Burgeoning developer&nbsp;<a href="https://www.apartments.com.au/developers/freecity">Freecity</a>&nbsp;is the latest to take on the booming North Sydney apartment market, one of the most popular suburbs with off the plan buyers.

They are taking a <a href="https://www.apartments.com.au/new-apartments/153-walker-street-north-sydney-nsw-2060">51-storey tower on Walker Street</a> to the NSW Government's&nbsp;Housing Delivery Authority, filing a State Significant Development Application for 300 apartments above a 150-room hotel. It will replace two commercial office buildings.

According to the Scoping Report prepared by Urbis, the development will "support the ongoing evolution of North Sydney by delivering a high-quality, mixed-use tower in close proximity to major public infrastructure."

They also said it “responds to the competing urban demands” of housing, hospitality, and employment.

<img alt="153–157 Walker Street" data-entity-type="file" data-entity-uuid="53e44b04-851c-496e-b90c-e4d77aa8f000" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Waler-St-Elevated-View-600x600.jpg?VersionId=fSDYrb1wJR.RVZVWo3wRUaw9n265x1Ka" />

The vertical program places hotel uses on levels one to six, activated by a retail arcade and hotel entry, while the upper levels contain communal amenity and transition spaces. The residential component will be delivered across levels 8 to 47 and includes a mix of one to three-bedroom apartments. Shared facilities include a rooftop lounge, dining space, and landscaped terrace with panoramic views.&nbsp;

The design also accommodates a publicly accessible through-site link connecting Walker and Little Walker Streets.&nbsp;

<img alt="Freecity" data-entity-type="file" data-entity-uuid="26165ce9-e49d-4efb-9e9c-037392707d9f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_1.png?VersionId=lAet4uJy_uNw3nc2e6hBc6302r9Q1dUB" />

The built form continues to reflect the earlier design vision by <a href="https://www.apartments.com.au/architects/architectus">Architectus</a>, with a distinctive two-volume massing: hotel podium stepping down to Little Walker Street, and the slender residential tower rising above. The architecture intends to balance North Sydney’s increasing urban density with solar access, view sharing, and a fine-grain public realm interface.

“The form has been sculpted to preserve sky view corridors and reduce visual bulk,” the Design Report by Architectus previously noted, highlighting view preservation and contextual integration.

Importantly, this latest iteration supersedes an earlier SSD pathway explored in late 2024 for a build-to-rent and hotel project. That alternative scheme has since been shelved following Freecity’s successful submission to the HDA’s new streamlined approval stream.

<img alt="153–157 Walker Street" data-entity-type="file" data-entity-uuid="f70e4ee4-4599-411b-9fc1-802c4292819e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Littile-Walker_Elevated-800x600.jpg?VersionId=zhfw3NMg_jchSSWuUHJJg8.m.qhqZgYM" />

The site sits within the Victoria Cross Station State Significant Precinct and is expected to integrate with broader public domain upgrades around the Metro station, including new pedestrian links and plaza connections between Berry and Walker Streets.

&nbsp;

North Sydney has been one of the most indemand suburbs in Sydney, however it has struggled with supply. <a href="https://www.apartments.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA by Aqualand</a> was one of the only developments in market for several years, until the recent launches of <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-173-179-walker-street-north-sydney-nsw-2060">The Walden</a>, which sold over $100m of sales in three hours, and <a href="https://www.apartments.com.au/new-apartments/the-mclaren-north-sydney-45-mclaren-street-north-sydney-nsw-2060">The McLaren</a> by CASA.

&nbsp;

Joel Robinson

Freecity joins booming North Sydney apartment market with 51-storey tower proposal near Victoria Cross

Prolific Sydney developer Landmark Group is continuing to expand its growing development portfolio.

<a href="https://www.apartments.com.au/developers/landmark-group">Landmark Group</a>, which is progressing with a new Edgecliff project alongside current developments in Macquarie Park and Caringbah, is set to deliver rare new apartment supply in Lindfield, the affluent suburb on Sydney’s Upper North Shore. The projects form part of the NSW Government’s broader push to increase housing density around key transport hubs.

The developer currently has two proposals under assessment through the NSW Government’s Housing Delivery Authority. Together, they comprise nearly 400 apartments, 220 across a large 6,672 sqm amalgamated site spanning Trafalgar Avenue and Valley Road, and a further 173 apartments just 300 metres away on Middle Harbour Road.

The Trafalgar Avenue project, dubbed <a href="https://www.apartments.com.au/new-apartments/lindfield-house-5-7-middle-harbour-road-lindfield-nsw-2070">Lindfield House</a>, is located around 500 metres from Lindfield train station. It will feature 220 apartments across three buildings. Architecture firm DKO, which designed the scheme, said in its submission that the façade strategy is guided by design principles promoting refined architectural expression, contextual sensitivity, and a human-scaled urban response.

“Central to this approach is a layered and sculptural composition, where massing, materiality, and depth are strategically modulated to create a dynamic and visually legible built form. The architecture is defined by a clear hierarchical organisation: a robust, grounded podium provides a strong interface with the public realm, while lighter upper tiers recede into the skyline,” DKO said.

<img alt="Landmark" data-entity-type="file" data-entity-uuid="d934b639-becc-4778-9756-979a2d6ef514" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-22%20at%2010.41.27%E2%80%AFAM.png?VersionId=Ss4AdKdVpjArekAiir2213cjcWrAgBJz" /> 
The open courtyard between the buildings

DKO also designed the Middle Harbour Road project, which is closer to the station. The nine-storey building is "structured to respect the surrounding context and provide a clear urban transition."

“The design aims to respond to both the low-scale residential development of the heritage overlay precinct and the highway development immediately to the south in the North Sydney CBD”.

The mix of units is intended to serve both general market demand and key worker housing, with affordable housing apartments integrated at the lower levels. The proposed building steps from six to nine storeys as it ascends from the rear to the street front, creating a layered form that mediates between the different scales of surrounding built form.

&nbsp;

<img alt="Lindfield" data-entity-type="file" data-entity-uuid="e051aae5-0174-48b4-a033-823eb2a0e333" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-22%20at%2010.30.12%E2%80%AFAM.png?VersionId=OqU2XRPU9vr6id0hddHlfHXODOI7s99z" /> 
The Middle Harbour Road site

&nbsp;

<a href="https://www.apartments.com.au/developers/landmark-group">Landmark Group</a> has&nbsp;delivered more than 4,000 homes across Australia, with a future pipeline worth $5 billion. Among their pipeline of projects is a <a href="https://www.apartments.com.au/news/nsw/first-look-landmark-group-tries-again-with-edgecliff-tower-plans">new mixed-use development near Edgecliff Station</a>.&nbsp;

They are also have live projects in Macquarie Park, Caringbah, and Dee Why.

First look: Landmark Group to bring new apartments to Lindfield

From suburban apartment blocks to skyline-defining towers, <a href="https://www.apartments.com.au/developers/deicorp">Deicorp</a>’s journey over the past 26 years has been one of consistent expansion and scale. The last decade in particular has seen Deicorp become one of the most prolific developers in Greater Sydney. Now with a $3.5 billion pipeline and some of its boldest projects yet, the developer is taking on central Sydney, starting with <a href="https://www.apartments.com.au/new-apartments/hyde-metropolitan-sydney-133-141-liverpool-street-sydney-nsw-2000">Hyde Metropolitan</a>.

Deicorp founder Fouad Deiri started the company in 1999 initially working out of a small office in Hurstville, with a 21-unit townhouse project in Albert Street Newtown. With a small but capable team, they utilised their extensive construction industry experience to grow the scale and complexity of jobs to now having a team of more than 200 with more than 4,000 units currently under construction.&nbsp;

[smartcode_project:default project_id=21809 project_image_fid=351911]

One of their most significant developments, Hyde Metropolitan, will arguably become one of their greatest feats, reshaping the city skyline at the southern end of Hyde Park.

Deicorp is already nearly five years into the development process. It was 2021 when they secured the Polding Centre, a 1970s, 24-storey office building on the corner of Liverpool and Castlereagh Street, from the Catholic Archdiocese of Sydney, following a six-month competitive process.

As per the City of Sydney regulations when developing within their council to the scale of such a building, the council undertook a competitive design process where architects put forward different designs and schemes for the site.

[smartcode_project:default project_id=21809 project_image_fid=215742]

They settled on the proposal by renowned architect <a href="https://www.apartments.com.au/architects/candalepas-associates">Angelo Candelapas</a>, which would bring to life their vision to create one of the best new developments within the CBD.

“I cannot imagine anything more beautiful than the delivery of a building which can demonstrate a deep affection for our sun,” Angelo Candelapas said of the design. “It is a building with dramatic foyers and an oasis garden for the residents. These two facilities link to provide a sense of wellness and nature in the centre of the city.”

[smartcode_project:default project_id=21809 project_image_fid=215741]

Fouad Deiri said he had long admired the innovation and design language of Candelapas.

“Deicorp has deliberately partnered with some of Sydney’s most recognised and capable architects in the past and we understand the value of working with truly talented designers,” Deiri said.

There are just under 170 apartments on offer at Hyde Metropolitan, a mix of one-, two-, and three-bedroom residences, many with never-to-be-built-out views over Hyde Park and towards the Harbour.

[smartcode_project:default project_id=21809 project_image_fid=215728]

Upon arrival, residents will be greeted by an eight-level-high private lobby with arched cathedral fenestrations, serving as a podium to the 55-level tower. The ground level will also host a high-end restaurant and cocktail lounge, very much in keeping with its vibrant streetscape.

The resident amenity will sit on top of the podium and will feature a 25-metre pool, landscaped courtyards and gardens, a barbecue area, gym with a sauna, and a music room. Sales are being handled by <a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a>. SRM Director Dave Milton said Hyde Metropolitan will be "one of the preeminent Sydney residential developments on the southern end of Hyde Park."

Hyde Metropolitan is one of nine developments either under construction, in planning, or in market for Deicorp.

Their next project to launch, <a href="https://www.apartments.com.au/new-apartments/falcon-alexander-8-alexander-street-crows-nest-nsw-2065">Falcon &amp; Alexander</a> in <a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a>, will be their first development on Sydney’s Lower North Shore. True to tradition, Deicorp has already commenced construction on Falcon &amp; Alexander, prominently positioned at The Five Ways junction, placing it a five-minute walk from the new Metro station and in close proximity to Crows Nest Village. The one-, two-, and three-bedroom apartments will start from just under $1.3 million.

[smartcode_project:default project_id=135323 project_image_fid=351946]

Deicorp will roll into 2026 with several more projects to launch to the market for the first time.

They have already cleared their massive 2.87-hectare site Zetland that borders Gunyama Park, where they will transform a former industrial site into <a href="https://www.apartments.com.au/new-apartments/the-avenues-zetland-130-joynton-avenue-zetland-nsw-2017">The Avenues</a>, 624 apartments across nine buildings, curated ground-floor retail, purpose-built student housing, and build-to-rent dwellings delivered in partnership with Scape. It is one of the largest developments to be launched in Sydney’s inner south in recent years.

One of their most anticipated projects is the $1.8 billion Five Dock masterplan <a href="https://www.apartments.com.au/new-apartments/kings-bay-village-53-75-queens-road-five-dock-nsw-2046">Kings Bay Village</a> (below), to be delivered in a joint venture with non-bank lender Metrics.

<img alt="Deicorp teams up with Metrics for $1.88 billion Kings Bay Village, Five Dock masterplan" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-08-14%20at%208.12.53%E2%80%AFAM.png?VersionId=_9z4I8B0EIzrXe3ldnXti1bSXCeoZi2W" />

Kings Bay Village will comprise 1,185 new homes, including 218 affordable dwellings for essential workers, along with 6,500 sqm of public open space and 14,700 sqm of vibrant retail and commercial offerings.

Add to that more releases at their <a href="https://www.apartments.com.au/new-apartments/showground-pavilions-castle-hill-3-andalusian-way-castle-hill-nsw-2154">Castle Hill Showgrounds</a> precinct, and their under construction projects in Rhodes and Parramatta, Deicorp is in the midst of adding a much-needed 3,000 new apartments to some of Sydney’s most sought-after postcodes.

Read more: <a href="https://www.apartments.com.au/news/nsw/deicorp-teams-up-with-metrics-for-1-88-billion-kings-bay-village-five-dock-masterplan">Deicorp teams up with Metrics for $1.88 billion Kings Bay Village, Five Dock masterplan</a>

Deicorp dives into luxury as Sydney apartment development pipeline grows

A prominent corner in Wynnum’s central precinct could be reshaped under new plans from <a href="https://www.apartments.com.au/developers/toore-developments">Torre Development</a>, with a development application now with council for a sculptural eight-storey apartment building combining residential, office, and recreation uses.

Situated at <a href="https://www.apartments.com.au/new-apartments/63-bay-terrace-wynnum-qld-4178">63 Bay Terrace</a>, the 2,014 sqm site lies at the intersection with Charlotte Street, within the Wynnum-Manly Neighbourhood Plan’s Wynnum central business district sub-precinct. The proposal seeks to deliver 78 apartments above ground-floor non-residential tenancies, with architecture by Plus Studio.

The proposed building will be a mix of 58 two-bedroom and 20 three-bedroom apartments spread across seven residential levels, crowned by a 914 sqm communal rooftop terrace featuring a pool, gym, sauna, and private dining areas.

Ground level activation is a key aspect of the design, with 771 sqm of office and indoor sport and recreation space proposed to reinforce the area’s major centre designation. The site will also deliver improved pedestrian amenity via a recessed entry plaza on Bay Terrace and a landscaped public realm along Charlotte Street.

<img alt="63 Bay Terrace, Wynnum" data-entity-type="file" data-entity-uuid="4e5ef890-2f8f-4bbd-9ff1-57fa4e4360d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Wynnum%20podium.png?VersionId=7_if97F1KAYrTX2BQrNspFInEHwXcQRd" />

In their design report, <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> described the form as “sculpted into a rhythmic wave, amplifying facade dynamism while merging interior life seamlessly with the city’s texture to evoke a fluid, immersive urban living experience”.

Vehicle access will be via Bay Terrace, with four basement levels accommodating 197 car spaces, including 177 for residents. Bicycle storage is also provided for 193 bikes.

The building’s architectural character is marked by curved balconies, horizontal banding at podium level, and lush greenery integrated throughout.

“Traditional developments in Wynnum typically feature above-ground car parking, a tiered 'wedding-cake' building form, no podium-level landscaping, and no rooftop amenities,” Mewing Planning noted in the DA, positioning this proposal as a departure from the norm.

The new development is Torre's second in the area, having recently completed Catalina, a more boutique building with 28 apartments.

There are only two new developments currently on the market in Wynnum: Panorama on Bay Terrace and Adena Residences on Sorrento Street, the latter of which is nearing completion.

First look: Torre eyes sculpted mixed-use apartment tower for key Wynnum corner

“We honestly never thought we’d have penthouses.”

That was the view from <a href="https://www.apartments.com.au/developers/ellipse-property-group">Ellipse Property Group</a>, developer of <a href="https://www.apartments.com.au/new-apartments/carrington-place-castle-hill-36-carrington-road-castle-hill-nsw-2154">Carrington Place</a>, Cas​tle Hill’s $850 million masterplanned community. Atrium, the project’s first stage, has been one of the Hills Shire’s most successful launches, with sales cutting across almost every buyer demographic. But it was one group in particular, downsizers, that shaped the next evolution of the development.

“Our large three-bedroom apartments, anything bigger than 135 sqm, were quickly getting snapped up,” says Puja Khanna, Ellipse’s Sales, Marketing and Design Associate Director. “We had a huge amount of interest from downsizers who were living in houses and used to having extra space. Many hadn’t wanted to leave because they couldn’t see themselves in a smaller apartment.”

[smartcode_project:default project_id=89496 project_image_fid=353654]

That demand drove Ellipse to reconfigure layouts during the early stages of the construction phase. “At one point a buyer asked us to combine a two-bedroom and a one-bedroom into a 145 sqm three-bedroom. We applied that across the stack and created five more, they all sold very quickly.&nbsp; Then another buyer wanted something even bigger. We looked strategically at how to cater for this appetite and ended up redesigning the whole of the top level. Sixteen units became eight penthouses, each one unique in its design, configuration, or aspect.”

Ellipse’s new penthouse collection takes space and finishes to another level. Offering up to 334 sqm of indoor-outdoor living, they feature stone kitchens with central islands designed for entertaining, walk-in pantries, and a full suite of integrated Miele appliances and a Fisher &amp; Paykel fridge.

[smartcode_project:default project_id=89496 project_image_fid=353655]

Living areas are anchored by luxury fireplaces, while expansive balconies and terraces include outdoor kitchens with bar fridges, sinks, and built-in barbecue benches. Bathrooms will feature large-format porcelain tiles, brushed brass fittings, frameless shower screens, and floating timber-toned vanities.

“We’ve already had a buyer secure one of the penthouses purely from a hand-sketch drawing,” Khanna says. “We worked with them for months to refine the specifications and inclusions. That consultation process has helped shape the rest of the penthouses — some even feature two separate living spaces.”

[smartcode_project:default project_id=89496 project_image_fid=353653]

Ellipse’s builder <a href="https://www.apartments.com.au/builders/decode">Decode Group</a>, an award-winning Tier 2 residential builder and one of the first to achieve a prestigious Gold iCIRT rating, is well advanced in construction at Atrium, which is expected to welcome its first residents in mid-2026.

There will be four stages to Carrington Place, delivering over 800 apartments alongside 20,000 sqm of outdoor recreation space. Plans include a one-kilometre boardwalk connecting to Fred Caterson Reserve, along with extensive landscaping and community amenity. Ellipse has recently launched Carrington Place’s second stage, Lily Lane, which will deliver 220 new apartments across two new buildings.

[smartcode_project_cta:default project_id=89496]

Ellipse Property unveils Atrium Penthouse Collection at Carrington Place, Castle Hill

Retirees

<html><body>
EXPERT OBSERVER
Half a million Australians aged 50 and over lost their homes in the first decade of this century.<a href="https://theconversation.com/profiles/rachel-ong-viforj-113482"> </a>
The number of mature age Australians carrying mortgage debt into retirement is soaring.
And on average each mature age Australian with a mortgage debt owes much more relative to their income than 25 years ago.
Microdata from the Bureau of Statistics <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/6541.0.30.001Main+Features12013-14" target="_blank">survey of income and housing</a> shows an increase in the proportion of homeowners owing money on mortgages across every home-owning age group between 1990 and 2015. The sharpest increase is among homeowners approaching retirement.
<h2>More mortgaged for longer</h2>
For home owners aged 55 to 64 years, the proportion owing money on mortgages has tripled from 14% to 47%.
Among home owners aged 45 to 54 years, it has doubled.
<hr>
<a href="https://images.theconversation.com/files/278480/original/file-20190607-52741-1gvtikf.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/278480/original/file-20190607-52741-1gvtikf.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> <a class="source" href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/6503.0Main+Features12015-16">Source: Authors’ own calculations from the Surveys of Income and Housing</a>
<hr>
Meanwhile, the average mortgage debt-to-income ratio among those with mortgages has pretty much doubled across every home-owning age group.
In the 45-54 age group the mortgage debt-to-income ratio has blown out from 82% to 169%.
For those aged 55-64 it has blown out from 72% to 132%.
<hr>
<a href="https://images.theconversation.com/files/278619/original/file-20190610-52758-wdha1w.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/278619/original/file-20190610-52758-wdha1w.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> Among mortgage holders. Source: Authors’ own calculations from the Surveys of Income and Housing
<hr>
<h2>Three reasons why</h2>
The soaring rates of mortgage indebtedness among older Australians have been driven by three distinct factors.
First, property prices have surged ahead of incomes.
Since 1970 the national dwelling price to income ratio <a href="https://www.ceda.com.au/CEDA/media/General/Publication/PDFs/HousingAustraliaFinal_Flipsnack.pdf" target="_blank">has doubled</a>.
<hr>
<a href="https://images.theconversation.com/files/278624/original/file-20190610-52780-1hzmy9f.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/278624/original/file-20190610-52780-1hzmy9f.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> Prices and wages in 1970 are assigned an index of 100. <a class="source" href="https://www.ceda.com.au/CEDA/media/General/Publication/PDFs/HousingAustraliaFinal_Flipsnack.pdf" target="_blank">Sources: Treasury, ABS, Committee for Economic Development of Australia</a>
<hr>
Despite weaker property prices, the ratio remains historically high. This means households have to borrow more to buy a home. It also delays the transition into home ownership, <a href="https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/4130.0%7E2015-16%7EMain%20Features%7EAcross%20the%20Generations:%20Twenty%20years%20of%20housing%7E10003" target="_blank">potentially shortening</a> the the remaining working life available to repay the loan.
Second, today’s home owners frequently use flexible mortgage products to draw down on their housing equity as needed for other purposes. During the first decade of this century, one in five home owners aged 45-64 years increased their mortgage debt <a href="/news">even though they did not move house</a>.
Third, older home owners appear to be taking on bigger mortgages or delaying paying them off in the knowledge that they can work longer than their parents did, or draw down their superannuation account balances.
<h2>Super could be changing our behaviour</h2>
For mortgage holders aged 55-64 years, there is evidence to suggest that larger debts <a href="/news">prolong working lives</a>.
In 2017 around <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/6238.0" target="_blank">29% </a> of lump sum superannuation withdrawals were used to pay down mortgages or purchase new homes or pay for home improvements, up from <a href="https://www.pc.gov.au/research/completed/superannuation-post-retirement/super-post-retirement-volume1.pdf" target="_blank">25%</a> four years earlier.
In the Netherlands, where a mandatory occupational pension scheme along the lines of Australia’s super scheme has been in place for much longer, <a href="https://opendata.cbs.nl/statline/#/CBS/nl/dataset/81702NED/table?ts=1539244705047" target="_blank">over one-half</a> of home owners aged 65 and over are still paying off mortgages.
<hr>
<a href="https://images.theconversation.com/files/278784/original/file-20190611-52780-kg72kd.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/278784/original/file-20190611-52780-kg72kd.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> The base is the total number of uses of lump sums rather than the number of people taking lump sums. <a class="source" href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/6238.0" target="_blank">ABS 6238.0 Retirement and Retirement Intentions</a>
<hr>
<h2>The implications are huge</h2>
Internationally, studies have found that indebtedness <a href="https://www.sciencedirect.com/science/article/abs/pii/S0277953615001203?via%3Dihub" target="_blank">adds to psychological distress</a>. The impacts on wellbeing are more profound for older debtors, without the ability to recover from financial shocks.
Debt-free home ownership in old age used to be known as the <a href="https://www.ceda.com.au/CEDA/media/ResearchCatalogueDocuments/PDFs/27922-CEDATheSuperChallengeofRetirementIncomePolicySept2015FINAL.pdf" target="_blank">fourth pillar of the retirement incomes system</a> because of its role in <a href="https://link.springer.com/article/10.1007/s10901-010-9187-4" target="_blank">reducing poverty in old age</a>. It allowed the Australian government to set the <a href="https://melbourneinstitute.unimelb.edu.au/assets/documents/hilda-bibliography/conference-papers-lectures/2013/Haffner-Ong-Wood-ENHR2013-Paper.pdf" target="_blank">age pension at relatively low levels</a>.
Growing indebtedness will increase after-housing-cost poverty among older Australians and create pressure to <a href="/news">boost the age pension</a>.
Mortgage debt burdens late in working life will also expose home owners to unwelcome risks, as health or employment shocks can ruin plans to pay off their mortgages.
During the first decade of this century, around <a href="/news">half a million</a> Australians aged 50 years and over lost their homes.
<h2>Taxpayers will be under pressure to help</h2>
Those losing home ownership are often forced to rely <a href="https://www.propertyobserver.com.au/https://journals.sagepub.com/doi/abs/10.1177/0042098014550955" target="_blank">on rental housing assistance</a>. Moreover, as older tenants they are <a href="https://www.propertyobserver.com.au/https://journals.sagepub.com/doi/abs/10.1177/0042098014550955" target="_blank">unlikely to ever leave housing assistance</a>. This will put pressure on the government to boost spending on housing assistance, which is likely to further boost <a href="https://theconversation.com/when-falling-home-ownership-and-ageing-baby-boomers-collide-102846" target="_blank">demand for housing assistance</a>.
Super and government housing assistance could become the safety nets that allow retirees to escape their mortgages.
It wasn’t the intended purpose of superannuation, and wasn’t the intended purpose of housing assistance. It is a development that ought to be front and centre of the <a href="https://www.afr.com/news/policy/tax/retirement-incomes-face-review-20190524-p51qsi" target="_blank">inquiry into the retirement incomes system</a> announced by Treasurer Josh Frydenberg.
It is a change we’ll have to come to grips with.
<a href="https://theconversation.com/profiles/rachel-ong-viforj-113482" target="_blank">Rachel Ong ViforJ</a>, Professor of Economics, School of Economics, Finance and Property, <a href="http://theconversation.com/institutions/curtin-university-873" target="_blank">Curtin University</a> and <a href="https://theconversation.com/profiles/gavin-wood-113723" target="_blank">Gavin Wood</a>, Emeritus Professor of Housing and Housing Studies, <a href="http://theconversation.com/institutions/rmit-university-1063" target="_blank">RMIT University</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/more-people-are-retiring-with-high-mortgage-debts-the-implications-are-huge-115134" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

More people are retiring with high mortgage debts. The implications are huge

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GUEST OBSERVATION
Financial well-being isn’t always where you expect to find it, in part it depends on attitude. 
Financial well-being is hard to get a handle on.
That’s because it’s a mix of how people feel and how they objectively are.
And it’s multifaceted, including things such as spending, saving, investing, borrowing, and insuring, and competing goals that involve trade-offs, such as whether to spend or save.
To help, the Melbourne Institute and the Commonwealth Bank have pulled the dimensions together in a collection of measures we think are the first of their kind: the <a href="https://fbe.unimelb.edu.au/newsroom/cba-melbourne-institute-financial-wellbeing-scales" target="_blank">Reported and Observed Financial Well-being Scales</a>.
The results released this week show most Australians are doing OK. They report no difficulty paying necessary expenses, can cover unexpected expenses, and feel on track to provide for their financial futures. However, a substantial minority struggle.
As expected, people’s income, assets, and home ownership play big roles in their financial well-being. But their attitudes, capabilities, and behaviour are probably even more important, meaning good financial well-being is possible even at modest levels of income and wealth.
Two ways of examining well-being
Adapting definitions that have been proposed for Australia and elsewhere, we define financial well-being as the extent to which people both perceive and have
<ul>
<li>
financial outcomes in which they meet their financial obligations
</li>
<li>
financial freedom to make choices that allow them to enjoy life
</li>
<li>
control of their finances, and
</li>
<li>
financial security
</li>
</ul>
now, in the future, and under possible adverse circumstances.
To construct the scales, we sieved through 33 self-reported survey measures and 17 bank-record measures that captured different elements of our definition. Formal analyis resulted in our two distinct but related scales.
The first, which we call the CBA-MI Reported Financial Well-being Scale, uses people’s answers to 10 survey questions about how they feel; about things such as dealing with their expenses, building up savings, and control over their finances.
The second, which we call the CBA-MI Observed Financial Well-being Scale, uses data from people’s bank records about their balances, payment problems, and ability to cover unexpected expenses.
The two scales move together. People with high levels of financial well-being on one scale tend to have high levels on the other.
However, the two scales are distinct and capture different aspects of well-being, complementing each other and jointly providing a fuller picture than either could alone.
<a href="https://images.theconversation.com/files/254272/original/file-20190117-24622-8qacip.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/254272/original/file-20190117-24622-8qacip.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
(Source: <a class="source" href="https://fbe.unimelb.edu.au/newsroom/cba-melbourne-institute-financial-wellbeing-scales" target="_blank">Melbourne Institute - Commonwealth Bank</a>)
What do the measures tell us?
On average, Australians enjoy moderate to high levels of financial well-being, but many experience problems. About a quarter of people report difficulty meeting their necessary expenses, and more than a third report not being able to handle a major unexpected expense or not having enough money for future financial needs.
When it came to characteristics associated with financial well-being, we find that people who earn more and own more assets enjoy higher well-being on average. Home-owners, healthier people, and married couples also tend to have a higher financial wellbeing. But within these categories financial well-being can vary.
Both measures of well-being are higher for people who balance their spending and savings, have strong savings habits, always pay their credit card balances, sacrifice for the future, and actively plan and budget.
And there are surprises.
Retirees and older people tend to enjoy higher financial well-being than younger people, contrasting with the view that retirement is accompanied by financial distress.
People with high mortgage debt and large housing costs also experience higher levels of well-being, although this may be associated with the wealth that is associated with their homes.
The strong agreement between the two scales reassures us that they are indeed measuring financial well-being. However, the scales sometimes diverge, particularly when measuring the financial well-being of people with complex financial situations, including immigrants and business owners.
Improving financial well-being
The low levels of financial well-being experienced by some Australians are a cause for concern. Our measures can help identify these people and their circumstances.
More importantly, they tell us that people in similar circumstances can experience very different levels of financial well-being, telling us there is considerable scope for improving outcomes.
And the strong associations of well-being with financial attitudes, capabilities, and behaviours — all characteristics that can be changed — point to promising avenues for interventions.<img src="https://counter.theconversation.com/content/103431/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/david-c-ribar-411239" target="_blank">David C. Ribar</a>, Professorial Research Fellow, <a href="http://theconversation.com/institutions/university-of-melbourne-722" target="_blank">University of Melbourne</a> and <a href="https://theconversation.com/profiles/nicolas-salamanca-565981" target="_blank">Nicolás Salamanca</a>, Research Fellow, <a href="http://theconversation.com/institutions/university-of-melbourne-722" target="_blank">University of Melbourne</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-financially-well-off-defy-the-stereotypes-they-include-retirees-and-mortgagees-103431" target="_blank">original article</a>.
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The financially well-off defy the stereotypes.They include retirees, and mortgagees

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Retirees and empty nesters are being drawn to Cube Developments’ new $37 million residential project at Birtinya due to its low maintenance lifestyle and proximity to world class health facilities, developers say.
Curve Birtinya occupies a waterfront site within strolling distance to the newly-opened $1.8 billion Sunshine Coast University Hospital and University Private Hospital, with Oceanside’s new shopping centre and large retail development also on the doorstep.
The development features 55 one, two and three bedroom apartments offering northerly water views, spacious light-filled interiors, high ceilings, quality appliances, generous balconies, and room to entertain.
Seven expressions of interest have been received from the project, with retirees and downsizers seeking an alternative to retirement home living forming the bulk of the interest.
Cube Developments’ Scott Juniper said Curve Birtinya was attracting strong interest from retirees who wanted the freedom and flexibility of their own home without the complexities of buying into a retirement village.
"More senior buyers are realising they can downsize their homes without downsizing their lifestyle and enjoy the benefits of building a bigger nest egg, lower maintenance costs, cheaper utilities, greater independence and the freedom to travel," Juniper said.
"For empty nesters, retirees or buyers looking to get a foothold in the booming Birtinya market with a view to settling here in the future, Curve Birtinya has so much to offer."
Curve Birtinya offers a prime lakeside within the Oceanside Health Hub – a 17-hectare development alongside the Sunshine Coast Health Precinct.
Stage One of the new Stockland’s Oceanside Shopping Centre is expected to commence in January and will feature six restaurants, Coles and Aldi supermarkets and more than 40 new retailers on completion.
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jrobinson-rf4aSBido9

Curve Birtinya enjoys healthy interest from retirees

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The changes introduced by Scott Morrison to the age pension regime contained in Joe Hockey's May budget should be wound back, the lobby group representing union-backed super funds, Industry Super Australia says.
<div class="cq-article-content-paras section">
From January next year the asset threshold for a couple to qualify for a part age pension will fall to $823,000 from $1.15 million.
For retirees who quality for a government pension, the amount by which the pension is reduced for each additional $1000 of assets over a threshold will rise from $1.50 a fortnight to $3.
Fairfax Media report ISA accused the government of "ad hoc" policy making.
"The more aggressive taper rate undermines the incentive for people to increase their super contributions since an increase in retirement income from this source will be largely clawed back through lower pensions."
ISA cite ISA-Rice Warner modelling that indicates that the proposed changes to the Age Pension asset test and taper rate in the bill are "misguided" because they reduce the retirement incomes of Australians who currently are on modest incomes, and whose retirement incomes are projected to be below that sufficient for a comfortable standard of living in retirement.
"Over time, the changes would adversely affect about 40 per cent of Australians, and 8 in 10 single women," it suggested.
Adopting the same methodology as Australia’s Future Tax System Review, the bill’s proposal to double the taper rate to a $3.00 per fortnight loss of pension per $1,000 of assets results in an effective taper of 156 per cent assuming a 5 per cent return. 
The proportion of new retirees affected by the proposed change will increase sharply over time, ISA noted.
The proportion of new cohorts of retirees affected by the proposed asset test change increase from one in three today to seven in 10 by 2050. This influx will increase the overall proportion of the Age Pension population who are worse off from just over 10 per cent in 2017 to over 40 per cent by 2055.
ISA noted the policy change over time reveals that:
<ul>
<li>The impacts of the change increasingly fall on those earning below average incomes</li>
<li>For couples due to retire in 10 years’ time, the largest impacts are felt just below average earnings ($62,000 or 80 per cent average full time earnings). They stand to lose around $8,600 a year ($4,300 each) or $224,000 per couple ($122,000 each) over their entire retirement</li>
<li>For those 20 years from retirement (aged 45-49 today) the big impacts start being felt by a couple in decile 4, each earning as little as $45,000 today, who would lose $3,000 ($1,500 each)</li>
<li>By contrast, a couple in decile 9 on $145,000 each experiences the barest of impacts, losing just $113 a year each</li>
<li>Over the long run, there are more people affected on below average incomes than above (5 rungs below average earnings compared with just one rung above)</li>
<li>Within 10 years around half of all new retirees leaving the workforce will be affected by these changes</li>
</ul>
</div>
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jchancellor-FAypfDUnLy

Age pensions changes should be wound back: Industry Super Australia

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GUEST OBSERVER
Few older Australians actually live in non-private housing such as nursing homes. Data from the 2011 Census reveals that 94% of Australians who are 65 or older still live in private housing. More than half live with a partner and another quarter live alone.
Life expectancy is nearly double what it was a century ago. And since the 1950s, a new group of young-old has evolved. These people are fit and healthy, and have little need for specialised housing.
This does not mean, however, that Australia’s current housing options are future-proofed for its ageing population. Architects, developers and clients should be designing new homes that have the agility to adapt to suit the changing needs of occupants. With the number of people aged 65 and above expected to more than double by 2055, homes being built now for young families may eventually be accommodating empty-nester couples or singles.
<h2>Why the need for change?</h2>
Building agility into a house design is not difficult. Zoned houses or houses that can be easily subdivided should be encouraged within planning frameworks along with designs that allow easy retrofitting with technology, devices or design strategies to support ageing in one place.
With housing affordability at crisis level, agile housing designs would enable more efficient use of housing stock as children leave home and occupants find they have rooms to spare. Houses designed to be easily subdivided into two dwellings would benefit older people by providing an income stream or space for a carer.
Alternatively, retirees may downsize as they become empty nesters. But this isn’t happening enough.
A significant majority of Australians live in detached suburban houses of three or more bedrooms. More than half of the detached houses in the inner and middle suburbs of Sydney and Melbourne are occupied bypeople aged 50 and above.
A recent review into downsizing outlined the complex reasons behind housing choices.
Even though family houses are not necessarily well suited to retirees, are retirement villages releasing family homes back to rental or buyers’ markets? Not many. Currently, only around 200,000 of the 3.3 million Australians aged 65 and above live in retirement villages.
Some are located in sea-change locations and others are in suburban locations where land is more affordable. Only now are higher-density, high-rise retirement villages in central city locations springing up.
<h2>What are the options?</h2>
Canada’s laneway housing is an interesting precedent that Australia might consider to increase housing options and densification close to services. The NSW model of granny flats is one that all states could adopt.
Australian examples of co-housing are beginning to appear based on the European model of shared ownership and equity. Co-housing is collaborative housing in which residents actively participate in the design and operation of their neighbourhoods in an attempt to balance privacy with community.
Well-located, well-designed apartments close to community facilities are another option for Australia’s ageing population. Apartment choices should ideally be available across suburbs to enable people to stay within the community they know if they wish. These may become the Naturally Occurring Retirement Communities (NORC) of tomorrow.
NORCs are well recognised in the US but less so in Australia. There are early examples in Australia, where concentrations of aged people living in a community are linked to a virtual network of support, based on a membership fee.
Spaces should be accessible and adaptable. Housing requires changes as physical functioning declines with age.
However, design is not necessarily just about wheelchair accessibility but also how the community and houses can work for the frail elderly, particularly in terms of mobility and safety. This needs some forethought when designing houses to ensure bathrooms, entries and kitchens are suitable for retrofitting.
Accessibility also needs to be considered when designing public buildings and spaces. Unfortunately, the Australian Standard on Design for Access is based on empirical data for 18-to-60-year-olds. It is not necessarily suitable for the very old and frail.
Both public and private spaces should cater for the rich diversity within Australia’s ageing population. A useful concept developed in Canada is the 8 80 Cities. If a city is designed to suit the needs of eight- and 80-year-olds then it will suit all people.
As mobility reduces, proximity becomes more important. Services and civic infrastructure are becoming increasingly centralised. The corner shop, the local council and other services are being grouped into larger entities. Housing suitable for the aged should be focused near these centres, and mobility to and from them should be considered as this is important for those who can no longer drive.
Access to parks and recreation facilities within distances that the frail elderly can manage is also ideal – with seating en route and well-lit paths, which are safe from cars and safe for mobility scooters and walkers.
With a booming life expectancy, there is a need for collective, intergenerational discussion and ideas about how to better design housing in Australia’s communities and cities.
 
Clare Newton is associate professor in Learning Environments, University of Melbourne and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/clare-newton-10370" target="_blank">here</a>.
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