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The Coronavirus pandemic brought with it an interesting, and probably for many, highly unexpected outcome – a boom for the regional areas. Business shutdowns and relocations to working from home gave people time to think about the changes they could make in their own lives to promote a better work-life balance. What COVID-19 showed is that many jobs don’t need to be done in an office, they can just as effectively be done from almost anywhere. The same with many businesses – you don’t need a shopfront to be successful, you just need the dedication and ability to run your business online.  The Stats The ABC recently reported that a record 54,000 new job vacancies became available in the October figures – a 13 percent increase on the 2019 figures. According to Liz Ritchie, chief executive of the Regional Australia Institute, these positions including engineers, doctors, lawyers and accountants - well paid roles that are causing those living in the cities to think about their next move. It is really interesting to look at where those job advertisement figures are coming from. In NSW – Dubbo and Western NSW are up 92.6%, the Southern highlands and Snowy Mountains are up 55.9% and Tamworth and Northern NSW are up 45.2%. This is compared to the Sydney market which is down 24.7%. In Queensland, Toowoomba and the South West have increased 35.7%, the Sunshine Coast is up 24.5% and the Gold Coast is up 18.8%. Brisbane is down 8.7%. The North West region in Tasmania has seen an increase of 26.3% while Hobart is down 4.9% and in Victoria, Melbourne decreased by 38.3% while Bendigo and the High Country went up 5.1%.  The Outcome So, what does this increase in regional job advertisements on top of the recognition that people can work effectively from home do to house prices and the decentralisation of the inner city and high-density areas? In most states, capital growth has been increasing across the regional markets between March and October 2020. CoreLogic notes an increase of 3.3% in NSW, 1.6% in QLD, 3.4% in SA and 3.7% in TAS. Areas in regional Victoria, Orange (NSW), Byron Shire (NSW), the Tweed Shire (NSW), Geelong (VIC) and the Gold and Sunshine Coasts (QLD) have been benefiting from the mass exodus of inner-city areas, but whether this trend continues does remain to be seen. For others, moving out of the inner city and high density living to outer laying suburbs and regions has allowed them to continue working from home while commuting into the office one or two days a week. Being out of high-density living provides more lifestyle options and was certainly seen as beneficial during lock down periods.  Another factor of the decentralisation of inner-city areas is affordability. Once you start to move out of the CBD and into outer suburbs and regional areas, land and property suddenly becomes (in many instances), more affordable, and first home buyers have really been taking advantage of Government incentives, both federal and state. While we may not see an increase in single family homes being built in some city areas, what we can expect is what is know as medium density living – that is, housing that provides for a small number of families in the one location. These tend to include:
We could also expect to see an increase in low-rise buildings as opposed to the high-rises we have been seeing in recent years. The full outcome of COVID-19 on decentralisation and the decrease in high density living still needs to be seen, and it may be a little while before we see its full effects. There is however no doubt that many regional areas are currently benefiting from this decentralisation, and bringing life back to our regions can only be a good thing.
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Super low interest rates are set to bolster the Sydney real estate market in 2021 and beyond. Economic uncertainty and outer city relocation due to COVID-19 resulted in a Q3 2020 slight decline 0.3% decline in the market, according to CoreLogic. But signs and forecasts for 2021 look promising.  But what should we expect in 2021? Some economists are predicting a turnaround, with Sydney prices expected to rise at around 8.8%, with the low interest rates and government stimulus packages really pushing people to purchase when they can. So, what is stopping those larger growth numbers that we have seen in recent years? We likely won’t see these recently skyrocketing prices due to the effects of the pandemic – continued uncertainty, minimal population growth through immigration and the location independence of jobs relocating many outside of the the inner-city regions. CoreLogic noted in some of their recent weekly figures that Sydney’s housing market is performing well in auction rates with a 76.6 per cent clearance rates. Owner-occupiers and first home buyers are steering the market, particularly those who have been able to maintain stable employment. Yet the investor market is still quite low, with the ABS’s latest figures showing that investors are making up less than 15 per cent of new loan applications.  What does this mean for the rental market? While owner occupiers and first home buyers can still take advantage of lower home prices, what we are likely to see is more demand on rental properties and therefore price increases flowing through to meet those demands. Predicting and forecasting the market is hard at any point but predicting and forecasting as we come out of a pandemic is even harder. But, as noted by Property Update, there are some promising indicators that the market is on an upwards trend, including:
So, what about those looking to get into the market or downsize when prices are on the increase? New developments and builds, like Montane Kellyville are popping up and are fantastic for those looking to get into the market, downsize or even upsize from an inner-city apartment. Boutique and smart technology apartments are in demand, and they aren’t lasting long on the market.  With a collection of one-, two- and three-bedroom smart home apartments, in the heart of Kellyville, these five low-rise level buildings suit everyone from the young professionals and families through to retirees looking to downsize without losing facilities. Built for living and entertaining, if you’re looking to enter the market and beat the rush when people start to notice prices increases, Laurus Projects welcomes you to register now for Montane Kellyville. Laurus Projects has welcomed their new development, Montane Apartments, in the heart of Kellyville. A collection of one, two and three bedroom apartments, these homes have been superbly crafted to bring together intelligent architectural design and premium finishes. Designed to suit everyone from young professionals and families through to first home buyers and astute investors.  Montane has three low-rise five level buildings, compromising of 150 apartments, designed by award winning architectural firm Kann Finch, and reflects the stylish revolution of Kellyville. Inspired by the surrounding landscape, where urban living meets a relaxed lifestyle, Montane encapsulates Kellyville living – open space, fresh air and blue skies. With professionally landscaped surrounds, all buildings feature a rooftop terrace for relaxing outdoors and entertaining guests. With native landscaping, the rooftop terraces feature a covered barbecue area, integrated seating and a children’s play area with swings and a mini bike track.  The apartments are built for living and entertaining, with the kitchens featuring a large breakfast bar with stone bench tops, timber joinery and stainless steel European appliances, while the neutral classic tones used throughout compliment any taste. Smart home automation systems control air conditioning and energy efficient LED lights at the touch of a button, voice control or remotely via your smart phone. There is something to be said about Kellyville living, the combination of an urban setting while still enjoying the surrounding nature. Many apartments within the Montane development capture the Blue Mountains vistas while others look out over the surrounding district - a backdrop that is uplifting by day, and stunning by night as the sun sets and the city lights up.  Montane features plenty of amenities including those rooftop terraces, a versatile community room that can be booked out by residents for personal functions and celebrations, and a fully-equipped state-of-the-art gym, letting you work out close to home at a time that suits you. Kellyville is 36k north-west of Sydney’s CBD in the Hills Shire and is connected to everything needed – a short drive to Kellyville Station on the new Sydney Metro North West high-frequency railway (featuring 1,360 commuter car parking spaces). From here, journey to Chatswood in 31 minutes, and Macquarie University in 22 minutes. The Niftie express CBD commuter bus is located at the end of the street providing an easy ride into the city.  Kellyville is part of the growing and thriving North West Priority Growth Area. There is plenty of new and planned infrastructure for the area which adds to the appeal, the connectivity and the liveability, with plenty of public amenities, transport links, retail precincts, schools, recreational facilities, parklands and thousands of predicted jobs. Montane takes advantage of the family friendly tone to the areas, with a sense of community, and the lifestyle plenty have been looking for but unable to find. Bringing smart and connected homes to Kellyville, Laurus Projects welcomes you to register now for the boutique design and affordable luxury that is Montane Apartments. For more information and to register your interest, please visit montanekellyville.com.au.
What is extended reality? Extended Reality or XR is an overarching term that includes Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), and other technologies that combine real and virtual world to manufacture an immersive experience. Extended Reality In Construction Almost unimaginable even five years ago, clients can now take a virtual walk through their new home or office to ensure the design suits their needs now rather than after it is built.  So, what can we look forward to with the growing use of XR in the construction industry? Saving Time, Money and Stress When you initially speak to a builder, you’ll often notice building mock-ups, material samples and colour samples. Walk through a display home and you’ll see everything put together. But what if you’re building a custom design home? What if you make a few changes to the office layout? XR solutions allow builders and designers to put together a building design and make changes without having to build mock-ups and chase down hundreds of samples of building materials and colours. When Extended Reality is fully implemented into the construction industry, builders and designers can get into a database of virtual buildings and products, quickly building a virtual home from the bottom up, giving their clients a great idea of what their build will look like.  New Technology On-Site
One area of technology that is expected to evolve the industry further is that of smart goggles. Imagine walking around a job site – less mobiles in hand, less paperwork and more smart goggles that show building plans, drawings, technical information, installation, checklists and more. This information will help to cut down on meetings as everything is there when needed. On Site Training and Safety Another area where Extended Reality is shaping the construction industry is through the training and safety procedures for each site. Virtual Reality can be a highly effective training tool for those machine operators to get an idea of what is required to use each piece of machinery on a particular site. Assisted Reality can help technicians when inspecting equipment show past maintenance history. On top of the training side, there is the safety side, particularly for building inspectors who could have all plans uploaded before the leave the office and know exactly what needs to be inspected and when. As Extended Reality technologies grow and become more diverse, we can expect to see them changing the landscape of the construction industry over the coming years. Businesses that are already taking this technology on board or who are ready to jump on board will have a competitive advantage over those who are a bit slower to start. There’s plenty of exciting things happening within the world of Extended Reality, and we look forward to seeing how it changes the construction industry over the coming years. Convenience. It's the driving force behind the adoption of new smart home technology. With a single touch of a button or a mobile app, you can control your home from anywhere . You can have your air conditioner turned on and cooling down the house before you get home. Disable your security system. Unlock your doors so you don’t need to struggle with an arm load of groceries. Smart homes also allow you to have those small things done at the right time. Automate your blinds in the morning so you get naturally awoken by the sun. Adjust your lighting to the task at hand. Change music playlist while cooking dinner. The convenience is endless.  Convenience. It's the driving force behind the adoption of new smart home technology. With a single touch of a button or a mobile app, you can control your home from anywhere . You can have your air conditioner turned on and cooling down the house before you get home. Disable your security system. Unlock your doors so you don’t need to struggle with an arm load of groceries. Smart homes also allow you to have those small things done at the right time. Automate your blinds in the morning so you get naturally awoken by the sun. Adjust your lighting to the task at hand. Change music playlist while cooking dinner. The convenience is endless. There's also the money saving factor. In warmer weather it is common for people to leave their air conditioners or fans going all day to ensure the house is cool when they get home . Smart homes allow you to get the air con going before you get home, but not leave it on all day. Similarly with lighting, we know all too well how easy it is to leave the lights on in a bedroom or the kitchen even when you aren’t using them simply because you don’t feel like getting up. Having the ability to turn off your lights through an app on your phone, while you're sunk deep into the couch... It's a big win.  Voice command products are in demand. Particularly around phones and controlling some aspects of your home and it’s not a far stretch to see that this technology will soon make it’s way into acts like making to do lists while you’re in the shower or using the bathroom in the morning. Fridges that can keep track of what is inside them and write shopping lists have been around for a little while now, but they haven’t been overwhelmingly taken up like many other smart tech products, but it’s easy to see how these products will become more widespread in coming years. The ability to know what is in your fridge while you are out shopping will be a game-changer for many people. Then there are smart security systems. Some companies already provide electronic locking on their security screens and doors, while being able to check your security camera or who is at your door at any time, wherever you happen to be is really going to help people feel more secure in their homes. In Kellyville, the new Montane Apartments development is meeting the needs of those looking to purchase a brand-new smart home. Laurus is installing smart controlled lighting and air conditioning, as well as the Google Nest, providing homeowners with smart controlled music, movies and more. This can then be expanded to include remotely operated vacuum, blinds, security systems and so much more. Smart homes are on the rise, and they are becoming very popular with purchasers looking to find the home that meets their lifestyle and increases the comfort levels of their home. We are looking forward to seeing what technology comes out in the next few years It certainly hasn’t turned out to be the year many people expected, but for others there have been plenty of opportunities in the form of purchasing a new home, either pre-built or off the plan. So, what is driving people to purchase during one of the worst pandemics and economic downturns that we have seen in a long time? COVID-19 has put incredible financial and economic stress on many Aussie individuals and families. For those fortunate enough to be in a position to be considering buying a property, there are several reasons why now may be the perfect opportunity to make your move. In this article, we'll cover 3 of the key reasons why:
 Low Interest Rates
Low interest rates are the starting driving force; it’s certainly been a while since we’ve seen interest rates sitting in the 2 – 3% range, particularly for so long, and it is helping people get into the market and make larger repayments on their new homes, getting themselves ahead. However, it can be harder to secure a loan, particularly if you are sitting on the fine line of whether you have enough of a deposit saved and how secure your job is. Banks are certainly tightening their lending policies and for people in some industries, it is much harder to secure a home loan. There are no restrictions to buying a new home, other than perhaps restrictions placed on inspections and auctions by relevant Government authorities, and the methods around buying certainly haven’t changed. However there are a few things to be doing now that you may not have considered even 12 months ago:
Government Grants The announcement of Government grants to help people purchase a new home have certainly seen an influx in enquiries from potential purchasers. Most states have also put into place grants suited towards those building a new home to complement the Federal Government grants. The HomeBuilder grant provides eligible owner-occupiers a $25,000 grant to build a new home or to substantially renovate an existing home. In NSW, some of the eligibility criteria includes:
You can find out more about the HomeBuilder grant applications in NSW through Revenue NSW. The First Home Buyer grant is available to first home buyers in NSW, with two sections – First Home Owner Grant (New Home) and First Home Buyers Assistance Scheme. The First Home Owner Grant offers $10,000 towards the purchase price of your new home. There are a few requirements that need to be met including:
The First Home Buyers Assistance Scheme provides a full or partial exemption on transfer duty, and to apply you must be buying your first home in Australia and it needs to be valued at no more than $800,000. Less Buyers in the Market Another factor making it easier for buyers at the moment is that there are less buyers in the market. While the Sydney market is usually quite competitive, with less buyers out there, it can be easier to purchase your new home without the rush there normally is. Real estate agents have more time to show you available properties and developments, and you’ll generally have a bigger selection to choose from. The Market Might Be Right But I still Don't Feel Confident Buying Property It’s one thing to utilise the current grants and economic conditions to purchase your new home if you are able to do so, but you also need to feel confident in actually purchasing your new home, whether pre-built or off-the-plan. If you are a first home buyer, it can be hard to know what to be on the look out for and what to consider. If that's the case check out our article on the topic is a great place to start. The popularity and requests for sustainable and environmentally friendly design and construction have been rapidly growing in recent years. There are some pretty great sustainable materials on the market, as well as designs and builds happening around the world; developers, architects and construction companies are taking notice of what consumers want, and it’s making for some exciting changes in the industry.  What is Sustainable Construction? Sustainable construction is all about reducing the impact of the industry on the environment, from the design stage right through to the clean up stage. There are plenty of methods construction companies are now using to meet the sustainability requirements of their clients, including:
The construction industry historically has had a large impact on the environment, so with the change towards sustainability there has been some innovative thinking and designing coming through in the last few years. Popular Sustainable Building Methods There are a number of sustainable and eco friendly building methods that are gaining popularity with both construction companies and their clients. Green Roofs Green roofs or living roofs are becoming quite popular on commercial properties and high rise residential builds. A green roof is essentially where grass, plants, flowers, bushes and other greenery is grown on the roofing material. Stormwater is used to help grow the plants, it is relatively easy to manage, white heating and cooling costs are reduced and air quality is improved.  Grey Water Systems For years, homeowners have been harvesting their grey water, mostly to use on gardens. Commercial property builds are now utilising grey water systems (from everything except for toilets) for irrigation and supplying toilets with water, reducing their reliance on fresh water.  Electrochromic Glass Imagine not having to worry about shades and window treatments in your commercial setting. Electrochromic glass has the ability to move from clear to opaque based on external stimuli including electrical current or UV rays. It essentially removes the need for window shades and films, adapting to the current conditions as required. This, in turn, has the benefit of blocking a vast majority of UV rays.  Via https://www.sageglass.com/en/article/what-electrochromic-glass Solar Thermal Cladding Heating is a major resource and cost drain for any building, which is why solar thermal cladding is becoming a popular addition to commercial and large residential buildings. This is a passive building method that is designed to hold heat during the cooler months, storing the sun’s energy and passing through to the building for heat retention. 3D Printing We know that 3D printing has been on the rise in the construction industry for some time, and it is becoming more popular. Traditionally in the construction industry, building materials have needed to be created off-site and moved to the building site which has heavy environmental costs. 3D printing allows for components to be printed and constructed on site, reducing the need for shipping and bringing down the costs of the build.  What’s Next in Sustainable Building Design? There are always plenty of innovative building methods coming through, and as technology evolves, so will construction methods. There are two very exciting products and processes on the market which will revolutionise sustainable construction further. Self-healing concrete is in its early stages, but once commercially viable, there will be plenty of doors opening. This material can be used on almost everything including roads and walkways, and removes the need for road crews to shut down streets to repair potholes and cracks. Architects are also working on a machine that recycles construction waste into reusable materials. The machine would create bricks that can be used for new structures using living organisms that bind pre-existing construction waste. If this machine gets up and running, it will significantly cut down the amount of construction waste in the environment. With a finite number of resources available, sustainable construction is needed to meet a growing demand. Those who invest in sustainable technologies are recouping their costs through decreased operation costs and a high popularity in their services. There are large gains to be made in the sustainability realm, and the early adopters are certainly seeing the benefits. Laurus is set to unveil a host of sustainable elements to their latest 150 apartment block in Kellyville, Sydney. Including solar, plenty of greenery and electric vehicle charge stations. More to come. Laurus has secured a sought after site in booming Alexandria, on busy McEvoy Street. The new site is awaiting the finalisation of DA approval, with plans to build a high-end, mixed use development that will revitalise the suburb. Plans for the development contain a single commercial tenancy, 34 residential apartments, and two levels of basement parking at 135-139 McEvoy Street. Laurus is known for its high quality yet affordable properties, and the new site at Alexandria is no different. Residential apartments will be large and comfortable, providing something different to what is already in the area. The overall look and style of the build will be more luxurious than what is already in the suburb.  The residential component of the development has been designed to maximise comfort and lifestyle. Across the 34 proposed units there will be 4 one bedroom units, 25 two bedroom units and 5 three bedroom units.  Five of the proposed units are to be built as adaptable units, capable of being retrofitted post-build for those with mobility impairments.  The yet to be named project is situated approximately 900 metres from Green Square Railway Station and is adjacent to bus services travelling to and from Marrickville and Leichhardt. It is also close to Alexandria Park, a multipurpose sports field with children’s playground and off-leash areas that local residents love.  There are a large number of developments in different stages throughout Alexandria, from those in the planning stage to those that have sold out, indicating plenty of demand for new and modern properties in the area. Laurus is an established team of industry professionals based in Sydney, delivering an end-to-end service covering everything from conception to completions. Managing Director, Brian Hood, has been involved in delivering over $4 billion worth of work across Sydney including the Sydney Olympic Stadium, Bennelong Point, The Residences Hyde Park and Bondi Pacific. With Brian at the helm of every project, and Laurus’ reputation for consistently delivering high quality projects on time, the company has established strong relationships with designers and building partners who help bring properties to life. The Laurus team is ready to hit the ground running with development at the next Alexandria site once full DA approval has been granted, building a high end, boutique product that provides more luxury than Alexandria is used to. When searching for an investment, buyers tend to be looking at four things – capital growth, aesthetics, location and features. These four factors, combined with a solid rental income, tends to ensure that buyers end up purchasing an investment property that works for their portfolio plans. For first time investors, it’s easy to let emotions take hold, and buy a property that suits the needs of the investor rather than purchasing a property that best suits the needs of tenant. But Laurus' latest development, Grandfield Kellyville, has produced a much needed, luxury living yet affordable option in the quickly growing north-west Sydney suburb of Kellyville.  Grandfield Apartments, Kellyville It is at times like these, that people are looking to put their money in a stable investment, a place where prices are unlikely to depreciate and plummet quickly, and real estate is that place. Prices in Kellyville are holding strong, in fact on a month on month basis over the last 12 months, prices are slightly increasing.
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