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Developers of apartment projects in Sydney are offering handouts and concessions to encourage off-the-plan purchases from first-home buyers and investors following badly timed changes to NSW government handouts announced in the June budget.
At the time these changes were introduced Meriton boss Harry Triguboff lamented that they would kill off investors “while still not giving birth to the first-home buyers”.
In June NSW Treasurer Mike Baird announced a doubling of the existing first-home owners’ grant from $7,000 to $15,000 and also increased the threshold from $600,000 to $650,000.
However the grant only applies to those buying a new home and only kicks in on October 1.
It provided first-home buyers with up to $35,240 in government handouts when the $15,000 is added to up to $20,240 available in stamp duty concessions available for a 15-month period under the existing First Home-New Home scheme.
This scheme provides exemptions on transfer duty on new homes valued up to $550,000 (a maximum exemption of $20,240) and concessions on transfer duty for new homes valued between $550,000 and $650,000.
A first-home buyer purchasing an apartment valued at $550,000 before October 1 would be eligible to receive $27,240 – but would be eligible for $35,240 under the doubled first-home owners' grant handout.
Baird also introduced reduced incentives for investors and other non-first-home buyers, kicking in on July 1.
Since July 1 investors and other non-first-home buyers can apply for a $5,000 grant for new homes whether purchased off the plan or newly built, with a value up to $650,000. This replaced the previous far more generous NSW home builders' bonus scheme, which provided potential stamp duty saving of $22,490.
Here are six developers currently offering concessions on certain apartment projects:
$8,000 handout from CPM Realty for Ore Apartments
This developer is offering to top up the existing $7,000 first-home buyer grant to $15,000 for those who purchase off the plan in its <a href="https://www.oreapartments.com.au/#/home">Ore Apartments project on Amelia Street in Waterloo</a>. One-bedroom apartments start from $495,000 and two-bedrooms from $599,000.
<img width="470" src="/images/stories/2012/08/smh3.jpg">
Secure for $5,000 now and still get $15,000 grant on October 1 at Clemton Park Village - Australand
Australand is offering first-home buyers the opportunity to purchase <a href="https://www.cpvillage.com.au/index.php" target="_blank">two-bedroom apartments in its Clemton Park Village near Campsie</a>, 13 kilometres west of the CBD, with a deposit of $5,000 and delay exchanging of contracts to October 1 to receive the full $15,000 first-home-owners' grant. Two-bedroom apartments are priced from $498,000
<img src="/images/stories/2012/08/smh2.jpg" width="470">
No stamp duty offer from Becton on Divercity till end of August
To encourage investors who may have waivered following the July 1 changes, developer Becton is offering to pay the stamp duty on all one-bedroom apartments purchased in its <a href="https://www.divercitywaterloo.com.au/" target="_blank">Divercity project in Waterloo until the end of August</a>. Prices start from $445,000.
<img width="470" src="/images/stories/2012/08/smh1.jpg">
No stamp duty offer from TMG till end of August on Genesis apartments
Similarly, developer TMG is offering to pay the stamp duty on all one-bedroom apartments in its <a href="https://www.roseberypark.com.au/project/" target="_blank">Genesis apartments in Rosebery Park</a>, six kilometres from the CBD, until the end of August. Prices start from $483,000.
<img width="470" src="/images/stories/2012/08/smh4.jpg">
Developer to pay stamp duty and $8,000 grant gap to first-home buyers at Allure in Dee Why
Qiantang Investment Group (QIG) and Joy City Property Development are charging no stamp duty on their <a href="https://www.beachsideliving.com.au/developer" target="_blank">joint apartment project Allure in Dee Why</a> on Sydney's northern beaches for first-home buyers that make purchases under $550,000. In addition they will also ensure first-home buyers get the full $15,000 government handout by paying the extra $8,000 on settlement. Two-bedroom apartments start from just under $550,000.
Developer to pay  $8,000 grant gap to first-home buyers at Australian Towers II
Developers Ecove and SOPA (Sydney Olympic Park Authority) are offering to match the extra $8,000 that first-home buyers will receive from October 1 as part of the $15,000 handout in its <a href="https://livelifemore.com.au/">25-storey tower – ATII – in Sydney Olympic Park</a> in Parramatta. The incentive applies to first-home buyers only. One bedroom apartments start from $450,000 and two-bedrooms from $585,000.
A Sun Herald report that Link in Zetland, being developed by Tripod International and being marketed by Ian Bennett from Colliers International, was incentivising first-home buyers or investors with a special August offer has been dismissed as inaccurate.
Bennett says the developer is offering its standard $5,000 to exchange on Link apartments, with the remaining 10% deposit required within 14 days.
 
 
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Incentives on offer as Waterloo developers battle government timelines to entice buyers

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The NSW government has set out the full terms of reference of its <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/unpaid-sub-contractors-trigger-nsw-government-reform-inquiry-into-construction-industry-collapses/2012080955934">NSW building industry insolvency inquiry</a>.
The inquiry was launched this week in response to the recent collapse of high-profile building firms <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/st-hilliers-construction-arm-placed-in-voluntary-administration/2012051554713" style="font-size: 14px;">St Hilliers Construction</a>, <a target="_blank" href="https://www.propertyobserver.com.au/news/kell-rigby-one-of-australia-s-oldest-most-respected-building-companies-set-for-voluntary-administration/2012020853012" style="font-size: 14px;">Kell &amp; Rigby</a> and <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/contractors-must-wait-in-line-as-reed-construction-prepares-to-sue-nsw-government-following-%2470-million-collapse/2012061855164" style="font-size: 14px;">Reed Construction</a>, as well as hundreds of other smaller building firm collapses, which have left around 24,000 unsecured creditors – mainly suppliers and sub?contractors – out?of?pocket, some owed millions of dollars.
Among the things the inquiry will examine will be payment practices affecting sub-contractors and the existing protections in place for them as well as possible changes to the legislation to reduce the incidence of building firm insolvencies as part of its independent inquiry into insolvency in the building industry.
The full terms of reference are included in a NSW government document, which reveals in stark terms the impact the failing building industry is having on the wider state economy.
It says the building industry accounts for a significant 15% of businesses in NSW, but worryingly, makes up to 30% of the companies going into administration in the state, the NSW government has confirmed.
“The government is concerned about this high rate of insolvency and the impact it is having on the community, small businesses, the NSW economy and the government’s construction program,” says the NSW government.
The independent inquiry chaired by Sydney barrister Bruce Collins, QC, and ordered by NSW Finance Minister Greg Pearce will accept submissions from the construction industry, financial professionals, relevant government regulators and the public.
Separate to the inquiry, the NSW government has established a taskforce to “review government procurement and contract administration processes”.
High-profile recent building firm collapses included St Hillers Construction and Reed Construction, which had social housing and infrastructure contracts with the state government.
“The inquiry will also consider the work of this taskforce," says the state government.
However, the inquiry will not make findings “in relation to particular incidences of company failure” – the role of ASIC – but examples of failure may inform consideration of policy and legislative options.
Submissions close on September 14 with the inquiry reporting within three months of being established.
The full terms of reference are: 
1. Assess the extent and cause of insolvency in the construction industry.
2. Consider payment practices affecting sub-contractors, existing protections for subcontractors and the impacts of insolvency on sub-contractors.
3. Consider legislative or other policy responses that can be taken to minimise the incidence and impact of insolvency in the industry, including:
a. options for improving the priority given to unsecured creditors where the debt results from a sub-contracting relationship
b. opportunities to simplify debt collection processes
c. strategies to improve financial management skills in the industry
d. a mandatory insurance scheme to secure payments to sub-contractors
e. a discretionary mutual fund to compensate contractors from losses arising from insolvency of a lead contractor or principal
f. the effectiveness of trust arrangements in protecting sub-contractor payments retained by a lead contractor or principal
g. mechanisms to ensure appropriate and effective financial disclosure between contracting parties, including disclosing payment of sub-contractors
h. other relevant issues or innovations raised by the Small Business Commissioner or stakeholders.
4. In developing recommendations the inquiry should consider the impact of Commonwealth jurisdiction over insolvency.
5. The inquiry will receive advice from an industry reference group including industry key associations and the Small Business Commissioner.
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One in three NSW company collapses are building firms: State building inquiry  

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Notorious Melbourne property spruiker Henry Kaye is facing a showdown with the corporate watchdog as he seeks to regain control of two of his companies.
Last week Kaye began proceedings in the Supreme Court to be reinstated to two of his companies, an application that will be opposed by ASIC lawyer Peter Paleologos, the Herald Sun reported.
Palegologos told the court he wanted to raise "issues of commercial morality" when Kaye's application is heard next month.
Kaye gained notoriety in the early 2000s for claims he made in investment seminars that he could turn ordinary Australians into millionaires and convincing thousands of mum and dad investors to invest in his property schemes.
Attendees at Kaye's free seminars were convinced to spend $15,000 in a property investment education course, with promises that they could get rich quickly by buying property without a deposit.
The practices of Kaye were brought to public attention by real estate consumer advocate Neil Jenman, who spoke out against Kaye.
The Age reported in December 2003 that Jenman had refined his attack on Kaye to the mantra-like “Stay away from Henry Kaye. He creates pain."
Kaye challenged Jenman to a public debate at the time, but Jenman said he would only debate him in a court – at the time Kaye was under investigation by three corporate watchdogs.
In 2003 The Age reported Kaye or someone in his company employed a private investigator to dig into Jenman's professional and personal life, including contacting estate agents and members of Jenman's family.
Jenman said this was an indication of how desperate Kaye had become as his property empire unravelled.
Kaye’s National Investment Institute collapsed in 2003 owing 3,500 investors up to $60 million.
In 2004, Richard Cauchi, the liquidator of a company associated with Kaye, described the 120-company Kaye empire as "a washing machine of money".
In 2005 Kaye dropped his appeal against a Federal Court finding that he had breached the Trade Practices Act in promoting his "millionaires" property seminars.
In 2010 Kaye was disqualified from managing corporations for five years by ASIC following his involvement in 26 failed companies that provided suspect investment and property education services to the public.
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Property spruiker Henry Kaye facing ASIC showdown as he seeks to return to business

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The NSW government has launched an inquiry into the state of the building industry following a spate of recent high-profile construction firm collapses, some of which had contracts with the state government.
The inquiry, announced by NSW Finance and Services Minister Greg Pearce and being led by Sydney barrister Bruce Collins, QC, will look at the “construction industry insolvency with aim of safeguarding the interests of sub-contractors in the sector”.
It may also shed some light on the nature of the working arrangement between construction firms and contractors, the timing, negotiations and disputes over payments to contractors as well as government arrangements with private building firms on public projects.
A spokesperson for the office of Greg Pearce told Property Observer the enquiry was “effectively underway”, with Collins already starting to write to interested parties as part of a “long list of people” he intends to write to.
Submissions will be posted on the NSW government’s online discussion portal <a href="https://www.nsw.gov.au/haveyoursay">Have Your Say</a>, with a closing date of September 14.
A technical glitch has delayed the launching of a section on the website dedicated to the building inquiry, but it is expected to go live tomorrow or next week at the latest.
The government set out the<a href="https://www.propertyobserver.com.au/industry-news/one-in-three-nsw-company-collapses-are-building-firms-state-building-inquiry/2012080955940"> terms of reference</a> for building inquiry late today.
Recent high-profile building collapses including <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/st-hilliers-construction-arm-placed-in-voluntary-administration/2012051554713">St Hilliers Construction</a>, <a target="_blank" href="https://www.propertyobserver.com.au/news/kell-rigby-one-of-australia-s-oldest-most-respected-building-companies-set-for-voluntary-administration/2012020853012">Kell &amp; Rigby</a> and <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/contractors-must-wait-in-line-as-reed-construction-prepares-to-sue-nsw-government-following-%2470-million-collapse/2012061855164">Reed Construction</a>.
The NSW government has come under fire for awarding contracts to some companies that were proven, with hindsight, to be struggling financially.
It awarded social housing contracts to St Hilliers Construction just months before the firm collapsed.
St Hilliers Construction founder Tim Casey says the firm is owed more than $6 million from the NSW government and slammed its decision to take over 13 NSW social housing projects.
Reed Group owner Geoff Reed has launched a legal claim of between $50 million and $60 million against the NSW government, alleging “premature and unreasonable action in terminating its contracts with Reed Constructions”. Announcing the inquiry, Pearce, says that between 2009 and 2011, “hundreds of companies in NSW collapsed owing billions of dollars, slamming the brakes on vital projects and investment”.
“Up to 24,000 unsecured creditors, including suppliers and sub?contractors, have been left out?of?pocket, some by millions of dollars,” he says.
Pearce says the fragility of the construction industry is taking a toll on workers and the economy.
“The Commonwealth regulates insolvency and company practices, but the NSW government won’t walk away from its responsibility to address this issue.
“Mr Collins will look at the extent and causes of insolvency in the NSW construction industry and what reforms are needed to minimise the adverse effects on subcontractors,” he says.
“The inquiry will look at how to resolve these issues in the absence of effective policy direction from the Commonwealth.
“The NSW government has outlined an infrastructure program to get the state moving again, but this relies on a strong construction industry,” Pearce says.
The terms of reference for the inquiry include how initiatives such as insurance schemes, trust arrangements or mutual funds could help secure subcontractors.
Pearce says the government will also establish a taskforce to ensure government agencies are managing construction risks.
Greg Pearce also announced today the completion of a $4.4 million social housing project in Caringbah that will house up to 25 senior residents.
The project was one of a number of housing projects that stalled when the construction company St Hilliers Constructions collapsed in May this year.
It was then announced the NSW Government would take over the unfinished projects.
Pearce said the Government faced a challenging task to get these much-needed housing projects back on track, but with the cooperation of the subcontractors involved, all work was progressing well on the remaining projects.</body></html>

Unpaid sub-contractors trigger NSW government reform inquiry into construction industry collapses

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The receivers of failed fund manager and lender Provident Capital are seeking managers for two of its frozen mortgage funds and have also announced that an “informal” information session will be held for debenture holders on August 13.
Phil Carter, Tony Sims and Marcus Ayres from PPB Advisory, who were appointed on July 3 following a Federal Court order, have placed an advertisement in the Australian Financial Review calling for indicative offers to be the responsible entity and manager of the Provident Capital Monthly Income Fund and the Provident Capital High Yield Fund.
There are around 520 unitholders for both the monthly income and high yield funds, which collectively hold around $32 million of funds under management.
Indicative offers are due by August 21.
This advertisment is part of expression-of-interest campaigns for the sale of part of Provident's assets and business launched by PPB Advisory since its appointment.
PPB Advisory has also announced that an information session for all debenture holders will be held at 10.30am at the Wesley Conference Centre at 220 Pitt Street in Sydney on Monday, August 13.
Victorian debenture holders can attend a telecast of the meeting at the Rydges Hotel, 186 Exhibition Street in Melbourne; Queensland debenture holders can attend  at the Christie Conference Centre Caribbean Room at 320 Adelaide Street in Brisbane; South Australian debentures holders can attend at the Hilton Hotel Victoria Room at 233 Victoria Square in Adelaide (10am South Australian time).
For those debenture holders in Perth, a meeting will be held at the Hilton Hotel Swan Room at 14 Mill Street (8.30am Perth time).
The receivers have stressed this is an "informal information session only".  
"No binding resolutions on the debenture holders will be passed and attendance or non-attendance will not impact your rights or claims as a debenture holder in any way."
As many as 3,500, mainly small investors have about $130 million invested in debentures with Provident Capital.
The receivers have also commenced developing asset management strategies for each non-performing loan and commenced investigation into the affairs of the company and what claims may be available  against third parties.
Around 85% of Provident loans were six months or more in arrears, according to its most recent financial booklet prior to its collapse.
The receivers are currently preparing an application to the Federal Court to confirm the methodology proposed to pay future distributions, but have warned of a shortfall on the principal amount owing to debenture holders and have determined that it would be “inappropriate for any future distributions to include an interest component”.
“Subject to the Court’s approval, to ensure all debenture holders are treated equally, all future  distributions to debenture holders during the Receivership will be made on a pro-rata basis in reduction of the face value of debentures,” say the receivers.
Property Observer has heard from borrowers who have complained that prior to the collapse of the lender, they had received little communication about even basic things such as the size of their debt, while being charged tens of thousands of dollars in roll-over fees.
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Provident receivers set August date for information session and seeks managers for two mortgage funds

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Nearly 11,000 square metres of A-grade commercial space at the base of the twin-tower Oracle development in Broadbeach on the Gold Coast has been listed for recievership sale, with the market estimating a sale  around $50 million.
The listing of the commercial space comes as a new report by the Property Council of Australia finds that the office vacancy rate on Broadbeach tightened noticeably over the first six month of the year from 16.8% to 11.1%,  well below the 21.5% vacancy rate for the Gold Coast office market as a whole.
This time last year, the Broadbeach vacancy rate was 30.3%.
The office and retail precinct of The Oracle comprises four detached buildings known as Oracle North, Oracle South, Oracle East and Oracle West, centrally serviced by Oracle Boulevard and bounded by Charles and Elizabeth Avenues and Surf Parade.
<img src="/images/stories/2012/08/oracle.jpg">
The commercial precinct forms the base of the troubled residential development which comprises 507 luxury apartments across two towers.
The A-grade office component, comprising 6,731 square metres of net lettable area over two levels, is fully leased with 22 separate tenancies, including leases to Gold Coast Tourism, listed housing developer Villa World and radio station operator Southern Cross Austereo.
The retail space has 4,005 square metres of net lettable area, with leases to fashion retailers Mimco and Witchery, as well as restaurant chains Max Brenner, Bavarian Bier Café, Crust Pizza, Guzman Y Gomez and Mecca Bah.
The commercial precinct is being sold by Mark Witheriff and Rem Rafter of CBRE through than expressions-of-interest campaign targeting both national and international markets, including Asia, where it will be promoted via a roadshow.
The 100% A-grade office occupancy rate at The Oracle contrasts starkly with the overall state of the Gold Coast office market, which has the highest office vacancy rate in Australia, according to the latest Property Council report for the first six months of 2012.
The Gold Coast office vacancy rate tightened marginally in the first six months of the year from 22% to 21.5%.
However, it is still more than double that of the Brisbane fringe market (8.5%) and Brisbane CBD (7.9%).
And it remains well above the next worst performing fringe market – the Sydney fringe market of Chatswood, where the vacancy rate eased from 10.7% to 13.7%
“A total of 4,292 square metres was added [on the Gold Coast] over this period, which was almost balanced out by withdrawals of 3,453 square metres and absorption of 2,723 square metres,” says Queensland executive director of the Property Council of Australia Kathy MacDermott.
“All grades, except for B-grade, experienced slight vacancy decreases over this period.”
“With only 1,723 square metres due to come online in the second half of 2012, this should provide the market with further room for absorption.”
Prospective buyers of the Oracle will take note that the Property Council report recorded vacancies tightening noticeably in Broadbeach over the six-month period from 16.8% to 11.1%, significantly lower than the 30.3% vacancy rate recorded at the same time last year.
This was in contrast to other office locations.
“The Southport and Robina-Varsity Lakes markets experienced little change, with decreases of 0.7 and 1 percentage points, respectively,” says MacDermott.
“Both Bundall and Surfers Paradise saw vacancy increases, with Bundall up by 0.8% to 32.1%, its highest level in more than 19 years.
“The Surfers Paradise vacancy rate increased by 1.6 percentage points over the six months, to reach a staggering 28.5%.”
“While certain markets across the Gold Coast remain depressed, Broadbeach is edging towards healthy vacancy levels. As work on major projects such as the Commonwealth Games and the Gold Coast Rapid Transit increases, this will help the market will begin its gradual recovery,” she says.
Witheriff calls the Oracle “one of the most vibrant mixed-use developments in Australia and a proven drawcard for quality commercial and retail tenants”.
“The strong cashflow supported by the national and international tenants with long-term leases has made this world-class precinct a proven performer even in a challenging market,” he says.
The $850 million Oracle project was developed by South Sky Investments, a subsidiary of  Niecon, part of the Nikiforides Group.
It has been in the hands of receivers KordaMentha since December 2010 after the Nikiforides family's Niecon business ran into trouble when a financier withdrew from the project.
A sales campaign to sell the remaining apartments within the two towers commenced in December last year.
Sales have picked up recently, led by interest from local buyers. Gold Coast residents have bought $20 million worth of the 505 apartments.
Peppers Retreat, Resorts and Hotels has been given letting rights to Tower 1, which has been renamed Peppers Broadbeach.
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Oracle commercial precinct on Broadbeach listed with $50 million hopes, with Gold Coast office vacancy rate at 21.5%

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It took Johnson Controls a year to remove, retrofit and replace each of the Empire State Building’s 6,514 double-hung, dual-pane windows – 26,056 panes of glass in total. It was all part of a three-year project that has made the 1930s-era skyscraper – arguably the most famous in the world – among the most energy efficient buildings in the world as well.
The revamp also cut the 102-storey building’s energy bill by around US$2.5 million a year, meaning the US$13 million retrofit will pay itself off in only three years.
But it was a major challenge, given the building’s age and heritage status for Johnson Controls, a huge US-multinational specialising in retrofiting commercial buildings.
Johnson Controls has a long history in Australia and has also been responsible for retrofitting major building spaces in Australia, including the Gateway Plaza and Tower overlooking the Sydney Opera House and Harbour Bridge.
Other Australian projects include retrofitting of 83,000 square metres of property owned by the Victorian Department of Treasury &amp; Finance to reduce energy use by 33%, water use by 8% and greenhouse gas emissions by 9,400 tons annually.
But the Manhattan landmark was arguable the company's greatest green challenge.
<img src="/images/stories/2012/08/empirestate3.jpg">
“The Empire State Building is a historical landmark so you can’t change the look,” Clay Nesler, vice president of global energy and sustainability for Johnson Controls, tells Property Observer.
This meant Johnson Controls had to use the existing unpainted red window frames, dating back to the Empire State's construction in 1931.
The windows were never meant to be red, but because the building was constructed at the height of The Great Depression they were never painted (to save costs) and the original primer colour remains today as a distinctive part of the look of the skyscraper.
To better insulate the building, contractors had to insert an extra spacer into each window and fill this with an inert gas.
“Every day 75 windows came down and 75 new ones went up – it took us a year just to the do the windows,” Nesler says
The process paid off, with the insulation provided by the new window design removing the need to undertake a costly retrofit of the 1931 air-conditioning “chiller” plant in the building.
Replacing the windows was one of eight energy-efficiency improvement measures implemented by Johnson Controls in a project that kicked off in 2008.
Johnson Controls also implemented a new tenant energy management system, which allows every tenant in the building to monitor (via an online system) the amount of energy they are using over any period of time and compare their energy use to other tenants.
“So accounting firms can compare themselves with other accounting firms in the building,” says Neslor.
The success of the Empire State Building project comes as Johnson Controls releases the results of its latest Efficiency Indicator (EEI) survey showing that plans for green building certification in Australia grew about 50% last year.
According to the 253 Australian facility managers, building executives and owners surveyed, more than a quarter (27%) plan to pursue green certification on new construction projects and 41% plan to certify existing buildings.
 
<hr class="system-pagebreak">
 
Nesler says the results show that energy management is growing in importance for Australian building executives with 79% describing energy management as very or extremely important to their organisations, up from 63% in 2011.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/es.gif"><img src="/images/stories/2012/08/esthumb.gif"></a>
Source: Johnson Controls
It also found that just over half (52%) of Australian respondents have invested in energy efficiency in the past year, and 35% have invested in renewable energy – both below the global averages (63% and 36% respectively).
Another interesting local result was that Australia, alongside the UK, was the only market in which respondents cited asset value as a top-three motivator for efficiency behind energy cost savings and government and utility incentives or rebates.
According to the survey, Australia’s top three energy efficiency measures adopted in the past 12 months included: lighting improvements (67%), water efficiency improvements (57%), and heating, ventilation, and air conditioning (HVAC) improvements (50%).
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Retrofitting the Empire State Building provides profit lessons for going green in Australia

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<img src="/images/stories/2012/08/17point1m.jpg">
How much the Metropolitan Fire Brigade (MFB) has paid for a Hume Highway site at Craigieburn on which it will construct a $109 million training facility. The property, which previously operated as the Apollo Caravan Park at 284-290 Hume Highway, is about 30 kilometres north of Melbourne CBD and comprises 18.6 hectares of relatively flat land, making it ideal for the MFB’s purposes. Savills Australia’s industrial director Michael Green was retained by MFB to find a suitable site and says the proposed new facility willcomplement the MFB’s existing complex at Burnley. He says construction is due to start soon with the facility operational in 2014.
 
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<img src="/images/stories/2012/08/1point12m.jpg">
The price paid for a 290-square-metre refurbished office facility in the Townsville CBD. The sale of the property at 569 Flinders Street, Townsville, was negotiated by Michael Hooper of Ray White Commercial Townsville. Hooper says the property was sold to a local investor. Hooper says there was solid interest in this fully refurbished office with 10 secure rear car parks over a 1,0120-square-metre allotment.
 
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<img src="/images/stories/2012/08/15m.gif">
The value of rural property in north Queensland that has changed hands after a prime portfolio of farming ex-forest plantation land was offered for sale by public tender earlier this year. The portfolio, which consisted of 44 rural properties totalling nearly 4,000 hectares of land located from Innisfail through Tully to Ingham, was taken to the market by global asset manager GMO Renewable Resources. Rawdon Briggs, Colliers International rural and agribusiness executive, has so far brokered deals for 32 of the farms, which saw both corporates and local families purchase this original wet tropics cane land and convert it to sugar cane production once more. The remaining properties in the portfolio range in size from 35 hectares to 339 hectares and are in the Tully and Ingham region.
 
<hr>
 
<img src="/images/stories/2012/08/2point95m.gif">
The price paid by an overseas investor for two prime industrial sites in Airport West on Melbourne’s outer suburban area. Colliers International Tim Homes and Marco Sandrin negotiated the sale of 36 and 35 – 47 Hood Street in Airport West following a campaign which generated strong demand from owner-occupiers, due to its access to the Tullamarine and Calder Freeways. The sites are about 13km north of the Melbourne CBD with convenient access to the Tullamarine and Calder Freeways, Metropolitan Ring Road and Tullamarine and Essendon Airports. The total land area of the property was approximately 5,293 square metres, including 2,145 square metres of office and warehouse space.
 
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<img src="/images/stories/2012/08/1point265m.gif">
The price a private investors has paid for a warehouse/office building at Northgate on Brisbane’s north side that has motoring giant Ford Australia as an anchor tenant. The property at 24 Allworth Street, Northgate, was sold by Steve Black of Ray White Commercial Pine Rivers in conjunction with Cameron Heim of Wright Property. The two-storey building, consists of two units of approximately 290 square metres and 270 square metres each. The property is situated in close proximity to Brisbane Airport.
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Commercial hammer prices

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The appeal of fixed-rate mortgages declined for the third straight month in June to represent the lowest proportion of the owner-occupier market since September last year, according to ABS housing finance data.
Fixed loans of two years' duration or more accounted for just 10.2% of all owner-occupier lending in June, well down from 12.3% of loans in May.
Fixed-rate mortgages reached a recent peak of 14.6% of owner-occupier loans in March, according to the ABS, and were also high at 14% in April, but have declined since in line with the RBA cutting the cash rates in May and June with expectations of at least one more rate cut this year.
The average size of a fixed-rate loan was $289,500, according to ABS figures.
According to July figures from mortgage broker AFG (one month ahead of the ABS), fixed-rate loans held steady 16% of all loans processed, as most new borrowers opted to stick with variable rates.
July figures released by Mortgage Choice show a marked drop in demand for fixed-rate loans from 18% to 15% as demand for variable-rate home loans reached an 11- month high due to speculation of another rate cut in coming months.
Click here for the current (as of August 7) fixed and variable rate offerings in the market.
{module What do you intend to do given the current interest rate fluctuations?}
For information on refinancing, watch our free webinar Refinancing and the Interest Rates Riddle
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Fixed-rate loans losing their appeal: ABS data

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First-home buyers as a proportion of total owner-occupier housing finance commitments rose to their highest level in five months in June, according to ABS housing finance data.
In original terms, the number of first-home buyer commitments as a percentage of total owner-occupied housing finance commitments rose to 18.3% in June 2012, from 17.8% in May 2012.
It was the third successive month that first-home buyer commitments as a percentage of total owner-occupied housing finance commitments have risen.
Loans to first-home buyers were up a strong 4.3% for the month, noted Westpac, to be up 11.8% in the June quarter as a whole.
"This likely reflects the buyer incentives expiring in Victoria and to a lesser extent NSW and SA although lower interest rates also played a role," says Westpac.
"The upgrader market remains essentially flat with loans up 1.2% for he month only partially reversing a 1.5% fall in May. Loans to this segment are unchanged from a year ago".
The proportion of first-home buyers in the market was 16.8% in April, 16.4% in March and 17.2% in February.
However, first-home buyers made up 20.3% of the market at the start of the year.
Between June 2012 and May 2012, the average loan size for first home buyers rose $3,600 to $289,400.
The average loan size for all owner-occupied housing commitments rose $1,900 to $295,500 for the same period.
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First-home buyers at highest level in five months: ABS

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Joel Robinson

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

The Walden pairs house-scale living with North Sydney connectivity

The ACT will become the first jurisdiction in Australia to abolish stamp duty for all first home buyers, with no income caps and no property price thresholds from 1 July.

The move, announced as part of the ACT Budget, completes a key election commitment from the Barr Government and removes what Chief Minister Andrew Barr described as one of the biggest barriers to entering the housing market. The reform forms part of the ACT's long-running transition away from transaction taxes and towards a broader-based property tax system.

"This budget marks a major milestone in our long-term tax reform program," Barr said, adding that the government had maintained a sustained focus on removing barriers to home ownership. He said stamp duty had long been one of the largest upfront hurdles facing buyers and that from July, "that barrier is gone" for first home buyers in the Territory.

[smartcode_project:default project_id=139989 project_image_fid=350986]

The changes come alongside a range of measures designed to encourage new housing supply, including support for the delivery of so-called "missing middle" housing such as terraces, townhouses and low-rise multi-unit developments.

The announcement has renewed debate around whether the ACT's approach could provide a blueprint for improving housing affordability nationally.

New research from OurTop10.com.au, conducted by Primara Research, suggests the Territory's decade-long reform agenda has produced outcomes unmatched elsewhere in Australia.

While stamp duty costs have increased by an average 67 per cent nationally over the past decade, the ACT has recorded growth of just 15 per cent, the lowest increase of any jurisdiction.

The Territory has also emerged as one of the strongest performers on housing delivery. Based on population-weighted housing targets, the ACT is sitting less than one per cent behind its target. Victoria is the next closest at seven per cent behind, while the national average sits 25 per cent below target. New South Wales is tracking 39 per cent behind.

The latest reform removes one of the final barriers facing first home buyers in Canberra.

[smartcode_project:default project_id=139989 project_image_fid=359152]

The average Australian home buyer currently pays $61,714 in stamp duty. In the ACT, that figure is $38,399 despite the Territory having the third-highest median house price in the country.

Until now, the ACT's first home buyer concession scheme only applied to purchases up to $1.02 million, around $51,000 below Canberra's median house price of $1.071 million. In practical terms, many first home buyers were unable to access the median-priced home without losing the concession.

From July, those restrictions disappear.

Every first home buyer in the ACT will pay no stamp duty, regardless of income or purchase price.

Canberra remains one of Australia's most expensive housing markets, with dwelling values increasing 82 per cent over the past decade. However, that growth ranks only 11th among Australia's 15 major housing markets, suggesting affordability pressures have been less severe than in many other parts of the country.

Simon Ma, CEO of OurTop10.com.au, said the latest reforms recognise that many first home buyers have simply outgrown thresholds set years ago.

"Many first home buyers aren't just looking for a way onto the ladder, they want a home their family can actually live in," Ma said.

"In a market where the median house price is over a million dollars, a concession scheme that cuts out at $1.02 million was never going to get them there.

"Removing the ceiling entirely means ACT first home buyers can now pursue the home they actually want, rather than limiting themselves to a price point designed for a very different market."

Whether other states follow remains to be seen. But at a time when most jurisdictions are struggling to improve affordability while also increasing housing supply, the ACT has quietly become the national test case for both.

15% stamp duty growth. Just 1% off the national housing target. Zero stamp duty for FHBs. Is the ACT the blueprint for the great Australian dream?

ACT abolishes stamp duty for first home buyers

A rooftop pool and spa overlooking the Brisbane CBD, private dining spaces, expansive landscaped gardens and a residents' lounge are set to crown <a href="https://www.apartments.com.au/new-apartments/callista-on-park-west-end-49-mollison-street-west-end-qld-4101">Callista on Park</a>, the final residential building within Brisbane's West Village precinct.

The rooftop amenity collection has been designed as an extension of the lifestyle already established throughout West Village, providing residents with a series of indoor and outdoor spaces that capitalise on the building's elevated position above West End.

A swimming pool and heated spa form the centrepiece of the rooftop offering, surrounded by landscaped gardens developed through a collaboration between developer Sekisui House and ASPECT Studios. The design incorporates expansive lawn areas surrounded by English garden-inspired planting.

[smartcode_project:default project_id=134800 project_image_fid=370648]

Residents will also have access to two barbecue and outdoor dining areas positioned to take advantage of views across Brisbane's skyline, neighbouring Mollison Park, and the surrounding inner-city landscape.

For larger gatherings, the rooftop includes a private dining room centred around a substantial stone island bench, complete with a full kitchen and a 10-seat dining table set beneath four-metre-high ceilings. The space has been designed to overlook both the rooftop gardens and the Brisbane CBD skyline.

A separate residents' lounge provides an additional indoor retreat connected to the broader rooftop amenity offering, creating another space for residents to work, relax or entertain guests.

[smartcode_project:default project_id=134800 project_image_fid=370647]

The attention to detail extends beyond the rooftop.

Upon arrival, residents will enter through a lobby featuring a bespoke ceiling light installation developed in collaboration between Sekisui House and Alcorn Middleton Architecture. The arrival experience is complemented by private resident mailboxes and carefully considered interior finishes designed to reflect the premium positioning of the building.

[smartcode_project:default project_id=134800 project_image_fid=372541]

The amenity offering forms part of Callista on Park, the final residential release within the decade-long transformation of the former Peters Ice Cream Factory site into West Village, one of Brisbane's most established mixed-use communities.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and being delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a>, Callista represents the most premium residential offering within the masterplanned precinct.

Construction is now entering its final stages, with scaffolding beginning to come down and completion expected in the first quarter of 2027.

Prices for the three-bedroom plus MPR apartments start from just over $2.6 million.

[smartcode_project:default project_id=134800 project_image_fid=351535]

Callista will mark the final opportunity to purchase within West Village, where residents have direct access to more than 35 retail, dining, wellness and medical operators including Harris Farm Markets, Woolworths, Function Well and Goodlife Health Clubs, Metro Arts, and a growing collection of restaurants and cafés.

Located just 800 metres from the Brisbane CBD, the precinct also places residents within walking distance of South Bank, West End's dining scene, riverfront parklands and major public transport connections.

For Sekisui House, which has delivered more than two million homes globally, Callista serves as the concluding piece of the West Village masterplan, bringing together the precinct's heritage character, parkland setting and emphasis on walkability in a final collection of larger-format residences.

[smartcode_project_cta:default project_id=134800]

Rooftop pool, private dining and skyline gardens to crown West Village's final apartment release, Callista on Park

<a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a>’s enduring appeal has long been tied to its balance of bushland, established amenity, and access to some of Sydney’s most respected education and healthcare institutions.

Along Fox Valley Road, that combination is becoming increasingly sought after by buyers looking to remain connected to the Upper North Shore lifestyle while prioritising walkability, wellbeing, and convenience.

Developer Capital Corporation's initial vision of a 62-hectare site on Fox Valley Road was that they could create their own walkable community, bordered by&nbsp;more than 25 hectares of bushland and adjoining Coups Creek.

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="b84917a1-0d75-49b9-888c-ddf7ebfd6692" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/NEW2026_Wahroonga_Walkway.gif?VersionId=Gk3_xi5ssYfalmwuQQ5umQakddceC31j" />

<a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> draws directly on the area’s natural landscape, with walking trails and green corridors linking into sections of Lane Cove National Park. The surrounding network of bushwalks, cycling tracks, and reserves reinforces the suburb’s long-standing reputation as one of Sydney’s most nature-oriented residential pockets, while still maintaining close ties to village retail and transport infrastructure.

The address places residents within minutes of Wahroonga and Turramurra villages, where cafés, local grocers, boutiques, and everyday services support a highly localised lifestyle. Popular nearby venues including The Fox Café and Breeze Valley Café provide easy options for morning coffee or casual dining, while longstanding retailers such as IGA Wahroonga Fresh and Novella Fine Books continue to anchor the area’s village character.

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<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="c4a950f7-4f05-4370-b360-b106359788e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/2026_Wahroonga_Entry_Gates.gif?VersionId=7n5kh9ymu.azYEYDemJkPgiIAfSw44oj" />

Healthcare access remains one of the defining locational advantages of the estate. Sydney Adventist Hospital, known locally as The San, sits directly adjacent and is one of the largest and most respected private hospitals in New South Wales. The hospital precinct incorporates specialist medical services, radiology, physiotherapy, and outpatient care, contributing to growing buyer demand from downsizers and owner-occupiers seeking long-term convenience and peace of mind.

Research commissioned by Capital Corporation found that health and wellbeing considerations are increasingly influencing downsizing decisions, particularly among buyers wanting to remain within familiar neighbourhoods while accessing medical infrastructure more easily.

Education has also historically underpinned demand across Wahroonga and the broader Upper North Shore. The estate sits close to several of Sydney’s leading private and independent schools, including Knox Grammar, Abbotsleigh, Barker College, Pymble Ladies’ College, Ravenswood School for Girls, and Loreto Normanhurst. Co-educational options including Wahroonga Adventist School and Sydney Adventist School further strengthen the area’s appeal to established families looking for long-term schooling pathways within a tightly held catchment.

[smartcode_project:default project_id=135247 project_image_fid=262183]

Transport connectivity supports the suburb’s liveability without compromising its quieter residential character. Wahroonga and Turramurra train stations provide direct rail access into the Sydney CBD, while the nearby Pacific Highway and M1 motorway strengthen links across the North Shore and broader metropolitan area. At the same time, the heavily treed streetscape and low-density character continue to distinguish the precinct from more urbanised parts of Sydney.

The Residences at Wahroonga Estate forms the first stage of <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a>’s broader masterplanned vision for the precinct, delivered alongside the Seventh-day Adventist Church.

[smartcode_project:default project_id=135247 project_image_fid=364995]

Designed by <a href="https://www.apartments.com.au/architects/group-gsa">GroupGSA</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>, the development integrates landscaped communal spaces including a pet-friendly Green Spine, resident lounge, BBQ pavilion, and direct bushland access, reinforcing the project’s focus on outdoor connection and community-based living.

Now under construction by Gold Star iCIRT-rated builder <a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>, The Residences at Wahroonga Estate will deliver a collection of one, two, and three-bedroom apartments priced from $990,000, with completion anticipated in 2027.

[smartcode_project_cta:default project_id=135247]

Larry Schlesinger

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