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

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

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>

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Ellen Walker

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

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

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

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There has been a well-documented and longstanding call for Melbourne to build its own internationally recognisable landmark. While in my opinion we can always live without one, it is widely acknowledged that easily recognisable landmarks help to promote cities wordwide.
Test yourself: when you think of New York, which images automatically come to mind?  For me it's The Empire State Building, The Chrysler Building and The Statue of Liberty. For Sydney it's The Sydney Opera House and The Sydney Harbour Bridge. These are all iconic landmarks that clearly identify the cities they are from.
It’s not that Melbourne doesn’t have landmarks; it’s just that the landmarks that we have could be considered local or national landmarks at best.  Even though the Royal Exhibition Building (REB) has been given World Heritage listing by UNESCO, the fact remains it’s still recognised by most as a national landmark. Other national landmarks include the MCG, Flinders Street Station, Federation Square, Eureka Tower and the Arts Centre Spire. Melbourne’s W class trams and the Royal Botanic Gardens can probably also be included in the list of national landmarks. The Shrine of Remembrance, Parliament House, Luna Park and the NGV are more than anything else, local landmarks. If one was to judge by the sheer volume and variety of postcards, badges and fridge magnets sold in tourist shops, then Flinders Street Station could easily be our definitive national landmark.
Numerous people would argue that Melbourne is a city of many cultures and various architectural styles, which combine to offer constantly changing aesthetic experiences. Any attempts to reduce it to being represented by a single landmark will damage the very thing that makes this city great.
It is my personal view that, whether by default or by design, Melbourne will probably one day have an internationally recognisable landmark. The city has a great design culture and the prospects of a single landmark lie more in design than just monumental domination, but could be both, as long as distinctive design is the dominant feature.
If a tourist was to ask me today, “Which is Melbourne’s landmark?” I would answer, it’s the whole city, with its many interesting streets and lanes sprinkled with impressive buildings of many styles.  Although this may not register internationally, Melbourne’s streets, lanes, buildings and trams together make up a very special place that the locals love and that many visitors enjoy!
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thecollector

The Melbourne landmark question

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The former Campsie factory site of electrical appliance maker Sunbeam is now being transformed.
It's now a coffee-culture residential development.
Its third release of 95 Parklife apartments (pictured below) in what's now known as Clemton Park Village are now being sold.
{yoogallery src=[images/stories/2013/07/july3clemtonparktwo]}
Prior to residential zoning, Sunbeam owned the land from 1951 to 2002.
Before this, the block was Mackinders Market Garden farming potatoes, beetroot, carrots, pumpkin and squashes.
<a href="https://www.cpvillage.com.au/index.php" target="_blank">Clemton Park Village</a> will be a 700 apartment development which will also include a mix of retail opportunities including cafes, restaurants, a childcare centre and a supermarket.
The first two stages of the development have now sold about 90% of their residences.
One-bedroom apartments start at $430,000 and apartments with two bedrooms and two bathrooms are priced up to $580,000.
A range of buyers have purchased apartments at Clemton Park, said Nigel Edgar, NSW residential division general manager of developer, Australand.
“Typically half of Clemton Park buyers have been investors and the other half are a mixture between first home buyers and locals who are choosing to downsize.”
Their website is also tailored to prospective Chinese buyers, due to the development’s location.
“There’s a lot of Chinese or Asian residents in the local community and we’re finding that it’s reflective of the mix in the community,” he said.
The median price of an apartment in Campsie is $385,000 up 40% from five years ago, according to RP Data.
The median asking rent for an apartment in the suburb is $370 showing an indicative gross rental yield of 5%.
Within the suburb, a two-bedroom apartment at <a href="https://www.realestate.com.au/property-unit-nsw-campsie-113831771" target="_blank">7/56 Ninth Avenue</a> is on the market for $439,000 after selling for $315,000 in March 2009.
A two-bedroom 1970s apartment at <a href="https://www.realestate.com.au/property-unit-nsw-campsie-113587627" target="_blank">9/138 Ninth Avenue Campsie</a> sold in April for $392,000 after it was sold for $209,000 in November 2005. It is now up for lease at $380 per week.
The first stage of Clemton Park is complete, construction of the second stage will finish in December this year and the final stage of the development will be completed in 2016.
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cwong-GNQNgsRWoT

Former factory site Clemton Park in Campsie releases third lot of apartments with one-bedders starting at $430,000

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A Shanghai-based development company has acquired an office and warehouse building spanning from Bourke Street to Little Bourke Street with approval for a 42 level Hayball-designed apartment project comprising 563 apartments.
The part three level, part single level building has a red-brick façade on Bourke Street that is heritage protected.
The site measures 2,764 square metres and was owned by Australia Post, which currently uses it as a distribution centre.
A permit has recently been issued for the apartment project which would comprise to two towers of 42 and 32 stories as well as 722 square metres of commercial/retail on ground floor, 249 car parks and storage space for around 169 bikes.
It had previously been listed for sale in 1999.
The proposed development is close to the $1 billion Upper West Side four-tower development being built by the Hong Kong-listed Far East Consortium.
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lschlesinger-FZcF9M3vE6

Chinese buyer acquires Bourke Street development site for $22 million

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There is now an opportunity to rent an apartment in one of Sydney’s newest developments and move in with just your clothes.
The one and two bedroom apartments (pictured below) at One Central Park on Broadway can be fully furnished and fitted with appliances from a teaspoon to a whole sounds system ready for their new tenants to move in.
{yoogallery src=[images/stories/2013/07/july3onecentralpark]}
Furnished apartments that have been completely sourced and installed has been popular in metropolises abroad and is coming to Sydney, said David Butt, <a target="_blank" href="https://www.greencliff.com.au/">Greencliff Realty</a> sales director.
“This trend has been common in cities such as New York, Tokyo, London and Hong Kong for some time – this is definitely the future of Sydney’s property market,” he said.
The reason behind this is the number of residents in these locations who don’t want to buy large amounts of furniture for a short stay in the city.
“These larger cities also tend to attract more transient or short-term occupants such as working holiday visa carriers who need to rent everything for the length of their holiday,” said Butt.
{yoogallery src=[images/stories/2013/07/july3onecentralparktwo]}
Interior designs are by Senija Lukacevic of Focus Design Group who can decorate the apartment according to the tenants' needs.
The cost of an interior designed apartment start at $475 per week for a one bedroom studio to $800 per week for two bedroom apartments.
Apartments can also be rented without furnishings. 
One bedroom suites that previously sold for $480,000-550,000 can now be rented unfurnished for $490-595 per week.
Two bedroom apartments that sold for $700,000-$820,000 can be rented unfurnished for $785-900 per week.
Dual key apartments that were sold for $900,000- $1.2m and are can be leased for $1050- $1300 per week.
The apartments availble to rent are owned by individuals and they are part of 623 apartments in the One Central Park high-rise in residential and commercial development Central Park.
A two-bedroom apartment in the same suburb at <a target="_blank" href="https://www.realestate.com.au/property-apartment-nsw-chippendale-410761403">302/30 Buckland Street Chippendale</a> is available to rent at $800 per week. 
A studio apartment at <a target="_blank" href="https://www.realestate.com.au/property-apartment-nsw-chippendale-410601903">206/82 Abercrombie Street Chippendale</a> has an asking rent of $390 per week.
Despite One Central Park’s position in the city’s educational hub near Sydney University and University of Technology, Sydney, it hasn't been overwhelmed by student rentals.
“I think they’ve got quite a young professional demographic at the moment. They’ve had a really strong demand. And very few uni students even though it’s a student area,” a Greencliff spokesperson said.
'There's a broad cross section of professionals, couples, singles, with a sprinkling of good quality student tenants.
'We have attracted people who are excited by the facade, the newness, the architectural integrity, and wanting to be an early part of this new and exciting community emerging at Central Park.
"The location attracts those wanting walking access to all this position has to offer."
The professional renters have been attracted as Central Park’s exclusive features and its resultant asking rent are higher than that of average Chippendale student housing.
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Furnished or unfurnished? Central Park rental opportunities including interior design

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Two mansions on Brownell Drive in Byron Bay are offering a slice of the luxury beach lifestyle.
 32 Brownell Drive Byron Bay and 41 Brownell Drive Byron Bay are for sale amid a rise in the number of people making the sea change, said agent Graham Dunn of Byron Bay Property Sales.
 “The big observation we’ve had here in the last six month is the number of people moving to Byron Bay...I’ve never seen this before,” he said.
 In the last five years, almost 3% of those under 24 in Byron Bay had left the region while the number of 55 to 74 year olds increased 5.6%, according to the Australian Beach Towns study by PRD Nationwide.
 “More and more people of the baby boomers are retiring now, so we’re seeing more of them now,” said Dunn.
 However, with the ease of telecommuting to work and doing business over the internet, Dunn says other age groups are also moving to the coastal city.
 “More and more people are seeking the lifestyle and if you’re working hard you might as well live the lifestyle,” he said.
 <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-byron+bay-107264235">32 Brownell Drive Byron Bay</a> is a four-bedroom villa for sale off the plan for $3.8 million. The 800 square metre block of land it will sit on is the result of a recent subdivision.
 
The property has now been on the market since March 2011 after last selling for $2.03 million in July 2007 and $1.8 million in March 2002.
 <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-byron+bay-105034092">41 Brownell Drive Byron Bay</a> is a four-bedroom house with pool on 911 square metres is for sale for $5.5 million. The two storey property has been on the market since July 2008.
 A four-bedroom house on about 820 square metres at <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-byron-bay-nsw-2481/168357">21 Brownell Drive Byron Bay</a> sold for $5.6 million in December last year after previously selling for $3.325 in September 2010.
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Two Brownell Drive, Byron Bay mansions for sale aimed at wealthy seachangers

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The Surry Hills-based architectural firm, Collins and Turner has been selected to possibly complete a low rise visually-striking bamboo clad restaurant complex on the waterfront promenade at Barangaroo South.
Resembling stacked bamboo bowls, the proposal (pictured below) was revealed today by Lend Lease’s Barangaroo South managing director Andrew Wilson.
<img height="315" width="470" src="/images/stories/2013/07/bamboojuly2one.jpg" alt="bamboojuly2one">
“Collins and Turner submitted an exciting, stylish concept that makes a strong visual statement and confidently holds its own among the other world-class designs at Barangaroo," Andrew Wilson said.
A judging panel comprising Lend Lease team members, a Barangaroo Delivery Authority representative and Ivan Harbour from Barangaroo South master planners Rogers Stirk Harbour and Partners selected Collins and Turner over the 14 other entrants due to its “artistic design” and “well-researched, well organised and flexible approach”.
Barangaroo is a $6 billion urban transformation of the western edge of Sydney's central business district by Lend Lease.
Barangaroo South is the southern 7.5 hectares of the site which will have a mix of uses, including commercial, residential, retail and dining along with a new landmark hotel.
On completion it will be home to around 1,200 residents, 23,000 office workers and more than 2.9 hectares of public space. There will be cafés, bars, eateries, fresh food and market produce, boutique cuisine, convenience stores and premium restaurants.
Prior to establishing their <a target="_blank" href="https://collinsandturner.com/">Collins and Turner </a>practice in 2002, Penny Collins and Huw Turner each worked internationally.
“We are thrilled to now be part of such a transformational project as Barangaroo South,” Huw Turner said after the win.
The judges have also engaged the Darlinghurst firm <a target="_blank" href="https://scalearchitecture.com/">Scale Architecture </a>and its director Matt Chan in working on public realm elements at Barangaroo.
The design of the building will be submitted to the Barangaroo Delivery Authority for approval prior to being submitted to the NSW Department of Planning as part of the statutory planning process.
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jchancellor-FAypfDUnLy

Bamboo bowl restaurant design on Barangaroo South waterfront promenade

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Sales at the much vaunted Ebony development of 123 apartments at 347 Camberwell Road, Camberwell are so strong that 95% of the apartments are pre-sold six weeks out from its launch.
Agent John Kravaritas, from Knight Frank, says its a  "sleek new neighbourhood" 200 metres up from the Junction opposite the library.
‘’It is going so well that we may even do a stage two smaller development at the rear.’’
Ebony is a mix of one bedroom, some with studies, two-bedroom and three bedroom apartments. Prices range from $385,000 to $860,000. The apartments come with car parks, storage areas and private gardens. Ebony’s two-bedroom apartments, that were listed from $499,000, include a car park and storage area.
Set over five levels the apartments have designer finishes and balconies. Kitchens have marble splashbacks, stone bench-tops, European smoked oak floors, 3D bathroom feature tiles and heating/cooling.
There’s even a shared residents’ vegetable garden for vegies and herbs.
Architects Carabott Holt Turcinov designed the $66 million development by the Vero Property Group. It’s about eight kilometres from the CBD.
<a href="https://www.ebonycamberwell.com.au/" target="_blank">The development</a> will be finished around Christmas next year.
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staylor-63KgDrKwoY

Strong sales for Ebony development on Camberwell Road

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Investing in an off-the-plan apartment is a popular option for property investors particularly in capital cities like Brisbane, Sydney and Melbourne where apartment developments are a dime a dozen.
Investing in a new apartment can be significantly cheaper than buying an existing house or apartment, plus you can take advantage of tax depreciation benefits. However, there are major potential pitfalls and stumbling blocks, which you should be aware of before you sign a contract and pay your deposit.
Here are eight to keep in mind:
<ol></ol>
<ul>
<li>Settlement period won’t be long enough</li>
</ul>
Uncertainty about when settlement will be required can be a major and costly headache for investors. Once registration of title has occurred, developer will usually require settlement to take place as soon as possible, which can be as early as just 14 days under many contracts of sale. This can be a wholly inadequate period, says Rob Balanda, a partner at Gold Coast based law firm MBA Lawyer. This may mean having to apply for an extension, which if granted can attract high penalty rates of up to 20%. He suggests asking for a more reasonable time for settlement of say 30 days from the registration of the title when signing the contract. “You will usually get it too because the developer is keen to make the sale to you then,” he says.
<ol start="2"></ol>
<ul>
<li>You may not be satisfied with the end product</li>
</ul>
<ol start="2"></ol>
When you are buying off the plan, you are purchasing something that has not yet been finished and relying on sketches, plans and artist impressions. The finished product may not match these projections. Carolyn Chudleigh, a partner at law firm Holding Redlich, says the best way to protect yourself from a nasty shock is to check every detail on the sale contract, particularly regarding the finishes. “Most disputes arise from a buyer not being happy with the end product. The best way to avoid this is to be aware of exactly what all of the finishes should be,” she says. Chudleigh recommends looking at the schedule of finishes for all parts of the property, including floor coverings, colour schemes and kitchen appliances. “Know everything about the interior, down to how many power points there will be in every room. All of this can be negotiated before exchange of contracts and should be included specifically in the contract if you want to be able to enforce performance against the vendor. If a contract is skinny on detail, there may be little room for complaints at the end of the day,” she says.
<ol start="3"></ol>
<ul>
<li>
You may need to find extra cash if valuation comes in lower at settlement </li>
</ul>
<ol start="3"></ol>
Lenders will only give conditional approval to finance an off-the-plan purchase, subject to a future valuation. When the unit is complete in 12 to 24 months time the lender will then get a valuer to value the unit. If the unit is valued at less than the purchase price (the market may have fallen in this time) the lender will finance a lesser percentage of the purchase price leaving you with the shortfall to make up. “ If you can’t find the short fall and can’t settle the purchase, then of course you will be in breach of your obligations under the Contract and the very least that will happen to you is that you will forfeit the deposit,” says Balanda. The developer could also sue you for any loss incurred from the re-sale of the unit.
<ol start="4"></ol>
<ul>
<li>Rental guarantees may be misleading</li>
</ul>
Rental guarantees offered by developers may seem tempting but they should be treated with a fair degree of suspicion. Investors should always do the numbers to see if they really stack up. Buyers’ agent Catherine Cashmore warns against buying into a development that is offering a rental guarantee because “it is always factored into the sales price, and once the guarantee expires, the unit’s yield will revert back to market forces”. Cashmore says current rental guarantees are in the order of 5% to 7%.If an investment has a gross return of 6% and the developer guarantees $300 a week rent that would put the purchase price at $260,000. But if the market rent is in fact $250 a week, the property is really worth $218,000. This would have you paying 19.2% over the market value. The developer only has to pay $5,200 in total over two years to guarantee the $300 a week rent and the company would pocket $42,000 – or $36,800 net – on the sale price.
<ol start="5"></ol>
<ul>
<li>You may be buying the wrong type of apartment for the area</li>
</ul>
<ol start="5"></ol>
Buying the wrong property type off the plan for an area can result in poor re-sell values and/or a struggle to find tenants, says property investor and blogger Cameron McEvoy. “You may find a tenant quickly, but they may not be willing to pay the desired rental rate, if the property is not their ‘first choice’ for that area.” He suggests three remedies for this: firstly, get to know your potential area and do this in several ways: use online tools to study the demographic breakdown of your chosen area and develop a ‘persona’ of who is most likely to be living there, secondly, take a walk in the area, buy a coffee at the local cafe, and people so you can learn about the inhabitants of a particular location and thirdly, look at recent sales on real estate sales websites to see what sells and talk to local estate agents.
<ol></ol>
<ul>
<li>The area becomes oversupplied with other off the plan developments</li>
</ul>
<ol></ol>
Scarcity creates value. If there are three or four other off-the-plan developments set to be completed in the next couple of years with similar features and targeted at the same demographic as your development, an oversupply situation could develop. You risk depreciation in value, struggling to find tenants or having to lower your rent to secure new tenants. “First up, understand that by buying off the plan you are doing the developer a big favour, says finance journalist and Channel 7 Sunrise host David Koch. “Developers are keen to start selling off the plan early seeking as many pre-commitments as possible because it will please their bank manager when they try and finance the development.” The key is to do your research and find out what other developments are planned for the area and what units they will have and their price points.
<ol></ol>
<ul>
<li>Fees and costs you have not factored in may reduce your return</li>
</ul>
<ol></ol>
Having factored in costs like mortgage fees, stamp duty, land taxes and legal fees, off the plan buyers may find there are other costs once they settle and rent out their apartment. “Quarterly strata fees and the body corporate structure should also be factored into the purchase, says 1300HomeLoan managing director John Kolenda. “Make sure you can afford to cover these fees and, of course, make sure you do a final inspection and to make sure any defects were fixed before settling as the developer is obliged to repair any defects,” he says. Make sure you have a comprehensive list of all the fees and costs you are likely to incur once the apartment is completed.
<ol></ol>
<ul>
<li>The developer may go bust or there may be delays</li>
</ul>
<ol></ol>
While there are laws to protect buyers if a developer goes bust  (a number of high profile large building groups have collapsed in recent times) or they take longer to complete the project then agreed to, you may have to go to court at your own cost initially to recoup your investment. “A developer going bust or producing a substandard product can drag on for years through the courts and, while the law is there to protect you, it’s costly and it will be at your own expense to fight initially – this is a sad, but very true, fact about our legal system,” warns James Buyers Advocates.
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Eight potential pitfalls to watch out for when you buy off-the-plan

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Since the Queen's Birthday holiday weekend, Sydney's auction clearance rate has averaged 76% compared to the 74% averaged between Easter and the Queen's Birthday, according to Australian Property Monitors.
Both periods represents the highest level of buyer activity for a decade for their like-on-like time period.
Sydney's weekend rate of 77.4% was a strong result with the winter yet to enter hibernation.
The most expensive property reported sold at the weekend was a six-bedroom house at 73 Albert Road, Strathfield, sold by Devine Real Estate for $3.4 million.
It just fell short of the highest recorded house price in Strathfield over the past year of $3.5 million on Augusta Street in February.
A big unit auction sale was a three-bedroom unit at 8a/3 Campbell Parade, Bondi Beach which fetched $2.4 million. But they actually wanted $2.75 million earlier this year.
The most affordable property was a three-bedroom house at 40 Cadonia Road, Tuggerawong, up Charmhaven way in the Wyong Shire which sold for $177,000. They had marketed it as wanting over $150,000.
Sydney's rather sluggish prestige suburbs have emerged as the top performing in 2013, RP Data's June figures show.
RP Data's latest June figures show that over the past six months dwelling values in Sydney's most expensive suburbs rose by 4.8%.
There was 4.6% growth in the broad middle market.
The slowest growth was the most affordable end of the market, which increased by 3.2%.
Tim Lawless at RP Data says Sydney's premium property sector – properties worth $1.5 million or more – had been held back for five years partly because of the volatile weak stock market.
Meanwhile prestige Sydney Harbour offerings are being m0pped up after months on the market.
Yachtie Matt Allen has taken a put and call option over Sir William Tyree's Darling Point harbourfront.
The deal was done last month, presumably at well short of its ambitious $50 million hopes on its initial listing. Matt Allen's most famous Sydney to Hobart skippering has been of Ichi Ban.
Its an 1,800-square-metre Lindsay Avenue property at the tip of Darling Point.
Sir William bought it in 1967 for $170,000 from the estate of Margaret Wirth of the Wirth Circus family.
It was listed with $40 million to $50 million hopes. No sale price is yet available, nor the option details, but Property Observer would expect somewhere around $30 million.
Altona, the Point Piper harbourfront mansion, crowned the recent financial year’s list of Sydney’s top 20 highest price house sales.
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No signs of winter hibernation as June Sydney auctions strongest in a decade: APM 

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How do children nudge often-reluctant parents toward making sound and fiscally smart decisions about the <a target="_blank" href="https://www.nytimes.com/2013/06/30/realestate/mom-and-dad-lets-talk-real-estate?hpw&amp;_r=0">future of the family home</a>?
<a target="_blank" href="https://twitter.com/nytimes"><img alt="tweetofthedayjuly1" height="72" width="470" src="/images/stories/2013/07/tweetofthedayjuly1.jpg"></a>
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