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If you thought glamour was only to be found in sprawling estates or full floor penthouses, think again. Here are five townhouses which prove that there’s something to be said for staying attached.
<a href="https://www.realestate.com.au/property-townhouse-qld-main+beach-107058326" target="_blank">94 Seaworld Drive, Main Beach, Queensland</a>
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This three bathroom, three bedroom townhouse on Seaworld Drive in Queensland’s Main Beach is part of the Palazzo Versace, the former home of <a href="https://www.propertyobserver.com.au/news/geoffrey-and-byrnne-edelsten-s-palazzo-versace-gold-coast-apartment-set-for-auction/2014011367174" target="_blank">Geoffrey and Brynn Edelsten</a>.
The property’s interior takes decadence to the extreme, with timber parquetry floors and more marble than most people could handle. A new resident would enjoy 24 hour security, a concierge service, marina views and a 60 foot berth for the yacht.
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<a href="https://www.realestate.com.au/property-townhouse-nsw-kirribilli-112871591" target="_blank">1/51-55 Upper Pitt Street, Kirribilli, New South Wales</a>
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The next property on our list is somewhat more demure.
The unfurnished three bedroom, two bathroom townhouse at Kirribilli has spacious rooms, with high ceilings and marble floors.  But its real drawcard is its location – the two storey townhouse is situated less than a hundred metres from Kirribilli House, and has the best views of the Sydney Opera House and the Harbour Bridge we’ve seen in a while.
Agent Jim Yang of Keith Soames Real Estate is advertising the property at $4.5 million.
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<a href="https://www.realestate.com.au/property-townhouse-vic-toorak-115063251" target="_blank">27A Balmerino Avenue, Toorak, Victoria</a>
{yoogallery src=[images/stories/2014/03/04/too2]}
When most of us hear “townhouse”, we usually assume that living space will be at a premium. Not so for this Toorak home.
With basement parking and lift access, the Balmerino Avenue townhouse has two above ground levels that house four bedrooms and two bathrooms.
The home also includes expansive living and dining areas on the ground floor, and a home theatre and laundry in the basement.
The house has a 5 star energy rating.
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<a href="https://www.realestate.com.au/property-townhouse-nsw-woollahra-116232083" target="_blank">6/89 Ocean Street, Woolahra, New South Wales</a>
{yoogallery src=[images/stories/2014/03/04/woo]}
This Woolhara townhouse once existed as the rear wing of a 1890s mansion, which has now been converted into six strata residences.
Located in one of Sydney’s premier suburbs, the home has four bedrooms and three bathrooms.
The living areas of the townhouse are where the home really comes into its own – the house includes a triple height foyer, an expansive open plan living room with Italian marble credenza and a fireplace, and a large private outdoor terrace. The living areas also have Italian volcanic stone heated floors.
The house is selling through Sotheby’s International Realty.
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<a href="https://www.realestate.com.au/property-townhouse-vic-brighton-116098119" target="_blank">1/13a Dendy Street, Brighton, Victoria</a>
{yoogallery src=[images/stories/2014/03/04/bri]}
One of three townhouses set on a single block of land on Brighton’s Dendy Street, this property is on the market for $2 - $2.2 million through Buxton.
The English coach style home was inspired by architectural drawings from the 1800s. The home’s basement is dedicated to a large home theatre, while the ground floor includes an open plan living area and dining area with a gas log fireplace, with French doors opening onto a paved courtyard.
Upstairs, there is a marbled bathroom and the home’s three bedrooms, including a master bedroom with sea views.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
                             
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The five most beautiful townhouses on the market

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While Andrew Demetriou was doing his best to steal the limelight at a press conference at AFL House, the movers and shakers of Melbourne’s architecture scene were gathered at the other end of town for the <a target="_blank" href="https://www.propertyobserver.com.au/victoria/quentin-bryce-officially-opens-victorias-new-home-of-architecture-41-exhibition-street/2014030268113?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">opening of 41X</a>.
The new commercial tower at 41 Exhibition Street in Melbourne was developed by the Australian Institute of Architects, who began proposals for the site eight years ago. Yesterday, the organisation was joined by strata owners, tenants and friends of the institute like former premier Ted Baillieu to launch the building with Governor-General Quentin Bryce and the institute’s president, Paul Berkemeier.
<img src="/images/stories/2014/03/04/bryce-march-4-one.jpg" width="470" height="247" alt="bryce-march-4-one">
Photo: Governor-General Quentin Bryce speaking at the opening of 41X, supplied. 
Bryce, an architect’s wife herself, spoke of the importance of good architecture to the community and its role in improving overall quality of life. To her mind, with the development of 41X, the Australian Institute of Architects has lived up to its mission statement, “making the world a better place through architecture”.
The 21 storey 41X will be home to 15 tenants, with the Australian Institute of Architects national president Paul Berkemeier noting that many had signed on early in the development process. Sotheby’s Australia will occupy two floors, with one devoted to its gallery and another for its offices. Other occupants include law firm Anzarut &amp; Partners and Lion Capital, along with the Australian Institute of Architecture’s Melbourne offices which occupy five floors. The building is strata-titled, with insurance firm Planned Cover owning three floors. The floor’s first level will be a dedicated “design haven”, with a café and a comprehensive design and architecture bookstore.
Set on a narrow footprint, the building was designed by Lyons Architects after a two-stage design competition, with the internal fit outs of the institute’s levels by HASSELL. The tower was designed with sustainability in mind, and the institute is targeting carbon neutrality over its 30 year operating lifespan – the first building in Melbourne to do so. According to Berkemeier, this target will account for embodied energy, base building operational energy, transport and waste, and will be using both operational strategies to ensure its low carbon output as well as offsetting emissions off site. The $31 million building has a Five Star Green Star design rating.
On the 21st floor of the new 41X, overlooking the Yarra River, Birrarung Marr and Treasury Gardens, there were murmurs among architects that it had been a slow year so far for the industry. But those murmurs were quickly drowned out by the buzz for Australia’s new home of architecture.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
                      
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Industry gathers to celebrate Australia's new home of architecture, 41X

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The architectural feat of Melbourne’s inner west, the Kensington Lighthouse, was passed in at auction this weekend, despite attracting plenty of attention.
Designed by owner-architect Tim Hill of Tandem Studios, the award winning Kensington Lighthouse at <a href="https://www.realestate.com.au/property-house-vic-kensington-115960671" target="_blank">109 Rankins Road</a> stands out on a street populated by worker’s cottages and the occasional new townhouse. Hill’s house has been featured in Grand Designs Magazine, Architecture Review and The New York Times.
The home represents a feat of architectural design, constrained as it is on a narrow 160 square metre plot, competing for both space and sunlight with its neighbours. Hill and Tandem’s solution was an innovative two story home, featuring two north facing “sun shells”, divided by a courtyard. With polished plywood ceilings that curved to meet the home’s southern walls, the house captures sunlight from a row of high placed windows on the home’s northern side to illuminate the entire interior.
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Materiality and form are at the centre of the Lighthouse’s design, which features industrial detailing and high quality finishes. The 5 star rated house includes a polished concrete floor with under floor gas fired hydronic heating, exposed timber beams, and a fascinating translucent danpalon (polycarbonate) façade maximising the penetration of light while maintaining privacy for the home’s residents.
However, it seemed that the two bedroom Kensington Lighthouse, for all the creative kudos it has received, had buyers in doubt over its practicality. With no interior doors save those for the home’s two bathrooms, the Lighthouse takes “open plan living” to the next level, a feature that may have scared off bidders on the day. As prospective buyers, design enthusiasts and sticky beaks (of which there was no shortage) poured through the house before Saturday’s auction, there was a lot of murmuring over who could possibly live in the Lighthouse.
Indeed the home, beautiful as it is, struggles to be liveable. The carport set below the property’s eastern floating “shell” is so low that it would struggle to accommodate a four wheel drive with roof racks, while no doors on the upper level bedrooms means no young children, who could take a tumble down the house’s stairs to its concrete floor.
A gap between the floor’s edge of one upper level bedroom and the home’s wall comes with no guard rail – while steel cabling stretched across the gap would prevent a full grown adult from falling to the house's lower level, a small child or pet might not be so lucky.
<img src="/images/stories/2014/03/04/kensington-march-4-one.jpg" alt="kensington-march-4-one" height="610" width="470">
The concrete floor of the lower level visible in the gap between the unguarded edge of the upper level's floor and the home's wall. 
It seemed that buyers might have agreed. The vendors were expecting between $900,000 and $990,000, a far cry from the $266,700 the Hill spent on the plot in 2006. After failing to attract any opening bids, auctioneer Paul Harrison of Marston Cook started proceedings with a vendor bid of $900,000. The home attracted a single bid of $910,000, with no competitors. After consulting with the vendors, Harrison and Marston Cook’s Jayson Watts, who ran the Lighthouse’s campaign, emerged with a vendor bid of $950,000 – but no bidders took the bait.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
                     
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Practicality wins over creativity as Kensington Lighthouse fails to sell at auction

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As many property investors know, the city you currently call home isn’t always the best place to invest.

You’ve done your research – picked out the potential growth areas, drawn up your budget and growth expectations, and are now preparing to invest interstate. But there are many steps to the buying process, and they can differ from state to state. Here are some key differences in purchasing properties interstate.

Inspecting a property

Assuming that you’ve picked out the area and property type you want to purchase, the next step is inspecting potential properties. Victorian investors will be aware of Section 32, a mandatory vendor’s statement which provides buyers with a range of information about the property before the sale.

The Section 32 document is prepared by a lawyer or by the vendor under legal instruction – and if the vendor knowingly provides any false information, they have committed a criminal offence, and face fines.

The document will include any mortgages or debts charged against the land, planning information, disclosure of services connected to the property and any registered building work that has been carried out in the last 10 years. Registered building works will be covered under warranty for 10 years, even if the property has changed hands multiple times.

Section 32 is generally considered the most comprehensive vendor disclosure statement in the country, and must be provided before the auction or before a contract is signed in a private sale.

In New South Wales, sellers are required to provide Schedule 1 Prescribed Documents, but these generally only include mortgages on the property, deeds and restrictions on the use of land. NSW Fair Trading recommends that buyers carry out an independent pre-purchase inspection report.

Your inspection report should be carried out by a licensed builder, surveyor or architect – and make sure they have professional indemnity cover, in case you want to seek compensation for any errors they make. You’ll have to weather the cost of the report yourself, which will vary depending on the consultant and the size, age and condition of the property.

The report won’t cover information on any hidden or structural problems with the property, as it’s generally just a visual assessment. It also won’t cover electrical wiring, plumbing or gasfitting, or fireplaces and chimneys. If you are concerned about any aspect of the property in particular, you should engage a specialised inspector before purchasing.

Sellers in South Australia are required to provide a Form 1 disclosure statement to the purchaser, through the seller’s real estate agent. The Form 1 must be available to buyers before the auction date. If a property is being sold through a private sale, the Form 1 must be provided at least 10 days prior to the settlement date. The provision of the Form 1 also affects a buyer’s cooling off period. A Form 1 generally covers similar information to NSW’s Schedule 1 Prescribed Documents, so an independent inspection report is recommended.

Queensland currently doesn’t have compulsory disclosure statement for all residential properties. Body corporates should provide information for townhouses, apartments and units. Again, the Queensland Office of Fair Trading advises buyers to carry out independent inspections. The same goes for buyers looking to invest Tasmania, or in the Northern Territory after vendor disclosure legislation was dumped in 2012. Sellers in Western Australia aren’t required to provide a disclosure statement to any prospective buyers, but should prepare a Seller’s Disclosure Statement for their agent.

When selling property in the ACT, vendors are required to provide documents prior to sale including an assessment of the physical condition of the property, an asbestos assessment report, and any restrictions to development on the land. ACT vendors are also required to provide an energy efficiency rating statement, and a pest inspection report (neither of which are required in a Section 32 document).

Cooling off period

Not all buyers have the luxury of a cooling off period, with legislation changing from state to state. During a cooling off period, a buyer can change their mind about purchasing a property and only face a small fee (0.25% of the purchase price or less) so long as they provide written notice to the vendor or their agent.

In Victoria, there is no cooling off period for properties purchased at auction. There’s a three day cooling off period for private sales of residential properties of less than 20 hectares, but this is waived if the property is sold three days before or after a scheduled auction. The cooling off period is also waived if a buyer is represented by an agent.

The ACT, NSW and Queensland all have five day cooling off periods for residential property purchases at private sales, but not for auction sales. Generally the cooling off period begins from the day that the buyer or their agent receives a copy of the sales contract that has been signed by both the buyer and the seller.

South Australian property sales come with a cooling off period of two days. If a Form 1 is provided before the sale, then the cooling off period commences on the date the contract is signed. If the Form 1 is served after the contract is signed, the cooling off period begins on the day the form is served.

Investors buying in Western Australia and Tasmania aren’t allowed cooling off periods.

Stamp duty or land transfer tax

Don’t forget that stamp duty or land transfer taxes change from state to state, and depend your property’s intended purpose. Each state’s revenue office website has a stamp duty calculator that can help you estimate how much you’ll be charged.

Who can help?

Purchasing a property interstate can be a difficult task, especially if you’re not an experienced investor and you’re looking to invest in a state you haven’t lived in before. The best way to ensure you have all the aspects of your investment covered is to engage a local conveyancer.

A specialist lawyer, your conveyancer can prepare and lodge your legal documents, such as your contract of sale. They can also calculate your expenses, put your deposit in a trust account, and research the property for you. A conveyancer should also handle your property’s settlement, including liaising with your financial institution. As always, seek out a reputable conveyancer, and make sure their firm is not also representing the vendor of the property you’re hoping to purchase.

Purchasing interstate is a great way to spread risk across your property’s portfolio or capitalise on growth areas – just make sure you do your homework.

<h2>Recently listed properties:</h2>

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[smartcode_project:default project_id=29660]

[smartcode_project:default project_id=4939]                  
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Buying interstate? The information you need to know

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With completion scheduled for March, only one full floor apartment and the penthouse at Sydney’s Eliza development remain unsold.
Three full floor apartments sold before Christmas, and another two in the complex sold this week, with two more pending exchange. The building’s developers, Ceerose, expect that the final full floor apartment will be sold by the end of next week.
This week’s sales were negotiated by Nigel Napoli of Savills, with prices expected to have ranged from $4 million to $6 million. Savills and McGrath have achieved five sales for Eliza since marketing began in December.
According to Napoli, Eliza’s luxury apartments have been the subject of international interest.
"We are confident of exchanging on a further two full-floor apartments within days," said Napoli. "Of all the sales at Eliza to date, four have been to overseas purchasers so the development is receiving international acclaim."
Eliza, located at 141-143 Elizabeth St, was designed by architect Tony Owen. The building contains 19 apartments in total, with 10 two bedroom, two bathroom half floor apartments on the lower five levels. There are eight four bedroom, four bathroom full floor apartments, each with their own private lobby. The remaining 200 square metre full floor apartment is on level seven of the building. Eliza’s penthouse will be marketed once completed and fully furnished, with expectations of $15 million.<img style="float: right;" alt="Eliza-nearing-completion" height="334" width="200" src="/images/stories/2014/02/28/Eliza-nearing-completion.jpg">
Napoli notes the prestige location of Eliza, which is situated among fine dining restaurants and fashion boutiques.
"The added bonus for Eliza purchasers is that capital growth of 'blue chip’'buildings in exclusive locations is more pronounced than for any other form of residential property," he said. Hamish Robertson, a director of McGrath, also commented on the development’s location.
"These apartments are in the heart of the Sydney CBD with Hyde Park acting as its front garden. There are not many major cities of the world that offer apartments with this outlook," he said.
Each apartment in Eliza includes a fireplace and full-height timber panelled walls, with limestone floors, calacatta marble benchtops and splashbacks and a walk in pantry in the kitchen.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
For the latest development listings, brought to you by Property Observer and partners, see our <a rel="nofollow" href="https://showcase.propertyobserver.com.au/">Investor Showcase</a>.
 
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One apartment remaining as Sydney’s Elizabeth Street Eliza nearing completion

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The current credit rating system for borrowers is set to be overhauled next month with the introduction of a new, more comprehensive process.
Known as the comprehensive credit system (CCR), the new scheme will offer much more detailed information to lenders when borrowers seek a new loan. Currently, a borrower’s credit file is protected under the Privacy Act, with a limited amount of information available to lenders.
Under the current scheme, a lender can only access information on credit enquiries and major ‘negative’ credit events such as defaults or bankruptcies. When the CCR is introduced on March 12, lenders will be able to access information such as when an account was opened and closed, credit limits, types of credit accounts and repayment histories.
With detailed repayment history information soon to be available to lenders, the new system provides an incentive for prospective borrowers to pay their bills on time. Under the CCR, any failure to pay a bill of more than $150 more than 60 days after its due date is classed as a ‘default’, which will be listed on the credit file, along with any resultant repayment arrangements. The CCR will not include any foreign credit information.
According to Robert Projeski, director of Australian Mortgage Options, the new system will benefit borrowers with good financial histories, but may hinder those with poorer credit files.
"This should be seen as a positive by people with a good credit rating, looking to borrow but also something to keep in mind for existing mortgage holders," Projeski said.
"Previously credit reports had identified negative details, defaults and bankruptcies. Now lenders will have a real indication on how good a consumer is when it comes to their financial affairs.
"If you are behind on repayments this information will be more transparent and this can affect your standing when you apply for credit."
He recommends that borrowers use the introduction of the new scoring system as an opportunity to evaluate the state of their finances.
"With the changes to start in March, it’s a good time to get a financial health check to ensure your financial affairs are in order and that you stay on top of them," he said.
"I would suggest people look into the options such as setting up an offset account or perhaps using lump sum payments such as tax returns to get ahead on your repayments now and stay ahead."
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
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A new credit scoring system: How it will affect you

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If there’s one stand out design feature on Channel 9’s The Block: Fan v Faves, it’s industrial furniture. Tasked with creating luxury loft style apartments in a <a target="_blank" href="/news">former art-deco cinema</a> in Melbourne’s Albert Park, the contestants are taking a cue from the building with their furniture choices. Recycled caster wheels, solid timber floating benches and heavy pendant lights abound.
The producers behind The Block couldn’t have happened upon a more fitting trend, with industrial styling serving the show well. Any reality show will at some point come under fire for being inauthentic or overly slick. By choosing the Albert Park site and pushing the industrial design brief, The Block: Fans v Faves has neatly side-stepped any such issues – at least in relation to style of the final properties. And the trend’s DIY aesthetic is of course perfect for the show’s participants and its audience of aspirational renovators.
<img src="/images/stories/2014/02/28/the-block-feb-28-one.jpg" width="470" height="157" alt="the-block-feb-28-one">
Photo courtesy of Channel 9.
Beyond The Block, industrial styling is undoubtedly the trend of the moment. With the young middle-class increasingly desperate to claim some sort of ‘authenticity’ (blame hipsters, if you must) and property stylists everywhere after a new point of view, industrial furniture fits the bill. The chrome, glass and black leather masculinity trend of the late 90s (the equivalent of a high shine polyester blend suit) seems a little too slick and cynical for a post-GFC world, while the crafty, kitsch vintage trend that followed always read as a little infantile. The interior design pendulum seems to have settled, for the moment at least, on a decent middle ground.
The best industrial furniture relies on material and form, rather than ornamentation, to make its statement. Red brick, stripped timber or iron can add texture to a space or piece of furniture, avoiding sterility without sacrificing strong lines, while using recycled industrial elements gives furniture rarity without fuss. 
The furniture of Australian designer Mark Tuckey (pictured below) speaks to this sentiment. Featuring high quality timber, his furniture’s simple lines showcase his materials. Tuckey’s designs have been front and centre on The Block this season. The judges’ set was styled by his wife and business partner, Louella Tuckey, and features their company's furniture. The contestants have purchased wares from his Fitzroy showroom to furnish their properties, and last week an entire episode revolved around the designer.
{yoogallery src=[images/stories/2014/02/28/tuck]}
Photos courtesy of <a target="_blank" href="https://www.marktuckey.com.au/category.aspx">www.marktuckey.com.au</a>
Each team was <a href="https://theblock.tv/the-block-2014/block-2014-mark-tuckey-furniture-design-challenge/" target="_blank">tasked with creating a piece of industrial style furniture</a> in Tuckey’s Thornbury workshop, featuring recycled caster wheels. The teams, who all went for tables of some description, answered the brief with varying degrees of success.
Alisa and Lysandra, though they didn’t win, did a great job. The twins created a rolling bench with inset plant pots along the centre softening the piece’s lines (see below) - and 10 points for their use of negative space between the bench top and its base.
<img src="/images/stories/2014/02/27/alisa_and_lysandra.png" alt="alisa_and_lysandra" height="262" width="470">
<img src="/images/stories/2014/02/27/alisa_and_lysandra_2.png" alt="alisa_and_lysandra_2" height="262" width="470">
Pictures courtesy of Channel 9.
Other teams didn’t fair quite so well, with Steve and Chantelle’s piece (pictured below) attempting to shoehorn in too many industrial elements. A vintage ruler inset on the tabletop and table legs made of a ladder and a trolley made their furniture look a little too arts n’ crafty.
<img src="/images/stories/2014/02/27/chantelle_and_steve.png" alt="chantelle_and_steve" height="262" width="470">
<img src="/images/stories/2014/02/27/chantelle_and_steve_2.png" alt="chantelle_and_steve_2" height="262" width="470">
<img src="/images/stories/2014/02/27/chantelle_and_steve_3.png" alt="chantelle_and_steve_3" height="262" width="470">
Pictures courtesy of Channel 9.
And sadly Brad and Dale’s table (pictured below) fell apart at the last moment.
<img src="/images/stories/2014/02/27/brad_and_dale.png" alt="brad_and_dale" height="262" width="470">
Pictures courtesy of Channel 9.
The challenge’s winners, as judged by Tuckey, were Kyal and Kara. The couple produced a timber-topped table set on cast iron (pictured below). With a simple silhouette, it certainly was the piece most in keeping with Tuckey’s style, and one of the challenge’s more sellable pieces.
<img src="/images/stories/2014/02/27/kara_and_kyal.png" alt="kara_and_kyal" height="262" width="470">
<img src="/images/stories/2014/02/27/kara_and_kyal_2.png" alt="kara_and_kyal_2" height="262" width="470">
Pictures courtesy of Channel 9.
As Tuckey’s furniture shows, the best industrial pieces are simple and showcase the materials - in his case, recyled timber. 
But there’s also more to the appeal of industrial furniture than its trendy aesthetic. While reusing old industrial elements reduces the chance you’ll see an identical piece in your friend’s house, good old fashioned recycling also serves its intended purpose – to cut down on waste and save on energy. 
Singapore based furniture company d-Bodhi is another that’s been featured on The Block. In the show’s 2011 season, sisters Katrina and Amie used an impressive dining room table from d-Bodhi’s Kasting collection (pictured below), made of reclaimed teak and galvanised pipes.
<img src="/images/stories/2014/02/27/H3_Rm6_Kitchen-29_copy.jpg" alt="H3_Rm6_Kitchen-29_copy" height="470" width="470">
Picture courtesy of Channel 9.
Marketing its products as ‘eco-furniture’, d-Bodhi produces furniture using materials such as recycled denim, old teak from dingklik (benches at roadside eating carts) and Javanese license plates. With sustainability looking to be a design trend that’s here to stay, industrial furniture designers like d-Bodhi, who are striving to achieve a carbon neutral footprint and have planted about 10,000 trees since May 2012, are fitting the brief.
Tapping into the push for environmental awareness in design and the raw edges of its Albert Park site, the producers behind The Block certainly know how to capitalise on the industrial design trend. And with viewer numbers hitting 1.3 million for its most recent Sunday room reveal show, you can bet that renovators across Australia will be doing the same.
jrichardson@propertyobserver.com.au
                
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Raw timber and red brick: Industrial design on The Block

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Westpac has announced that it will cut rates on its two and three year fixed rate mortgages.
Interest rates on two year fixed rate mortgages will be lowered by 0.05 of a percentage point to 4.84% per annum, while rates for three year fixed rate mortgages will now be offered at 5.09%, a drop of 0.04 of a percentage point.
With the Reserve Bank of Australia (RBA) choosing to keep the overnight cash rate on hold for February, Westpac has been the only of the four major Australian banks – Commonwealth Bank, ANZ, NAB and Westpac – to cut its rates this month.
In January, NAB lowered interest rates on its four year fixed term home loans to 5.44% per annum, a 20 year low for the bank. Rates for its three year fixed term loan were also cut, dropping 0.05% to 5.14%.
Commonwealth Bank is currently offering two year fixed rate loans at 4.99% interest per annum, with rates for a three year fixed rate loan at 5.24% per annum. Earlier this month, Commonwealth Bank chief executive Ian Narev commented that a rate cut “independent of any move by the Reserve bank” was “plausible over time.”
The interest rate on ANZ’s two year fixed rate loan is at 5.04% per annum, and the interest rate on its three year fixed rate loan is at 5.28%.
Westpac's rate changes come into effect on February 25.
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
           
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Westpac cuts fixed rates for two and three year loans

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The Australian Institute of Landscape Architects (ALIA) is seeking a creative director for the inaugural Festival of Landscape Architecture.
The festival will be dedicated to celebrating the contributions of landscape architectures to our communities and environments.
ALIA intends for the festival to engage the profession, universities, government and the public. It will feature events including a national conference, the National Landscape Architecture Awards, an education and research summit, as well as tours and fringe activities.
ALIA national president Mark Frisby says the event will allow landscape architects to foster global conversation.
"This is a unique and exciting opportunity for AILA and the profession to facilitate valuable exchanges between local and international practitioners; between speakers and delegates; between practice, industry, education, the public and authorities; and between Australia and the world," he said.
"I have experienced terrific camaraderie when landscape architects come together which breeds ideas, enthusiasm and outcomes that can only be generated by people coming together. The Festival of Landscape Architecture is the perfect event for such an exchange."
The festival is set to take place later this year in Brisbane, from October 16 to October 18.
ALIA is currently seeking expressions of interest from individuals, practices, schools or teams for the role of festival creative director. Responsibilities will include the development of the festival's theme and content, branding, and fringe events.
For more information, see <a target="_blank" href="https://www.aila.org.au/">ALIA's website</a>.
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First Australian landscape architecture festival announced

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South Australia’s Labor government has announced that it will commit $14 million for a new grant to assist people aged over 60 looking to downsize their home.
The $8,500 grant will be available for new builds valued up to $400,000, phasing out for homes valued up to $450,000. The government will reassess its $7 million per year commitment after two years.
The Property Council of Australia has been campaigning to remove roadblocks for downsizers. The executive director of the council’s South Australia division, Richard Angove, says the grant is a big win for its members.
“Labor’s grant will boost the construction of new homes and increase the supply of existing housing stock, providing greater opportunities for younger South Australians to take the first step to home ownership,” Angove said, pointing to the grant’s benefits beyond South Australians aged over 60.
“When you consider the gains made by extending the Housing and Construction Grant and securing partial Stamp Duty concessions on new apartments from 1 July 2014 until 30 June 2016, this policy is a positive step towards stimulating the development sector.”
However, this does come as information from IBISWorld suggests that <a href="https://www.propertyobserver.com.au/news/baby-boomers-are-actually-upsizing-ibisworld/2014021767853" target="_blank">baby boomers are actually looking to upsize rather than downsize</a>, as a result of conditions surrounding the asset income test when receiving the pension. There is, however, a <a href="https://www.propertyobserver.com.au/demographics/federal-budget-s-trial-program-encouraging-downsizing-to-smaller-homes-without-affecting-aged-pensions/2013051461357" target="_blank">pilot scheme slated to assist with this issue and not penalise those who look to downsize</a>.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
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South Australian government announces $8,500 grant for over 60 downsizers

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

Joel Robinson

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Jessie Richardson

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