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Real Estate

HELPING MORE FIRST HOME BUYERS ENTER THE MARKET

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NSW Northern Rivers Breaking News
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HELPING MORE FIRST HOME BUYERS ENTER THE MARKET

Almost 115,000 dwellings and land lots have been approved across NSW in the past year, expanding opportunities for first home buyers to purchase their first home.
Between 1 July 2021 and 30 June 2022, 114,881 total dwellings and lots were approved through development applications.
Treasurer Matt Kean said that the NSW Government is committed to supporting first home buyers purchase their own slice of the Australian dream.
“The $2.8 billion housing package announced in last month’s Budget includes $729 million for the First Home Buyer Choice to reform stamp duty, a significant barrier to
first home buyers getting a foot on the property ladder,” Mr Kean said.
“This is all about giving first home buyers a choice – a choice between paying an upfront stamp duty or an annual property tax.”
On a four-bedroom house sold in Leppington for $1.04 million with a land value to property price ratio of 36 per cent, a first home buyer would have a choice between an upfront stamp duty of $41,890 or an annual property tax in the first year of $1,537.
Under the First Home Buyer Choice, first home buyers who opt into the property tax will pay an annual $400 plus 0.3 per cent of the land value component of the property.
The annual tax stops being paid once the property is sold.
The median time owner occupiers hold onto homes in NSW is 10.5 years.
Minister for Planning and Minister for Homes Anthony Roberts said the government will do all it can to boost supply and give more people in NSW the opportunity of home ownership.
“The Government is investing almost $500 million to unlock land and accelerate infrastructure to boost housing supply, and we will use every measure we can to enable more people to own their own home sooner,” Mr Roberts said.
“We have paved the way for 23,000 dwellings through state-led rezonings including 7,000 rezoned lots in Glenfield and 3,000 in Rhodes, while planning proposals accounted for another 26,703 dwellings.”

The top three local government areas where lots and dwellings have been approved were:
* Blacktown – 14,329
* Sydney – 8,949
* Parramatta – 8,633
The top three LGAs where rezonings were approved were:
* Parramatta – 12,282
*Camden – 9,410
*Campbelltown – 8,022
Of the 114,881 approved dwellings and lots:
* 88,181 were in metropolitan areas
* 26,700 were in regional NSW

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Local News

NEW BRUNSWICK HEADS COMMUNITY NEEDED TO HELP EASE HOUSING CRISIS

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Almost 7,000 new homes will need to be delivered across the Byron Shire over the next 20 years to keep pace with market demand thanks to Wallum Brunswick
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NEW BRUNSWICK HEADS COMMUNITY NEEDED TO HELP EASE HOUSING CRISIS

 

Almost 7,000 new homes will need to be delivered across the Byron Shire over the next 20 years to keep pace with market demand, with Brunswick Heads earmarked as a priority development area, according to a recent report from Council.

Byron Shire Council’s September 2023 Draft Housing Options Paper shows 6,695 new dwellings are needed for the shire over the next 20 years, with 1,990 of those homes – or 30 per cent of forecast requirement – earmarked for Brunswick Heads.

Mullumbimby will target 24.5 per cent of the new housing requirement, with Byron Bay/Sunrise taking in 18.5 per cent.

Council’s future housing strategy is for more than half of all new homes in the Byron Shire to be created in ‘new release’ areas, including “sites identified in the Draft Northern Rivers Resilient Lands Strategy near Bangalow and Brunswick Heads which are on significant farmland.”

With the housing crisis escalating in tandem with local population growth, the release of new land is welcome news for many young families according to Clarence Property General Manager Paul Rippon.

Mr Rippon says demand continues to outpace supply and Clarence Property’s Wallum community – which is the only already-zoned and approved Brunswick Heads site included as part of the housing strategy – is a key project in helping address the problem.

Almost 7,000 new homes will need to be delivered across the Byron Shire over the next 20 years to keep pace with market demand thanks to Wallum Brunswick

Almost 7,000 new homes will need to be delivered across the Byron Shire over the next 20 years to keep pace with market demand

He says recent sales demonstrate the majority of locals support the project and want new land to be made available as soon as possible, to avoid being priced out of an already heated market.

“We purchased the Wallum site in 2021 and sold the first 19 homesites in one of the most severe property shortages in the past 20 years, due to the lack of supply and pent-up demand for land in the Brunswick Heads region,” he said.

“The Wallum site has been earmarked for residential development since 1988 and while waiting for this land to be released many locals have been priced out of the market.”

Mr Rippon said purchasers in the first stage of Wallum were mostly local, young families.

“A number of purchasers are young people who have grown up in and around Brunswick Heads who want to buy a home and raise their family in the community they know and love, but the opportunity to do so has been limited,” he said.

“When stage one of Wallum was released, local owner occupiers seized the chance. We even had a duplex lot bought by two young families who plan to build a house each, so it’s providing new pathways for people to enter the property market and is being delivered with the Brunswick Heads community front of mind.”

To review a fact sheet about the Wallum development, please visit here.

 

For more local Mullumbimby news, click here.

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Local News

5 ways to cool cities as temperatures soar

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A city development to cool cities.
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5 ways to cool cities as temperatures soar

 

UNSW Sydney

As Australia heads into an El Nino summer, UNSW’s Dr Negin Nazarian, an expert in urban climate, explains 5 crucial strategies to keep cities – and people – cooler. 

There are several factors that interact when we think about heat in the urban environment.

“First, there’s urban heat itself,” explains Dr Nazarian, “which is the change brought about by urbanisation, buildings, roads, infrastructure and the like. This is often referred to as urban heat island. Then, there’s the impact of climate change, which means that average temperatures globally, as well as in cities, are increasing across the board.

“Finally, climate extremes such as heat waves, are becoming more frequent, longer, and intense due to global warming. And in El Nino years, like now, the risk of climate extremes is also increased. Considering all these drivers, our cities are faced with an increasingly pressing problem of how to manage heat and care for the people living in them. This includes mitigating urban heat in our cities as well as helping our people adapt to them to reduce the negative impacts on their lives.”

1. Cool materials

Urban areas, like cities, are warmer than natural areas – creating what people talk about as the Urban Heat Island effect. And that’s mostly because the types of materials used to create buildings have different properties than natural land cover.

“In the natural environment you have trees, grass and soil, which provide shade, absorb heat and retain water in the environment. However, most materials which create the built environment absorb more heat, trap more radiation, and have no way of retaining moisture for cooling,” explains Dr Nazarian.

To keep cool cities, it’s important for developments to increasingly utilise cool materials that radiate heat, rather than absorbing it. “This can range from light-coloured paints that are suitable on roofs, through to the use of advanced super cool (retroreflective) coatings on pavements. The more advanced ’super cool’ materials reflect most of the striking radiation backwards to the sky, reducing the heat trapped within the urban canopy, which means they won’t be affecting thermal comfort of people in our streets,” says Prof. Nazarian.

Recent developments in some areas of Sydney have seen a proliferation of dark coloured roofs, which accentuates heat accumulation in these new suburbs. “Revisiting the ban on black roofs and requiring the use of light coloured roofing materials by councils would be one way to start to mitigate heat in these green-field developments,” says Prof. Nazarian.

Indonesia’s Cool Roof Project is aiming to create 1 million cool roofs to combat rising temperatures. Cool materials reflect sunlight and reduce the amount of heat absorbed by a building, reducing temperatures inside. Credit: BeCool Indonesia.

Indonesia's Cool Roof Project is aiming to create 1 million cool roofs to combat rising temperatures. Cool materials reflect sunlight and reduce the amount of heat absorbed by a building, reducing temperatures inside. Credit: BeCool Indonesia.

Indonesia’s Cool Roof Project is aiming to create 1 million cool roofs to combat rising temperatures. Cool materials reflect sunlight and reduce the amount of heat absorbed by a building, reducing temperatures inside. Credit: BeCool Indonesia.

2. Green Spaces

Increasing urban greenery helps keep cities liveable as temperatures rise.

“Heat mitigation is nuanced,” says Prof Nazarian. “Just planting lots of trees will not cool our cities as we are also facing climate change and its impact on extremes. And most trees only have cooling benefits when they are sufficiently mature, so the impact is medium to long-term impact. However, trees have significant benefits such as providing shade, which reduces our exposure to heat, and helps us endure hotter temperatures. They also have a positive impact on people’s wellbeing, and air quality.”

Parklands, operate in the same way, on a larger scale, creating a ‘thermal oasis’. “They may not fully mitigate urban heat at the city scale, but they provide local cooling and, more importantly, minimise the impact that heat will have on people. Creating more of these thermal oases will help manage the impact of increased urban temperatures,” says Dr Nazarian.

“Green roofs and facades are another good option for cities as they reflect rather than absorb heat,” says Dr Nazarian, “Green facades and roofs also contribute to energy saving of buildings though they are easier to implement in new buildings, where specific water-proofing and irrigation needs can be included in the design.”

Green facades reflect rather than absorb heat, and can also cool through evapotranspiration. Image: Manly Vale Carpark, Sydney / Junglefy.

Green facades reflect rather than absorb heat, and can also cool through evapotranspiration. Image: Manly Vale Carpark, Sydney / Junglefy.

Green facades reflect rather than absorb heat, and can also cool through evapotranspiration. Image: Manly Vale Carpark, Sydney / Junglefy.

3. Climate-Responsive Urban planning

Urban design and planning decisions have a significant impact on temperature regulation. “Street canyons configured to promote shade and ventilation reduce local air and surface temperatures and improve outdoor thermal comfort, and are key to cooling our cities and people”.

Dr Nazarian also suggests careful consideration of the ratio of impervious surfaces to ‘natural’ and ‘porous’ land needs to take place. And with newer developments, such as those in Western Sydney, the recommended ratio (for instance in the Cool Suburbs Tool used in NSW) is a minimum 50% site perviousness, which can include green roofs and porous pavements.

Moreover, urban design that includes open spaces and positions buildings to facilitate natural ventilation can help dissipate heat in cities. In Sydney’s eastern suburbs, the sea breeze effectively cools the area, while in the western suburbs creating ponds and parks which then cool the breezes that flow through the area can work in the same way.

Singapore’s network of wind corridors exemplifies how thoughtful planning can create a symbiotic relationship between thermal oases and ventilation.

The strategic placement of buildings near blue and green infrastructure, such as in these plans from the Singapore Urban Redevelopment Authority, can allow for improved ventilation in the built environment, resulting in the flow of cooler air into urban areas.

blue and green infrastructure

blue and green infrastructure

4. Blue infrastructure

Like green spaces, blue infrastructure, involving water bodies like ponds, rivers and dams, can be a powerful tool for temperature reduction. Integrating water features with green spaces can also help lower the temperatures of surrounding areas. Blue infrastructures can also be strategically placed together with greenery and wind corridors: as breezes blow over bodies of water they are cooled and then transport this cooling effect over nearby areas.

In western Sydney, the Norwest City project combined ponds and green areas with a great cooling effect and deployed a detailed cooling guide to integrate blue and green infrastructure in a multi-use precinct.

In a smaller way, water fountains in shopping areas, parks and boulevards, help cool people when temperatures are high.

A city development to cool cities.

“Our cities are faced with an increasingly pressing problem of how to manage heat and care for the people living in them,” says Dr Nazarian. Western Sydney’s Norwest City project integrates blue and green infrastructure to manage heat. (FJC Studio)

5. Reduce human-created heat

The final piece of the puzzle is reducing heat generated by human activities, which is part of a larger project of reducing greenhouse gas emissions. In cities, Dr Nazarian underscores the need to rethink air-conditioning, car use and industrial practices.

“While air-conditioning gives people relief from heat, it simultaneously releases condensation and heat out into the environment, creating more demand for cooling, releasing more heat into the environment in a vicious cycle. Singapore, for instance, is shifting towards more energy-efficient, centralised cooling systems to mitigate localised heat. And some researchers are looking at ways to encourage the increased use of fans, which require far less energy to operate and don’t add heat to the atmosphere.”

There is no silver-bullet to reduce heat in our cities, but cool materials, green spaces, thoughtful urban planning, blue infrastructure and a reduction in human-generated heat will all need to be part of the picture.

 

For more real estate news, click here.

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Rental affordability hitting all time lows across the nation: new report

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Rental affordability contract
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Rental affordability hitting all time lows across the nation: new report

 

National Shelter / SGS Economics and Planning

Rental affordability has plunged in the past year to reach decade lows in several areas across the country, according to the ninth annual National Shelter-SGS Economics and Planning Rental Affordability Index.

Affordability has worsened in every city except Hobart and Canberra and has deteriorated rapidly in Sydney (by 13 per cent), Melbourne and Perth (both by 10 per cent). Only Melbourne and the ACT have what are considered acceptable rents for average income households.

Affordability in the regions has also declined everywhere except Tasmania with falls of between seven and nine per cent in regional QLD, regional SA, and regional WA.

National Shelter CEO Emma Greenhalgh said: “Rental affordability in Australia is going from bad to worse.

“In the past year renters have been smashed with enormous rent hikes well beyond income growth.

“With vacancy rates so incredibly low, landlords have been able to pass on interest rate rises to tenants – and the pressure is only set to increase following last week’s rate rise.

“More households in our cities and our regions are in rental stress and many areas are the most unaffordable they have ever been.

“Governments must urgently address this worsening affordability crisis, including by building more homes and better regulating renting.”

The situation is particularly dire for people on low incomes, with a single person on JobSeeker having to spend more than 75 per cent of their income to rent a one bedroom apartment in any capital city.

Rental affordability contract

Rental affordability has plunged in the past year to reach decade lows in several areas across the country

Even the regions are severely unaffordable with rents in regional SA – comparatively the most affordable area – still requiring 53 per cent of a JobSeeker’s income.

A single pensioner would need to spend 50 per cent of their income to rent in all capitals except Adelaide and Hobart and at least 32 per cent in regional areas.

Greater Brisbane, regional QLD, regional VIC and regional NSW posted their lowest affordability levels since 2012, with average households needing to spend between 27 and 30 per cent of their income for a median property in those areas.

Greater Sydney is now level with Greater Hobart as the least affordable capital city with a median rental at $650 a week costing 29 per cent of the average renting household’s income.

Greater Brisbane ranks third among the cities with its lowest ever affordability rating and median rentals at $553 a week costing 28 per cent of average income.

Regional QLD is now the least affordable place of all regions and capital cities with median rentals at $553 costing 30 per cent of average income, a figure which meets the threshold for rental stress.

“Unaffordability has spread from the cities to well into the regions. Households will have to live further away from where the jobs are to access affordable rents, and businesses are struggling to find workers,” said Ellen Witte, Principal at SGS Economics & Planning.

“This downward spiral has now reached the point where very few affordable long-term rentals are on offer.

“We need to attack this problem from multiple angles. This means rapidly expanding social and affordable housing, rethinking how we use tax subsidies and strengthening renters’ rights.”

The Index was developed in partnership with the Beyond Bank Australia Foundation. Peter Rutter, Chief Community & Strategy Officer, said: “We believe that everybody has the right to safe, secure and affordable housing, which includes rental accommodation.

“Through the Beyond Bank Australia Foundation, we invest in projects and initiatives that aim to make this a reality. We are proud to again partner in this important work so that we can continue to understand the cost of living pressures that people are facing and think about how we can work together to overcome them.”

 

For more real estate news, click here.

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