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

Lowe Living launches Jardin House in Camberwell

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

The Walden pairs house-scale living with North Sydney connectivity

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

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

ACT abolishes stamp duty for first home buyers

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

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

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

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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

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

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A one-bedroom apartment in Brunswick was Melbourne’s most affordable auction sale over the weekend, according to Australian Property Monitors (APM). 
Located at <a target="_blank" href="https://www.realestate.com.au/property-apartment-vic-brunswick-115137871">5/1 Sydney Road</a>, it sold for $260,000 through Barry Plant Brunswick.
Listing agent Jim Dandris told Property Observer the auction went "very well", with three registered bidders present. 
The successful bidder was an investor. 
Dandris also revealed that the reserve price was $250,000. 
He added that the property market in Brunswick is "very hot" at the moment, with great buyer activity from investors, owner-occupiers, as well as first-time home buyers. 
"With the low interest rates, owning a home has become more affordable. Buyers have ceased renting and are looking at borrowing money to buy their first home. Investors have taken money out of shares, and looking to put it back into brick and mortar. Vendors are also starting to get prices they are happy with," he said.
Prior to this sale, the apartment last sold in 2001 for $167,000. It was also sold in 1997 for $105,000, according to RP Data records. 
The apartment is currently leased at $255 per week, reflecting a yield of 5.1%. 
It was also listed for rent in 2009 at an asking price of $230 per week, and from 2007-2008 at an asking price of $210 per week, according to RP Data records.
According to the <a target="_blank" href="/news">latest RP Data report</a>, the median sale price for units in Brunswick is $397,500, down 5.4% on last year. The average discount required to sell a unit is 6.6%, while private treaty sales average 95 days on market.
The median asking rent for units is $365 per week, while gross rental yield currently stands at 4.8%.
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dleow-BGaNPbHWyK

Brunswick cheapie sells for $260,000 reflecting 5.1% yield

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The latest mixed-use development to hit Docklands - and possibly one of the last - is the 18-storey $100 million M Docklands designed by award-winning architects Elenberg Fraser.
Located at 677 La Trobe Street, M Docklands will feature 186 apartments, two floors of hotel accommodation and ground floor retail space.
Developed by Capital Alliance Investment Group, some 30% of apartments have sold pre-launch to a mix of investors and owner-occupiers.
Two penthouses have already been snapped up, with two top-floor penthouses still on offer from $1.65 million.
Buyers will be able to design their penthouse from scratch, with the developer footing all the design and consultation costs with Elenberg Fraser.
The four penthouses will have access to an exclusive rooftop terrace on level 19.
One-bedroom apartments range in size from 42 square metres to 52 squares and start from $355,000.
Two-bedroom apartments range in size from 62 square metres to 74 square metres and are priced from $490,000.
Residents will have access to resort style facilities in the Lacrosse development next door, including a pool and gym accessed via and undercover walkway.
Levels two to four of the development will include a 68-room apartment hotel known as Peppers Docklands Melbourne.
Mantra Group is to manage the five star hotel, choosing to operate under the group’s luxury Peppers brand.
“We are very particular about using the Peppers brand on the right property, and this development presents us with an excellent opportunity to secure a presence of appropriate scale and quality for Peppers in a prominent location and we are confident it will be embraced by both locals and visitors to Melbourne,” says Mantra Group chief executive officer Bob East.
The hotel will be part of stage two of the development and will be the first Peppers property in the Melbourne CBD but will accompany four properties in regional Victoria.
Mantra Group will manage an onsite restaurant, pool and gym, with residents of M Docklands having some access to the hotel’s facilities.
Construction on M Docklands is scheduled to commence in June 2014 and has an expected completion date of mid 2016.
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Elenberg Fraser-designed Docklands development to host first Peppers hotel

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The construction sector could be on the cusp of a long-awaited recovery, with the Australian Industry Group/Housing Industry Association Australian Performance of Construction Index recording expansion in the sector for the first time in more than three years.
The index jumped 6.8 points to 54.4 in October - passing the critical 50 point mark which indicates expansion.
‘’Consolidation over the next few months will show whether a sustained recovery will be built on the combination of renewed confidence and low interest rates during the first half of 2014,’’ Australian Industry Group director, public policy, Peter Burn, said.
He was backed up by Housing Industry Association chief economist, Harley Dale, who said: “The Australian PCI breaking into positive territory again for the first time in over three years is a milestone moment.
‘’The indications in recent months have been that this outcome was achievable, but there was a false dawn earlier in the year so this confirmation is heartening news for the construction sector. ‘’
The positive reading was led by the residential construction sub-sectors, however, all the sectors were back in the black with the apartments sub-sector recording the strongest growth in October – up 8.5 points to 66.2. Housing also rose strongly - by 3.8 points to 65.3 after a solid upturn in the previous month.
The new orders sub-index was 3.5 points higher at 54.3 reflecting an improvement in confidence and overall demand across construction in the month.
“The sharp lift of the index in October, which comes after a gradual easing of contractionary conditions over the past six months, is certainly welcome,’’ Burn said.
‘’Consolidation over the next few months will show whether a sustained recovery will be built on the combination of renewed confidence and low interest rates during the first half of 2014.
‘’The residential construction sub-sectors are showing most promise while commercial construction activity lifted from a low base and remains more fragile. Engineering construction recorded a welcome return to positive territory despite the cloud hanging over the near-to-medium-term prospects for this sub-sector as mining-related construction retreats from boom conditions.”
After his ‘milestone’ comment, Dale said: ‘’The indications in recent months have been that this outcome was achievable, but there was a false dawn earlier in the year so this confirmation is heartening news.
‘’The residential sub-sectors are leading the way. What appears a sustained improvement in both the house and apartment activity and new orders sub-indices is consistent with a broader recovery evident for leading indicators of new home building.
‘’The activity and new orders sub-indices for houses indicate further upward momentum ahead for detached house building approvals, itself a further tick in the box for a sustained new home building recovery.
‘’It will be important for recent gains in the Australian PCI to be maintained and built upon, but the results of recent months have certainly been pleasing.”
Australian PCI key findings for October:
<ul>
<li>
After almost three and half years in contraction – the Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI) expanded in October lifting 6.8 points to 54.4.
</li>
<li>
Across the sub-sectors:  apartments (66.2) and house building (65.3) expanded at higher rates, while commercial construction (52.6) and engineering construction (52.7) returned to growth.
</li>
<li>
Overall construction activity lifted 5.4 points to 57.3.
</li>
<li>
New orders across the sector were stronger at 54.3 – reflecting the activity improvements across all sub-sectors.
</li>
<li>
After 40 months of decline, employment increased to 52.5 in October.
</li>
<li>
Selling prices continued to decline, although at a slower rate (48.9).
</li>
<li>
The increase in input prices was stronger in October (72.1).
 
 
</li>
</ul>
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staylor-63KgDrKwoY

Construction sector may be on cusp of recovery

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A summary of properties currently listed for sale around the country indicates that there are a higher number of properties now on the market than at any other period across 2013.
The heightened volume of stock on the market could provide future challenges, should the amount of advertised properties continue to grow.
At an individual capital city level, new house listings are growing with an increase of 3.1% from last year. For units, the number of new listings is 6.8% higher than a year ago.
<img width="470" height="234" src="/images/stories/2013/11/08/kusher-nov-8-chart-one.gif" alt="kusher-nov-8-chart-one">
By looking at total listings available for sale, the results show that there is clearly a deficiency for houses when compared to last year with listings -15.6% lower compared to units which recorded a 3.5% rise.
Across individual capital cities, new house listings are lower than a year ago in Adelaide and Hobart and new unit listings are lower in Brisbane, Adelaide and Darwin. Total listings for houses are also lower than they were a year ago in all cities except Perth and Darwin and total listings for units are lower than a year ago in Sydney and Brisbane, but higher elsewhere.
Stepping outside of these broad trends, the sharp rises in properties available for sale in both Perth and Darwin is worth noting. However, something to keep in mind is that in late 2012 and early 2013 both cities enjoyed their strongest capital growth conditions. The latest RP Data Rismark results to October show that both cities recorded recent falls in home values.
<img width="470" height="243" src="/images/stories/2013/11/08/kusher-nov-8-chart-two.gif" alt="kusher-nov-8-chart-two">
Number of houses listed for sale:
• Sydney (15,535) is lower than house listings in both Melbourne (21,492) and Brisbane (15,566)
• Melbourne also has a higher total number of units available for sale (12,135) than those in Sydney (9,013).
• RP Data listings results highlight that the total supply of stock available for sale is lower than at the same time last year.
Cconsidering that sales volumes are around 20% higher than at the same time last year it’s no wonder that we are seeing upwards pressure on home values.
Lately we’ve seen listings start to climb and it will be interesting to see how this unfolds and whether they remain elevated into 2014, or, if we see moderation such as that recorded at the start of 2013.
The charts address the number of unique new and total residential properties listed for sale at a national level where over recent months it can be seen that there has been a trend towards a higher number of new and total property listings.
<img width="470" height="248" src="/images/stories/2013/11/08/kusher-nov-8-chart-three.gif" alt="kusher-nov-8-chart-three">
Currently there are 49,920 new properties listed for sale and 267,114 total properties listed.
• New property listings are at their highest level since the week ending 9 December 2012 and total listings are at their highest level since the week ending 23 December 2012.
• Although both new and total listings are currently at heightened levels, new listings are only 0.5% higher than at the same time last year while total listings are -10.2% lower than a year ago. Over the past four weeks, there were 30,997 new capital city properties listed for sale and 117,426 total property listings.
• 62.1% of all new listings were in the capital cities compared to just 44% of total listings. This is reflective of the stronger overall housing market conditions within capital cities and the subsequent fact that homes are selling quicker in these regions. Compared to the same time last year, new property listings are 3.5% higher and they are at their highest level since the final week of November last year.
• The number of properties available for sale is higher than it has been throughout 2013. The heightened volume of stock on the market could provide future challenges, should the amount of advertised properties continue to grow.


<hr>
 Cameron Kusher is senior research analyst at <a href="https://www.myrp.com.au/" rel="nofollow" target="_blank">RP Data</a>.
 
 
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More homes on the market than at any point this year

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South Fitzroy has never been short of character or characters for that matter. Everyone from Mary McKillop to Squizzy Taylor has been part of its social history and despite its recent gentrification it still has one of the most ethnically diverse populations in Australia. It doesn’t surprise therefore that its urbanism also has an equally diverse character.

In The Fitzroy Historical Society’s terms South Fitzroy’s “compatible mix of light industry and residential housing”, was developed progressively over time in tune with its cultural and economic history. On the other hand Robin Boyd’s broader fulmination of Melbourne’s inner suburbs as “a dressmakers floor strewn with the snippings of style”, suggests a cacophony of tasteless ignorance.

Both descriptions paint the picture of a diverse urban character, though from diametrically opposite points of view. The operative interpretation used by Yarracity Planning however is based on the South Fitzroy Conservation Study which describes the precinct as one of Melbourne's most historically intact and of a “predominantly nineteenth century character”. This implies a consistency of urban form South Fitzroy simply doesn’t have. The diversity of its nineteenth century character which manifests a broad variety of different styles, building types and scales is all but ignored. Nor does it acknowledge the post war industrial architecture or the subsequent modern expressions that pepper its fabric with increasing regularity as one ventures north. Alas this conservation study which favors a consistency of urban form has been used as the basis for Neighbourhood Character regulation in the precinct.

Having practiced there for twenty five years and conducted urban character studies for numerous projects over that period, my view was that its character is a form of “urban sampling” or “jazz”, where streetscapes are expressed in syncopated rhythms of different architectures and scales. To me its urbanism read as a authentic register of the cultural and socio economic forces that shaped it. Its syncopation was in my view the essential aspect of its character because it reflected the rhythms of a uniquely Australian urbanism, not the shrill of “the violence of artistic conflict”, and the abject lack of taste this Boyd phrase implies.

This was (until the planning profession got hold of it), an honest urbanism unaffected by the dress code of the comparatively refined European urban preferences which planners have increasingly been regulating for since the early nineties. Their preference for more regular rhythms with gradual transitions is as much a nostalgia for European urbanism as it is the denial of Australian identity. Effectively urban character regulation amounts to a form of urban averaging which splits the difference between adjoining heights and set backs for infill development. Streetscapes that have been shaped by in this way read as a form of urban correctness, with upper floor setbacks and chamfers that is neither European nor Australian. The result is twee.

Aside from the differences in aesthetic preference embodied in the urban character interpretations above it is important to note that they predominantly recognise urban diversity as the essential common factor. It is remiss therefore that conservation and urban character studies focus on establishing urban similarities and consistency to determine a particular urban character and it is unfortunate these regulations have been used as a basis for the new Residential Zones gazetted in Victoria on July 1st 2013.

Sceptics could assert all of the above interpretations are on a par with reading tea leaves since they rely more on the bias of the observer than on the observed. They would be correct in reasoning the dilemmas in determining tendencies of either urban similarity or diversity is akin to questions of “is the cup half empty or half full”, since the adjudicator’s preferences rather than accurate measurement determines these answers. It is important to note however that assuming our cities survive the next millennium urban diversity will obviously be impossible to avoid.

The political expediency of the new residential zones which endorse NIMBY activism to limit both densities and heights in inner suburbs whilst promoting them in areas where there are few residents, like Fishermens Bend, Docklands and E gate, for example, could not be more transparent. It concentrates heights and densities where opposition is limited and limits them where opposition is great. This NIMBY legislation is being sold on the basis of democratic principles, and planning innovation. The truth is that Victoria’s planning policy is NIMBY inspired.

<figure><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/PastedGraphic-4.jpg" rel="gallery-all" title="The Artist"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/PastedGraphic-4.jpg?itok=EBC6zlVx" title="The Artist" width="580"></a>

<figcaption>The Artist</figcaption></figure>Here democracy has been used as the decoy for a lack in political leadership, since the city’s liveability and its cultural and social prosperity depends on its function as a whole, not on the political clout of inner city lobby groups. Ironically it has been the greens who have lead the charge on limiting inner city heights and densities, contradicting their platform on carbon reduction.

These questions of character and how they are determined has prompted the following summary on “NKYA”, akka “The Cheesegrater”, now “The Artist”, dubbed the test case for Labour’s new planning policy 2030 back in 2002, when it made headlines. Then NKYA successfully challenged neighbourhood character regulation which will now become entrenched, gaining substantial legislative force when Residential Zones are implemented in Victoria on July 1st 2014.

In 2002 when the planning application was lodged, Neighborhood Character Policy in Yarracity had been in operation for the best part of seven years and the bulk of proposed medium density projects in the inner suburbs, (irrespective of their compliance or otherwise), were vigorously objected to on the grounds of breaching character guidelines.

In expectation of a massive backlash, I completed a comprehensive urban character study immediately surrounding the site also incorporating large tracts of South Fitzroy.

The study comprised a bound volume of several hundreds of photograph’s and a preface that reinterpreted South Fitzroy’s Neighborhood Character as one of diversity. It rejected both the south Fitzroy conservation study and Boyd’s “Australian Ugliness”, proposing an affirmative interpretation of Australian urbanism.

The planning process that followed was punctuated by a succession of name calling that served as a sardonic echo of the contradictions inherent in the administration of the planning process. “NKYA” was chosen in demurral of the status envy branding that real estate advertising revels in. Composed of the first letters of the streets surrounding the site, Napier,Kerr, Young and Argyle, the acronym expressed a neutrality that rebutted the hollow marketing of real estate hype that sells the sizzle and forgets the sausage.

<figure><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/PastedGraphic-6.jpg" rel="gallery-all" title="The Artist"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/PastedGraphic-6.jpg?itok=OiR3FXrI" title="The Artist" width="580"></a>

<figcaption>The Artist</figcaption></figure>Objectors responded with “The Cheesegrater” which prevailed, until “The Artist” was coined by a new development consortium. This prompted objectors to insert “Bullshit” between adjective and noun on the numerous advertising billboards surrounding the site proclaiming it “The Bullshit Artist”. I would like to think this obvious reflex was in contempt of the expert witness evidence presented at the eight day VCAT hearings where heritage, planning, traffic and architectural witnesses diametrically opposed one another’s views on professional grounds.

The quasi legalese of the VCAT system belies the inherent hypocrisy of the process where experts contradict each others evidence with panache. In this case, against the councils refusal, the wishes of three thousand objectors and the contrary arguments of opposing expert witnesses supporting the South Fitzroy Conservation Study, the panel members were persuaded by the notion of Urban Sampling or Jazz. Controversially, they granted a permit justifying their decision in terms of the supporting neighborhood character study and because in their view, NKYA was an exemplary design.

In 2011 I revisited the ironies of the experience in an exhibition titled “Boyd’s Error Planning’s Curse” expanding on my observations with an essay illustrated with collaged photographs of three kilometers of Fitzroy’s primary streetscapes. The exhibition expanded on the original neighborhood character study with an analysis by comparative reference.

It consisted of three rows of images mounted one above the other. The bottom row speculated on what may have become had contemporary planning regulations prevailed from the genesis of South Fitzroy, thereby promoting greater consistency of period, scale and character. The middle row illustrated the 2011 streetscape current at that time and the top row speculated on what might become if the regulations were relaxed and broadened to embrace the future.

The exhibition audience was then invited to choose between the three rows and on the evidence of their reactions, the overwhelming majority preferred the top row. Obviously, exercising preferences to simulations of theoretical pasts and futures in a gallery is one thing, and deciding on whether to object to a multi storey development next door, entirely another.

This contradiction of human behavior encapsulates the ironies of NIMBY urbanism which has become the subtext of Victoria’s planning regulation. When the democratic process fails in this way it is a sure sign that the system is in need of review. It is unfortunate that our most respected professional institutions, urban theorists and commentators are seldom listened to by government since heir recommendations measured against the weight of public opinion have virtually no political clout.

It doesn’t help that the political prism through which urban affairs reporters project their gaze on the public, makes urban planning policy look like a frightened rabbit in full flight as it dodges hounds from lobby groups on every side of politics zig zagging over the different political terrain of their vested interests. Making this important urban debate look like an intriguing battle between humble residents and ethically bereft developers sells newspapers and though it gives voice to respected urban commentators they remain voices in the wilderness, serving no other purpose than preserving the notion of free speech.

The consequences can be appalling. In this case planning delays were responsible for NKYA’s 30% price hike by the time it was sold off the plan in 2009. The delays were in part consequent of the 2004 housing downturn that spiraled after the spectacular collapse of Henry Kaye’s 120 company property spruiking empire.

<figure><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/PastedGraphic-5.jpg" rel="gallery-all" title="The Artist"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/PastedGraphic-5.jpg?itok=WAR978lJ" title="The Artist" width="580"></a>

<figcaption>The Artist</figcaption></figure>If the prolonged planning process had not ensued, apartments could have been sold a year prior avoiding the downturn. As a consequence NKYA was shelved until 2006 when a revised development consortium submitted new designs which VCAT refused. Several aborted re-submissions of the new design followed eventually prompting the new consortium to restrict their amendments to the internal courtyard and interiors. Maintaining the integrity of the original street facades they successfully submitted these revisions as an amendment to the originally approved planning permit.

Planning consultant, Tim Biles, described the final outcome as being “so similar to the original as to be considered practically identical”. By this he meant that “the ordinary man or woman in the street” would not be able to tell the difference.

It wasn’t until late 2011 that the construction of its upper levels were completed, marking the tenth anniversary of the year in which its design had begun. By the time sales commenced, inner city apartment prices had risen from six thousand dollars per metre to between eight and ten thousand dollars per metre, a cost that would be borne by the public. To this we can add the substantial taxpayer funded administrative costs of VCAT and Yarra City Council plus their consultant fees paid to opposing planners, heritage architects, barristers and other consultants representing objectors.

If NKYA, the Cheesegrater, the Artist or Bullshit Artist whatever else you may be inclined to call it, was an exception rather than the rule, then the planning process it was subjected to would be no less hypocritical or an outrageous waste of time and money. The tragedy is that minor two storey additions often suffer the same fate.

<h2>Postscript</h2>

In asking a former Yarracity mayor who lead the opposition against NKYA what he thought of “The Cheesegrater” a decade on:

<blockquote>
My views of the Cheesegrater are that I think it takes time to bring a community around to accepting change, and that it rarely occurs within the timeframe of any particular individual project.
<cite>Councilor Geoff Barbour</cite>
</blockquote>

The three hundred or so residents who now live at “The Artist”, have formed a strong community, they love it, however if something of the same height was to obscure their views next door, they would all of course passionately object.

<figure><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/PastedGraphic-7.jpg" rel="gallery-all" title="The Artist"><img alt="" class="image-article-full-width-580px" height="870" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/PastedGraphic-7.jpg?itok=1jCgkE08" title="The Artist" width="580"></a>

<figcaption>The Artist</figcaption></figure><a href="https://en.wikipedia.org/wiki/Ivan_Rijavec">Ivan Rijavec</a> is an acclaimed Australian Architectural and Urban Designer and managing director of <a href="http://www.rijavec.com/">Rijavec Architects</a> and <a href="http://www.citiniche.com.au/?refer=urbanmelbourne">Citiniche</a>. He has received numerous Merit Awards and been widely published in numerous books, journals and web platforms. He is fellow of the Australian Institute of Architects and is a sessional tutor at RMIT.
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IvanRijavec

Ivan Rijavec on a question of urban character

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I'm sure most readers don't want another tedious run-down on the negative gearing debate. I don't want to see another one myself. We've all read the articles declaring that the tax legislation is unethical and must be abolished. And correspondingly, we've all read the dismissive replies of vested interests.
Accordingly, we also already know that abolition is unlikely to happen in one fell swoop since there is a risk of rapidly increasing housing waiting lists and spiralling rents, such as occurred in the areas of low supply and vacancy rates back in the 1980s, especially Sydney and Perth. Proponents must surely know deep down that scrapping the negative gearing in such a manner risks hurting the very sector of the population that they are trying to help: 'Generation Rent'.
Disclosure: I own a few negatively geared properties myself, and clearly when I bought them my motives were not concerned for whether the outcome would be an increased supply of dwellings for first home buyers at the low end of the market. Rather, like most rational investors, I was centred upon optimising returns, and thus in Australia have looked towards Sydney's established stock, in the inner/middle ring suburbs within the $500,000-$800,000 range.
Whilst on the subject, it remains baffling to me how yield-focussed investors continue to suggest that the highest future capital growth will be in the outer or fringe suburbs and regional centres, particularly when <a href="https://petewargent.blogspot.com.au/2013/09/outer-suburbs-better-or-worse" target="_blank">study</a> after study (and <a href="https://www.dailytelegraph.com.au/business/jessica-irvine/renting-versus-buying-in-defence-of-generation-rent/story-fnj45kvd-1226740576912" target="_blank">article</a> after article) have concluded that Australia's capital cities - like so many others in the world - are instead building iniquitous "cones of wealth" in the desirable and centrally-located suburbs. Meanwhile, under-investment in outer suburb infrastructure and dwellings is gradually yet surely wrenching the gap between the haves and have-nots into a a "yawning chasm".
For my money, although the negative gearing legislation likely increases the supply of housing in aggregate, the gnawing issue is that it doesn't necessarily increase supply of affordable housing which is most appropriate for first homebuyers. We'll come back to the solutions shortly.
Perhaps more importantly than even this, the negative gearing legislation is not the reason for Australia's relatively high dwelling prices, although it has surely not helped. The main issue concerns the word highlighted above: supply. Other countries have tax deductions on mortgage interest on the principal place of residence yet relatively lower house prices. In fact, historically, negative gearing has not even represented the most significant section of tax legislation at play in distorting dwelling prices - instead, that has been...
Australia's capital gains tax legislation
By far and away the most significant sections of the tax legislation which have impacted Australian house prices and the trend towards an abnormally high rate of Australian home ownership have been the capital gains tax (CGT) rulings.
It was perhaps possible in days gone by to overcome the ongoing impracticalities of being a long-term renter. But there was little incentive to do so when Mr. and Mrs. Jones next door were continually crowing about the financial benefits enjoyed from being aboard the so-termed "housing escalator" on their suburban quarter acre plot. And how galling must it have been when the Joneses were able to sell their house capital gains tax free and thus trade up to a bigger house in a 'better' neighbourhood? The vision of being a long-term renter must have been pure anathema.
While the 'fairest' way to balance up the tax system might therefore appear to be to assess homeowners for imputed rents reflecting the manner in which landlords are assessed for rental income (perhaps surprisingly, this has been done in Australia before between 1915 and 1923 <a href="https://www.treasury.gov.au/~/media/Treasury/Publications%20and%20Media/Publications/2010/Economic%20Roundup%20Issue%202/Downloads/PDF/06_Tax_expenditure_considerations.ashx" target="_blank">as noted by Australia's Treasury</a>), I believe that a tax reform of such a nature is unlikely to materialise, and the probable best solution lies in a recurrent property tax as I'll explore below.
Addressing supply issues
So if the negative gearing legislation has done little to increase the supply of housing appropriate for lower income tenants, how is this issue to be addressed? Through subsidies most probably, such as have been employed in the past by German governments by making discounted loans available to commercial housing companies to meet social and lower income housing objectives.
With a colossal $1.5 trillion in Australia's superannuation coffers <a href="https://www.treasury.gov.au/PublicationsAndMedia/Speeches/2012/Australias-Superannuation-System" target="_blank">according to the Treasury</a> - "equivalent to our national GDP" - there are vast reserves of pension fund capital available for this purpose should it be considered a desirable objective.
With self-managed super funds (SMSFs) controversially also now enabled to borrow and invest in residential housing, one wonders whether we are presently missing an opportunity here too? This is particularly so now that SMSFs have some ~$500 billion under management (figure recorded as at 30 June 2013 according to the <a href="https://ato.gov.au/" target="_blank">Australian Taxation Office</a>). Due to the substantial deposits commonly required by lenders, SMSFs are frequently only empowered to invest in residential housing at the lower end of the market in any case.
Funding of subsidies - tax reform
Assuming that Treasury would desire any such reforms to be fiscally neutral, how should any shortfall be funded? Given that homeowners have effectively received a material 'wealth dividend', a substantial element of which has been derived from state investment in infrastructure and urban development, it strikes me that the common sense answer would be through a progressive and recurrent property tax (i.e. one which is charged annually, with owners of the largest dwellings attractive the most tax).
As Australia has an elevated rate of home ownership when compared to many equivalent developed countries, such a tax could be spread widely enough not to be damaging, and if accrued annually the impact could also be spread over time too. It's likely that such a tax would be best introduced with an exemption in the early years of ownership for first time buyers, and perhaps with a lower level of tax to be levied on certain types of required dwellings (i.e. medium/higher density units and apartments).
Why moderation is best
I'm not hugely enamoured with concept of drawing straight-line comparisons between Australia's most expensive cities and America's cheapest large equivalents. I'm referring to humid Houston, of course, the largest city in Texas, famous for its oil, and now being promoted as Australia's model solution for affordable housing.
I've never even visited Texas, although I've gleaned from friends who live there and via the Fifth Estate (the group in modern society promoting weblogs, not the movie) that apparently Americans who relocate to the city are frequently "disgusted" to discover that their expected income tax savings are swiftly clawed back through <a href="https://www.chron.com/woodlands/extra/article/Highest-property-taxes-The-Woodlands-4460379.php" target="_blank">immoderate property taxes</a> of 2.5% (in some cases even up to 3.5%) of the assessed property value. By contrast, in Australia, material stamp duties are currently levied upon property acquisition.
Easier zoning restrictions must surely play a role in Houston, yet if housing is so affordable, then why are home ownership rates in Houston so low? Presumably because the incentive to buy a home is also diminished by a high annual property tax levy. Assuming that Houston is held up as a model housing system in order that more Australians can achieve home ownership...well, that doesn't work, because we have far higher home ownership rates in Australia already then Houston, or, for that matter, Germany (in fairness, this could be something of a circular argument - do higher home ownership rates cause higher prices?).
If three of the principal financial reasons for Australians wanting to own a home are (1) to participate in future capital gains (2) benefiting from a capital gains tax exemption allowing them to trade up the housing ladder, and (3) owning an unencumbered home in retirement, then elevated or excessive property taxes instantly remove the very financial reasons for home ownership.
Strong capital growth will not be experienced, and even where growth is attained the unfortunate owner will continue to be zinged by escalating taxes until the day they drop off. If you do aspire to paying off your (albeit 'cheaper') mortgage debt by the age of, say, 50, you still could face another half a century of paying a high ongoing cost for your right to home ownership.
It's see easily possible to see some real-life examples of what high recurrent ownership costs can do to housing developments in certain parts of, say, Sydney. There are a number of warehouse-style buildings and older apartments blocks with incredible harbourside locations or water views where the potential entry costs appear too good to be true. And indeed, they are. Where strata schemes have fallen into disarray and quarterly maintenance costs spiral, defaults and elopements inevitable follow, owners look to sell at almost any price, and buildings decay into tomorrow's slums.
The very reasons for home ownership can be quickly stripped away by excessive property taxes, and thus tax reform should be appropriately considered and any proposed property taxes levied reasonably moderate.

<hr>
Pete Wargent is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.
His new book '<a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>' is out now.
 
 
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pwargent-M4siyDbqQY

How to fix Australia's affordable housing problem

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Last month Queensland Premier Campbell Newman <a href="https://www.theurbandeveloper.com/developments/new-casino-for-brisbane-cbd-qld-government-announces-eoi-process-for-new-precinct-development/" target="_blank">called</a> for expressions of interest to develop a major integrated resort casino precinct within the Brisbane CBD. The vision is for a new casino surrounded by six star hotels and upmarket retail, restaurant, convention and entertainment facilities.
This will potentially be one of up to three integrated resort casino projects planned for Queensland. Deputy Premier Jeff Seeney suggested the developments would provide a significant boost to the state’s economy through the construction and future tourism that would flow.
The initiative comes on the back of plans by NSW for a AU$1.5 billion integrated resort casino project at <a href="https://www.smh.com.au/business/packer-casino-gets-goahead-to-proceed-to-next-stage-20130704-2pdrv" target="_blank">Barangaroo</a> in Sydney.
This project was awarded to James Packer’s Crown Limited and is to include a 60-storey tower, a six-star hotel and associated facilities. Writing in the <a href="https://www.smh.com.au/business/barangaroos-competitive-tension-a-joke-20130705-2pfus" target="_blank">Sydney Morning Herald</a>, Michael Pascoe described the bidding process for the Barangaroo project as “flawed” and far from best practice stating that:
“Crown successfully manipulated the system from the outset to avoid going to tender against the world’s top casino operators for Sydney’s second ‘VIP gaming facility’ licence.”
Rather than seek an outcome that would represent international best practice in integrated resort casinos, the NSW government has opted for a duopoly that favours local incumbents who influence large sections of the media.
So why the sudden rush into casino projects?
The key factor is the desire to achieve economic benefits. A <a href="https://www.auscasinos.com/pdf/media/CasinosandtheAusEconomy.pdf" target="_blank">study</a> undertaken by the Allen Consulting Group in 2009 for the Australasian Casino Association painted a highly positive view of casinos. According to this report casinos are a major provider of tourism infrastructure and play a key role in the rejuvenation of urban environments.
Casinos are also major employers and they attract over one million international tourists to Australia each year. These same tourists spend around AU$5 billion during their visits. Individually each international casino visitor spends about twice as much as those who don’t visit casinos. In addition to these benefits, casinos provide substantial gaming taxes and licensing revenues to state governments.
A further <a href="https://www.crownresorts.com.au/CrownResorts/files/1d/1db9d9a2-3de5-4072-9a4a-486bb427cf8c.pdf" target="_blank">report</a> was undertaken by the Allen Consulting Group in 2012 into Crown’s proposal for the Barangaroo casino. This pointed to the need for such developments to help salvage the tourism sector.
Over the past 10 years Australia’s tourism sector has suffered due to the high dollar exchange rate. From a peak in 2000 at the time of the Sydney Olympics, Australia’s inbound tourism trade has steadily declined. While the number of Australians travelling overseas grew from 3.6 million to 7.4 million between 2001 and 2011, inbound tourism grew from 5 million to only 5.9 million in the same period.
Competing with Asia’s casino precincts
For many Australian state governments and their local casino operators the role model is Singapore. Two major integrated resort casinos have been developed at Marina Bay adjacent to the city’s CBD, and at Sentosa Island. At a cost of around AU$13 billion, these casinos opened their doors in 2010 and have been experiencing steady growth. Tourism revenues have reportedly grown by around 49% over the past three years. In 2011 tourism was <a href="https://thr.sagepub.com/content/12/3/139.short">contributing</a> US$14.8 billion, or about 4% of Singapore’s GDP.
The Marina Bay Sands resort complex covers 15.5 hectares and has 581,400 square metres of floor space. Only 3% of this is devoted to the casino. There is a 55 storey triple tower luxury hotel surrounded by retail, restaurants, plus convention and entertainment facilities, operated by the Las Vegas Sands Corporation.
Other major integrated resort casino developments are planned for Macau, Vietnam and the Philippines. All of these will seek to take advantage of the rapidly expanding flow of tourists from China.
According to the Allen Consulting Group the number of outbound Chinese tourists has grown from 10.5 million people in 2000 to 57.4 million in 2010. It is expected to grow to around 100 million and be worth US$838 billion by 2020. However, combine the growth in Chinese tourists travelling to Australia with this heightened interest in casino projects and there may well be some trade-offs to consider.
Casinos demand a holistic approach to integrated tourism
Not surprisingly as a stand-alone concept, casinos attract a fair share of adverse commentary on their social, political and economic impacts. However, there is a growing literature on the economic benefits of casinos to national economies.
Research has <a target="_blank" href="https://thr.sagepub.com/content/12/3/139.short">shown</a> a significant rise in the number of problem gamblers in Singapore since 2010, and police have noticed a sharp rise in crime relating to the presence of the casinos. Amongst these criminal activities are petty theft, cheating and prostitution.
Rosalind Stefanac writing in the <a target="_blank" href="https://business.financialpost.com/2013/04/02/can-casinos-spearhead-economic-development-efforts-in-canadas-cities/">Financial Post Magazine</a> critically poses two questions. First, are the economic benefits from casinos sufficient reason to offset the potential for detrimental social impact? Second, is the casino a viable source of ongoing revenue for a community?
For Australia the economic development potential of integrated resort casino developments is significant. As Deloitte has reported, tourism is one of five “super growth” industries that Australia can potentially develop as part of a “post-resources boom” economy.
However, the success of developments such as Singapore’s casinos is due to the strategic vision that lies behind their design. As “integrated resorts” these casinos must emphasise more than just a venue for gambling.
The purpose of the integrated resort within an economic plan is to advance the economy, generate employment and attract export earnings. This means integrated resorts must have an appeal for hosting many types of tourism and be attractive to a great many gatherings, conventions and exhibitions of a scale that generates ongoing attraction.
According to Andrew McEvoy, Tourism Australia’s Managing Director:
“… for success and long-term sustainability Australian tourism requires more than just effective marketing campaigns. It requires physical investment in tourism infrastructure, particularly hotel stock, as well as improved air links and increases in aviation capacity.”
Infrastructure and planning are critical
For some the inclusion of a casino within the resort complex becomes problematic due to the concerns over problem gambling and crime. However, any major tourism development must involve the building of significant infrastructure and this must be paid for either by the government or industry.
Research has <a href="https://ieeexplore.ieee.org/xpl/articleDetails.jsp?reload=true&amp;arnumber=4362212" target="_blank">suggested</a> a large scale systems engineering (LSSE) approach was critical to the development of that Singapore’s highly successful integrated resorts.
The focus of a successful tourist destination should be on the word “integrated” in an integrated resort casino. Singapore’s approach to its casino development was strategic and built upon a foundation that sought to deliver a strong economic benefit to the island state’s overall economy. Its vision was to “develop Singapore as a regional tourism hub”.
It is still too early to pass judgment on the nature of the casino developments being planned for Queensland. To date no Australian casino development has reached the same standards as that of Singapore, and none can be truly classified as representing integrated resort models. This is the case for Sydney’s Barangaroo development which does not appear to have been subject to the same level of scrutiny and global competitiveness that took place in Singapore.
Major casino developments of the type proposed for Queensland will attract significant international investment and have the potential to generate substantial returns to the local economy. However, they will also attract many critics and may have socially undesirable impacts if poorly managed.
Get things right and their impact on the economy, tourism and transport sectors and the enhancement of urban environments can be highly positive. Get things wrong and the outcome can be profoundly undesirable. Let’s hope the Queensland government gets it right.
 
<hr>
 Tim Mazzarol is Winthrop Professor, Entrepreneurship, Innovation, Marketing and Strategy at <a href="https://www.uwa.edu.au/" target="_blank">University </a><a href="https://www.uwa.edu.au/" target="_blank"></a><a href="https://www.uwa.edu.au/" target="_blank"></a><a href="https://www.uwa.edu.au/" target="_blank">of Western Australia</a>
Tim Mazzarol receives funding from the Australian Research Council, CBH Ltd, Capricorn Society, Ravensdown, Co-operatives WA and the WA state government. He is also President of the Small Enterprise Association of Australia and New Zealand (SEAANZ), a not-for-profit organisation dedicated to the advancement of research, education, policy and practice for small to medium enterprises.
 Antoine Musu is DBA Candidate at <a href="https://www.uwa.edu.au/" target="_blank">University of Western Australia</a>.
This article was originally published at <a href="https://theconversation.com">The Conversation</a>.
 
 
<img src="https://counter.theconversation.edu.au/content/19558/count.gif" alt="The Conversation" height="1" width="1">
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jake-cSmGT7VXVf

Tourism and casinos: Can we gamble our way to prosperity?

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This week my words of wisdom are to ‘be careful’ because there is a lot going on out there right now in real estate land.
It is exciting to see investors back in the market. It’s great to see auction clearance rates at continuing record levels and our team is achieving great results across the high end apartment mark.
The momentum is definitely there and if you needed any further confirmation you can tell the Sydney market is strong when the newspapers start headlining talk about a crisis in housing affordability!
But after weeks of going gangbusters we are now starting to see a little bit of pull-back. Nothing dramatic but certainly there is not quite the same level of interest out there as we were seeing even a couple of weeks ago. I think we have hit a little speed bump.
I think some buyers are a little spooked by property hype. Add to that a percentage of buyers who have determined it will require too much effort to meet a pre-Christmas deadline so have decided to wait until the new year. That means there are less active buyers out there right now.
The market is without doubt still strong but a speed bump does slow things down a little and it is another timely reminder for sellers to remain realistic and to consider sensible offers.

<hr>
Ewan Morton is managing director of the Sydney based <a rel="nofollow" href="https://www.mortonandmorton.com.au/" target="_blank">Morton &amp; Morton</a>.
 
 
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emorton-DecMjPQt5h

Has the market hit a speed bump?

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Residential development property and retail assets were identified as having the highest number of distressed sales listings in the September quarter, a new report revealed.
The findings were in the latest quarterly LandMark White Forced Sales Monitor report which showed that overall distressed sales listings from receivers, mortgagees and liquidators around the country had declined in the three months to September and appeared to be generally on their way down.
However the results for some of the states and sectors varied significantly.
While NSW and Victoria's share of distressed listing both fell in the three months to September, the number of forced listings in Queensland increased during that period and now account for 65% of the national total.
Regional areas continued to do it tough. The majority of listed receivers’ stock was found in regional rather than metropolitan areas, with the regional share at 71% in the September quarter. Over the year to date, the split was 75% regional to 25% metropolitan areas, compared to 67/33 in the year prior.
Breaking down the figures into sectors, the data revealed that the highest number of distressed listings in the third quarter was in the residential development sector, accounting for 23% of the total.
But the biggest mover was the retail sector, which rose from 11% in the June quarter to 19% in September. The industrial sector accounted for 16%, down from 19%, while the office sector increased from 9% to 12% - the highest share so far, the report said.
It also looked at the distressed ratio of the five major sectors across the past year and found that the sector with the highest saturation of distressed sales in the September quarter was residential development at 27%, closely followed by the leisure sector at 26%. On a year on year basis, the residential development sector fell from 44% to 38%, while the leisure sector fell from 32% to 29%.
The distressed ratio for the retail sector rose sharply in the September quarter, moving from 12% to 18% having shown a steady downward trend over the previous four quarters. The industrial sector's distressed ratio rose to 24% in the quarter, after two consecutive falls. The office sector was unchanged at 15%, and 12% on an annual basis.
The take out message from the report was that distressed sales listings were on their way down. It concluded that "although one in five commercial properties advertised in the national press were receivers’ sales, our view is that their effect on the market is diminishing and will continue to do so in the absence of any shocks or major increase in the cost of borrowing".
 
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kjiminez-eaYKfU7qd2

Residential development property and retail assets have highest number of distressed sales: LandMark White 

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A debate about the role and size of the early stage venture capital community was sparked last week by David Gonski’s comments that Australian entrepreneurs are being driven overseas due to a lack of available funds.
Speaking at an Australia-Israel Chamber of Commerce event, the Australian Future Fund and Coca-Cola Amatil chairman declared the diaspora of Australian entrepreneurs heading overseas to find investment a “tragedy”.
“We need an industry that is involved in early-stage investment and I don’t think we can get that when the major pools of money are being judged on 30, 60, 90 or 180 days because these things take much longer,” Gonski said.
However, Venture Advisory executive director, Sydney Angels member, and investor Adrian Bunter told StartupSmart Gonski was incorrect in his assumption there is no adequate pool of funds.
“In some respects he said there were no early stage funds and the only option was to leave Australia in the early stage. But the reality is start-ups don’t need to leave to raise funds and there is a lot of investment activity going on here,” Bunter says.
According to a <a target="_blank" href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/growth/growth-strategy/tech-start-ups-could-contribute-109-billion-to-local-economy-by-2033/201304229532">PwC and Google report</a> on the start-up ecosystem released earlier this year, there are over 500 angel investors, 10 angel groups and one sidecar fund, and almost $600 million in management by 20 venture capital groups.
“But there is always more money that can go into the system and he is right that a lot more needs to be done, especially from an institutional investor perspective. Most super funds don’t look at early stage start-ups and are more guided by those shorter couple of month return windows.”
Bunter says encouraging super funds to back start-ups will not be an easy task.
“It is very difficult for institutional groups to invest in start-ups because they’re so large. They’d need to allocate a significant proportion funds to see the returns their shareholders expect.
“Venture capital here really started to grow during the dot.com phase, and towards the peak of it, so venture capital doesn’t have a great track record over the last ten years or so. Therefore the super funds aren’t allocating much money to venture yet.”
Bunter adds the amount of early stage investing in Australia is probably considerably higher than the Google statistics imply, as much of the early stage investment comes from personal networks of family and friends rather than through networks and funds.
“There is a huge amount of investors who are comfortable with that level of risk, so concerns about high-risk investments are not exactly the problem,” Bunter says.
Concerns around the lack of funding at the series A-round level have largely been met, according to Kar-Mei Tang, head of research at national venture capital industry association AVCAL who addressed an <a target="_blank" href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/financing-a-business/australian-venture-capital-growing-and-set-for-a-shake-up-as-the-start-up-sector-matures/2013102411007">event for venture capital investors</a> in Sydney late last month.
“The start-up sector has been an emerging force over the last three years and we’re starting to see more founder investors and super angel activity which will filter through to venture capital,” Tang said.
Alan Jones is an investor and advisor for a range of start-ups including <a target="_blank" href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/growth/growth-strategy/bugherds-alan-downie-graduate-of-first-startmate-intake-shares-his-experience/2013102911041">BugHerd</a>, <a target="_blank" href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/planning/business-planning/scriptrock-founder-discusses-startmate-and-moving-to-san-francisco/2013110111067">ScriptRock</a> and through the <a target="_blank" href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/growth/business-advice-and-education/startmate-accelerator-opens-applications-for-fourth-intake/2013100710877">Startmate accelerator</a> program and <a target="_blank" href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/financing-a-business/venture-capital/blackbird-ventures-venture-capitalist-rick-baker-tips-for-australian-tech-start-ups-aiming-for-silicon-valley/2013102911037">Blackbird Venture Capital</a> portfolio.
He told StartupSmart investing in start-ups would become increasingly popular as people seek investment options not shackled to commodity prices but instead driven by smart people tapping into new trends.
“People who are considering investing in start-ups often say it’s risky. But for those of us who are already doing it, we know we’re investing in people, technology and innovation. To me, that seems like a much safer investment than some of the other sectors where Australians invest such as mining, agriculture and aquaculture,” Jones says.
Jones says the tendency of Australian investors to pour money into industries vulnerable to fluctuating commodity prices needs to evolve.
“As no one in Australia has any influence on the future of commodity prices, it’s all speculation,” Jones says. “Sure, we have different challenges about gaining capital and getting permission to shoot for the moon, but usually when you start-up here, you’re servicing a global market and there are lots of options.”
While there is significant risk involved in investing in early stage companies, Jones says the early stage start-up investment community in Australia is growing as investors gravitate towards more personal connections with their investee companies.
“I’d rather back someone with a great technological idea, because the risks there are much more about picking the sentiment of customers correctly. The biggest thing about the tech start-up industry is there is no such as thing as a unique idea, so you need to find and back the team that will be the best at executing on their plans,” Jones says.

<hr>
This article first appeared on <a target="_blank" href="https://www.startupsmart.com.au/">StartupSmart</a>.
 
 
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