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Turn one room into two: The insider’s guide to temporary pressurized walls

Renting in New York City always causes sticker shock, especially now that the city is experiencing record-breaking rents. So if you are a recent college grad or young professional, your strategy might be to divide and conquer an apartment—and squeeze in a roommate or three—to turn a place you can’t afford into one that you can.

One of the ways to do this is to put up a temporary pressurized wall, transforming a one-bedroom apartment into a two bedroom (or a two-bedroom unit into a three bedroom).  

Using a temporary pressurized wall—one that is not permanently attached to the existing walls or floor and doesn’t interfere with the ventilation or sprinkler systems or block exit routes—is a popular strategy to add a legal bedroom for apartment shares or families. You can also use a pressurized wall to create a nursery or even a home office if you work remotely.


[Editor’s note: A previous version of the article ran in June 2023. We are presenting it again here with updated information for May 2025.]


Because adding a temporary pressurized wall can change an apartment’s layout, you or your landlord may need to get a permit from the Department of Buildings (see more on this below). This involves hiring an architect, drawing up plans, and getting the plans approved—a policy that has been increasingly enforced over the last several years.

As a result, many (some might say most) landlords and management companies prohibit temporary walls. In these buildings, you can still explore other solutions, such as installing bookshelf walls that stop at least one foot from the ceiling and are considered furniture. There are also curtain room dividers that are reinforced to block out sound. Neither of these requires permits (or even permission). 

But if those solutions don’t suffice, you have two options: seek out a different building or try and work with your existing landlord.

“Most of my clients still prefer pressurized walls,” said Donny Zanger, owner of All Week Walls. “They are adults who are looking for real privacy, and pressurized walls are still the best way to achieve that.” (Zanger started the company because he needed a way to afford his own rent.)

Here’s what you need to know about using a temporary pressurized wall safely, and a round-up of the companies that sell and install them.

What defines a temporary pressurized wall?

Temporary walls are non-load-bearing (they do not support the ceiling) and are not permanently attached to other walls or the floor. As such, they are able to be installed and removed without causing damage to other permanent walls—no nails, screws, or other fasteners required. 

They are around five inches thick, give or take a few centimeters, and can support up to 25 or 30 pounds; you can usually pay extra to have the wall reinforced for mounting a flat-screen TV or other heavy objects.

You can also add soundproofing, which is described as offering about the same noise barrier as real walls. 

When planning to put up a temporary pressurized wall, it is important that this wall not block exit routes or interfere with your apartment’s ventilation or sprinkler systems.

Note that these walls offer (much) more sound insulation and privacy than walls that do not extend to the ceiling or are free-standing.

Do I need a DOB permit?

The answer here is maybe. According to Andrew Rudansky, press secretary at NYC’s Department of Buildings, the DOB doesn’t differentiate between pressurized or temporary walls and “regular” walls when it comes to permitting requirements, so you still need to follow some rules.

Rudansky said that if a floor-to-ceiling divider is added to an existing space and changes the layout of a dwelling, permits might be required because of egress, light, and ventilation issues. “There is no definitive answer for whether a project that adds a wall needs a permit or not because every renovation project is different,” he said.

He recommends consulting a design professional, like an architect or contractor, or contacting the DOB directly to see if your project requires permits and approvals. When contacting the DOB directly, be sure to call the borough office where your apartment is located. 

Another way to get feedback is to attend the DOB’s weekly open houses every Tuesday from 4 to 7 p.m. your local borough office. At these “Buildings After Hours” events, you can receive one-on-one attention. 

Another important consideration when adding a temporary wall is making sure that any new bedroom is legal. Specifically, it must be a minimum of eight square feet in length or width and at least 80 square feet—meaning you can’t turn a long, skinny space into a legit bedroom. It must also include a window that faces outside for natural light and offers a means of escape in an emergency (so no air shafts). Pass-through bedrooms are not allowed.

How to get the necessary approval 

If adding a wall to create a room is the only way to make an apartment work for you, make doubly sure that it is permissible by the landlord. Always check directly with management—not your real estate agent—before you sign a new lease. 

Try to have the owner confirm it in writing. Some buildings can be vague about what they allow, so make sure you specify pressurized walls that extend to the ceiling. 

On the bright side, a growing number of building owners recognize that allowing pressurized walls gives them an edge over those that require a 12-inch gap or other loopholes. And in some cases, the longer the lease, the more amenable the landlord may be. 

If you are searching for a new place, look for listings with “wall shares allowed” and rule out any that say “no pressurized walls.” 

Even landlords who allow temporary walls may only permit certain styles or require you to work with a specific wall company. Note that most wall companies have forms and specs on their website to make it easy for you to weigh the options with your landlord. These companies are also used to working with buildings and can help smooth out the process.

Pro Tip
Pro Tip:

Need help finding a rental that allows temporary walls? The rental experts at The Agency, a Brick Underground partner, know exactly where to look. If you sign up here, you can also take advantage of The Agency’s corporate relocation rate—where you’ll pay a broker’s fee of 10 percent of a year’s rent instead of the usual 12 to 15 percent on open listings. Bonus: The agents at The Agency are a delight to deal with.

How much to budget for

The whole idea behind these temporary walls is to help make your rent more affordable. If you and your roommate are signing a new lease, you may be planning to split the cost of the temporary wall installation. Explore the different companies and features to find the most cost-efficient solution using the following tips. Be sure to get all the costs and other details in writing, and read the fine print to avoid any surprises.  

  • Prices for temporary walls from the companies below range from $700 to over $3,000, depending on ceiling height, added features, and any custom requests. 

  • Add-on features vary among companies, but different door styles (sliding, pocket, standard, and single- or double-pane French doors) and windows are common and available in different sizes. 

  • Prefabricated walls with seams tend to be cheaper and quicker to make and install, though seamless walls blend in better with permanent walls and the ceiling and look more like traditional walls. 

  • Some companies lease the walls for a specified time frame (usually two to three years), after which a renewal fee is required. Others let you purchase the wall outright (a good option for long-term renters). None of the companies contacted require a deposit.

  • All companies will remove the wall for no extra charge within a time specified in the lease or purchase agreement and with advance notice. Make sure you know what your company requires from the get-go. 

  • Before the company arrives, make sure you reserve the service elevator if there is one (walk-ups may cost extra); clear out four feet of space on either side of the wall. 

  • The walls are painted white unless you request a custom color, in which case you will need to buy the paint yourself and let the company know in advance. 

  • Plan for anywhere from four to eight hours for the installation, and to be there to let them in (or make plans for the building to allow access), and also at the end, to make sure it all looks as planned. 

  • Payment is required on the day of installation, usually once the wall is in place. Unless otherwise noted, all the companies listed below accept cash, checks, credit cards, and PayPal. 

  • Make sure your landlord gives approval before the company arrives—and never schedule the installation on the day your moving company will be unloading your boxes. 

Here are four of the more well-established wall companies that work in NYC, listed in alphabetical order.

pressurized temporary walls nyc

Caption

A similar setup with a frosted sliding door by All Week Walls ranges from $2,500 to $3,500. 

Credit

All Week Walls

1. All Week Walls

As the oldest pressurized wall company in NYC, All Week Walls has “over 15 years of experience and over 5,000 walls built,” according to its website, and a solid reputation in NYC for its customer service and quality products. They will even work weekends, a rarity among wall companies. 

Temporary walls run from $700 to $2,000, depending on the finish and features. “Most customers want multiple walls, such as T-configurations and also a seamless look, all of which push up the price,” Zanger said. He also recommends adding soundproofing for more privacy (at an additional cost).

Removal is included within the first year and with at least 30-days’ notice; otherwise, it will cost $850. 

pressurized temporary walls nyc

Caption

A wall like this one from MPW, which includes French doors and two plexiglass panels, costs around $2,500.

Credit

Manhattan Pressurized Walls

2. Manhattan Pressurized Walls

Manhattan Pressurized Walls (aka MPW), in business since 2004, is what at least a handful of management companies report as their company of choice.  

Prices start at around $1,200 for an eight-by-10-foot seamless pressurized wall with a standard swinging door and go up from there depending on additional costs for different doors and other features. MPW offers extra soundproofing options to make the temporary walls as noise-tampering as regular walls.

All MPW temporary walls are painted with two coats of Benjamin Moore paint in your choice of white, China white, linen white, or white dove in a flat finish. Custom colors and finishes are also possible and will be charged accordingly, or you can paint the walls yourself. 

The lease term is two years, with an option to renew for an undisclosed amount (it will be specified in the lease agreement). Unless you provide at least four weeks’ notice, the cost of removal during the lease period is $420.

pressurized temporary walls nyc

Caption

A wall with a black casement-style barn door and window by 1DayWall; pricing available upon request. 

Credit

1DayWall

3. 1DayWall

1DayWall (affiliated with NYC Interior Remodeling) builds temporary walls that range from about $875 to $2,500. Their standard wall is 4.75 inches thick, and unlike the other companies listed here, they also offer upon request, a three-inch-thick wall (which is helpful in especially tight spaces). 

In addition to standard (swing), sliding, and French doors, 1DayWall offers custom, black-framed, casement-style doors for a modern look. 

The walls are painted flat white using Benjamin Moore Super Hide paint (the default of most NYC rentals); custom colors will cost extra and must be provided by the client. Although the company claims the walls are “quite noise resistant,” it will add more sound insulation upon request. 

The wall can be removed for a one-time fee of $350 plus tax. The company only accepts a certified check.

pressurized temporary walls nyc

Caption

A customized temporary wall with bookshelves by Wall 2 Wall NY; pricing available upon request.

Credit

Wall 2 Wall NY

4. Wall 2 Wall NY

Founded in 2012, Wall 2 Wall was named “Best of NYC 2019″ in its category by New York Magazine. It is also the go-to company for many landlords throughout the five boroughs. 

“As a high-volume company, we have relationships with practically every building in NYC and know what’s allowed and what’s not,” said owner Eddie Sapienza.

The price of the most basic wall with a swinging door is $1,125 for clients on a budget. But Sapienza said he will build anything a client wants, “including a wall with double-frosted French doors in the center and lighted plexiglass windows on either side.”

Wall 2 Wall also guarantees all mechanical parts, such as hinges and door tracks—but not holes punched through walls (it happens). 

—Earlier versions of this article contained reporting and writing by Lucy Cohen Blatter and Donna M. Airoldi.

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Mortgage Bankers Association removes DEI pages from website

Since the new administration took over in January, government agencies have systemically rolled back federal diversity, equity, and inclusion initiatives, with the Trump administration framing the move as a way to cut costs and eliminate waste.

The Mortgage Bankers Association (MBA), the largest mortgage trade group, removed several webpages related to diversity, equity, and inclusion, including its DEI playbook.

An MBA spokesperson confirmed that in January, the association launched an immediate review of its policies and programs to ensure “compliance” with President Trump’s executive orders concerning DEI initiatives.

The statement continued, “MBA remains committed to fulfilling our members’ desire for information and resources they can utilize to develop their own strategic programs to ensure that they create a welcoming environment for their workforce and can serve their customers in communities across the nation.”

Several housing-focused agencies have rescinded DEI orders that have previously existed under past administrations. In early April, Federal Housing Finance Agency (FHFA) Director Bill Pulte canceled two orders rescinding previous policy with a focus on DEI. Pulte also said that he’s canceled $6.4 million in “DEI nonsense” at Fannie Mae and Freddie Mac.

Other DEI-forward websites have simply gone dark. In early February, webpages associated with Property Appraisal and Valuation Equity (PAVE) started to bar consumer access.

Other pages, including a speech read by former Secretary of the U.S. Department of Housing and Urban Development (HUD) Marcia Fudge to mark the first anniversary of the creation of the task force, was also taken down.

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NAR weighs speech code changes as industry pressure grows

The National Association of Realtors (NAR) is considering major revisions to its Code of Ethics and policy statements, citing legal risks and the need for clarity. Meanwhile, a proposed law in Texas could complicate enforcement of its current rules.

An agenda for NAR’s upcoming legislative meetings — which are scheduled for May 31 to June 5 — includes a risk assessment that flags portions of the group’s ethics code and related policies as potential legal liabilities, Inman reported.

In response, NAR is reportedly proposing to more precisely define “harassment” and to limit disciplinary action to violations that occur in a professional or business setting.

The revisions would still encourage members to uphold the code’s values “in all of their activities,” but enforcement would focus on conduct linked to real estate work.

The recommendations are meant to bring clarity and reduce risk for state and local associations, as well as their volunteer leadership, the agenda states.

NAR is also weighing rule changes related to the Sitzer-Burnett commission lawsuit settlement. These include requirements for agents to tell clients that compensation is negotiable, according to Inman.

NAR’s speech code was introduced in 2020. The provisions aimed to stop Realtors from engaging in discriminatory hate speech, even outside of their professional activities.

That rule — found in Article 10 of the Code of Ethics — could soon face legal challenges if Texas S.B. 2713 becomes law.

Introduced by Mayes Middleton (R), the bill explicitly bans any trade association from “denying access, membership, or participation based on various factors, including race, color, religion, sex, disability, familial status, national origin or an individual’s exercise of freedom of speech or assembly.”

The prohibition stands regardless of any conflicting provisions in an association’s or organization’s bylaws. If passed, the bill would take effect on Sept. 1.

NAR President Kevin Sears acknowledged the growing legal uncertainty. He said in a recent memo that “it has become clear that there is ongoing confusion and uncertainty regarding the interpretation and implementation of the rule,” according to Inman.

Sears emphasized that the organization remains committed to fair housing and equal treatment. “We take any changes to the Code of Ethics very seriously,” he said. “The amendment process is thoughtful and rigorous.”

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The Adelaide suburbs offering the best rent return

Suburbs offering the best rent return have remained relatively unchanged in Adelaide for the past few years, but two new investor hotspots are emerging.

Eyre in the city’s north and Tonsley in the south are among those with the highest rental yields for houses at 5.2 per cent and 5.08 per cent respectively, according to latest PropTrack data.

Traditionally northern suburbs, including Elizabeth, Smithfield and Davoren Park, have offered the highest rental returns for investors.

Property experts say the change comes after the two suburbs, which have median house prices of $550,000 and $665,000 respectively, have undergone significant redevelopment over the past few years.

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Turner Real Estate chief executive Emma Slape. Picture: Brad Griffin

Tonsley is one of Adelaide’s suburbs with the highest rent return.

Turner Real Estate chief executive Emma Slape said proximity to public transport, education and medical centres, and defence and industry hubs for employment made homes in the suburbs more appealing.

“They’re both in the final stages of their development,” she said.

“People are attracted to new homes too, whether they’re buying or renting.

“The normal factors that drive that growth are apparent in both of those pockets.

“Anybody out there as a homebuyer or tenant, they’re looking for public transport, access to infrastructure, health (hubs) and schools.”

Harris Real Estate managing director Phil Harris said Tonsley was a promising spot for investors to buy because proximity to Westfield Marion, Flinders University and Flinders Medical Centre made it particularly appealing to renters.

“There’s a new supply of modern townhouses and apartment accommodation … and there has been the complete development of that entire area, with South Rd as well,” he said.

“It’s a good one for investors,”

Harris Real Estate managing director Phil Harris.

Supplied Editorial Generic pics of Tonsley Innovation District. Supplied by Renewal SA

Tonsley Innovation District is part of the suburb’s rejuvenation. Picture: Renewal SA

Meanwhile, Woodville Gardens recorded the highest rental yield for houses at 5.63 per cent but Ms Slape and Mr Harris couldn’t pinpoint why.

Mr Harris said it was likely linked to new development in the area.

Woodville Place is a new masterplanned community being developed in the suburbs, with 37 affordable house and land packages and 30 public housing homes to come out of it.

Fox Real Estate agent Spiro Papaemanouil has sold several blocks of land in Woodville Gardens recently.

He said demand for property in the area was overwhelming but it was mostly from first home buyers.

Other suburbs among those with the city’s highest rental yields include Davoren Park (5.07 per cent), Smithfield Plains and Munno Para (both 5.02 per cent) and Elizabeth Grove (4.97 per cent).

The post The Adelaide suburbs offering the best rent return appeared first on realestate.com.au.

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Mortgage mistake: 70% missing out on savings

A shocking 70 per cent of mortgage holders are missing out on potential savings by hesitating to refinance, despite the Reserve Bank of Australia’s recent rate cut to a two-year low of 3.85 per cent, new research reveals.

According to Money.com.au, 45 per cent of homeowners remain undecided about refinancing this year, while 25 per cent are waiting for further rate reductions.

Meanwhile, 30 per cent are preparing to switch to variable, fixed, or split loans.

The indecision could cost millions of homeowners dearly, according to mortgage expert Debbie Hays, who warns that those who haven’t refinanced since the RBA began cutting rates might not be getting the best deal.

“Lenders often provide better rates to new customers, leaving existing ones on higher rates,” she said.

“If you haven’t refinanced recently, you might be paying a loyalty tax.

“The best variable rates are now in the mid-5s. If your rate is above that, you’re not on a competitive deal, or worse, you’re on a dud rate.”

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Michele Bullock during a press conference following the RBA announcement to cut the interest rate by 0.25 percentage points in May. Picture: NewsWire / Nikki Short

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Hays stresses that refinancing now allows borrowers to secure a lower rate immediately and still benefit from future cuts.

“Starting from a lower base compounds your savings because every future cut begins from that cheaper point, resulting in much lower repayments than for someone who stayed on the fence,” she said.

How refinancing early pays off with every rate cut

To illustrate, consider a borrower with a $600,000 loan over 25 years who refinances from a 6 per cent rate to 5.75 per cent. They would save around $91 monthly right away.

If the RBA delivers two more expected cuts this year, lowering rates by another 0.50 per cent, a borrower who refinanced early to 5.75 per cent would see their rate drop to 5.25 per cent, while someone who stayed at 6 per cent would only fall to 5.5 per cent.

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NAB currently has one of the highest mortgage rates.

Both borrowers would benefit from the cuts, saving around $180 monthly compared to their original repayments.

However, the early mover gains an extra $91 monthly by starting from a lower base, totalling about $270 in monthly savings compared to $180 for someone who didn’t refinance early. Annually, that’s approximately $3,240 in savings for the early mover, compared to $2160 for the borrower who didn’t refinance – a difference of $1,080.

The post Mortgage mistake: 70% missing out on savings appeared first on realestate.com.au.

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Youth fashion founder triples gain on $13m blue-chip estate

Retail entrepreneurs Michael and Melissa Josephson have flipped a grand character estate for $13 million, turning a three-fold gain on the landmark city estate they purchased five years ago.

Mr Josephson co-founded youth fashion brand, Universal Store, which sold for $100m in 2018 and has since grown to an ASX-listed company valued at close to $600m.

The couple, who also founded The Modern Furniture Store in 2010, paid $4.3m for the 2,039 sqm property at 56 Windermere Rd, Hamilton in 2020.

The property sold in an off-market deal

It was set over a half-acre block in a prized city enclave

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They sold the beautifully restored home in an off-market deal negotiated by Matt Lancashire, of Ray White New Farm, with Cohen Handler’s Jordan Navybox representing the buyer.

Listing photos show the home, which had previously been held by the same family for 80 years, had been updated with a designer kitchen and luxurious finishes including marble and bespoke wallpaper.

Features of the double brick property included a stunning pool and al fresco patio surrounded by manicured gardens.

Feature

Modern Furniture Store owner Michael Josephson and his wife Melissa had owned the property for five years

City Walk

Mr Josephson and his brother Greg founded successful retailer Universal Store in 1999

Inside, multiple living spaces including a grand lounge were crowned by spectacular chandeliers, while ornate plaster work, high ceilings and timber beams added character.

The home has five bedrooms and five bathrooms, including an upstairs master bedroom with two ensuites and dressing rooms along with its own retreat area.

Mr Navybox would not disclose details of the sale, while Mr Lancashire did not return requests for comment by deadline.

However, in a video shared to social media, Mr Lancashire said the vendors of the Windermere Rd estate bought another Hamilton property for $4.5m.

Inside the Windermere Rd property

One of several living spaces crowned with chandeliers

“Ascot, Hamilton, Clayfield is on fire,” he said.

“We did sell [56 Windermere] which I sold to the people going back five years ago, sold in the $4 millions, and managed to sell it for $13m neat which was just incredible.

“The owner of that one went on to buy another property off us and that is my third transaction with those owners.”

Records show both Hamilton properties sold on the same day, with the Josephsons taking the keys to a stately Tuscan-inspired home with panoramic Brisbane River and city views.

The three-storey Quarry St mansion has five bedrooms and five bathrooms along with a home theatre, bar and infinity-edge pool flanked by terraces. It last sold for $2.83m in 2005.

In his video post, Mr Lancashire said cashed-up young buyers had been active in Brisbane’s prestige market.

The Josephsons acquired this riverfront mansion

The three-storey Tuscan-inspired property

While new listings had dipped by 13 per cent, the agency had experienced a 60 per cent uptick in buyer inquiry, he said.

“One of the interesting demographics is young buyers, I am talking between 30 and 40, buying over $10m assets, and I’ve had three of those in the last six months.

“When you’ve got very limited supply, particularly in the super high-end, and a huge amount of buyer interest in the market, it becomes a seller’s market and we’re able to achieve market-leading results for our clients,” Mr Lancashire said.

Mr Josephson and his brother Greg founded Universal Store in 1999, expanding from their first location in Carindale into one of Brisbane’s most recognised retailers with more than 80 stores across Australia.

The business was sold to a consortium of private investors, going public in 2020 with Universal Store Holdings’s market capitalisation listed at $569.26m by ASX as of May 27.

The Modern Furniture Store has outlets in Brisbane and Sydney, focused on supplying Scandinavian designed furniture at an affordable price, according to its website.

PropTrack data shows a typical house in Hamilton costs $2.3m.

The post Youth fashion founder triples gain on $13m blue-chip estate appeared first on realestate.com.au.

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Inside the private club where Aussies swap homes with strangers

Luxury home swapping has become big business, with one exclusive club adding 500 new Australian members in just the past year.

Global home exchange club, ThirdHome, is booming as more Aussies trade their holiday homes for more luxurious experiences, with the club now boasting a portfolio of more than 20,000 properties in 100 countries around the world.

It recently opened a Gold Coast office to service its growing member base and support the expanding market for prestige second homes.

Main Ridge House in the Mornington Peninsula is part of the ThirdHome house swapping club. Image supplied.

RELATED: Eddie McGuire’s ultra-rare home swap

“Australia and New Zealand is a great market for what we’re doing,” US founder Wade Shealy said, speaking on the sidelines of the Australasian Real Estate Conference (AREC) on the Gold Coast. “We’ve added about 500 new members in the past year (in Australia).

“It needs to be a desirable location, and here on the Gold Coast is a very desirable area for our members to go to.”

Mr Shealy, whose wife Debbi Fields is the self-made billionaire founder of Mrs Fields Bakeries, said he was planning to open an office in Asia next to allow more members to travel between Australia and Asia rather than just the United States and Europe.

ThirdHome founder Wade Shealy with his wife, Debbi Fields.

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Launched in 2010, ThirdHome allows home owners to trade their unused time in their second home to gain access to other members’ yachts, villas, estates or castles.

Members are able to travel rent-free, with the club using a travel credits system. Members pay a nominal exchange fee, ranging from $700 to $2000 a week.

The club’s newest Australian members include a couple in Sydney’s Northern Beaches, the owner of a Japanese ski chalet, and a couple who recently listed three international properties and are now travelling the world almost cost-free.

This house in Whale Beach, in Sydney’s northern beaches, is part of the ThirdHome house swapping club. Image supplied.

Homes in the club’s Australian portfolio are scattered from Bondi Beach, Byron Bay, Melbourne, Gold Coast hinterland, and Sunshine Coast, and range from $1.5m, up to $100m.

“We look for the location, and we also look at the property and make sure it’s in great condition, the interiors are up-to-date and desirable,” Mr Shealy said.

“The hosts are typically people who live in Australia, for example in Sydney, and have a house on the beach on the Sunshine Coast. They love to travel, they’re very adventurous and they’re trusting, because they’re willing to give their house to another club member.”

Mr Shealy said only half of ThirdHome’s properties were used for short-term rental accommodation, with many members preferring to only open their homes to club members.

This house in Victoria is part of the ThirdHome house swapping club. Image supplied.

“Typically, a short term rental can only be utilised for 25 weeks a year, so leaving it sitting empty for the rest of the time just doesn’t make sense,” he said.

“People are so mobile now, they want to go different places. ThirdHome is a way they can justify buying a second home.

“I think people are thinking more about how to use their home to enhance their life rather than for short-term rental. Sure, it generates some revenue and helps pay some of the bills, but it doesn’t add to the quality of their lives.”

During the conference, Mr Shealy was gifting more than 1000 agents attending AREC a luxury holiday at one of ThirdHome’s global properties — with only the booking fee to be covered.

The post Inside the private club where Aussies swap homes with strangers appeared first on realestate.com.au.

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Receiver sale of inner-city development leaves apartment buyer fates unknown

The purchases of more than 150 inner-city apartment buyers are up in the air after receivers put their unfinished building up for sale.

The site known as ‘35 Merivale’ – a 1821 sqm block of land part-way through construction – has development approval for a 30-storey apartment tower, able to contain 184 owner-occupier apartments at two to four bedrooms.

Designed by DBI Design, the project was previously a $180 million luxury tower development named ‘Akin’ by Tallis Property Group.

Design renders for 35 Merivale, a site for sale with development approval after the project went into receivership.

The contract for the project was cancelled with builders Descon Group Australia shortly after building began, placing the companies in court and leaving buyers wondering about the status of their homes.

The liquidator of parent company Descon Group Australia found in 2024 it owed more than $72 million and had spent hundreds of thousands of dollars on deposits for luxury sports cars which were not listed among its assets, The Gold Coast Bulletin reported.

More than 10 companies in the Descon and Adcon groups were in administration or liquidation, with their combined reported debts topping $390 million – eclipsing the $250 million Probuild collapse in 2022 and the $169 million failure of PBS Building in 2023.

Descon Group Australia director Danny Isaac.

Terry Rose of SV Partners said he’d reported sole director Danny Isaac, who has been living in Dubai since October 2023, to ASIC for seven potential offences, including insolvent trading and failing to provide a complete report of company affairs “despite multiple follow-ups”.

Progress was made on Akin’s podium car park and four-level basement by the time the project went into limbo, going into receivership with FTI Consulting on December 7 2023 – two months after Isaac left Australia.

The site is now being sold by real estate firm Colliers.

It is understood the property is being sold with no obligations regarding previous contracts, though the status of Akin’s previous buyers remains unclear.

More than 150 people had bought homes at the planned project when it was named ‘Akin’ by Tallis Property Group.

Colliers Queensland residential director Troy Linnane said the site’s existing development approval could give buyers a headstart on completing a new project right by the city before the 2032 Olympic Games, near popular hotspots such as the South Bank.

“It puts you a lot further ahead of the curve than, say, another site in South Brisbane that doesn’t have any approval,” he said.

“South Brisbane is one of the most desirable, if not the most desirable, inner-city locations … it’s virtually an extension of the CBD, given all the connectivity that location has now.”

The site is being sold with no obligations regarding previous contracts, though no comment has been made about where the previous buyers stand.

Colliers said it anticipated significant interest from developers in and out of Queensland, with several inquiries having been made to the receiver about the project.

Tallis Property Group managing director Feng “Angus” Gao said the company cancelled Akin’s contract “when it became apparent that the delivery issues of the appointed builder, Descon, posed an unacceptable risk”.

Developers have tried to get a residential project constructed on 35-39 Merivale St for nearly a decade, with the Backshall Group and Ellivo Architects having submitted a proposal in 2016 for a 28-storey building with more than 200 units at the address.

Offers are being accepted via Expressions of Interest, closing on July 9.

Now, the current site is being offered for sale via Expressions of Interest, in a campaign closing on July 9.

Related: CVS Lane calls in receivers for Tallis Group’s Akin Residences Brisbane after Descon fallout

The post Receiver sale of inner-city development leaves apartment buyer fates unknown appeared first on realestate.com.au.

May 28, 2025/0 Comments/by JKents
https://www.juliankent.com/wp-content/uploads/2025/11/logo.png 0 0 JKents https://www.juliankent.com/wp-content/uploads/2025/11/logo.png JKents2025-05-28 00:01:262025-05-28 00:01:26Receiver sale of inner-city development leaves apartment buyer fates unknown

Victorian first-home buyer stamp duty concession scheme fails thousands

depressed man losing his house due to debts and mortgage

Man extremely depressed and sad about losing his house key and seeing a for sale sign, real estate concept; first home buyer generic sad, stressed

Thousands of Victorian first-home buyers are being slugged with massive tax bills as the state’s primary support program for them falls short.

It comes as analysis shows Victorian state opposition plans to raise the cap on the first-home buyer stamp duty concession program to $1m would add 204 suburbs to the list where market entrants don’t have to pay stamp duty.

Currently there are fewer than 20 where the median house price falls within the necessary parameters.

RELATED: Victorian budget panned as a ‘kick in the guts’ to first-home buyers

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‘Thrilled’: one seller, three separate first-home buyers


Australian Bureau of Statistics data shows there were 36,756 new first-home buyer loans issued in Victoria in the 2023-2024 financial year.

The ABS stats show a further 1893 home loans were issued to first-home buyers purchasing an investment property in that same year.

However, State Revenue Office data shows that just 32,849 payments were made under the first-home buyer concession scheme that waives stamp duty for purchases for up to $600,000 and provides a discount from there to $750,000.

For a $750,001 home purchase stamp duty totals at $40,070, for a $1m purchase it reaches $55,000.

Yesterday the Victorian opposition announced it would raise the cap to $1m in a move that would bring the state closer to the margins being offered in Queensland and NSW, as well as reflecting a federal government decision to raise the cap on their incoming Help To Buy co-buying scheme.

Their modelling suggests it would help 17,000 people buy a home within a year, however would not be implemented until after at least the next state election in November, 2026 — as the party would have to first win office before it could be rolled out.

7 Prouse Place, Werribee - for herald sun real estate

7 Prouse Place, Werribee, is one of the few Melbourne houses for sale with a $400,000-$440,000 price below the $600,000 cap on zero stamp duty payments for first-home buyers.

56a Sherlock Rd, Croydon - for herald sun real estate

With a $1m cap on when first-home buyers pay stamp duty, they could look at homes like 56a Sherlock Rd, Croydon, which is currently just out of support range at $750,000-$820,000.

PropTrack median house sale data shows there are currently 19 suburbs that fit beneath the $600,000 cap, but 204 would be applicable under the opposition’s revision.

Separate PropTrack sales data show that in the past week there were at least 263 homes sold in the past week would have qualified for the state’s scheme on price, at the opposition’s revised threshold 868 home sales in the past seven days would have.

It would return former first-home buyer hubs to the list of areas available to them without having to pay a hefty tax bill, including Sunshine, Watsonia, Reservoir and Greenvale where the typical home today costs more than $750,000 and is beyond any form of stamp duty support.

Real Estate Institute of Victoria interim chief executive Jacob Caine said with home values widely tipped to rise in the coming year, the state government should make the change immediately rather than waiting for the Liberal party to take it to an election.

“There’s only one reason the government wouldn’t make these changes today and that’s because they want and need the revenue they are taking from first-home buyers for these stamp duty payments,” Mr Caine said.

63 Sandalwood Drive, Pakenham - for herald sun real estate

Houses in once affordable Pakenham are beyond the reach of the current stamp duty waiver scheme, with 63 Sandalwood Drive listed for $790,000-$860,000.

26 Samson Brook Drive, Wallan - for herald sun real estate

26 Samson Brook Drive, Wallan, could be in reach for stamp duty conscious market entrants, but with a $560,000-$610,000 asking price might still come with some tax payment required.

With research regularly showing stamp duty was an inefficient tax, he said it should not be allowed to continue stopping first-home buyers from purchasing the right home for them near where they work and where their family lives.

He added that with the changes enough to add 185 suburbs to the list covered for stamp duty waivers, it would also likely slow any home price growth caused by the tax tweak.

Mortgage Choice loan broker David Thurmond said the state’s program needed to be reviewed, as it hadn’t been updated since 2017 and there would “definitely” be thousands buying homes outside of the current caps.

“And what has happened since? A tremendous increase to values,” Mr Thurmond said.

“It is forcing people to make compromises on the suburbs they are living in and it’s meaning they have to buy a second home later on, as they grow out of their first.

“There are definitely people who could go to $800,000 if the stamp duty was removed.”

1 Coquille Way, Armstrong Creek - for herald sun real estate

Even a 287sq m property with a three-bedroom house at 1 Coquille Way, Armstrong Creek, near Geelong would be likely to incur a stamp duty payment for first-home buyers given its $$585,000-$615,000 asking price.

46 Fifth Ave, Altona North - for herald sun real estate

46 Fifth Ave, Altona North, is listed for $900,000-$990,000. A sum that would engender a $50,000-plus stamp duty payment for a first-home buyer today.

The broker said while it was likely home values would rise in response to first-home buyers effectively getting a boost to their budgets, the addition of so many more suburbs to the potential buying pool would likely diffuse the impact — and the support was needed right now.

By contrast, he said that none of his clients would benefit from the Allan government’s stamp duty concessions for off-the-plan purchases for up to $1m.

To generate more housing, Mr Thurmond said additional targeted grants at new homes would also be necessary.

SUBURBS WITH HOUSES UP TO $1M

Melton – $475,000

Melton South – $522,000

Kurunjang – $538,000

Melton West – $540,000

Brookfield – $550,000

Dallas – $560,000

Coolaroo – $560,000

Weir Views – $570,000

Harkness – $572,000

Wyndham Vale – $575,000

Thornhill Park – $580,500

Broadmeadows – $585,000

Laverton – $590,000

East Warburton – $590,000

Longwarry – $595,000

Millgrove – $597,500

Bacchus Marsh – $599,500

Doveton – $600,000

Meadow Heights – $600,000

Frankston North – $605,000

Werribee – $606,000

Jacana – $608,500

Maddingley – $610,000

Albanvale – $612,000

Kings Park – $618,000

Wallan – $620,000

Hoppers Crossing – $620,000

Campbellfield – $621,000

Cobblebank – $625,000

Strathtulloh – $625,000

Rockbank – $625,000

Mambourin – $626,500

Diggers Rest – $635,000

Eumemmerring – $635,000

Kalkallo – $640,000

Manor Lakes – $640,000

Badger Creek – $640,000

Deanside – $642,000

Mount Cottrell – $642,000

Darley – $649,500

Donnybrook – $650,000

Tarneit – $650,000

Craigieburn – $650,000

Pakenham – $652,000

Delahey – $652,500

Werribee South – $652,500

Roxburgh Park – $653,000

Truganina – $655,000

Beveridge – $656,500

Cranbourne – $658,500

Westmeadows – $660,000

Warburton – $660,000

St Albans – $662,500

Epping – $663,000

Hampton Park – $665,000

Junction Village – $665,000

Deer Park – $669,000

Mickleham – $669,900

Koo Wee Rup – $670,000

Hastings – $670,000

Sunbury – $675,000

Ardeer – $676,300

Wollert – $680,000

Bonnie Brook – $680,000

Cranbourne West – $683,000

Sunshine West – $685,000

Woori Yallock – $694,000

Clyde – $695,000

Fraser Rise – $697,500

Mernda – $700,000

Kealba – $700,000

Lalor – $701,000

Sydenham – $701,000

Capel Sound – $705,000

Yarra Junction – $707,500

Cranbourne East – $710,000

Lang Lang – $710,000

Carrum Downs – $711,000

Whittlesea – $715,000

Altona Meadows – $716,000

Cranbourne North – $717,000

Lancefield – $717,500

Officer – $720,000

Thomastown – $720,000

Blind Bight – $722,500

Aintree – $723,750

Clyde North – $725,000

Dandenong – $725,000

Crib Point – $727,500

Hallam – $728,000

Seville East – $729,500

South Morang – $730,000

Baxter – $730,000

Bunyip – $732,500

Gladstone Park – $733,000

Burnside Heights – $735,000

Frankston – $735,000

Sunshine North – $736,000

Braybrook – $740,000

Albion – $740,000

Launching Place – $742,500

Caroline Springs – $743,500

Garfield – $745,000

Tullamarine – $745,000

Narre Warren – $748,750

Point Cook – $750,000

Eynesbury – $750,000

Nar Nar Goon North – $750,000

Seabrook – $752,500

Doreen – $760,000

Dandenong North – $760,000

Rosebud – $760,000

Keilor Downs – $765,000

Fawkner – $766,500

Noble Park – $770,000

Noble Park North – $777,500

Brooklyn – $780,000

Sunshine – $782,500

Lynbrook – $783,000

Skye – $787,000

Burnside – $788,000

Williams Landing – $792,000

Kilsyth – $795,000

Kingsbury – $797,500

Mill Park – $798,000

Heidelberg West – $800,000

Romsey – $800,000

New Gisborne – $800,000

Keilor Park – $800,000

Hillside – $801,000

Endeavour Hills – $805,000

Mooroolbark – $812,000

Glenroy – $815,000

Narre Warren South – $815,000

Attwood – $815,000

Officer South – $820,000

Lilydale – $820,000

Seaford – $820,000

Healesville – $820,000

Maidstone – $821,000

Cranbourne South – $821,500

Coldstream – $822,500

Selby – $824,750

Silvan – $825,000

Belgrave – $827,500

Springvale – $830,000

Kalorama – $835,000

Mount Evelyn – $838,000

Springvale South – $838,000

Monbulk – $838,000

Tyabb – $840,000

Hadfield – $850,000

Seville – $850,000

Bundoora – $850,000

Chirnside Park – $850,000

Boronia – $850,000

Tootgarook – $850,500

Langwarrin – $855,000

Heathcote Junction – $855,000

Greenvale – $857,500

Tecoma – $860,000

Somerville – $863,750

Taylors Hill – $865,000

Mount Dandenong – $865,000

Upper Ferntree Gully – $866,500

Cairnlea – $870,000

Cockatoo – $870,000

Ferntree Gully – $870,000

The Basin – $873,000

Upwey – $875,000

Kallista – $875,500

Heidelberg Heights – $875,750

Wesburn – $876,250

Bayswater – $879,000

Berwick – $880,000

Cannons Creek – $887,500

Croydon – $888,000

Carrum – $888,500

Reservoir – $890,000

Botanic Ridge – $895,000

Bayswater North – $897,500

Croydon South – $897,500

Avonsleigh – $900,000

Gowanbrae – $905,000

Watsonia North – $905,000

Williamstown North – $905,000

Keysborough – $910,000

West Footscray – $915,000

Airport West – $917,500

Montrose – $920,000

Altona North – $925,000

Wandong – $925,000

Knoxfield – $930,444

Lyndhurst – $931,500

Wattle Glen – $935,000

Sassafras – $935,000

Yarra Glen – $937,500

Clayton South – $938,500

Kinglake West – $938,500

Chelsea Heights – $940,000

Watsonia – $940,500

Kinglake – $945,000

Taylors Lakes – $945,000

Pearcedale – $947,500

Dromana – $949,000

Footscray – $950,000

Chelsea – $950,000

Riddells Creek – $950,000

Rye – $950,000

Wandin North – $955,000

Scoresby – $961,000

Coburg North – $969,250

Keilor Lodge – $970,000

Emerald – $973,000

Gisborne – $980,000

Avondale Heights – $980,000

Croydon North – $987,000

Hurstbridge – $990,000

Ringwood East – $991,000

Beaconsfield – $1,000,000

Gembrook – $1,000,000

Nyora – $1,000,000


Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

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The post Victorian first-home buyer stamp duty concession scheme fails thousands appeared first on realestate.com.au.

May 28, 2025/0 Comments/by JKents
https://www.juliankent.com/wp-content/uploads/2025/11/logo.png 0 0 JKents https://www.juliankent.com/wp-content/uploads/2025/11/logo.png JKents2025-05-28 00:01:262025-05-28 00:01:26Victorian first-home buyer stamp duty concession scheme fails thousands

These are the potential picks for CFPB director after McKernan’s nomination was pulled

With notable bumps in the road and quickly changing priorities, the road ahead for the Consumer Financial Protection Bureau (CFPB) during the second Trump administration remains clouded.

The White House previously nominated someone for the CFPB’s director position who is largely seen as ideal by housing organizations across party lines. But that nominee, Jonathan McKernan, has instead been named for a key position at the U.S. Department of the Treasury and will no longer be in the running to lead the CFPB.

A report published Tuesday by Bloomberg Law suggests that while the White House has yet to select a new nominee, the administration has apparently whittled down a list of potential nominees. This is according to “industry and Capitol Hill sources” who requested anonymity since they were not authorized to speak publicly on the matter.

The names reportedly under consideration for CFPB director include Mark Calabria, the former director of the Federal Housing Finance Agency (FHFA) and the official currently assigned to the CFPB by the White House Office of Management and Budget (OMB).

Rodney Hood, the acting Comptroller of the Currency, is also reportedly on the shortlist. Hood is a longtime Republican official who served on the board of the National Credit Union Administration (NCUA) after being nominated by President George W. Bush in 2003.

Hood was renominated to the NCUA by President Donald Trump during his first term, serving as chairman until the inauguration of Joe Biden as president in 2021. In February, Treasury Secretary Scott Bessent named Hood as the acting Comptroller of the Currency.

Whomever is ultimately chosen will likely have “limited room to maneuver” under the direction of the White House, according to the report.

The administration has moved to significantly scale back the operations and focus of the CFPB, including by dismissing a majority of its staff and even shuttering its offices in Washington, D.C. These moves were spearheaded by Russell Vought, the bureau’s current acting director and OMB head.

Sen. Tim Scott (R-S.C.), the chairman of the Senate Banking Committee, indicated in April that he hoped the full Senate would take up McKernan’s confirmation vote earlier this month.

The nomination sailed out of the banking committee. But the Senate — likely consumed with other higher-priority legislative topics — allowed McKernan’s nomination to languish long enough that Bessent tapped him for a role to oversee all financial regulators.

The Bloomberg report noted that Vought’s term as acting CFPB director is set to expire later this year in compliance with 1998 Federal Vacancies Reform Act.

At that point, it would be possible for McKernan to assume the role of acting CFPB director once he’s confirmed at the Treasury. But it’s unclear how much of a priority the White House is placing on naming a permanent CFPB director.

May 28, 2025/0 Comments/by JKents
https://www.juliankent.com/wp-content/uploads/2025/11/logo.png 0 0 JKents https://www.juliankent.com/wp-content/uploads/2025/11/logo.png JKents2025-05-28 00:01:262025-05-28 00:01:26These are the potential picks for CFPB director after McKernan’s nomination was pulled
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