<p><a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.</p>

<p>A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.</p>

<p>Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=149670 project_image_fid=360965]</p>

<p>“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.</p>

<p>From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.</p>

<p>The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=149670 project_image_fid=360981]</p>

<p>Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.</p>

<p>A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.</p>

<p>Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=149670 project_image_fid=360966]</p>

<p>Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.</p>

<p>“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.</p>

<p>Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=149670 project_image_fid=360969]</p>

<p>Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.</p>

<p data-end="8307" data-start="8063">The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.</p>

<p data-end="8543" data-start="8312">“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”</p>

<p data-end="8915" data-start="8548">The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.</p>

<p>The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.</p>

<p>[smartcode_project_cta:default project_id=149670]</p>


Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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


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

<p>
<style type="text/css">
</style>
</p>

<p>A 60-apartment building nine storeys tall would be a rarity almost anywhere along this stretch of Moreton Bay, but that's exactly what's been lodged for a modest Deception Bay street better known for its single-storey weatherboard homes.</p>

<p><a href="https://www.apartments.com.au/developers/sherlock-construction-homes">Sherlock Construction Homes</a> is seeking to push Deception Bay’s emerging medium-density housing profile higher, lodging plans for a nine-storey apartment building near the suburb’s shopping centre and foreshore.</p>

<p>Dubbed Grosvenor Apartments, the proposal at 14-20 Grosvenor Terrace would replace two detached homes with a new building designed by&nbsp;<a href="https://www.apartments.com.au/architects/mode">Mode Design</a>&nbsp;which would&nbsp;reach nearly 30 metres, well above the site’s mapped 21-metre building height.</p>

<p><img alt="First Look: Sherlock Construction pitches 9-storey tower for low-rise Deception Bay" data-entity-type="file" data-entity-uuid="86c21a25-5a97-4ca7-a361-80757137ea5b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Deception%20da%20front.png?VersionId=aXIujfvEhH33sLHOEjHFv9Ii6qxSvAF4" /></p>

<p>The apartment mix is weighted toward larger homes, with 14 three-bedroom apartments, 31 two-bedroom apartments and 15 one-bedroom apartments. Six apartment types are spread across the floors, ranging from 66 sqm one-bedroom units through to three-bedroom apartments of 116 sqm, most with private balconies or terraces.</p>

<p>Levels one through seven follow a consistent layout of six to eight apartments per floor arranged around a central lift and stair core, with the top floor, level eight, trading one apartment for a landscaped community breakout space rather than repeating the standard layout below.</p>

<p>Ground floor is dedicated to arrival and services, with a lobby, mailroom and manager's office, alongside 91 car spaces.</p>

<p><img alt="First Look: Sherlock Construction pitches 9-storey tower for low-rise Deception Bay" data-entity-type="file" data-entity-uuid="b098bde0-5fe1-4e6c-9601-e5446612e5fc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Deception%20podium.png?VersionId=A0hfENMNxSxkfh9Jl6D4WJ9XIraeOukA" /></p>

<p>Mode Design's brief describes a "serene coastal-inspired design blending soft curves, natural textures and light-filled spaces to reflect the relaxed Deception Bay lifestyle."&nbsp;</p>

<p>The material palette leans on white and grey render, timber-look aluminium screening and stacked-brick-look finishes, with hanging greenery and vine planting proposed across balcony edges and ground-level walls.&nbsp;</p>

<p>Balconies feature asymmetrical geometries intended to vary the building's rhythm rather than repeat a single module up the tower, while lush planting is concentrated over the entry and level one balconies to soften the building's base.</p>

<p><img alt="First Look: Sherlock Construction pitches 9-storey tower for low-rise Deception Bay" data-entity-type="file" data-entity-uuid="c05c5693-3e00-42d0-b075-55c36094f4db" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Deception%20da%201.png?VersionId=cMKJgBsBaaVCd2dA5O22SOT38OT_.BPA" /></p>

<p>The design evolved following an April 2025 prelodgement meeting with council. At that stage, the project was conceived as a seven-storey building containing 45 apartments. The subsequently lodged scheme increases the development to nine storeys and 60 apartments while introducing one-bedroom residences to the mix.</p>

<p>Zone Planning argues the additional scale reflects the site's position within an area earmarked for increased residential intensity. The planning report points to the North Lakes-Redcliffe-Moreton Bay Rail corridor strategy, which identifies Deception Bay as a district-level activity centre and supports greater housing choice within urban neighbourhoods.</p>

<p>Market Square Deception Bay, Deception Bay Sports Centre, Deception Bay State School, public transport, community facilities and the Moreton Bay foreshore are all identified within approximately one kilometre of the site, while the property falls within a 400-metre walking catchment of Market Square.</p>

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

<p data-end="587" data-start="368">Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.</p>

<p data-end="778" data-start="589">The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.</p>

<p data-end="907" data-start="780"><a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.</p>

<p data-end="1052" data-start="909">The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.</p>

<p data-end="1311" data-start="1054">The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.</p>

<p data-end="1451" data-start="1313">The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.</p>

<p data-end="1676" data-start="1453">MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.</p>

<p data-end="1908" data-start="1678">Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.</p>

<p data-end="2142" data-start="1910">The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.</p>

<p data-end="2142" data-start="1910"><img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" /></p>

<p data-end="2308" data-start="2144">MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.</p>

<p data-end="2648" data-start="2310">"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.</p>

<p data-end="2797" data-start="2650">"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."</p>

<p data-end="2938" data-start="2799">The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.</p>

<p data-end="3216" data-start="2940">Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.</p>

<p data-end="3325" data-start="3218">Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.</p>

<p data-end="3442" data-start="3327">"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.</p>

<p data-end="3662" data-start="3444">"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."</p>

<p data-end="3818" data-start="3664">MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.</p>

<p data-end="4076" data-start="3820">"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.</p>

<p data-end="4375" data-start="4078">"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."</p>

<p data-end="4503" data-start="4377">Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.</p>

<p data-end="4741" data-start="4505">"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."</p>

<p data-end="4910" data-start="4743">The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.</p>

<p data-end="4951" data-start="4912">MAYD is targeting an early 2027 launch.</p>


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

<main data-perf-region="main">
<p data-end="600" data-start="394">Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.</p>

<p data-end="733" data-start="602">But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.</p>

<p data-end="970" data-start="735">Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.</p>

<p data-end="970" data-start="735">[smartcode_project:default project_id=152737 project_image_fid=377679]</p>

<p data-end="1159" data-start="972">The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.</p>

<p data-end="1357" data-start="1161">It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.</p>

<p data-end="3400" data-start="3216">[smartcode_project:default project_id=152737 project_image_fid=377675]</p>

<p data-end="3400" data-start="3216">Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.</p>

<p data-end="1664" data-start="1517">Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.</p>

<p data-end="1826" data-start="1666">Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.</p>

<p data-end="1826" data-start="1666">[smartcode_project:default project_id=152737 project_image_fid=377685]</p>

<p data-end="2045" data-start="1828">Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.</p>

<p data-end="2269" data-start="2047">"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.</p>

<p data-end="2430" data-start="2271">A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.</p>

<p data-end="2606" data-start="2432">It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.</p>

<p data-end="2724" data-start="2608">At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.</p>

<p data-end="2892" data-start="2726">Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.</p>

<p data-end="2892" data-start="2726">[smartcode_project:default project_id=152737 project_image_fid=377680]</p>

<p data-end="3004" data-start="2894">Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.</p>

<p data-end="3214" data-start="3006">"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.</p>

<p data-end="3400" data-start="3216">The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.</p>

<p data-end="3400" data-start="3216">More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.</p>

<p data-end="3670" data-start="3538">&nbsp;</p>

<p data-end="3670" data-start="3538">[smartcode_project_cta:default project_id=152737]</p>

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

<p>Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.</p>

<p>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;</p>

<h2>What is the Help to Buy Scheme?</h2>

<p>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.</p>

<p>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).</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

<p>To qualify for the Help to Buy Scheme, applicants must meet the following conditions:</p>

<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>

<p>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.</p>

<p>The scheme is expected to commence in NSW in late 2025, as part of a national rollout.</p>


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

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.</p>

<h2>New South Wales First Home Owner Grant</h2>

<p><strong data-end="252" data-start="225">First Home Owner Grant:</strong> 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.</p>

<p><strong data-end="413" data-start="389">Stamp Duty Benefits:</strong> Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.</p>

<h2>Victoria South Wales First Home Owner Grant</h2>

<p><strong>First Home Owner Grant:</strong> Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.</p>

<p><strong>Stamp Duty Benefits</strong>: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.</p>

<h2>Queensland First Home Owner Grant</h2>

<p><strong data-end="920" data-start="893">First Home Owner Grant:</strong> 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.</p>

<p><strong data-end="1162" data-start="1135">Stamp Duty Concessions:</strong> Provides additional concessions for properties valued up to $800,000.</p>

<h2>Western Australia First Home Owner Grant</h2>

<p>&nbsp;</p>

<p><strong>First Home Owner Grant:</strong> 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.</p>

<p><strong>Stamp Duty Concessions:</strong> Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.</p>

<h2>Australian Capital Territory First Home Owner Grant</h2>

<p><strong data-end="1617" data-start="1590">First Home Owner Grant:</strong> Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.</p>

<h2>South Australia First Home Owner Grant</h2>

<p><strong>First Home Owner Grant:</strong> 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.</p>

<p><strong>Stamp Duty Relief:</strong> Available for new homes and vacant land purchases.</p>

<h2>Tasmania First Home Owner Grant</h2>

<p><strong>First Home Owner Grant</strong>: Offers a $10,000 grant for new homes and off the plan purchases.</p>

<p><strong>Stamp Duty Exemption</strong>: 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.</p>

<h2>Northern Territory First Home Owner Grant</h2>

<p><strong>First Home Owner Grant:</strong> The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.</p>

<p><strong>Stamp Duty Exemption</strong>: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).</p>

<p><em>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.</em></p>


Every First Home Owner Grant for new property by state

<p>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.</p>

<p>Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.</p>

<p>Some systems assess individual building components, while others provide an overall rating for the entire structure.</p>

<p>A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.</p>

<p>NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.</p>

<p>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.</p>

<h2>What is NatHERS?</h2>

<p>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;</p>

<p>NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;</p>

<p>NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.</p>

<p>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.</p>

<h2>How NatHERS Ratings Work</h2>

<p>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.</p>

<p>The tools can model complex effects of building mass, insulation, window size, and other elements.</p>

<p>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.</p>

<p>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;</p>

<p>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.</p>

<p>Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.</p>

<h2>Benefits of Higher NatHERS Ratings</h2>

<p><strong>Energy Efficiency:</strong> 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.</p>

<p><strong>Cost Savings:</strong> 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.</p>

<p><strong>Environmental Impact:</strong> 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.</p>

<p><strong>Improved Comfort: </strong>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.</p>

<p><strong>Market Value and Desirability:</strong> 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.</p>

<p><strong>Compliance with Building Codes:</strong> 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.</p>


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?

<p>Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.</p>

<p>Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.</p>

<p>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.</p>

<h3>Convenience and accessibility</h3>

<p>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.</p>

<p>[smartcode_project:default project_id=114215 project_image_fid=204874]</p>

<p>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.</p>

<h3>Vibrant lifestyle and community</h3>

<p>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.</p>

<p>[smartcode_project:default project_id=107714 project_image_fid=214122]</p>

<p>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.</p>

<h3>Potential for higher rental yields and property value appreciation</h3>

<p>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.</p>

<p>[smartcode_project:default project_id=139989 project_image_fid=212887]</p>

<p>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.</p>

<h3>Enhanced security and maintenance</h3>

<p>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.</p>

<p>[smartcode_project:default project_id=108019 project_image_fid=212658]</p>

<p>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.</p>

<h3>Live-work-play balance</h3>

<p>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.</p>

<p>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.</p>


alisonwarters@gmail.com

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

<p style="line-height: 1.38;">When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.</p>

<p style="line-height: 1.38;">Often the largest outlay, after the deposit which goes to the bank, is stamp duty.</p>

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

<p>Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.</p>

<p>It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.</p>

<p style="line-height: 1.38;"><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></p>

<h2>Who pays Stamp Duty?</h2>

<p>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.</p>

<h2>How much does Stamp Duty cost?</h2>

<p>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.</p>

<p>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!</p>

<p>Overall, the stamp duty you need to pay will depend on:</p>

<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>

<p style="line-height:1.38">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.</p>


Ellen Walker

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

<p data-end="294" data-section-id="19m9s1w" data-start="191">For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make</p>

<p data-end="477" data-start="296">The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?</p>

<p data-end="947" data-start="479">A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.</p>

<p data-end="1099" data-start="949">As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.</p>

<p data-end="1490" data-start="1101">One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.</p>

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

<p data-end="1593" data-start="1521">Most Australians are familiar with independent ratings in everyday life.</p>

<p data-end="1748" data-start="1595">We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.</p>

<p data-end="1930" data-start="1750">Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.</p>

<p data-end="1979" data-start="1932">That gap is what iCIRT was designed to address.</p>

<p data-end="2559" data-start="1981">Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.</p>

<p data-end="2559" data-start="1981"><img alt="iCIRT" data-entity-type="file" data-entity-uuid="dcbb59af-3d5a-43aa-b28e-a66e55a83568" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Announcement.png?VersionId=6OD8r.v.oucEF01BWxR85urzoD9seQ9e" /></p>

<p data-end="2822" data-start="2561">Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.</p>

<p data-end="3082" data-start="2824">The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.</p>

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

<p data-end="3254" data-start="3128">For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.</p>

<p data-end="3388" data-start="3256">It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.</p>

<p data-end="3773" data-start="3390"><a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.</p>

<p data-end="3837" data-start="3775">That doesn't mean buyers should rely on a single rating alone.</p>

<p data-end="3978" data-start="3839">Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.</p>

<p data-end="4092" data-start="3980">However, an independent assessment can provide another source of information alongside those traditional checks.</p>

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

<p data-end="4188" data-start="4140">The conversation isn't only changing for buyers.</p>

<p data-end="4296" data-start="4190">Developers are also recognising that trust has become an increasingly important part of the sales process.</p>

<p data-end="4296" data-start="4190"><img alt="mirvac" data-entity-type="file" data-entity-uuid="1c11c691-e8cd-46c3-88fd-6c8d614e8357" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mirvac.png?VersionId=ZqDqNL36WJOOCmNMmmO93Q2GTrFOBomz" /><em>Mirvac is a 5 Gold Star iCIRT rated developer, the highest possible rating a developer can get: Harbourside by Mirvac</em></p>

<p data-end="4389" data-start="4298">Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.</p>

<p data-end="4538" data-start="4391">Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.</p>

<p data-end="4734" data-start="4540">For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.</p>

<p data-end="4910" data-start="4736">According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.</p>

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

<p data-end="5049" data-start="4964">The influence of independent construction ratings is also extending beyond consumers.</p>

<p data-end="5281" data-start="5051">According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.</p>

<p data-end="5612" data-start="5283">The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.</p>

<p data-end="5770" data-start="5614">As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.</p>

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

<p data-end="5855" data-start="5803">Victoria's apartment market is entering a new phase.</p>

<p data-end="6014" data-start="5857">The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.</p>

<p data-end="6131" data-start="6016">For buyers, that means there are more tools available than ever before to research the businesses behind a project.</p>

<p data-end="6261" data-start="6133">For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.</p>

<p data-end="6464" data-start="6263">Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.</p>

<p data-end="6464" data-start="6263"><img alt="iCIRT" data-entity-type="file" data-entity-uuid="958e1497-8151-4689-aadc-baf59f6e6122" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/iCIRT-Infographic-Assessment-Process-Final.png?VersionId=7KyVcwSo4vCLXBYBdq382e3Si.R.9PWQ" /></p>

<hr data-end="6469" data-start="6466" />
<p data-end="6861" data-start="6471"><em data-end="6861" data-start="6471">The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.</em></p>

<p data-end="7088" data-start="6863"><em data-end="7088" data-start="6863">This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.</em></p>

<p data-end="7191" data-start="7090"><em data-end="7191" data-start="7090">Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.</em></p>


Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

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<p><span style="line-height: 1.3em;">The price of vacant land across the capital cities continued to climb throughout 2013. At the end of the year, the median selling price was $249,000 which is an increase of 6.9% throughout the year with vacant land prices now at historic high levels.</span></p>
<p>The annual rate of growth in median selling prices was the largest annual change since they rose by 8.5% over the 12 months to August 2011.</p>
<p>Across each capital city, it’s easy to see an occurring disparity between the cost of land and the typical size across the cities.</p>
<p><img src="/images/2014/03/17/kusher-march-14-four.gif" alt=""></p>
<p>Median selling prices of vacant land are highest in Sydney ($305,000) and lowest in Hobart ($150,000). Most cities have recorded a significant increase in selling prices over the past decade however; it is worth noting that growth in Sydney has been minimal.</p>
<p>Median lot sizes tend to be much larger in Hobart (828 square metres) than they are across the other capital cities. Typical vacant land areas are smallest in Adelaide at just 375 square metres. All capital cities have recorded a rise in median land sizes throughout 2013.</p>
<p><img src="/images/2014/03/17/kusher-march-14-one.gif" alt=""></p>
<p>We’ve seen a large reduction in the median lot size of vacant land over recent years. When preparing today’s analysis, we were surprised to see a slight reversal of this trend throughout 2013. At the end of 2013, the average vacant lot size across the combined capital cities was 500 square metres, which is slightly higher than the 466 square metres at the end of 2012. The average lot size has reduced quite significantly over time; 20 years ago the typical lot size was a much larger 701 square metres.</p>
<p>Although vacant land median selling prices rose over the year, the rise in median land area has resulted in a slight fall in the median rate per square metre. Currently, the median rate per square metre for vacant land was recorded at $507.70/square metres at the end of 2013 compared to $509.39/square metres at the end of 2012.</p>
<p><img src="/images/2014/03/17/kusher-march-14-two.gif" alt=""></p>
<p>This result highlights that as prices have risen and sizes have shrunk, there has been a sharp rise in the cost of land on a square metre basis. “Twenty years ago, the median rate per square metre for capital city vacant land was recorded at $76.47/square metre.</p>
<p>As a result of falling lot sizes and vacant land price increases we have seen significant rises in the rate per square metre for land across each city over the past decade. Perth land is the most expensive on this measure ($631.46/square metre) followed by Sydney ($608.27/square metre) . The rate per square metre for land in Hobart is significantly lower than all other capital cities at $147.82/square metres.</p>
<p>The ongoing trend across capital city vacant land markets has been diminishing lot sizes and rising prices. If you were to buy a piece of land today 701 square metres in size (which was the typical size 20 years ago) it would cost $355,896. Compare this to the current capital city median of $249,000 for 500square metres. A 500 square metre lot 20 years ago would’ve cost just $38,235.</p>
<p><img src="/images/2014/03/17/kusher-march-14-three.gif" alt=""></p>
<p>With vacant land costs increasing over the past 20 years it is no wonder there has also been an ongoing increase in the overall cost of housing. With a starting point for land in the capital cities of $249,000 currently, when you add in build costs it is no wondering the size of land has trended so much lower as developers look to provide relatively affordable housing options for price sensitive buyers.</p>
<p>Overall, one of the solutions to housing affordability issues is to reduce the cost of land. The way to do this is to either greatly increase the supply (expand urban boundaries and grant approvals quicker) or reduce the built in costs of developing the land which includes taxes and government fees and charges.</p>
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ckusher-ujnxiKuFQs

Cost of vacant land in capital cities continues to rise

<html><body>
<p>Sydney’s seventh consecutive weekend with 80% or higher auction success rates was notched up this weekend, as the intensive four week countdown to the Easter break now tests the market depth.</p>
<p>Saturday's trophy listing, the penthouse in the Darlinghurst high-rise Horizon was withdrawn from auction given as yet uncompetitive buyer interest, with that black Mercedes van full of touring Chinese buyers remaining apocryphal.</p>
<p>The Ballard Property Group did however secure the day's highest notified sale which was $3.01 million in Maroubra. Auctioneer Damien Cooley from Cooley Auctions took a $2.3 million opening bid. <em>Property Observer</em> gleans a higher sale at about $3.35 million had been secured in undisclosed prior auction negotiations  through McGrath for the 1893 sandstone Hunters Hill house, Norwood.</p>
<p>The 81.8% strong clearance rate came from 413 results, although there were some 630 plus results expected in any final tally by Australian Property Monitors.</p>
<p>Last weekend's 82.4% came in at a revised 76.1%, a much larger than typical downward revision suggesting to <em>Property Observer</em> nascent signs of a slowing down from record-level pace.</p>
<p>The year's results are still well ahead of last year’s low 70% results and a<span style="line-height: 1.3em;">uction numbers are also significantly higher this autumn.</span></p>
<p><span style="line-height: 1.3em;">This weekend's 632 home </span>offerings<span style="line-height: 1.3em;"> was around 38% higher than the 456 that were listed over the same weekend last year.</span></p>
<p>The inner west was the most active region for auctions this weekend in Sydney with 110 followed by the south with 87, then the upper north shore 73, the city and east with 70, the lower north 65 and the northern beaches with 55 auctions listed.</p>
<p>Mosman on the lower north shore is the most popular suburb for auctions with 12 listings, followed by Strathfield with 10, Blacktown and Greenacre with 9 each, and Erskineville with 8. APM reported four of the five Mosman results as sold. Three of the four Strathfield results were reported as sold. All six notified Blacktown results had sold. None of the three notified Greenacre results had found buyers.</p>
<p>"There's a <span>dramatic increase to the number of properties coming on the market prior to the Easter period," one auctioneer told <em>Property Observer</em>.  </span></p>
<p>Melbourne’s weekend auction market bounced back this weekend to 73.9%, up from last weekend's 65%, which were first reported by APM as at 70% for the Moomba mini-pause last weekend.</p>
<p>That 65% - the lowest for the year so far - was interestingly not much higher than the 61% recorded around the same time a year ago, suggesting Melbourne fillip is on the wane.</p>
<p><span style="line-height: 1.3em;">The APM weekend's initial result in Melbourne came from 678 of the 930 auctions scheduled. Melbourne's volume is only just ahead of last year’s 832 over the same weekend.</span></p>
<p>The most popular region for auctions were the inner south with 157 auctions scheduled with the m<span style="line-height: 1.3em;">ost popular suburbs for auctions being Reservoir with 19, followed by St Kilda with 16. Some 13 of the 16 notified Reservoir listings found buyers, and in St Kilda nine of the 10 notified results were sold.</span></p>
<p>Tasmania's gambling arts patron David Walsh had $16 million expectations for his full-floor penthouse atop the Harry Seidler-designed Horizon, Darlinghurst tower.</p>
<p>It was scheduled for March 15 auction <a href="https://www.ballardproperty.com.au/Buying/Search/residentialresult/residentialdetail.aspx?id=WOOLLAHRA%202012237&amp;wlid=57e94a53-15a1-4a6f-abe1-6c71d5563102" target="_blank">through Bill Bridges of Ballard Property Group.</a></p>
<p>The proprietor of the much-admired MONA gallery and Moorilla Estate vineyard, was to include select artworks from his private collection, including a watercolour triptych on paper by John Olsen, to sweeten the property deal <span style="line-height: 1.3em;">for the 43rd-floor penthouse.</span></p>
<p>It was bought from property developer Lang Walker in 2002 for $10 million through Bill Bridges and exceeded Sydney's then $8-million penthouse record. </p>
<p><span style="line-height: 1.3em;">Walsh has recently had a Coco Republic custom furniture fitout with the aim of enhancing its appeal to Chinese buyers as a home and corporate home office suite, which would perhaps help on the annual strata levy deductability.<br></span></p>
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jchancellor-FAypfDUnLy

Nothing on David Walsh's Horizon, but Sydney's streetside weekend auctions yield 80% plus again

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<p>Describing romanticism is difficult; I seek to find beauty not only in people but in everything around me.</p>
<p>Behavioral studies that attempt to understand the romanticism of objects and environments are both intriguing and complex. Psychology demonstrates that to romanticize non-human entities is to render them worthy of moral care and consideration, and to find a meaningful, personal connection with them.</p>
<p>Neuroscience research indicates that we use the same brain regions when we are thinking about nonhuman entities as we do when thinking about human ones, and it is here that our feelings (including romance, affection and love) can be connected with the built environment.</p>
<p>Architecture may also be connected to brain development. Neuroscience suggests that the quality of a built environment can enhance the performance of the brain and can even generate the growth of new brain cells. During his search for a polio cure, Jonas Salk retreated to the Basilica of Assisi. He later insisted that the design of that environment had cleared his obstructed mind and led to the polio vaccine.</p>
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		<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/Basilica-of-Assisi-in-Italy.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/Basilica-of-Assisi-in-Italy.jpg?itok=d_lQUsYW" width="580"></a>
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	<dd>
		Basilica of Assisi in Italy</dd>
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<p>This experience prompted Salk to romanticize the architecture of the Basilica, and many can describe similar feelings about their built environments. This perception can drive people to consider architecture in their most important moments, both tragic and amazing.</p>
<p>Take Manhattan’s Empire State Building, for example. It’s a New York icon, featured in more than a hundred films including King Kong and Sleepless in Seattle. The famous building is a hotbed of romance, hosting numerous marriage proposals and even Valentine’s Day weddings. The world’s tallest building at the time of its completion in 1931, the Empire State Building sparks inspiration in those who see it (in pictures or in person) as well as those daring enough to surge to its peak via ultra-fast elevators.</p>
<p>Is it the height that grabs us and leaves us breathless? Or is it the fact this amazing feat of engineering, with its super-thick walls, was completed in just one year? Whatever the reason, this building dominates the skyline of New York City as well as the romantic consciousness of New York’s visitors, making it deserving of New York’s nickname (“the Empire State”).</p>
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		<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/The-iconic-Empire-State-Building.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/The-iconic-Empire-State-Building.jpg?itok=N2SZ6biK" width="580"></a>
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		The iconic Empire State Building</dd>
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<p>Another example is found in the Guggenheim Museum Bilbao, in a small city in the northeast of Spain—not a popular travel destination until Frank Gehry designed the sculptural, sparkling museum along the riverfront. Like a powerful piece of art, a building can have a strong impact on us at first sight, and Bilbao has become a household name and a tourist destination due to this mesmerizing building.</p>
<p>Santiago Calatrava’s airport in Bilbao should not be discounted either; Calatrava’s famous soaring ceilings and structural details sweep visitors up into the rafters and bring them gently back down to where they stand, gazing upward. It’s no wonder that these two buildings are so often the images used for regional advertisements and announcements; they’ve become iconic because of the connections that they create with visitors.</p>
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		<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/Gehry%E2%80%99s-sculptural-Museum-Bilbao.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/Gehry%E2%80%99s-sculptural-Museum-Bilbao.jpg?itok=B2YVtNu-" width="580"></a>
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	<dd>
		Gehry’s sculptural Museum Bilbao</dd>
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<p>In fact, architecture is increasingly popular in all types of advertising, as ad execs take advantage of the romanticized backdrop. Take time to note the setting of any new car commercial—you’d be hard-pressed to find an ad where the location and architecture wasn’t chosen specifically to enhance the design of the car, its sweeping elegance, speed, timeless design, and beauty. This trend can be found among other types of products as well.</p>
<p>Unfortunately, not all architecture holds a positive meaning; we all have personal connections with spaces, places, and architecture, and sometimes they can be dark. The 2006 documentary <a href="http://www.youtube.com/watch?v=Zwl-Pa_QT0M" target="_blank">The Bridge</a> is a testament to this “other” romantic connection, highlighting San Francisco’s Golden Gate Bridge—classic, photogenic icon for most, but location of life-ending leaps for others.</p>
<p>The bridge has been the site of more than a thousand suicides, making it the most popular suicide location in the world. Why there? Some suggest it’s the majesty and iconicism of the structure that makes it the choice for troubled souls. Most jumpers don’t survive, making “why” a difficult question to answer, but the few survivors note the beckoning “vibrations” of the bridge.</p>
<p>It seems evident that our buildings do speak to us, in different ways. We must remember that when designing spaces, we are also creating a constantly evolving dialogue, open to everyone who visits.</p>
<p><em>Linda Bennett is a practising architect and founder of website <a href="http://www.archi-ninja.com/" target="_blank">Archi-Ninja</a>, a more than worthwhile read for those seeking a unique, in-depth view of architecture.</em></p>
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Linda Bennett

Romanticizing Architecture

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<p>The innovative design of Sydney’s blue chip Eliza development has the town talking.</p>
<p>Eliza is situated on Elizabeth Street in Sydney’s CBD, overlooking Hyde Park. According to the building’s architect, Tony Owens, the development’s location was the major influence on its design, from its curvaceous façade to its materials.</p>
<p><img src="/images/Eliza%202.jpg" width="460" height="307"></p>
<p>“It all starts with the site,” said Owen. “It’s surrounded by some of Sydney’s most important buildings. We always do a contemporary design, but we wanted to do a design with those buildings as well. So we used traditional materials like sandstone and steel, but we did it in a contemporary way.”</p>
<p>Each of Eliza’s 17 floors is different from the last, a practice Owen says was previously unheard of.</p>
<p><img src="/images/Eliza%2011.jpg" width="460" height="690"></p>
<p>“Each level has a different floor plan, because each level has different views and different amounts of sunlight. And we found that as you went up the building, the situation changed.</p>
<p>“In the past, you wouldn’t conceive of having a different structure on each level.”</p>
<p>But thanks to the advent of new technology, Tony Owen Partners has been able to create a building that would have been unfeasible three years ago. Owens’s own home attracted attention last year when Moebius House [pictured below], which he designed using early versions of similar technology, <a href="/expert-insights/building/tony-owens-moebius-house-dover-heights-listed-for-sale">hit the market</a>.</p>
<p> <img src="/images/moebius-house-tony-owens-4.jpg" width="460" height="316"></p>
<p>“Every project we do represents a jump in technology,” Owen said.</p>
<p>“We started with some more basic things like the Harley Davidson headquarters [pictured below], and then with each project it became more complicated and exciting.”</p>
<p><img src="/images/harley.PNG" width="460" height="325"></p>
<p>Both the Eliza’s design and its fabrication were made possible by recent technological advancements, says Owen.</p>
<p>“The building’s materials were actually fabricated by robots. The robots would take a block of stone, and would cut shapes exactly to our computer’s specifications,” he said. “We used digital technology to not only design the façade but also break it down into parts, so that we could easily manufacture it.</p>
<p>“We had to consider: if you have a wiggly line, how do you break it down into pieces that are sensible and practical to build? This technology didn’t exist three years ago, but it exists now. And it means a very complicated design can be brought down to a very inexpensive standard.”</p>
<p>Eliza, developed by Ceerose, has 19 half and full floor apartments spread over its 17 levels. The building’s three level penthouse, which will be marketed once construction is completed, includes a rooftop infinity pool, limestone paving and outdoor kitchen and is expected to fetch $15 million.</p>
<p>The majority of the apartments’ buyers are owner-occupiers, and with its prestige location and costly amenities (including marble laundry benches), there’s no doubt that Ceerose are pitching Eliza at the city’s luxury market.</p>
<p><img src="/images/Eliza%20bathroom.jpg" width="460" height="307"></p>
<p>Of the possibility that Eliza’s undulating design may alienate some buyers, Owen says that Sydneysiders are ready for risk taking architecture.</p>
<p>“I was in Melbourne on the weekend, and every project there is as exciting as Eliza,” said Owen.</p>
<p>“Buyers always choose good over ordinary. In Sydney, they’ve always been offered a boring box. But now we’re seeing that once they get offered the choice, they choose the more exciting designs.”</p>
<p>Owen says that demand for contemporary design is growing across the city.</p>
<p>“Now all the real estate agents are going to architects and saying, ‘Can you design something like Tony?’ because that’s what the buyers want. And we’re very excited about that, because it raises awareness about terrific design.”</p>
<p>Currently only two apartments in Eliza remain unsold. The full floor offerings are being marketed by Nigel Napoli and Irene Lau of Savills, with Richard Shalhoub and Hamish Robertson of McGrath.</p>
<p>As for the future, Owen says his practice has plenty on its plate, with residential, commercial and public projects underway.</p>
<p> </p>
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jrichardson-uRX5hFdKfN

Tony Owen designed Eliza development at the forefront of contemporary architecture

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<p>Most sellers are familiar with the system of private treaty.</p>
<p>This is the most common sales method in WA and is based on advertising the property at an asking price and then negotiating with the buyer, through the agent, to secure the sale after some old-fashioned haggling.</p>
<p>This is done using the REIWA offer and acceptance form. Once the seller accepts an agreed price and conditions the transaction can proceed to settlement.</p>
<p>A second option however, is to sell by auction.</p>
<p>Although not as common in WA, auctions can be a good way to flush out the more serious buyers after a shorter marketing period and some buyers find them more convenient. A successful bidder, having reached or surpassed the reserve price, must be able to provide a 10% deposit at the fall of the hammer.</p>
<p>A third option to selling your property is to invite offers by a specified date. This is historically known as a tender process but also goes by other descriptions such as expressions of interest, set date sale or end date sale.</p>
<p>Expressions of Interest might sometimes indicate a price range whereas set date and end date sales usually don’t disclose price.</p>
<p>With these particular methods a property will generally be on the market for four to six weeks to allow potential purchasers to view it. If they are keen to buy, the agent will ask them to submit either a formal written offer or written expression of interest.</p>
<p>If you’re selling you should discuss with your agent your desired conditions of sale, including price, settlement date, whether you will entertain finance conditions and inclusions and exclusions of the sale.</p>
<p>Normally these submissions will close on a specified day and all potential purchasers are encouraged to put forward their best and final submission.</p>
<p>After submissions close the agent will discuss them with you. If you choose not to proceed with any of them you can place the property back on the market.</p>
<p>If you’re a buyer submitting an offer, ask if the seller can accept the offer at any time or only at the end of the defined period of time. If making an offer you must not submit any offers for other properties.</p>
<p>If selling, ask your agent what method they propose to use and for what reasons. For each method it might be helpful to ask to see the evidence showing how each method reduced the days on market and improved the selling price in a particular area when compared to other options.</p>
<p>If buying, clarify what it is you are required to submit. Is it an offer that can be accepted by the seller, and therefore becomes a contract, or are you merely expressing an interest?</p>
<p>DAVID AIREY is president of the <a href="https://reiwa.com.au/home/default.aspx" target="_blank" rel="nofollow">Real Estate Institute of Western Australia.</a> This article was originally published on <a href="https://reiwa.com.au/Faq/Pages/Feature.aspx" target="_blank" rel="nofollow">reiwa.com</a>.</p>
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dairey-MVZf5ZguQC

Auction or private treaty? How about some different ways to sell

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<p>Art deco apartment conversion, Chiswick Green Apartments, has seen construction begin on the properties in Sydney's Inner West.</p>
<p>The waterside apartments, a block of 21, still has five remaining for sale.<br><br>The former 1930s BHP Building, at 54 Blackwall Point Road, Chiswick, is being developed by Mosman-based Lawrence Chong Architects, who are adding this to their list of recent boutique developments, including Eastwood Green. It's looking to retain the facade, but replace the entire inside with modern furnishings.<br><br>“The majority of purchasers have been first home buyers who have found the proximity to the Sydney CBD, amazing value for money and spacious layouts appealing as a perfect first home for young singles and couples," said sales manager and project marketing, Matrix Property Group, Glen McLachlan, who is marketing the project.<br><br>This comes despite softer first time buyer numbers being recorded in the official Australian Bureau of Statistics data.<br><br>“Investors have also been keen to get into the development, taking advantage of the strong rental market in the inner west,” said McLachlan.<br><br>The apartments<br><br>In total, there will be seven one-bedroom, nine two-bedroom and five three-bedroom apartments, including park and water "glimpses".<br><br>Of the five remaining, prices span from $575,000 to $1.38 million, for one-bedroom and three-bedroom floorplans. The sizes range from 59 square metres to 117 square metres, with either a balcony, courtyard or both. On initial launch, the cheapest one-bedroom apartment available was being advertised for $509,000.<br><br>Construction is expected to see completion early next year. Construction on the project was initially slated for 2013 with an early-2014 completion.</p>
<p><em><em><em>For the latest development listings, brought to you by </em>Property Observer <em>and partners, see our <span><a href="https://showcase.propertyobserver.com.au/" rel="nofollow">INVESTOR SHOWCASE</a></span>.</em></em></em></p>
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jduke-EHk3XBmHkn

Construction begins at Chiswick Green Apartments in Sydney's inner west

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<p>The number of first home buyers in the market is understated by official statistics, according to a panel of mortgage industry representatives.</p>
<p>Mortgage managers from lending institutions and broker networks who participated in the panel for the <em>Deloitte Australian Mortgage Report for 2014</em> said their own statistics showed that there were more first time buyers in the market than Australian Bureau of Statistics data indicated.</p>
<p>According to ABS figures, first home buyers make up a record-low proportion of all buyers in the market at just over 12%.</p>
<p>However Deloitte banking partner James Hickey, who facilitated the panel discussion for the mortgage report, said panellists argued that while there were fewer first time buyers in the market than usual, some were being omitted from official data as they did not qualify for first home owner incentives.</p>
<p>Those who did not qualify for the grant included first home buyers whose parents were helping with the purchase, foreign buyers who were newly migrating to Australia, and those who were buying properties valued at above the threshold for receiving assistance.</p>
<p>First home owner concessions available now apply only to some newly built properties worth up to $650,000. Under previous schemes, grants were available for first time buyers of new or established dwellings who bought properties worth up to $835,000 between 1 January, 2011 and the end of the scheme in October 2012, or up to $750,000 for properties that settled in 2010.</p>
<p>The Deloitte report found that while there had been lift in total mortgage settlements to $28 billion each month, the highest rate on record, most of the activity was due to existing owner-occupiers upgrading and investors returning to the market, rather than first home buyers entering. </p>
<p>The report also revealed that more than one quarter of first home buyers were aged over 35 years, with more than 5% aged 45 and over. About half of first home buyers were aged between 25 and 34. </p>
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zfielding-GvX3Uq9KTa

True first home buyer numbers are understated: Deloitte

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<p>The latest consumer sentiment data arrived yesterday from Westpac and the Melbourne Institute. The reading of consumer confidence fell for the fourth consecutive month and moved below the 100 mark where optimists and pessimists are equally balanced. With a reading of 99.5, the index is virtually at a neutral setting but more than 10 index points below the recent peak of 110.6 recorded in September last year.</p>
<p><a href="https://blog.rpdata.com/wp-content/uploads/2014/03/Consumer-sentiment.jpg" target="_blank"><img class="aligncenter size-large wp-image-2985" src="https://blog.rpdata.com/wp-content/uploads/2014/03/Consumer-sentiment-580x226.jpg" alt="Consumer sentiment" width="580" height="226"></a></p>
<p>The index moves around a lot from month to month, so the trend is generally more important than the monthly reading, however we have seen the index move lower over five of the past six months which indicates a softening consumer mind set.</p>
<p>Consumer confidence and housing market conditions are highly correlated. No surprises there… if a consumer is lacking confidence in their household finances they aren’t going to be as prepared to make a high commitment decision such as purchasing a property. If the consumer confidence index continues to trend around the 100 mark or lower we can probably expect the exuberant housing market conditions to taper off, despite the low interest rate environment.</p>
<p>The two graphs below demonstrate the correlation; when consumers are confident market demand rises, pushing values higher and vice versa.</p>
<p><a href="https://blog.rpdata.com/wp-content/uploads/2014/03/Consumer-sentiment-v-dwelling-sales.jpg" target="_blank"><img class="aligncenter size-large wp-image-2983" src="https://blog.rpdata.com/wp-content/uploads/2014/03/Consumer-sentiment-v-dwelling-sales-580x227.jpg" alt="Consumer sentiment v dwelling sales" width="580" height="227"></a></p>
<p><a href="https://blog.rpdata.com/wp-content/uploads/2014/03/Consumer-sentiment-v-dwelling-values.jpg" target="_blank"><img class="aligncenter size-large wp-image-2984" src="https://blog.rpdata.com/wp-content/uploads/2014/03/Consumer-sentiment-v-dwelling-values-580x230.jpg" alt="Consumer sentiment v dwelling values" width="580" height="230"></a></p>
<p>Even though confidence levels have eased, consumers are still viewing the housing market as a ‘wise’ place for their savings. One of the questions asked in the Consumer Sentiment survey is ‘where is the wisest place for savings’. Just over a quarter of respondents think that real estate is the wisest place for savings, the second most popular option after ‘financial institution’ (33.9%).</p>
<p>There are a few factors that are likely denting confidence at the moment. The early declines in the index were potentially a natural comedown after the post-election improvement, however more recently the lower level of sentiment is probably more attributable to the weaker jobs market. The unemployment rate is rising, hitting its highest level since 2003 in January at 6.0%. The pain in the automotive sector is likely causing further discomfort, as are other high profile job shedding situations such as Qantas.</p>
<p>As demonstrated by the Westpac-Melbourne Institute Index of Unemployment expectations, consumers haven’t been this worried about job security since the depths of the GFC.</p>
<p><a href="https://blog.rpdata.com/wp-content/uploads/2014/03/Unemployment-expectations.jpg" target="_blank"><img class="aligncenter size-large wp-image-2986" src="https://blog.rpdata.com/wp-content/uploads/2014/03/Unemployment-expectations-580x229.jpg" alt="Unemployment expectations" width="580" height="229"></a></p>
<p>Consumer confidence can be fickle, and we may see the consumer mind set bounce back to a more optimistic position if the jobless rate stabilises and economic data flows improve, but if the current levels of low confidence persist it may be the case the housing transaction numbers start to trend lower as consumers batten down the hatches.</p>
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tlawless-5VLUrbAk9s

Consumer confidence falls and that will hit the property market

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<p>Auction volumes continue to exceed this time last year with 1,035 expected in Melbourne this week. This weekend last year saw 929 auctions held.</p>
<p>The healthy results recorded last year and again this year is encouraging more vendors into the market as they are confident of a good sale outcome. This trend of increasing listings is confirmed by the most recent data that shows that over the past month listings being prepared for sale are now higher by 9%, the number of active new listings is 2% higher and auction volumes are also at record levels.</p>
<p>Vendors at private sale are now seeing a tightening of market conditions with selling days down to 42, and vendor discounting at -5.6%.</p>
<p>The highest volume of auctions this week is in Reservoir and St Kilda, each of which has 19 listed.</p>
<p><strong>Key data</strong></p>
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<li>
<p>Clearance rate week ending 9 March: 67.3%</p>
</li>
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<p>Melbourne auctions expected week ending 16 March: 1,035</p>
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<p>Melbourne private sales time on market week ending 9 March: 42 days (houses)</p>
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<p>Melbourne vendor discounting market week ending 9 March: -5.6% (houses)</p>
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<p>Listings being prepared for market are 9% higher in month ending 9 March</p>
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rlarocca-zWhvjay44N

Healthy results pushing more vendors into market: RP Data's Melbourne weekend auction preview

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<p><span style="line-height: 1.3em;">Let's face it, most property market commentary is at best reactive and at worst starts with the headline and works back through a smattering of evidence to support the preconceived conclusion.</span></p>
<div>Hence the large number of 2012 and 2013 articles which argued that in spite of falling interest rates Sydney, prices couldn't increase in this cycle since prices were already too high and that, it seemed, was that.</div>
<div> </div>
<div>However, if you ignore one half of the equation - supply - in order to focus only on demand, the conclusions are always likely to be to some extent ill-informed.</div>
<div><span> </span></div>
<div>
<span>Simply put, with appropriate housing supply in the city so weak for so long - almost an entire decade of unpropitious su</span>pply failure - low interest rates were destined to force upwards pressure onto the market and as prices ticked up the herd mentality followed.<br><br>Also in the simplest terms, developers needed prices to go up to justify building more stock, and while prices remained flat the dwelling shortage became more and more acute.<br><br>This is precisely why I confidently predicted the surge in prices.</div>
<div> </div>
<div>Basic housing economics dictates that in a functioning market a material jump in dwelling prices combined with a lower cost of financing should result in a worthy supply response. And at last the data is starting to flow through which shows that we should now see a big uplift in Sydney dwelling construction.<br><br>Let's take a more in-depth look at the levels of supply due to come online and where it will be located.</div>
<div> </div>
<div><strong>Demand: population growth</strong></div>
<div> </div>
<div>In order to ascertain the adequacy or otherwise of supply, we first have to acknowledge the likely level of demand.<br><br>Australia's population is very heavily urbanised, with close to 40% of the population living in Sydney and Melbourne.</div>
<p> </p>
<div>
<img src="https://www.rba.gov.au/speeches/2013/images/sp-so-230413-graph6-small.gif" alt="Graph 6: Urban Population" width="470" height="491"><br><span><br></span><br><div>
<span>The latest ABS population data showed that at the state level New South Wales has a population of 7.4 million people </span><a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/3101.0" target="_blank">increasing by 102,200</a><span> persons per annum. </span><br><br>Meanwhile, the the population of Sydney, depending on where you draw the boundaries, is around 4.6 million, and is growing at about 1.6% or 63,700 persons per annum as neatly charted in this <a href="https://matusikmissive.com.au/2014/01/14/stats-1000-club/" target="_blank">Matusik Missive</a>.</div>
</div>
<p> </p>
<div class="separator"><a href="https://3.bp.blogspot.com/-xa8fEv_mloE/UxuaJzGkQPI/AAAAAAAALzE/-neLPNbk91E/s1600/MM.png"><img src="https://3.bp.blogspot.com/-xa8fEv_mloE/UxuaJzGkQPI/AAAAAAAALzE/-neLPNbk91E/s1600/MM.png" width="460" height="343"></a></div>
<div class="separator"> </div>
<div class="separator"><em>Source: Matusik Missive</em></div>
<p><strong>Demand: Sydney persons per household</strong><br><span><br></span><span>After a century of declines, the number of people per household is now expected to stop falling. </span><br><span><br></span><span>Previous projections in 2008 saw the </span><a href="https://www.planning.nsw.gov.au/population/pdfs/mrel_081020_nsw_state_regional_population_projections.pdf" target="_blank">Sydney household size forecast to drop from 2.61 people</a><span> per dwelling to 2.51 by 2031 (already well above the 2005 projections of 2.36 people per house by 2031).</span><br><span><br></span><span>Based on recent indicators it seems to be a fair assumption that the number of persons per dwelling will stop or already has stopped falling, in part due to affordability constraints in the harbour city.</span></p>
<div>If we take a figure of 2.6 persons per dwelling this implies that NSW needs around 40,000 dwellings per annum to house the expansion of the population and Sydney needs around 25,000 dwellings per annum.<br><br>When further allowances are made for obsolete stock and the need to address the currently existing ugly supply/demand imbalance <a href="https://petewargent.blogspot.com.au/2014/03/sydney-property-prices-2014-appreciate" target="_blank">which I discussed in detail here</a>, then it can be said that the city would want to see significantly higher completions in order to take the pressure of dwelling prices.<br><br>Previous estimations have ranged from around a required <a href="https://www.planning.nsw.gov.au/population/pdfs/mrel_081020_nsw_state_regional_population_projections.pdf" target="_blank">27,500 dwellings per annum</a> for Sydney through to 2031 up to <a href="https://petewargent.blogspot.com.au/2012/12/demographic-shifts" target="_blank">30,000 per annum</a>. Given the chronic shortage of stock on the market, clearly the latter number would be far more effective in addressing the imbalance.<br><br><strong>The rise of apartment stock</strong><br><br>It is to be expected, with a rapidly growing city population in a constrained area such as Sydney, that more than ever before, the new dwellings will be of the apartment and medium-density type.<br><br>
</div>
<div>
<div><img src="https://www.rba.gov.au/speeches/2013/images/sp-so-230413-graph9-small.gif" alt="Graph 9: Apartment and Medium-density Housing" width="470" height="415"></div>
<div> </div>
</div>
<div>
<strong>Sizeable uplift in building approvals in Sydney and NSW</strong><br><br>The most recent data from the ABS showed <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/8731.0" target="_blank">17,500 dwellings approved</a> in the month for the whole of Australia, split between private sector houses (about 95,00) and other dwellings (about 7,800).<br><br>This is welcome news for the economy, and represents a huge annual uplift for private sectors houses (+26.4% year on year) and for other dwellings +46.3% year on year). <span style="line-height: 1.3em;">In NSW, the three month moving average monthly building approvals figure is now hitting at around 4,500 dwellings, which is a very solid figure.</span>
</div>
<div><span style="line-height: 1.3em;"> </span></div>
<div>
<span style="line-height: 1.3em;">And, more specifically, what for Greater Sydney? Well, we can certainly now see </span><a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/8731.0" target="_blank" style="line-height: 1.3em;">a huge uplift</a><span style="line-height: 1.3em;"> in building approvals particularly over the second half of 2013. The monthly data is necessarily volatile, but over the year to January 2014, there were 36,100 dwellings approved which is the highest level of approvals seen this century (since 1999). </span>
</div>
<div>
<div> </div>
<div class="separator"><a href="https://4.bp.blogspot.com/-lX4t7ydFCjU/UxwGHSn2KcI/AAAAAAAAL0U/Dy_wKgStmT4/s1600/Greater+Sydney.jpg"><img src="https://4.bp.blogspot.com/-lX4t7ydFCjU/UxwGHSn2KcI/AAAAAAAAL0U/Dy_wKgStmT4/s1600/Greater+Sydney.jpg" width="460" height="239"></a></div>
<div class="separator"><em>Source: ABS</em></div>
</div>
<div> </div>
<div>These numbers tend to make far more sense when put into a rolling annual number of approvals chart. Cameron Kusher chart of RP Data deserves a gold medal (or at least a cold beer) for slogging through the hard yakka below. Incidentally, just look at the rolling approvals figures for Melbourne since 2008!</div>
<div> </div>
<div class="separator"><a href="https://3.bp.blogspot.com/-jbVKiSolivg/UxufqYEtehI/AAAAAAAALzc/q6ijVvwk7pY/s1600/CK1.jpg"><img src="https://3.bp.blogspot.com/-jbVKiSolivg/UxufqYEtehI/AAAAAAAALzc/q6ijVvwk7pY/s1600/CK1.jpg" width="460" height="172"></a></div>
<div class="separator"> </div>
<div class="separator"><em>Source: RP Data</em></div>
<div class="separator"> </div>
<div>
<div class="separator"><span>The chart shows Sydney's supply failure over the last decade.</span></div>
<div class="separator"><span> </span></div>
<div class="separator"><span>Yet new apartment approvals in Sydney will now go on to eclipse their previous peak of 2003 when annual approvals hit 23,000.</span></div>
<div class="separator"> </div>
<div class="separator"><span>BIS Shrapnel has forecast that Sydney will comfortably break new record for apartment approvals in 2014 and project that the figure will peak at around 25,000 in 2016.</span></div>
<div class="separator"> </div>
<div class="separator"><strong>Completion times</strong></div>
<div class="separator"><span><strong><span style="text-decoration: underline;"> </span></strong></span></div>
<div class="separator"><span>The Reserve Bank has highlighted its concerns about a possible lag between approvals and construction <a href="https://www.rba.gov.au/speeches/2013/sp-so-230413" target="_blank">in a speech last year</a>:</span></div>
<div class="separator"> </div>
<div>"...if average household sizes are no longer falling, the relationship between population growth and growth in the number of dwellings will change. </div>
<div> </div>
<div>"And if I am right in expecting the share of high-density housing to increase, the dynamics of construction will also change. </div>
<div> </div>
<div>"It takes longer to build a block of apartments on a brownfield site than the same number of dwellings as detached houses at the fringe. Dwelling investment has already become less cyclical in the past 10 years than it was in the previous 20 years.</div>
<div> </div>
<div>"It might well be that construction lags – and concerns about supply – will become even more acute."</div>
<div class="separator"> </div>
<div class="separator">The ABS has presented its own data showing that completions are slower than they have been in times past.</div>
</div>
<div>
<br><div><img src="https://www.abs.gov.au/ausstats/abs@.nsf/91f72cb52e908514ca25709f0000a6a8/bef19e4062997fefca25759a001a1e49/Body/0.FE4!OpenElement&amp;FieldElemFormat=gif" alt="Graph: Graph 1: Average completion time of new houses and new townhouses, Australia" width="460" height="263"></div>
</div>
<div> </div>
<div>
<img src="https://www.abs.gov.au/ausstats/abs@.nsf/91f72cb52e908514ca25709f0000a6a8/bef19e4062997fefca25759a001a1e49/Body/0.3CB4!OpenElement&amp;FieldElemFormat=gif" alt="Graph: Graph 3: Completion time of new townhouses, five year average, States, Territories and Australia" width="460" height="263"><br><br><em>Source: ABS</em>
</div>
<p><strong>Dwelling commencements</strong></p>
<div>Of course dwelling approvals are not the same as dwelling commencements, but the most recent data has shown that dwelling commencements in NSW are finally starting to punch at around 10,000 per quarter and look set to head higher, and thus should begin to redress the supply imbalance in due course.</div>
<div> </div>
<div class="separator"><a href="https://4.bp.blogspot.com/-Kmk8-uh08Y0/UxwLqvOdEXI/AAAAAAAAL0k/8XvSKMecoeg/s1600/commence.jpg"><img src="https://4.bp.blogspot.com/-Kmk8-uh08Y0/UxwLqvOdEXI/AAAAAAAAL0k/8XvSKMecoeg/s1600/commence.jpg" width="400" height="228"></a></div>
<p><strong>Conclusions</strong></p>
<div>The data shows that dwelling commencements will begin ramp up quite sharply from now. Indeed, you can now witness this happening around the city with your own eyes. </div>
<div> </div>
<div>The ABS average completion times suggest that over the next two to three years the apartment supply will really start to flow before reaching a peak around 2018-2019. </div>
<div> </div>
<div>Naturally a greater supply of apartments introduces an elevated risk of a price correction in certain areas, which will be most heavily focussed upon a number of key sectors of the market.</div>
<div> </div>
<div>In particular, buyers should take great care when buying off the plan since such developments tend to demand a material newness premium.</div>
<div> </div>
<div>When it comes to the risk of oversupply, it is crucial to consider substitutability and there are a number of higher risk areas which stand out as likely candidates. </div>
<div> </div>
<div>I don't have space to list all the areas where I personally would and would not be comfortable buying but the central business district (and indeed other business districts in the city with few height restrictions on developments) tends to suffer from a perennial oversupply risk, as higher residential prices see more and more former office blocks being demolished to be replaced by apartment towers.<br><br>Stand by for a flood of media articles on this topic.</div>
<div> </div>
<div><span>There will also be many thousands of new apartments located in certain inner suburbs where former industrial sites have now been rezoned. </span></div>
<div><span> </span></div>
<div><span>These suburbs variously include Waterloo, Mascot, Zetland, Rosebery and Botany, among others. 25,000 new apartments are expected to be built in the inner south by 2018.</span></div>
<div><span> </span></div>
<div><span>I note that a number of the new developments appear to consist of very small apartments, some of which look to be phenomenally expensive. <em>Caveat emptor.</em></span></div>
<div><span> </span></div>
<div>
<span>Conversely, there are a number of well-located leafy lifestyle suburbs where new supply has been almost completely capped over the past decade and these will continue to represent a far superior selection. Substitutability is significantly lower.</span><br><span><br></span>
</div>
<div><span>Buyers of apartments would likely do well to focus on those with a relatively high value value content in boutique blocks, rather than those in larger developments.</span></div>
<div><span> </span></div>
<div><span style="line-height: 1.3em;">The Melbourne market in recent years appears to have experienced a period of overbuilding and oversupply in certain sectors (e.g. Docklands), resulting in significantly more stock on the market than Sydney and significantly higher than average vacancy rates.</span></div>
<div> </div>
<div><span style="line-height: 1.3em;">Yet median prices in Melbourne are also seemingly defying all logic by continuing to grow at a phenomenal pace (+7% quarter on quarter) implying that buying the right property in the right location continues to be of vital importance.</span></div>
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