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.

Joel Robinson

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

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

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?

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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Macquarie Bank's Ben Suttie and his wife Emma have sold their Woollahra residence.
Having returned from Hong Kong, the family is apparently off closer to the beach.
They were seeking about $5 million for the Georgian-style facaded property on its 335 square metre Queen Street block.
It was leased for the next year.
The two-storey terrace has formal lounge and dining rooms, a library, parterre garden,and double garage. There were three upstairs bedrooms.
It was bought in 2007 for $5,035,000 from New Zealand businessman Quentin Black.
It was the weekend's highest priced sale but  the selling agents <a href="https://www.ballardproperty.com.au/Selling/recentsales/residentialdetail.aspx?id=WOOLLAHRA%202012149&amp;wlid=1f85bd40-e887-47d1-977a-117b7cc33afb" target="_blank">William Manning and Emma Symonds of Ballard Property</a> are under instructions not to reveal the price.
Property Observer gathers $5 million was secured.
Australian Property Monitors reported the highest revealed sale price as 13 Lewis Street, Balgowlah Heights, a four bedroom house that fetched $2,755,000 through R&amp;W Seaforth/Balgowlah.
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jchancellor-FAypfDUnLy

Queen Street, Woollahra the weekend's whisper quiet trophy home sale

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Today I found a property on the internet that I thought had sold a few months ago.
It was still marked “Under Contract” but they’d just forgotten to remove this after the sale fell over.
I phoned the agent to check and yes, the sale had not gone through. Ah, I love it when everyone else thinks a property is sold; it gives me a bit more time to assess.
As I stared at the one measly photo on the agent’s website, my heart rate increased.
I started my Property Bloom development mental check list:
<ol>
<li>
Location – double tick. It was close to the Hunter Expressway interchange, this is a massive infrastructure project in the Hunter, a six-lane freeway link due to open later this year. And, the property was very close to the local public school.
</li>
<li>
Land size – tick. Over 870sqm – more than enough room for a good sized duplex.
</li>
<li>
Price – tick.  If we can secure the land at about a 9% discount it’ll be a great buy.
</li>
<li>
Cost effective development - tick. This project will suit a developer on a budget (aren’t we all?) as the total estimated project costs are around $518,000.
</li>
</ol>
I continued my enquiries and found that the property was an estate sale and had been on the market for a few months now. I’m guessing those estate recipients may be getting a little impatient and more likely to take a lower offer.
I was chatting to the lovely young agent about how long it had been since the sale fell through and asked “what the vendor’s expectations were?”  What I meant was their expectation on whether the property should have sold by now.
But instead the agent blurted out a price... a much lower price than the listing price.  “Oh, ok, that’s interesting,” I said as a small smile started to form at the corner of my mouth.
So now I knew what the last offer had been accepted at and quickly plugged this figure into my feasibility spreadsheet. That certainly helped the bottom line. So I made a mental note to offer $10,000 less.
I received the contract by email and scanned straight to the Section 149 Planning Certificate. More boxes were ticked when I saw it wasn’t in a bushfire zone (like some of the land in the Hunter). Building to meet bushfire requirements can add another $10,000 or so to a dual occupancy cost.
The sewer location is ok but running through the middle of the block, we may need to spend some money on encasing the sewer line but perhaps not.  I added some contingency for this in case.
A quick look on Google Maps gave me an idea of what the demolition costs may be to remove the old house and to check the aspect, the way the land was facing.  The aspect was workable, not ideal but a quick redesign of the floor plan will see our living spaces north facing.
Looking on Google Earth and knowing the area, I could estimate that the land was pretty flat so that will minimise site works such as retaining walls.
Now, all I needed was an interested client.  I often find property before we have a client ready to move forward.  My newsflash went out to our database, people who had signed up to receive the free Property Bloom newsletters.
It may even be your lucky day.
However there’s still much more research to be done before an offer would be made on this site and for our new clients it’s important they have finance pre-approval and have discussed the project with their accountant and financial planner.
Jo Chivers is director of <a target="_blank" rel="nofollow" href="https://www.propertybloom.com.au/" title="Property Bloom" style="font-size: 14px;">Property Bloom</a>, which manages property development.
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jochivers-wq5Bp59R5a

When making extra real estate enquiries pays off: Jo Chivers

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Property valuers Herron Todd White have warned the re-sale of metropolitian Melbourne off the plan properties might be challenging as overseas buyers account for a large portion of the market.
“Off the plan properties may be tempting with 10% deposits and reduced stamp duty, however a large portion of demand is coming from overseas.
“The majority of foreign investors are only able to purchase new off the plan properties, so when it comes to selling years later, your market pool has shrunk considerably.”
The valuers say the Melbourne apartment market is currently being watched very closely as evidence continues to emerge of an oversupply of apartments in the development pipeline, particularly in the metro area, with approximately 25,500 expected to be completed by the end of the next year.
Property Observer <a target="_blank" href="https://www.propertyobserver.com.au/trends/matthew-guys-high-rise-vision-for-melbourne-could-be-a-pipe-dream-australia108-towermelbourne/2013061162045">reported</a> on Matthew Guy's approval of three new major skyscrapers in the Melbourne CBD, with the planning minister having almost a "manhattan-like-skyline vision."
Property consultants Charter Keck Cramer (CKC) anticipate a 30% rise in new apartments to be completed over the next three years taking total inner city apartment numbers from around 30,500 currently to over 42,000 by 2015.
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ntrotman-Et3xWpamVh

Melbourne off the plan re-sale warning: Herron Todd White

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Looking at country housing markets for each state as a whole, Victoria, New South Wales and the Northern Territory were the best performers for the month of April, according to John Edwards at Residex.
"Each market experienced growth in the house and land market as well as the unit market," he noted.
South Australia, Tasmania and Western Australia were the worst country performers for the month, recording negative growth in both the house and land market and the unit market, the report noted.
For the year ending April 2013, the top performing suburbs in each country property market were:
<ul>
<li>Country New South Wales 
<ul>
<li>Boggabri houses: 24.37% growth</li>
<li>Singleton units: 13.07% growth</li>
</ul>
</li>
<li>Country Queensland 
<ul>
<li>Wandoan houses: 24.74% growth</li>
<li>West Gladstone units: 12.83% growth</li>
</ul>
</li>
<li>Country Victoria 
<ul>
<li>Lethbridge houses: 20.88% growth</li>
<li>Wollert units: 10.75% growth</li>
</ul>
</li>
<li>Country Western Australia 
<ul>
<li>Kambalda East houses: 24.11% growth</li>
<li>South Hedland units: 20.10% growth</li>
</ul>
</li>
<li>Country South Australia 
<ul>
<li>Laura houses: 15.84% growth</li>
<li>Tanunda units: 2.52% growth</li>
</ul>
</li>
<li>Country Tasmania 
<ul>
<li>Greens Beach houses: 11.14% growth</li>
<li>Riverside units: 5.25% growth</li>
</ul>
</li>
</ul>
The statistics for regional property markets around <a href="https://blog.residex.com.au/2013/06/12/regional-australia-property-market-update-2/" target="_blank">Australia</a>.
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po-LsXgBTHBmX

Boggabri and Kambalda top the 12 best performing localities in country Australia: Residex

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Recently I had a discussion with a broker who specialises in construction funding and he advised me of some of the problems he was having placing several of his construction loans.
After listening to his complaints, I found myself questioning his experience, as it contradicted my own experiences of the past five years post the GFC.
As many of you would be aware, we at Folio Finance are very active in raising loans for construction particularly in the transaction sizes of $5m-$20m and have been from our inception back in 2005. During this time we have funded over $300m in projects, with the majority in and around southeast Melbourne, the CBD and Melbourne bayside.
So what has changed during this time?
Below I discuss the major areas that need to be addressed when applying for construction loans and provide you with examples of how things may have been done pre-GFC and what has changed since. I’m hoping this will clarify some of the misconceptions out in the market regarding project funding/construction funding.
Note, the examples and advice below are specific to bank finance and not loans from private lenders or non-bank lenders.
1.	Lending Ratios &amp; LVR’s – Whilst banks (and some brokers alike) may talk about a loan as a percentage of ‘end value’ (when discussing loans for construction), lending for development has always been provided on a loan to development cost basis. Banks and brokers tend to talk “end value” as it is an easier concept to grasp, but in reality, banks always lend the lower of a percentage of costs (i.e. 80% of costs) or a percentage of the net realisation value (NRV ie.65% of NRV).
A simple way of looking at this, is that for every dollar of agreed project costs the bank is willing to lend you a fixed percentage. This ensures that the developer has an adequate amount of equity throughout the project cycle and not only once the construction is completed and majority of risk reduced. I can’t tell you how many times I have had developers come to my office and advise me that they have millions of dollars in equity in their project, based on the end value of the finished product (not a good sign).
Some lenders did change their lending ratios post GFC, in particular WBC, CBA and NAB, but there were many others who didn’t and continued to offer construction loans in Australia, at an “80% of costs” level.
*NRV i.e. gross sales less GST and agent’s commissions
2.	Presales – construction loans in Australia have always required pre sales for larger commercial projects, when the project sponsor lacked the capacity to service the proposed debt, from external cash flow.
Pre-GFC, many banks were proceeding with transactions based on pre sales of 50% of debt coverage.
Post-GFC, this condition was tightened to 100%.
More recently, some banks have relaxed this condition back to 50% pre sale cover providing a strong signal that banks are once again, very willing and keen to fund residential and commercial construction loans.
3.	Developer experience. You can’t buy experience and as such, the most desirable developments to fund (for banks) are those that are supported by experienced property developers. Its experienced developers who are able to make decisions quickly, on site, ensuring the project is completed on time and on budget.
A project Folio Finance recently funded, was completed four months in advance and saved the client over $400k in interest on their first and second mortgages. It was a highly profitable project and I attribute this to the experience and expertise of the project sponsor. His experience meant that he was personally able to project manage the development and quickly and efficiently sort out many of the issues that appeared during construction.
 
<hr class="system-pagebreak">
Conversely, at a similar time, we assisted a developer who had years of building experience, as well as a solid level of property development experience (in building townhouses), who required assistance with construction finance to assist with his first apartment property development. Despite his building experience, his lack of property development experience (of a similar nature) resulted in the project incurring heavy delays and the project timeline blowing out over nine months.
Ironically the bank had forced the developer to extend out his sunset clauses on his presold apartments (which the developer strongly contested, as he was adamant he could complete the project within his estimated timeframe) and this meant that none of the buyers were able to cancel their contracts, due to his delays.
A developer’s balance sheet will also go a long way in validating a property developers previous success and its highly unlikely that bank would be willing to lend a developer , tens of millions of dollars, if they don’t have a healthy balance sheet (would you?).
4.	Financial statements of the borrower – we receive many enquiries from developers who claim that they don’t have, or are unable to provide financial statements. The assumption they make is that their weak financial statements will render them inadequate to attain funding from a bank. This is completeley wrong.
Construction loans should be structured on a “stand-alone” basis with the cashflow or debt repayment generated from the sale of the end product and not the sponsor’s historical financial statements (unless the developers strategy is to build and retain). There are very few developers or developments that are funded on the strength of the sponsor’s cash flow (in the market segment I work in anyway being &lt;$20m in value) which is why pre sales are so important.
Recently we had a six-apartment development approved for a developer who had a taxable income of $8k in 2012. Five of the six apartments had been presold which meant that the banks could be repaid in full on completion of the project. This, along with scoring strongly in areas 1-3 above, meant the funding was approved through a Big Four bank at very competitive rates.
So taking the above into account, my assessment of the current market for construction finance in Australia for projects of &lt;$20m in value is:
1.	The market is more dynamic post-GFC and despite the policies of some banks changing during this time, funding has continued to be available at traditional LVRs
2.	Brokers need to control the application process by organising their own valuations and other supporting reports, and ensure that their credit submissions are detailed enough to allow an application with a number of lenders at one time. During the past five years brokers and developers who have been willing to work with a number of lenders would have experienced little to no change in the level of funding they could access for construction loans
3.	Projects that have the right fundamentals are always highly sought after by banks and lenders in general
4.	Anecdotally, I believe a high majority of projects that are not funded or declined by the banks, simply don’t qualify for bank funding and wouldn’t have qualified even in friendlier times
5.	The biggest impact in changes in construction lending, have been at the lower end of the markets (i.e. small townhouse development ) where developers became accustomed to raising construction finance, based on the projects end value and had little to no equity in the project. This type of funding where the majority of risk was transferred from the developer to the lender was unsustainable and whilst it was a great form of finance for developers, was always expected to be tightened up
6.	The market for construction finance is not nearly as bad or tough as people make out and banks and non-banks alike, have shown a strong interest to work in this space in 2013
I welcome your comments and opinions on your own experiences, even if they contradict my own.
Con Katsiouras is director of <a target="_blank" href="https://www.foliofinance.com.au/">Folio Finance</a>
 
 
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ckatsiouras-wX9JoY8Se5

Key changes in the construction funding process since the GFC: Con Katsiouras

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The latest project to arrive in Sydney’s Lewisham is the Alpha Apartment complex, boasting 68 apartments across five levels.
Located on the corner of McGill Street and Canterbury Road, the property features one-, two- and three-bedroom apartments and has been designed by Tony Owen Architects.
<a target="_blank" href="https://www.tgc.com.au/residential/projects/20-McGill-St-Lewisham-11">Alpha</a> (pictured below) will take advantage of the inner west light rail extension and offer residents quick and easy transport with the Lewisham West light rail stop at its doorstep.
<img alt="lewishammay15one" src="/images/stories/2013/05/lewishammay15one.jpg" width="470" height="262">
<img alt="lewishammay15two" src="/images/stories/2013/05/lewishammay15two.jpg" width="470" height="235">
One-bedroom apartments range in size from 50 square metres to 94 square metres and are priced from $475,000.
Two-bedroom apartments range in size from 65 square metres to 91 square metres and start from $640,000.
Two- and three-bedroom skyhomes range in size from 72 square metres to 126 square metres and start from $710,000.
 
<hr class="system-pagebreak">
<img alt="lewishammay15three" src="/images/stories/2013/05/lewishammay15three.jpg" width="470" height="310">
Although the official marketing campaign is yet to kick off, Jean-Paul Markopoulos of TGC Residential Projects says there are some eager owner-occupier buyers registering.
There are currently 15 apartments reserved, pending a contract.
<img alt="lewishamjune12one" src="/images/stories/2013/06/lewishamjune12one.jpg" width="470" height="325">
Markopoulos says interest has been particularly strong for the larger two-bedroom apartments and sky-homes.
“We are confident that when we kick off, we will sell 70% fairly quickly,” says Markopoulos.
The median unit price in Lewisham has experienced a 13% growth over the past year and is currently $475,000 according to RP Data.
Alpha has an expected completion date of 2015.
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Alpha the latest project to hit Sydney's Lewisham

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Everyone knows who “High-rise Harry” is, but have you heard of “Manhattan skyline Matthew”?
Victoria’s youthful planning minister Matthew Guy is looking to leave a permanent reminder of his time in office with a vision for a Manhattan-like skyline dominated by high-rise apartment projects.
Matthew Guy has approved three major skyscrapers to be built in and around the Melbourne CBD – Tower Melbourne, Australia 108 and Vision – and has a vision for the Melbourne skyline that “turns dramatically upwards”.
A press release issued by Guy in March to announce <a href="https://www.propertyobserver.com.au/victoria/fender-katsalidis-australia-108-tower-seeks-%241000-early-buyer-registrants/2012112058001" target="_blank">his approval of Australia 108</a>, which will rise 108 storeys (388 metres) and become the world’s 19th tallest building on completion, reinforced his vision with title “Melbourne, moving upward”.
Two things are clear: more people are expected to reside in apartments in and around the Melbourne CBD in the coming years and offshore players are a growing force in new developments.
Property consultants Charter Keck Cramer (CKC) anticipate a 30% rise in new apartments to be completed over the next three years taking total inner city apartment numbers from around 30,500 currently to over 42,000 by 2015.
They estimate that offshore developers will account for around 39% (4,700 apartments) of new apartments being developed in Melbourne’s central City region over the next three years.
This compares with offshore developers accounting for just 8% of new apartments between 2000 and 2012.
The most high-profile Asian-backed project is Tower Melbourne, being developed by CEL Australia, a subsidiary of Singapore-based listed developer Chip Eng Seng Corporation.
The two other projects - Australia 108 (developed by architects Fender Katsalidis) and Vision (developed by the Brady Group) - are Australian-based projects but will attract Asian investors in their development and cashed-up private Asian buyers to off-the-plan apartment sales.
However, this shift towards high-rise project development spurred on by Matthew Guy's willingness to approve such projects, will require a major shift in Melburnians' affinity for living up in the clouds supported by continued investment from Asian buyers.
As one industry insider tells me, the densification of Melbourne around the CBD may be happening at a rate “beyond the community’s preference”.
In essence, what is required is a fundamental shift in patterns in household consumption of housing.
It requires that people move out of the established parts of Melbourne and into new apartments in and around the city.
And the granting of development approvals does not in the first instance guarantee a project will eventuate (the decision by ISPT to sell its Spencer Street site with approval for six residential towers a recent example of uncertainty about approved projects) nor does it guarantee a supply of tenants, even if off-the-plan sales are strong.
 
<hr class="system-pagebreak">
Projects need to be appropriate to meet the market conditions and some may have to wait a very long time to see the light of day.
An example of this is Prima Pearl project, which is finally under construction and rising behind Crown Casino on Southbank.
The 72 story project, being developed by the PDG Group and being built by Brookfield Multiplex, received approval nearly 10 years ago.
Apart from the demographic shift required, the changing nature of commercial zones into residential ones will require an investment in community facilities such as libraries, child-care centres and supermarkets.
In some instances, the rise of residential developments has come before community investment, the most glaring example being Docklands.
RotheLowman architect and principle Chris Hayton designed the Abbotsford riverfront project on the banks of the Yarra River with a community feel and access and says Melbourne apartment buyers are looking for a place where “people will want to go and live, where they are able to walk downstairs to get their milk and where they don’t have to get into their car to kick the footy around.”
He calls it the “milk bar resurgence” and adds that the lessons can be learnt from some of the well-known failings of mixed-use developments at Docklands.
Industry players say there are broadly two apartment development markets in Melbourne.
The first of these is centred around the inner city markets – CBD, Docklands, Southbank and City Road - and dominated by offshore players who don’t have the pre-sales constraints of local developers and who can contribute greater equity to the project.
One example is the Tower Melbourne project.
With the backing of a listed Asian developer, it is certain to be built.
Offshore players play by different rules. They put more equity into their projects and require less financing, which influences what they can do.
In addition there are push factors from offshore markets like China, Singapore and Hong Kong where the rate of return on equity is much lower than it is here.
Earlier this year, Beijing banned single-person households from buying more than one residence. The government also increased the minimum deposit for all buyers of second homes and has increased the capital gains tax on property to 20%.
This means there is a lot of money floating about and looking for home and finding its way into the Melbourne apartment market.
But other projects backed by private funds – local or offshore - may take longer to come to market – or may not happen at all.
Plus Melbourne, which has had the offshore buyers’ market largely to itself up until recently, now faces more competition from Sydney, Brisbane and Perth.
Even Adelaide is attracting offshore interest with Chinese developer Datong buying four sites and commencing construction this week of $36 million project comprising 69 apartments.
The other new Melbourne apartment market is the one happening out in the suburbs, where local developers are building more modest or appropriate projects, provided they secure the necessary pre-sales.
And there remains another potential spoke in the wheel - the declining Australian dollar.
While a weaker dollar makes it cheaper for offshore investors to buy apartments off-the-plan, it could according to property consultants MacroPlan Dimasi discourage Asian developers from buying up development sites and undertaking new apartment projects because they will face the prospect of owning an asset that is declining in US dollar value terms.
And it appears perhaps that Matthew Guy himself is not entirely one-dimensional when it comes to the development of Melbourne’s urban areas.
He recently announced that he would save 87 heritage buildings in and around Melbourne including Norman’s Corner Stores at 180-182 Bourke Street and the former Argus building in La Trobe Street.
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Matthew Guy’s high-rise vision for Melbourne could be a pipe dream

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The Australian construction market is the most adversarial in the world, with high costs placing Sydney as one of the five most expensive cities in the world to build commercial, multi-unit high rises and hotels.
In global firm AECOM's annual collection of data from more than 10,000 construction projects around the world, Sydney ranked in the top five most expensive cities for each category of development because of market conditions, including high labour costs.
The results found innovation and collaborative delivery on construction projects is needed to reduce costs and make construction more affordable.
The report also suggested the residential property market, which has recently been improving across Australia, particularly in Melbourne and Sydney, could "take up the slack" felt in the economy with the end of the resources boom.
The recovery of the housing market has been particularly evident in the apartment sector, with the report finding the rate of approvals for apartments is "well above its 20-year average".
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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Sydney among world's most expensive cities for construction costs

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Property developer Piccolo has acquired the Elwood RSL Club for $6.275 million.
The site (pictured below), advertised via public tender, sold through Chisholm &amp; Gamon Elwood.
<img alt="elwoodjune18one" height="253" width="470" src="/images/stories/2013/06/elwoodjune18one.jpg">
Sam Gamon of Chisholm &amp; Gamon Elwood told Property Observer the site received about 38 submissions.
“That’s a really healthy sign for the popularity of the property market in the area," Sam Gamon said.
<img alt="elwoodjune18two" height="246" width="470" src="/images/stories/2013/06/elwoodjune18two.jpg">
"It exceeded our expectations, with a landmark result for the area.
"It’s a real landmark because of its corner location.
"It’s a gateway to Elwood,” he said.
 
<hr class="system-pagebreak">
The Elwood RSL opened soon after the World War II as a meeting place for ex-servicemen.
The property was originally a weatherboard house, Brett Gamon of Chisholm &amp; Gamon Elwood told Property Observer.
“In 1959, the members raised sufficient funds to build a new building on the site.
Over the years, it was fundamentally a meeting place for ex-servicemen. As time continued on, it became a social club as well,” he said.
Locals enjoyed the facilities available at the club, including a restaurant and a gaming area.
The Elwood RSL ceased operations in August last year, citing financial difficulties.
“Dwindling membership in terms of servicemen did become a problem for the club, [as well as] the aging building, and the number of people visiting the club. It got to the point where it had to rationalised and it was eventually sold,” Gamon said.
This will be Piccolo’s first Elwood development, after completing over 500 apartments in the last decade.
Last year, Property Observer <a href="https://www.propertyobserver.com.au/developments/piccolos-upper-house-carlton-apartment-complex-secures-70-sellout-after-10-weeks/2012112158011">reported</a> that their latest project, Upper House in Carlton, has achieved significant sales success.
It has since almost sold out.
The developer is also responsible for the Garden House luxury apartments opposite Carlton Gardens.
Piccolo plans to create a mixed-use Elwood development consisting of ground-floor restaurants and luxury apartments.
Located on the corner of Pine Avenue and Ormond Road, the 1,404 square metre site is in a prime position, and is accessible from three sides.
“We are thrilled with the acquisition of this sought after site in Elwood," Piccolo director Michael Piccolo said.
Victorian RSLs has been quite active in the property market in recent years. The RSL sold an 1895 Windsor Place property in the city for $2.4 million as well as its St Kilda West branch for $3 million approximately two years ago, according to a recent report by The Age.
 
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Property developer Piccolo acquires the Elwood RSL Club for $6.275 million

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The weekend of June 1 saw the start of winter auctions for 2013.
A running joke in the industry is that if you’re a buyer intending to bid on a weekend auction - pray that it rains!
We at Secret Agent wanted to ask ourselves a very simple question. Could rain affect auction prices?
Would it have a detrimental effect on property pricing?
Our initial thoughts were that it wouldn’t impact results. If a buyer was set to bid on a property, the weather wouldn’t impact the way a serious purchaser would peruse it.
However, we started following some interesting research on the correlation of stock market performance and the weather, and this started our quest to establish if in fact the Melbourne property market was influenced by the weather.
The research mentioned was prepared by the University of Berkeley, and compared the DowJones Industrials and weather patterns from 1948 - 2010.
The market recorded an average reduction of 2.8% on cloudy days over that time period (62 years of data).
We looked at the winter months when an auction occurred on a wet day (i.e. more than 4mm of rain) and there was an average price difference of of 5% less as opposed to auctions that took place on a dry day with less than 4mm of rain.
This finding was compiled with 2012 Melbourne sales results that occurred on a Saturday (i.e. at auction) between June and August 2012.
<ul>
<li>Average auction result with less than 4mm of rain, $1,003,300</li>
<li>Average auction result with 4mm or more of rain, $956,800</li>
</ul>
The lower 5% difference could be expected for property owners auctioning on a rainy day!
The one saving grace to this situation is that some correlations over the past decade show that prices on a whole are stronger in winter than those at other points in the year.
The reason for this is the scarcity of stock in winter. A vendor could be wise to sell in winter, but only on a dry day!
Paul Osborne is managing director of buyers' advocate <a href="https://secretagent.com.au/" target="_blank">Secret Agent</a>.
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