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

Joel Robinson

NAB funds $1 billion Surfers Paradise apartment development, Palmera

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

First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

Renovation

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It seems Australians place a lot of value on the humble handyman, with the market for small home repairs and maintenance set to grow to $881.9 million in 2018-19.
And it’s the <a href="https://www.smartcompany.com.au/growth/franchising/32446-the-seven-essential-elements-of-respect-in-a-successful-franchise-relationship">franchise companies</a> operating in the sector that are reaping the benefits.
According to a report published by IBISWorld this month, the local tradesman and handyman franchise industry currently generates revenues of $881.9 million, with profits totalling $418.9 million.
The industry has been growing at a rate of 3.2% since 2009, with annual growth set to chug along at a rate of 2.2% per year.
The sector employs close to 8000 Australians, with well-known brands such as Jim’s Group, VIP Home Services and Hire a Hubby the leaders when it comes to market share.
According to IBISWorld, the sector has blossomed due to the increasing number of Australians who lack the time and expertise to perform tasks around the home.
The sector has also benefitted from the steady rise in the number of households across Australia during the past five years and growth in capital expenditure on private properties.
Grey Army, a handyman business that predominately employs people over the age of 40, is one company to have benefited from the recent growth in the sector.
General manager Greg Miles told SmartCompany the business started 21 years ago, using sub-contractors to deliver “trustworthy and reliable” home maintenance to older Australians who are looking for old-fashioned service.
The business began franchising around 10 years ago and now has 75 individual franchises operating across Melbourne, with other master franchise agreements in place in the other states.
And while the business has “ebbed and flowed” over its lifetime, Miles says the company has experienced consistent growth over recent years.
Miles says many of the people who approach Grey Army to open a franchise are from all walks of life, and don’t necessarily come from a trade background, with the economic downturn of a few years ago influencing many older workers who had lost their jobs to look to operating a handyman franchise as a way of securing their future.
Miles says the market handyman franchise market is getting more competitive, although there are many “fringe dwellers” on the edges of the industry who are trying to operate their own business.
For the Grey Army, Australia’s ageing population is a major influence, with the company’s franchisees and its clients generally falling into the Baby Boomer generation.
“But it’s the same with any industry that is growing, there will always be more people looking to enter the industry,” says Miles.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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ekeating-PWvazjYE25

Local handyman industry set to grow to close to $1 billion in five years

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At <a href="https://www.realestate.com.au/property-house-nsw-casino-117050695" target="_blank">2 Swanson Lane, Casino</a> is this “concrete castle” that is actually a former water treatment/filtration plant built in the early 1940s.
<img src="/images/2014/05/29/casino%20may%2029%20one.jpg" alt="">
The vendors have managed to get a DA from the council to convert it into a three-bedroom residence, and the listing also suggests you could use it for a clubhouse, museum, art gallery or observatory.
The rear looks a little bit like a security-holding and the concrete can seem a little bare. Property Observer’s production editor Jake Robinson suggested that the blank concrete cylindrical water holding area could be perfect canvas for some graffiti-art. We think that, for the more traditional renovator, a creeping plant may suit to deal with the expanse of blankness.
<img src="/images/2014/05/29/casino%20may%2029%20two.jpg" alt="">
Internally, the vendor has fit out one end with a mezzanine bedroom/lounge, bathroom and toilet and a modest kitchenette. It’s basic, but the property certainly has potential.
<img src="/images/2014/05/29/casino%20may%2029%20three.jpg" alt="">
It’s on 2,500 square metres and the building is 250 millimetre thick double-reinforced concrete. The property is security fenced, with eight foot powdercoat.
With the right lighting and renovation, this could be a beautiful and unique home.
Asking price? $269,000
<a href="https://www.realestate.com.au/property-house-nsw-casino-117050695"></a>Article continue on next page. Please click below.<a href="https://www.realestate.com.au/property-house-nsw-casino-117050695"> </a>
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At <a href="https://www.realestate.com.au/property-house-nsw-molong-116255819" target="_blank">57 Gidley Street, Molong</a>, is this old Masonic lodge building that suits someone with vision.
<img src="/images/2014/05/29/molong%20may%2029%20one.jpg" alt="">
 
It’s been dubbed “The Temple of Temptation” by the real estate agent, and we’re certainly tempted to get our hands on it – particularly as there are some clear spots for beautiful fireplaces.
Its classical exterior and extremely high ceilings look as though they’d suit a well-thought out studio or one-bedroom stylish cottage.
It has four areas – an entrance, toilet, kitchen room and significant main room of approximately 10 by eight metres – with floorboards, stage and fireplace.
<img src="/images/2014/05/29/molong%20may%2029%20two.jpg" width="800" height="600">
The 674 square metre property has recently been reduced to $145,000.
We’re not entirely sure, but we think it could have been built circa 1930s, and may just be the property mentioned in this Sydney Morning Herald article from the time (Monday 23 November 1931).
It appears to have once been owned by the Molong RSL club.
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Another Masonic Lodge, of which the inside hasn’t been included in the photographs, is <a href="https://www.realestate.com.au/property-other-nsw-gilgandra-117048652%20" target="_blank">11 Wrigley Street, Gilgandra</a>.
<img src="/images/2014/05/29/gilganda%20may%2029%20one.jpg" alt="">
The façade is enough for us to be interested to add it to the list, as is the asking price: Just $60,000 for the described three-bedroom, one-bathroom opportunity.
It notes that “It has a local heritage listing-you'll have to see exactly what this means but probably means the original fascade can't be changed.” Which, for those looking for something with a beautiful historic feel, is the part that makes this property stand out anyway. The façade is a beautiful brick style, which appears very well maintained.
Unfortunately, it looks like the Council must be consulted with first for future use as it was used previously as a “meeting place”. While sounding ominous, it’s anyone’s guess as to how council will react to a residential request.
We assume it’s in need of some dire renovation. It notes that the largest room is a sizeable 13 by eight metres – similar to our Molong subject – with the smaller bedroom at five metres by eight metres. It includes a toilet, urinal and small store room.
<img src="/images/2014/05/29/gilganda%20may%2029%20two.jpg" alt="">
The façade includes the term “JUNCTA JUVANT”, which is also inscribed on the Masonic Coat of Arms for New South Wales. It is often translated as something akin to “Unity is Strength”, according to the Masonic Library.
The only issue for those wanting to turn it into their next home may be the style of windows – which are all at the top of the high ceilings when looking further back at the building. As this may not be able to be altered, lighting discussions are going to be a must.
It is in a flood zone.
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<a href="https://www.realestate.com.au/property-house-nsw-barellan-113695619" target="_blank">70 Yapumyah Street, Barellan</a>, is a $295,000 (negotiable) offering that was one Barellan’s Rural Bank, it has already had the “foundations laid” to turn the property into a four-bedroom home.
<img src="/images/2014/05/29/barellan%20may%2029%20one.jpg" alt="">
The façade reminds us somewhat of our number three option – the Gilgandra Masonic Lodge – but it also has solid timber inclusions in the pressed tin ceilings and more functional windows. It had construction commencing in 1930 – and completed six years later.
<img src="/images/2014/05/29/barellan%20may%2029%20two.jpg" alt="">
Fully functional safe and iron security doors to the main street are included, which Property Observer thinks is absolutely terrific.
<img src="/images/2014/05/29/barellan%20may%2029%20three.jpg" alt="">
Some aspects have been modernised, but there’s plenty left for renovators. For instance, the main bedroom, which has a balcony, has a fairly contemporary walk-in wardrobe. There’s also an added in-ground swimming pool, extensive shedding and a stainless steel gas stove. The living area includes a bar.
It does, however, obviously need some substantial work.
<a href="https://www.realestate.com.au/property-house-nsw-barellan-113695619"><img src="/images/2014/05/29/barellan%20may%2029%20four.jpg" alt=""></a>
 
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This <a href="https://www.realestate.com.au/property-house-nsw-jerilderie-114431103" target="_blank">Jerilderie church</a>, the address of which is not listed, will set you back $85,000 and it’s on a 4,047 square metre corner block and built of Murray pine.
<img src="/images/2014/05/29/jerilderie%20may%2029%20one.jpg" alt="">
The 1860s-built church was moved to the site in 1920 and is in “reasonable condition” – but inexperienced home improvers may not want to tackle this, as it requires new roofing and a significant amount of fixing.
<img src="/images/2014/05/29/jerilderie%20may%2029%20two.jpg" alt="">
The listing suggests that exposing the timber would be a beautiful option, and also explains that the front half of the old hall has been damaged, but that the rear and chimney are in strong condition. The windows are that typically-beautiful shape that old churches offer for renovation, and with a bit of TLC it’s likely that this would be an impressive home.
The land also includes two fenced paddocks, and it is power connected.
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And lastly, if you don’t want to renovate and are happy to push the $300,000 mark a bit extra then we’ve included this beauty.
<img src="/images/2014/05/29/NSW_0000_grafton%20may%2029%20one.jpg.jpg" alt="">
For $330,000, <a href="https://www.realestate.com.au/property-house-nsw-grafton-116473607" target="_blank">69 Oliver Street, Grafton</a>, could be yours. This beautiful property includes three bedrooms, two bathrooms and two garage spaces, and beautiful polished hardwood floorboards. The marketing also includes a video.
A solar system has been installed, and in the garage there is also a storage mezzanine. It’s truly stunning – and could be good inspiration for any renovator.
It includes a terrific “before” photograph, and our hats go off to the owner renovators who appear to have done a splendid job.
<img src="/images/2014/05/29/grafton%20may%2029%20two.jpg" alt="">
It sits on 976 square metres, and we love the backyard deck and neutral colour tone throughout. Modern, but classic – truly gorgeous.
<img src="/images/2014/05/29/grafton%20may%2029%20three.jpg" alt="">
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jduke-EHk3XBmHkn

Five unusual New South Wales renovation opportunities – all under $300,000

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It sounds a little bit grotty, but the term ‘sweat equity’ has made its way into common investor usage. This little piece of terminology is relatively simple, but also worth deeper consideration.
On the surface, it’s essentially the alternative to financial equity. Instead of pouring money into a project, let’s take a renovation for simplicity, you instead pour your actual personal effort and energy into the project. For instance, instead of hiring a plumber, you get in there and put your skills to the test.
Upsides
Likely, you’ve added some ‘sweat equity’ to a project without realising it has a name before. Perhaps you’ve painted a property, or tidied it, prior to selling. Likely you’ve added a bit of value, no matter how small, without spending a cent. In this result is the benefit of sweat equity – you haven’t touched your bank account, and yet you’re making money in the form of equity on your property.
If you have a skill, such as a trade, then using this appropriately is well worth while. If you’re a licensed plumber or asbestos removalist, or your friends are, then getting everyone around to work on a project can be immensely useful.
While it’s easier to understand this concept when considering a renovation, “sweat” equity doesn’t have to include activities that make you sweat. If you are willing to undertake your own research, or similar, then you can make some sweat equity upfront by using your computer and sourcing a property and negotiating. Wherever you can ‘DIY’ to add value for your property, such as getting a DA, you’re using sweat equity.
Downsides
<ul>
<li>Not understanding your personal limitations</li>
</ul>
If you’re not an expert and get caught up in the idea of ‘sweat equity’ then you may be risking an amateur job. Remember, there are people in the industry that have been managing properties, recarpeting homes and styling properties for years. There’s a demand for certain services for a reason. Don’t attempt to be handy with your investments if you’re not – you could end up making a mess and needing to pay a bigger bill to rectify the issue.
<ul>
<li>Time has an inherent dollar value</li>
</ul>
While sweat equity can seem like getting money for free, remember that your time is inherently valuable. If you are taking time off of work, particularly unpaid, to work on your property in any way then you need to make sure you can’t be making more elsewhere. Taking a week off to add $10,000 in sweat equity is obviously worthwhile for most on average salaries, however the majority of the time it’s likely you’ll be attending to small jobs that could cost you a small amount and not interrupt your sleeping schedule.
Similarly, if investing becomes your “full time” job, you want to factor in the concept of a full time salary. If your own cost per hour works out to more than it costs to hire in the experts, you may want to reconsider. If you’re spending your leisure time doing manual labour jobs, you also want to make sure you don’t get burnt out in the process.
<ul>
<li>You can’t tax-deduct your own work</li>
</ul>
Unfortunately, where you can keep receipts and the formal information from contractors that work on your property, the lay person doing a bit of handy work on their own investment cannot claim for their own time. You can, however, claim for travel expenses to your investment property for repairs and similar work, and for any materials purchased. For instance, if you decide to do the cleaning yourself after a renter leaves, you cannot claim for your hours of work – but you can claim for the bleach, cleaning products and equipment used.
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What is ‘sweat equity’? How you can make the most of it

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Home buyers, investors and renovators – it’s not always easy to find the right expert for any property project. When it comes to selecting a builder, you really need to be able to trust them.
Allworth Homes’ managing director Stephen Thompson said that as a builder spends several months working on your home, you need to have confidence in them.
“One thing is for sure, the building process starts long before any concrete is poured.  That’s why it’s important to do your homework. These same rules apply when shopping around for your renovation contractors,” said Thompson.
Here are five quick tips that can help guide you through the selection of builder:
<ol>
<li>
Thoroughly look at the building and construction quality.  You don’t just want your house built, you want it well built. Look for quality finishes, specification and attention to detail when you visit the display homes. Look at the reputation of the builder’s suppliers - are they brands with well-earned reputations for quality? Also ask for customer testimonials and references. 
</li>
<li>
Price is a factor but not because it’s the lowest or highest. Look for a detailed explanation of price and inclusions in the cost when comparing builders. 
</li>
<li>
Consider the resale of your home. Will the design earn you money when you decide to sell it in the future? Carefully consider your completed costs. On the resale market, similar plans fetch similar prices, no matter how much you’ve spent compared to another. So think about this carefully. 
</li>
<li>
Don’t be fooled by the over the top extravagant display homes. Lots of display homes are dressed and designed with all the style trimmings in mind. Look beyond that and analyse what’s practical for your budget. Consider the floor plan and flow of the house to see if it’s the right fit for you and your family. If you are looking around display homes, then <a href="/expert-insights/building/how-to-navigate-a-house-and-land-display-home-launch">here's a guide to keeping your head above water</a>. 
</li>
<li>
Check which areas the builder will build. This is the question you should ask first. There would be nothing worse than falling in love with that perfect design, only to find out that the builder won’t build in your area.</li>
</ol>
Source: Allworth Homes
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Five tips for choosing the best builder

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A man who took out home renovation work without a licence, as well as breached home building legislation, has been ordered to pay $40,000 in fines and costs, after facing the Parramatta Local Court this month.
Buddy Charbel Challita, a 42 year old from Greenacre, was convicted ex-parte on 2 May, fined $6,000 for unlicensed contracting of specialist work, $18,000 for thrice demanding/receiving payment before the work had commenced and $18,000 for thrice contracting residential work without an insurance certificate.
Challita also had to pay professional and court costs, totalling $2,095, costing him $44,095 in overall.
He had applied to Fair Trading for a contractor licence in 2009. This was refused as he had a bankrupt status.
Despite this, in April 2013 he contracted with an East Hills home owner to create two new bathrooms, a laundry and a kitchen. The amount of the work would be $33,420. Under New South Wales requirements, this would need a licence. No home warranty insurance was in place.
He also received a $4,000 deposit from that property owner – this is above the 5% maximum allowed under the Home Building Act. After paying these sums, three months passed with little work undertaken. The property owner was then required to pay for other contractors to complete the work.
Acting Fair Trading Commissioner, Rob Vellar, said that the whole idea of the Home Building Act is to protect consumers from these situations.
“Unlicensed building and commencing work without Home Warranty Insurance in place can not only have a potentially adverse impact upon the future re-sale value of a property,” said Vellar.
“It can also been downright dangerous. Always check your builder is appropriately licensed before entering into any contract for home renovations.”
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Unlicensed home renovator and builder ordered to pay more than $40,000

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Ellertson Capital, along with KTM Capital and Australian Ethical Investment, have acquired a $6 million minority stake in the burgeoning home improvements classifieds website hipages.com.au. 
The Sydney-based business operates a website where about 500,000 customers request 30,000 jobs per month from 40,000 tradies.
<a href="https://www.hipagesgroup.com.au" target="_blank">HiPages</a> says more than one million visitors come to the site every month, with some 1.5 million across their three sites.
<a href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/financing-a-business/venture-capital/tradie-platform-hipages-tools-up-with-6-million-investment-from-big-names/2014050712235" target="_blank">The startup site </a>was founded by David Vitek and Robert Sharon-Zipser 10 years ago.
They now employs about 90 staff.
The business generated $15 million revenue in the most recent financial year. It was recently recognised in the Deloitte Technology Fast 500 Asia Pacific list.
Customer job quotes are sent to businesses which pay about $298 a year for the privilege.
Its partnerships include IKEA where customers can now use hipages.com.au’s Get Quotes service from some IKEA stores to access professional kitchen installers.
The Sydney-based investment and funds management group Ellerston Capital is headed by Ashok Jacob, with about $3 billion under management.
James Packer’s private company, Consolidated Press Holdings, reduced its 100% shareholding in Ellerston in 2011 with CPH retaining a passive 25% stake.
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jchancellor-FAypfDUnLy

Ellerston Capital takes stake in home improvement classifieds website

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Western Australian couple Russell and Carole - contestants on House Rules 2014 - purchased their home off Gumtree.
It was advertised under the heading "renovate or detonate".
"Russell was being ridiculous looking at places that were too expensive so I plugged into Gumtree, ‘Houses for Sale’ and put in an amount that we could afford," said Carole.
Despite the extensive work needed, Carole could see potential, falling in love with the valley views, then buying without any building inspection report. 
They now have a $290,000 mortgage, <a href="https://au.tv.yahoo.com/house-rules/clips/23221878/worst-rooms-carole-and-russell-wa-/" target="_blank">with the renovation by rival contestants airing this week on Channel 7</a>.
Their home on stilts was sitting unstable on an overgrown block in the Perth Hills.
"I wasn’t happy because there was so much work to do," the administration manager, Russell recollects.
After he met Carole, who works for the local council, at a party in 2001, they renovated and sold their first Perth house at a profit.
But the pair lost money when prices dropped after the global financial crisis in 2008.
 Reminscent of the 2013 couple Steve and Michelle at Collaroy Plateau in some ways as the Sydney couple had previously hit tough times too after putting money into a property development venture that went bankrupt. Even after Steve and Michelle sold their prior house they still had debt to pay off.
There are currently anywhere <a href="https://www.gumtree.com.au/s-property-for-sale/c18367?sort=price_desc" target="_blank">between 2,000 and 4000 properties</a> for sale on Gumtree from over $1 million to desired swap arrangements.
Many of them are offering the house for relocation with the land being kept by the owner.
{module Would you buy a home off Gumtree without a building inspection report?}
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House Rules: Would you buy a home off Gumtree without a building inspection report?

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GUEST OBSERVATION
When Woolworths delivered its half-year <a href="https://www.woolworthslimited.com.au/icms_docs/137436_First_Half_Profit_Report_and_Dividends_announcement_for_the_27_weeks_ended_5_January_2014.pdf" target="_blank">results</a> in February, the numbers for its Masters hardware chain were sobering. On sales of A$393 million, Masters, a joint venture between Woolworths and US company Lowe’s, lost $71.9 million in six months. Put another way, for every dollar of sales in Masters in the second half of 2013, it lost around 23 cents.
Quarterly sales <a href="https://www.woolworthslimited.com.au/icms_docs/137803_Third_Quarter_Sales_Results_-_Financial_Year_2014_13_weeks_to_6_April_2014.pdf" target="_blank">results</a> released by Woolworths today indicate things could be going from bad to worse at Masters. Woolworths management have touted that quarterly sales increased from $128 million to $179 million year-on-year. Masters added 16 new stores (from 29 to 45) in the last 12 months. It’s the growth in the number of stores, rather than growth in sales per store, that has ensured Masters is “Australia’s fastest growing hardware store”.
The bad news is that quarterly sales per store decreased from $4.41 million in Q3 2013 to $3.98 million in Q3 2014 (a decline of 9.4%). In Perth on Tuesday, Wesfarmers announced store on store sales growth of 9.1% for Bunnings, Masters' key competitor. Customers are still buying, just not from Masters.
Today’s analyst webcast had more questions on Masters (which commands less than 1% of Woolworths' sales) than any other Woolworths business, indicating serious disquiet among investors about how things have gone so wrong so fast.
Masters' new management team (Matt Tyson joined Masters in January from Europe’s Kingfisher) face some serious challenges, some unavoidable and some self-imposed.
As a late mover into the “big box” hardware sector, Masters has often had to lease or develop sites that have been passed over by its larger competitor, Bunnings (which is owned by Woolworths’ arch-rival, and Coles owner Wesfarmers). At times, its rush to grow led to real problems. For example, its application to develop a store in Ballina (near Byron Bay) on a flood plain was rejected by the local council in March 2013. This led Masters to apply only months later to develop a store in Lismore, some 30 kilometres to the west. This new site is next to an existing Bunnings store and was clearly not Masters' first preference.
The rush to secure and develop sites has created investment decisions that seem, at times, capricious. As fast growth seems to have been the imperative, Masters' “big bang” approach created massive up front development costs that are a major drag on corporate earnings.
Aldi’s systems and strategies
Not all new entries into the Australian retail industry have been as inauspicious. Notable among the successes has been the German retailer Aldi that has patiently built a portfolio of 340 stores over 14 years – a new store on average every three weeks.
As a privately-owned firm, Aldi does not publish sales and profit figures, although informed estimates suggest it garners around 10% of Australian grocery sales from its Australian stores. <a href="https://corporate.aldi.com.au/en/about-aldi/" target="_blank">Aldi has signalled</a> its intention to open new stores in South Australia and Western Australia over the next few years, continuing its patient, staged approach to its Australian rollout.
Strategic management researchers often suggest firms should “stick to their knitting” – doing what they know well and knowing what they do well. Aldi knows what it’s good at – selling discount groceries. Founded in war-ravaged Germany in 1948 by the Albrecht brothers (the name is a derivation of Albrecht Discounts), Aldi keeps a limited product range of less that 1500 SKUs – or products – per store, while Woolworths and Coles often have more than 10,000. This limited range has many benefits - it enhances Aldi’s buying power, facilitates smaller stores, increases product turnover and simplifies inventory management.
In store, Aldi uses simple and effective palletised logistics for its fast turnover products and keeps its staffing levels low. Around 95% of its products are own-brand, and the quality of these products is often excellent. These are sourced both locally (for most fresh foods) and from its global supply chain (for many longer shelf life products).
Real estate wars
Aldi’s patience has allowed it to build retail scale slowly, centred on its five major Australian distribution centres (two in Victoria, two in NSW and one in Queensland).
Getting access to new retail sites has been a real problem for Aldi, as Coles and Woolworths <a href="https://www.theage.com.au/national/aldi-brands-coles-safeway-retail-bullies-20080628-2yjt" target="_blank">reportedly</a> locked them out of many suburban centres through restrictive agreements with landlords. In response, Aldi was patient, pursuing shopping centre vacancies when they arose, but also building a large number of standalone sites when the opportunities emerged.
These tactics are a sign that Woolworths and Coles are too big and too dominant in the Australian grocery industry. With a combined share, by some estimates, of 80% of Australian grocery sales, new growth has to come from areas where Woolworths has limited know-how and little brand equity.
Slow and steady wins the race
With the benefit of hindsight, it could be argued that Woolworths’ Masters rushed foray has been driven more by machismo than fundamental strategic management thinking.
Wesfarmers’ success with Bunnings was a sore point for Woolworths’ corporate management - whose grocery business had seen off the challenge of Coles prior to Wesfarmers acquisition of Coles in 2007. The launch of Masters has certainly created an internecine war in the hardware industry, but so far Woolworths has been the main victim.
In comparison, Aldi has a fundamentally valuable point of differentiation in its market – namely low prices. Aldi delivers this differentiation through strong internal consistency in terms of efficient systems and processes, a culture of corporate modesty and the patience to successfully execute its growth strategy over a long period of time. In essence, its management is driven by sound reasoning, disciplined consistency and patient execution.
Masters is on track to lose half a billion dollars before Woolworths hopes it to become profitable in 2016. That is serious money, and the Masters investments continue to limit Woolworths’ abilities to invest in and renew its existing portfolio. The worst-case, but highly possible, scenario is that the turnaround does not happen and the losses continue to escalate.
John Rice is associate professor in strategic management at Griffith University<a href="https://theconversation.com/institutions/griffith-university"></a>.
John Rice is a current member of the Australian Labor Party and the National Tertiary Education Union.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. 
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jake-cSmGT7VXVf

Masters could learn a lot from Aldi

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Hi Margaret,
Just a query on capital gains tax (CGT).
Our principle place of residence is currently on the market to sell, and once it does we would like to buy another property.
However the kind of property we would like to buy next as a primary residence is at this point out of our price range.
What we would like to do is climb the property ladder by doing a quick reno then selling.
Is there a required time frame for us to live in this property to be exempt from CGT?
Regards, 
Grace
Margaret's answer on the next page. Please click below.
 
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Hi Grace,
As long as you live in a property and do not claim another property as your principal place of residence (PPOR) during that time, then there is no set period of time in which you must live in a property in  order to avoid capital gains tax (CGT). 
The CGT exemption applies to any residential property in which we live and claim the principal place of residence upon. The requirements to claim this exemption are that you live in the property and it is your primary place of residence, and that you have no other primary place of residence.
If you kept buying properties, lived in them and did a renovation, and then sold them quickly, doing it again and again in short periods of time, you may place yourself in the situation where the tax office would consider that you are in fact in the business of property renovation and may disallow the exemption. Under such circumstances it is more likely that they would also see the gains you made as income and tax you accordingly, rather than apply capital gains tax.
If you are genuinely moving in in order to climb the property ladder for your personal circumstances only, rather than looking to make more and more profit from renovations and using the PPOR exemption rule simply to avoid tax, then it won't matter how long you live there, the exemption should apply.
Kind regards, 
Margaret
Have a property question?  <a href="mailto:askmargaret@propertyobserver.com.au" target="_blank">Ask Margaret!</a>
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mlomas-KC9MUPZ6Ca

Moving up the property ladder via renovating and selling: But do I need to pay capital gains tax?

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Renovation reality television has returned with Channel 7’s second season of House Rules. 
Each of the six teams will compete to renovate another team’s home, with the team producing the best results winning the full some of their mortgage. 
The home with the biggest mortgage will have the most to gain out of the renovation exercise. 
So far, Channel 7 is keeping the purchase price and mortgage of each home under lock and key. Assuming each team took on the same proportion of debt, which do you think has the biggest mortgage?
Candy and Ryan’s house (NSW)
<img src="/images/2014/04/24/candy%20and%20ryan.jpg" width="460" height="258">
Candy and Ryan’s red brick veneer three bedroom home was purchased in July 2013. Formerly owned by the Catholic church, their property in Sydney’s western suburbs includes a detached granny flat, a shed and a sizeable backyard.
Lisa and Adam (Vic)
<img src="/images/2014/04/24/lisa%20and%20adam.jpg" width="460" height="258">
Lisa and Adam own a 1960s three bedroom weatherboard house in Victoria. They purchased the property in April 2012.
Lloyd and Madison’s house (QLD)
<img src="/images/2014/04/24/lloyd%20and%20madison.jpg" width="460" height="258">
The timber Queenslander owned by young couple Lloyd and Madison is set three streets back from the beach and borders on a nature reserve. It has four bedrooms, but also significant structural problems, including a pretty severe tilt. 
Carole and Russell’s house (WA)
<img src="/images/2014/04/24/carolle%20and%20russell.jpg" width="460" height="258">
Carole and Russell’s house in the Perth hills was advertised on gumtree with the tagline “renovate or detonate”. The two storey home is 28 years old. Russell noted that when the house was first purchased, he kicked the balcony and the whole thing collapsed onto his car below.
Brooke and Grant’s house (TAS)
<img src="/images/2014/04/24/brooke%20and%20grant.jpg" width="460" height="258">
Brooke and Grant are raising seven children in their two and a half bedroom 19th century farmhouse in the Huon Valley. The home has one bathroom, with another outhouse in the back and an outdoor laundry. The house is set on three acres.
Bomber and Mel (SA)
<img src="/images/2014/04/24/bomber%20and%20mel.jpg" width="460" height="258">
Bomber and Mel live in a 110 year old weatherboard home in Adelaide, set a kilometre off the beach. Holes in the floor let in the weather, as well as the local cats. The home was purchased in a mortgagee sale.
Property Observer will follow the full details as they emerge on the series so that we know just how much the prize could be. 
{module Which home do you think has the greatest mortgage based on initial impression and locality?}
 
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