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“We are probably going to be in a more innovative period, on a number of different levels, than ever—and it’s out of necessity.” Urbis’ director Paul Riga is talking about the Brisbane residential market and his belief that the time is right for innovation. The market has had more than its fair share of woes in recent years—the pandemic sparked labour shortages, floods, supply chain issues, rising construction and material costs, all leading to an increasing number of construction insolvencies. It has left many developers wondering how they can survive, let alone thrive. But Riga believes there is hope for residential developers. “There will be innovative ways of getting people getting started,” Riga said.He believes innovation will be necessary to make projects more financially feasible for developers, especially as demand for houses and apartments changes on the back of price, supply and affordability movement.&nbsp;“And for people to keep doing the jobs that we do, doing the projects that we do, there’s going to have to be a level of innovation for these projects to be feasible,” Riga said. Riga will be speaking about the state of the market and how he see the future at <a href="https://web.cvent.com/event/7f31abf7-09ca-4622-9f4b-dde75c44182b/regProcessStep1:edca50ec-110b-4e5a-b1f6-e40ceb411ee4?rp=b39b6eec-e4fe-426f-915e-6424e6b0217c" data-mce-href="https://web.cvent.com/event/7f31abf7-09ca-4622-9f4b-dde75c44182b/regProcessStep1:edca50ec-110b-4e5a-b1f6-e40ceb411ee4?rp=b39b6eec-e4fe-426f-915e-6424e6b0217c" target="_blank" rel="noopener">The Urban Developer’s Brisbane Residential Summit on June 8</a>.&nbsp;<div id="7eIiBxaBhC1QHbwLtixnOn"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7svkyn1BYu9oRQgfomEeKD/94207d286268b7c44bc4863632c6e4c7/Mid_article_resizes__9_.jpg" alt="Modular and prefab housing has been mooted as part of achieving the million home goal." data-mce-src="//images.ctfassets.net/8pr762qjocl3/7svkyn1BYu9oRQgfomEeKD/94207d286268b7c44bc4863632c6e4c7/Mid_article_resizes__9_.jpg"></picture><div>▲ Modular and prefab housing has been mooted as part of achieving Queensland’s million-home promise. </div></div>What these innovations will look like may vary but Riga says it will have to encompass several different parts of the process, from how planning is tackled to design, sales and construction. “There’s going to be more collaboration and more innovation in this space in the next two years, and my view is that there’s going to be more innovative solutions then we would have probably ever seen,” Riga said, “innovative building solutions, innovative cost management solutions, design solutions and so on.” But alongside this will come some hard truths around competing with government projects for much-needed construction labour, how to provide enough housing for people and how we think about living. “The industry is going to be very innovative over the next few years because we’re forced into it,” Riga said.“But as residents, our mindsets and our ideals will have to shift as well.” <hr> The Urban Developer Brisbane Residential Development Summit will take place on Thursday, June 8. <a href="https://web.cvent.com/event/7f31abf7-09ca-4622-9f4b-dde75c44182b/regProcessStep1:edca50ec-110b-4e5a-b1f6-e40ceb411ee4?rp=b39b6eec-e4fe-426f-915e-6424e6b0217c" data-mce-href="https://web.cvent.com/event/7f31abf7-09ca-4622-9f4b-dde75c44182b/regProcessStep1:edca50ec-110b-4e5a-b1f6-e40ceb411ee4?rp=b39b6eec-e4fe-426f-915e-6424e6b0217c" target="_blank" rel="noopener">Click here to register and learn more.</a>

As the Brisbane residential market tightens, Urbis’ Paul Riga talks about how developers can take advantage of the situation…


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Victoria is in better shape than ever, according to state Treasurer Pallas who has delivered his ninth budget.“I am delivering the Victorian budget 2023-24 and I do this amid a booming jobs market, a healthy economy and every sign that the state has bounced back,” Pallas told the parliament as he handed down the budget.&nbsp;“Our economy is performing well. The unemployment rate is below 4 per cent as it has been for most of the past year—which hasn’t happened for nearly 50 years.”Here are the announcements contained in the budget that The Urban Developer has indentified as having the most impact on the property sector.<h2>Housing</h2> Property investors and holiday homeowners will pay an average of $1300 more in land taxes which will raise $4.7 billion. Most of that will go towards the $8.6-billion Covid debt that Pallas wants to pay off. Absentee property owners will cop a surcharge increase to 4 per cent from 2 per cent to bring it into line with the rate in New South Wales. The tax-free threshold for land tax will also be cut to $50,000 from $300,000. Pallas said it was imperative that with increasing house prices and rents and land values more investors shoulder their part of the Covid debt bill. “We’ve structured the repayment plan in a way that’s reasonable and proportionate to those with an ability to pay,” Pallas said. The debt is expected to be paid off by 2033.<div id="6VBJm8wsQxa3SuUwABYeAg"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6c6UthiCB8nqfI1TC2aXDm/5791a2350e3c15e4454ef4debb758216/vic_budget_mid.jpg" alt="Victorian Treasurer Tim Pallas: the state budget includes help for homeowners whose builder goes bust." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6c6UthiCB8nqfI1TC2aXDm/5791a2350e3c15e4454ef4debb758216/vic_budget_mid.jpg"></picture><div>▲ Victorian Treasurer Tim Pallas: his budget includes help for homeowners whose builder goes bust. </div></div>Homebuyers will also get some relief with the state revenue commissioner given the ability to extend the land tax exemption on principal places of residence if <a data-mce-href="https://www.theurbandeveloper.com/articles/building-construction-insolvencies-australia-crisis" href="https://www.theurbandeveloper.com/articles/building-construction-insolvencies-australia-crisis" target="_blank" rel="noopener">the builder becomes insolvent</a>. A limit of two additional years will be imposed and it will only apply from January 1, 2024 for places under construction or renovation. Between these measures and the stamp duty reform, house prices are expected to decline by 3.5 per cent over the rest of 2023 before increasing again in 2024.<div id="WYqlbQBzQigh96l0XEMPr"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1PmpbbmTy578UOMrbP6Vii/c0ab5a5db08e78cf97232f68eade8957/Melbourne_Metro_Tunnel" alt="Part of the construction works being carried out on Victoria's Metro Tunnel project." data-mce-src="//images.ctfassets.net/8pr762qjocl3/1PmpbbmTy578UOMrbP6Vii/c0ab5a5db08e78cf97232f68eade8957/Melbourne_Metro_Tunnel"></picture><div>▲ Part of the construction works being carried out on Victoria's Metro Tunnel project. </div></div><h2>Infrastructure</h2> “We are not going to cut back on the mortgage payments that fund our Big Build but we are going to pay off our Covd credit card bill,” Pallas said, signalling that much of Premier Daniel Andrews’ Big Build plans will continue. Many of the Big Build and other infrastructure projects in early planning stages have been put on pause while<a data-mce-href="https://www.theurbandeveloper.com/articles/federal-infrastructure-pipeline-review-reactions" href="https://www.theurbandeveloper.com/articles/federal-infrastructure-pipeline-review-reactions" target="_blank" rel="noopener"> the federal government conducts a review of all major infrastructure projects</a>.Another $7.3 billion was allocated in the Victorian budget for transport projects, adding to the $112 billion already spent or allocated towards major transport projects since 2014.&nbsp;The budget includes $2.8 million for maintenance and upgrades for flood recovery work on roads across the state including $1.8 billion for regional areas. There will be $42 million put forward for neighbourhood batteries to help residents access renewable energy even if they cannot have solar panels on their homes or apartment buildings. Another $4.9 billion is earmarked to upgrade hospitals and healthcare assets across the state and support the healthcare workforce.&nbsp;But one of the biggest announcements is the return of the State Electricity Commission a public sector organisation previously privatised. It will focus on driving renewable energy creation and consumption.&nbsp;There will also be $6 million put forward for the 155ha Bendigo Regional Employment Precinct so the City of Greater Bendigo can install power and water infrastructure, and planning works at the site.&nbsp;Another $10 million for the Growing Suburbs Fund will support providing critical local infrastructure in key fast-growing suburbs.&nbsp;And an investment of $12.3 million is expected for Victoria’s new centres to manufacture mRNA vaccines.&nbsp;<h2>Workers and skills shortage issues</h2> There will be $738.6 million to help workers get trained with $186 million to expand the Free TAFE program. More than 137,00 students have saved $340 million in fees since the Free TAFE program started in 2019 with its once-per-lifetime limit removed, allowing workers to return to retrain or upskill.&nbsp;&nbsp;New TAFE campuses are planned for Melton and Sunbury along with a disability and student services hub at Gordon TAFE in Geelong, all funded by $170 million for the Building Better TAFE Fund.&nbsp;“TAFE is training Victorians for jobs now and for the future—we’re backing more Victorians to get the skills they need for careers in in-demand sectors, and building better TAFEs right across the state, ” Victorian training and skills and higher education minister Gayle Tierney said.&nbsp;A Clean Energy Fund, first promised along with the SEC, is also on the cards.Another extra $90.5 million will subsidise vocational training with another $90 million for priority skills training and job placement support via TAFEs while $3.8 million will be spent reviewing and updating the curriculum and assessment resources.&nbsp;The skilled migration program will also get a $3.1-million boost to attract more workers.&nbsp;<div id="1SpRbl6zT7hvvCwy9aNRnI"><picture><img src="//images.ctfassets.net/8pr762qjocl3/1tk0jGONpT27xSanYERiHz/b99b5eb61d6c8b6055069af8b8e29809/Construction_Workers" alt="The Victorian 2023-24 budget has outlined funding and initiatives to support apprentices and boost workers retraining and entering the construction industry and other key sectors." data-mce-src="//images.ctfassets.net/8pr762qjocl3/1tk0jGONpT27xSanYERiHz/b99b5eb61d6c8b6055069af8b8e29809/Construction_Workers"></picture><div>▲ The Victorian 2023-24 budget will fund support for apprentices and boost workers retraining.</div><div> </div></div>There will also be a new $4-million mental health training program for apprentices and a further&nbsp; $1.5 million for the Apprenticeship Taskforce to ensure fair treatment for all apprentices.&nbsp;Jobs Victoria will get $35 million to support vulnerable jobseekers and another $36.2 million is earmarked to help local businesses expand and boost productivity via research and development grants.&nbsp;LaunchVic’s Alice Anderson Fund will get $5 million to support 70 women-led startups by 2025, while the Fair Jobs Code, which came into effect in December 2022, will get $2 million to help its rollout.&nbsp;An Australian first, the Gig Worker Support Service will get $9 million to ensure 350,000 gig economy workers get support and advocacy.&nbsp;The International Investment Attraction Fund will get $20 million to attract global companies with another $12 million for the Boosting Victorian Exports program to grow our $50-billion export sector.&nbsp;Wage Inspectorate Victoria will get $6.7 million to investigate underpayment claims and run education campaigns.&nbsp;Worksafe will get a new dedicated inspectorate with 20 specialist inspectors funded by $24.1 million to ensure workers are safe within the construction industry.&nbsp;“Too many construction workers are injured on the job—we’re taking action to make building sites safer and hold irresponsible employers to account,” Victorian minister for worksafe and TAC Danny Pearson said.&nbsp;Another $2.4 million will also be allocated to help more women enter the construction industry through the Big Build program.&nbsp;<h2>Community projects</h2> A total of more than $200 million to improve facilities for more than 100 local sporting clubs was announced. This includes $15 million for the Frankston Basketball Stadium redevelopment and $15 million to upgrade the Benalla Indoor Recreation Centre. An extra $23 million for the Major Events Fund is expected to attract <a data-mce-href="https://www.theurbandeveloper.com/articles/melbourne-victoria-construction-costs-outlook-big-build-commonwealth-games" href="https://www.theurbandeveloper.com/articles/melbourne-victoria-construction-costs-outlook-big-build-commonwealth-games" target="_blank" rel="noopener">several large events, shows and sports competitions to Victoria</a> which will potentially provide work for developers keen to work on facilities or assets that can benefit from the events.<div id="6uam7bau3qyIQfWrXbqBmi"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7akhfu1fjNjaUHLMdKeJqU/68c04bf7dc4c756aedf872985187f935/basketball-gymnastics-5.jpg" alt="A render of the proposed redevelopment of the Frankston Basketball Stadium for which the Victorian government has allocated $15 million in the 2023-24 state budget." data-mce-src="//images.ctfassets.net/8pr762qjocl3/7akhfu1fjNjaUHLMdKeJqU/68c04bf7dc4c756aedf872985187f935/basketball-gymnastics-5.jpg"></picture><div>▲ A render of the proposed redevelopment of the Frankston Basketball Stadium.</div><div> </div></div>Around $2 million will be used to provide music education in schools as well as a planning overlay to protect live music venues.&nbsp; Minister for Regional Development Harriet Shing said a Tiny Towns Fund will be launched with $10 million for regional and outer suburban areas of up to 5000 people to fund projects that drive community building and tourism. “Our smallest towns are so important to rural and regional Victoria and we’re delighted to invest in these communities as part of delivering liveability and pride of place to every part of the state, now and into the future,” Shing said.&nbsp;There will also be $19 million invested in the Suburban Revitalisation Boards to work on local priorities with $1 million for renovating and repairing Cranbourne Public Hall.&nbsp;Revitalised cultural hubs in Box Hill, Chinatown, <a data-mce-href="https://www.theurbandeveloper.com/articles/dandenong-little-india-foster-street-rcd-capital-alliance-redevelopment-salta-inland-rail" href="https://www.theurbandeveloper.com/articles/dandenong-little-india-foster-street-rcd-capital-alliance-redevelopment-salta-inland-rail" target="_blank" rel="noopener">Dandenong</a>, Oakleigh, Elsternwick, Footscray, Richmond and other key locations will get $17 million to boost local jobs.&nbsp;“We’re backing the small businesses that sit at the heart of communities – revitalising our multicultural precincts, supporting traders’ groups and creating local jobs,” Victorian small business minister Natalie Suleyman said.<h2>Office and industrial</h2> The first major change is Premier Daniel Andrews’ stamp duty reform which will eliminate stamp duty for commercial and industrial properties. This is expected to boost business growth and expansion and encourage investment in office space and warehouses and other industrial and logistics assets. As part of the Economic Growth Package in the budget, the stamp duty system will transition to an annual property tax from July 1, 2024. It will also abolish business insurance duty. Victoria’s economy is expected to increase by $50 billion in net present value terms as a result of this change with new jobs created. From July 1, 2024 all commercial and industrial properties will transition to the new system as they are sold with a ten year period to pay the annual property tax. Buyers will have options to pay the final stamp duty liability as a lump sum immediately or pay the tax in fixed installments over a ten year period through a government-facilitated loan. The tax will be set at a flat 1 per cent of the property’s unimproved land value. Current owners are not included in the new system until the property is put up for sale post July 1, 2024.&nbsp;It is believed that removing stamp duty will help businesses get established and free up capital to be used on the buildings, construction or hiring workers.&nbsp;“Business and industry have told us they want this reform and we’ve listened,” Victorian treasurer Tim Pallas said.&nbsp;“These landmark changes will enable businesses to be more dynamic and agile, and to grow and employ more workers.”The reform does not apply to residential properties with the Victorian government saying it will consult with business and industry to work out the final form of the transition to the new system.&nbsp;Victorian Chamber of Commerce and Industry’s chief executive Paul Guerra is one of those that has already consulted with the state government.&nbsp;“This is exactly the type of progressive tax reform that is required to free up stamp duty charges which will accelerate building upgrades, stimulate investment in commercial property and free up more capital,” Guerra said.<h2>Supply chain issues</h2> The Victorian government has also announced an expanded transition support package for timber workers to move from native timber logging to plantation timber and other industries such as construction, agriculture, transport and manufacturing. It means that with this budget’s addition of $200 million, there is now more than $875 million in state government support for the transition to plantation timber to help resolve supply issues. Supply and work has been hampered by court and legal actions and severe bushfires over the past few years.&nbsp;The Victorian government said there is a lack of alternative timber supply locally and internationally to make up the shortfall and that there are no regulatory reforms that can be put in place to prevent future legal actions.&nbsp;It will instead put workers through the Free TAFE program to retrain in certain industries along with $8000 in retraining vouchers available for other TAFE courses.Out-of-pocket costs for accessing and access to mental health assistance for workers and their families will also be provided as will industry support payments. There will also be considerations around managing the 1.8 million ha of timber harvesting allocated public land and several programs set up to help businesses start up, grow and transition to plantation timber. A program to help other businesses switch to plantation timber supply will also be created.&nbsp;<div id="7Fw6xQcYdRp7fUdZitEDi4"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7rG97FrZrKEQUS32ivTUKh/2eeec738eaa97c93f377d4811656550e/timber_mid.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/7rG97FrZrKEQUS32ivTUKh/2eeec738eaa97c93f377d4811656550e/timber_mid.jpg"></picture><div>▲ Timber supplies are in the sights of the budget with a number of measures announced. </div></div>It means a part of the supply chain woes faced by the industry recently might be resolved sooner than expected. “That’s why we’re stepping up to give these workers—and their communities, businesses, and partners along the supply chain—the certainty they deserve,” Premier Daniel Andrews said.&nbsp;Victoria’s key defence sector supply-chain projects will also receive a $4-million investment.<h2>Cost of living</h2> There will be $400 million allocated to provide another round of the Power Saver Bonus for families.Regional public transport fares will be capped at metro rates with $190 million allocated to help it happen while $141 million is provided to install air conditioners across more than 40 high-rise public housing towers.Around $90 million will be allocated to digitise essential government services with $50 million provided for families to access public fertility care.Veterans will get assistance via a Victorian Veterans Card to help with the cost of living allowing them to access discounts which is funded by $42 million in a program.&nbsp;Free period products and access to machines providing them&nbsp; at 700 public sites across the state will be funded by a $23 million allocation.&nbsp;The Baby Bundle program will be funded over four years with $17 million to help new parents transition into parenthood.The Smile Squad free dental program will be expanded with $17 million for school age children to access dentist services.Solar Victoria will get $16 million to provide interest-free loans to install solar battery storage systems in homes.&nbsp;Tradies and apprentices will get free car registration offset by a $10 million allocation.&nbsp;

As Victorian Treasurer Tim Pallas announces his ninth budget, The Urban Developer unpacks what policies will affect the property sector…


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Plans have been filed for two greenfield developments in Victorian growth corridors as the drive to meet the critical housing shortage continues.In Melbourne’s northern growth corridor, HB Land is poised to launch a masterplanned community at Mickleham, 29km north of the CBD. The Woodsong community is planned for 1720 Mickleham Road, 2km north-west of Craigieburn Central. Plans include It will have 9ha of sports fields plus parks, open spaces and 25ha of waterways with access to hiking, biking and nature trails. A total of 645 lots are planned with 18 homesites in the first public release ranging from 290sq m to 417 square metres.A state primary school is planned for Mickleham to join the nearby Catholic school.HB Land will develop the project and has teamed with Oliver Hume for sales and marketing. Woodsong joins HB Land’s other projects—Unity Park at Tarneit, Carrington, Officer; and Elyssia at Wollert. Open space was key to the design, according to HB Land chief executive Michael Vinodolac. “The heart of the Woodsong community has been set aside for a 4ha sports and recreation precinct, with ovals, courts, playgrounds, and more,” he said.It is also the first project in the Craigieburn West Precinct Structure Plan to reserve part of the plan for a future school. The structure plan’s objective is to add 8000 houses to Craigieburn West and create residential neighbourhoods with town centres and other community infrastructure.<div id="743ifIvnZ4uEdCKrJrkAl5"><picture><img src="//images.ctfassets.net/8pr762qjocl3/2BuHDM4RoKKunQNotdvMox/a36eb503bcca832e6ec28637a33ce49a/woodsong_story_mid_article_image.jpg" alt="A render of the proposed connections to trails and the adjacent parks and wetlands at Woodsong." data-mce-src="//images.ctfassets.net/8pr762qjocl3/2BuHDM4RoKKunQNotdvMox/a36eb503bcca832e6ec28637a33ce49a/woodsong_story_mid_article_image.jpg"></picture><div>▲ A render of the proposed connections to trails and the adjacent parks and wetlands at Woodsong. </div></div>Wyndham in the Melbourne-Geelong corridor is also growing with Metro Property Development’s massive 15.12ha masterplanned community, Boardwalk, nearly sold out of its final lots. The estate at 315 Boardwalk Boulevard at Point Cook has a 7500sq m park in its centre. Boardwalk’s design includes no lot or house being more than 200m from the park. There are shops within 800m of the estate as well as two schools, Alamanda College and Featherbrook College, about 400m away. The estate is close to the Cheetham Wetlands as well as the Sanctuary Lakes Shopping Centre and golf course. Other projects in the pipeline for Metro Property include an estate community at Bingara Gorge in NSW and a series of townhouses in Williamstown, which are now under construction.<a data-mce-href="https://www.theurbandeveloper.com/articles/village-hub-plans-filed-for-melbourne-s-booming-outer-west" href="https://www.theurbandeveloper.com/articles/village-hub-plans-filed-for-melbourne-s-booming-outer-west" target="_blank" rel="noopener">Wyndham has become the focus of development activity</a> as Greater Geelong grows and more people opt to live in the area and commute to Melbourne or Geelong for work.&nbsp;

 HB Land has launched a new masterplanned community within Melbourne’s northern growth corridor…


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Another 700 home builds are under a cloud following the latest home builder Mahercorp going into voluntary administration on Friday.&nbsp;The Urban Developer contacted Mahercorp at the start of April following concerns raised over the viability of the construction company, but they declined to comment.&nbsp;Work on the 700 Victorian house build sites is on hiatus while administrators look at whether the business should be restructured.&nbsp;The Urban Developer understands the home builder had flagged it would soon become insolvent and appointed voluntary administrators.Steve Maher is the chief executive of Mahercorp, which he founded in 2002. It is the parent company of 8 Homes and Urbanedge Homes based in Victoria.In a statement Maher said he hoped to work with administrators to develop a plan for the a restructure of the business. He said the rising labour and materials costs had pushed the builder to the wall.&nbsp;“I want to emphasise that Mahercorp has not collapsed and is not in liquidation,” Maher said.“My intention is to work with the administrator on a plan that I hope allows us to restructure the business, creating a more sustainable footing and to complete your home.”Mahercorp has informed customers that construction would be suspended for five weeks during the voluntary administration period.&nbsp;Cor Cordis has been appointed as administrators for the company.Home builders continue to be at the thin end of the wedge, facing significant financial pressures.Speaking at The Urban Developer’s member-only webinar recently Hutchinson’s Builders Paul David said he<a data-mce-href="https://www.theurbandeveloper.com/articles/builders-dangerous-phase-hutchies-pbs-simonds" href="https://www.theurbandeveloper.com/articles/builders-dangerous-phase-hutchies-pbs-simonds" target="_blank"> expected more home builders to fall over</a> in coming months, and his prediction is ringing true.&nbsp;David said he expected cashflows to dry up and the “current losses that are residing within the books of builders and subcontractors across the country will start to be realised”.The domino effect is washing through the home builder market with one of Australia’s biggest builders, <a data-mce-href="https://www.theurbandeveloper.com/articles/porter-davis-homes-lloyd-group-liquidation-administration-collapse" href="https://www.theurbandeveloper.com/articles/porter-davis-homes-lloyd-group-liquidation-administration-collapse" target="_blank">Porter Davis, collapsing earlier this month</a> leaving a trail of unfinished homes in its wake.&nbsp;The Victorian state government has announced a $15-million reimbursement for more than 500 Porter Davis customers who had lost their deposits as part of the collapse.&nbsp;

Tools are down across 700 home build sites in Victoria following Mahercorp calling in administrators...

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Major reforms to prevent developers from invoking sunset clauses to terminate off-the-plan land sales contracts in a bid to take advantage of increasing property prices have been flagged in Queensland.But the industry has warned the proposed changes come at a time “when the housing system can least afford uncertainty and instability and a clampdown on the access to funding”.In a statement, the Queensland government indicated work was under way on amendments to legislation “to strengthen consumer protections” for off-the-plan residential property contracts for the sale of land.It follows reports of developers tearing up contracts during the pandemic-driven boom enabling them to relist the properties as prices soared.A sunset clause in an off-the-plan sales contract provides a party with the right to terminate if it is not settled within 18 months.According to the statement, the proposed legislative changes come in the wake of a review and would ensure developers can only invoke a sunset clause in specific circumstances.Attorney-General and Justice Minister Shannon Fentiman said those situations would include with written consent of the buyer, under a Supreme Court order or in another situation prescribed by regulation.Fentiman acknowledged that since the pandemic, Queensland’s building industry had faced challenging market conditions with supply-chain issues, labour shortages and increased costs for building supplies along with rising interest rates and soaring property prices.But she said: “While property development is a vital part of the Queensland economy, we also need to make sure Queensland buyers are protected when they purchase land off-the-plan.“We know property law is a complex and technical area that differs between states and territories, and we have listened to home buyers and property developers to ensure these changes reflect both parties’ needs.“Buying a home is one of the biggest decisions and investments a Queenslander will make in their lifetime, and we want to ensure they are protected, and the process is fair.”UDIA Queensland chief executive Kirsty Chessher-Brown said it had “cautioned” the government that any changes required careful consideration to avoid “unintended consequences” on the ability of developers to obtain financing to deliver urgently needed housing stock to market in a challenging environment.“The practical operation of sunset clauses is complex and today’s changes are now coming at a time when the housing system can least afford uncertainty and instability and a clamp down on access to funding,” she said.“In members’ experience, sunset clauses are exercised by the seller (property developers) in extreme instances and as a last resort. When contracts are terminated, they are done so for very genuine reasons including as a result of factors outside of the developer’s reasonable control.”Chessher-Brown said the UDIA would continue to urge the government to consider the general operation of sunset clauses in Queensland “rather than focus on isolated instances, which have manifested during a time of unprecedented market challenges”.“In considering any changes, it’s also important to recognise the substantive consumer protections which are already enshrined in existing regulations,” she said.“Equally, what recent instances have highlighted is the urgent need for the government to develop and rollout an education campaign, reminding consumers about the importance of seeking independent legal advice for property purchasers.“The institute is committed to working with the Attorney-General and the department to ensure that appropriate consumer protections remain in place and that the system provides certainty for all stakeholders involved, providing a pathway for housing delivery.”

Major reforms to prevent developers from invoking sunset clauses to terminate off-the-plan land sales contracts in a bid to take advantage of increasing property prices have been flagged in Queensland.

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“The market is not crashing—it’s recalibrating.” Charter Keck Cramer’s director Richard Temlett is on the stage at The Urban Developer’s Melbourne Residential Development Summit.The room is filled with developers, architects and other property professionals, all concerned about how to make their projects stack up in increasingly harder times.Their concern is understandable—<a data-mce-href="https://www.theurbandeveloper.com/articles/longriver-group-developer-construction-insolvencies-double" href="https://www.theurbandeveloper.com/articles/longriver-group-developer-construction-insolvencies-double" target="_blank" rel="noopener">there has been a raft of liquidations </a>recently, construction and material costs keep rising on top of the labour shortage, Covid-induced delays are far from over, and planning system issues are creating their own problems. Then there is the knock-on effect of the cost of living, the competition for rental spaces, the housing affordability issue and the return of international students needing shelter. <a data-mce-href="https://www.theurbandeveloper.com/articles/melbourne-housing-market-update" href="https://www.theurbandeveloper.com/articles/melbourne-housing-market-update" target="_blank" rel="noopener">Victoria’s housing market</a> has been chronically undersupplied for years. But Temlett is certain that developers can still make a profit despite the current situation. “You have to think long term,” he says.&nbsp;<h2>Melbourne’s housing supply woes</h2> Before the pandemic, Melbourne was the fastest-growing city in the fastest-growing state. Temlett says that now, post-pandemic, it remains on the same track and will be bigger than Sydney by 2051.&nbsp;But for many years the housing supply has not kept up.&nbsp;<div id="2uSOWkBXqiVNqP4N9f0FZU"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4r1RH3qxYC30pB5mgFQpjo/3e636237cfdd91e4f919346e2bc23486/3.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4r1RH3qxYC30pB5mgFQpjo/3e636237cfdd91e4f919346e2bc23486/3.jpg"></picture><div>▲ Supply and demand: the mismatch in the housing sector has been apparent for some time. </div></div>“There is a mismatch between supply and demand,” Temlett says.&nbsp;“The market is very distorted.”&nbsp;A lack of supply, especially at specific price points, is driving the demand but the current supply will not be sufficient.&nbsp;Victoria’s Plan Melbourne 2017-2050 Strategy Plan predicts that Melbourne will have a population of more than 8 million people with another 1.5 million homes needed.The Victorian Planning Authority is trying to encourage 70 per cent of the new housing being developed to be in established areas in Melbourne’s middle ring of suburbs with 30 per cent in greenfield areas.But for some time about 50 per cent of the new housing developed in Victoria has been in greenfield sites in growth corridors supported by incentives, stimulus programs and other initiatives.“You can see over the past couple of years, the greenfield market was a beneficiary of low interest rates and home builder grants,” Temlett says.However, the Plan Melbourne’s estimated numbers of housing needed is not sufficient.Even with a conservative estimate of an increase of 90,000 people per year and assumption that all existing projects would get funding and pre-sales to go ahead, Charter Keck Cramer found that there was not enough build-to-sell or build-to-rent properties to meet the annual demand.“It’s the missing middle,” Temlett says.&nbsp;<h2>Migrant living preferences are key</h2> Migration as the borders have opened up will be <a data-mce-href="https://www.theurbandeveloper.com/articles/migration-key-melbourne-housing-market-residential-summit" href="https://www.theurbandeveloper.com/articles/migration-key-melbourne-housing-market-residential-summit" target="_blank" rel="noopener">a key part of that increase in population</a>.&nbsp;“The federal government says that migration is actually forecast to get to pre-pandemic levels this financial year,” Temlett says.<div id="4Is6qnhcVMDjeuJiw47Vlf"><picture><img src="//images.ctfassets.net/8pr762qjocl3/3OwiR4154GlXKdMMIs4djB/fd0874e93986b9d0e78fd0c979ce9eea/2.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/3OwiR4154GlXKdMMIs4djB/fd0874e93986b9d0e78fd0c979ce9eea/2.jpg"></picture><div>▲ Research has found migrants are looking to buy their own homes in their fourth year in Australia. </div></div>“That’s an incredibly strong recovery.”What migrants want in housing will also be important.Charter Keck Cramer’s research found that 30 per cent of migrants rented houses with 25 per cent renting apartments within the first year of their arrival in the country.But by their fourth year in Australia, they were starting to look at buying property instead.“That’s relevant for developers,” Temlett says.“They are looking to make their buying decisions in three to four years and particularly in the greenfield market.&nbsp;“If you’re getting a 100,000 migrants into Melbourne right now, a lot of them are going to drive that ownership for your projects in three to four years.&nbsp;“Whereas the apartment market actually needs to respond right now, to house people that are coming in today.”&nbsp;<h2>Generational needs</h2> Age cohorts also have different housing needs.&nbsp;Charter Keck Cramer’s research team also found that while Gen Z was slowly coming back to buying housing, they were <a href="https://www.theurbandeveloper.com/articles/rentademic-cbre-ray-white-nhfic" target="_blank" rel="noopener" data-mce-href="https://www.theurbandeveloper.com/articles/rentademic-cbre-ray-white-nhfic">most interested in inner-city apartments to rent or buy</a> while millennials were most interested in either greenfield developments or build-to-rent with at least one-in-two millennials renting townhouses or apartments.&nbsp;<div id="174J71SlUIj7nzapAk6oeR"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4JsV9ROO319dWLAau1UIGI/f3172535e17ba8a2f70b233e21048762/melbourne_residential_summit_mid.jpg" alt="Ratio Consultant's Colleen Peterson, Mitchell Brandtman's Zarron Smith, Maxcap's Johnny Woodhouse, Charter Keck Cramer's Richard Temlett onstage with The Urban Developer's Adam Di Marco" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4JsV9ROO319dWLAau1UIGI/f3172535e17ba8a2f70b233e21048762/melbourne_residential_summit_mid.jpg"></picture><div>▲ Ratio Consultant’s Colleen Peterson, Mitchell Brandtmanz’s Zarron Smith, Maxcap’s Johnny Woodhouse, Charter Keck Cramer’s Richard Temlett onstage with The Urban Developer’s Adam Di Marco at the summit. </div></div>“There’s a huge section of the millennial market that want this Australian dream, and they will save the 20 per cent deposits for the house and land package and a quarter-acre block of land as they’ve moving into the family forming stages of their lives,” Temlett says.“They will drive demand for that type of product and will go into the greenfield markets.“One in two right now are renting; some of it is a choice, a lot of it is just forced quite simply because house prices are so high.”Baby boomers were the surprising cohort showing interest in build-to-sell—“rightsizing” instead of downsizing into apartments that suited their needs and increasingly also interested in what build-to-rent could offer them.&nbsp;“[Baby boomers] are not actually impacted by interest rate rise as a lot of them have paid off their detached houses—they’re more impacted by past price change, but unfortunately, they are aging and they’re working against the clock in the sense that they do need to start to downsize.”<h2>House and rent prices</h2> Melbourne’s rental vacancy rates currently sit at under 1 per cent“Even in areas such as Docklands where we got to 13 per cent at the height of the pandemic, it is now under 1 per cent,” Temlett says.“It is supply being removed from the market. “You can turn on migration by opening the borders but supply takes two to four years to be mobilised.“So for the next couple of years, I can’t see vacancy rates getting any higher than where they are now.” <div id="5eIpUmaKISSlX7JCAjWqPu"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4BK48m3xMRYTxLn0xZvJ3Y/feed05dd4da16c0c0df165c8db8d470a/1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4BK48m3xMRYTxLn0xZvJ3Y/feed05dd4da16c0c0df165c8db8d470a/1.jpg"></picture><div>▲ Temlett says rental vacancies rates are unlikely to shift any time soon. </div></div>Temlett estimates that there will be strong rental growth rates over the next few years to more than 5.5 per cent.&nbsp;He also thinks that developers will have to rethink pricing models as construction costs increase and that some already have.“We feel that there may be a 1 to 2 per cent fall in land values over the next couple of months or year,” he says, pointing out that a large amount of stock is being pre-sold and developers want to protect prices and will start offering incentives.&nbsp;<h2>Rates—and why there is a strong cycle coming</h2> Temlett thinks developers should be excited—they are operating in an environment where there is a huge demand for their product, so much so that competition may not even be much of a consideration.The only issue is if they can financially manage to create it in time for their target buyers and renters.And this, he says, is only going to accelerate when the Reserve Bank of Australia cuts rates, which he anticipates will be soon as he thinks the limit of how high the rates can be raised has been reached.“It is going to be a very elastic response,” he says.“There is a huge amount of demand in the market and a lot of buyers actually want to get into the market.“When they realise that the world is not going to end, they are going to start making their purchasing decisions.“And because of this mismatch between supply and demand, the next cycle will actually be very strong.” <hr> You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. <a href="https://www.theurbandeveloper.com/membership-plans" data-mce-href="https://www.theurbandeveloper.com/membership-plans">Click here to learn more.</a><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>

Charter Keck Cramer's Richard Temlett looks at the data to predict what the future of the residential sector in Melbourne will be and what developers need to know...


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The pinging sound of golf balls hitting the sweet spot of clubs—or not, as the case may be for most mere mortals of the fairways—suddenly fell silent last year at the Arundel Hills Country Club.No doubt, much to the jubilation of the unruly mob of kangaroos that reside at the now derelict Gold Coast golf course.But they may no longer be jumping for joy after a masterplan for the 67ha site was recently lodged with the Gold Coast City Council by the club’s new owners.&nbsp;Under the proposal, their tranquil tree-lined and once manicured pastures would make way for the suburban cacophony of an infill residential enclave comprising almost 450 home lots.“The vision is to deliver a significant supply of low density residential land lots to a Gold Coast market that is desperately short of new land subdivision opportunities, particularly in such a central location as Arundel,” a submitted planning report said.Urbis estimates there are only about 1000 lots available for sale within all the residential estates under development on the Gold Coast. By comparison, there are about 10,000 available lots in Ipswich and 25,000 available lots in Logan.The proposed masterplan includes three precincts to be delivered in stages, including a low-density urban residential subdivision—comprising 447 home lots varying in area from 286sq m to 1223sq m—that “reflects a natural extension of the neighbouring suburban community”.“The varied lot sizes proposed for the precinct will translate to a good mix of housing sizes, for a variety of family profiles, lifestyles, and price-points,” it said.<div id="2KV6dDcAOG0IZaP8p5Dp8S"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6vdMN1y74iDTwAMOVRxVz1/66a770f71656131eddf5ddbd22af59fd/Untitled_design_-_2023-03-27T160011.958.jpg" alt="An infill residential enclave comprising almost 450 home lots is proposed for the derelict Arundel Hills Country Club golf course on the Gold Coast.
" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6vdMN1y74iDTwAMOVRxVz1/66a770f71656131eddf5ddbd22af59fd/Untitled_design_-_2023-03-27T160011.958.jpg"></picture><div>▲ An infill residential enclave comprising almost 450 home lots is proposed for the derelict Arundel Hills Country Club golf course on the Gold Coast. </div></div>Part of the vision is also to “gift” land to the nearby AB Paterson College for its expansion and use for the sporting and recreational pursuits of its students.As well, about 40 per cent of the site would be dedicated to the council for environment and conservation purposes, open space, and conservation. This is partly aimed at accommodating fauna movements through the development and dealing with bushfire hazard risk to the surrounding area.“More generally, the proposed development also seeks to improve permeability-pedestrian connectivity throughout the neighbourhood,” the development application said. “Currently, the site is wholly private land, meaning it cannot be lawfully traversed without the consent of the registered owner.”However, some local residents have vowed to fight development of the site claiming it would set a “dangerous precedent” for Gold Coast golf courses and “rip the green heart” out of Arundel.As part of the masterplan DA, a preliminary approval is sought to nullify the zoning of the site under the City Plan and in its place, through a proposed Arundel Hills Development Code, establish “a set of detailed planning provisions that will facilitate the long-term co-ordinated development” of the site.<div id="YcmYFTlwm91ndottFtThL"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6wzK9MxDTgfds7yLECfrkG/e4a307300d9fb7a8d4a33d07fbecfba1/Untitled_design__100_.jpg" alt="The proposed masterplan for the abandoned 67ha Arundel Hills Country Club site." data-mce-src="//images.ctfassets.net/8pr762qjocl3/6wzK9MxDTgfds7yLECfrkG/e4a307300d9fb7a8d4a33d07fbecfba1/Untitled_design__100_.jpg"></picture><div>▲ The proposed masterplan for the abandoned 67ha Arundel Hills Country Club site. </div></div>It is noted in the filed documents that since the closure of the 18-hole golf course and its landmark clubhouse in May, 2022 the site “has lost its manicured qualities and has become unmaintained pastures and bush”.Arundel Hills Country Club's undulating par 72 course was designed by American Fred Bolton. Developed in the 1990s, it was considered “one of the gems” among the Gold Coast’s 30-plus golf courses.Its gates were abruptly closed last year after its Chinese-backed owner Zhongsheng Management Pty Ltd was placed in the hands of administrators.According to the recently-filed DA, the masterplan proponent Arundel Estate Developments Pty Ltd—led by Dale Carroll, Andrew Barbayannis, Rupinder Singh Brar and Dushyant Khana—has contracted to purchase the site from the current owner.Before its sudden closure, the course made headlines due to a spate of incidents in which players were “terrorised” and some attacked by its resident kangaroos.Staking their claim to the club’s tees, greens and fairways, the mob of marsupials reportedly had charged some club members, who were forced to defend themselves with their golf clubs.<iframe src="https://www.youtube.com/embed/ac7Nd9OpfKs" width="560" height="314" frameborder="0" allowfullscreen="allowfullscreen" data-mce-src="https://www.youtube.com/embed/ac7Nd9OpfKs"></iframe>

An unruly mob of resident kangaroos may no longer be jumping for joy after a masterplan to transform a derelict golf course was recently lodged with the Gold Coast City Council by the club’s new owners... 

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A 276ha rural-zoned site at Appin in rapidly expanding south-western Sydney has been listed as a masterplanned community opportunity.The site at 460 Brooks Point Road at Appin is in an area slated for change with 10 land rezonings already under assessment with the NSW government.&nbsp;The region is part of the state government’s newly announced $73.5-million Rezoning Pathway Program, which aims to kickstart rapid rezoning to meet demand for new housing supply in this area and bypasses councils.&nbsp;The property neighbours a site owned by Walker Corporation, which filed a planning proposal for 12,000 homes late last year in a new community called Appin Grove. The developer has previously outlined a proposal to add 50,000 people to the region as part of the state government’s Greater Macarthur growth corridor.<div id="0C2T9EHmxDCKl1U6sztqd"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5UbdxS8y9F8sMy1JTGFKmW/e118e69806738479b17d25aa579d61ef/Mid_article_resizes__3_.jpg" alt="A render of Walker Corporation’s Appin Grove residential development." data-mce-src="//images.ctfassets.net/8pr762qjocl3/5UbdxS8y9F8sMy1JTGFKmW/e118e69806738479b17d25aa579d61ef/Mid_article_resizes__3_.jpg"></picture><div>▲ A render of Walker Corporation’s Appin Grove residential development. </div></div>Lendlease and Ingham Property also own parcels of land in the Appin area that are earmarked for fast-tracked rezoning and potentially significant uplift in land value.The state government’s Greater Macarthur region plan for urban redevelopment and long-term housing solutions has drawn fire from the Wollondilly Council, which claimed it was over-development of Appin and nearby Wilton without infrastructure to support it.&nbsp;Colliers Australia agents Joe Sacco and Frank Oliveri are marketing the site for the vendor, Blight Investments.&nbsp;Sacco said: “[This site] will allow the incoming purchaser the opportunity to lodge a rezoning application to masterplan the site, with urban design analysis suggesting it has the potential to deliver over 1800 lots.”The site is 23km from the Campbelltown CBD and 50km from the Western Sydney Airport.&nbsp;New South Wales’ well-documented housing affordability crisis received another blow after Sydney was recently named the least affordable city in the world in a Demographia International Housing Affordability report–for the second year in a row.&nbsp;UNSW housing policy experts Professor Hal Pawson said a broad-based land tax would go some way to addressing housing affordability issues.&nbsp;Pawson said it would bring more under-utilised land to market, improve housing supply and discourage speculative hoarding.

A 276-hectare rural-zoned site at Appin in the rapidly expanding South Western Sydney has been listed as a masterplanned community opportunity..

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Migration will be key to how the Melbourne housing market develops over the next few years, according to research from Charter Keck Cramer.&nbsp;The property advisor’s executive director Richard Temlett said overseas migrants and their living preferences would drive what the market wanted and how developers would need to design and build projects. “Melbourne relies a lot on net overseas migration,” Temlett said.“Lots of migrants are going into apartments and townhouses, and they’re renting them, but there’s opportunities for sales as they want to buy their own homes after a few years.”Melbourne’s housing market is rarely not challenging and Temlett will be sharing findings of the research and thoughts about the market in the city in his keynote address at <a data-mce-href="https://cvent.me/XrQWmz?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=TUDM%3A+Content" href="https://cvent.me/XrQWmz?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=TUDM%3A+Content" target="_blank" rel="noopener">The Urban Developer Melbourne Residential Development Summit on April 13</a>.“The market is very distorted in Melbourne,” Temlett said, “there is a supply and demand mismatch.”He said this was due to a number of factors.For years, most states in Australia had fallen behind in delivering the number of houses and apartments needed to for the growing population and the pandemic exacerbated this shortage.&nbsp;As well, supply chain issues, labour shortages and rising material, construction and living costs have deepened the crisis.<div id="ADMateNbShX1C7SdEyjaJ"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7oVfzjD3FWM7EzA6hc0ZgJ/76485d0aed1f5cfc7f11691d1c607aec/Mid_article_resizes__2_.jpg" alt="Migration will put Melbourne in the driver’s seat, according to Richard Temlett." data-mce-src="//images.ctfassets.net/8pr762qjocl3/7oVfzjD3FWM7EzA6hc0ZgJ/76485d0aed1f5cfc7f11691d1c607aec/Mid_article_resizes__2_.jpg"></picture><div>▲ Migration will put Melbourne in the driver’s seat, according to Richard Temlett. </div></div>Despite projects such as Victoria’s Big Build program for social housing, there is still a shortage of housing across all market segments including student accommodation, owner-occupiers, downsizers, affordable housing, investors and key workers.&nbsp;Those who can’t afford to buy a house are now competing to buy apartments, putting pressure on that market and reducing the number of units that can be turned into rentals.Renters are facing competition not just from those who have given up buying but also returning international students who can’t find student accommodation.But, Temlett said, increasing levels of migration and forecasts that Melbourne and Victoria’s population will grow make it a good place for developers.“Melbourne and Victoria are set to be Australia’s fastest growing city and state,” he said. “In fact, Melbourne will have a greater population than Sydney by 2031-32.”And migration will drive build-to-sell and build-to-rent development in the state, he said.It means developers had best factor in migration to Victoria and its capital as they eye the near future, Temlett said. <hr> The Urban Developer&nbsp;Melbourne Residential Developer Summit will be held in Melbourne on Thursday, April 13.&nbsp;The summit will also offer premium networking opportunities that will allow attendees to connect with like-minded professionals, industry leaders, and potential partners.<a href="https://cvent.me/XrQWmz?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=TUDM%3A+Content" target="_blank" rel="noopener" data-mce-href="https://cvent.me/XrQWmz?rt=X_aufiJPxEeHOTaMYZfoiQ&amp;RefId=TUDM%3A+Content">Click here to learn more and to register.</a>

Charter Keck Cramer’s research has found that considering migration is key to successful residential development as developers prepare for Melbourne’s next few years…


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Brisbane City Council has confirmed it will resume 2217sq m of land on the former ABC site at Toowong from Monarch developer Consolidated Properties Group.&nbsp;CPG and Qualitas bought up the 1.2ha site at 600 Coronation Drive, in a $35.5-million deal with Sunland in 2021, with an understanding that this resumption would be going ahead.&nbsp;The developer kicked off the sales campaign for its <a data-mce-href="https://www.theurbandeveloper.com/articles/consolidated-properties-group-600-coronation-drive-toowong-development-application-approval" href="https://www.theurbandeveloper.com/articles/consolidated-properties-group-600-coronation-drive-toowong-development-application-approval" target="_blank" rel="noopener">$400-million Monarch two-tower riverfront apartment project</a> last weekend.&nbsp;The project comprises 224 apartments, which includes eight rooftop penthouses and nine sub-penthouses as well as the renovation of the historic 1865 Middenbury House, which is slated to open to the public as a restaurant or retail offering.&nbsp;CPG chairman and chief executive Don O’Rorke said it was disappointing to lose the riverfront land but said they were “committed to supporting the Brisbane City Council in their vision for the green bridge”.&nbsp;“It undoubtedly provides a much-needed connection between the riverfront communities of Toowong and West End,” he said.While negotiations on the price tag for the resumption of the land appear to be ongoing, it represents a 18.5 per cent portion of the $35.5-million site.&nbsp;<div id="4UWaf2FRo5syk7j4lcQpn5"><picture><img src="//images.ctfassets.net/8pr762qjocl3/6XBfSPFHWRSM2MMW1cV4AU/8c988015e7b261b3f8ab3df760a46faf/Green_Bridge_Toowong_MID.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/6XBfSPFHWRSM2MMW1cV4AU/8c988015e7b261b3f8ab3df760a46faf/Green_Bridge_Toowong_MID.jpg"></picture><div>▲ The Toowong landing of the green bridge will connect with the expanded Bicentennial Bikeway. </div></div> Brisbane Lord Mayor Adrian Schrinner said the application for the resumption of the land at the former ABC headquarters would go to the council for endorsement next week.&nbsp;“Construction is under way on the Kangaroo Point and Breakfast Creek green bridges, which will be great assets for our city and important pieces of infrastructure during the Brisbane 2032 Olympic and Paralympic Games,” Schrinner said. &nbsp; “We put the remaining two West End green bridges on hold after the devastating February flood so we could concentrate on Brisbane’s rebuild and recovery. &nbsp; “However, it is important we secure this part of the former ABC site now, so we are ready to build the Toowong to West End Green Bridge in future with the support of other levels of government.”CPG’s sales display suite opened at the weekend and chief operating officer James MacGinley said the repurposed site showcased the riverfront views.<div id="KkMRrU58dEbJev0bE29aV"><picture><img src="//images.ctfassets.net/8pr762qjocl3/4IdNYTb2niXMQZD6zk5HHu/fddde09ae0d1cae54e1b77f2c1e88684/Monarch_CPG.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/4IdNYTb2niXMQZD6zk5HHu/fddde09ae0d1cae54e1b77f2c1e88684/Monarch_CPG.jpg"></picture><div>▲ Consolidated Properties Group and Qualitas won approval for the Monarch development in July 2022. </div></div> “The sales display building is an amazing asset to have at our disposal and we are very fortunate that such a unique, well-positioned structure exists on the site,” MacGinley said.&nbsp;“It will perfectly showcase the display kitchen, bathroom and living areas of the Monarch Residences and most importantly, the incredible river views.” &nbsp;

Brisbane City Council has confirmed it will resume 2217sq m of land on the former ABC site at Toowong from Monarch developer Consolidated Properties Group...

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Diversified property group ID_Corp has unveiled plans to launch a new land lease community venture, Next Living.The over-50s gated community product will be rolled out through ID_Land’s existing pipeline across Victoria and Queensland.ID_Corp managing director Matthew Belford said Next Living would target downsizers for more than 1000 residences in its first five years on the market at Gisborne and Clyde in Victoria, and Walloon in Queensland.&nbsp;Belford said the strategy was to deliver housing options that were affordable across a range of sectors in the property market, and Next Living allowed the company to capture a new demographic within the residential market.&nbsp;“We’re proud to be launching Next Living and supporting further expansion for the ID_Corp group of companies, while reaching a new audience demographic in the process,” Belford said.“The addition of Next Living to our portfolio will complement our existing development, homebuilding and investment divisions, utilising sites within our current pipeline to the deliver our first Next Living land lease communities.“Next Living will target downsizers ready to embrace the freedom of land lease community living, in locations that present the opportunity to be close to family members in existing and future ID_Land communities.”<div id="2Xq8j4oDvvey3iA2yeusz2"><picture><img src="//images.ctfassets.net/8pr762qjocl3/K87JEj8DNkkCVCN6iIwkv/d20292997ea29b6ebc6c657fd53d79fc/Next_Living_MDI.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/K87JEj8DNkkCVCN6iIwkv/d20292997ea29b6ebc6c657fd53d79fc/Next_Living_MDI.jpg"></picture><div>▲ ID_Corp managing director Matthew Belford says now is the right time to diversify the portfolio to corner an untapped demographic in the residential market. </div></div> It’s a market that is expected to boom with Australian Bureau of Statistics data revealing that the number of Australians aged over 65 will rise from 18.6 per cent in 2023 to 20.7 per cent in 2033.The land lease arm joins ID_Corp’s $3.5-billion portfolio, which also includes property development, construction and funds management.&nbsp;Next Living will provide a variety of home builds, residents’ clubhouses, community managers and maintenance staff on site.&nbsp;“Since launching ID_Land in 2009, we have never stopped looking for the right opportunities to further diversify our company’s offering in-line with our long-term strategy,” Belford said.&nbsp;“Next Living marks the next step in the ID_Corp expansion, and we look forward to officially launching to market.”Belford said a key drawcard of Next Living’s projects would be the comfortable, lock-and-leave style living for those ready to enter the next phase of life.&nbsp;

Diversified property developer ID_Corp has added another feather to its cap with the launch of a land lease over-50s product to complement its $3.5-billion portfolio...

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The time it takes a residential lot in south-east Queensland to settle has tripled in less than two years, with the chronic shortage of sites blamed for the blow-out.According to the RPM SEQ Property Research Report, buyers are waiting 208 days after signing a contract to settle on residential lots.This is more than double the median of 96 days buyers had to wait in 2021 and more than three times the 67 days it took to settle land purchases in 2020.The interstate migration boom and labour shortages are factors, researchers said, the biggest issue is the release of registered land lots falling short of market expectation and demand.The report shows that despite construction in Queensland approaching the record levels of 2016, with 40,290 homes under construction, the release of land remains well below average.South-east Queensland recorded 17,583 lot registrations in the 12 months to December last year, a figure that comprises urban and large-lot residential land, as well as unit lots. This is well down from the peak of 31,545 in 2017—the figures have been falling steadily every year since then.“Despite record construction activity across the state, south-east Queensland is failing to keep up with demand for residential lots,” said RPM Group Queensland managing director Clinton Trezise said. “This is partly due to the combined impact of sustained demand, material shortages and labour constraints. However, the key issue remains a shortage of development sites coming to the market in high demand areas.”The RPM report shows that south-east Queensland’s indicative land supply appears robust, with a combined 29,208ha of broadhectare sites earmarked for the development of 399,130 homes.Logan and Ipswich have the lion’s shares of this land. Together, these two areas account for more than half of the south-east’s combined home yield.<div id="1vm8WkZmRozBgAQcxcMbNi"><picture><img src="//images.ctfassets.net/8pr762qjocl3/7qedRTEuqshCna6DdWu6xj/1716eaf5cda1b6c82905eb34ea168032/1.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/7qedRTEuqshCna6DdWu6xj/1716eaf5cda1b6c82905eb34ea168032/1.jpg"></picture><div>▲ More than half the land supply for the region will come from Ipswich and Logan. </div></div><a href="//images.ctfassets.net/8pr762qjocl3/7qedRTEuqshCna6DdWu6xj/1716eaf5cda1b6c82905eb34ea168032/1.jpg" target="_blank" rel="noopener" data-mce-href="//images.ctfassets.net/8pr762qjocl3/7qedRTEuqshCna6DdWu6xj/1716eaf5cda1b6c82905eb34ea168032/1.jpg"></a>However, Sunshine Coast and Gold Coast, the lifestyle markets that are among the most in demand by interstate buyers, have about 1,00ha of broadhectare sites each that could be developed to yield 27, 434 and 56,497 residences respectively. These markets together account for just over 21 per cent of the combined home yield.The RPM report also details the pressure on the rental market amid the south-east’s population boom with data showing a significant decrease in the number of bonds held by the Rental Tenancies Authority over the past year.Brisbane was the only local government area to record an increase in bonds, which indicates more homes entered the rental pool during the year, RPG said.The biggest falls in percentage terms were recorded in Somerset and the Lockyer Valley, at 12 per cent and 7 per cent respectively.However, the Gold Coast led the charge by number with a massive 3469 fewer rental bonds for the 12 months to the end of December—a fall of 4 per cent.Sunshine Coast had 1502 fewer rental bonds, down 5 per cent, while Moreton Bay bonds were down by 1500 or 3 per cent.“These decreases have obviously had a knock-on effect on average rents across the region,” Trezise said.<a href="//images.ctfassets.net/8pr762qjocl3/5aGO21FCudsjLraHLGhmX2/e3b51cfb596bdcbf43d69c7092f9cc34/Mid_article_resizes__4_.jpg" target="_blank" rel="noopener" data-mce-href="//images.ctfassets.net/8pr762qjocl3/5aGO21FCudsjLraHLGhmX2/e3b51cfb596bdcbf43d69c7092f9cc34/Mid_article_resizes__4_.jpg"></a><div id="2g5qvieUnCpVfTLDL36a4W"><picture><img src="//images.ctfassets.net/8pr762qjocl3/5aGO21FCudsjLraHLGhmX2/e3b51cfb596bdcbf43d69c7092f9cc34/Mid_article_resizes__4_.jpg" alt="null" data-mce-src="//images.ctfassets.net/8pr762qjocl3/5aGO21FCudsjLraHLGhmX2/e3b51cfb596bdcbf43d69c7092f9cc34/Mid_article_resizes__4_.jpg"></picture><div>▲ The Gold Coast had 3469 fewer rental bonds for the 12 months to the end of December. </div></div>Rents on the Gold Coast and Moreton Bay have increased by 19 per cent across all homes. And while vacancy rates across the state eased slightly in December, the most recent quarter’s data found that that there were 6758 fewer bonds held across southe-ast Queensland than the same time last year.Queensland recorded 55,418 interstate arrivals over the 12 months leading up to June 2022, the most of any state, with the majority of those settling in the south-east corner.The RPM report shows that affordability remains a key attraction for interstate buyers with the cheapest land closest to Brisbane at Doolandella (average price $414,000), 20 minutes from the city; followed by Logan Reserve ($335,000) which is 30 minutes from the city.The cheapest land closest to the Melbourne CBD is $530,000 at Greenvale which is under 30 minutes from the city, while in Sydney lots at Marsden Park, 40 minutes from the city, are averaging $910,000.However, the RPM report notes that, at the current rate of land releases, south-east Queensland will struggle to meet the estimated 30,640 new dwellings a year needed to cater for the expected population growth.“Amid the ongoing capacity constraints, there is clearly a need for statutory bodies to release more land to ease the pressure on buyers,” Trezise said.

Lots in south-east Queensland are taking triple the time to settle of less than two years ago, according to new research, with the blame laid at the feet of a chronic problem…

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