Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Ceerose Founder Edward Doueihi told Apartments.com.au the developer’s long-standing presence in Leichhardt and the Inner West had given it a strong understanding of how the area has evolved and where its future opportunities lie.

“Ceerose has had a long-standing presence in Leichhardt and the Inner West, giving us a unique understanding of the area’s evolution and future potential,” Doueihi said.

“Having delivered projects throughout the region, we have witnessed the suburb’s transformation first-hand and understand the opportunities for its continued growth.”

Doueihi said that understanding also informed the planning process, with a comprehensive Stakeholder Engagement Outcomes Report prepared before the application was lodged.

The report identified the key issues and concerns raised by neighbouring residents and other stakeholders, allowing those matters to be considered and incorporated into the design where appropriate.

He said the delivery of additional housing would also play an important role in supporting the revitalisation of Norton Street and the Italian Forum.

“By increasing the local residential population, the development is expected to strengthen demand for local businesses, encourage further investment, and help restore the vibrancy that made the precinct a thriving destination in the early 2000s.”

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Doueihi founded Ceerose in 1998 and has grown the business to become one of Sydney's more active apartment developers in recent years, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

First look: Ceerose doubles down in Leichhardt with adaptive reuse of former warehouse site

Vacant Housing

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A vacant residential property tax (VRPT) was introduced from 1 January 2018 in Victoria. From January 1, the new 1 per cent Vacant Residential Property Tax will apply to properties in 16 councils that are not occupied for six months of the year. The Victorian Government introduced this tax with the claim it would help address the lack of housing supply in Victoria.
If you own a property in one of the affected Melbourne council areas and it was unoccupied for six months or more between 1 May and 31 December 2017, you must notify State Revenue Victoria by 15 January 2018.
As the legislation was only introduced into the Victorian Parliament in May 2017, homes will be considered to have been occupied between 1 January and 30 April 2017. This means, for the 2017 calendar year, homes will only need to be occupied for a further two months between 1 May and 31 December to be considered to have been occupied for more than six months.
Its compliance program will look at both non-reporting of vacant properties and incorrect exemption claims.
<ol>
<li>What is the vacant residential land tax?</li>
</ol>
The vacant residential land tax (commonly referred to as the vacant residential property tax or vacancy tax) is a tax on residential properties in the inner and middle suburbs of Melbourne which are unoccupied for more than six months a year.
<ol start="2">
<li>What is meant by "vacant"?</li>
</ol>
A property will be considered vacant if it was unoccupied for more than six months in the preceding calendar year by:
The owner, or the owner’s permitted occupier, as their principal place of residence, or
A person under a lease or short-term letting arrangement
The six months does not need to be continuous.
<ol start="3">
<li>When does the tax start?</li>
</ol>
The tax will apply from 1 January 2018 and is based on use and occupation in the preceding year. For example, tax liabilities for the 2018 tax year will based on vacancy in 2017, tax liabilities for the 2019 tax year will based on vacancy in 2018 and so on.
<ol start="4">
<li>Does the tax apply to all residential properties in Victoria?</li>
</ol>
No. The tax will only apply to vacant residential properties located in the following local council areas:
Banyule
Bayside
Boroondara
Darebin
Glen Eira
Hobsons Bay
Manningham
Maribyrnong
Melbourne
Monash
Moonee Valley
Moreland
Port Phillip
Stonnington
Whitehorse
Yarra
<ol start="5">
<li>How much is the tax and how is it calculated?</li>
</ol>
This is an annual tax of 1 per cent of the capital improved value (CIV) of taxable land. For example, if the taxable land has a CIV of $500,000, the tax will be $5000, if the taxable land has a CIV of $1,000,000, the tax will be $10,000.
The CIV of a property is the value of land and buildings as determined by the general valuation process. The CIV of a property is displayed on your council rates notice. It is not always displayed on all four quarterly rates notices, but will always appear on the first notice issues in the financial year.
<ol start="6">
<li>Are there any exemptions?</li>
</ol>
Yes. In addition to existing exemptions for land tax purposes, there will be several new exemptions which will apply to the vacant residential land tax. These include exemptions for:
Holiday homes, (see point 7 below)
City apartments/homes/units used for work purposes, (see point 8 below)
Property transfers during the year, (see point 9 below) and
New residential properties (see point 10 below)
<ol start="7">
<li>When is a holiday home exempt?</li>
</ol>
The holiday home exemption will apply to properties which are occupied as a second home by the owner for at least four weeks in the year.
This exemption will be subject to the following conditions:
The land owner must have had a principal place of residence in Australia in the preceding year, and
The Commissioner of State Revenue must be satisfied that the property for which the exemption is being sought is a genuine holiday home
An owner will only be able to claim the exemption in respect of one holiday home in a calendar year.   
<ol start="8">
<li>When is a residential property used for work purposes exempt?</li>
</ol>
This exemption is designed for properties owned and used by people who stay in the inner and middle suburbs of Melbourne for work purposes, but whose principal place of residence is elsewhere in Australia.
The exemption will apply to properties that are occupied for at least 140 days a year for the purpose of attending the owner’s workplace.
This exemption will be subject to the following conditions:
The land owner had a principal place of residence in Australia in the preceding tax year, and
The place of work must be in one of the specified local council areas
<ol start="9">
<li>What if a property changes ownership during a year?</li>
</ol>
Land that changes ownership during the year will be exempt from the tax in the following calendar year. For example, if a property is sold and transferred during 2018, it will be exempt from the tax for the 2019 tax year.
<ol start="10">
<li>What if a property is converted to residential premises during a year?</li>
</ol>
Land that becomes “residential land” during the year will not be subject to the vacant residential land tax in the following calendar year. For example, if a warehouse is converted into residential apartments during 2018, it will be exempt from the vacant residential land tax for the 2019 calendar year.
<ol start="11">
<li>How will the SRO know if you have vacant property?</li>
</ol>
Owners of vacant residential properties located within the specified local council area will be required to notify the Commissioner of State Revenue by 15 January in each year, and provide any information that the Commissioner requests. If a property is eligible for an exemption, the land owner will be asked to notify the SRO and advise which exemption applies.
If an owner fails to make a notification by 15 January, it will be a notification default and may be subject to penalty tax under the Taxation Administration Act 1997.
The State Revenue Office will conduct monitoring and compliance activities to ensure that vacant residences are being declared as required. Their compliance program includes comparing their data with other state and federal agencies, and conducting investigations into suspected avoidance. For example they may check water usage with relevant water authorities as a lack of water usage is a good indicator that a property is vacant.
<ol start="12">
<li>Does the tax apply to properties leased through online platforms?</li>
</ol>
Yes. If a property in one of the specified local council areas is leased through an online platform such as AIRBNB, it will be subject to the tax if it is unoccupied for more than six months in a calendar year. The six months does not need to be continuous.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Vacant Melbourne property owners need to meet January 15 notification deadline

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The Melbourne areas with the most number of unoccupied properties have been revealed, as the Andrews government prepares for its new vacant property tax.
The new tax will hit the Melbourne City Council area, where more than 2500 high-rise apartments are vacant.
The new tax will apply to the 16 local government areas from January 1 next year for properties that are left vacant for more than six months in a calendar year.
In the Moonee Valley council area, which includes Essendon, Moonee Ponds, Ascot Vale, Avondale Heights, there are at least 1700 empty properties.
There are more than 1000 vacant properties in the inner-northern Yarra City Council area, which takes in Fitzroy, North Carlton, Collingwood and Richmond.
Glen Eira and Port Phillip each have up to 1300 unoccupied properties.
 The number of empty homes is estimated based on water usage.
Premier Daniel Andrews said the vacancy tax would send a strong message to property owners who were "land banking" that they needed to sell or rent those homes.
There is a range of exemptions for the tax. Some of those will include deceased estates, holiday homes and properties being renovated.
Mr Andrews said the vacancy tax was a commonsense change.
"This is a really powerful signal to the market not to be leaving properties vacant at a time when so many people are finding it so hard to get into the market."
Census figures from 2016 showed that Australia had 200,000 more homes sitting empty than it did a decade ago. 
The vacancy tax is expected to raise more than $80 million over four years. But Mr Andrews said he hoped it would encourage owners to rent or sell their properties rather than providing revenue to the government.
Opposition Treasurer Michael O'Brien​ asked "are property owners now required to send their diaries to Daniel Andrews' tax officials?"
HomeGround Real Estate, a division of Launch Housing, is calling on owners of empty properties in the municipality to return 1,000 homes to the rental market.
Despite the current housing affordability crisis, more than 7,000 homes in the City of Melbourne municipality remain empty according to City of Melbourne demographic data 2013*. Returning just 14 per cent, or 1,000 homes, to the rental market would make a big difference to the growing number of people who struggle to find an affordable home in Melbourne.
HomeGround Real Estate is a not-for-profit real estate agency run by Launch Housing, one of Melbourne’s largest providers of housing and homelessness services. The innovative social enterprise aims to increase the stock of affordable housing for clients throughout Melbourne, securing affordable properties for low income tenants, including women and children escaping family violence. 
Launch Housing Deputy CEO Dr Heather Holst said property owners leave homes empty for a variety of reasons but listing the properties with HomeGround Real Estate could make a big difference.
“More and more people on lower incomes are at risk of homelessness due to the lack of affordable rental properties in Melbourne.
“The benefits are huge. People who have otherwise been priced out of the market are offered more affordable private rental, and HomeGround Real Estate offers landlords expert property and tenancy management services that give them peace of mind, the opportunity to contribute to those in need of housing, and a ‘social return’ on their negotiated, discounted rental fee.” 
The City of Melbourne made a one-off grant of $150,000, from its $2 million Pathways Innovation Package, to HomeGround Real Estate to contribute to activities that will increase the number of rental properties that are available to people experiencing homelessness within the municipality.
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Melbourne's vacant property hotspots revealed as Andrews introduces new tax

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Only a small fraction of the one million vacant dwellings on the 2016 census night were likely owned by foreign investors.
An analysis of the August census results by the economic consultancy SGS Economics has gone towards debunking the suggestion that foreigners are contributing to a housing shortage by leaving their homes empty.
SGS found the largest concentration of unoccupied dwellings was in the regions, reflecting lack of accomodation demand, rather than in the overbuilt capital cities where new apartment construction has been at record levels.
The firm’s analysis of the census shows that people being away from home was by far the most common reason for empty dwellings on census night, accounting for 453,000 properties.
There were also 237,000 holiday houses unoccupied.
The likely total of stock deliberately kept out of use was small, SGS economist Terry Rawnsley said.
The 2016 result was the highest vacant recorded over the time period analysed by SGS Economics from 1981 to 2016.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="112">
Region
</td>
<td valign="top" width="70">
Dwellings
</td>
<td valign="top" width="85">
Vacant share of total
</td>
</tr>
<tr>
<td valign="top" width="112">
Greater Sydney
</td>
<td valign="top" width="70">
136,019
</td>
<td valign="top" width="85">
7.3%
</td>
</tr>
<tr>
<td valign="top" width="112">
Regional NSW
</td>
<td valign="top" width="70">
148,683
</td>
<td valign="top" width="85">
12.4%
</td>
</tr>
<tr>
<td valign="top" width="112">
Greater Melbourne
</td>
<td valign="top" width="70">
167,494
</td>
<td valign="top" width="85">
9.1%
</td>
</tr>
<tr>
<td valign="top" width="112">
Regional VIC
</td>
<td valign="top" width="70">
111,136
</td>
<td valign="top" width="85">
16.1%
</td>
</tr>
<tr>
<td valign="top" width="112">
Greater Brisbane
</td>
<td valign="top" width="70">
68,386
</td>
<td valign="top" width="85">
7.6%
</td>
</tr>
<tr>
<td valign="top" width="112">
Regional QLD
</td>
<td valign="top" width="70">
127,171
</td>
<td valign="top" width="85">
11.7%
</td>
</tr>
<tr>
<td valign="top" width="112">
Greater Adelaide
</td>
<td valign="top" width="70">
47,396
</td>
<td valign="top" width="85">
8.4%
</td>
</tr>
<tr>
<td valign="top" width="112">
Regional SA
</td>
<td valign="top" width="70">
44,829
</td>
<td valign="top" width="85">
22%
</td>
</tr>
<tr>
<td valign="top" width="112">
Greater Perth
</td>
<td valign="top" width="70">
85,744
</td>
<td valign="top" width="85">
10.5%
</td>
</tr>
<tr>
<td valign="top" width="112">
Regional WA
</td>
<td valign="top" width="70">
47,137
</td>
<td valign="top" width="85">
18.6%
</td>
</tr>
<tr>
<td valign="top" width="112">
Greater Hobart
</td>
<td valign="top" width="70">
8,806
</td>
<td valign="top" width="85">
8.9%
</td>
</tr>
<tr>
<td valign="top" width="112">
Regional Tas
</td>
<td valign="top" width="70">
23,323
</td>
<td valign="top" width="85">
16.3%
</td>
</tr>
<tr>
<td valign="top" width="112">
Greater Darwin
</td>
<td valign="top" width="70">
5,529
</td>
<td valign="top" width="85">
10%
</td>
</tr>
<tr>
<td valign="top" width="112">
Regional NT
</td>
<td valign="top" width="70">
5,184
</td>
<td valign="top" width="85">
15%
</td>
</tr>
<tr>
<td valign="top" width="112">
ACT
</td>
<td valign="top" width="70">
12,590
</td>
<td valign="top" width="85">
7.7%
</td>
</tr>
<tr>
<td valign="top" width="112">
Other Territories
</td>
<td valign="top" width="70">
376
</td>
<td valign="top" width="85">
19.5%
</td>
</tr>
</tbody></table>
"With the 2016 census being broadly in line with historical levels we can't blame investors intentionally leaving homes vacant or the rise of Airbnb," Rawnsley told Fairfax Media.
"There might be 180,000 dwellings falling into this 'withheld-from-market' category, but it's not going to be one million."
Around 55,000 homes were ­vacant as they had just been completed, while a further 47,000 were being renovated or repaired.
A further 16,000 were awaiting demolition, the SGS report said.
<div>
<div>There were 110,000 properties awaiting rental (presumably including some foreign-owned pro­perties).</div>
<div> </div>
<div>The analysis showed a further 70,000 properties were not covered by any these reasons.</div>
<div> </div>
<div>“While this analysis has limitations, it suggests that most of the dwellings that were unoccupied on census night were unoccupied for a very valid reason.</div>
<div> </div>
<div>"There does not appear to be a large pool of dwellings being withheld from the housing market,” the SGS ­report said.</div>
</div>
Although the number unoccupied was higher in the latest census, it rose only from 10.7 per cent of all dwellings to 11.2 per cent. The figure has been around 10 per cent since the 1980s.
Sydney’s pricey property market had only 7.3 per cent of dwellings vacant, the lowest rate in the country. Regional South Australia, by contrast, has 22 per cent of its housing empty.
Empty homes are most often found in areas that suffer a loss of major industries or where there is a large number of holiday homes.
While Sydney's inner suburbs had a rate of 9.5 per cent, this fell in regional areas such as Shoalhaven, where 26.1 per cent of homes were empty on census night.
In Greater Melbourne, the rate was 9.1 per cent – but higher in the inner suburbs 11.1 per cent of homes were vacant. However on the Mornington Peninsula this at 22 per cent due to holiday homes.
The Australian noted both federal and state governments have imposed punitive taxes on foreign investors who leave properties vacant, on the basis of suggestions that Chinese buyers are seeking assets in Australia for financial security rather than for return.
This year’s budget included a penalty for foreign-owned properties left vacant for more than six months, levied at $5000 for properties worth less than $1 million and a sliding scale for properties worth more.
It has however yet to be implemented.
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Foreigners not to blame for vacant ghost homes: SGS Economics

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<img src="https://counter.theconversation.edu.au/content/80742/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Vacant housing rates are rising in our major cities. Across Australia on census night, 11.2 percent of housing was recorded as unoccupied – a total of 1,089,165 dwellings. With housing affordability stress also intensifying, the moment for a push on empty property taxes looks to have arrived. 
The 2016 Census showed empty property numbers up by 19% in Melbourne and 15 percent in Sydney over the past five years alone. Considering that thousands of people sleep rough – almost 7,000 on census night in 2011, more than 400 per night in Sydney in 2017 – and that hundreds of thousands face overcrowded homes or unaffordable rents, these seem like cruel and immoral revelations.
Public awareness of unused homes has been growing in Australia and globally. In London, Vancouver and elsewhere – just as in Sydney and Melbourne – the night-time spectacle of dark spaces in newly built “luxury towers” has triggered outrage.
This has struck a chord with the public not only because of its connotations of obscene wealth inequality and waste, but also because of the contended link to foreign ownership.
Early movers on vacancy tax
Against this backdrop, the Victorian state government has felt sufficiently emboldened to legislate an empty homes tax. Federally, the shadow treasurer, Chris Bowen, recently backed a standard vacant dwelling tax across all the nation’s major cities. 
Similar measures have come into force in Vancouver and Paris. And Ontario’s provincial government recently granted Toronto new powers to tax empty properties.
Emulating Vancouver, Victoria’s tax is a 1% capital value charge on homes vacant for at least six months in a year. Curiously, though, it applies only in Melbourne’s inner and middle suburbs. And there are exceptions – if the property is a grossly under-used second home you pay only if you’re a foreigner. 
Also, as in Vancouver, tax liability relies on self-reporting, which is seemingly a loophole. This might be less problematic if all owners were required to confirm their properties were occupied for at least six months of the past year. But that would be administratively cumbersome. 
This highlights a broader “practicability challenge” for empty property taxes. For example, how do you define acceptable reasons for a property being empty? 
In principle, such a tax should probably be limited to habitable dwellings. So, if you own a speculative vacancy, what do you do? Remove the kitchen sink to declare it unliveable?
How can we be sure a home is empty?
Lack of reliable data on empty homes is a major problem in Australia. Census figures are useful mainly because they indicate trends over time, but they substantially overstate the true number of long-term vacant habitable properties because they include temporarily empty dwellings (including second homes). 
Using Victorian water records, Prosper Australia estimates about half of Melbourne’s census-recorded vacant properties are long-term “speculative vacancies”. That’s 82,000 homes. 
Applying a similar “conversion factor” to Sydney’s census numbers would indicate around 68,000 speculative vacancies. Australia-wide, the Prosper Australia findings imply around 300,000 speculative vacancies – 3 percent of all housing. That’s equivalent to two years’ house building at current rates.
According to University of Queensland real estate economics expert Cameron Murray, a national tax that entirely eliminated this glut might moderate the price of housing by 1-2%. Therefore, although worthwhile, dealing with this element of our inefficient use of land and property would provide only a small easing of Australia’s broader affordability problem.
Making better use of a scarce resource
Taxing long-term empty properties is consistent with making more efficient use of our housing stock – a scarce resource. A big-picture implication is that tackling Australia’s housing stress shouldn’t be seen as purely about boosting new housing supply – as commonly portrayed by governments. 
It should also be about making more efficient and equitable use of existing housing and housing-designated land.
Penalising empty dwellings is fine if it can be practicably achieved. That’s especially if the revenue is used to enhance the trivial amount of public funding going into building affordable rental housing in most of our states and territories. 
But empty homes represent just a small element of our increasingly inefficient and wasteful use of housing and the increasingly unequal distribution of our national wealth.
One aspect of this is the under-utilisation of occupied housing. Australian Bureau of Statistics survey data show that, across Australia, more than a million homes (mainly owner-occupied) have three or more spare bedrooms. A comparison of the latest statistics (for 2013-14) with those for 2007-08 suggests this body of “grossly under-utilised” properties grew by more than 250,000 in the last six years.
Our tax system does nothing to discourage this increasingly wasteful use of housing. It’s arguably encouraged by the “tax on mobility” constituted by stamp duty and the exemption of the family home from the pension assets test. 
A parallel issue is the speculative land banks owned by developers. The volume of development approvals far exceeds the amount of actual building. In the past year in Sydney, for example, 56,000 development approvals were granted – but only 38,000 homes were built. 
In many cases, getting an approval is just part of land speculation. The owner then hoards the site until “market conditions are right” for on-selling as approved for development at a fat profit.
Properly addressing these issues calls for something much more ambitious than an empty property tax. The federal government should be encouraging all states and territories to follow the ACT’s lead by phasing in a broad-based land tax to replace stamp duty.
Such a tax will provide a stronger financial incentive to make effective use of land and property. The Grattan Institute estimates this switch would also “add up to A$9 billion annually to gross domestic product”. How much longer can we afford to ignore this obvious policy innovation?
 
Hal Pawson is Associate Director - City Futures - Urban Policy and Strategy, City Futures Research Centre, Housing Policy and Practice, UNSW and author for <a href="https://theconversation.com/profiles/hal-pawson-147969" target="_blank">The Conversation</a>.
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jchancellor-FAypfDUnLy

Taxing empty homes: a step towards affordable housing, but much more can be done

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The Victorian government has decided to impose a tax on homeowners who leave their properties vacant in a bid to make housing more affordable in and around Melbourne, taking a leaf out of Vancouver's Empty Homes Tax.
The Vacant Residential Property Tax will be levied at 1 percent, multiplied by the capital improved value of the taxable property. 
The new rule is designed to coax owners who "unreasonably" leave their properties vacant to make them available for either purchase or rent.
If the property has a capital improved value of $500,000, the amount paid will be $5,000.
The new tax is expected to raise about $80 million over four years, according to a report in The Age. The changes will address the number of properties being left empty across inner and middle suburbs of Melbourne.
Late last year, the local government in Vancouver announced the Empty Homes Tax, which says, “Homes that are deemed empty will be subject to a tax of 1% of the property's assessed value. The Empty Homes Tax will be applied annually, with the first tax year beginning on January 1, 2017.”
The Vancouver council says that most homes will not be subject to the tax, as it does not apply to principal residences or homes rented on a long-term basis.
The city was high on the index of un-affordability, ranking third behind Sydney and Hong Kong in an international study by Demographia.
As for Victorian Vacant Residential Property Tax, the only word so far is that there will be some exemptions, owing to the fact that some properties are left vacant due to legitimate reasons, such as holiday homes, deceased estates and homes owned by Victorians temporarily overseas.
The tax is among several measures the government has announced to make housing more affordable, including scrapping stamp duty for first home buyers on properties worth up to $600,000.
The 1 per cent tax on vacant properties will encourage owners to either sell them or fill them by renting them out, says the government.
According to a study by Prosper Australia last year, more than 82,700 residential properties — or 4.8 percent of Melbourne’s housing stock — sit empty, while many people struggle to afford to buy or even rent accommodation.
The study estimated the number of unoccupied properties based on water use of less than 50L per day during 2014, from data provided by City West Water, South East Water and Yarra Valley Water.
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