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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

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

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[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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[smartcode_project_cta:default project_id=152737]

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Jessie Richardson

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