A who's who of Australian surfing, business and entertainment has emerged on title records following the completion of Esprit Rainbow Bay, the latest boutique beachfront apartment development by former professional surfer Paul Gedoun's S&amp;S Projects.

The completed project has attracted an enviable collection of owners, many with long-standing ties to the southern Gold Coast and the surf culture that has helped define Rainbow Bay and neighbouring Kirra for generations.

Given Gedoun's own background in surfing, it perhaps comes as little surprise that some of Australia's most recognisable surfers have chosen to buy into the development overlooking one of the country's most celebrated stretches of coastline.

Pezet Matheson directors Jayde Pezet and Todd Matheson launched the project in late 2021, and have managed the sales campaign all the way through to its sell-out and recent completion.

<img alt="Esprit" data-entity-type="file" data-entity-uuid="08fc6261-b84e-4b09-8a44-66d3067fd0d1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-29%20at%208.51.05%E2%80%AFAM.png?VersionId=4AOcb6ETZwNUnMPdTtz1B3pZAIB_jgZ2" />

Former world champion Mick Fanning, who grew up in Coolangatta, secured an apartment in 2023. He paid&nbsp;$2.07 million. Last year he sold his Bilinga home for over $16 million.

Three-time world champion Joel Parkinson also purchased in the development, alongside big wave surfer Mark Mathews. Mathews bought the most expensive apartment in the building, spending just over $4 million.

Joining them is Rip Curl founder Doug Warbrick, whose company helped shape Australia's global surfing industry over the past five decades.

The appeal of Rainbow Bay has extended well beyond the surfing community.

International DJ Paul Fisher purchased an apartment through his investment vehicle, YLB Developments, an abbreviation of his trademark phrase "You Little Beauty".

The purchase comes as Fisher and his wife Chloe are developing their own luxury apartment project further north in Palm Beach. Their boutique beachfront development, Pescado, comprises just seven apartments on Jefferson Lane, which start from just shy of $6 million. The couple intend to retain the two-level penthouse as their Australian base between international touring commitments.

Melbourne Storm coach Craig Bellamy and his wife Wendy have also invested in Esprit, purchasing two apartments after spending decades holidaying on the southern Gold Coast. They also have a luxury apartment in Joe Adsett's Rockpool, less than 400m away from Esprit.

<h2>Boutique project draws owner-occupiers</h2>

Esprit launched in 2021 and sold strongly, with buyers drawn to its boutique scale, beachfront position and contemporary design.

The completed development comprises 94 apartments across 11 levels, offering expansive floorplans designed primarily for owner-occupiers rather than the investor market.

Crowning the building is Club Esprit, pitched as being the Gold Coast's first residential rooftop wellness centre. The roof features a&nbsp;25 metre magnesium lap pool, which is surrounded by wet daybeds and poolside cabanas,&nbsp;multiple barbecue areas,&nbsp;a yoga and relaxation play lawn, and a private dining room with a kitchen scullery, bar, lounges, and an outdoor terrace.

The wellness centre is&nbsp;fully equipped with a Technogym, ice bath, infra-red sauna, steam room, thermal room, and treatment room. The roof has views spanning&nbsp;Rainbow Bay, Snapper Rocks and the Pacific Ocean.

<h2>S&amp;S Projects continues to shape Rainbow Bay</h2>

S&amp;S Projects founder Paul Gedoun has become one of the key figures behind Rainbow Bay's evolution over the past several years.

After establishing S&amp;S Projects, Gedoun has focused on delivering lifestyle-driven apartment developments designed primarily for owner-occupiers seeking a permanent coastal home.

Esprit is Gedoun's third completed project in Rainbow Bay, following Flow and Awaken, both of which achieved record prices for the suburb.

He is now delivering <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, a 38-apartment development on Boundary Street that is currently selling, and has no plans to leave the precinct anytime soon. S&amp;S Projects has also lodged plans for its fifth Rainbow Bay development, an 88-apartment project on Boundary Street featuring a strong wellness focus.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">First look: S&amp;S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street</a>

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Joel Robinson

Who's who of buyers revealed as Esprit Rainbow Bay settles

Nature Based Cities (NBC), the not-for-profit organisation focused on improving biodiversity and nature outcomes in urban development, has launched its latest industry design guidelines and accreditation framework, this time targeting precinct-scale residential communities.

The move extends NBC’s influence beyond its initial focus on medium and high-density residential developments. Several projects have already achieved NBC accreditation since the launch of its Medium &amp; High-Density Residential Guidelines in early 2025.

The expansion into masterplanned communities and new residential precincts reflects the growing need for stronger nature-positive benchmarks as Australia’s outer suburban growth corridors continue to expand at pace.

Paul Hameister OAM, NBC Founder and the Executive Chairman of Melbourne developer Hamton who itself leans heavily into nature and biodiversity in its developments, says the&nbsp;nature-first approach to mitigate the effects of climate change has become standard in other parts of the world such as the UK, but Australia is lagging.&nbsp;Australia’s environmentally sustainable design (ESD) rating tools have no minimum mandatory requirements for living landscapes.

“We’ve always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren’t there,” Hameister says. “In Australia, you can have a five-green-star rated building that’s concrete and glass with not a blade of grass. 
 
“The focus is on reducing emissions, which is laudable, but there hasn’t been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities.”

He says that having now&nbsp;made good progress in supporting developers of medium and high-density residential projects, NBC is now looking to bolster better nature-based decision-making and recognise developers of greenfield projects in the outer ring and large inner-ring brownfield precincts, who want to champion nature and living landscape as a defining feature.

Since 2022, the not-for-profit has sought to remove the roadblocks preventing developers from incorporating nature and living landscapes into their projects, shifting the conversation from the reduction of emissions and grey infrastructure, toward recognising nature as an essential infrastructure.

The New Communities Design Guidelines and Scorecard arm developers with the tools needed to deliver a nature positive outcome for their new communities. Intended to be adopted at the outset of the planning process, the guidelines are designed to help create communities that are cooler, healthier and more resilient while also enhancing social wellbeing and long-term economic value.&nbsp;

New Communities developers seeking accreditation will be independently assessed across a range of key criteria including ecology, tree canopy, biodiversity, and walkability. Once the masterplan is complete and submitted for approval, the scorecard is formalised based on proposed outcomes. Projects that meet the NBC criteria will receive either Commended or Exemplary accreditation outcomes, creating a clear benchmark for nature-positive new communities in Australia.&nbsp;

Janis Fischer, Director at Tract and NBC Advisory Council member, said the development of new communities in our suburbs can have a substantial impact on nature and biodiversity.

"By incorporating nature-based design principles at the inception of a project, developers and their design teams can achieve nature positive outcomes that are good for both people and the planet.’’&nbsp;

NBC accredited New Community projects will gain access to NBC branding and marketing tools to help communicate their nature-based credentials to purchasers and the broader market.&nbsp;

Nature Based Cities: A new Australian benchmark for developing nature-positive new communities

Apartment buildings are increasingly being designed around how people actually live day to day, not just how they want a building to look.

For buyers, that shift is showing up in practical inclusions that respond to changing habits. Work-from-home spaces, EV charging, wellness amenities, secure bike storage and parcel management are becoming part of the broader apartment conversation, reflecting a move toward buildings that reduce friction in everyday life.

Online shopping has become one of the clearest examples of that change.

Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online. That has made parcel delivery a regular part of apartment living, rather than an occasional inconvenience.

For apartment residents, however, the delivery process can be less straightforward than it is for detached homes. Parcels may be left in lobbies, redirected to Post Offices, missed entirely, or placed under the responsibility of building managers and concierge teams.

That is why secure parcel infrastructure is increasingly being considered alongside more familiar apartment amenities.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/-VjjLwoViX0?si=A3k7ws9NX35Uac7_" title="YouTube video player" width="560"></iframe>

Australia Post Parcel Lockers offer one way to address the issue. When a parcel arrives, residents receive a notification through the AusPost app or SMS, then collect it using a QR code or one-time PIN. The parcel is kept secure, accessible and removed from common areas.

The broader Parcel Locker network now includes more than 1,500 locations across Australia, positioned at Post Offices, shopping centres, supermarkets, transport hubs and other accessible locations.

For new apartment projects, the relevance is clear. A building’s amenity offering is no longer only about lifestyle spaces, but also about convenience, security and functionality.

As buyer expectations evolve, secure parcel delivery is becoming part of the same design conversation as flexible working, sustainable transport and resident wellbeing.

It is one less thing for residents to worry about, and another example of apartment design adapting to the way Australians now live.

Apartment design is adapting to the way Australians shop

While school holidays and trips to Europe tend to define the winter property market, there's been no cold snap at <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> in North Sydney.

Developer-builder&nbsp;<a href="https://www.apartments.com.au/developers/aland">ALAND</a> sold more than $35 million worth of apartments throughout June, including a $6.8 million apartment that now ranks among the highest apartment sales ever recorded in North Sydney.

SRM Residential agent Ben Stewart said buyer demand throughout June reflected a mix of improving market confidence and longer-term thinking from owner-occupiers.

"We're seeing strong demand from owner-occupiers who are taking a longer-term view," Stewart said.

"Many recognise the opportunity to secure an apartment in an iconic building and premium location while values remain attractive. They may initially lease the property, but the intention is to eventually move in themselves, rather than purchasing purely as an investment."

[smartcode_project:default project_id=134323 project_image_fid=367129]

Located at 177 Walker Street, The Walden will deliver 161 one, two, three and four-bedroom residences across a 30-storey tower designed by Rothelowman. Every apartment occupies a corner position, maximising natural light, cross ventilation and views across Sydney Harbour, the Opera House, Sydney Heads and the northern districts.

Rather than a traditional balcony, the residences feature winter gardens that seamlessly extend the open plan living areas, creating versatile spaces for relaxing or entertaining throughout the year. Floor-to-ceiling glazing draws in natural light while showcasing sweeping views from the building's elevated Walker Street position.

Every apartment features high-end Calacatta marble, bespoke joinery, and fully integrated appliances.

The larger residences have been planned with distinct entertaining and private zones, with many master suites positioned on corners to capture natural light and harbour views. Walk-in dressing rooms, freestanding baths and refined stone finishes reinforce the house-like feel that has resonated with downsizers and owner-occupiers.

[smartcode_project:default project_id=134323 project_image_fid=6393]

Rothelowman Principal Ben Pomroy said the project was designed to make the most of its unique position overlooking the harbour.

"The Walden is a celebration of all things beautiful, curated for those who expect nothing less than exceptional," Pomroy says.

"Meticulously designed entertaining spaces and light-filled living areas that capitalise on capturing the natural beauty of Sydney's iconic harbour."

Residents will also have exclusive access to The Pavilion, a dedicated amenity building featuring a rooftop pool, wellness studio, gymnasium, sauna, concierge service, residents' lounge, private dining spaces and work-from-home facilities.

[smartcode_project:default project_id=134323 project_image_fid=6402]

The project marks ALAND's first major luxury apartment development in Sydney's inner-city market after more than two decades delivering residential communities across Greater Sydney.

Founder and CEO Andrew Hrsto previously said the rarity of the Walker Street site made it an opportunity the company could not overlook.

"This is a rare opportunity to bring a truly exceptional project to life in one of Sydney's most iconic locations, and to showcase our craftsmanship and design expertise at a world-class level," Hrsto said.

[smartcode_project:default project_id=134323 project_image_fid=6383]

The Walden has been introduced to the market at a time when demand for living in North Sydney is at an all-time high. Billions of dollars have been invested in infrastructure, including the recently opened Victoria Cross Metro station, located just 300 metres from The Walden, providing residents with direct access to the Sydney CBD in just minutes.

Private investment has also transformed the area through the arrival of new retail and dining destinations, elevating the lifestyle offering in what was once considered primarily a commercial precinct rather than an aspirational residential address.

The Walden is currently under construction and is scheduled for completion in 2028.

[smartcode_project_cta:default project_id=134323]

ALAND records $35 million in sales in North Sydney as The Walden bucks quiet winter selling season

The long-awaited redevelopment of the former Eastlakes Shopping Centre site has reached a major milestone, with Conquest's plans for a new mixed-use precinct officially placed on public exhibition.

The State Significant Development Application would transform the 1.7-hectare site at <a href="https://www.apartments.com.au/new-apartments/19a-evans-avenue-eastlakes-nsw-2018">19A Evans Avenue</a> into one of Sydney's largest urban renewal projects, delivering 736 apartments above a new shopping centre anchored by Woolworths, alongside specialty retail, dining, commercial space and new public open spaces.

The public exhibition marks the next chapter for the project after <a href="https://www.apartments.com.au/developers/conquest">Conquest</a> acquired the stalled Stage Two development from Crown Group, who completed the first stage across the road prior to their voluntary liquidation.

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="5fca22c5-d1ed-4e2c-8801-03f7df1eafc8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland%20podium.png?VersionId=uomwr41nF8CmLUZRDcu3mHQechlbxucS" />

&nbsp;

Designed by DKO Architecture, the proposal comprises four residential buildings ranging from 14 to 18 storeys above a two-level retail podium. The development would deliver 736 apartments, including 74 affordable homes, 215 Build-to-Rent apartments and 521 market residences. Provision has also been made for dual-key apartments, which could increase the total number of dwellings to 877.

At ground level, the shopping centre has been designed as the suburb's new meeting place, anchored by a full-line Woolworths and complemented by a curated mix of fresh food retailers, cafés, restaurants, health services and everyday convenience shopping. Generous pedestrian links and landscaped public spaces will connect the retail precinct through to Jack Mundey Reserve, creating a more walkable and connected neighbourhood.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

"Eastlakes has been overlooked for too long, and this is the community’s moment. We are building a shopping centre and homes, a genuine heart for the suburb, and we genuinely want locals to help shape it."

"We enrich communities through the creation of homes, places, and experiences designed for life, built to last, and owner for generations. That starts with listening, so we warmly encourage everyone with a connection to Eastlakes to view the plans and share their thoughts."

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="22f6fb20-54fb-4bd7-8a92-48fafdd00608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland.png?VersionId=cugp7s9hrMHGJJdYzkeAkrFoQgnF4GXf" />

DKO said the design had been shaped by the site's landscape setting and surrounding open space.

"Our vision for the site embraces its unique Bidjigal identity by blending the residential living with generous landscaping and a material palette inspired by the Bidjigal locality, and celebrating the panoramic views to Botany Bay and the wetlands reserves."

"Taking cues from Country, we seek to harmonise built form with the landscape and lightly touch the earth. By reconnecting, retaining and regenerating existing ecology, and weaving in natural elements, we can deepen our connection to Country."

The landscape strategy extends across the podium and rooftops, incorporating communal gardens, children's play areas, lawns, community gardens, family gathering spaces and extensive tree planting. New landscaped links will also strengthen the connection between the precinct and Jack Mundey Reserve, while publicly accessible open spaces have been integrated throughout the development.

The proposal builds on Conquest's broader placemaking strategy for the site. Through an ongoing partnership, local artist Joe Rashbrook has been appointed Urban Art Curator, working alongside young residents to transform the project's site hoardings into a public art gallery that allows the community to engage with the redevelopment before construction is complete.

Conquest has rapidly expanded its development pipeline since acquiring the Eastlakes site, with more than $6 billion worth of mixed-use projects now in planning across Sydney, including Stanmore, Castlecrag and Waterloo.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

First look: ‘Far more than replacing a shopping centre’ as Conquest unveils 736-home Eastlakes redevelopment

Treasury

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The federal Treasury has proposed to streamline the buying of new property by foreign investors.
It says the current set of rules had unintentionally encouraged non-compliance due to its complicated structure.
It also proposes to encourage investment in sectors like retirement living, aged-care and student accommodation.
The consultation paper by the Treasury's Foreign Investment Policy Unit said the December 2015 overhaul of the foreign investment framework – the biggest in 40 years – had unintentionally “incentivised non-compliance" of the rules when it came to buying new residential property, according to a report in the Australian Financial Review.
Under current rules, foreign investors who want to purchase a new dwelling or block of vacant residential land need to apply individually for each property they are considering and pay multiple fees starting from $5000 per application.
To avoid through this cumbersome process, some foreign buyers were choosing to pay a fine and notify after they had purchased the property, rather than apply multiple times in advance, the paper said.
It suggested the introduction of an "new exemption certificate" giving foreign persons "broad pre-approval to purchase one new dwelling or vacant residential block".
Foreign buyers would then be required to notify Australian authorities when an actual purchase was made. 
The report also seeks to amend the treatment of residential land that is used for an aged-care facility, retirement village or student accommodation so that it is considered "non-vacant commercial land" thus lifting the FIRB screening threshold from zero to more than $55 million.
Some in the industry, like Julius Wei, co-founder of BMY Group, which connects Chinese high-net worth investors with opportunities in Australia, said the country was short of supply in these sectors and foreign investment into them "should be welcomed".
But he said the rules needed to incentivise foreign investors to invest for yield rather than capital gain, otherwise there could be a "huge jump in prices".
"Capital gains [in these sectors] should be taxed heavily," he said.
Wei also backed the proposed exemption certificate for individual buyers as according to him it was unfair to pay multiple fees if a buyer only intended to buy one property.
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jonathanchancellor-7SQnKwU6yx

Treasury plans to simplify rules for foreign property buyers

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The Federal Opposition has demanded to be consulted ahead of any federal election in July on the appointment of the Reserve Bank governor.
It is speculated the deputy governor will succeed Glenn Stevens as the central bank's governor.
The Australian Financial Review says Treasurer Scott Morrison has declined to consult with the opposition on any promotion to governor of Reserve Bank of Australia deputy Philip Lowe, who has won Labor's backing.
Shadow treasurer Chris Bowen on Monday demanded the government stop naming senior Treasury portfolio positions without consulting the opposition, because he argued the government is now effectively on an election footing.
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jchancellor-FAypfDUnLy

Labor demands to be consulted on next RBA governor 

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The Opposition has again slammed Treasurer Joe Hockey's latest crackdown on foreigners owning Australian land, describing it as a diversion from tackling housing affordability.
Mr Hockey announced the forced sale of six homes around the country. 
Three of the properties were in the Sydney suburbs of Eastwood, Fairfield and Mosman, two were in Kewdale in Perth and the other at Eight Mile Plains on the outskirts of Brisbane.
There were five owners from four different countries who had come forward since the crackdown began in ernest with a $39 million diverestiture order against a Piper Point buyer in March.
The six self reported cases ranged in price from $152,000 to $1.86 million.
There are 50 investigators looking into 462 cases in which foreigners were suspected of having bought or retained existing property without correct approvals. 
The Australian Taxation Office, the Foreign Investment Review Board, Department of Immigration and AUSTRAC have uncovered more than 2000 pieces of information relating to suspected breaches since monitoring of residential property acquisitions was shifted to the ATO in May from the FIRB. 
The Treasurer outlined his new, harsher penalties that will be enforced from December, against foreign investors who illegally buy established Australian properties or don't sell when the laws required.
"The period of amnesty we announced in May means that no criminal conviction is recorded for those who self-report by November 30, and they have to re-sell their property in 12 months, instead of three," Mr Hockey said.
"Australia welcomes foreign investment and Australia needs foreign investment but, at all times, foreign investors must comply with our laws," Joe Hockey said on Saturday.
"Some of the five investors have purchased property with Foreign Investment Review Board approval, but their circumstances have changed and they have failed to comply with the divestment requirements.
"Some have simply broken the rules by purchasing a property without approval and done so against the law.
"Time is running out for foreign investors to voluntarily come forward if they have illegally purchased existing residential real estate," Mr Hockey warned. 
"They have until November 30, 2015 to come to us before we come to them."
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Foreigners admit overstaying their Australian land ownership  

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GUEST OBSERVER
Federal Treasurer Joe Hockey’s call for a proper debate on state taxes and the state governments’ over-reliance on inefficient state taxes including stamp duty is welcome and completely in line with community attitudes. The Treasurer’s speech comes just days after polling revealed widespread public acceptance of future GST changes.
Joe Hockey has said what everyone knows – stamp duty is a harmful, distortive tax which needs to be abolished and this will require broader tax reform to be achieved.
Abolishing stamp duty and replacing it with a more efficient revenue base would address housing affordability, boost the economy, be supported by the community, and bolster fragile state budgets.
Obviously the removal of stamp duty needs to occur in conjunction with a broader series of tax changes so that states and territories have the revenue they need to deliver services, and it is essential that GST reform is on the table.
A report from Newgate Research Community attitudes towards tax reform, commissioned by the Property Council, found that nine out of ten Australians surveyed supported tax reform which made the system simpler and fairer.
Far from being political poison, people see the GST as our fairest tax.
Our research shows that a reformed GST would pass the fairness test set by our political leaders.
Some 65% of respondents believed the GST to be fair or very fair, and only 35% as unfair, with most citing its benefit as a tax that cannot be dodged.
While there was some variation, this fairness rating was the majority view regardless of the respondent's gender, age, state, voting intention or property tenure.
The research also shows that people think it is inevitable that the GST will go up. When asked what they believed would happen over the next decade, almost three quarters (72%) said the GST will increase.
Strikingly, only 2% believed it would definitely not go up and just 6% that it would probably not go up. For the public, this is almost a done deal.
Getting rid of stamp duty needs to be a top priority of every government in the country. It has the highest costs to economic growth and living standards.
Treasury’s own modelling shows that Australia’s economic welfare is reduced by 73 cents for every dollar of stamp duty raised, which is 50% worse than company tax and three and a half times worse than income tax or the GST.
The Treasurer’s call today coincides with a release of the Grattan Institute’s Property Taxes working paper which moots the introduction of a new property tax on owner occupied housing.
We welcome the Grattan’s Institute acknowledgement that stamp duty needs to be abolished, but the idea of introducing yet another new property tax without retiring existing inefficient taxes is unfair and will unacceptable to the community.
The Grattan report conveniently leaves out stamp duty in its attempts to argue that property is undertaxed in Australia.
The industry currently pays $77 billion of taxes to all three levels of government. Treasury estimates that property specific taxes make up 9% of Australia's total tax take compared to an OECD average of just 5%. We're surprised Grattan would get this so wrong.
Furthermore the Grattan Institute report admits that they would need an extra new property tax at double the rate they proposed to fund the replacement of stamp duty.
The Property Council is happy to explore the option of a broad based low rate land tax, but the reality is that it won’t raise enough money to abolish stamp duty, it will be politically unpopular and it doesn’t do anything to fix the high land taxes on commercial and investment property.
There is absolutely no justification for a new property tax that does not offset other punitive taxes.
Changes to the GST is a practical solution to enable stamp duties to be retired to boost the economy in a way that is fair.
Ken Morrison is chief executive of Property Council of Australia. He can be contacted <a href="https://www.propertyoz.com.au/Profiles/ProfileDetail.aspx?pid=76" target="_blank">here</a>. 
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po-LsXgBTHBmX

Hockey’s call for proper debate on state taxes welcome

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Further developments into possible legislation tightening foreign investment in residential real estate have been made with stakeholders invited to make a submission into the substantive Bills making up Treasury's Exposure Draft into implementing foreign investment reform.
Treasury are asking for submissions into the Fees Imposition Bill, with the eventual reforms will be given effect by the Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015, the Register of Foreign Ownership of Agricultural Land Bill 2015 and the Foreign Acquisitions and Takeovers Fees Imposition Bill 2015.
According to the submission the government aims to promote greater transparency through a lands register, implement a simpler foreign investor framework, transfer all residential real estate functions to the ATO and enforce stricter penalties for illegal foreign investment.
CoreLogic RP Data's senior research analyst Cameron Kusher recently stated that while housing may be looking expensive to locals, the declining Australian dollar means that it may be looking more attractive to foreign buyers.
The Exposure Drafts and Regulatory Impact Statement of legislation designed to tighten foreign investment rules can be read <a href="https://treasury.gov.au/ConsultationsandReviews/Consultations/2015/Implementing-Foreign-Investment-Reforms" target="_blank" style="line-height: 1.3em;">here</a>, with submissions open up until Friday 17 July.
 
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mick.cee-iDmgDDAmu8

Government calls for foreign investment reform submissions

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Figures from Federal Treasury show there were 88,000 established homes owned by temporary residents as of March 2015.
There are concerns that people on temporary residency visas — who are entitled to buy established homes as long as they sell on leaving the country — have kept their properties as investments.
NSW accounts for 26% with Victoria constituting 25 per cent of those home approvals as temporary visa-holders.
Western Australia accounts for 22% of the established housing market for temporary residents, Fairfax Media report.
Queensland has 19% followed by South Australia with 4%, the ACT with 1.5%, Tasmania with 1.1% and Northern Territory with 0.2%.
Temporary residents are allowed to buy one established dwelling to live in, but are required to sell it when their visa expires or the property is no longer their primary residence.
 
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