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<p>The hike to foreign investment fees will worsen the nation’s rental woes rather then ease them, Canberra has been warned.</p><p>The government on Sunday announced a raft of changes, including tripling the fees for buying established housing and doubling the vacancy fees for homes owned by foreign investors since May, 2017.</p><p>The changes will incentivise investors to put properties to the market for sale or rent and help alleviate housing crisis, according to the government.&nbsp;</p><p>As well, foreign investment application fees for build-to-rent projects have been reduced.&nbsp;</p><p>The government believes that the higher fees will lead foreign investors to invest in new builds, creating jobs and housing stock.</p><p>Legislation is planned to be introduced next year for the new fees while the build-to-rent projects changes apply after December 14, 2023.&nbsp;</p><h2>Fee changes ‘create disincentives’</h2><p><br>But Property Council of Australia chief executive Mike Zorbas said the measures will disincentivise much needed global investment.&nbsp;</p><p>“Build-to-rent has the potential to create 150,000 homes over the next decade but the settings must be right,” Zorbas said.&nbsp;</p><p>“Encouraging overseas investment to go into new assets makes good sense.</p><p>“In a highly competitive global market for capital, the National Cabinet needs to think holistically about the tax settings that can help or hinder investment in creating more homes for Australians.”</p><div id="4yRY9FvRtgkNGj2P8o6I6V"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4U6RG77xzkWlBRzetKaYkX/765cc1b4fdcad253703fda1ca34c59de/chalmers_mid_article_image.jpg" alt="Federal Treasurer Jim Chalmers has announced changes to fees for foreign investors buying or holding property in Australia." data-mce-src="//images.ctfassets.net/8pr762qjocl3/4U6RG77xzkWlBRzetKaYkX/765cc1b4fdcad253703fda1ca34c59de/chalmers_mid_article_image.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Federal Treasurer Jim Chalmers has announced changes to fees for foreign investors buying or holding property in Australia.<br><br></span></div></div><p>The Property Council said that more settings should be changed to allow foreign institutions to invest in housing in areas where governments could save money.</p><p>This would happen through housing for retirement-living communities and purpose-built student housing.&nbsp;</p><h2>Student migration changes and housing</h2><p><br>Also announced were changes that may well affect the rising student housing sector under the federal government’s Migration Statement.&nbsp;</p><p>The strategy outlines eight actions to reform the system for migrant students and workers coming into Australia.</p><p>These included better protection and pay for migrant workers as well as more scrutiny of student visas.</p><p>The Property Council Student Accommodation Council said the government should focus on closing loopholes and increasing the quality of student visas rather than cutting numbers.&nbsp;&nbsp;</p><p>“International students spend roughly $4000 per month in our economy, and also attract a total of 300,000 visitors each year who visit them, driving tourism numbers,” Property Council policy and advocacy executive Matthew Kandelaars said.&nbsp;&nbsp;</p><p>“A solution to housing international students without having them compete for beds in the broader rental market is hiding in plain sight but needs the support of state and territory governments.</p><p>“State planning and tax systems have either ignored the benefits of purpose-built student accommodation (PBSA) or used it as a cash cow to prop up budgets in massive structural deficit.”&nbsp;</p><div id="Jg8UgH9ihSyFWUhqH5CRQ"><div id="51hvwDAccV7sfVfjw3JMVw"><div id="4YDXnbDIIimn2U8QxOpgvf"><picture><img src="//images.ctfassets.net/8pr762qjocl3/47CB56lynuogzWpwb6ON5v/a3b027f09fcac7c09c65f77012d0e83c/Untitled_design_-_2023-11-07T145033.575.jpg" alt="Renders of Scape's revised student accommodation tower plans for 41-47 Tribune Street, South Brisbane." data-mce-src="//images.ctfassets.net/8pr762qjocl3/47CB56lynuogzWpwb6ON5v/a3b027f09fcac7c09c65f77012d0e83c/Untitled_design_-_2023-11-07T145033.575.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Renders of Scape’s student accommodation tower planned for South Brisbane.<br><br></span></div></div></div></div><p>Kandelaars said that the international education sector was the nation’s top service export, contributing $40 billion to the economy prior to the pandemic.&nbsp;</p><p>“The sector ensures a strong pipeline of beds that take nearly 80,000 people each year out of the wider rental market, reducing demand and easing affordability,” he said.&nbsp;</p><p>“Instead of streamlining planning process for PBSA projects or recognising its value for our cities, we’ve instead seen foreign investor taxes and increases to council rates that deter investment in high-community benefit housing like PBSA.</p><p>“Prioritising PBSA, so students are not competing for beds in the general rental market, is critical.</p><p>“States and territories need to urgently realise the advantages of PBSA and plan accordingly.”</p><p>Increased student migration into the country after the pandemic has created more competition for a smaller number of affordable rental homes.&nbsp;</p><div id="6CIaAku8CcpowAQRBqBLlV"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2DdFJA5jXdXjuAjVxVKPbl/768424e5c5e0b4534b055b1d9a0b9833/iStock-1716185227.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2DdFJA5jXdXjuAjVxVKPbl/768424e5c5e0b4534b055b1d9a0b9833/iStock-1716185227.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ During the past 20 years, only 1.8 per cent of permanent migrants have arrived employed in construction trades, the Property Council said.<br><br></span><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;"></span></div></div><p>But despite the proposed reduction in net overseas migration, the Property Council said it welcomed the atrategy’s focus on skills, especially Jobs and Skills Australia’s role in advising on labour shortages and labour market analysis.</p><p>“Australia needs a greater focus on the mix of skilled migrants coming into Australia to ensure that industry has the labour capacity to deliver the 1.2 million new homes demanded by the National Cabinet,” a spokesperson for the council said.</p><p>“During the past 20 years, only 1.8 per cent of permanent migrants have arrived employed in construction trades. and construction trades are not in the top 10 occupations for either permanent or temporary migration.</p><p>“In Victoria alone, to deliver the government’s ambitious target of 80,000 new homes every year across the next decade will require another 191,000 people in the construction workforce.</p><p>“Adjusting the mix of skilled migrants, with a greater emphasis on construction trades, is vital for building the future homes of Australia.”</p>

 The property industry has raised concerns about the federal government’s changes to foreign investment announced over the weekend…


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<p>Sydney property developer Abadeen has made the move into Victoria with two off-the-plan developments heralding its move south of the border.</p><p>The first is an residential development of seven apartments in Malvern East, 13km south-east of Melbourne’s CBD.</p><p>Designed by Melbourne architects Ewert Leaf, the Malea apartments (<em>pictured</em>) will be priced from $2.5 million with a top-floor penthouse for $6.5 million.&nbsp;</p><p>The second is a 24-apartment block at 646 High Street in Prahran East, &nbsp;5km south-east of the city centre.</p><p>The proposed development comprises a mix of one and two-bedroom units in the four-storey block.&nbsp;</p><p>Abadeen said the developments “capitalise on the current resurgence of interest in luxury off-the-plan residences”, particularly with downsizers.</p><p>Permits have been secured for the projects, which have a combined value of $100 million, according to the developer.</p><p>Construction on Malea is due to start in March, while town planning applications for 646 High Street will be lodged in the first quarter of next year.</p><div id="carousel-root" data-reactroot=""><image-carousel-remove-button><div class="rm-carousel-wrapper"><button id="rm-carousel" class="rm-carousel-btn">Delete</button></div></image-carousel-remove-button><div class="slider-wrap"><image-carousel><div class="slider-el"><img style="height: 100%;" title="Copy of In-article (19).jpg" src="http://images.ctfassets.net/8pr762qjocl3/4C9NPZEO9ogDrBXlmlP6VN/40a9a9bdc056f27893fee4d298235868/Copy_of_In-article__19_.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/4C9NPZEO9ogDrBXlmlP6VN/40a9a9bdc056f27893fee4d298235868/Copy_of_In-article__19_.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="Copy of In-article (17).jpg" src="http://images.ctfassets.net/8pr762qjocl3/6kZ7ws3LKXqT8aWGLNDQra/cacd91e8aebffacfb42b9f9f292a5987/Copy_of_In-article__17_.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/6kZ7ws3LKXqT8aWGLNDQra/cacd91e8aebffacfb42b9f9f292a5987/Copy_of_In-article__17_.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="Copy of In-article (18).jpg" src="http://images.ctfassets.net/8pr762qjocl3/Z0Npv1qqm7llihz3GFDsQ/6862b0347a70b78df1f27641932e5550/Copy_of_In-article__18_.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/Z0Npv1qqm7llihz3GFDsQ/6862b0347a70b78df1f27641932e5550/Copy_of_In-article__18_.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="Copy of In-article (16).jpg" src="http://images.ctfassets.net/8pr762qjocl3/49Mmo38ZeJITdGenwV1uQg/30420d11337c1d762b9c4f9e313bf2ea/Copy_of_In-article__16_.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/49Mmo38ZeJITdGenwV1uQg/30420d11337c1d762b9c4f9e313bf2ea/Copy_of_In-article__16_.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="Copy of In-article (15).jpg" src="http://images.ctfassets.net/8pr762qjocl3/5RSS4HVOd5SpEr5Ii835dc/362f5a56346bd5345d813b73b3b5bfd1/Copy_of_In-article__15_.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/5RSS4HVOd5SpEr5Ii835dc/362f5a56346bd5345d813b73b3b5bfd1/Copy_of_In-article__15_.jpg" data-mce-style="height: 100%;"></div></image-carousel></div></div><p><br>To support its Victorian expansion, Abadeen has employed Andrew Leoncelli (pictured above) as managing director of the Victorian division.&nbsp;</p><p>Leoncelli served as the director of the Melbourne Football Club as well as development manager for Hamton Property Group, and spearheaded CBRE’s residential projects business in Victoria.&nbsp;</p><p>A prolific developer predominantly on in Sydney’s North Shore, Abadeen this year<a data-mce-href="https://www.theurbandeveloper.com/articles/abadeen-lower-north-shore-shoptop-approved" href="https://www.theurbandeveloper.com/articles/abadeen-lower-north-shore-shoptop-approved" target="_blank" rel="noopener">&nbsp;secured approvals for the $22-million second stage</a> of a mixed-use shoptop development in the area, and <a data-mce-href="https://www.theurbandeveloper.com/articles/abadeen-group-build-to-rent-platform-launched" href="https://www.theurbandeveloper.com/articles/abadeen-group-build-to-rent-platform-launched" target="_blank" rel="noopener">launched a build-to-rent platform in the market</a> in June this year.</p><p>The company said the expansion into Victoria “aligns with the company’s national growth strategy, having successfully delivered 80-plus high-end projects during the past 28 years, totalling more than $3 billion of premium commercial, residential, and mixed-use developments...”.</p>

Double feature of luxury residential projects marks Abadeen’s first foray into the Victorian market…

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<p>Plans have been filed to convert a Darwin CBD hotel into homes.</p><p>The Darwin Esplanade Central Apartment Hotel stands nine storeys at 88-90 Esplanade and comprises 58 one-bedroom and 85 two-bedroom units.</p><p>It offers a mix of hotel rooms and serviced apartments, the latter of which were privately owned.&nbsp;</p><p>Under the application, all rooms would be converted to private homes.&nbsp;</p><p>The site, formerly Mantra on the Esplanade, has restaurant and ground-floor commercial units, which would not be affected by the plan.</p><p>According to CBRE, Darwin has been among the “standout performers exceeding pre-pandemic occupancy” as it benefitted from domestic visitors, however, it is also lagging with lower recovery rates of international arrivals.</p><p>There has been no new hotel supply in Darwin for several years and none are under construction, although there are proposals for Quest Darwin and the <a href="https://www.theurbandeveloper.com/articles/boutique-hotel-darwin-cbd-plan" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/boutique-hotel-darwin-cbd-plan">120-key Northern Hotel on Peary Street</a>.</p><p>CBRE said it expected short-term heightened construction costs to act as a “major barrier” to entry in the Darwin market.</p>

Plans have been lodged to turn a 140-key hotel in the Darwin CBD into private residential units…

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<p>The New South Wales government’s attempts to fast-track developments have been met with cautious optimism by the property industry.&nbsp;</p><p>In the past month, the NSW government has announced the implementation of development <a href="https://www.nsw.gov.au/media-releases/minns-government-to-fast-track-top-quality-building-designs" target="_blank" rel="noopener" data-mce-href="https://www.nsw.gov.au/media-releases/minns-government-to-fast-track-top-quality-building-designs">pattern books</a> and the end of design competitions for high-rise developments in key areas—last week it launched plans to fast-track <a href="https://www.nsw.gov.au/media-releases/new-rules-to-fast-track-low-rise-and-mid-rise-housing" target="_blank" rel="noopener" data-mce-href="https://www.nsw.gov.au/media-releases/new-rules-to-fast-track-low-rise-and-mid-rise-housing">a greater diversity of homes on brownfield land.</a></p><p>Affordable housing developer Nightingale has been focused on the Victorian market but launched in Sydney <a href="https://www.theurbandeveloper.com/articles/nightingale-fresh-hope-marrickville-build-to-rent-apartments" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/nightingale-fresh-hope-marrickville-build-to-rent-apartments">with its build-to-rent project in Marrickville</a>.&nbsp;</p><p>Nightingale chief executive Dan McKenna says that any move forward is positive.</p><p>“It seems a moment in time when the state and federal governments are starting to realise the need for speed; to get going and get moving, and the NSW government is leading that charge with things like the pattern book plans,” McKenna says.</p><h2><strong>Encouragement for new players</strong></h2><p><br>NSW Building Commissioner David Chandler says the aim of the Built It NSW initiative, which is overseeing pattern book creation, is to support continued quality accountability as housing is fast-tracked.</p><p>“The fact is, we need between 50 and 100 new players—builders and developers—to come into the market,” Chandler told <em>The Urban Developer.</em></p><p>“We have these grand conversations with mature and big businesses, but those Tier 1 contractors are only about 15 to 20 per cent of the players in the market.</p><p>“As we bring new players in, we need to set them up for success, not let them fail at the bottom because that will erode the foundations of all the work we’ve done.”&nbsp;</p><div id="7qlNUmK0NJh2BqlgeQE2Sx"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4eg31adYGWfikNqfmwRkXS/5631401b97ff33ff6c89b905c4c81899/fast_track_mid_2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4eg31adYGWfikNqfmwRkXS/5631401b97ff33ff6c89b905c4c81899/fast_track_mid_2.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Between 119,400 to 138,550 new homes will be built in Greater Sydney during the next five years but there’s a limit to how far developers can expand outwards.<br><br></span></div></div><p>Chandler suggests that the class of small and medium developers and builders will move from Class 1 to Class 2 building work, which tends towards smaller apartments.</p><p>“I’m 100 per cent behind that push to build up but we have a lot of work to do to enable the migration of players into that Class 2 space.”&nbsp;</p><p>One of these methods is the recently announced pattern books.</p><h2><strong>Balancing quality and cost</strong></h2><p><br>“What developers and builders are finding is that they are challenged to produce a level of high-quality, declared construction designs before they start,” Chandler says.&nbsp;</p><p>“The development application [DA] sets the context, the envelope, the scale, the urban fit—all of that is resolved in the design pattern book, [so the next step is populating] those envelopes with ready-to-go details; the layout of apartments, lift shafts, bathroom configuration and so on.&nbsp;</p><p>“What we’re proposing to do is to create a library with maybe 40, 60 or more standard layouts so there is a palette of designs to drag into the approved DA.”&nbsp;</p><div id="l3KEYuwz1K81MqxzMswMK"><picture><img src="//images.ctfassets.net/8pr762qjocl3/61QHIbVUymQIxRjv4OymLf/1c7aae9c24861d0bdc7161ade2182214/Copy_of_In-article__11_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/61QHIbVUymQIxRjv4OymLf/1c7aae9c24861d0bdc7161ade2182214/Copy_of_In-article__11_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Construction and layout designs will be made freely accessible on a new platform for designers and developers.<br><br></span></div></div><p>“We want to take these entrants into our market and give them tools they can quickly apply and set them up for success, not failure,” Chandler says.</p><p>“Insurers and financiers will look at the product and say, ‘Isn’t it good you’re not making it up every time’, because they are using repeated designs.”&nbsp;</p><p>Chandler hopes that this will also help alleviate cost issues facing developers that have made housing, especially affordable homes, <a href="https://www.theurbandeveloper.com/articles/urbis-report-sydney-east-west-development-divide" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/urbis-report-sydney-east-west-development-divide">unfeasible in some areas of the state</a>.</p><p>“We’ll put in the library the things that give the developers and builders a choice, which is different to the way a real estate agent might push them.&nbsp;</p><p>“Those agents might say, you have to have marble benchtops and three bathrooms. An additional bathroom can cost between $45,000 and $70,000, which adds up to drive the cost through the roof.</p><p>“That creates aspirational housing, not housing for workers or the starting-out buyer or the trade-down buyer.</p><p>“We’ve been overly focused on the aspirational and we’ve been negligent in creating stock that allows people to enter the market or move down.&nbsp;</p><p>“This will help projects to become more affordable but they do not need to be of lesser quality.”&nbsp;</p><div id="TnlujdU4Xd4Fd03EvpVbV"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7pwPOrEfZatY6G0EBvgkoJ/34162050a8f8814c6a10abdd63f03e60/Nightingale_fast_track_mid.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/7pwPOrEfZatY6G0EBvgkoJ/34162050a8f8814c6a10abdd63f03e60/Nightingale_fast_track_mid.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ The Inner West Council has agreed to waive the $1.2-million discretionary developer contribution for Nightingale and Fresh Hope’s Marrickville project.<br><br></span></div></div><p>McKenna says that pattern books can scare people.&nbsp;</p><p>“But it doesn’t preclude good design, high-quality housing and good outcomes; it’s just a replication of those things rather than starting from scratch every time.</p><p>“Like everyone in the industry we are really focusing on construction price escalations and what it does to our projects going forward.&nbsp;</p><p>“It’s now about replication and efficiency, we’re not necessarily reinventing the wheel from a design and construction sense, it’s about scale and speed.</p><p>“It’s still going to be a case-by-case basis but if we can do something in four rather than 14 months then let’s do that.”&nbsp;</p><h2><strong>Mid rise on the up</strong></h2><p><br>Property consultant Charter Keck Cramer says that mid-rise development is “essential” and that 34 per cent of the 156,000 apartments currently approved were medium density.</p><p>“The medium-density stuff, the so-called ‘missing middle’, is a good development. It’s a housing typology that’s quite popular and there should be a lot more of it,” University of Sydney senior lecturer in urbanism Dr Laurence Troy says.</p><p>The NSW government clearly has the same sentiment, having introduced rules to allow apartment buildings between three and six storeys, terraces, townhouses and smaller one-totwo-storey apartment blocks in suburbs where they are not currently allowed.</p><p>Property Council NSW executive director Katie Stevenson welcomed the news, particularly the removal of the need for design competitions.</p><p>“Unfortunately, site-by-site design competitions have added substantial delays to the planning system and it’s good to see that the government is retaining a commitment to design excellence while moving to a more efficient model,” she says.</p><div id="1oj3cmjIVMMftv8ccZG2sE"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4QBqxLe9JWWW1wgtYDvj2q/3de778acd452c0ea765c08abb8109ad2/Copy_of_In-article__14_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4QBqxLe9JWWW1wgtYDvj2q/3de778acd452c0ea765c08abb8109ad2/Copy_of_In-article__14_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ The rule changes allow mid-rise apartment blocks near transport hubs and town centres in R3 medium-density zones and appropriate employment zones.<br><br></span></div></div><p>Design Excellence Competitions have proven both a boon and a bane for the NSW property sector, according to Fender Katsalidis partner Rob Mirams.</p><p>“The Design Excellence Competition process, while intended to identify and elevate exceptional design proposals, can also be a resource-intensive approach,” he says.&nbsp;</p><p>“The direct appointment of highly qualified architects, in collaboration with councils and design panels, offers a more efficient and cost-effective path to achieving exceptional design outcomes.</p><p>“By streamlining the design selection process, we could redirect resources toward critical initiatives such as affordable housing, transportation networks, schools, and hospitals.”</p><p>“In Victoria, our guidelines are certainly less prescriptive than NSW,” Fender partner James Pearce says.&nbsp;</p><p>“On one hand, this allows for more freedom and creativity in the design interpretation, but on the other hand, discretionary controls also lend themselves to more uncertainty and the potential for longer timeframes.”&nbsp;</p><h2><strong>Another piece of the puzzle</strong></h2><p><br>Of course, cutting down planning and design times is just one piece of the puzzle, and the Building Commissioner says that a fundamental reassessment of how the construction and development industries operate is required.&nbsp;</p><p>“It has been so long since builders have gone back and rethought the process of construction, and reflected on where the leakages of cost and time are,” Chandler says.</p><p>“[Part of the problem is that] the way we go about building buildings is not organised well. You can improve your profitability by improving your productivity.&nbsp;</p><p>“Every time you bring a new player on to the site you need an overhead for this person. Let’s go the other way and reconsolidate trade packages into elemental packages and start to reduce the number of businesses that need to come on to the site?”</p><div id="5qDaSjXWX6hSn3inf4L8yg"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2ao42QhSixLPa0SYVeDYJV/5f541125d9ece6e583f940be7e05c026/Copy_of_In-article__13_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/2ao42QhSixLPa0SYVeDYJV/5f541125d9ece6e583f940be7e05c026/Copy_of_In-article__13_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ The reforms create capacity for industry to deliver up to an estimated 112,000 new homes, 30 per cent of NSW’s Housing Accord target.<br><br></span></div></div><p>While the NSW government is making moves to help the process, there are more systemic challenges to fast-tracking development.</p><p>“The planning process is not the biggest issue,” Troy says.&nbsp;</p><p>“Development consent only occupies around 7 per cent of the total timeline of a development.</p><p>“Before the DA you have to sell the units before the banks will offer the financing, and that takes time, and that has little to do with the planning system.&nbsp;</p><p>“Developers will rarely build 500 units in one go and the banks don’t want them to do that and flood the market so they stage the output, and control the release and again—that’s not about planning.</p><p>“We can’t force the banks to fund things inherently risky but making the whole supply system inherently less risky would be a step in the right direction.”<br><br></p><hr><p><strong><br>You are currently experiencing&nbsp;<em>The Urban Developer</em>&nbsp;Plus (TUD+), our premium membership for property professionals.&nbsp;</strong><a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans"><strong>Click here to learn more.</strong></a></p><div id="2GhuueZl01Zwo2aFfjNVi2"><div data-rmiz-wrap="visible"><div id="2GhuueZl01Zwo2aFfjNVi2"><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture><div><br></div></div></div></div></div>

Delivery of housing, especially affordable homes, in New South Wales is being sped up by pattern books and mid-rise fast tracking, but is it enough?

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<p>MAB Corporation’s NewQuay project in Melbourne’s Docklands has moved toward final planning approval after the City of Melbourne voted to support the project and its latest amendments.</p><p>The council’s unanimous decision means it now goes back to the Victorian Department of Transport and Planning for planning minister Sonya Kilkenny to determine.&nbsp;</p><p>NewQuay, a mixed-use proposal for the site at 396-416 Docklands Drive, Docklands, is on one of the last sites available for development in what has been a decades-long project to revitalise the area, <a data-mce-href="https://www.theurbandeveloper.com/articles/melbourne-council-strategic-plan-docklands" href="https://www.theurbandeveloper.com/articles/melbourne-council-strategic-plan-docklands" target="_blank" rel="noopener">overseen by Development Victoria</a>.</p><p>The final amendments to update the original NewQuay Development Plan from 1999 <a data-mce-href="https://www.theurbandeveloper.com/articles/396-Docklands-Drive-newquay-mab-corp-melbourne-mixed-use" href="https://www.theurbandeveloper.com/articles/396-Docklands-Drive-newquay-mab-corp-melbourne-mixed-use" target="_blank" rel="noopener">include removing one proposed tower</a>, reducing building heights and adjusting building envelopes and the layouts of a proposed public park.</p><p>In 1999, that development plan proposed 1,150sq m of office space and a 900-bay multi-level car park.</p><p>While MAB, owned by the the Buxton brothers, Michael and Andew, worked on <a data-mce-href="https://www.theurbandeveloper.com/articles/melbourne-mab-corp-docklands-tower-decision" href="https://www.theurbandeveloper.com/articles/melbourne-mab-corp-docklands-tower-decision" target="_blank" rel="noopener">other projects in the area</a>, architecture firm Hassell developed a masterplan for the site in 2011 that proposed four towers divided by laneways plus a retail ground level, a car park podium and office levels.</p><p>The total gross floor area including car parking for that iteration of the plans was 82,390sq m.&nbsp;</p><p>MAB received a planning permit for this masterplan, which was to expire in November of this year, to build a 18,200sq m car park and office tower on the south-eastern part of the site.&nbsp;</p><p>Documents submitted to the council said that increased density had made it crucial to include community infrastructure and public open space in NewQuay.</p><p>In 2015, MAB agreed to surrender land to Development Victoria to create the Ron Barassi Senior Reserve in exchange for more intensive development rights on another site, NewQuay West, and the 396-416 Docklands Drive site.&nbsp;</p><div id="1mjkIUgGIKYwg88aqTD5Sk"><picture><img src="//images.ctfassets.net/8pr762qjocl3/kMjK44OaIkODiGH2nzuJ3/a7268dd560e20afeee21c7764f8fdce6/mab_corp_newquay_mid.jpg" alt="There will be five towers built on the site with a public park, a laneway and two podiums for car parking space." data-mce-src="//images.ctfassets.net/8pr762qjocl3/kMjK44OaIkODiGH2nzuJ3/a7268dd560e20afeee21c7764f8fdce6/mab_corp_newquay_mid.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ There would be five towers built on the site plus a public park, laneways and two podiums for car parking.<br><br></span></div></div><p>“This is an application 24 years in the making,” City of Melbourne deputy lord mayor Nicholas Reece said.</p><p>“It's a full block of land, which is 9891sq m or almost a hectare, in size.&nbsp;</p><p>“So, it is a big bit of dirt and it is really important for everyone that we get this right.”</p><p>The new amended application with plans designed by ARM Architecture will now have five towers rather than six. They would range in height from 50m to 75m over two 20m-high podiums, with apartments, offices and retail componets included in the project.&nbsp;</p><p>There would also be potential for a hotel.</p><p>The council will gain control of a new 700sq m public park at the north-east corner of the site with a pedestrian laneway separating the two podiums linking the park with Docklands Drive.</p><p>“I'm also very pleased that the new park will be delivered as part of the first stage of the development so we can get that park up and going sooner rather than later,” Reece said.&nbsp;</p><p>The podiums will have space for 390 car parking spaces and 700 bicycle spaces.</p>

After extensive consultation and design changes, the City of Melbourne has supported MAB Corp’s NewQuay plans with the minister now to make a determination…


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<p>Australia needs to build an additional 20,000 apartments each year to keep up with demand, according to Charter Keck Cramer research.&nbsp;</p><p>Charter Keck Cramer national executive director of research Richard Temlett said Australia’s population growth trajectory was continuing upwards, putting pressure on housing supply.&nbsp;</p><p>“We cannot continue to soley rely on greenfield markets to deliver more dwellings, many of the greenfield markets are at capacity,” Temlett said.</p><p>“There&nbsp;is a&nbsp;large amount of notional greenfield land supply, but not a lot is actually&nbsp;build-ready.”</p><p>Temlett said in order to meet demand in the next 10 years, Australia needed to create a policy landscape that would facilitate one of the largest home-building cycles since the 1950s.</p><p>Temlett said NSW Premier Chris Minns’ announcement of a plan for a Parisian-style two-to-six-storey infill was “brave and forward thinking”.</p><p>“In many housing sub-markets, we need to be building upwards. This will mean that there have to be some unpopular decisions made. Sydney needs it more than any other city,” he said.&nbsp;</p><p><strong>Apartment completions by region and height</strong></p><div id="Jwh0AjwHYUuNvmGvFWxsU"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3RiH88z0x0nEVU42nKa1Df/83dfded201e75eb49f17194deb313fd2/Apartment_completions_by_region_and_height_MID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3RiH88z0x0nEVU42nKa1Df/83dfded201e75eb49f17194deb313fd2/Apartment_completions_by_region_and_height_MID.jpg"></picture></div><p><br>“But going upwards doesn’t have to mean towers of more than 10 storeys, <br>we can be doing two-to-six-storey buildings in many locations, like global cities such as Paris. It’s not an eyesore … there’s such a misconception that density means we’re going to more than 10 levels in our backyard.&nbsp;</p><p>“But you can get density in areas where there’s already train stations and infrastructure, which will in fact support further demand for local retail and commercial uses and increase property values.”&nbsp;</p><p>Analysis of apartment development between 2013 and 2020 indicated about 40 per cent of the supply was medium-rise projects, and much of the supply was built in middle ring suburbs close to public transport, employment hubs, retail and lifestyle amenity.&nbsp;</p><p>Temlett said there was a role for both build-to-rent and build-to-sell apartments in addressing housing shortfalls.&nbsp;</p><p>“Build-to-rent in the short term will have to do a lot of the heavy lifting given the state of the pre-sales market and loss of foreign investors in the build-to-sell apartment market,” he said.&nbsp;</p><p>“We have had extremely strong population growth, but it’s naturally going to pull back a bit as various types of visas issued during COVID start to expire.&nbsp;</p><p>“At pre-pandemic levels we weren’t oversupplied, but we did have more overseas investors. They’re still there, but we need to incentivise them back into the new housing markets.”</p><p><strong>Apartment supply forecast</strong></p><div id="4utlp6rsSksJUPGLloqOtq"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1Aa7DKVfsO77Xo4mFv3eBn/4c9095885c978280c380aa177a146034/CKC_apartment_supply_MID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/1Aa7DKVfsO77Xo4mFv3eBn/4c9095885c978280c380aa177a146034/CKC_apartment_supply_MID.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Source: Charter Keck Cramer </span></div></div><p>Temlett said peak levels of build-to-sell apartments (about 60,000 per annum) were developed between 2017 and 2020, due to policy settings in place, including off-the-plan investor incentives, lower taxes on buyers and investors and first home buyer grants.</p><p>Temlett said Charter Keck Cramer indicated that nationally at least 72,000 build-to-rent and build-to-sell apartments needed to be built each year to hit housing targets and policy framework needed to encourage this.&nbsp;</p>

Australia needs to build an additional 20,000 apartments each year to keep up with demand according to Charter Keck Cramer research. 

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<p>As a housing crisis grips the nation, Sydney is adding another layer of pain—imbalances in planning, higher costs of construction and taxes are creating a development feasability divide between the city’s east and west.</p><p>But it shouldn’t have to be a decision between feasibility and equity, says Urbis regional director for NSW Princess Ventura, on the heels of the launch of the company’s new <em>Partnership for Prosperity</em> report.</p><p>The problems in NSW are bigger than one stakeholder can solve, Ventura says.</p><p>“There has to be a paradigm shift in terms of how we look at the challenges and potential solutions to those challenges that are before us, rethinking how we consider solutions to those challenges rather than just treating it as business as usual.”</p><h2><strong>West v East</strong></h2><p><br>In recent months there has been a noticeable downturn in development applications for individual residential apartment buildings in Western Sydney.&nbsp;</p><p>While there has been movement in far western housing developments such as <a href="https://www.theurbandeveloper.com/articles/subdivision-paves-way-for-7000-home-sydney-masterplan" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/subdivision-paves-way-for-7000-home-sydney-masterplan">Mirvac’s Glenmore Park</a> and the <a href="https://www.theurbandeveloper.com/articles/subdivision-paves-way-for-7000-home-sydney-masterplan" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/subdivision-paves-way-for-7000-home-sydney-masterplan">7000-home Lowes Creek Maryland Precinct</a>, many apartment developments have focused on the east of the city, including <a href="https://www.theurbandeveloper.com/articles/luxury-rose-bay-residential-plans-filed" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/luxury-rose-bay-residential-plans-filed">Rose Bay</a>, Bondi, and Cronulla, such as <a href="https://www.theurbandeveloper.com/articles/central-element-neutral-bay-expansion-approved-sydney" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/central-element-neutral-bay-expansion-approved-sydney">Central Element’s $180-million Neutral Bay development</a>.</p><p>The co-founder of Sydney integrated property developer and construction company, Perifa, Fabrizio Perilli says this is not a one-off trend.</p><p>“There’s a formula,—construction costs plus contribution taxes and levies and existing development controls in Sydney equals either unaffordable development or no development,” Perilli says.</p><p>“At the lower end, you’re delivering construction cost per home of somewhere around $550,000, but the average is more like $650,000 and it goes north from there.</p><p>“With something like $65,000 in taxes on top of that, you’re at $700,000 to $800,000 per unit, without all the other costs incurred by the developer.</p><div id="10CXLTk0d2dD1HB1KA7Wt0"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3BH417L2Hrz2PqGCFz0qXu/3267c5724dbd148bf36dd748eee6893f/Copy_of_In-article__6_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3BH417L2Hrz2PqGCFz0qXu/3267c5724dbd148bf36dd748eee6893f/Copy_of_In-article__6_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Central Element’s Pienza is one of a host of developments geared towards the higher, luxury end of the market.<br><br></span></div></div><p>“Where that gets us to in NSW is that you cannot deliver a project that is saleable and also meets the banks return requirements for less than an average cost of $1.2 million per apartment.&nbsp;</p><p>“You physically can’t deliver a project at a cost that allows you to make the required margin to satisfy the financiers on and under that.”&nbsp;</p><p>This has led to a rethink, he says.</p><p>“So as a developer, you think, where are those places that can afford those homes?&nbsp;</p><p>“As a result, we’ve been noticing a lot more boutique developments in the eastern suburbs and lower North Shore, rather than Western Sydney where they would be more affordable.”</p><p>Hamid Savid of Orosi developments, which in October revealed $250-million plans for a newly amalgamated site at Rose Bay, says interest rates are also a key factor.&nbsp;</p><p>“Due to the increasing interest rates, developers are focusing on areas with a downsizer demographic,” Savid says.&nbsp;</p><p>“These buyers are less affected by interest rates and offer a safer investment option.”</p><h2><strong>Finding a way out</strong></h2><p><br>While construction costs cannot necessarily be forced down in the short term, the Urbis report put forward potential solutions to the housing problems facing the state, highlighting the Sydney Western Harbour Business Improvement District (BID) as a project that should be replicated.</p><p>As a result of the success of that project, Transport for NSW is proposing a new policy to make it easier for BIDs to be set up in NSW.&nbsp;</p><p>This top-level, holistic masterplanning happens at different levels in precinct planning, and mixed-use projects are already proving to be a balanced choice for liveability and feasibility.</p><div id="30510vrQ4pYDzCNdgz9Rn0"><picture><img src="//images.ctfassets.net/8pr762qjocl3/jXGOOSNtIwaBGmhpQQydA/398a212de522e2142109cbd0c0e0c3b8/Cronulla_apartments_in-article.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/jXGOOSNtIwaBGmhpQQydA/398a212de522e2142109cbd0c0e0c3b8/Cronulla_apartments_in-article.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Cronulla has also received luxury high-end apartment developer interest over the last year. </span></div></div><p><br>“But there are good and bad precincts,” Perilli says.&nbsp;</p><p>“As cities mature—and Sydney is a maturing, established city—you’ll find that as risk diversification and minimisation of risk, mixed-use is probably going to be a predominant type of development in the urban areas, because that's what the community is demanding in that terms of mixed-use, residential, bit of retail.</p><p>“We’re getting better with precinct masterplanning and development, but that’s definitely an area where the local governments can engage and be clear about what outcomes they would like to see, so the development industry can respond.&nbsp;</p><p>“The other thing with precincts, whatever we develop today, in 10 years’ time we will need to change as well, as developing that base infrastructure, it can be changed.”&nbsp;</p><p>Mixed-use precincts mean a more complex feasibility equation, but one that is perhaps more robust than single-use sites.</p><p>“We need to get more mixed-use outcomes, we need to sweat assets more, especially in a time where we have budgetary constraints and are heading for difficult economic times,” says Urbis’s Ventura.</p><p>“They have so many positive implications, and makes an area vibrant, encourages passive surveillance so it makes it safer, improves the amenities and the look and feel of a place.&nbsp;</p><div id="4GJop3FF8I6JHJPFkU3NrT"><picture><img src="//images.ctfassets.net/8pr762qjocl3/58I4e5GLTefQA9yGZ7t7Xz/02de449521b5c6071df2933fc7ae9b18/Clutch_Curlewis_MID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/58I4e5GLTefQA9yGZ7t7Xz/02de449521b5c6071df2933fc7ae9b18/Clutch_Curlewis_MID.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Developer Clutch has been greenlit for luxury Bondi apartments this year.<br><br></span></div></div><p>“It also improves people’s livability outcomes: you don’t need to travel to so many places to do what you need to get done. If you save that time, you can spend it with family and friends.”</p><h2><strong>End of adversarial relationships&nbsp;</strong></h2><p><br><em>Partnership for Prosperity</em> also suggests that “we need to shift the adversarial relationship between planning authorities, infrastructure and service agencies, developers and civil society to one of co-operation and joint accountability”.&nbsp;</p><p>“There’s this common underlying theme that developers are making all this money at the expense of the purchaser or occupier of a building,” says Perilli.</p><p>“It’s time that misapprehension is called out. Delivering appropriate developments and making a profit should not be mutually exclusive.”</p><div id="4RE7GOJ0noJhV4bU7RbOJR"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6cetZCEdPM7C31J6ZX2lvt/2af9d94c350831fa8b41febc41dda221/In-article__68_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6cetZCEdPM7C31J6ZX2lvt/2af9d94c350831fa8b41febc41dda221/In-article__68_.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ Orosi Developments has previously worked on luxury apartment developments including 18 villa-style apartments in Cronulla.<br><br></span></div></div><p>Ventura suggests that holistic KPIs and equity-focused targets should be a collective effort.</p><p>“One measure of success would be if we could have a more balanced conversation and a more balancd framework for assessing DAs,” Ventura says.&nbsp;</p><p>“Our planning system implicitly assumes—and our investment decisions assume—that if we did not do anything then we would get to enjoy the lives we do today, but that’s not the truth.&nbsp;</p><p>“Things will deteriorate if we don’t invest and approve developments quicker, deliver better developments, integrate and have more holistic outcomes. If we don’t, we’re not going to be able to continue to enjoy the lifestyles we enjoy in New South Wales.”&nbsp;</p><p>An adaptable and holistic approach is necessary, Ventura says.&nbsp;</p><p>“We measure what we value. In Singapore, for instance, their target is that median home price should not exceed five times the average household income.&nbsp;</p><p>“Something I would like to see is that we treat equity outcomes with the same seriousness as with other macroeconomic factors and we change attitudes and our approach depending on those outcomes.”<br><br></p><hr><p><strong><br>You are currently experiencing <em>The Urban Developer</em>&nbsp;Plus (TUD+), our premium membership for property professionals.&nbsp;</strong><a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans"><strong>Click here to learn more.</strong></a></p><div id="2GhuueZl01Zwo2aFfjNVi2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg" alt="TUD + Banner" data-mce-src="//images.ctfassets.net/8pr762qjocl3/12UMq5eMSEOh0QxJVBYaDt/d7507cf4ceb1365cc9ce7eaff84d06cc/tud___banner.jpg"></picture></div>

A noticeable downturn in Western Sydney residential development over the Eastern suburbs has highlighted trends in NSW, which Urbis’ latest report seeks to address…

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<p>Pyco Group is pushing forward its West End apartment development Atelier after appointing a builder.</p><p>The 36-unit block will replace the former Brisbane Backpackers site at 110 Vulture Street.&nbsp;</p><p>The Brisbane City Council <a href="https://www.theurbandeveloper.com/articles/backpackers-west-end-atelier-pyco" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/backpackers-west-end-atelier-pyco">approved the development in October 2022</a> and Pyco has appointed Brick Construction to begin work in February, 2024.&nbsp;</p><p>Atelier will have multi-level apartments throughout, all three-bedroom vertical terraces.&nbsp;</p><p>Pyco said the DAH Architecture-designed apartments were a “modern take on Brisbane’s iconic Queenslander” and would start at $2.1 million, with rooftop apartments from $2.8 million.&nbsp;</p><p>According to a popular real estate listing website, median three-bedroom unit prices in Brisbane’s West End sit around $1.2 million.</p><p>Property marketing company YPM Group said that 80 per cent of the Atelier residences were sold.</p><div id="carousel-root" data-reactroot=""><image-carousel-remove-button><div class="rm-carousel-wrapper"><button id="rm-carousel" class="rm-carousel-btn">Delete</button></div></image-carousel-remove-button><div class="slider-wrap"><image-carousel><div class="slider-el"><img style="height: 100%;" title="Copy of In-article (800 × 800 px).jpg" src="http://images.ctfassets.net/8pr762qjocl3/2tn5XWY0gu5ajG90RUvEAF/30d6ba8508b3c96082d5be95c658e2fd/Copy_of_In-article__800___800_px_.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/2tn5XWY0gu5ajG90RUvEAF/30d6ba8508b3c96082d5be95c658e2fd/Copy_of_In-article__800___800_px_.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="Copy of In-article (9).jpg" src="http://images.ctfassets.net/8pr762qjocl3/1AhYM43o6iY1jdQv8GAoMj/7dd966b88658c05006de148e3d64fccd/Copy_of_In-article__9_.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/1AhYM43o6iY1jdQv8GAoMj/7dd966b88658c05006de148e3d64fccd/Copy_of_In-article__9_.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="Copy of In-article (800 × 800 px) (1).jpg" src="http://images.ctfassets.net/8pr762qjocl3/4vTW9w5Z9upaUf6GhnWfUy/d69d89bf1138d75c06a79c6d44f6bc4e/Copy_of_In-article__800___800_px___1_.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/4vTW9w5Z9upaUf6GhnWfUy/d69d89bf1138d75c06a79c6d44f6bc4e/Copy_of_In-article__800___800_px___1_.jpg" data-mce-style="height: 100%;"></div><div class="slider-el"><img style="height: 100%;" title="Copy of In-article (8).jpg" src="http://images.ctfassets.net/8pr762qjocl3/6dcjWITiZIOrce98QxlL8D/3ec5dd1ad8879d726438bfe0829f2610/Copy_of_In-article__8_.jpg" data-mce-src="http://images.ctfassets.net/8pr762qjocl3/6dcjWITiZIOrce98QxlL8D/3ec5dd1ad8879d726438bfe0829f2610/Copy_of_In-article__8_.jpg" data-mce-style="height: 100%;"></div></image-carousel></div></div><p><br>Sydney-based Pyco Group has turned its attention to Brisbane in recent years with Atelier as well as The Bailey, another West End project, which it completed to deliver 26 boutique two and three-bedroom apartments.</p><p>Brisbane has been undergoing changes ahead of the 2032 Olympics, with developers focusing on boutique apartments such as OpenCorp’s <a href="https://www.theurbandeveloper.com/articles/twin-tower-albion-brisbane-development-application" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/twin-tower-albion-brisbane-development-application">11-storey Albion twin tower residential development</a> and Fortis’s recently approved $100-million <a href="https://www.theurbandeveloper.com/articles/fortis-slender-brisbane-tower-kangroo-point-approved" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/fortis-slender-brisbane-tower-kangroo-point-approved">Kangaroo Point luxury apartment project.</a></p>

Work is set to begin on Pyco Group’s West End development which it calls a “modern take on Brisbane’s iconic Queenslander”...

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<p>Landcom has launched plans for a build-to-rent project in Bomaderry in the south of NSW.&nbsp;</p><p>The $30-million pilot project by the state government-owned developer would deliver 50 new homes, of which 20 per cent will be affordable.&nbsp;</p><p>The development is slated for a site at 53-57 Bolong Road, and 4 and 8 Beinda Street at the southern end of Bomaderry town centre in the City of Shoalhaven.</p><p>Bombaderry is north of Nowra and about 2½ hours south of Sydney.</p><p>The site is near the Bomaderry train station, Nowra TAFE, and parks and road networks, including the recently upgraded Princes Highway.</p><p>Work is under way to complete the design and planning ahead of a development application being filed.&nbsp;</p><p>Subject to approvals, construction is planned to begin next year ahead of residents moving in by the end of 2026.</p><p>It is part of the NSW government’s build-to-rent program that also includes Landcom is delivering 50 apartments on the Tweed, although details of this project in the state’s north have not been released.</p><p>The South Coast has one of the lowest rental vacancy rates in the state and 47 per cent of Nowra households are experiencing rental stress.</p><p>Prior to its NSW election win, Labor pledged to focus on build-to-rent projects in regional areas, including turning surplus public land into rental stock.&nbsp;</p><p>“We need more housing options for essential workers, particularly in regional areas where it is difficult to retain staff,” Minister for the Illawarra and South Coast Ryan Park said.</p><p>“With better housing security and affordability available, we can attract more health workers to the South Coast which will improve outcomes for the entire community.”</p><p>Minister for Housing Rose Jackson said that the state government “knows that it needs to be directly involved in confronting the housing crisis”.</p><p>“The build-to-rent program delivered through Landcom represents a direct intervention into regional housing markets to deliver more affordable housing properties and is one of the first steps that we are taking to better support our regional communities,” she said.</p>

The first of a double feature of build-to-rent projects in regional New South Wales has been launched by Landcom…

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<p>The Victorian government has released draft concept plans for precincts around each station of the Suburban Rail Loop East project.&nbsp;</p><p>It is part of a substantial community consultation phase in the planning process for the six new stations.</p><p>The Suburban Rail Loop East project, which has $2.2 billion in federal and state funding, recently won <a data-mce-href="https://www.theurbandeveloper.com/articles/infrastructure-review-federal-funding-olympics-sydney-metro-airport-rail-inland-rail-intermodal-suburban-rail-loop-metronet" href="https://www.theurbandeveloper.com/articles/infrastructure-review-federal-funding-olympics-sydney-metro-airport-rail-inland-rail-intermodal-suburban-rail-loop-metronet" target="_blank" rel="noopener">the green light to proceed after the federal infrastructure review</a> but with no additional funding granted.</p><p>Affordable housing options, jobs, transport, healthcare and education have been included in the precinct concept plans after three years of consulting with the community—<a data-mce-href="https://www.theurbandeveloper.com/articles/monash-commission-intermediary-cities-post-pandemic-planning-australia" href="https://www.theurbandeveloper.com/articles/monash-commission-intermediary-cities-post-pandemic-planning-australia" target="_blank" rel="noopener">migration and the need for housing were identified as a key concern</a>.</p><p>The feedback allows the community to choose what level of development change they want to see in each precinct.</p><p>“With Melbourne’s population set to be the size of London by 2050, we need to move away from our traditional focus on a single CBD and evolve into a city of centres—connected places where people can access the things they need, closer to home,” Victorian minister for suburban rail loop Danny Pearson said.</p><p>“We need to build up as well as out, ensuring Victorians can afford to live where they want, close to where they work, in thriving and sustainable communities. The SRL Precincts Plans put forward a vision for how this could look, and we’ll keep listening to communities as we continue the planning work.”</p><p><a data-mce-href="https://www.theurbandeveloper.com/articles/shortlist-suburban-rail-loop-melbourne" href="https://www.theurbandeveloper.com/articles/shortlist-suburban-rail-loop-melbourne" target="_blank" rel="noopener">The Suburban Rail Loop East project </a>will create a connection between Cheltenham and Box Hill, and key employment, health and education centres in the eastern and south-eastern suburbs such as Monash University’s Clayton and Caulfield campuses.</p><p>Up to 8000 jobs are expected to be created during construction. Work got under way this year at Box Hill, Burwood, Glen Waverley, Monash and the stabling site at Heatherton.&nbsp;</p><div id="3Q8J8fYrQdFlIXNhm9QzAw"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3dCM8oRUSHAWSnHgQiGDV0/fefbde53de3e1e957b0a4fc2ee5c6b92/render_clayton_srl_precinct_mid_article_image.jpg" alt="The concept plans cover what could be part of the precincts developed around the six new SRL East stations." data-mce-src="//images.ctfassets.net/8pr762qjocl3/3dCM8oRUSHAWSnHgQiGDV0/fefbde53de3e1e957b0a4fc2ee5c6b92/render_clayton_srl_precinct_mid_article_image.jpg"></picture><div><span style="opacity: 0.8;" data-mce-style="opacity: 0.8;">▲ The concept plans detail possible plans for the precinct.<br><br></span></div></div><p>As part of that work, a tunnel-boring machine launch site at Burwood is being built and underground services moved to allow for construction of tunnels and stations.</p><p><a data-mce-href="https://www.theurbandeveloper.com/articles/suburban-rail-loop-east-contract-bidder-announced" href="https://www.theurbandeveloper.com/articles/suburban-rail-loop-east-contract-bidder-announced" target="_blank" rel="noopener">Tunnel-boring machines will be in the ground in 2026</a> and trains are expected to be scheduled for passengers in 2035.&nbsp;</p><p>Seven community panels including a youth panel, online surveys and face-to-face engagement is being planned as part of the community feedback process.</p><p>Residents, businesses and other stakeholders can make submissions at <a data-mce-href="http://www.srleastvisions.com.au" href="http://www.srleastvisions.com.au" target="_blank" rel="noopener">srleastvisions.com.au </a></p>

The Suburban Rail Loop East project has moved onto the next phase of planning after it was confirmed that it would not be getting more federal funding…


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<p>A former Gold Coast property development company director has been charged with fraud after an Australian Securities and Investments Commission (ASIC) investigation.</p><p>Ian Omar Chester was involved with Vested Capital Pty Ltd and several other associated companies engaged in projects in south-east Queensland.&nbsp;</p><p>Chester appeared today at Southport Magistrates Court charged with 15 counts of fraud, three counts of falsifying company records and two counts of providing false or misleading information to the members of a corporation.</p><p>The charges related to Chester’s activities with the Vested group of companies, of which 14 were wound up in July 2021, and a further company was liquidated in the aftermath.&nbsp;</p><p>According <a data-mce-href="https://archive.sclqld.org.au/qjudgment/2021/QSC21-173.pdf" href="https://archive.sclqld.org.au/qjudgment/2021/QSC21-173.pdf" target="_blank" rel="noopener">to court documents from 2021</a>, Chester was the sole director of a company called 53 Rankin Investments Pty Ltd which took $1.1 million from investors to develop a site at 53 Rankin Parade, Main Beach.&nbsp;</p><p>No land had been acquired and no development ever took place, but the funds were retained and it was alleged that there was a transfer of funds from the Rankin Parade company to another, of which Chester was the sole director.</p><p>Subsequently, ASIC took action against Chester and his wife Sophie Sylvia Chester to enact asset preservation orders, freezing their assets while an investigation was ongoing.</p><p>This matter is being prosecuted by the Commonwealth Director of Public Prosecutions, and the maximum penalty for fraud offences ranges between 14 to 20 years imprisonment.&nbsp;</p><p>Southport Magistrates Court advised <em>The Urban Developer</em> that a bail undertaking had been entered in Chester’s case and he was due back in court on February 5, 2024.</p><p>Chester’s live LinkedIn states that he was an “astute property investor” and managing director of Vested Property Group.&nbsp;</p><p>He said that he had a ‘personal track record’ of $767 million in residential sales and had delivered $64 million in residential projects, although these figures could not be independently verified.&nbsp;</p><p>Chester declared bankruptcy in July 2022, which is classed as an undischarged bankrupt, as the bankruptcy process is still ongoing.</p>

A Gold Coast developer who had his assets frozen following the wind up of his associated companies in 2021 is now facing fraud charges…

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<p>UniLodge has submitted plans for a 32-storey Perth purpose-built student accommodation tower.&nbsp;</p><p>The prolific student accommodation specialist is planning the 832-bed tower, designed by Rothelowman, for a site at 609 Wellington Street.</p><p>The project was filed with the City of Perth Council this week by UniLodge, the largest student accommodation provider in Australia, which manages 36,000 beds across 105 facilities.</p><p>Aiming for a 5-star Green Star rating, the building would include study hubs and a gym on level two, with communal terrace gardens and amenities on the rooftop.</p><p>There would be a mix of one and twin-bed studio apartments, as well as five-bed cluster apartments.</p><p>The Perth tower would also have a ground floor cafe on Wellington Street. The Railways Institute Building, built in 1897, is next to the site.</p><p>The proposed development site is in the northern fringe of Perth CBD.</p><p>According to a CBRE report into student accommodation from August last year, Australia is deeply under-supplied with just one PBSA bed for every 16 students.&nbsp;</p><p>In Perth, this situation is even more challenging.&nbsp;</p><p>According to Australian Unity, which teamed with investment manager MaxCap Group and UniLodge last month to develop $1 billion of PBSA, about 92 per cent of students are unable to access student accommodation in Perth.&nbsp;</p><p>The first seed asset in the trio’s planned portfolio is a 732-bed, 30-storey tower at 319-335 Wellington Street, near the new 60,000sq m Edith Cowan University campus development.&nbsp;</p>

Plans for a UniLodge highrise totalling 832 student apartments is being planned for a Perth CBD location…

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