lead to a&nbsp;big jump in house prices, as everyone just adds the additional cost to prices and supply drops, which will in turn make&nbsp;it harder for families to enter the home market with stamp duty hike.

Gurner adds that it will also&nbsp;de-incentivise developers to be active which reduces supply and will increase cost of living and homes. He says that all of these factor&nbsp;will lead to huge job losses when they filter through.

Illan Samuel, head of&nbsp;Samuel Property who specialise in luxury projects, says the proposed stamp duty increase will only lead&nbsp;to the additional cost being passed onto buyers, again putting pressure on affordability of property in Victoria.

&quot;Developers work to commercial&nbsp;returns,&quot; Samuel says.

&quot;If the cost of doing business increases, this will be passed onto the consumer - like any other business.

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&quot;However, if the consumer will not absorb the cost - then no transaction will occur, and ultimately the economy suffers.&quot;

Samuel says, in his opinion, that this is the&nbsp;complete opposite of what the Labour government should be proposing.

&quot;A property lead recovery out of Covid-19 market conditions, which saw Melbourne hit the hardest with long and harsh lockdowns impacting on the ability to transact is vital.

&quot;Increasing stamp duty after initial market runs will only stimy activity and create negative association to property, particularly off the plan (high density) property which, unlike the house and land sector did not benefit from the Home Builder stimulus. I

&quot;I would expect fewer transactions, leading to less stamp duty collected by the government - whereas a reduction in stamp duty would have lead to more transactions, and likely more stamp duty collected in dollar terms. It is&nbsp;a short-sighted move.&quot;

Kris Daff, the managing director at Assemble, who are pioneering affordable housing across Melbourne, says 2021 is a time when Government should be generating tailwinds for the real estate and construction sectors, sectors who are significant employers and generators of economic recovery and growth.

&quot;The introduction of foreign buyer surcharges is an example of the unintended consequences of ill-considered policy, which has contributed to new apartment sales falling off a cliff and commercial builders in the state facing huge reductions in work in hand as a result.&quot;

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<h2>What the experts are saying</h2>

REIV president Leah Canlan

&quot;The&nbsp;tax hikes will make Victoria a less desirable place to invest, ultimately harming jobs and the economy. 
 
&ldquo;The government continues to burden Victorians with increases to property taxes. Property already accounts for more than 40 per cent of government revenue. There is not much more capacity any one sector to absorb further tax burden. 
 
&ldquo;If the Victorian Government is serious about jobs and housing it needs to invest in real estate, not attack it.&quot;

AMP Capital chief economist Shane Oliver

&quot;While I can understand the desire to reduce the deficit, stamp duty is a bad tax that distorts economic decision making and should really be phased out in favour of land tax as NSW is considering.

&quot;So relying even more on it runs counter to this and will further distort economic decision making in Victoria as well as make housing even less affordable.&quot;

Victorian Executive Director of the Property Council&nbsp;Danni Hunter

&quot;This is a sucker punch to the industry that is building Victoria&rsquo;s recovery. One in four Victorians work in property and the Victorian Government is raising taxes at a time when it should be creating jobs.

&ldquo;This is a tax hike on the home ownership dreams of Victorians. We are heading toward a housing affordability crisis and the Victorian Government has fast tracked our way there by slugging homebuyers and businesses in this short-sighted move.

&ldquo;The Government knows the price for these tax changes will be paid by every single Victorian.&quot;

Hotspotting founder Terry Ryder

&quot;The decision by the Victorian Government to hike land tax and stamp duty on investor owners continues the age-old problem of politicians using the housing industry as a cash cow - and thereby making housing affordability worse. 
 
&quot;The problem of affordability can be summarised like this: it&#39;s caused by politicians at all three levels of government milking the housing industry for revenue. Local government does it and the Federal Government does it, but by far the worst are state governments. Every time a state government needs some extra revenue, they slug developers and investors.

&quot;They believe there&#39;s little electoral damage in doing that, but ultimately it&#39;s the home-buyers who pay, including first-home buyers. Developers can&#39;t sell a house and land package for $400,000 if it costs $500,000 to create - and a huge proportion of the cost is taxes, fees and charges from the three levels of government, but especially state governments. 
 
&quot;Right now, Australia has a rental shortage crisis and politicians should be encouraging investors to buy properties and make them available for rental. Our politicians, however, continue to discourage investors - hence the ultra low vacancies and rising rentals in most locations across Australia. With this move by the State Government in Victoria, the situation just got worse.&quot;

One of Melbourne's most recognised developer, Tim Gurner, says it is not the time to kill one part of the economy that is providing strength and jobs for Australia.

VIC stamp duty changes: What the developers and experts are saying

The Victorian Government has revealed there will be stamp duty and land tax increases in its 2021-22 State Budget which the industry fears will worsen housing affordability.

The new measures see an estimated $2.65 billion increase in property taxes over the next four years.

Treasurer Tim Pallas revealed a series of new taxes, including increases in stamp duty for high-end residential property buyers.

Some landlords will be hit with higher land tax in Thursday&#39;s state budget.

The new &#39;premium stamp duty rate&#39; will apply to all sales contracts signed after June 30, 2021, which will ensure many buyers will bring forward their purchasing to within the next six weeks.

The stamp duty measure will raise $761 million by adding a premium in stamp duty payments for property sold at more than $2 million.

[smartcode_project:default project_id=2772 project_image_fid=31753]

Sales over $2 million will be taxed with a stamp duty rate of 6.5 per cent for the value in excess of $2 million, up from the exisiting 5.5 per cent rate, ie a $3 million home purchaser will pay $175,000 up from $167,000, according to The Age who were given the pre-budget drop.

Premium landlords will contribute to the state&#39;s land tax revenue which is forecast to rise by more than 10 per cent, or $1.5 billion over four years.

Land tax will increase for all land holdings worth more than $1.8 million from next year, rising by 0.25 percentage points for land worth between $1.8 million and $3 million, and by 0.3 percentage points in excess of $3 million.&nbsp;

Apartment developers have slammed the increase in property taxes as likely to put the sector&rsquo;s fragile recovery in peril.

But developers face being hit with a new windfall gain tax on some land where rezoning had lifted property values, which could lead to longer term higher apartment and house and land prices in major projects.

[smartcode_project:default project_id=5234 project_image_fid=159015]

Rezoned land will be taxed from next year, netting a forecast $125 million over four years.&nbsp;

Any gains of more than $100,000 will be hit with developers and land speculators who reap windfall gains facing a 50 per cent tax if the gain is worth $500,000 or more.

&ldquo;These increases show a fundamental lack of understanding,&rdquo; Urban Development Institute of Australia, Victorian division, chief executive Matthew Kandelaars said.

&ldquo;With property taxes representing nearly 50c in every dollar of state government revenue, we&rsquo;d hoped that the days of the government turning out the pockets of homeowners were over,&rdquo; Mr Kandelaars said.

HIA executive director Fiona Nield said Victoria already had the highest stamp duty rates in the country.&nbsp;

&ldquo;The activity generated from residential development supports jobs and economic activity and is key to supporting all Victorians as the state recovers from the economic shock of COVID-19,&rdquo; she said.

There has been the suggestion the impact will be greater in regional Victoria, as some urban growth land in Melbourne may be exempted.

The windfall gain tax could hit landowners helping to grow housing supply.

Nield said &quot;new taxes like these are passed on in higher land prices for all and stamp duty inhibits people from selling properties to allow for new homes to be built - it has direct impact on new housing affordability.&quot;

REIV President, Leah Calnan said the tax hikes will make Victoria a less desirable place to invest, ultimately harming jobs and the economy.

&ldquo;The government continues to burden Victorians with increases to property taxes. Property already accounts for more than 40 per cent of government revenue. There is not much more capacity any one sector to absorb further tax burden,&rdquo; Ms Calnan said.

&ldquo;These sledgehammer taxes could cause a flight from property,&rdquo; she said.

The Victorian Government has revealed plans for stamp duty and land tax increases in its 2021-22 State Budget which the industry suggests will worsen housing affordability

jchancellor

Busy six weeks for premium apartment buyers to beat Victoria's stamp duty rise from June 30, 2021

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No one needs to do more about housing affordability than the NSW State Government. Sadly, no one is doing less.
The Victoria State Government has made an encouraging start to tackling some of the issues in Melbourne. The Northern Territory Government is doing plenty to help first-home buyers in Darwin.
Even in Tasmania, where Hobart prices are so low relative to other cities you wonder why they feel the need, the State Government is taking decisive action to help young buyers and the housing industry generally.
But in Sydney, the location with the biggest problems, the NSW Government has to date done nothing.
It has contributed mightily to the problems by ripping obscene amounts of revenue out of the housing industry and imposing major regulatory burdens on the development industry. But despite the rhetoric of Premier Gladys Berejiklian (who, as a former state treasurer should have some understanding of the issues and the numbers), the State Government has done nothing to assist.
In NSW stamp duty receipts have reached a record high. Official figures show that $1.98 billion in stamp duty poured into government coffers in the March Quarter alone – a $315 million increase on the first quarter of last financial year.
Stamp duty from all property transfers has risen $859 million so far this financial year, compared with the same period in 2015-16. This represents a 10 percent increase in stamp duty on residential property, outpacing the Treasury forecast of a 4.8 percent rise for 2016-17.
That’s a major part of the problem. The State Government has built a Budget surplus on the back of revenue from real estate, thereby adding to the costs that burden buyers, while claiming to care about affordability issues.
In considering what it can do ease price pressures, the NSW Government might ponder this question: why does residential land in Sydney cost twice what it does in Melbourne? The median price for a home site in Sydney in 2016 was double that of Melbourne’s, according to the recent State of the Land report.
One possible explanation is that Melbourne brought far more residential land to the market last year than Sydney did. Indeed, 40 percent of the new land marketed in capital city Australia in 2016 was in Melbourne.
Increasing supply is regarded by some as the silver bullet solution. It’s not, but it’s certainly part of range of measures that jointly might create improvement.
And certainly the Property Council has “turbo-charging housing supply through increased land supply and planning reform” at the top of its five-point plan to address affordability issues in Sydney. If Melbourne can create so much new housing land for sale, what’s holding Sydney back?
Increasing the supply of housing won’t help affordability if the new dwellings are expensive, because it costs so much to create them.
Which is why next on the Property Council wish list comes “reforming state property taxes and reducing fees, charges and red tape”.
It’s been reported many times but it’s worth repeating: research indicates that 40 percent of the cost of creating the average house-and-land package comprises government fees, charges and taxes.
That reinforces my view that the politicians who rage against foreign investors and negative-geared Australian investors are themselves the problem. Every time a state government in Australia announces its annual Budget, affordability in that state gets worse.
Some of the most vocal critics of the affordability problem in Sydney have been NSW state politicians, when they themselves are the people best placed to create remedies. They can start by reducing the cost burdens they place on the process of building and buying new homes.
Meanwhile, their populist scapegoating of foreign investors, and multiple measures by federal and state governments to nobble offshore buyers, are making the affordability problems worse.
The most effective way to cause property prices to fall – indeed, in my experience, the only way – is to create an oversupply. Some of our major cities have been heading unwittingly down that path recently, notably in the inner-city apartment markets in Melbourne, Perth and Brisbane.
But major projects made viable by the prospect of selling some of the product to foreign buyers will not proceed because of a range of measures by federal and state governments to make investment by offshore buyers unattractive, if not unviable.
They’ve made matters worse for young buyers while claiming to be improving their chances.
Don’t be surprised if one of the few measures the NSW State Government will introduce in its next Budget will be extra taxes and charges on foreign buyers. It will be another cash grab, dressed up as policy to “level the playing field for young Australians”.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="mailto:%20%3Cscript%20type='text/javascript'%3E%20%3C!--%20var%20prefix%20=%20'ma'%20+%20'il'%20+%20'to';%20var%20path%20=%20'hr'%20+%20'ef'%20+%20'=';%20var%20addy38821%20=%20'ryder'%20+%20'@';%20addy38821%20=%20addy38821%20+%20'hotspotting'%20+%20'.'%20+%20'com'%20+%20'.'%20+%20'au';%20document.write('%3Ca%20'%20+%20path%20+%20'/''%20+%20prefix%20+%20':'%20+%20addy38821%20+%20'/'%3E');%20document.write(addy38821);%20document.write('%3C//a%3E');%20//--%3E/n%20%3C/script%3E%3Cscript%20type='text/javascript'" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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terryryder-YECXbqmri2

Why does residential land in Sydney cost twice what it does in Melbourne?

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EXPERT OBSERVER
<h3 class="post-title entry-title">
<a href="https://petewargent.blogspot.com/2019/01/hows-act-land-tax-going"></a>Canberra rents surge </h3>
<div id="post-body-7598088234210480051" class="post-body entry-content">
<div>I've been consistent on this point (often wrong, but never in doubt!): taxes in the Australian Capital Territory (ACT) are far too high for landlords to invest there en masse, which will lead to a rental shortage as the population steadily grows. </div>
<div> </div>
<div>There are a lot of 'well, in theory...' type comments made about this point, however, including by me, so let's stick to the hard data for today.</div>
<div> </div>
<div>Rental vacancy rates fell from 2½ per cent in 2014 when rate rises were first introduced to 0.6 per cent in October 2018. </div>
<div> </div>
<div>Rental markets are seasonal in the ACT and often tighten through the early months of the calendar year, and in turn Canberra could take out Hobart in Tasmania for title of most undersupplied capital city rental market in 2019, which is is some feat (click to expand): </div>
<div> </div>
<div class="separator"><a href="https://3.bp.blogspot.com/-vT1xNQ-Dd80/XDbv-FMFELI/AAAAAAAAt3c/cYKMVTIhmYgYm33-es2Bb-k5EyZiZE-ygCEwYBhgL/s1600/SQM2.jpg" target="_blank"><img src="https://3.bp.blogspot.com/-vT1xNQ-Dd80/XDbv-FMFELI/AAAAAAAAt3c/cYKMVTIhmYgYm33-es2Bb-k5EyZiZE-ygCEwYBhgL/s640/SQM2.jpg" width="640" height="350" data-original-height="797" data-original-width="1453"></a></div>
<div> </div>
<div>Asking rents for houses in Canberra are now up by more than 26 per cent over the past three years alone. </div>
<div> </div>
<div>A major issue is that rates are often far too high on units as well, despite the relatively low land value content of this property type. </div>
<div> </div>
<div>The asking rent for 2-bedroom units in Canberra is also up by more than 23 per cent over the same time period!</div>
<div> </div>
<div>In Canberra! </div>
<div> </div>
<div class="separator"><a href="https://4.bp.blogspot.com/-qPJMlBBFvq8/XDbv93SNgdI/AAAAAAAAt3g/ybb9rzPeXyQohtoeTKB8Ta16YaZc7WzGACLcBGAs/s1600/sqm1.jpg" target="_blank"><img src="https://4.bp.blogspot.com/-qPJMlBBFvq8/XDbv93SNgdI/AAAAAAAAt3g/ybb9rzPeXyQohtoeTKB8Ta16YaZc7WzGACLcBGAs/s640/sqm1.jpg" width="640" height="188" data-original-height="229" data-original-width="777"></a></div>
 <div>Source: SQM Research</div>
<div> </div>
<div>
If you don't like asking rents - and you may not - then Domain's actual rental report figures this week were similar. Domain reported that Canberra is now a more expensive city in which to rent a home than even Sydney, with rents spiralling as high as the Black Mountain Tower. 
</div>
<div> </div>
<div>Dr. Nicola Powell:</div>
<div> </div>
<div>"With investors slugged with higher rates and land taxes, it is likely landlords are passing on the additional costs to tenants, or opting for high yielding short-term leases in order to recover costs."</div>
<div> </div>
<div>On the plus side there have been some significant apartment projects approved for construction, but one questions which landlords are going to buy them and rent them out. </div>
<div> </div>
<div>Politicians seeking tax deductions, perhaps. Foreign investors won't supply the rentals any longer, having already been taxed out of the market. <div class="separator"><a href="https://4.bp.blogspot.com/-SLAOdeLo-_w/XDb2yteH7-I/AAAAAAAAt38/-gvstrSWvQgPXqqff-6uw_xnFupyVf8EwCLcBGAs/s1600/China.jpg" target="_blank"><img src="https://4.bp.blogspot.com/-SLAOdeLo-_w/XDb2yteH7-I/AAAAAAAAt38/-gvstrSWvQgPXqqff-6uw_xnFupyVf8EwCLcBGAs/s640/China.jpg" width="640" height="128" data-original-height="146" data-original-width="729"></a></div>
</div>
<div>Some people are even campaigning for high land taxes, and the ALP negative gearing reforms, and a doubling of capital gains tax (all of this on top of the changes made to foreign investment, interest-only lending, restrictions on Division 40 depreciation, disallowance of travel expenses etc etc.). </div>
<div> </div>
<div>There's nothing much to say but best of luck with that!</div>
<div>
 It's a small city, which grows in population by less than 10,000 per annum. Way to go!</div>
<div> </div>
<div>PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.</div>
</div>
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pwargent-M4siyDbqQY

How's the ACT land tax going? And what it means for property investor supply: Pete Wargent

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The New South Wales budget surplus forecast has increased by $600 million.
The NSW Treasurer Dominic Perrottet advised the projection for the 2017/18 year was revised up to $3.3 billion, from $2.7 billion.
The state government’s half-yearly budget review also revealed the first home buyers assistance scheme would cost $461 million this financial year.
“A significant reduction in transfer duty is derived from our first home owners grants and the concessions and tax cuts that form part of that.”
However, an increase in land tax will help offset the loss the government makes from the first home buyer concessions.
Higher than expected property values has pushed up the land tax revenue forecast by more than $100 million.
Land tax receipts from owners of investment properties and holiday homes in NSW are forecast to be $867 million higher than expected over the next three years.
Mr Perrottet said he was confident the Sydney housing market would remain healthy.
“We see the property market remaining strong, we see completions continuing at record levels,” Mr Perrottet said.
Fairfax Media noted the forecast assumes that the average price of residential properties sold in 2017-18 will be around 1.8 per cent above the average price the previous year. 
Stamp duty revenue in the three years to 2020-21 has been revised down by $657 million, largely due to the take up of stamp duty concessions for first home buyers in a housing affordability package announced in the June budget.
Between June and November, 13,672 people have received stamp duty concessions, compared with 3970 people in the same five month period last year.
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j.ballantyne1990-6AQqhLzZaK

NSW property investors to pay $100 million more in land tax as values rise

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EXPERT OBSERVATION
The new approach to build-to-rent, announced by Treasurer Dominic Perrottet and Planning Minister Rob Stokes, will deliver increased investment into purpose built rental housing and drive prices down. 
The number 1 reason why property prices in Sydney are so high is the of a lack of supply.  This applies to the rental market as well as the sales market for houses and apartments. Today’s announcement will result in greater investment and more supply.
The Urban Taskforce has been at the forefront of calling for taxation concessions to encourage more investment into Build to Rent.  Today’s announcement does just that and is very welcome news for renters and for jobs.
Urban Taskforce has been calling for the NSW Government to scrap the foreign investor surcharges on residential developments, saying that these taxes are punitive and act to prevent investment in a market that is desperately in need of stimulus and funding.
Today’s announcement demonstrates that on tax matters, the NSW Government has been listening. Foreign investor surcharges will be exempt for the ‘build-to-rent’ market provided construction begins after July 1 this year.
Urban Taskforce calls on all political parties to pass this legislation through the Parliament as soon as possible, in the interests of investment, jobs and lower prices for renters across NSW.
‘Build-to-rent’ means that the entire building is owned by one entity.  It is not split into individual units and sold to buyers through a strata plan. 
The building is designed from the start to the owned and managed for the life of that structure as be available for rental accommodation. 
This is attractive for institutional investors including superannuation funds and is a form of investment in housing that is widely used in England and in North America. 
It also enables renters to access long term rent al leases and generates a genuine choice for consumers who choose not to buy a home. 
Tom Forrest is the CEO of Urban Taskforce.
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Tax cut for Build-to-Rent projects will attract investment: Tom Forrest

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A land tax discount for new build-to-rent housing projects will be introduced by the NSW government.
A new Housing Diversity State Environmental Planning Policy (SEPP) will also be introduced.
NSW Treasurer Dominic Perrottet and Planning and Public Spaces Minister Rob Stokes said the tax cut would encourage build-to-rent developments by ensuring they were subject to similar overall amounts of State tax as comparable build-to-sell developments.
"Build-to-rent is popular overseas but still in its infancy in Australia, and we want to remove barriers and allow this segment of the market to grow," Mr Perrottet said.
"Renters benefit through greater choice and because the focus is placed on them, rather than just geared towards property owners, it has an added benefit of encouraging better quality rental properties and much longer-term leases."
The discount will reportedly be equivalent to at least a 50 per cent reduction in land tax, dependent on the unimproved land value.
It will be applicable until 2040.
To be eligible for the discount, a build‑to‑rent development in metropolitan areas must be at least 50 units, with a different threshold for regional areas to be considered.
Construction must have commenced on or after 1 July 2020 and the projects must provide purpose built rental units, be managed under unified ownership, and include options for longer leases.
An exemption from foreign investor surcharges will also be provided until 2040 for Build‑to‑Rent developers, and integrity measures will be included to ensure that these discounts are not used for tax avoidance.
The new SEPP includes proposed development standards for build-to-rent housing across the state and design guidance on built form, context and character, sustainability and amenity to ensure good outcomes for surrounding communities and future residents.
Planning and Public Spaces Minister Rob Stokes said the proposed changes will simplify planning controls to support investment in diverse and affordable housing types including built-to-rent, co-living, social housing, and student housing.
"Not only do we need different types of housing – such as detached, high-rise and missing-middle types, we need different tenures of housing – such as affordable and social housing, short and long-term rentals and owner-occupiers," Mr Stokes said.
"These proposed changes will help support the State's future housing needs while contributing to NSW's economic recovery from COVID-19 by boosting residential construction and supporting jobs."
The new SEPP also includes new statewide definitions and provisions to support co-living developments and student housing, and new measures to assist the NSW Land and Housing Corporation to deliver more social housing on government owned land.
Full eligibility criteria for build-to-rent project tax cuts will be set-out in guidelines for the industry in coming weeks.
The Housing Diversity SEPP is on exhibition for feedback until 9 September 2020.
 
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Land tax discount announced by NSW government

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The REIV has written to the State Treasurer, requesting an urgent change to the process that is currently in place for a commercial landlord to receive the Coronavirus land tax relief.
REIV President Leah Calnan said the current method is overly bureaucratic and greatly disadvantages commercial property owners who have negotiated a rent relief in good faith.
Currently, once commercial rent relief negotiations are completed, the tenant must complete an online form to enable the landlord to apply for land tax relief. Only the tenant can complete this form for the landlord.
Our primary concern is that there are no incentives or consequences for the tenant if they fail or refuse to do this.
The commercial property owner is at the mercy of their tenant to apply for the tax relief promised by the government.
The process is not fair for the landlord and their agent who have, in good faith, negotiated rent reduction for the tenant as per government guidelines but are unable to claim the promised land tax relief because their tenant fails to complete the form.
Ms Calnan emphasised that all stakeholders must be equally supported during this time. It is important to remember that the majority of landlords are mum and dad investors who are doing their best to support tenants impacted by the coronavirus.
 An illustration of the bureaucracy around the process is evidenced by this extract from the State Revenue Office’s website: 
Once you have completed the form online, you need to send it to your landlord. You can download a copy, or email a copy to yourself, which you can then email to your landlord, or send it to them directly by entering their email address on the final page, titled ‘Form Complete’.
The Real Estate Institute of Victoria urgently requests that an alternative process be enabled to ensure landlords are not unduly disadvantaged.
In order to manage the financial impact for both the landlord and the tenant, the rent relief could be only initiated after the form has been submitted or even better, the process scrapped.
Similar process issues are also present in residential rent negotiations. A rent “agreement” should only be submitted when all impacted parties – landlord, tenant and agent have agreed.
The CAV website permits submission by one party where a true agreement may not be in place.
LEAH CALNAN is the REIV President 
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