The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

[smartcode_project:default project_id=108274 project_image_fid=365786]

Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

&nbsp;

[smartcode_project:default project_id=150414 project_image_fid=372743]

Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

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.

&nbsp;

[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]

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

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

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1B Grong Grong Court, Toorak sold earlier this month after being on the market since late April.
<a href="https://www.realestate.com.au/property-house-vic-toorak-116743255" target="_blank">Paul Ffeiffer and Anthony Grimwade at RT Edgar</a> secured a sale price of $5,188,888 for the three storey trophy home.
"Hopefully bringing luck to the Chinese National Buyer," buyers agency James Buyers Advocates said.
It was marketed as French inspired elegance.
There's a lift from the basement with parking, gymnasium and 2,000 bottle wine cellar up to the top level with the four bedroom, four ensuite home.
The 600 square metre block cost $1.6 million in 2006 when bought by the Dimas family.
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jchancellor-FAypfDUnLy

'Lucky' $5,188,888 Toorak sale to Chinese buyer

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The Commonwealth Bank has pinpointed five reasons why house price bubble signs are not evident in Australia.
<div class="page" title="Page 152">
<div class="section">
<div class="layoutArea">
<div class="column">
It listed the five factors that typically characterise a house price bubble.
It then gave their reasons why they are not evident in Australia. 
</div>
</div>
</div>
</div>
<div class="page" title="Page 152">
<div class="section">
<div class="layoutArea">
<div class="column"><ol>
<li>
Unsustainable asset prices, but the current situation is: Prices supported by the excess of demand over supply Australia’s population continues to grow at above average rates Supply-side responding – lift in construction underway 
</li>
<li>
Speculative investment artificially inflates asset prices, but the current situation is: Investor interest is a rational response to low interest rates, rising risk appetite and the pursuit of yield. 
</li>
<li>
Strong volume growth driven by relaxed lending standards, but the current situation is: Already stringent standards tightened through GFC Minimal “low doc” lending Mortgage insurance for higher LVR loans Full recourse lending 
</li>
<li>
Interaction of high debt levels and interest rates, but the current situation is: A high proportion of borrowers ahead of required repayment levels Interest rate buffers built into loan serviceability tests at application Housing credit growth remains subdued – at the bottom end of the range of the past three decades.  
</li>
<li>
Domestic economic shock – trigger for price correction, but the current situation is: Respectable Australian economic growth outcomes Relatively low unemployment, high quality lending, low arrears
</li>
</ol></div>
<div class="column">
Source Commonwealth Bank June 2014 results presentation
</div>
</div>
</div>
</div>
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The five reasons why there is no Australian house price bubble: CBA

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A new library is coming to Green Square Town Centre and it boasts something a little different – a lot of it is underground.
The detailed designs have been submitted as part of the DA and integrate the library with the ground level plaza. It includes a sunken garden, an ampitheatre that seats up to 160 people, and a glass 15 metre entrance.
The library is a seven storey tower and will contain an acoustically-designed music room, community function room, two levels of reading rooms and a technology suite.
The design, as can be seen in the pictures above, is from Sydney-based designers Felicity Stewart and Matt Hollenstein, in associate with Stewart Architecture, who won the City of Sydney’s international design competition for both the library and the plaza.
The Green Square Town Centre, spanning 14 hectares of land next to Green Square railway station, is part of a 278 hectare urban redevelopment area. An estimated $8 billion is being funneled into apartments and facilities for an expected 53,000 new residents by 2030.
Lord Mayor Clover Moore said that Green Square is the fastest growing village in the City of Sydney, and the facilities will be much used by the residents..
“This important project is quickly taking shape and I’m delighted to see how these plans have been refined and improved,” she said.
The cost of the library and plaza are estimated at $47 million, and are part of $440 million being invested by the City of Sydney into Green Square. Work will commence next year.
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What an underground library looks like: Green Square, Sydney

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The latest Real Estate Institute of Queensland Residential Rental Survey has seen the vacancy rates creep up across Brisbane, with some areas recording increases up to 1.6%.
In Brisbane City, the figures were recorded at 2.4%, compared to 2.3% for the March quarter. This was described by the REIQ as a steady trend and indicating a tight market. Within inner Brisbane (zero to five kilometres from the city) a 0.3% increase to 3.4% was recorded, with a ‘healthy’ result. This appears to be largely affecting the overall slight increase, as the remainder of Brisbane dropped from 1.9% to 1.7%.
The latest figures from the Residential Tenancies Authority also seem to back up these figures, recording a decline in the number of bonds lodged over the June quarter for three-bedroom houses, two-bedroom units and three-bedroom townhouses compared to the March quarter.
In Greater Brisbane surrounds, with an average 2.2%, the highest area’s vacancy rate for June 2014 was recorded in Ipswich City at 3.0%, up from 1.8% in the March quarter. This increase was similarly reflected in Logan City, up 1.6% to 2.8%, the highest increase across Brisbane. These figures appear to have driven the overall Brisbane Surrounds 0.7% vacancy rate increase.
Steady results were seen in Moreton Bay Regional (1.7%) and Redland City (1.5%).  Within Moreton bay Regional, Caboolture was the only area to record a softening, up by 0.4%. Pine Rivers and Redcliffe dropped slightly, by 0.1% and 0.2% respectively.
Redland City, Bay Island’s vacancy rate increased by 0.1%.
Across the entire Queensland rental market it’s a mixed picture, however REIQ acting CEO Antonia Mercorella said that the stabilisation coincides with a surge in sales.
“Historically in Queensland we tend to see one market thriving more than the other and at the moment it’s the sales market that has the upper hand,” said Mercorella.
“Vacancy rates still remain tight in many parts of the State, however according to REIQ members the rental market is starting to stabilise, with vacancies creeping up in some areas.
“This is the result of strengthening first home buyer activity, which is reducing tenant demand, along with increased investor activity which is increasing the rental supply in some areas,” she said.
The Residential Rental Survey is carried out at the end of June across the REIQ-accredited agencies in the state.
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Brisbane’s rental market softening, Logan vacancy rate jumps by 1.6%

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China’s richest man, Wang Jianlin, has committed $HK12.5 billion ($1.7 billion) to invest in Australian real estate including the construction of the Jewel, a $900 million beachfront resort on the Gold Coast.
Mr Wang, the chairman of the Hong Kong-listed Wanda Group, made the announcement to the Hong Kong Stock Exchange yesterday.
The Jewel project has approval for a triple-tower project on a 1.13 hectare site, including 110 metres of beachfront, in Surfers Paradise.
It expects the total capital commitment by Wanda to be $290 million.
As recently reported in Property Observer, the Wanda Group had been <a href="/news/chinas-richest-man-wang-jianlin-close-to-buying-into-surfers-paradise-development-site">finalising plans to take what emerged as </a><a href="/news/chinas-richest-man-wang-jianlin-close-to-buying-into-surfers-paradise-development-site">a 55% stake in the joint ventur</a>e.
Mr Wang, who holds top spot on the Forbes China Rich List, recently visited the Trade and Investment Minister Andrew Robb.
Property Observer gathers Mr Wang gifted Prime Minister Tony Abbott with an authentic Auratic china tea set and some Tong Quing Hao tea which is now in use at the Lodge in Canberra. 
Wanda Group said it would pay for The Jewel through internal resources and a mixture of debt and equity. 
The remaining stake will be held by the <a href="/news/ridong-billionaire-riyu-li-buys-bellagio-la-villa-the-gold-coast-hinterland-mansion">Ridong Group’s Riyu Li</a> and Fengliu Wu, the partners having granted unconditional put and call options.
“The board believes that given the unique location of the Jewel property and its unobstructed waterfront views along the Surfers Paradise of Gold Coast, the company is confident it can maximise the development value of the Jewel property and generate attractive returns on this investment,” it said.
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After cup of tea for PM Abbott, Wang Jianlin commits to Jewel, Surfers Paradise development

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As more people live in apartments there’s a greater focus on balconies.
In urban environments it’s clear that there’s demand for outdoor space, both private and public. For inner city apartment dwellers <a href="/expert-insights/buying/balconies-are-the-new-backyards">access to both is important and the market is responding</a>.
The balcony has for some time now been seen as an extra living room and is starting to become as important as the kitchen or living room. Buyers are increasingly more alert to a balcony’s aspect, whether it’s sunny or in the shade, is the balcony private, a good space to have a coffee, a wine or a meal or just sit and watch the clouds fly buy.
As apartments are getting smaller, buyers see this area as a place to relax after work, an important extension of their living space. Reflecting this trend there’s also a big increase in the variety and quality of furnishing that’s available to enhance the balcony space, it’s now very fashionable.
As more detailed attention is being paid to outdoor space in development projects, what are some of the key points to consider and are there any pitfalls?
I previously suggested the idea of thinking about balconies from three aspects – pets, plants and people. I if all three thrive then the balcony must be pretty well designed. From a down to earth view I think buyers will also consider – access, climate, privacy, views, services, storage and the environment.
Access is really important. Possibly the most popular layouts allow an apartment’s internal and external spaces to merge together to give the owner one big space. And another plus is when multiple rooms have balcony access. These designs are very different from those of the 1960s and 70s when you might have only been able to squeeze through one single door to the balcony.
Climate is another big issue. For the space to be comfortable to use all year round the design needs to pay attention to climate, so the space is not too hot, not wet or a spot where you’ll be blown off your feet in the wind. These points are common sense, but should not be overlooked otherwise valuable space for any buyer can be compromised. Covered north-facing are great, but not every apartment can have just one aspect and so this is why planning now takes the function of the balcony into account.
Views are also important. As areas have to accommodate more density, we need to consider how a view works in terms of privacy. The use of external shutters both fixed and movable designs are now commonly used and they do help to make balcony spaces much more inviting and private. I know that off the plan buyers are always keen to fully understand the views from their balcony – it’s an area that gets a lot of their attention.
As balconies are becoming more a part of daily living space then they need to have good services, drainage, electricity, gas and water and something that is less common, storage. However all these services have not always been provided. Trying to get the best use of a balcony can be limited if there’s no water or gas supply.
Today’s buyers have become very alert to having these basic service items. And while storage, in particular storage cupboards, are not common it’s a good idea and it can help to keep balcony areas tidy and presentable.
Article continues on the next page. Please click below.
<hr class="system-pagebreak">
But There Can Be Some Areas Of Conflict
Thinking of tidy balconies, with all of the pluses associated with these spaces, they can also become areas of conflict and this does place greater pressure on owners, strata managers and the body corporate.
Clothes drying, smoking, storage and the humble BBQ can be areas of conflict. Smoking on balconies remains an issue and stronger rules and restrictions are possibly on their way with the stalled review of NSW strata laws.
With higher energy costs and greater environmental awareness, to many it is reassuring that balconies can be used to hang out the washing. Yes, there are rules and limits and so privacy shutters can come in handy. However, this is another area where legislation is lagging and rules are up for clarification.
Private and Public Space in Demand
In almost every city there is demand for things outdoors, be that a balcony for a new Sydney apartment, a roof top pocket garden in London or Paris, or a few square metres of outdoor space attached to a New York apartment.
The quest for private outdoor space is always there, even in a booming real estate market. While a stunning city or harbour view might be out of reach for the average buyer, securing a private outdoor space is always ticked as a desirable option, space for a deck chair and a spot for al fresco dining is clearly a shared aspiration.
So far I have been looking at the importance of private space for the average apartment owner that’s a balcony and how the everyday use and design of this important space is evolving. But there is another aspect to this subject and that is access to public and communal space.
In areas where there is major development, we see what a positive impact new parks and open spaces have. Good examples include Brisbane’s now well established South Bank and soon in Sydney Barangaroo’s Headland Park will be a new public space covering six-hectares of harbour foreshore park. While it will be a space for the entire city it’s a good example of what we now expect from our public parks with space for all sorts of daily recreation, grassed areas, lookouts, walking and cycle paths, and a new harbour cove.
Then much further afield we have perhaps the ultimate example of a modern urban public space in Singapore’s Gardens By The Bay, supported by a huge capital investment and run with the assistance of 10,000 hours of volunteer labour. While in Philadelphia a new 5000 square metre mega roof garden is taking shape as part of a new development there.
There’s no shortage of evidence that as more of us are now apartment dwellers, private and public outdoor space is very important and the humble balcony is transforming as a public space and delivers some stunning options.
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The evolution of the balcony: A public and private space that delivers some stunning options

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Sydney’s residential vacancy rates are on the rise, with July recording a 0.2% increase to 2.0%, according to the Real Estate Institute of New South Wales (REINSW) Vacancy Rate Survey.
REINSW president Malcolm Gunning notes that more apartment stock entered the marketplace, which may be behind some of this increase.
“Inner Sydney vacancy rates led the way with an increase of 0.1% to 2.0%, while the outer suburbs increased 0.4% to 1.9%. The middle suburbs bucked the trend with a fall of 0.2%, but remain at the neutral level of 1.9%,” said Gunning.
“We expect this growth in rental accommodation to continue as even more new stock enters the marketplace.”
This has come at a time when ANZ Research’s David Cannington is seeing Sydney growth moderating, as Melbourne takes out top spot when looking at growth on a trend basis. Price growth year on year is sitting at 15.1% for Sydney, and 11.3% for Melbourne.
“Housing market sales continued to reflect positive housing market sentiment in the past week, particularly in Sydney where elevated auction levels for this time of year have cleared at greater than 75% for the fifth consecutive week,” noted Cannington.
He notes that elevated auction clearance rates, for both Sydney and Melbourne, are foreshadowing strong sales demand and further house price gains in the remaining 2014 months.
Outside of the Sydney area, vacancy rates have been recorded as a mixed picture. In the Hunter, a 0.5% increase was recorded, despite a 0.3% decline in Newcastle. Illawarra increased by 0.3%, while Wollongong remained steady at 2.1%.
New England, however, has hit an 11 year high, up to 4.2% with a 0.2% increase recorded. In October 2003, the last time it was this high, it recorded 4.8% vacancy. The South Coast is up 1.4%, with Central West has dropped 0.5%.
Murrumbidgee’s vacancy rate was up 0.5%, while Albury increased by 0.7%.
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Sydney price gains moderating and vacancy rates climbing

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A luxury apartment made it to the top of RP Data's 10 most expensive sales of the week.
The Pyrmont offering (pictured above) with 360 degree views fetched $7 million. However, there were a few other high profile sales that didn't make it onto RP Data's radar this week. There was the Professor Leslie Wilkinson designed Point Piper home of Charles Scarf and his wife Maria, which <a href="/news/30-million-professor-leslie-wilkinson-point-piper-trophy-home-sold-under-scarf-of-secrecy">sold for an unconfirmed price</a> after it was listed with $30 million plus hopes.
The sale of David Airey's <a href="/expert-insights/buying/south-yarra-then-templestowe-top-weekend-melbourne-auctions">South Yarra house for $3.8 million</a> also failed to get a mention, as did a three bedroom Mosman home <a href="/expert-insights/buying/mosman-price-shocker-tops-sydneys-weekend-auctions">which secured $3.23 million</a>. Mooloolaba's pink house was also one of the most expensive sales this week, <a href="/expert-insights/buying/fred-eagers-pink-house-mooloolaba-sells-for-3-8-million">with a $3.8 million price tag</a>.
Here are 10 of the other most expensive sales for the week ending 10 August, from RP Data.
<ol>
<li>
<a href="https://www.propertyobserver.com.au/https://www.feldiproperty.com/6645103" target="_blank">59/56 Pirrama Road, Pyrmont, NSW </a> <img src="/images/2014/08/12/e1.jpg" alt=""> A Pyrmont penthouse topped this week's sales, attracting $7 million dollars when it sold through Feldi Property Agents. The three bedroom, four bathroom apartment has full panoramic views over the harbour, the CBD and Barangaroo. The unit, which is directly accessible via lift, comes with three car spaces and a 17 metre marina berth. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-templestowe-117412491" target="_blank">4 Winifred Court, Templestowe, Vic</a> <img src="/images/2014/08/12/templestowe_0000_1.jpg.jpg" alt=""> The Templestowe home of architect Phillip Mannerheim was sold for $3.35 million through Ray White Manningham. The house was originally listed with a $2.4 million price guide. Mannerheim substantially renovated the property, which now has four bedrooms, five bathrooms and five car spaces. He purchased the home in 2003 for $870,000. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-mount+eliza-116687087" target="_blank">5 Bay Avenue, Mount Eliza, Vic </a> <img src="/images/2014/08/12/e3.jpg" alt=""> This five bedroom, four bathroom house fetched $3.16 million when sold through Aqua Real Estate Mount Eliza. Set on a 2,619 square metre parcel, the home has panoramic views of Port Phillip Bay and Melbourne's skyline. The house's multiple living spaces include a formal dining room which opens onto an covered balcony on the upper level, and a ground-floor rumpus room with a full wet bar, open fireplace and direct access to the pool. Despite its lofty price, the vendors actually made a loss on the Mount Eliza home's sale - they purchased it for $3.4 million in 2011. 
</li>
<li>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/rent/house-mcmahons-point-nsw-2060/41330" target="_blank">7 McManus Street, McMahons Point, NSW </a> <img src="/images/2014/08/12/e4.jpg" alt=""> McGrath Estate Agents handled the $3.1 million sale of this four bedroom, two bathroom Sydney home. The two storey house with views over Berrys Bay sits on a dual access block. Its master bedroom comes with a en suite with spa and direct courtyard access. The home is currently leased for $1,950 per week, yielding 3.27%. 
</li>
<li>
<a href="https://www.curranproperty.com.au/selling/NSW/Upper-North-Shore/East-Killara/House/1P0115" target="_blank">11 Fairlight Avenue, East Killara, NSW </a> <img src="/images/2014/08/12/e5.jpg" alt=""> A six bedroom, three bathroom house attracted $2.81 million through Curran Property Chatswood this weekend. The listing information states the three level home is "reminiscent of a classically inspired European estate", set over a 1,359 square metre plot. The home was purchased by the vendors 20 years ago for just $515,000 and was renovated by interior designers Hare and Klein in 2001. 
</li>
<li>
<a href="https://www.propertyobserver.com.au/https://www.feldiproperty.com/10579533" target="_blank">3/56 Pirrama Road, Pyrmont, NSW </a> <img src="/images/2014/08/12/e6.jpg" alt=""> Another unit in the 56 Pirrama Road complex made it on RP Data's top 10 list this week. The three bedroom, two bathroom apartment at number 3 was picked up for $2.7 million, selling through Feldi Property Agents. It features hardwood floors in the living and kitchen areas, with carpeted bedrooms. Residents have access to the building's lap pool and gym. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-glen+waverley-117383623" target="_blank">21 Barbara Avenue, Glen Waverley, Vic </a> <img src="/images/2014/08/12/e7.jpg" alt=""> This five bedroom, five bathroom house sold for $2.5 million through Ray White Glen Waverley. The two storey home on a 809 square metre block has multiple indoor living spaces, with a tiled outdoor entertaining area. The listing information notes that the house is "metres from Glen Waverley Secondary College". The vendors paid $900,000 for the land and previous house on the block in 2012. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-mosman-117476495" target="_blank">16 Windward Avenue, Mosman, NSW </a> <img src="/images/2014/08/12/e8.jpg" alt=""> A Mosman home also fetched $2.5 million this week, selling through Harcourts Dunne Mosman. The three bedroom, two bathroom dual frontage offering is situated on the high side of Windward Avenue, adjoining to a bush reserve. Set on a 695.6 square metre block, the house features a balcony that runs the length of the house, a sauna, large study, a workshop and a double-lock garage. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-beecroft-117463887" target="_blank">8 Bangalow Avenue, Beecroft, NSW </a> <img src="/images/2014/08/12/e9.jpg" alt=""> Securing $2.4 million, this house sold through McGrath Estate Agents Epping. The former farmhouse has five bedrooms and three bathrooms, with outdoor entertaining areas and an in ground pool. The 1,492 square metre parcel has development approval for a two lot subdivision. The vendors paid $1,375,000 for the home in 2008. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-ivanhoe-117452027" target="_blank">45 Waterdale Road, Ivanhoe, Vic </a> <img src="/images/2014/08/12/e10.jpg" alt=""> This five bedroom, four bathroom contemporary home sold for $2,380,000 through Barry Plant Ivanhoe. The modern house on a 750 square metre plot is decked out with showy details, including double three metre waterfall stone island benchtops, two self-cleaning ovens, motorised drawers in the bedrooms and a 14 jet spa in the master en suite. The home also features a salt chlorinated pool and bluestone paved balconies.</li>
</ol>
Other high ranking sales for the week include 112 Jersey Road, Paddington (NSW), a <a href="https://www.realestate.com.au/property-house-nsw-paddington-117430135" target="_blank">three bedroom home that sold for $2.37 million</a>, and 3 Park Road, St Leonards (NSW), <a href="https://www.realestate.com.au/property-house-nsw-st+leonards-117568991" target="_blank">a 1912 four bedder</a> that fetched $2.35 million.
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Luxury units stand out on most expensive sales of the week: RP Data

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Malaysian developer Mammoth has paid $12.3 million for its third development site in Melbourne.
It is a 2,271-square-metre site on Wreckyn Street in North Melbourne which was sold by the veterinary organisation, Lort Smith Animal Hospital.
With 10 bidding parties, the $5,416 a square metre sale price was a new record for a pure land acquisition in North Melbourne. 
However earlier this month, a Chinese investor with unknown intentions <a href="/expert-insights/investing/chinese-buyer-pays-32-over-reserve-a-record-land-rate-for-north-melbourne-office-site">paid $6,358 a square metre when paying $13.2 million for a 2076 square metre office building bloc</a>k at 13-21 Bedford Street, North Melbourne. 
Mammoth’s 55-level MY80 Elizabeth Street with 487 apartments is due for imminent completion.
Empire, its second high-rise apartment block, with 474 apartments over 61 levels, is due for construction commencement with 60 remaining for purchase.
The delayed settlement sale was through CBRE with Charter Keck Cramer acting as the transaction ­manager.
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Malaysian property developer Mammoth purchases North Melbourne site

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Marketing your home for sale through a real estate agent leaves you in their power.
You need to trust them to effectively guide you through how the campaign for your property should be and how much you should be spending.
You must rely on them to ensure you do not overcapitalise, and in a space where the arguments over print versus online advertising and even the use of signboards are rife, it's understandable that you might be feeling a little lost.
For our Tuesday Q&amp;A, Property Observer asked Century 21's national training manager Alastair Kay all about advertising, marketing and his own experiences in real estate.
What was the most exciting property you ever marketed, and how did you express this in your marketing?
The most exciting sale I’ve been involved in was the successful transaction of a property in Banksia Beach, Bribie Island's premier postcode which is known locally as millionaire’s row.<img src="/images/2014/08/12/kay-aug-12-one.png" alt="" style="float: right;">
My point of contact for the property was the owner’s son, who lived between the Bribie home and his main residence in Brisbane. The son demanded excellence in everything he was involved in, having previously served in the military and being at that time employed as a well-respected prosecutor.
After much discussion, we chose to take their home to auction as it had only attracted five inspections after having been on the market for over two years. This high risk strategy required a significant investment to ensure we attracted the right buyers, so together we created a professional, targeted marketing campaign which required an investment in excess of $30,000 from the vendor.
The four week auction campaign attracted in excess of 100 viewings, an incredible amount of interest for the global financial crisis and a figure that dramatically exceeded the seller’s expectations. The auction was held at twilight on the deck of the home overlooking the Pumicestone Passage and was sold 24 hours later, after being passed in at the auction.
How do you tailor advertising and marketing to each individual property and vendor situation?
The most vital consideration for tailoring marketing and advertising is finding out what the seller hopes to achieve from the sale, and how they’d like to achieve it. More specifically, I like to ask the vendor questions relating to the sale based around three key areas: price, privacy and timing.
If obtaining the highest price possible is the most important result they want to achieve, I will show them what marketing is available to them and what attracts the most enquiries. I’ll also provide them with all the options and assist them with building their own campaign as the more the vendor can be involved, the better the likely result. Some real estate agents forget this and often present completed marketing campaigns, or only a few options. The danger with this approach is that it overlooks the fact the vendors are transacting what, for most people, is their single largest asset. This means that peace of mind in knowing that everything possible is being done to sell it at the best possible price should be of paramount importance.
Some vendors are worried about their privacy, a concern which may be driven by any number of different reasons. In these instances, I’ve occasionally been asked to design a discrete marketing campaign where a particular group of buyers is intensively targeted, or asked not to advertise at all and merely shop it around to interested buyers I’m aware of in the community.
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After much discussion, we chose to take their home to auction as it had only attracted five inspections after having been on the market for over two years.
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Timing is also crucial to tailoring a marketing campaign – if the vendor is desperate to sell, the only choice is often an intensive marketing campaign which showcases the property to as many potential buyers as possible.
What questions do vendors commonly ask around marketing?
Generally vendors want to discuss how much a marketing campaign for their property is going to cost, because they are often concerned that there can be no guarantee that they will achieve the price they hope for. These are legitimate concerns which your real estate agent should be comfortable addressing. Typically, I’ll explain how it’s in my best interest for the property to sell as real estate agents only ever get paid when a property settles.
Successfully transacting a property requires a well thought-out, structured and targeted marketing campaign that is designed to meet the vendor’s specific needs and requirements. If your agent isn’t paying adequate attention to your marketing requirements, it’s probably best to consider speaking with another agent to compare approaches.
Turn over page for more, including the difference between auction and private treaty marketing.
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How does advertising differ between auctions and private treaty marketing?
There isn’t a great deal of difference, however vendors tend to invest less into marketing when they sell via private treaty. This is because when property is being transacted by private treaty, all that’s required is one passionate buyer to place an offer, as opposed to an auction where you want to attract several passionate bidders to compete for the property.
Regardless of the vendor’s preference regarding how they sell their property, I always recommend investing in the strongest campaign possible, as this has the highest possibility of finding the buyer that is going to pay the most.
I always caution that marketing for a property should be considered an investment – not a cost. This is because vendors often find that they’re able to achieve significantly more for their property through a premium marketing campaign, and doubling, or even tripling, their initial marketing investment.
For which type of properties does print advertising work?
I always recommend vendors consider every avenue of marketing available to them, as the reality is we’re after the buyer for the property – not just a buyer. This distinction is crucial, as marketing for the buyer means that you’re exploring all possible options, not just pursuing the cheapest, easiest option.
When I was selling in a rural location on the Queensland coast, most vendors wanted to choose a local paper that had a readership of 20,000 people every week and more often than not, found that they weren't getting the result they'd hoped for. My consistent recommendation to vendors was that they choose a different paper that had a greater readership of 950,000 people.
Doing this did mean an increased marketing investment; however, they increased attendance at open for inspections by an average of five buyers per week. This helped achieve a premium price for every seller who chose to add paper marketing to their campaign.
The moral of the story is that there’s still a place for paper advertising, especially newspapers that have a larger, more targeted circulation. There’s no use in having 10,000 people viewing your property online if 9,950 are in another state and only browsing for fun.
Are there any aspects of advertising where vendors should be spending less or more?
As you’ve probably realised, I'm a big believer in creating and executing the best campaign possible. Vendors only get one opportunity to make a good first impression and selling your home is no different.
There are ways of cutting costs. But in my experience when vendors try to cut costs in their marketing, they ultimately end up cutting the price they’re able to achieve for the property. I recently sold a unit on the waterfront by auction which the vendors had been contemplating listing at a price and seeing what happened.
The vendors were working on the assumption that because an identical unit above theirs sold for $360,000 only a few months earlier, they'd get a similar price. After talking through a range of options, they chose to invest into the best marketing campaign they could as they agreed that they’d only get one shot at introducing the property to the market.
By taking this approach they achieved a result of $418,500 – well above the recent sale, and a result that only came about because the marketing campaign reached the market completely. Had they sold by private treaty, they had planned on listing for $389,000.
What does the best listings copy look like – and what tips do you have for agents who consistently get it wrong?
Listing copy is one area that does need a lot of work in Australian real estate. Unfortunately, it often boils down to time and writing skills, and often agents will be a little short on both.
The best listing copy will portray the property in a positive light, while providing plenty of detail about the local area with a quirky edge which makes the property stand out. Some agents tend to go a little details-heavy, writing copy that ends up reading like an extended novella. Some agents, on the other hand, try too hard to be memorable and sacrifice too much detail. The ideal copy will get this balance right, which is a delicate process.
How much does it really cost to advertise a property?
For a long time now agents have used a rule of thumb that says that the marketing budget of a property should be roughly 1 per cent of the price of the home. Therefore if the value of the home is roughly $500,000 then a budget of $5,000 would be advisable.
However, this isn't always accurate and my advice is to recommend the campaign which will give the agent the best opportunity of achieving the highest price for the home. Naturally all real estate agents have to work within the constraints of the vendor’s budget, but often the vendor finds it’s worth the extra investment as they’ll likely achieve more at the sale.
One property that I transacted for $1,600,000 had a vendor who invested in a marketing campaign in excess of $30,000. Due to the nature of the property and its target market, anything less than this would have been inadequate and a waste of money. 
If there's someone you'd like to see asked about a topic for a Tuesday Q&amp;A, email <a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
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