Sydney house prices continued their surge over&nbsp;January, with&nbsp;affordability issues continuing to plague prospective buyers in the city&rsquo;s inner suburbs. &nbsp;

Growing house prices are pushing more and more home buyers in to the apartment sector, with many looking at the value in off the plan apartments, with small deposits before completion, and room for value growth while the apartments are being developed.

Urban has had&nbsp;a look at the best off-the-plan apartments for sale in Sydney&rsquo;s inner-city suburbs.

<h2>1. Waterfall by Crown 
Developer: Crown Group</h2>

Positioned four kilometres east of the Sydney CBD, Waterfall by Crown Group is a collection of four towers inspired by the tropical landscapes of Indonesia.

The luxuriously appointed apartments include 331 residences in one, two and three-bedroom configurations.

[smartcode_project:default project_id=5763 project_image_fid=182359]

The ground-breaking new development delivers a sophisticated, resort-style residence to Waterloo, offering a balance of luxury, nature and beauty.

Designed by SJB Architects, the development features an internal lagoon, lush rooftop escape, tropical bamboo walk, and a 22-metre waterfall.

<h2>2. Alex Collective 
Developer: Ceerose</h2>

In the neighbouring suburb of Alexandria, Ceerose is delivering a collection of 163 one, two and three-bedroom apartments at Alex Collective.

&quot;Alexandria has always been a highly sought-after location with its unique terraces, warehouse-style apartments and heritage homes in a historic industrial-aged setting&rdquo;, said director of residential at Colliers, David McMahon.

[smartcode_project:default project_id=29785 project_image_fid=91570]

Designed by Andrew Burns Architecture, each apartment boasts floor-to-ceiling storage, bay windows and a balcony fringed by greenery.

The homes also feature concrete-inspired stone benchtops, sandstone-coloured joinery and integrated appliances.

<h2>3. Mastery by Crown 
Developer: Crown Group</h2>

Not far from Crown&rsquo;s other development, Mastery by Crown Group delivers a new cluster of five newly completed buildings in Green Square.

Set to become Australia&rsquo;s first Japanese-themed residential community, the development will feature 368 luxury apartments and a 2,175sqm retail precinct, which will home 27 stores and a new Japanese eat street.

[smartcode_project:default project_id=7020 project_image_fid=25155]

Mastery is the last council-permitted tower for the area, meaning that this is an exclusive opportunity to secure views that will be impossible to replicate in Waterloo with existing zoning rules.

Inspired by the interplay of light, hikari, and shadow, kage, each interior features modern and sophisticated fittings and furnishings designed to enrich residents&rsquo; health and happiness in a Zen manner.

<h2>4. Surry Hills Village 
Developer: TOGA</h2>

Aligning with the City of Sydney&rsquo;s strategy of transforming inner-city urban precincts, Surry Hills Village will deliver the regeneration of a 1.2-hectare site to meet the needs of locals and visitors.

Designed by Iain Halliday and BKH, the masterplanned community will feature 122 apartments and a 102-room hotel, as well as 12,000sqm of commercial and retail spaces, featuring a Coles supermarket, specialty retail and parking for retail customers.

[smartcode_project:default project_id=9302 project_image_fid=188219]

Surry Hills Village was designed by SJB Architects, built to incorporate outdoor spaces, balconies and landscaped gardens.

Complementing the quality private open space, residential communal spaces will include walled gardens, barbecue courtyards and rooftop gardens.

<h2>5. The Frederick 
Developer: Mirvac</h2>

Rising 23 storeys at Green Square, The Frederick is Mirvac&rsquo;s latest stage at its Green Square development.

Offering a range of one, two and three-bedroom apartments, the development features family-sized residences, hotel-like amenities and views across the Sydney city skyline.

[smartcode_project:default project_id=109956 project_image_fid=186237]

Designed by Smart Design Studio and Mirvac Design, its fa&ccedil;ade features a striking curvilinear form that is punctuated by illuminated elements.

Positioned at the gateway to Sydney&rsquo;s sought-after Green Square Town Centre, these residences are located amongst an exciting cosmopolitan playground, which includes parklands, civic plaza and convenient transport offerings.

Urban takes a look at the best off-the-plan apartments for sale in Sydney’s inner-city suburbs. 

max.kwok_55688

The top five apartments for sale in Sydney's inner-city suburbs 

Western Sydney buyers are enjoying a brand-new development positioned in the heart of Mount Druitt at GLP Development&rsquo;s latest residential project, No1 Zoe.

The Zoe Place residence features 268 residences in one, two and three-bedroom configurations, as well as a street-front retail centre, accessible by lift.

Mount Druitt is not just for locals. Many buyers are recognising the investment opportunities present in the area, with the $53 million Westfield redevelopment and the construction of the Western Sydney International Airport 15 minutes away.

[smartcode_project:default project_id=6726 project_image_fid=184437]

Surrounded by everything you need from retail and dining to transport, recreation and education, the development will find itself at the centre of a bustling lifestyle hub.

No1 Zoe has been carefully curated to achieve a feeling of timelessness, elegance and serenity.

The project encompasses three 12-storey residential towers, designed in collaboration between Brooks Projects Architects and interior designers Jackson Teece.

[smartcode_project:default project_id=6726 project_image_fid=184434]

The residences are spacious, with large balconies and floor-to-ceiling windows that maximise natural light while framing views to the Blue Mountains to the west and the city skyline to the east.

All apartments feature engineered timber floors, beech cabinetry, engineered quartz stone benchtops and premium Bosch appliances.

Suited to its urban location, homes include earthy shades that add warmth and bespoke detailing that creates a relaxed space.

[smartcode_project:default project_id=6726 project_image_fid=184433]

Two and three-bedroom apartments include a bath in the master ensuite, while all bathrooms include backlit mirrors, chrome tapware by Eago and overhead heating lamps.

Just moments from Westfields Mt Druitt, West HQ, Good Luck Plaza, Mt Druitt Railway Station &amp; bus depot, a range of educational institutions, No1 Zoe is where luxury and convenience fuse.

[smartcode_project_cta: project_id=6726]

Western Sydney buyers are enjoying a brand-new development positioned in the heart of Mount Druitt at GLP Development’s latest residential project, No1 Zoe.

Western Sydney apartment development No1 Zoe built to take advantage of central Mount Druitt location

With Sydney&#39;s luxury market proving resilient, many buyers are seeing the benefit of downsizing to a high-end apartment development at an affordable price.

Sydney luxury real estate prices are expected to surge by nine per cent this year, according to Knight Frank&rsquo;s Prime Global Forecast.

With many making the move to the unit market as a result of growing housing prices, buying from a developer with a track record and long-term commitment to delivering quality projects has become all the more important for aspiring investors.

Below are four of the best downsizer developers delivering residences in NSW that you should keep an eye on in 2022.

<h2>1. Fortis</h2>

Inspired by a shared passion for excellence, Fortis has continued to grow its portfolio under the instruction of Patrick Keenan, Dan Gallen and Charles Mellick, since its inception in 2016.

Partnering exclusively with leading architects, designers and builders, Fortis boasts a portfolio exceeding $276&nbsp;million in successfully completed projects.

The group recently launched their latest NSW development in Neutral Bay, set to reach completion in late this year. &nbsp;

Nestled at the end of a quiet cul-de-sac, Colindia boasts seven residences with expansive terraces, panoramic views and minutes from popular restaurants, caf&eacute;s and bars.

[smartcode_project:default project_id=90627 project_image_fid=188114]

Designed by PBD Architects, the development comprises six half-floor residences crowned by a full-floor penthouse, while more than 40 per cent of the site features landscaped gardens.

Fortis&rsquo; new developments due for completion in the coming years have been valued at over $2.2&nbsp;billion.

This year Fortis will launch their Mona Rd, Darling Point project, as well as their first apartment development in the blue chip suburb, Point Piper.

<h2>2. Sun Property Group (SPG)</h2>

Launched in 2010, Sun Property Group has spent over 10 years producing and delivering quality residential and mixed-use property developments across Sydney.

Led by Wayne Sun, the company has primarily focused on Sydney&rsquo;s affluent Lower North Shore area.

Currently the team at SPG, who has also just ventured in to the luxury Melbourne apartment market, are selling The Ashton, a collection&nbsp;of just 13&nbsp;apartments on Mosman&#39;s Spit Road.

Designed by A+ Design Group, Ashton was the winner of the Sydney Design Awards 2020. It was named after the artist and teacher Julian Ashton and&nbsp;features Hamptons-inspired interiors, rooftop gardens and ground-floor commercial space.

[smartcode_project:default project_id=29139 project_image_fid=82420]

Two of SPG&#39;s most recent projects heading in to 2022 are Bala in Neutral Bay and&nbsp;Aurora in Willoughby.

Bala, which comprises 19 two and three-bedroom apartments&nbsp;in Neutral Bay, was another winner for SPG in the 2020 Sydney Design Awards.

[smartcode_project:default project_id=9801 project_image_fid=82431]

<h2>3. Abadeen Group</h2>

The Sydney developer, Abadeen Group, founded and led by the long-time CBRE Residential Projects chairman Justin Brown, is one to watch for 2022.

Founded over two decades ago, the development group has an established track record with over $1 billion in projects.

A recent partnership with the private equity real estate investment group Phoenix Property Investors will see them deliver&nbsp;a string of boutique residential apartment projects in Sydney over the next five years.

Among its current projects is Koyo, a Koichi Takada-designed development in Crows Nest, and its sister project, Enso, located in Neutral Bay slated for completion in 2022.

[smartcode_project:default project_id=109005 project_image_fid=186099]

A boutique collection of 27 apartments in the heart of Crows Nest, Koyo will deliver 18 three-bedroom apartments, seven two-bedroom apartments and two one-bedroom apartments.

The development group will see 31 apartments and five restored historic terraces completed at its Brighton Le Sands project, Seychelles.

[smartcode_project:default project_id=109005 project_image_fid=186099]

<h2>4. Dare Property Group</h2>

Another downsizer developer that investors and buyers should watch this year is Dare Property Group, led by the prolific Sydney developer&nbsp;Danny Avidan.

&ldquo;Dare Property Group was created to fill what I saw as a glaring gap in Sydney&rsquo;s prestige real-estate market. At the time I left the fashion industry after 25 years, the words &lsquo;designer&rsquo; and &lsquo;off-plan&rsquo; had not truly been recognised. I intended to change that&rdquo;, Avidan said.

Since it was established in 2019, Dare has grown to one of the most visionary property development brands in Sydney, with previous developments including The Carlton at Vaucluse and Bronte Place.

The luxury eastern suburbs development, Kalypso Tamarama, is slated for completion this year.

The most anticipated development by Dare in 2022 will be the&nbsp;Piper House collaboration with&nbsp;Fortis, which will offer 20 homes on a 2,000 sqm site in the blue chip Point Piper.

Piper, which stands on the northern side of New South Head Road and wraps around leafy Wunulla Road, will be available for purchase this year.

Sydney luxury real estate prices are expected to surge by nine per cent this year, according to Knight Frank’s Prime Global Forecast

Top four downsizer developers in NSW that buyers should watch in 2022

There&#39;s set to be a fresh wave of international returnees over 2022, as Australia once again reopens its borders fully to the world of investors and students.

Some of Sydney&#39;s top developers&nbsp;have been planning for the eventuality, acquiring development sites and timing the launch of their projects to coincide with the expected 2022-rush for apartments.

There&#39;s already been a notable move for the unit market toward the end of 2021, with houses becoming unaffordable for the vast majority of Australians. The gap between the median price for a house and the median price for an apartment is at record highs.

Urban takes a look at eight developers operating in the NSW that you should keep an eye on in the new year.

<h2>1. Mirvac</h2>

Celebrating its 50th year in operation in 2022, Mirvac has an exciting book of projects across New South Wales next year.

Only recently has Mirvac&nbsp;launched NINE by Mirvac, on the site of the former Channel Nine Studios HQ.&nbsp;

The three-hectare site will home over 440 apartments designed by CHROFI in collaboration with Mirvac Design, and interiors by leading Melbourne design studio, MIM Design.

[smartcode_project:default project_id=93788] 
Above image is an artist&#39;s impression

There will be around 6,500 sqm of open space designed by internationally renowned landscapers McGregor Coxall, with parks, gardens, a lawn for active play, sheltered barbecues and a children&rsquo;s playground.

Mirvac&#39;s next stage of their Green Square redevelopment, The Frederick, has also just been launched.

The striking 23-level building,&nbsp;with a striking curvilinear form, is a&nbsp;collaboration between Smart Design Studio and Mirvac Design. That will have 152 apartments when completed in 2023.

[smartcode_project:default project_id=109956 project_image_fid=186240] 
Above image is an artist&#39;s impression

The ASX-listed developer will also be seeking approval for a 2022 launch of Coonara, West Pennant Hills, which will see 418 dwellings built on a 26-hectare block of land focused on the natural environment.

Bordering the Cumberland State Forest, around 10 hectares of remnant bushland will be dedicated to the NSW Government as public open space.

<h2>2. Thir​d.i Group</h2>

Launched in 2006, Third.i has spent over 15 years creating award-winning projects across the residential and commercial sectors.

The Sydney-based developer&rsquo;s current development pipeline, projects either in planning or under construction, exceeds $2.5 billion in value across Australia and the UK.

Late this year, Third.i submitted a development application to the City of Newcastle for its fourth West End apartment project, the 180-residence Dairy Farmers Towers.

<img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/dairy_farm_towers.jpg" width="1200" />

The group is also aiming to start the second stage of construction on Balfour Place, a mixed-use Lindfield development in collaboration with Coles Group, in the first quarter of 2022, in what is set to be an exciting year.

The current DA approval sees the 7,091sqm site set to become a luxury residential tower built atop a brand-new Coles supermarket, Liquorland, caf&eacute; and a heritage commercial space.

<h2>3. Iris Capital</h2>

Iris Capital, led by the local hotelier and developer Sam Arnaout and originally boasting a substantial portfolio of assets in the hospitality industry, has ramped up its involvement in the&nbsp;residential sector over the last decade.

Founded in 1995, the development group has delivered a number of integrated residential and mixed-use development across the Sydney region.

Launching its $350 million Potts Point redevelopment Queensgate this month, Iris Capital is expected to see a hot year of sales across its five apartments buildings in the harbourside precinct.

[smartcode_project:default project_id=5570 project_image_fid=180676]

Just 48 high-end apartments will be on offer across a selection of one, two and three-bedroom apartments, in addition to an exclusive collection of ultra-luxury penthouses with private pools.

The stage one completion of Ea​st End, one, two and three-bedroom coastal apartments in Newcastle, has helped cement its place on this must-watch list.

Another who has made the move north, Iris recently launched Victoria &amp; Albert, their first Gold Coast apartment project, and recently secured a prime development site on the Surfers Paradise dress circle Garfield Terrace.

<h2>4. Coronation Property</h2>

Run by Sydney locals, Coronation Property has brought a fresh perspective to urban precincts across Sydney since its inception in 2012.

As a fully-integrated developer, the group controls every part of the development process, from initial design to construction and building management.

Coronation has a track record for delivering great residential developments across Western Sydney including the Paper Mill Precinct in Liverpool. They have 8 Phillip Street in Parramatta currently under construction

Its latest development, Mason &amp; Main, combines the established neighbourhood character of Merrylands with convenient proximity to Sydney&rsquo;s second CBD of Parramatta.

[smartcode_project:default project_id=13693 project_image_fid=34741]

The residence offers 346 residences in one, two and three-bedroom configurations, designed by Woods Bagot.

<h2>5.&nbsp;ALAND</h2>

Established in 2002, ALAND is an Australian-owned family business with over 20 years of experience, and a hit with locals given their long relationship sponsoring the Parramatta Eels.

A specialist builder and developer delivering state-of-the-art contemporary residential projects across the Sydney region, the group now boasts a portfolio of over 2,800 completed apartments.

Now selling in Sydney, is the group&rsquo;s Parramatta project, Paramount on Parkes, offering 294 apartments bordering the well-known horse racing spot, Rosehill.

[smartcode_project:default project_id=9198 project_image_fid=164868]

The 42-level tower will offer expansive one, two and three-bedroom residences with plenty of storage, as well as a number of amenities.

The ALAND team will also see their&nbsp;Liverpool residences at the Hoxton reach completion mid-next year, alongside the Schofield development, Schofield Gardens.

[smartcode_project:default project_id=9198 project_image_fid=164874]

<h2>6. Deicorp</h2>

With over $2.5 billion of residential, retail and commercial real estate in the pipeline, privately-owned development group Deicorp has secured its place on this list for the second year in a row.

Founded in 1999, they have delivered over 8,000 apartments and sold over 1,000 apartments across the calendar year.

Last month, <a href="https://www.urban.com.au/news/nsw/deicorp-secure-polding-centre-sydney-apartment-development-site">Deicorp secured the development rights</a> to a 61-storey mixed-use development on the site of the Polding Centre in the Sydney CBD, which will likely hit the market in 2022.

Work has also started on developer Deicorp&rsquo;s $750 million Tallawong Village project in north-west Sydney.

[smartcode_project:default project_id=106821]

The first stage will present a mix of 333 one, two and three-bedroom apartments, forming part of a masterplanned precinct steps from the Sydney Metro line.

<h2>7. Top Spring</h2>

Top Spring has acquired a reputation for its quality developments over its near-three-decade history, completing over 20 development projects in 12 cities around the globe.

The Australian arm, based in Sydney, has the strength of local expertise backed up by a powerful international market presence and knowledge.

Beginning demolition this month to make way for Munro House, a new Elizabeth Bay residence, the group is expected to start construction on the 30 luxury apartments next year.

[smartcode_project:default project_id=100691 project_image_fid=186113]

In 2022, the company also aims to cement its reputation for delivering high-end residential living with a new 18-residence Double Bay project, according to Top Spring Australia&#39;s managing director, Sydney Ma.

&ldquo;In line with our premium project at Elizabeth Bay, Munro House, this project will encapsulate all the hallmarks that Top Spring Australia is known for, including new technology, art, green spaces and contemporary design,&rdquo; Ma&nbsp;said.

<h2>8. TOGA Group</h2>

A leading Australian property group with a portfolio across Australia, New Zealand and Europe, TOGA currently has several major projects under construction.

Founded by Ervin Vidor in 1963, in coming years TOGA is on-track to launch a pipeline of more than 5,000 apartments and an expansive portfolio of vibrant retail and short-term accommodation.

Among the group&rsquo;s developments includes Surry Hills Village, the mixed-use development and precinct on the corner of Cleveland and Baptist Street.

[smartcode_project:default project_id=9302 project_image_fid=29318]

Due for completed in early 2024, Surry Hills Village will home 122 apartments and a 102-room hotel, as well as 12,000 sqm of commercial and retail spaces.

SJB Architects has designed the development in collaboration with development partners Iain Halliday and BKH,&nbsp;Aspect Studios&nbsp;director Sacha Coles and Studio Prineas architect and principal Eva-Marie Prineas.

TOGA are also 50 per cent sold at their Marrickville development, Wicks Place, which will have 272 apartments atop a number&nbsp;of retail spaces when complete in late 2023.

There&#39;s a site TOGA are working on in Penrith, as well as a 150-apartment project&nbsp;in Kensington, which they are hoping to launch in Q1 2022.

Urban takes a look at ten developers operating in the NSW that you should keep an eye on in the new year. 

The top eight apartment developers to look out for in NSW in 2022

Rawson Communities&rsquo; latest community of Leppington Central delivers the ideal family living experience in Sydney&rsquo;s south-west.

Situated on Heath Road, the site is anchored by a heritage cottage, a rural remnant of the Tegal family farm, one of the first poultry farms in NSW.

The cottage was one of the secondary buildings on site, likely the home of one of the Tegel sons, and not the main homestead itself, according to the development application.

[smartcode_project:default project_id=28100 project_image_fid=141042]

&ldquo;The cottage is the most valuable house within the development&rdquo;, the architects said. It provides the foundation of their understanding of the architectural style of the property.

<blockquote>
&ldquo;We seek to draw on the art-deco language, as well as sit with the remnant piece of architecture on site in the heritage cottage&rdquo;, they said.
</blockquote>

A gate, which still stands from the same period, represents the high optimistic art-deco period, even more so than the cottage.

[smartcode_project:default project_id=28100 project_image_fid=141047]

The heritage features speak of the absolute moment of success when industry was booming and discretionary spend could be afforded on the front entrance.

Leppington Central is set to provide 75 three-bedroom residences on the site, boasting spacious floorplans and convenient access to amenities.

A range of employment and community facilities are planned close by, including business centres, shopping centres, schools and universities.

[smartcode_project:default project_id=28100 project_image_fid=141045]

A hardstand barbeque area has been included centrally for easy access from all the homes.

Other amenities include a pedestrian loop with a small playground, aimed to entertain toddlers and younger children. &nbsp;

Leppington Central also offers land packages to buyers interested in capitalising on this affordable suburb.

Situated on Heath Road, the site is anchored by a heritage cottage, a rural remnant of the Tegal family farm, one of the first poultry farms in NSW

The design decisions behind Rawson Communities’ latest Leppington masterplanned community, Leppington Central 

The Commonwealth&rsquo;s expansionary budget is the right approach for the times.

The Commonwealth has led the way with support for new home buyers through its &ldquo;First Home-owners Deposit Scheme&rdquo; which effectively under-writes housing loans for first home buyers with only a 5% deposit. &nbsp;However, this, along with record low interest rates and the relaxation of APRA controls has seen a spike in housing demand

The Budget expands this scheme and creates a new category of beneficiaries with the new Family Home Guarantee which will provide single custodial parents with a step up towards home ownership. There&rsquo;s also more flexibility for older Australians (over 60) who sell their house (generally to down-size after children have moved out) allowing them to deposit up to $300,000 per person into Superannuation.

The Budget also includes the expansion of the &ldquo;First Home Super Saver Scheme&rdquo; which increases the funds that can be withdrawn from Super accounts from $30,000 to $50,000. &nbsp;This, on top of HomeBuilder grants all adds to demand for new homes. But without a big boost in housing supply, borrowing from Super just pumps up the price further.

So Treasurer Josh Frydenberg has a conundrum. &nbsp;Stimulate the economy &ndash; but risk new home prices going up and a backlash from those locked out of the housing market. &nbsp;All of the worthy Commonwealth measures announced in the Budget face particular problem in NSW.&nbsp;

The NSW Planning System dropped the ball and slowed housing approvals down to a crawl just before COVID &ndash; then they failed to use COVID-19 as a chance to catch up. &nbsp;Now there is a massive shortage in supply of land sub-divisions and re-zonings for new homes across Greater Sydney. There is a plan for reform of planning in NSW &ndash; but it won&rsquo;t deliver for years to come. The same bold approach which has driven the Commonwealth is urgently needed in NSW.

What that means is all the extra funding for home buyers just pumps up the price of the existing stock of housing, ironically making home ownership less affordable.&nbsp;

<h2>The real issue for NSW is the supply of new housing.</h2>

The Department of Planning&rsquo;s own forecasts predict 150,000 new homes over the next 4 years in Greater Sydney &ndash; but even this bold prediction, unlikely to be achieved given the Government&rsquo;s refusal to take on NIMBY Councils, falls short of meeting the NSW Government&rsquo;s own Housing Strategy &ldquo;Housing 2041&rdquo; targets which call for 50,000 new dwellings (on average) each year from now till 2041.

The big problem for first home buyers and for the Commonwealth Budget is the NSW planning system.

The Commonwealth needs to get tough with NSW and drive planning reform to increase housing supply. &nbsp;While ever we wait for reform in NSW you can expect that new home prices will continue to rise.

The Commonwealth&rsquo;s increased investment public health, the vaccine roll out, mental health and women&rsquo;s support services is all very welcome indeed.

The Commonwealth investment in in city Infrastructure is also supported &ndash; though one short-coming was the absence of funding to support local infrastructure surrounding the new Western Sydney Airport because the success of this precinct will drive the economy of the nation. With a massive levy of 6.5% (on top of all the other fees and charges) to be applied to the development of employment centres around the airport, the feasibility of development of employment land is called into question and NSW risks missing out on the predicted jobs boom without some support from the Commonwealth.

All up, this is a budget for all Australians. It is very welcome and is strongly supported by the Urban Taskforce.

However, all of the worthy Commonwealth measures announced in the Budget face particular problem in NSW

The Commonwealth’s expansionary budget is the right approach for the times: Tom Forrest

Urban Taskforce welcomes today&rsquo;s intervention from the Chief Economist of the NSW Treasury, Steven Walter, who says that post COVID-19, Sydney&rsquo;s CBD will not return to pre-COVID employment levels. That means the planning system must be flexible and allow changes of use to apartments as has happened successfully throughout the world.

Urban Taskforce has been calling for increased flexibility in CBD planning since well before COVID-19.

These calls have been supported by the Commonwealth Productivity Commission, the NSW Productivity Commission, the Reserve Bank of Australia, and now the Chief Economist of the NSW Treasury.&nbsp;

It is time the NSW Minister for Planning, Rob Stokes, started to listen to the very people who said planning approvals are too slow, to prescriptive and too few. &nbsp;Urban Taskforce said that this would result in upward pressure on new housing prices and that is exactly what we are seeing now.

[smartcode_project:default project_id=7758 project_image_fid=79424]

Urban Taskforce welcomes the support from the Treasurer, Dominic Perrottet, while noting that any change will require much greater flexibility from the City of Sydney. &nbsp;The State Government has the capacity to assert this through the Central Sydney Planning Committee (CSPC) but to date, the Government representatives has used its authority to take on Council&rsquo;s reluctance to support residential apartments in the CBD of Sydney.

A change to the objectives and the permissible uses in the &ldquo;B3&rdquo; zoned commercial core areas would allow for greater flexibility in CBD locations to stimulate CBD investment across Sydney.&nbsp;

Chatswood is a notable example of a CBD centre that has died under Council&rsquo;s obsession with preserving the town centre as &ldquo;commercial core only&rdquo;. &nbsp;There has not been a new building constructed in their B3 zone since the early 1990s.

Steven Walters&rsquo; suggestion that a flexible mixed-use option is the key to the future is timely.

The GSC also needs to heed the changes in employment habits following COVID-19, and focus policy on delivery of new homes as well as jobs. &nbsp;Increasingly homes will be used as workplaces. &nbsp;That means commercial centres and well located industrial areas should also accommodate apartments &ndash; particularly where those centres are close to public transpory.

Tom Forrest is the CEO at the Urban Taskforce

NSW Treasury’s Chief Economist has called for changes in CBD planning to allow more residential utilisation 

jchancellor

Urban Taskforce welcomes NSW Treasury’s chief economist calls for changes in CBD planning

<html><body>The extension of updated NSW’s short-term letting rules has been delayed.

The rules were proposed by Planning and Public Spaces Minister Rob Stokes to start from July.

They involved the extension of the 180-nights-a-year cap for unattended holiday lettings from within the greater Sydney area into regional and holiday hotspots.

The 180-day cap dated back to 2018, when the NSW government announced it would cap the use of Airbnb/Stayz-style lettings to control rental affordability and to give respite to neighbours from party homes.

The rule has applied only applied to greater Sydney, with regional councils initially set to impose their own caps.

The extension proposed in locations such as Newcastle, Bega, Dubbo and Ballina would see absentee landlords be allowed to rent out their homes for only up to 180 nights a year. 

The Byron Shire would face the restriction from 31 January 2022.

The rules will allow people living in an apartment or house to rent out a part of their home for 365 days a year.

After suggesting the new rules were “simple”, Stokes has announced that “in the interest of conciliation, and to give the policy the best chance to succeed, we’re happy to extend the date for implementation to November 1.” 

Stayz corporate affairs director Eacham Curry noted the NSW tourism industry was only starting to bounce back after a months dominated by COVID-19 and bushfires.

“The expansion of night caps to further regions is a blow to the tourist economy, and the NSW government should rethink their approach in the face of an uncertain outlook for tourism,” Curry said.

But Stokes said the industry should have been prepared for the implementation of the new rules.

“I maintain that the introduction of the policy should not come as a surprise, as we have been working with industry and councils on short-term rental accommodation since 2017.”</body></html>

The extension of short term rental limits in NSW has been delayed by three months to November 1.

NSW delays extension of short term accomodation rules into the regions

<html><body>
The Victorian establishment Baillieu family have listed Tongy Station, at Cassilis near Merriwa in northern NSW.
It has been listed for the first time in almost 100 years, with expectations <a href="https://www.realestate.com.au/property-mixed+farming-nsw-cassilis-7758509" target="_blank">the 4637-hectare station</a> that breeds Hereford and Merino stock could fetch more than $20 million.
Located on the banks of Talbragar River, the property features a Victorian standstone homestead amid manicured gardens. 
Tongy dates to 1825, when former convict Richard Fitzgerald was granted freehold title of the property by Governor Bourke for his services to the colony through agricultural management. 
Colliers International's Richard Royle is handling the sale with offers due September 14.  
The Baillieu family bought the property in 1923, The Land reported.
It was secured from Fitzgerald's five grand daughters. 
This Australian Dictionary of Biography described Richard Fitzgerald (1772-1840), convict, public servant and settler, as <a href="https://adb.anu.edu.au/biography/fitzgerald-richard-2048" target="_blank">one of the most remarkable men to settle in early New South Wales</a>. 
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<div><img src="https://m.c.lnkd.licdn.com/mpr/mpr/jc/AAEAAQAAAAAAAAZCAAAAJDAwNzA0Y2UzLTYxMDQtNDVlYi1iNWMzLWQyNjQxMzQ0MDAxOQ.jpg" alt="Tongy Station"></div>
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The family owns Yarram Park, one of Victoria’s largest working sheep and cattle stations. 
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jchancellor-FAypfDUnLy

Tongy Station, Merriwa offered with $20 million plus hopes

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GUEST OBSERVER
NAB Economics have partnered with NSW Trade and Investment in utilising the NAB Quarterly Business Survey (QBS) to gain a better understanding of foreign multinationals operating in Australia, and especially NSW.
Commencing from the December quarter 2016, the NAB QBS asked firms an additional question on the location of their parent company.
That has allowed us to single out the performance of foreign multinationals operating within Australian borders, based on the numerous metrics available from the Survey. Attempts are currently underway to extrapolate a time series of business indicators for these firms, but for now available outcomes are restricted to Q4 2016.
In the final quarter of 2016, the NAB Multinational Business Survey revealed that business conditions – a composite of trading/sales conditions, profitability and employment – were strong for foreign multinationals, at +13 index points, and were higher than for those with an Australian-based headquarters (although conditions were quite positive despite ownership) (Chart 1, Table 1).
Given the importance of attracting foreign investment to the local economy, it is encouraging to see that foreign multinationals already operating within Australia are performing so well – and are especially strong in NSW (see below). Business confidence on the other hand is looking more balanced, at reasonably positive levels (+6 index points for all ownership types).
<a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.14.10%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.14.10%20AM.png" alt="">
By component, foreign multinationals are reporting very good sales activity, with our trading conditions index at 20 points, which was well above the (also solid) levels seen by other firms. Reflecting the apparently strong demand conditions, profitability was also quite high, at 15 index points, which was again higher than that reported by other firms. Employment conditions, however, were a little less encouraging (albeit still positive). The employment conditions index meanwhile was at +3 index points, which is slightly below the level recorded by firms with headquarters located within Australia.
<a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.17.57%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.17.57%20AM.png" alt="">
Concentrating on NSW, foreign multinationals reported very strong business conditions in Q4 2016 (+16 points), albeit slightly lower than for firms with an Australian-owned headquarters (Charts 2). By component, foreign multinationals saw the best trading conditions, but were noticeably softer on employment conditions relative to other firms in NSW. They also performed better in NSW than in other states (Chart 3), outperforming in two out of three components (employment again being the exception). 
<a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.18.52%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.18.52%20AM.png" alt="">
The outperformance of business conditions for foreign multinationals at the national level is not quite replicated across all the other key financial and forward indicators from the Survey (Chart 4). They are, however, leading when it comes to profit margins, which suggests that these firms are experiencing a relatively favourable business environment, both in terms of costs and revenue.
That would tend to suggest that the positive inventory index points to voluntary restocking by firms – although that seems counter to forward orders, which are noticeably lower for foreign multinationals than for other firms. Capacity utilisation outcomes suggest similar levels of spare capacity, regardless of ownership, but investment activity by foreign multinationals appears relatively lower, while their intentions to invest in the next 12 months are significantly lower than for some other firms (more details below).
Focussing on NSW, foreign multinationals are performing better than in other states on a number of measures, including profit margins and forward orders (Chart 5). However, the investment outlook is perhaps not quite as encouraging as it is in other states – despite foreign multinationals enjoying much better demand conditions (business conditions and forward orders) in NSW than elsewhere.
KEY RESULTS BY INDUSTRY
The sample from the Business Survey allows us to deconstruct responses by industry, at the national level. On balance, foreign multinationals within the construction industry experienced the best business conditions in Q4 2016, while conditions in the mining industry look extremely poor (Chart 6).
That said, mining confidence was a clear standout in the quarter, which probably reflects improvements in project viability due to a rally in commodity prices. Transport was the only other industry where foreign multinationals reported negative business conditions (and even weaker confidence). While that may partly reflect mixed conditions in distributional services more generally, higher energy costs are probably contributing to the weak result.
Unsurprisingly, foreign multinationals in services industries have performed relatively well, which is a trend reflected in the broader economy. Solid conditions in retail are also encouraging given mixed indications from other data sources.
<a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.20.19%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.20.19%20AM.png" alt="" width="302" height="768">
Similar to domestically-owned firms, foreign multinationals are reporting capital expenditure intentions that vary significantly across industries (Chart 7). Foreign multinationals appear more keen to invest than other firms in wholesale, construction, retail, and professional services.
Construction is unsurprising given the strength of the residential boom, but the high level for wholesale (and to some extent manufacturing) is interesting given the significant structural changes underway within the industry. Investment intentions are also high for personal services (RPS), just not as high as locally-owned business. 
OTHER INDICATORS OF BUSINESS EXPECTATIONS
Aside from capital expenditure expectations, the Survey also asks firms about their outlook for factors such as sales, profits and employment. On balance, foreign multinationals are noticeably more upbeat on their 12-month outlook for sales and profits than they are for employment (Chart 8).
This might normally suggest that firms are looking to undertake a more capital intensive expansion of their operations, and/or reduce spare capacity, but also in this instance is hard to square away with current levels of capacity utilisation and capex expectations (discussed above). Therefore, this outcome may point to an anticipated improvement in efficiency/productivity?
In terms of the outlook for foreign multinationals operating in NSW, these firms tended to point to a better outlook for the next 12 months than foreign multinationals in other states. Sales, profit and employment expectations (12-months ahead) were all higher for these firms (Chart 9). Once again, employment conditions are lagging behind, although the net balance is still quite positive at +20 index points.
BORROWING &amp; REQUIRED RETURNS
To get a better idea of what is affecting decisions on capital expenditure, the Survey asks about credit conditions and the required rate of return for potential investments. On credit demand, the Survey shows that foreign multinationals tended to require less borrowing in the quarter than other types of firms (Chart 10, black bars). A similar observation can be made for foreign multinationals operating in NSW (Chart 11, black bars).
The lower demand for credit could reflect a number of potential factors. Perhaps foreign multinationals have greater access to other sources of finance. Another possibility is that foreign multinationals are still more reluctant to take on debt than solely domestic firms, given the higher degree of disruption in foreign debt markets over recent years.
Overall borrowing conditions (i.e. supply side constraints) might be another factor that is limiting firms borrowing. Differences in regulation and risk assessment can affect the willingness of banks to lend to foreign firms relative to solely domestic ones.
To measure this, the Survey produces a borrowing index, which compares those firms who found it easier to borrow versus those who found it harder. Interestingly, at the national level, foreign multinationals found it no harder than other firms to borrow, but they did find it harder in NSW (Charts 9 &amp; 10, grey lines).
Finally, required rates of return on investment appear to be a little higher for foreign multinationals, which could be a limiting factor on capex given the uncertain growth outlook for the economy (Charts 10 &amp; 11, red lines). 
CONSTRAINTS ON BUSINESS OUTPUT
When asked about the main constraints on the firm’s output, aggregate demand tends to be the most common response. Foreign multinationals are no different, with more than half of these firms indicating that demand was either a minor or major constraint on their output (Chart 13, red bars).
<a href="https://www.propertyobserver.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.21.35%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/14/Screen%20Shot%202017-03-15%20at%208.21.35%20AM.png" alt="">
However, a significant proportion of foreign multinationals (more than a third), also indicated that a lack of suitable labour is playing a role as well. Given that the unemployment rate is elevated in Australia (5.8%), and the underemployment rate is close to record highs, there certainly seems to be an adequate supply of workers in the market. Therefore, this result could suggest that firms consider the available workers to be underqualified, inexperienced or not qualified in the skills that are required. The availability of materials and physical capital is much less of a concern, but around 10% of foreign multinationals consider them a minor constraint.
At the state level, similar observations can be made for NSW, although the availability of suitable labour features more prominently – nearly half of foreign multinationals see it as a minor constraint (Chart 13, black bars). Additionally, although demand is still the largest constraint for NSW foreign multinationals, a smaller proportion see it as a significant constraint compared to foreign multinationals in other states (Chart 13, red bars). 
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Alan Oster is group chief economist, National Australia Bank, and can be contacted <a href="https://business.nab.com.au/author/alan-oster/" target="_blank">here</a>.
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