Property News recipes
When is a 10-storey building considered to be the tallest building in the world? When it’s made from CLT (Cross Laminated Timber), a remarkable material that could mark the dawn of a new era in the Australian construction industry.
Construction giant Lend Lease is currently building the world’s tallest Cross Laminated Timber high-rise apartment tower at Victoria Harbour in Melbourne, using a construction material that’s never been used in Australia before.
Housing 23 boutique residential apartments and four townhouses, it will offer superior energy efficiency and an abundance of natural light and ventilation, making it much sought after as investment property and by those wishing to call such a unique urban space their home.
In an attempt to increase the number of city residents, the South Australian government has abolished the stamp duty on off-the-plan apartments in central Adelaide.
Purchasers will save over $21,000 and first-home buyers over $31,000 in this State Budget initiative to attract buyers and investors to the central city area.
The concessions apply in the Adelaide City Council area, including North Adelaide, and are expected to stimulate property investment and encourage more home buyers to switch to apartment living.
The property industry is the largest industry in Victoria, contributing a staggering $39.6 billion or 12.2 per cent of Victoria’s GSP (gross state product).
It is Victoria’s second largest employer after manufacturing, providing full-time jobs for more than 312,000 people.
The Victorian property industry also contributes to employment and economic growth through flow-on demand for goods and services worth $54.5 billion in areas such as electricity, water, gas, food and accommodation.
On top of all that, it also contributes $5.6 billion in Victorian taxes, which makes it the largest contributor in the state (almost 40 per cent of total tax revenue).
According to a recent Colliers International Research and Forecast Report, new apartment sales are starting to pick up in both Brisbane and on the Gold Coast.
Brisbane had its strongest March quarter in nearly a decade and the Gold Coast had its first increase in sales in a year, up by 49 per cent on last year’s figures.
The report said Brisbane had 365 new apartment sales across 47 projects, which was worth $208 million, and the Gold Coast had a record 23 high-rise sales in Broadbeach and 46 low-rise sales in the March quarter.
South Australia’s 20-year-old Residential Tenancies Act (RTA) is set to undergo a review. The review proposal, announced by Deputy Premier and Minister for Business Services and Consumers, John Rau, was welcomed by the Real Estate Institute of South Australia (REISA).
The aim of the review is to streamline systems and reduce workloads for those administering the laws. It will examine and update those laws that are considered to be out of date or unfair for tenants and landlords.
The REISA hopes the reforms will encourage growth in property investment, as there is a growing need for more properties in the private residential rental market.
The Gold Coast property industry believes revival of the local property sector is the key to reviving the flagging Gold Coast economy. And property is certainly the lifeblood of the Gold Coast. According to figures released by the Property Council of Australia, from 2009 to 2010, the local property industry was responsible for directly employing 36,000 Gold Coasters (19 per cent) and generating over $4 billion worth of local activity.
Since then, says the Council, the Gold Coast economy has stagnated, with a slump in property investment, an unemployment rate higher than the national average and building approvals at an all-time low. Their solution is to address five key areas where the local economy could be given a much-needed shot in the arm.
Work has finally begun on Perth’s long-awaited Waterfront project, with 10 hectares of prime riverfront land about to be transformed into an inner city aquatic playground.
In line with other major projects such as Perth City Link, Riverside and the Perth Cultural Centre, Perth Waterfront is part of a long-term plan to create a free-flowing corridor of activity, extending right through the inner city from Northbridge to the Swan River.
Perth Waterfront will cost the government an estimated $440 million and stretch along the Swan River from Barrack Street to William Street, with the highlight being a 2.7-hectare inlet, surrounded by a split-level promenade.