Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

&nbsp;

&nbsp;

&nbsp;

Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

Sydney Apartments

Sydney-based investment company, Princeton, has kicked off construction on two Sydney residential projects, one in Botany and the other in Blakehurst, worth a combined value of $73 million.

The Botany project, located on&nbsp;1-5 Rancom Street and 1637-1647 Botany Road, will see 36 apartments built, along with five retail spaces, with an end value of $38 million.

<a href="/new-apartments/1637-1647-botany-road-botany"><img alt="" height="600" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/botany_princeton.jpg" width="1200" /></a> 
Render of the proposed development at 1637-1647 Botany Rd, Botany. Image supplied.&nbsp;

The suburb has grown in popularity due to the rising number of parks and cafes, delivering the vibrancy of city living in the heart of a small village.

The $35 million Blakehurst projects is located at 6-8 Vaughan Street, with plans for 32 apartments to be built across the space.

&nbsp;&nbsp;<a href="/new-apartments/serrata-6-8-vaughan-street-blakehurst"><img alt="" height="675" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/6-8_vaughan_st_e01_c_exterior_final.jpg" width="1200" /></a> 
Render of the proposed development at 6-8 Vaughan St, Blakehurst. Image supplied.&nbsp;

&nbsp;

Princeton founders George Gadallah and Craig Anderson said they are looking forward to expanding their footprint in Sydney&rsquo;s growing South.

&ldquo;The commencement of the Botany and Blakehurst projects mark an exciting new chapter for Princeton in Sydney&rsquo;s South,&rdquo; said Gadallah.

&ldquo;We are proud to lead the charge during this period of growth in the region and look forward to bringing new world-class apartment living to the community,&rdquo; he added.

<a href="/new-apartments/serrata-6-8-vaughan-street-blakehurst"><img alt="" height="675" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/6-8_vaughan_st_e02_b_final.jpg" width="1200" /></a> 
Render of the proposed development at 6-8 Vaughan St, Blakehurst. Image supplied.&nbsp;

Construction on both projects is expected to be completed by the end of 2023.

The Botany and Blakehurst developments join an already strong portfolio from Princeton, including the recently completed Villawood residential project, One Place as well as the luxury living, Eurangi, which commenced construction late last year.

Sydney-based investment company, Princeton, has kicked off construction on two Sydney residential projects, one in Botany and the other in Blakehurst, worth a combined value of $73 million.



alisonwarters@gmail.com

Princeton announces commencement of Blakehurst and Botany apartment projects worth $73 million

The exclusive Point Piper development, Piper, a rare new development in Australia&#39;s most affluent suburb, has been a hit with buyers all over Sydney.

The project, a collaboration between two prominent eastern suburbs developers&nbsp;Fortis and Dare, has flown through the 50 per cent sold mark in just a few months, having launched the boutique collection of just 15 residences at the back end of March.

CBRE Residential Projects head&nbsp;Ben Stewart said&nbsp;they were seeing buyer enquiry coming in from everywhere from the inner west and lower north shore, with locals from Vaucluse and Dover Heights also showing keen interest.

[smartcode_project:default project_id=6126 project_image_fid=191994]

There was even a sale to a soon-to-be downsizing owner-occupier from Point Piper&#39;s exclusive Wolseley Road, who were looking for something brand new.

&ldquo;It&rsquo;s really evident how well the apartments match up to what downsizers are looking for, both in size and their finish,&quot; Stewart says.

&quot;The apartments on offer&nbsp;a great size, anywhere from&nbsp;200 sqm to 250 sqm internal, while also still incorporating a few special features, such as some feature a swimming pool, or big gardens,&quot; Stewart added.

[smartcode_project:default project_id=6126 project_image_fid=199320]

&quot;The apartments are beautifully appointed with very high-level finishes, and a number of enticing factors that are turning people toward Piper.&quot;&nbsp;

Sharing its postcode with some of Australia&rsquo;s most prestigious and historic homes, Piper delivers on its vision with interiors by leading interior design studio, Mim Design, and acclaimed landscape architects, Dangar Barin Smith.

Inspired by the intimacy and grandeur of a private estate, Piper delivers a mix of two, three and four-bedroom apartments across the four-level building.

[smartcode_project:default project_id=6126 project_image_fid=199321]

Each apartments features soaring ceiling, open layouts and large living, entertaining and outdoor areas, with some even including their own private pool.

Stewart says the latest interest rate movements haven&#39;t put buyers off, in fact, it&#39;s been the opposite.

[smartcode_project:default project_id=6126 project_image_fid=191996]

&quot;Those buyers who are looking at an of​f the plan property,&nbsp;particularly those not due to be complete for another few years, haven&#39;t shown too much concern about the current interest rate hikes,&quot; Stewart says.

&quot;Where for the last six to 12 months we&#39;ve seen people locking in interest rates, we&#39;re now seeing people jumping into the off the pl​an market, hedging their bets that rates will be coming back down in 18 months or so when projects come up for completion.&quot;

Stewart also says buyers are believing now is the right time to move into the apartment space, with the price gap between houses and apartments at record highs.

[smartcode_project_cta: project_id=6126][smartcode_project_cta: project_id=6126]

“It’s really evident how well the apartments match up to what downsizers are looking for, both in size and their finish," CBRE's Residential Projects head Ben Stewart said



Buyers come from all over Sydney to take Piper to 50% sold

The prominent Sydney building development firm TOGA has quietly seen success at its recently launched eastern suburbs apartment project, The Kensington.

Having launched earlier this year, TOGA has sold around 25 per cent of the building, without a big song and dance of the project launching.

TOGA&#39;s General Manager of Sales Anthony Falas says the days of long lines of prospective buyers queuing up outside the display suite to get the first chance to buy an apartment might be gone, but that&#39;s not to say sales success isn&#39;t being secured.

The majority of buyers have been locals, either those looking to downsize and stay in the area, or professionals at nearby hospitals or universities.

[smartcode_project:default project_id=110959 project_image_fid=199276]

TOGA has seen exactly what they thought they&#39;d see pre-launch, which Falas says is a testament to the team and the research they undertook while in the design and development phase.

And a testament to TOGA&#39;s research in the design and development phase, having spoken with the team when the project application was lodged back in January, TOGA have seen&nbsp;exactly what they&#39;d expected in terms of sales and demographics.

&quot;It means we&#39;ve done our research and understand the audience of the market we&#39;re entering,&quot; Falas says.

&quot;We&#39;ve dedicated over 75 per cent of the building to the two and three-bedroom product, offering something that is rare for&nbsp;the area.&quot;

[smartcode_project:default project_id=110959 project_image_fid=199277]

Falas added that TOGA wanted to cater for a different market than the area is used to, going away from the more common developments which are targeted at the&nbsp;student accomodation given the proximity to the UNSW Randwick Campus.

They changed the mix slightly knowing there were a number of student accomodation buildings in the local area both established and soon to be under construction.

What did surprise Falas&nbsp;however was at how much of the top-end stock in the development went first.

[smartcode_project:default project_id=110959 project_image_fid=199278]

&quot;The sales of the bigger apartments, upward of around $1.9 million and $2 million, have been among some of the most popular, which is a sign that the current interest rate climate isn&#39;t dampening buyer demand at the top end of the off the plan market if you&#39;re a reputable developer where buyers have confidence in your product.&quot;

On interest rates, Falas says buyers haven&#39;t been overly concerned with rate rises. The off the plan market offers a different prospect to buyers compared&nbsp;the established market, given purchasers are not&nbsp;beholden&nbsp;to starting mortgage repayments until the project is completed. And for Kensington, that&#39;s expected to be over two and a half years away.

&quot;We&#39;re not expecting The Kensington to be completed until the end of 2024, so the current interest rate movements won&#39;t affect an off the plan purchaser until they settle, and by that time forecasts suggest rates won&#39;t be rising as sharply as they are now,&quot; Falas says.

&quot;Remember, we&#39;re still in an incredibly low interest rate environment, and while current home owners or buyers on variable rates will be seeing their rates go up to repayments they haven&#39;t seen before, we are still at a very low base. New mortgage holders won&#39;t quite&nbsp;feel that&nbsp;same impact as current mortgage holders who have been living in the lowest interest rate environment&nbsp;Australia has seen.&quot;

[smartcode_project:default project_id=110959 project_image_fid=199275]

TOGA has managed to swerve some of the construction pitfalls which have been damaging the development industry given they also build their project, although Falas says there were, and still are, a few hurdles to overcome.

&ldquo;Labour costs, costs to procure, they&rsquo;ve all risen, but we&rsquo;ve pulled a few levers to help ease the rising rates such as direct sourcing our materials,&quot; Falas noted.

But he stressed there&#39;s no cutting corners in the development, and certainly not in the finishes on offer.

The Kensington features full marble kitchens and marble and stone bathrooms, with the interiors designed by Richards Stanisich, who worked in collaboration with&nbsp;architects&nbsp;Turner Studio, who also designed TOGA&#39;s Wicks Place in Marrickville.&nbsp;

[smartcode_project_cta: project_id=110959]

The majority of buyers have been locals, either those looking to downsize and stay in the area, or workers at the nearby hospitals or university

TOGA see success following The Kensington apartment launch

Central Element has lodged plans for a $150 million mixed-use tower at 15 Ellis Street and 753 Pacific Highway, Chatswood.

Sydney architects, SJB are behind the design of the plans after winning a design excellence competition process endorsed by the Willoughby Council.

The design statement, signed off by SJB&nbsp;Director&nbsp;Adam Haddow, said the tower will be set&nbsp;on a stone base &ndash; a reference to the former rocky ridgelines that Sydney is famous for.

&nbsp;<a href="/new-apartments/ethos-15-ellis-street-753-pacific-highway-chatswood"><img alt="" height="1050" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-06-10_at_2.08.09_pm.png" width="956" /></a>

Render of the proposed developed along the Pacific Highway. Credit: SJB

&ldquo;Our proposal has sparked an excitement for the potential of this unique site and the role the project could play in the Chatswood built form milieu,&rdquo; the statement read.

There&rsquo;ll be 49 apartments delivered in the tower, including one one-bedroom, 16 two-bedroom and 32 three-bedroom residences, typically with four apartments per floorplate, each with a corner frontage.

Utilising every square inch was a major design focus for the group, with apartments spanning from 69 sqm to 172 sqm.

&ldquo;We believe that the best residential apartment plans are simple. Straight forward rectilinear geometry helps to deliver spaces that are easy to furnish, are flexible over time and are easy to use. Real Estate is expensive in Sydney &ndash; we need to make every square meter count,&rdquo; the statement added.

There will be some 1200 sqm of retail and commercial space,&nbsp;set out&nbsp;across the podium levels of the tower, as well as dedicated communal facilities planned for levels two and nine,&nbsp;with a wellness centre and communal lounge proposed.

<a href="/new-apartments/ethos-15-ellis-street-753-pacific-highway-chatswood"><img alt="" height="1214" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-06-10_at_2.07.21_pm.png" width="910" /></a> 
Render of the proposed developed along the Pacific Highway. Credit: SJB

&ldquo;In the current environment where people are spending more time at home, the proposal seeks to provide a unique offering to residents at their doorstep,&quot; the statement continued.

The wellness centre will home a variety of flexible indoor and outdoor spaces, including a spa, change rooms, a gym and a yoga deck. A generous rooftop podium will also be available to residents at this level, with outdoor seating integrated with landscaping to form a series of habited gardens.

The level nine communal lounge will provide additional amenity and space for residents, with a generous balcony space capturing views towards the city.

The tower is slated for completion by 2024. CBRE will be handling the sales of the tower which will launch later this year.

[smartcode_project_cta: project_id=93751]

Sydney architects, SJB are behind the design of the plans after winning a design excellence competition process endorsed by the Willoughby Council

Central Element lodge plans for $150 million Chatswood apartment tower

Sekisui House has lodged plans for the latest stage of their masterplanned community in Norwest, The Orchards.

It's the fourth stage in the 8.1 hectare, $1 billion masterplan, which when complete will have 1,300 apartments. There are set to be five stages.

There will be three towers in the fourth stage, each designed by Crone Architects. They'll have 583 apartments and townhouses, a mix of one, two, three and four-bedroom dwellings.

Designed by Crone Architects, three residential buildings are planned, each comprising a taller tower form and lower podium form. The buildings will also have a community wellness centre which fronts the adjacent Linear Park.

“The collection of buildings on the site are articulated as three distinct forms with further differentiation of each into a tall and podium component," Crone noted in their design statement.

"These three elements inform the marketing staging of the development, with construction intending all be completed within a year of each other providing one community,” said Crone in their application design statement.

<img alt="" data-entity-type="" data-entity-uuid="" height="772" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-06-09_at_11.38.20_am.png" width="684" /> 
Render of the proposed apartments and townhouses for Stage Four of The Orchards. Credit: Crone Architects

The Orchards masterplan was established around an original orchard grove with abundant natural open space and a residual Cumberland Plains landscape.

Connection to nature, community and recognition of the original landscape reside within the re-imagined masterplan for Stage Four.

A wide range of residential amenity will also be included in the latest stage, complimenting and adding to the already existing amenity within The Orchards. The community centre, which can be subdivided into multiple rooms or reserved as a single space, is accompanied by&nbsp;a courtyard, as well as a swimming pool, spa and gym.

There will also be a&nbsp;central courtyard, dubbed&nbsp;‘The Greens’, a terraced grass platform, and 'The Garden’, with barbecue facilities and private niches within landscape.

The courtyard is the focus of the project allowing for shared amenity and community building. The masterplan built form surrounds the expansive space, with residences overlooking the courtyard and the adjacent, naturally landscaped, Linear Parkland, Lucinda Avenue and the Spurway Drive.

Continuing the nature landscape of Linear Park into the courtyard and with planting integrated at lower levels across the buildings, the three-dimensional integration of landscape and building connects residents to nature.

“As a contributor to sustainable environments the proposal provides significant amenity and communal facilities to advance and facilitate a sustainable community of diverse family types, age groups and cultures,” Crone added.

“Communal facilities shared by all residents of the Sekisui ‘The Orchards’ development enables a strong and healthy community to prosper."

<img alt="" data-entity-type="" data-entity-uuid="" height="775" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-06-09_at_11.38.00_am.png" width="689" />

Render of the proposed apartments&nbsp;for Stage Four of The Orchards. Credit: Crone Architects

The site, prior to development consisted of a landscape part residual&nbsp;Cumberland Plains&nbsp;and part&nbsp;commercial orchard, within the trees on the surrounding hills and valleys.

Parts of the green oasis still remains and is being reinvigorated along with Linear Park and the adjacent golf course greens and trees.

“This inspiration of an organic architecture which merges with landscape is a consistent design element of prior stages either within the façade or at rooftop level.”

The merging of architecture and planting is articulated as a green spine woven into the tower facades, and as edge planting to podium buildings, softening the distinction of buildings and landscape.

The two nineteen storey towers fronting Spurway Drive at its intersecting north and south ends have similar façade designs and integration of planting while the third, twelve storey tower with a setback part roof level penthouse, has a distinct façade responding to its prime location at the northern corner of Linear Park, surrounded by retained mature trees and landscape.

Located within walking distance of the Norwest retail precinct and Metro Station, The Orchards also sits immediately adjacent to the Castle Hill Country Club, providing the community with a sweeping range of local amenity.

It's the fourth stage in the 8.1 hectare, $1 billion masterplan, which when complete will have 1,300 apartments



First look: Sekisui House lodge plans for next stage of The Orchards, Norwest masterplan 

The national property development firm, Billbergia, has launched the fourth stage&nbsp;of its $2.5 billion master planned community, Rhodes Central.

The latest release, Rhodes Central Oasis, brings a residential tower to the community, featuring modern resort style amenity set within tropical gardens in the heart of Sydney.

Located at 39 Marquet Street, the latest release sees 126 apartments on offer across the 15 level tower, primarily aimed at the owner-occupier with just&nbsp;six one-bedroom apartments, 64 two-beds,&nbsp;and 56 three-bedroom apartments.

[smartcode_project:default project_id=112691 project_image_fid=196876]

It also features a range of exclusive resident facilities, including an expansive swimming pool with private cabanas, a splash pad for children, and&nbsp;a spa.

The poolside grill area has alfresco dining space, with landscaped gardens as the backdrop.

The Rhodes Central neighbourhood covers approximately two hectares and will be home to five residential water view buildings on the Rhodes peninsula when complete, homing over 1,500 apartments.

[smartcode_project:default project_id=112691 project_image_fid=196880]

There will also be a central plaza with shopping, dining, and recreation offerings.

Acclaimed architects SJB designed the Oasis Tower, with vertical gardens adorning the glass facades, providing panoramic views of the surrounding mountains and city infrastructure.

SJB Architects Director&nbsp;John Pradel said Oasis embraces naturalistic living as one of its core design principles.

“The ambitious and inspired masterplan seeks to embrace a sense of community as its core design principle," Pradel said, adding that the design offers a variety of living typologies that cater to a diverse and emerging demographic.

Bilbergia believe Oasis is likely&nbsp;to attract locals wanting to upsize to accommodate a growing family and downsizers seeking the convenience of an inner-city lifestyle within a waterfront location.

The neighbourhood is currently attracting buyers who prefer the convenience that comes with high-density, centralised living.

Billbergia Sales Director, Lulu Chen, noted the development's&nbsp;vibrant community, lush resort-style amenities, and close proximity to both Sydney’s and Parramatta’s CBD as just a few of the key&nbsp;living factors about Rhodes Central.&nbsp;&nbsp;

“Oasis is the new star of luxury living at Rhodes Central," Chen said.

"We are excited to launch a modern residential building that combines a serene retreat with the excitement of the city. Our vision was to give residents the best of both worlds and offer a true sense of place."

[smartcode_project:default project_id=112691 project_image_fid=196875]

Chen says amenity at Oasis is centred around creating a well-balanced life.

"Nowhere else can you find a setting quite like this. Residents can find everything right on their doorstep, with a vibrant dining and entertainment precinct next door and a range of recreational options.

“There are even workspace options in the on-site Recreation Centre to help create the perfect life balance for residents working from home,” added Chen.

[smartcode_project:default project_id=112691 project_image_fid=196873]

With 12,000 people already living within walking distance of the Town Centre, Oasis creates space for an additional 400 people. Situated a 20-minute train ride away from the Sydney CBD, Oasis forms a new component of the Rhodes Central precinct.

The Rhodes Central Shopping Centre is home to 55 shops and services including a Woolworths supermarket, health and wellness services, and Bamboo Lane, a destination dining precinct that channels Asian food markets.

The 9,100 sqm Recreation Centre provides a health and wellbeing space, with the centre featuring multipurpose courts, a gym, cafe, community co-working and quiet areas, a health club and spaces for active play, along with an&nbsp;early childhood centre and a range of outdoor landscaped spaces.

[smartcode_project:default project_id=112691 project_image_fid=196881]

Each apartment features high-tech security with a smart intercom, with colour video allowing residents to manage visitors, as well as direct access to customer services.

One-bedroom apartments range in size up to 78 sqm, with two-bedders spanning around 90 sqm. The three-bedroom apartments reach 116 sqm internally.

Construction of Oasis Tower has commenced, with completion anticipated for mid-2025.

[smartcode_project_cta: project_id=112691]

The Rhodes Central neighbourhood covers approximately two hectares and will be home to five residential water view buildings on the Rhodes peninsula when complete, homing over 1,500 apartments


Billbergia launch Oasis Tower, the latest apartments in the masterplanned Rhodes Central 

Frasers Property has seen a wave of investors interested in Midtown, their&nbsp;urban renewal project&nbsp;on Sydney&rsquo;s North Shore.

Frasers note the main reason has been the projects&nbsp;proximity and connectedness to the greater community and surrounding Sydney suburbs.

There were nearly 20,000 expats who returned to Australia in March, data from the ABS showed.

[smartcode_project:default project_id=29969 project_image_fid=159035]

A rebound in international students is also expected to follow and with research from Urbis suggesting the already tight rental markets may only tighten further. Savvy investors are recognising this build-up in demand for well-located rentals within walking distance of major employment and education hubs.

Midtown, in the heart of Macquarie Park,&nbsp;

Fraser&rsquo;s General Manager Development NSW, Cameron Jackson said Midtown&#39;s walkability was a key element of the project.

&ldquo;Midtown MacPark is designed for 100 per cent walkability,&quot; Jackson said.

[smartcode_project:default project_id=29969 project_image_fid=198758]

&quot;Future residents will be living in one of Sydney&rsquo;s most connected communities where car ownership is not a necessity &ndash; a lifestyle which many expats and international students are already well-accustomed to and actively seek to emulate when they move to our shores.

&ldquo;The Metro station and Macquarie Centre are both just 500 metres away, and other shops, schools, a hospital, and childcare centres are all nearby. There are also extensive public transport options, including rail and bus connections. With the new Metro line, which is expected to be completed in 2024, travelling to the Sydney CBD will take less than 20 minutes.&rdquo;

&ldquo;And with the return of international students, demand for smaller units without a car space will further grow, as the world-class Macquarie University is only a 600-metre walk away. That makes Midtown MacPark particularly attractive to the university&rsquo;s more than 44,000 enrolled students and 3,000 staff

[smartcode_project:default project_id=29969 project_image_fid=159035]

There will be a car sharing scheme planned for the community, where designated car share spaces will be provided in each stage and at least 50 shared vehicles serving the community.

Jackson also said that the connectivity of Midtown and Macquarie Park as a whole is only set to grow further.

&ldquo;Macquarie Park is often referred to as &lsquo;Australia&rsquo;s Silicon Valley&rsquo;, given its status as a major technology, education and healthcare hub, and is already the largest non-CBD office market in Australia,&rdquo; he says.

&ldquo;Yet this lively precinct has still to reach its full potential, with the NSW Government&rsquo;s Draft Macquarie Park Place Strategy identifying scope for up to 20,000 additional jobs to be located in the precinct over the next two decades.

&ldquo;This significant forecast employment growth complements the already strong investment fundamentals for well-connected homes in Macquarie Park, and Midtown MacPark is the only community supported by a true mixed-use masterplan in this high-growth area.&rdquo;

[smartcode_project_cta: project_id=29969]

There were nearly 20,000 expats who returned to Australia in March, data from the ABS showed


Investors pour into Frasers Midtown, Macquarie Park masterplan as borders re-open

Australian-based Event Hospitality and Entertainment, formerly Amalgamated Holdings, has lodged plans for a site on one of the oldest streets in Australia - George Street.

Currently under generational transformation with the addition of the light rail and the pedestrianisation of much of its three-kilometres, the proposal at 525-529 will sit across two street frontages in the heart of Sydney.

Fronted by Angelo Candalepas, Candalepas Associates were chosen to design the plans for the George Street site after an architecture competition amongst some of Australia&rsquo;s leading architects.

<a href="/new-apartments/525-529-george-street-sydney"><img alt="" height="783" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-06-06_at_10.29.42_am.png" width="676" /></a> 
Photomontage looking west towards the proposed tower and podium. Credit: Candalepas Associates

A 44-storey mixed-use tower will be constructed, including a six-level podium, which will include a host of residential and public amenity spread across a lower ground floor and upper levels.

The lower ground floor of the podium will be home to the hotel lobby as well as conference facilities, accessed via Kent St, with a bar/restaurant accessed via Albion Place.

The upper ground levels will host a range of retail tenancies fronting George St, with a three-level cinema off Albion Pl.

Residences will begin from the 10th floor, with a mix of one, two and three-bedroom apartments on offer. Unique floorplan offerings will be especially dedicated across levels 22, 23, 23, 41 and 42 to cater to a variety of family types.

A 17-level hotel will also be incorporated into the tower, comprising 292 hotel rooms, as well as a gym and outdoor pool.

The communal open space is proposed on the tower rooftop, which is set to include barbecue facilities, mechanical plant areas, a terrace, seating areas and dining space, as well as a pool. Additionally, two community rooms will be provided, with one on level 23 and the other on level 24. &nbsp;&nbsp;

The tower form is well setback from the street frontages allowing the podium to take focus and connect directly to its immediate neighbours and public domain.

The design seeks to activate all of its public domain frontages, with the transformation of Albion Place set to boast the area into a vibrant inner-city destination.

<a href="/new-apartments/525-529-george-street-sydney"><img alt="" height="796" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-06-06_at_10.30.06_am.png" width="412" /></a> 
Photomontage looking from Kent Street towards the proposed podium and tower. Credit:&nbsp;Candalepas Associates

In recent times, The City of Sydney has been active in growing the cultural life of George Street, including commissioning major public art projects such as Tracy Emin&rsquo;s The Distance of Your Heart In collaboration with Candalepas Associates, a new artwork will also be fully integrated with the architecture of the building&rsquo;s northern fa&ccedil;ade.

Landing within a precinct of George Street closely associated with Chinatown and Haymarket, the site is just a four minute walk to Sydney Town Hall which is one of Sydney&rsquo;s oldest and most prominent landmarks.

Sydney Town Hall is regarded as the grandest 19th century civic building in Australia, with the City of Sydney transforming the precinct through the development of Town Hall Square.

The site also sits within the heart of Sydney&rsquo;s CBD retail and entertainment precinct, surrounded by eateries, bars, cafes and retail outlets that reflect Sydney&rsquo;s multi-cultural edge.

[smartcode_project_cta: project_id=24583]

Event Hospitality and Entertainment Limited lodge plans for Sydney George Street mixed-use development

The popular New South Wales property developer&nbsp;Third.i has launched the last remaining homes in its luxurry Paragon of Pyrmont project.

The $113 million project, which officially wrapped up construction of its 31 residences in 2021, has just two homes remaining.

The final townhouses have three and four-bedrooms and are priced between $3.95 million and $4.5 million.

[smartcode_project:default project_id=5761 project_image_fid=198493]

The project is a rare offering for the suburb, largely dominated by apartment living.

According to the most recent Australian Bureau of Statistics data from 2016, over 92 per cent of available dwellings in Pyrmont consisted of apartments and units with just 6.5 per cent townhouse dwellings available.

The buyers so far in Paragon of Pyrmont have mostly been downsizers and owner-occupiers.

[smartcode_project:default project_id=5761 project_image_fid=198491]

Third.i&nbsp;Co-Founder and Director of Sales and Marketing Luke Berry says the remaining townhouses won&rsquo;t last long in a hungry market.

&ldquo;Paragon of Pyrmont is the epitome of spacious and luxury living in the epicentre of the city of Sydney,&quot; Berry said.

&quot;We are thrilled to see our final two residences hit the market and couldn&rsquo;t be prouder of the calibre we have created with the project in tailoring it to suit all buyer lifestyles.

[smartcode_project:default project_id=5761 project_image_fid=198490]

&ldquo;Buyers will feel the quality and consideration given to the project the minute they walk through the front door. We have combined city living and spacious living to create the ultimate residence in a suburb renowned for apartment and unit offerings.

&ldquo;Buyers are drawn to the uniqueness of townhomes available in Pyrmont and the fact these final residences are complete and ready to move into makes the listings even more desirable.&rdquo;

Each townhouse is kitted out with high-end Gaggenau appliances, a smart home system that can be access remotely, and an entertainment unit with a hydraulic television lift. There&#39;s also private lift access direct from the garage, which is met by a wine room with storage for around 250 bottles.

[smartcode_project:default project_id=5761 project_image_fid=198494]

Crowning each townhouse is a private rooftop terrace, complete with an outdoor kitchen and watering system for green, lush gardens, as well as a sundeck which benefits from city top views.

&ldquo;Paragon of Pyrmont just has it all in terms of spacious living, high-end amenities, access to local shops and transport, all while situated in the heart of Sydney with some of the most famous harbour views the city has to offer,&quot; Berry added.

&quot;This is a project Third.i will forever be proud of and joins our growing list of legacy projects for generations to come.&quot;

[smartcode_project_cta: project_id=5761]

Leading Australian property developer, Third.i has launched the last remaining homes in its luxury $113 million Paragon of Pyrmont project.



Two townhouses remain in Third.i’s Paragon of Pyrmont

<h2>Expert Observer</h2>

With the Federal election all but wrapped up, what can prospective buyers expect from the change in government, with the Labor party&rsquo;s win bringing a raft of policy changes.

With a look to address the property market&rsquo;s biggest issues,&nbsp; the headlining &lsquo;Help to Buy&rsquo; scheme is likely to be popular with prospective home buyers, as it provides a more affordable entry point to the Australian housing market for those individuals on low-to-mid level incomes.

This will contribute to more equality in rates of home ownership across income cohorts, and could create more opportunities for key workers to live in more central areas.

[smartcode_project:default project_id=27815 project_image_fid=185118]

Being able to share up to 40% of the purchase price with the government, along with only a small deposit and opportunity to save on lenders mortgage insurance, helps to overcome several of the hurdles of home ownership.

Keeping in mind buyers will still have to fund their transactional costs, including stamp duties, legal costs and bank fees.

Labor&rsquo;s Help to Buy scheme will involve an equity contribution from the Federal Government of up to 40 per cent of the purchase price of a new home, and up to 30 per cent for an existing home for 10,000 Australian&rsquo;s each financial year, with homebuyers needing just a 2 per cent deposit.

With a cap of 10,000 places, the scheme could be quickly oversubscribed as prospective Australian home buyers take advantage of the leg up into the housing market, Lawless says, highlighting the First Home Loan Deposit scheme, which saw the first 10,000 places of the scheme allocated within six months.

[smartcode_project:default project_id=112253 project_image_fid=193233]

However places for new homes were not taken up as quickly, and building constraints and high construction costs could deter the uptake of a shared equity scheme for new homes.

Having said that, a higher interest rate environment, which may see lower prices, could make people more cautious of buying, reducing demand for the scheme in the short term.

Historically, residential transaction activity correlates with property price movements. Additionally, we have just been through a period of significantly elevated transaction activity, including from the first home buyer cohort, where many home purchasing decisions were likely brought forward to take advantage of the swathe of home buying grants and incentives over 2020 and 2021.

The added flexibility of buyers being able to &lsquo;top up&rsquo; their ownership stake once in a better financial position is another advantage of the scheme, although any change in the proportion of ownership would presumably be accompanied by a paydown in the share of equity that has accrued in the property back to the government.

[smartcode_project:default project_id=3260 project_image_fid=62316]

Help to Buy scheme

<ul>
	<li>Government helps with up to 40% of property price for new homes, 30% for established, households source the rest of finance with as little as 2% deposit. Government holds a part ownership stake in the property, which can be bought out over time.</li>
	<li>Spots: 10,000 ▪ Income cap: $90k for individuals / $120k for couples</li>
	<li>Property price cap: varies by region, from $400k up to $950k ▪ Restricted to owner occupier buyers who don&rsquo;t currently own a property</li>
	<li>Commences from July 2022 Although the scheme is expected to be popular among buyers, Lawless warned anyone considering the scheme should be aware of the risks associated with buying on such a small deposit.</li>
</ul>

[smartcode_project:default project_id=6515 project_image_fid=68832]

With the housing market probably heading into a downturn over the coming year or years, some buyers may find their home is worth less than the debt held against it.

It&rsquo;s important to know if the government will share in the downside risk if the property is sold while in a negative equity situation.

KeyStart Loans in WA is a good example of what can happen to a shared equity scheme in a declining market. According to the WA government, the portion of KeyStart loan accounts in default did rise between January 2017 and September 2019, from 0.92% to 1.21% of KeyStart accounts, in the midst of a long, large housing downturn across WA.

However, he also added the default rate is still relatively low and the scheme has helped thousands of people into home ownership, saying, the nature of the housing and economic downturn in WA has posed a lot more risk to serviceability than the relatively tight labour market conditions we see in Australia at the moment.

While the Help to Buy scheme will help thousands of Australian&rsquo;s enter the property market, it&rsquo;s only addressing the symptoms of housing affordability rather than aim to actually fix the underlying issues.

[smartcode_project:default project_id=7020 project_image_fid=25155]

Similar to the First Home Loan Deposit Scheme, the new Labor Government appears to be adjusting from housing affordability solutions to more pragmatic policies that target home ownership, avoiding any downward pressure on housing prices.

It is also worth considering any demand-side incentives can add upward pressure to home prices. For this reason, the limited number of places in this particular scheme, along with price caps and income caps, should help to contain some of the excess demand that could result in upward pressure on prices.

Help to Buy is restricted to Australian&rsquo;s with a taxable income of up to $90,000 for individuals and up to $120,000 for couples. Capped at 10,000, applicants are also required to be Australian citizens and first home buyers.

Regional First Home Buyer Support Scheme 

<ul>
	<li>Government provides a deposit guarantee for regional home buyers with a deposit of at least 5%</li>
	<li>Spots: 10,000</li>
	<li>Income cap: $125k for individuals / $200k for couples</li>
	<li>Property price cap: varies by region, from $350k up to $800k to be reviewed half yearly</li>
	<li>Restricted to owner occupier buyers who haven&rsquo;t previously owned a property and have been living in the region for at least 12 months</li>
	<li>Commences from January 2023</li>
</ul>

[smartcode_project:default project_id=94147 project_image_fid=197738]

The Regional First Home Buyer Support Scheme extends the existing First Home Loan Deposit Scheme by providing an additional 10,000 places specifically for regional first home purchases, providing a guarantee of up to 15 per cent for eligible first home buyers &ndash; so that locals with a&nbsp;five per cent deposit can avoid paying mortgage insurance.

Based on the property price caps, the scheme is likely to be most popular for those buyers targeting a unit purchase, or lower priced regional markets where detached housing values are more affordable.

CoreLogic&rsquo;s analysis of regional Australian suburbs shows roughly one third recorded a median house value equal to or under the Regional First Home Buyer Support Scheme price cap, and 71.1 per cent recorded a median unit value equal to or less than the price cap.

The Labor party notes &lsquo;the housing crisis is hitting regional Australia the hardest&rsquo;, which isn&rsquo;t necessarily true from a purchasing perspective.&quot;

Although regional housing values have risen faster than capital city housing values over the past few years, we are still seeing the dwelling value to household income ratio across regional Australia (a ratio of 7.9 in March 2022) lower than the capitals (a ratio of 8.5).

From a rental perspective, regional renters have been dedicating a larger proportion of their incomes towards rent than the capital cities since 2017.

[smartcode_project:default project_id=3459 project_image_fid=179458]

Establishment of a National Housing Supply and Affordability Council 

<ul>
	<li>The newly established council would sit within an expanded remit of NHFIC (National Housing Finance and Investment Corporation) renamed Housing Australia. ▪ The council would: ▪ take a leadership role for setting land supply targets (in consultation state and territory governments)</li>
	<li>Establish a housing data warehouse focussed on housing supply, demand and affordability</li>
	<li>Advise on town planning policies and land supply</li>
	<li>Report on government owned land releases, rental affordability, homelessness and the number of new social &amp; affordable homes built annually</li>
	<li>Advise on appropriate housing measures within all current and future City and Regional Deals.</li>
</ul>

[smartcode_project:default project_id=108641 project_image_fid=192963]

Many of the factors contributing to worsening housing affordability, such as insuffficent land release and restirive town planning policies will soon be part of an extended remit for the reframed NHFIC, which would be re-branded as Housing Australia, The expanded role will administer the various government programs, including the Help to Buy scheme, existing deposit guarantee schemes and the Housing Australia Future Fund, as well as take responsibility for the newly created National Housing and Affordability Council and National Housing and Homeless Plan.

Lawless said NHFIC&rsquo;s expanded remit should help to address the issues that make housing unaffordable, while also providing more transparency and reporting about the release of government owned land and helping to steer policies related to social and affordable housing supply.

It was interesting to note Labor intends to fund some of these initiatives by applying higher fees on foreign buyer purchases.

Higher fees and costs associated with foreign buying activity comes after a recent history of substantially higher federal and state-based taxes on this buyer segment. In fact, this may have contributed to foreign buying approvals hitting record lows according to FIRB data.

Further disincentives for foreign buying have the potential to keep foreign purchasing at low levels, which could have a negative outcome on rental supply. Arguably, higher levels of foreign buying activity could help to alleviate the rental crisis Australia is navigating by introducing more rental housing into Australia, given that foreign buyers generally have to buy new homes.

[smartcode_project:default project_id=111979 project_image_fid=194079]

The Housing Australia Future Fund 

<ul>
	<li>A $10 billion initiative with the objective of funding social and affordable housing properties.</li>
	<li>Over the first five years the fund has a goal of building:
	<ul>
		<li>20,000 social housing properties &nbsp;</li>
		<li>10,000 affordable homes for key workers</li>
		<li>$200 million in maintenance/improvements of housing in indigenous communities</li>
		<li>$100 million for transitional housing options supporting women and children in domestic violence situations</li>
		<li>$30 million for housing veterans who are experiencing or at risk of homelessness.</li>
	</ul>
	</li>
</ul>

[smartcode_project:default project_id=90532 project_image_fid=180653]

With the stock of social housing increasing only marginally since 2006, investment in social and affordable housing is long overdue.

While the additional funding and housing support for disadvantaged sectors of the community is welcome, the 30,000 additional dwelling over five years remains insufficient.

A recent report from Brendan Coates at the Grattan Institute noted even with 100,000 extra social housing properties targeted towards people in most need, more than two thirds of low-income Australians would remain in the private rental market where national rents are currently rising at around 9% per annum.

National Housing and Homelessness Plan 

<ul>
	<li>Aims to establish key short, medium and longer term reforms making it easier for Australians to buy a home, rent and provide shelter for homeless Australians.</li>
</ul>

There is little detail so far on this initiative and the plan is yet to be formulated. However, the Labor party has expressed a commitment to working with a broad range of stakeholders including the states and territories, local governments, industry bodies, superannuation funds and other relevant experts on how to address housing, finance and urban development.

Tim Lawless is CoreLogic&#39;s Research Director.

Labor’s Help to Buy scheme will involve an equity contribution from the Federal Government of up to 40 per cent of the purchase price of a new home, and up to 30 per cent for an existing home


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