The Victorian government says it is accelerating the delivery of residential land with grants to councils facing population growth issues and land shortages.

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>The Victorian government says it is accelerating the delivery of residential land with grants to councils facing population growth issues and land shortages.</p><p>The Streamlining for Growth program has been confirmed for a seventh year with more than $3.2 million available for councils via the program.</p><p>“The funding will help councils with staffing or financial support to unblock or fast-track strategic planning projects to deliver new homes and jobs faster,” planning minister Richard Wynne said. </p><p>The focus of the program last year was on projects helping Victoria’s economy recover as well as addressing land shortages in growth areas in regional Victoria and Melbourne, he said. </p><p>“We know regional Victoria is facing land supply and affordability pressures, which is why two thirds of this year’s funding was focused on the regions,” Wynne said. </p><p>Seventeen rural and regional councils will receive a share of $2.18 million from the program.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/e1c1feb7-34f3-4b78-ae0a-b5e4d09240cc.jpg" width="1254"/></picture><div><span style="align-content:center;opacity:0.8">▲ Victorian councils are receiving funding to help provide more housing for population growth and industrial development to recover from the pandemic.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Victoria is currently outperforming NSW in the number of housing approvals, according to the ABS’ Housing Approvals data. </p><p>NSW’s housing approvals increased by 32 per cent in December 2021 over November’s total of 4917, lower than Victoria’s 5733 approvals.</p><p>Victoria also outperformed NSW for total private sector housing approvals, 3271 to 2368.</p><p>“Prices continue to grow—affordability continues to fall,” Urban Taskforce Australia’s chief executive Tom Forrest said. </p><p>“It remains confusing and disappointing that Victoria continues to dramatically outperform NSW when it comes to approvals of new homes.” </p><p>Golden Plains Shire Council is one of the 17 regional councils that will receive funding with $315,000 for 7000 new housing lots to cater for a projected population growth of 21,000 in the region, which is between Geelong and Ballarat, during the next 15 years. </p><p>In Melbourne, the Casey council is among recipients, with $186,000 allocated to help with Narre Warren Village’s growth and investing in the council area.</p><p>The funding is also being used to streamline processes and ensure better regulation, including Whittlesea’s $211,000 to streamline heritage protection in growth areas. </p><p>In NSW accessible housing remains a major issue, Forrest said.</p><p>“The big area of drop-off has been in approvals for entry level apartments,” he said. </p><p>“Millennials have suffered most under the planning policies of the past three years.” </p></div></div></div></div></div>

Victoria was already ahead of NSW in housing approval numbers but now with the Streamlining for Growth program funding it may increase its lead...

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Frasers Property has been greenlit for development of their </strong><a href="https://theurbandeveloper.com/articles/urban-farm-creates-much-needed-retail-customer-experience-"><strong>Burwood Brickworks</strong></a><strong> mall with grand plans to create the world’s most sustainable retail shopping centre.</strong></p><p>The masterplan for the development also includes 700 homes ranging from freestanding and semi-detached terrace housing and apartments expected to hit the market later this year. </p><p>The mall will feature an urban roof-top, a mix of on-site rooftop solar PV and off-site renewable energy, and utilise the latest in battery storage to generate 105 per cent of the building’s energy. </p><p>The developer is investing up to $14 million of sustainability features as it aims for the highest global sustainability standard: The Living Building Challenge certification. </p><p>Related reading: <a href="https://theurbandeveloper.com/articles/frasers-welcome-25-million-reward-hospitality-hq-to-yatala-central">Frasers Welcomes $25m Reward Hospitality HQ to Yatala</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/129df2a2-c6d9-4683-8378-f5d2425afc5c.jpeg" width="2048"/></picture><div><span style="align-content:center;opacity:0.8">Fraser’s goal for world’s most sustainable shopping centre DA approved by Whitehorse City Council</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Construction commenced on Tuesday, with Melbourne-based builder Hacer Group at the helm, after Whitehorse City Council gave its stamp of approval. </p><p>Frasers Property general manager for residential in Victoria Sarah Bloom said the new community will set a new benchmark for what’s possible in sustainable urban design.</p><p>“This project exemplifies everything we stand for: building sustainable, liveable communities that promote the long-term health and wellbeing of our residents and, especially in the case of Burwood Brickworks, for visitors too.&quot;</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/6bba4f66-8896-4ad5-91e0-15a0b26fe03d.jpeg" width="2048"/></picture><div><span style="align-content:center;opacity:0.8">The former brickworks site in Melbourne’s eastern suburbs will be transformed into one of Australia’s most sustainable communities.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Sustainability expert Joost Bakker is consulting on the urban rooftop farm which will offer a “paddock to plate” style offering for customers. </p><p>“The vision and design for the centre seeks to re-invent the way we think about sustainable mixed-use developments and food sourcing,” Bakker said.</p><p>Related reading: <a href="https://theurbandeveloper.com/articles/sensgardens-waterways-and-flying-drones-westfields-mall-of-the-future">Sensory Gardens, Waterways and Flying Drones: Westfield’s Mall of the Future</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/0fa88e36-3758-4ed3-bbd3-5a8ad83b62e0.jpeg" width="2048"/></picture><div><span style="align-content:center;opacity:0.8">The masterplan for the development includes 700 homes and will integrate 2.5 hectares of open space and parklands.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Frasers Property is targeting 6 Star Green Star Design and As-Built ratings for the shopping centre, designed by Melbourne-based NH Architecture, which will be an Australian retail first.</p><p>The mixed-use project, which aims to be completed by late 2019, is expected to create almost 3,000 new jobs, including more than 700 ongoing jobs in the shopping centre.</p><p>Frasers Property executive general manager Peri Macdonald said emphasis on the visitor experience is a central consideration. </p><p>“And this means an engaging mix of retailers and a vibrant dining precinct in the most comfortable environment imaginable,” Macdonald said.  </p><p>A full-line 4200sq m Woolworths, a proposed Dan Murphy’s, a cinema, child care centre, medical centre, along with health and fitness operators will anchor the 12,700sq m shopping centre. </p></div></div></div></div></div>

Frasers Property has been greenlit for development of their Burwood Brickworks mall.

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Property industry heavyweights have stepped up to create a new world-first facility supporting homeless youth in partnership with the Victorian government.</strong> </p><p>Construction of an $8 million centre began this month with the vision to transform City Mission’s <em>Frontyard</em>, Melbourne’s largest early intervention and crisis service for severely marginalised and disadvantaged youth, into a 24/7 service provider with expanded support services. </p><p>The centre, at 19 King Street in Melbourne’s CBD, has offered a safe haven to young people in crisis for almost 30 years.</p><p>Melbourne City Mission chief executive Vicki Sutton says the new venue is designed to disrupt the cycle of homelessness for Victoria’s most vulnerable and hard to reach young people.</p><p>“For 29 years Melbourne City Mission and Frontyard have been there for young people when they have nowhere else to turn,” Sutton said.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/f410706e-710b-4fe7-88d7-653d318f1e39.jpg" width="956"/></picture><div><span style="float:right;opacity:0.8">Supplied</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p><p>Architect Fender Katsalidis is at the heart of the new facility’s design, along with property consultants, Ashurst, Case Meallin, Urbis, Slattery, NDY, Wood &amp; Grieve Engineers, Hendry Group, Equitable Access Solutions, Irwinconsult and Built.</p><p>The joint effort will ensure upgrades to a new intensive support centre, including the addition of two floors of crisis accommodation to shelter young people with nowhere to call home. </p><p>Related: <a href="https://theurbandeveloper.com/articles/little-projects-university-of-melbourne-tower">Paul Little, Jane Hansen Donate $30m for Student Accommodation</a></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/d7169ca1-01c4-4a6d-8dfe-86e9dac77ca0.jpg" width="3264"/></picture><div><span style="float:right;opacity:0.8">Supplied</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Property Industry Foundation Victoria chairman Peter Inge said the property consultants backing the project have already pledged their support with a plan in place to provide pro-bono services for the construction of the project. </p><p>“Our building partner, Built, will source and provide discounted and donated goods and materials for this project,” Inge said.</p><p>“Our mission at the Property Industry Foundation (PIF) is to work with charities who provide programs that assist at-risk and homeless young people. It is PIF’s plan to nationally create 125 bedrooms over the next 4 years.” </p><p><strong>Youth snapshot</strong></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/c174d4b7-b154-4ba4-8d0a-537945b45000.jpg" width="956"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p><p>The new model of support has been designed to respond to the multiple and complex needs of young people with significant trauma, who experience challenges connecting with support services. </p><p>Many of the young people accessing the new service will have been through the child protection system, and are likely to experience addiction, cognitive impairment and other disabilities in addition to youth homelessness. </p><p>Without intervention, they are at risk of remaining in crisis long-term, including adult homelessness.</p><p>The centre, due to open early 2019, will also provide services such as mental health, drug and alcohol and disability support.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><em>The construction project is made possible by an innovative partnership between Melbourne City Mission and the Victorian Government, philanthropists including The Peter and Lyndy White Foundation, and the property industry through the Property Industry Foundation.  </em></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div></div></div>

Property industry heavyweights have stepped up to create a new world-first facility.

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="ci cl"><p>Up to 94 hectares of land developed across three state landholdings in Casuarina, Forrestdale and Treeby will be developed in a $350 million deal.</p><p>The collaboration between the Western Australian government and private industry partners will see the roll out of 1500 lots developed for housing in Perth’s south-east metropolitan region.</p><p>Land developer LWP Group is project partner on the development of Perth’s south metropolitan sites.</p><p>Housing Minister Peter Tinley described the project, a partnership with the private sector, as an “urban development” that would deliver affordable housing for people on low-to-moderate incomes.</p><p>“These developments will provide an ongoing supply of affordable housing land in the south metropolitan area,” he said.</p><p>Tinley said state government is continuing to work with the private sector to increase the supply of new housing, with a “focus” on the affordable end of the market.</p><p>LWP Group has also partnered with state government on the Hesperia Precinct in Ellenbrook’s town centre, around 30 kilometres from Perth’s CBD. </p><p>Building activity in Perth has experienced challenging conditions over recent years, largely due to the slowdown in the resource sector. </p><p>The latest <a href="https://theurbandeveloper.com/articles/is-the-downturn-over-house-prices-begin-to-rise">housing figures</a> by Domain show Perth’s house prices have continued to slump, recording a 1 per cent drop for the September quarter to $527,107, while down 2.4 per cent year on year. </p><p>Related: <a href="https://theurbandeveloper.com/articles/late-property-developers-former-perth-mcmansion-for-sale-35m">Alan Bond’s Former Mansion Listed for $35m</a></p></div></div></div>

LWP Property Group will partner with the WA government to oversee the delivery of 1500 new homes in a $350 million tri-part deal.

Dr Pfautsch recorded heat across Penrith on hottest day in summer

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="ci cl"><p>The heat is on developers to “urgently rethink” planning and the use of materials as sensors across Greater Western Sydney tracked big temperature differences in summer.</p><p>On Penrith’s hottest day when temperatures soared to 48.9 degrees a difference of 3.6 degrees was recorded between Tench Reserve on the Nepean river and suburban St Marys.</p><p>The results were captured from 120 heat sensors placed by Council and Western Sydney University in an effort to determine the relationship between development and urban heat.</p><p>Planning was crucial to avoid locking Western Sydney into inescapably high future urban heat according to Western Sydney University senior research fellow Sebastian Pfautsch.</p><p>“The process of developing Western Sydney contributes massively to urban heat. And we know how much growth is planned in this area, particularly with the new Western Sydney Airport and associated Aerotropolis precinct,” Pfautsch said.</p><p>“Unless we execute this with considerations for urban heat at the very forefront of our planning, 50-degree-plus summers will unfortunately become Western Sydney’s reality. </p><p>“The heat difference already measured on 4 January, between Tench Reserve and St Mary’s, is just a precursor of what lies ahead for Penrith.”</p><p>Pfautsch said they collected some 46,000 temperature measurements and the main differences were found between locations with green and blue infrastructure and a high proportion of hard urban surfaces.</p><p>“Without trees, summer heat becomes unbearable, in new housing estates where you have small blocks almost completely covered by houses with black roofs, it means there is simply no space to grow a meaningful canopy,” Pfautsch said.</p><p>“We therefore need to urgently rethink how we plan, build and live, to make more room for green cover and start using smarter solutions like cool roof technology now in the homes and businesses we build.”</p><p>Penrith mayor Ross Fowler said it tangibly reinforced how much sustainability decisions in development count in combating urban heat.</p><p>“We know anecdotally there can be vast temperature differences across our region, but until now, we’ve lacked evidence to support and correlate this,” Fowler said.</p><p>“Collecting heat data this summer will help scientifically inform decision making for our city and tackle rising urban heat.</p><p>“Importantly it also allows council to advocate the business case to industry, the community and government, for doing things differently.”</p><p>The full results are expected to be released at Cooling the City Masterclass on 18 February with data made available more broadly in mid-2020.</p></div></div></div>

Results from 48.9 degree day reveal huge differences in heat across Western Sydney.

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Artist's impression of KDL property Group's Rosebank Logan Reserve estate

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Pressure is building in the Brisbane-Gold Coast corridor to open up new tracts of land for greenfield residential development as the surge in house and land demand shows no signs of slowing.</p><p>Developers are struggling to secure sites and bring affordable stock to market as momentum in the post-Covid “back to the ’burbs” trend continues.</p><p>With the growth corridor bookended by land constraints in Queensland’s two biggest cities, an increasing number of house and land developers are sharpening their focus on Logan.</p><p>According to Gold Coast-based KDL Property Group managing director Kent Leicester, demand has been soaring since mid-2020 and a developer rush to secure remaining land in the corridor at the end of last year exacerbated what was already a “very limited land supply”.</p><p>“The surge in demand has not slowed and it looks like it will continue for some time,” he said. “Obviously, that’s led to a lot of pressure in the marketplace around land supply.”</p><p>Leicester said that since June last year KDL Property Group had experienced a 60 per cent increase in sales on a monthly basis.</p><p>“Since the onset of Covid the desirability of what type of home people want to live in and where they want to live has changed,” he said.</p><p>“We’re seeing demand from people wanting to live in the suburbs again, wanting to live on a block of land with a four-bedroom house, double lock-up garage and a dog in the backyard.</p><p>“And because all these suburban estates are now NBN-ready in areas with good amenities, people can work from home if they need to and don’t need to be as close or as commutable to the city ... it’s less of an issue for them than it was 12 to 18 months ago.”</p><p>KDL Property Group has recently launched its $67-million Rosebank Logan Reserve project, a boutique estate of 272 housing lots on a 20ha site adjacent to the Logan River.</p><p>It is its fifth estate in the Logan area and comprises homesites ranging from 350sq m to 843 square metres.</p><p>Leicester said Logan had emerged as a strong area for growth and epicentre for house and land development because “it’s probably one of the only areas where there is a land supply that can be opened up in the Brisbane-Gold Coast corridor”. </p><p>“The Gold Coast, in general, is very constrained in terms of land supply.</p><p>“It’s very clear from the council that the strategy is not to open up greenfield sites and new tracts of land in the northern suburbs.</p><p>“Their strategy is to increase density along the coastline and approve more high-rise development to have the growing population live more on the coast. That’s a challenge.</p><p>“Brisbane, on the other end, is already very constrained and there are very few opportunities for larger scale land development.</p><p>“Meanwhile, in between, you’ve got Logan where the council is trying to find solutions to move forward and there is land supply that can be opened up.</p><p>“With approximately $18 billion in planned development, Logan is experiencing an incredible rate of growth, creating thousands of new jobs within the area.”</p><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/9011ba23-1b0f-4de1-9062-bb3d9dde04eb.png" width="920"/></picture><div><span style="align-content:center;opacity:0.8">▲  KDL Property Group&#x27;s Rosebank Logan Reserve site from the air.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>But according to Leicester, keeping a lid on affordability had become increasingly challenging in the corridor.</p><p>He said the price of 500-600sq m blocks of land had risen by $20,000 to $25,000 during the past six months.</p><p>“There’s certainly pressure there, prices are getting higher ... we’re always trying to keep pricing as low as possible but when there is constrained land supply and strong competition for sites, until more land can be opened up prices and affordability can only go one way.”</p><p>Leicester said the affordability issue also was being compounded by Covid-related supply chain issues, increasing the cost of construction.</p><p>Last month, the Queensland government announced it had unlocked nearly 50,000 lots between the Gold Coast and Sunshine Coast as population growth pushes up demand.</p><p>Land supply was part of the state’s Covid economic recovery plan to provide jobs as property prices continue to surge across the region. </p><p>Funding was also allocated for infrastructure including roads, sewage works and schools for the new lots near Redland, Moreton Bay, Logan and out to Ripley Valley.</p></div></div></div></div></div>

Pressure is building in the Brisbane-Gold Coast corridor to open up new tracts of land for greenfield residential development...

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>With property prices on course to lift to <a href="https://theurbandeveloper.com/articles/how-long-until-housing-values-reach-a-new-record-high">record highs</a> in the first half of 2020, <a href="https://theurbandeveloper.com/articles/investors-first-home-buyers-drive-12pc-rebound-in-lending">first-time buyers</a> and those <a href="https://theurbandeveloper.com/articles/buyers-back-in-the-market-as-auctions-rebound">re-entering the market</a> could soon be priced-out, further eroding any renewed prospects of housing affordability. </p><p>After almost two years of falling prices of between 10 and 15 per cent in Sydney and Melbourne, the housing market is showing signs of <a href="https://theurbandeveloper.com/articles/house-prices-make-biggest-jump-in-4-years">bouncing back</a> driven by a number of factors including <a href="https://theurbandeveloper.com/articles/075-is-a-record-low-but-dont-think-for-a-second-the-reserve-bank-as-finished-cutting-the-cash-rate">record low interest rates</a>, easier access to credit and more certainty around tax arrangements.</p><p>Housing affordability enjoyed temporary relief over the downturn, seeing an 8.4 per cent fall in prices with dwelling values 6.5 times higher than gross annual household incomes as of June, the lowest level since December 2013.</p><p>According to the latest ANZ-CoreLogic Housing Affordability report, the 8.4 per cent falls in real estate prices nationally—seen over the past two years, has now significantly reversed, with prices in Melbourne and Sydney <a href="https://theurbandeveloper.com/articles/is-the-downturn-over-house-prices-begin-to-rise">rising</a> 6 per cent and 5.3 per cent respectively since May.</p><p>Dwelling values are now outpacing household incomes across all capital cities (with the exception of Perth and Darwin) with over-extended household debt and rising mortgage rates reversing affordability and playing a larger role influencing the broader economy.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/f9d6ab98-1e72-4824-a0a5-7fed211505a6.jpg" width="800"/></picture><div><span style="align-content:center;opacity:0.8">▲ Affordability is influenced by interest rates, the size and term of loan repayments, and household income. Image: AAP</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>“We see more urgency coming back into the market and if this trend continues, we could see property prices reach new highs early next year,” Corelogic head of research Tim Lawless said.</p><p>“We have also seen an increase in the number of areas where it is cheaper to buy than rent, which can be attributed to the lowest interest rates since the 1950s together with lower housing prices relative to the market peak.”</p><p>The downturn has seen the number of years to save for a deposit decline drastically, back to 2014 levels, across the country.</p><p>Households are now also dedicating the smallest proportion of their incomes towards paying a new mortgage since early 2004 and renters are spending the lowest proportion of their income on accommodation since 2007.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>Housing affordability in numbers</strong></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><sub>• 8.6 years - the time it takes a typical household to save 20 per cent deposit for a dwelling based on saving 15 per cent of their gross annual income<br>• 34.4 per cent - the proportion of income needed to repay a 80 per cent loan to value ratio mortgage as of June 2019, the lowest it has been since 2004<br>• 28.5 per cent - the average percentage of household income required to rent a house as of June 2019</sub></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>With prices likely to continue their upward trajectory on the back of the latest rate cut, an increasing number of Australians have little to be excited about.</p><p>The latest wages growth figures released last week by the ABS also has revealed that growth has distinctly slowed, with the worst results since the middle of last year, lifting by just 0.5 per cent.</p><p>Earnings are believed to be on course to grow by just 2.2 per cent for the year and economists expect that number to fall further as unemployment ticks up.</p><p>The ratio of household debt to disposable income is about 190 per cent, according to Reserve Bank calculations, compared to 70 per cent at the beginning of the 1990s that then rose to 160 per cent at the time of the GFC.</p><p>Sydney remains the least affordable market for buyers, followed by Melbourne.</p><p>Last month, the Morrison government has announced further details of its <a href="https://theurbandeveloper.com/articles/first-home-buyers-scheme">first-homebuyer deposit</a> election promise that stands to benefit up to 10,000 Australians each year and is set to kick off from January next year.</p><p>In an attempt to reboot housing sentiment, the government announced price caps for support through the scheme, which is $700,000 for a house in Sydney and $600,000 in Melbourne.</p><p>First homebuyers will only have to save 5 per cent of a deposit under the plan, with the federal government to guarantee the difference of a standard down payment.</p></div></div></div></div></div>

First-time buyers and those re-entering the market could soon be priced-out.

▲ People walking through downtown Sydney as the NSW government starts trying to revitalise the city post-pandemic.

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Residential housing in the Sydney CBD may be on the cards as the New South Wales government announces a third CBD summit to hear from business, government and industry groups on how to drive the revitalisation of the city. </p><p></p><p>The summit also intends to explore how people could live in the CBD, opening up the question of how to increase residential housing or mixed-use space.</p><p></p><p>More residents in the Sydney CBD would create foot traffic for businesses and change the mix of businesses that operate in the CBD. </p><p></p><p>The summit also ties into New South Wales’ economic plan to revitalise the Sydney CBD in a Covid-safe way. </p><p></p><p>“In the space of just two years, the way we travel, work and come together has changed so much, but we cannot stop imagining a better future for our CBD,” Premier Dominic Perrottet said.</p><p></p><p>“We know we need to find new solutions, conscious that people need reassurance for their health as well as for the health of our city’s economy.” </p><p></p><p>The summit comes after the Committee for Sydney and ARUP released their Commission into the Future of Sydney CBD report last month. </p><p></p><p>“Right around the world, people dream of visiting our grand harbour city,” Perrottet said. </p><p></p><p> “The lucky ones get to call it home.”</p><p></p><p></p><p></p><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cell-sm-3 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/952a48fb-68db-46dd-a25e-f377d7c84323.png" width="960"/></picture><div></div></div></div></div><div class="cell cell-sm-9 cx12"><div class="ci cl"><p><br>Join us for <em>The Urban Developer&#x27;s</em> Property and Economic Outlook vSummit on Thursday, 10 February. <a href="https://www.eventbrite.com.au/e/the-urban-developer-property-and-economic-outlook-2022-tickets-245131814857?aff=tudwebsite0content0supplementary4">Click here</a>.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><hr/></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>The report recommended that the government explore options for people to reside in the <a href="https://www.theurbandeveloper.com/articles/-cbd-transformation-idea-prompts-debate">Sydney CBD from build-to-rent schemes</a>, converting serviced apartments into fixed rental properties and looking into community ownership options. </p><p></p><p>It also asked for models that allowed first home buyers to buy into property in the CBD and collaboration between businesses and commercial developers to offer creative housing options near workplaces.</p><p></p><p>“We also need to start thinking about affordable housing in terms of what it can do in terms of creating city and creating diversity, not just cultural diversity but age diversity and employment diversity in the heart of the city,” Museum of Applied Arts and Sciences representative Lisa Havilah said.  </p><p></p><p>The Sydney CBD has very little residential use compared to its main mix of office and retail properties, most of which is reliant on foot traffic from office workers during business hours, which created a lot of instability when the pandemic hit. </p><p></p><p>It kickstarted a debate about whether the effects of the pandemic were cyclical or structural and <a href="https://www.theurbandeveloper.com/articles/-cbd-transformation-idea-prompts-debate">whether it meant there needed to be more office space converted to residential space</a>, something that would mean a lot of investment to bring spaces up to legal liveable standards.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/ece0daa0-ab9d-4ad2-9077-beb6ca7c2f7b.jpg" width="920"/></picture><div><span style="align-content:center;opacity:0.8">▲ Sydney&#x27;s famous townhouses. The Commission For Future Sydney CBD&#x27;s report wants more options for increased residential use in the CBD.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>But even now, as people try to plan for a post-pandemic future in the CBD, investors seem keen on investing in office space. </p><p></p><p>Sydney CBD recorded a high amount of enquiries about office space in 2021, signalling that people were keen to organise leasing office spaces long term despite the pandemic.</p><p></p><p>According to Property Council of Australia data, office market vacancy rates were 9.3 per cent for Sydney CBD, with rates decreasing slightly for premium and Grade A office space.</p><p></p><p>“[2021] was a record year with 634,000sq m of office enquiry, and 2022 has also started well with very strong enquiry despite a slower-than-expected return to the city by many office workers as a result of Omicron,” CBRE director Chris Hanley said. </p><p></p><p>Most of the growth in the interest in office space seems to be coming from the technology sector where there is an increase in employment growth.</p><p></p><p>Restrictions or the lack thereof is also driving interest. </p><p></p><p>“We expect that increasing numbers of people returning to the office and an end to indoor mask mandates will result in a strong uplift in transaction activity,” Hanley said.</p><p></p><p>A <a href="https://www.theurbandeveloper.com/articles/reits-must-adapt-to-the-five-second-commute">third of the nation’s future office space supply</a> (178,760sq m) due to come online in 2022 is in the Sydney CBD, according to the Property Council of Australia’s 2022 office market report.</p><p>A further 7,772sq m is expected in 2023 and 91,000sq m from 2024.</p><p></p><p>Sydney’s demand for office space also increased, according to the report. </p><p></p><p>The demand is spurred by a focus on quality within workspaces as tenants try to tempt their workers back to the office environment after working from home. </p><p></p><p>“Existing quality fit outs and new build fit outs are the key focus for tenants, as opposed to refurbished suites,” Cushman &amp; Wakefield’s national director Jamie King said. </p><p></p><p>“Working from home pressures continue along with a fight for talent, resulting in tenants keen to place make their new office providing a reason for a return from staff.”</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/164b87a3-d9fd-433f-8634-57968f78755b.jpg" width="1250"/></picture><div><span style="align-content:center;opacity:0.8">▲The Birdcages, a 2016 public artwork in Sydney&#x27;s Angel Lanes. The Commission For Future Sydney CBD report recommends better curation and integration of public artwork into mixed use spaces across the CBD. </span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Place-making is also part of the commission’s recommendations, stressing that it was important to acknowledge the CBD’s Aboriginal heritage and history and to create spaces incorporating cultural heritage and community. </p><p></p><p>“How do we tell the different stories of different communities across the greater metropolitan area?” 24-hour economy commissioner Michael Rodrigues said. </p><p></p><p>“If that’s done well, then you’ll create places of interest that people just simply want to be at and people will commute to.”</p><p></p><p>It also recommended better curation across the city of spaces for art, artists and public artwork and that creating mixed use spaces would bring people into the CBD.</p><p></p><p>People don’t want to work in single use precincts anymore,” Business Western Sydney’s David Borger told the Committee For Sydney. </p><p></p><p>“We need to have mixed uses in various places for attraction… Sydney precincts need our focus on investment attraction, they need sophisticated government models, and they also need the important ingredient of place-making.”</p><p></p><p></p><p></p><p>Australia Council for the Arts CEO Annette Madden agreed: </p><p></p><p>“The city can be a platform to broker new ways of working,” she said.</p><p></p><p>“It’s about trying to redefine how business and the arts industry can work together to mutual benefit and the benefit of citizens and visitors.”</p><p></p><p>Recommendation 4.9 stated that micro-distribution hubs within the CBD were also important allowing businesses to thrive in the CBD. </p><p></p><p>“Joint use for major facilities is a challenge,” Australia Logistics Council’s former CEO Kirk Conningham told the Committee. “We see our major exports and most people say they are vertically integrated but they are not.”</p><p></p><p>“The next step beyond that is micro distribution centres.”</p><p></p><p>S&amp;P Global Rankings also <a href="https://www.theurbandeveloper.com/articles/reits-must-adapt-to-the-five-second-commute">forecast that more industrial investors</a> would pivot to adapting spaces to function as <a href="https://www.theurbandeveloper.com/articles/dark-store-retail-micro-fulfillment-development">dark stores or micro-distribution centres</a>. </p><p></p><p>The summit will take place this Friday, 11 February at the Museum of Contemporary Art. </p><p></p><p>“This is a once-in-a-generation opportunity to reshape the city of the future and this summit will help do that,” Perrottet said. </p><p></p><p></p></div></div></div></div></div>

Right after the Commission for Future of Sydney CBD's report was released last month, Premier Perrottet announces a third Summit...

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Shayher Group has lodged documents with the Brisbane City Council and will begin initial works on the former <a href="https://theurbandeveloper.com/articles/developer-shayher-group-buys-bulimba-barracks">Bulimba Barracks</a>, more than 18 months after acquiring the 20 hectare riverfront site for $63 million.</p><p>The Taiwanese-backed Shayher Group, the developer behind projects in Sydney and Melbourne and the $1 billion Brisbane Quarter development, settled on 167 Apollo Road early last year. </p><p>Documents lodged with the council are for the demolition of some buildings onsite, but retaining the heritage-listed Barges Workshop built by the United States military during World War II.</p><p>The <a href="https://theurbandeveloper.com/articles/government-delays-sale-of-bulimba-barracks-site-">masterplan</a> for the Bulimba Barracks allows for up to 855 residences on the site, including houses, townhouses and unit buildings up to five storeys high. While a development application has not been lodged with the council, it is expected this will be forthcoming. </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/124bbaf3-f8e7-463b-b05b-98a644d02d33.jpg" width="960"/></picture><div><span style="align-content:center;opacity:0.8">▲ Shayher Group Makes Move on Bulimba Barracks Site</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>The Apollo Barges workshop is considered to be historically significant and is on Brisbane City Council’s heritage register. It has been earmarked for a retail hub within the Bulimba Barracks masterplan.</p><p>At just 5km from the CBD it will be the biggest inner-city masterplanned community since the Northsore development on the other side of the river. </p><p>Defence retained a 2.5ha portion of the former Bulimba Barracks site, commissioning this area as HMAS Moreton.</p></div></div></div></div></div>

  Shayher Group Makes Moves on Bulimba Barracks Site

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>Feature </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/2.jpg" width="490"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>read all about it</p></div></div></div><div class="row ci"><div class="cell cell-sm-6 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/31207171-541c2bc2-a9c8-11e7-8092-827f0bdae53a.png" width="500px"/></picture><div></div></div></div></div><div class="cell cell-sm-6 cx12"><div class="ci cl"><div><blockquote><p><b>Something someone special said.</b></p>--Someone Special<cite></cite></blockquote></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>I don&#x27;t think anybody knows it was Russia that wrote Lorem Ipsum, but I don&#x27;t know, maybe it was. It could be Russia, but it could also be China. It could also be lots of other people. It also could be some wordsmith sitting on their bed that weights 400 pounds. Ok? I have a 10 year old son. He has words. He is so good with these words it&#x27;s unbelievable. I think the only card she has is the Lorem card. Lorem Ipsum best not make any more threats to your website. It will be met with fire and fury like the world has never seen. The best taco bowls are made in Trump Tower Grill. I love Hispanics!</p><p>That other text? Sadly, it’s no longer a 10. You have so many different things placeholder text has to be able to do, and I don&#x27;t believe Lorem Ipsum has the stamina.</p><p>You&#x27;re telling the enemy exactly what you&#x27;re going to do. No wonder you&#x27;ve been fighting Lorem Ipsum your entire adult life. You&#x27;re telling the enemy exactly what you&#x27;re going to do. No wonder you&#x27;ve been fighting Lorem Ipsum your entire adult life. Be careful, or I will spill the beans on your placeholder text.</p><p>Lorem Ipsum&#x27;s father was with Lee Harvey Oswald prior to Oswald&#x27;s being, you know, shot.</p></div></div></div></div></div>

The HomeBuilder grant scheme is twice as popular as anticipated costing the government an expected $2 billion and distorting the market as new home sales double.

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>More than 75,000 households have applied for a HomeBuilder grant since its inception in July, boosting jobs for tradies and a rush to borrow money. </p><p>The latest federal government figures shows 80 per cent of grant applications were to construct a new home.</p><p>Housing minister Michael Sukkar said the take up rate of the cash grant program had far exceeded expectations, but figures on its costing to the government’s bottom line would not be released until the Budget. </p><p>“I think it’s fair to say [the cost] will be higher than originally anticipated. Our hope and expectation was that it would be as big as possible. The benefits of the program will go further than originally anticipated,” he said.</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><strong>HomeBuilder applications </strong></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/047a0814-df02-44ba-8056-410155a916be.jpg" width="650"/></picture><div></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><sub>^Source: Australian Government, the Treasury</sub></p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>ABS head of finance and wealth Amanda Seneviratne said government measures including the HomeBuilder scheme and historically low interest rates had supported the growth of housing loan commitments. </p><p>“Loan commitments for existing dwellings accounted for 53 per cent of December’s rise in owner occupier housing loan commitments, while construction of new dwellings accounted for 32 per cent,” Seneviratne said.</p><p>“The value of construction loan commitments grew 17.1 per cent in December, more than doubling since the June implementation of the HomeBuilder grant.”</p><p>HomeBuilder was introduced at the height of the Covid pandemic in response to fears the construction industry would crash.</p><p>Treasury estimated the program was supporting $18 billion worth of residential construction projects. Treasury data shows that it has been most popular in Victoria, followed by Queensland and New South Wales. </p><p>In a market report ANZ has reported December was another strong month for housing lending, up 8.6 per cent month on month, which it claims is largely due to government policy and building grants fuelling strong housing lending growth, particularly for the construction of new dwellings. </p></div></div></div></div></div>

HomeBuilder scheme spurs rush to the bank...

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