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>.

Joel Robinson

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

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

GRAYA greenlit for riverfront St Lucia apartment development, Silk

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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Canberra’s Molonglo Valley First Release Sets the Foundation
One of the key points about Canberra’s Molonglo Valley is that <ins cite="mailto:Administrator" datetime="2013-03-06T15:09"></ins>the development might well take as much as fifteen years to complete and there is no doubt that market dynamics will change constantly. Fifteen years is a long time to be in the market, but with large projects of this kind it is not uncommon, even much smaller projects are frequently in the market for 3 – 5 years. It’s a hallmark of this facet of project marketing and as a result there are some conventions that we need to be aware of and always aim to tick-off. Step one is a highly successful launch.
Any project launch is important, because it sets in place the ground rules for how the brand will be seen in the market. If the brand gets off to a flying start, as was the case with Molonglo Valley, then future success will be more readily assured as the brand then moves from strength to strength.
By contrast, a poor start takes a lot of hard work to reverse, over time it’s not impossible, but if we look at how Molonglo Valley was launched we can see some clear pointers on <ins cite="mailto:Administrator" datetime="2013-03-06T15:10"></ins>how to achieve an outstanding launch. And that’s the result every project is looking to achieve.
Solid Planning and Some New Ideas
Every major land estate development will be sold in stages, and market conditions will always dictate how and when each stage is released. While other projects can also be released in stages the land estate environment is very different because of a number of key factors. One difference is the amount of time involved and the second is the reality that while new stages are planned and sold, early stages will already be complete and residents may well be living in their new homes. Your brand if you like is being tested while you are still very much in the market and this sets up some ongoing marketing dynamics that I will return to.
In this light the first release of 100 blocks at Molonglo Valley had the marketing team on the starting blocks facing a very long race, and for everyone involved the goal to achieve a great launch was clearly understood. In the Canberra market this had been a much anticipated land release, there was clearly pent up demand, the land would be popular but still there was a need to engage the market with a product that was still very much a vision.
First Release by Auction
"Almost immediately after the ACT Government announced that the land would be developed for residential housing we had buyers and builders eager for the first release, I think it was clear that Molonglo Valley would be a new chapter in Canberra's history and many people wanted to be a part of it."
“The market was ripe with expectation and so our role was to work and manage this first release, already aware that since the first announcement was made more than 1000 expressions of interest had been received.”
According to Shane Radnell, General Manager of Residential Land Estate Marketing at Colliers International Canberra, this was the market setting the scene for one of the largest land auctions of its kind and what would be a record event for Canberra’s residential market.
With agreement that the first release would be built around a sales path culminating with an auction in June 2010, the marketing of Molonglo Valley got underway.
No Site Inspections Possible
Formal registrations of interest for Molonglo Valley got underway on Friday 23rd of April 2010 and the results as might have been expected were immediate, many more people anxious for information soon joined the already 1000 early birds.
The opening of registrations was however preceded by intense planning and a variety of key marketing assets were in place to ensure that this wave of activity was well managed.  However outside of all of this bluster was the fact that the site of the first release was planned, and the suburbs had a name Wright and Coombs, but beyond that the land had not yet been developed, it was not possible to visit the site, walk the streets or physically see the blocks that were to be taken to market.
Clearly by any account this was a unique challenge, if you like we could make the comparison to selling apartments ‘off-the-plan’ but there was for want of a better comparison not display apartment. The location was familiar and the entire location could be seen from some nearby vantage points and so the gap had to be filled and this is where the team at Colliers International in Canberra delivered with a strong marketing plan and more than a few ounces of inspiration.
“Before we moved to open formal registrations in April we already knew that with an auction date of 19th June, we would face an intensive sales path and so we had to plan a robust plan.
“The sheer number of people who had registered in part dictated that how we managed and presented the details about Molonglo Valley would need to give our potential buyers, both private buyers and builders, the information and reassurance they needed to buy at auction, otherwise the process could have failed,” said Shane Radnell.
The sales path was built around several key steps, some will be familiar with the use of some new technology being a first and a clear way of adding lasting value to the brand.
 
<hr class="system-pagebreak">
Getting Value from Registrations
As might have been expected once formal registrations were announced the project website received an immediate and ongoing rush, and registrations were required to secure a time to visit a purpose built CBD sales centre. Every person who made a registration request was then contacted by the sales team and given help with all the information they required, this involved a great deal of buyer interface and as I have frequently pointed to this was not a process driven by auto-response or a self-select menu.
By the time any of the people who had registered came to the sales centre, they were already well versed in the process and would have been somewhat familiar with both Molonglo Valley and the sales team member looking after them.  I have always championed this level of personal connection and on auction day this level of familiarity and informality would be important.
The Sales Centre
Well ahead of the call for registrations and during the modest pre-launch advertising campaign a purpose built sales and information centre was completed.
The location of this centre was again a key part of the sales path, it was located in Canberra City in New<ins cite="mailto:Administrator" datetime="2013-03-06T15:12"></ins>Acton in an easily accessible spot with ample nearby parking and was open out of normal business hours. According to Shane Radnell, the aim was to make it as easy as possible for people to visit via scheduled appointments and the centre is still in use today.
“The sales centre and its contents were a key part of a very deliberate sales path, the centre was very spacious, even understated, it had high ceilings and a level of quality that some land estates do not usually offer.
“It was all about creating an open comfortable impression, direct sales material was very limited, we concentrated on helping potential buyers understand the site to make this first impression Molonglo Valley a stand out and we used a new form of interactive table top technology to aid the sharing of core information. ‘Hii’ as the unit is <ins cite="mailto:Administrator" datetime="2013-03-06T15:12"></ins>now know, was <ins cite="mailto:Administrator" datetime="2013-03-06T15:12"></ins>the first application of its kind.”
New Technology
‘Hii’ or Human Interactive Interface was a new tabletop application first used to launch Molonglo Valley, is <ins cite="mailto:Administrator" datetime="2013-03-06T15:13"></ins>an interactive platform that the sales people drive. The system allowed complex and detailed information to be displayed at a very engaging level taking buyers on a visual journey that started with an aerial birds-eye view of the site and then drilled down to the full details of individual blocks.
Then at the end of the presentation all of the selected details were instantly sent by email to the buyer. Feedback was excellent and buyers clearly indicated that the Hii unit helped give them a very clear picture of Molonglo Valley.
Results – Nothing Taken for Granted
Reading many of my and Shane’s comments you might be initially tempted to think that Molonglo Valley was at its launch gold-plated, high demand, a great location, big blocks and affluent target market, and while all of those facts are true, any new release always involves risk.
In Canberra there were several very high hurdles to jump that only solid planning and the delivery of key assets overcame to help ensure the delivery of the outstanding results that were achieved. In my final Molonglo Valley post I will recount these and bring us up-to-date with where the project now sits in 2013 and I will also take a look at Canberra’s Land Rent Scheme, which is part of the ACT Government’s Affordable Housing Action Plan.
Peter Chittenden is managing director for residential of <a target="_blank" rel="nofollow" href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx">Colliers International.</a>
 
 
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pchittenden-eLqUUC8TWW

Molonglo Valley's successful launch is a great example: Peter Chittenden

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All purchasers must define their own needs. Owner-occupiers are different to investors and want very different things from property. Investors who purchase off-the-plan should be buying for the medium- to long-term.
“Buying for the short-term is risky in the current environment. Look to holding a property for five to 10 years, and that will allow you to ride out any negative movements in the market that could reflect in the value of the property. If you stick with the long-term you will end up with solid capital growth,” says Tim Rees, director of CBRE residential projects.
Investors, who accounted for about 70% of sales six years ago, once dominated buying off-the-plan. But the tide is turning.
Rees says that owner-occupiers have become shrewd in buying property off the plan in recent years, and that purchases off-the-plan have become popular.
The tight residential market in Sydney, where owner-occupiers have seemingly embraced buying off-the-plan or face never getting started on the property ladder, has driven this, Rees says.
“In Sydney there are not many apartment buildings these days that are not already sold when they are finished, so they do not add anything to the available housing stock.
“This keeps the market competitive and tight, and owners-occupiers understand that buying off-the-plan is a reputable way to buy and no longer the domain of investors,” Rees says.
However, do not always assume that property prices are going to rise. There have also been cases of people paying far more for a property at settlement than they could hope to sell it for in the current market.
When you are considering what might happen to property prices from the time you sign the contract to settlement, you should also research what other projects will be completed over this time frame in the same area.
There could, for example, be a glut of apartments being marketed off-the-plan or due to commence construction, which could create an oversupply rental situation or reduce values.
For great tips on buying off the plan, download Property Observer’s free ebook – <a rel="nofollow" href="https://propertyobserver.us2.list-manage.com/track/click?u=24bd0766a834290948593f5aa&amp;id=14e9848476&amp;e=7a53fc6dd9" target="_blank">14 tips for buying off the plan: The 2013 guide for investors and owner-occupiers.</a>
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Take into consideration rising and falling values: tips for buying off-the-plan

<html><body>Australian Property Monitors (APM) has released a list of results from 327 auctions in Sydney for the weekend of March 9. The clearance rate was 73%. <a rel="nofollow" target="_blank" href="https://www.homepriceguide.com.au/saturday_auction_results/Sydney.pdf"> Click here</a> for the auction results, and click on each street address to see the property's marketing.</body></html>

po-LsXgBTHBmX

APM's 327 Sydney auction results show 73% clearance rate

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As we predicted, two Reserve Bank of Australia meetings have passed and the cash rate has not budged from 3%.
One only has to read the <a target="_blank" href="https://www.rba.gov.au/media-releases/2013/mr-13-04">statement by RBA governor</a> to see: "In Australia, most indicators available for this meeting suggest that growth was close to trend over 2012, led by very large increases in capital spending in the resources sector, while some other sectors experienced weaker conditions. Looking ahead, the peak in resource investment is approaching. As it does, there will be more scope for other areas of demand to strengthen."
I stated in previous posts that I can’t see the official cash rate going below 3% and I now lean towards <a target="_blank" href="/news" title="no rate cut in April as HSBC pencils in rate hike towards end of the year. ">no rate cut in April as HSBC pencils in rate hike towards end of the year.</a>
<a target="_blank" href="/news" title="no rate cut in April as HSBC pencils in rate hike towards end of the year. "></a>HSBC chief economist Paul Bloxham says low inflation (currently well within the the RBA’s target of 2% to 3% band at 2.2%) means an easing bias still remained and the RBA could cut rates if necessary, but he highlighted the following comment by RBA governor Glenn Stevens in the monetary policy statement, which suggests a brighter outlook.
"During 2012, there was a significant easing in monetary policy. Though the full impact of this will still take more time to become apparent, there are signs that the easier conditions are having some of the expected results."
Australia is fortunate that the RBA has a positive cash rate, with which they can act where necessary. This is in contrast to other central banks that have no room to stimulate their economies given their cash rates are stuck on zero.
The debate has now turned to <a title="major banks can and should cut variable rates independently of RBA: Bernie Fraser" href="/news" target="_blank">major banks can and should cut variable rates independently of RBA: Bernie Fraser</a>, which I don’t believe will happen as it is becoming increasingly obvious that the big banks are doing private sweetheart deals with clients.
<a title="Borrowers should not be paying more than 6% on their home loan: RBA charts" href="/news" target="_blank">Borrowers should not be paying more than 6% on their home loan: RBA charts</a>. Further proof is that <a title="one in four looking to split their home loan between fixed and variable: Loan Market" href="/news" target="_blank">one in four looking to split their home loan between fixed and variable: Loan Market</a>. The mortgage-broking group says that over the past four weeks 27% of their inquiries have been from borrowers wanting to split a portion of their loan between fixed and variable. This is a 70% increase on the number of borrowers looking to split their home loan a year ago. On that basis it would be reasonable to suggest that we can expect this number to increase further in the months to come.
<img alt="simeonmarch11one" height="259" width="470" src="/images/stories/2013/03/simeonmarch11one.jpg">
<img alt="simeonmarch11two" height="346" width="470" src="/images/stories/2013/03/simeonmarch11two.jpg">
<a title="Economic optimism ‘unjustified’: Westpac economist" href="https://www.businessspectator.com.au/bs.nsf/Article/Economic-optimism-unjustified-Westpac-economist-pd20130306-5JMT5?OpenDocument&amp;src=hp30" target="_blank">Economic optimism ‘unjustified’: Westpac economist</a> is an amazing commentary, in which Westpac Banking Corp Ltd's senior London economist James Shugg says: “We have a situation where $US 85 billion ($A82.6 billion) a month is being pumped into the US economy, interest rates are at record lows and the economy is only growing at 2%.”
<a title="Canberra facing long – term budget deficits: report " href="https://www.businessspectator.com.au/bs.nsf/Article/Aust-facing-long-term-budget-deficits-report-pd20130304-5FRNS?OpenDocument&amp;src=tnb" target="_blank">Canberra facing long – term budget deficits: report </a> states that “Australia faces deficits until 2025 without policy changes, as modelling for the Minerals Council of Australia shows the impact of the removal of higher commodities prices and changes in the economic cycle on the budget.” One only has to see how this proposition is fractured due to massive bungles by Wayne Swan and Treasury (<a title="Five fractures in Swan’s treasured friendship" href="https://www.businessspectator.com.au/bs.nsf/Article/swan-treasurer-politics-parkinson-khmlani-pd20130304-5FS8L?OpenDocument&amp;src=sph&amp;src=rot" target="_blank">Five fractures in Swan’s treasured friendship</a>). It should be noted that Australia’s public debt – which has grown 150% since 2007 –  currently sits at $265 billion, third only to Iceland and Ireland.
To put this into perspective, <a title="BCA warns Labor that its budget plan is failing " href="https://www.businessspectator.com.au/bs.nsf/Article/Labors-budget-plan-failing-business-says-5HH66?OpenDocument&amp;src=hp3" target="_blank">BCA warns Labor that its budget plan is failing </a>– the federal government risks damaging economic growth if it stoops to ad hoc new taxes and revenue grabs in this year’s budget. This would be further explained in the latest edition of <a title="CEO Pulse " href="https://www.businessspectator.com.au/bs.nsf/full-coverage?openview&amp;restricttocategory=ceo+pulse" target="_blank">CEO Pulse </a>where the CEO’s scorecard for the government’s performance in managing the economy is up slightly to 3.3 out of 10. A woeful score!
In the March 2012 quarter Mosman houses peaked at 144; now we see volumes are already declining to 103. It is just not Mosman – the pattern is common for all of our demographic markets.
Source: Domain Property Monitors
<h4>MOSMAN – 2088</h4>
• Number of houses on the market this time 2012 – 144 • Number of houses on the market last week – 105 • Number of houses on the market this week – 103
• Number of apartments on the market this time 2012 –115 • Number of apartments on the market last week – 76 • Number of apartments on the market this week – 76
<h4></h4>
<h4>CREMORNE – 2090</h4>
• Number of houses on the market this time 2012 – 19 • Number of houses on the market last week – 17 • Number of houses on the market this week – 17
• Number of apartments on the market this time 2012 – 25 • Number of apartments on the market last week – 20 • Number of apartments on the market this week – 15
<h4>NEUTRAL BAY – 2089</h4>
• Number of houses on the market this time 2012 – 20 • Number of houses on the market last week – 15 • Number of houses on the market this week – 14
• Number of apartments on the market this time 2012 – 65 • Number of apartments on the market last week – 39 • Number of apartments on the market this week – 43
For this week’s sales in Cremorne real estate, Cremorne Point real estate, Mosman real estate, Beauty Point real estate, Clifton Gardens real estate, Balmoral real estate, Neutral Bay real estate, Cammeray real estate, <a target="_blank" href="https://www.rwm.com.au/news/">click here</a>.
For this week’s open for inspections, <a target="_blank" href="https://www.rwm.com.au/sales-list/open_times_sales/">click here</a>.
<img src="/images/stories/2013/03/simeonmarch11three.jpg" width="470" height="245" alt="simeonmarch11three">
<a target="_blank" href="https://www.afr.com/p/business/companies/rba_quietly_increases_banks_bailout_ksLcB6WlebkzfQ89p3pPAK" title="RBA quietly increases banks’ bailout buffer">RBA quietly increases banks’ bailout buffer</a> is a fascinating read for those intrigued by the new Basel III requirements.
The only institution that I see defaulting at this point of time is the federal government on its latest spending promises. The CEO’s competency score of 3.3 out of 10 says it all.
Robert Simeon is a director of <a title="RWM" href="https://www.rwm.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">Richardson  Wrench Mosman and Neutral Bay </a>and has been selling residential real estate in Sydney since 1985. He has also been writing real estate blog <a title="Virtual Realty News" href="https://www.rwm.com.au/news/" target="_blank" rel="nofollow" style="font-size: 14px;">Virtual Realty News</a> since 2000. The RWM real estate model has sold in excess of $1 billion in database sales globally.
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robertsimeon-hRNTwJyXkQ

Government struggles as business improves: Robert Simeon

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The six-bedroom Potts Point terrace of Fat Prophets boss Angus Geddes fetched $2.18 million at its recent auction, selling $180,000 above the quoted price.
But the triumphant result was actually emblematic of the growing misconception that is emerging from the 70% clearance rates of recent weekends.
As the stockbroker Angus Geddes, founder and chief executive of Fat Prophets, and his wife, Maryam, had paid $2 million for <a target="_blank" href="https://www.mcgrath.com.au/buy/house-potts-point-nsw-2011/174089/?searchID=27019105">their grand Victorian terrace residence</a> (pictured below) in 2008.
<img alt="pottsmarch11one" height="313" width="470" src="/images/stories/2013/03/pottsmarch11one.jpg">
That represents 1.8% annualised growth over the past five years.
The Geddes had formed the view – no doubt with the guiding assistance of the listing agent who became the selling agent – that the price achieved was "at the top end of our range at auction."
<img alt="pottsmarch11three" height="313" width="470" src="/images/stories/2013/03/pottsmarch11three.jpg">
But while Angus Geddes comes from an industry with no stamp duty and low commission fees, the $180,000 windfall was severely reduced by the $96,000 NSW stamp duty, and then several other selling costs and holding charges.
Hardly fat profits for the well-heeled professional classes.
And OK, so a bit over reserve but certainly nowhere near the requisites to warrant the recent headlines saying it's back to boom times. Ditto the weekend's top sale which was $2.9 million in Randwick. The Govett Street house had last traded at $2,705,000 in 2006, thereby reflecting 1.1% annualised growth.
In Melbourne, mimicking the same trend, fashion designer Alannah Hill’s South Yarra terrace recently sold for $4.365 million - $150,000 above the reserve price - but having traded at $4.31 million in 2010.
There's actually an acute price sensitivity that belies any boomtime enthusiasm traits.
Those recent headlines have been nothing short of reckless – arising from the one obvious characteristic of auction clearances in Melbourne and Sydney being around 15 percentage points higher than a year ago.
What has happened is that for the first time in years both vendors and buyers are on the same page pricewise, so auction successes have become the norm. Estate agents have needed to be patient and pursuasive to get the market to this juncture which began to emerge in spring last year when clearance rates didn't tail off as per normal.
What's interesting is that Sydney's 2013 APM auction volumes have, after a slow start, kicked along well up on the volumes of last year – possibly due to the late 2012 bouyancy along with the early Easter scheduling – but tellingly overall SQM listings are markedly down. Melbourne just has more and more listings.
True vendors must have a dose of reality that their desired prices are not at boomtime levels, and in some cases not even at pre-Global Financial Crisis levels. Buyers have to pay a little more than their initial hopes.
Thankfully, the senior property commentators at RP Data and Australian Property Monitors were out over the weekend to dampen things down.
“It is a run, not a boom,” Andrew Wilson, the Australian Property Monitors senior economist, told The Australian Financial Review.
“The best term is recovering,” says Tim Lawless, research director of property information provider RP Data.
Lawless predicts that, with the current modest gains in prices, values will regain the 2010 peak only by the end of the year.
And I'd suggest let's all see how the inevitably-hyped March 23 super Saturday results fare, with APM advising Property Observer to expect 670 auctions in Sydney and 1100 in Melbourne in the pre-Easter crescendo.
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jchancellor-FAypfDUnLy

Improved auction clearance rates the latest fashion, but no price boom and few fat profits

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Four years have passed since Citta Property Group's proposal to redevelop the contentious St Kilda Triangle site was rejected with the premium Melbourne site still an asphalt car park servicing the hordes of visitors from far and wide so they can grace the St Kilda foreshore and surrounds.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/Triangle%20proposal%20looking%20towards%20Palais.jpg" rel="gallery-all" title="Former St Kilda Triangle Proposal. Image © Citta Property Group"><img alt="" class="image-article-full-width-580px" height="290" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/Triangle%20proposal%20looking%20towards%20Palais.jpg?itok=9zNKCsbx" title="Former St Kilda Triangle Proposal. Image © Citta Property Group" width="580"></a>

<figcaption>Former St Kilda Triangle Proposal. Image © Citta Property Group</figcaption></figure>The site was once swampland, yet was transformed into recreational space after the foreshore was drained and reclaimed. During 1906 the St Kilda Council established the Foreshore Trust and the area was re-invented by Carlo Catani into a mediterranean style resort consisting of the iconic Luna Park in and amongst tearooms and a kiosk similar to what was found in Catani's motherland. Today the St Kilda Triangle site is precisely that, a triangular shaped parcel of land bordered by The Esplanade to the north and St Kilda foreshore/Jacka Boulevard to the south. Along with Cavell St, the heritage listed 1920's Henry E. White-designed Palais Theatre forms the eastern border. In a larger context the site is located neatly between the restaurant strip of Fitzroy Street to the north and the once prodominently Jewish enclave of Acland Street now consisting of bars and the popular and famous cake shops.

However for much of the areas existence the publically owned land has been underutilised as an open air carpark which triggered the development of the St Kilda Foreshore Urban Design Framework (UDF) during 2001 in an attempt to increase the area's amenity, and better serve the ever increasing patrons using the foreshore. The UDF identifed several principles for the future of the triangle site with one including a low rise development whilst protecting and enhancing the local culture with provisions for increased public space and ensuring that the area remained consistent with its entertainment history as set out by Carlo Catani.

By mid 2007, the Port Phillip City Council and the State Government had awarded a tender to lease and redevelop the St Kilda Triangle to Citta Property Group in partnership with the then Babcock &amp; Brown following an expressions of interest process that took some years to complete. As part of the redevelopment, Citta Property Group gathered a clutch of designers and advisors in order to provide the most appropriate outcome for the site's setting. Local architecture firm Ashton Raggatt McDougall joined the team, known for their unique and interesting interpretation of architecture and its relationship with street level amenity.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/leading%20to%20the%20foreshore.jpg" rel="gallery-all" title="View to the St Kilda Foreshore. Image © Citta Property Group"><img alt="" class="image-article-full-width-580px" height="290" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/leading%20to%20the%20foreshore.jpg?itok=0O-exGqA" title="View to the St Kilda Foreshore. Image © Citta Property Group" width="580"></a>

<figcaption>View to the St Kilda Foreshore. Image © Citta Property Group</figcaption></figure>A boutique hotel, TAFE campus, retail outlets with a mixture of local and chain establishments, various nightclubs and bars (including Ministry of Sound) were in the mix which also included public open space in the form of an extensive grassed area above the retail outlets and underground car parking spaces.

Invariably along with the announcement of this proposal came a flood of local community opposition to the scale of the development in a much loved area of Melbourne, primarily lead by the action group UnChain St Kilda. Accordingly to the <a href="http://www.unchain.org.au" target="_blank">group's website</a> they are an incorporated body of people that were brought together by the proposed overdevelopment of the St Kilda triangle site. They contend that community discontent surrounding the proposed development were a result of poor governance at local and state levels. UnChain St Kilda lead the community backlash against the proposal which culminated in fiery council meetings which packed out the Port Phillip Council Chambers and created headlines across print, TV and radio media at the time. At the height of local discontent during 2007 their overdevelopment message was supercharged by local celebrities such as Dave Hughes and Rachel Griffiths to name but a few, with a documentary titled <a href="http://www.theage.com.au/tv/Current-Affairs/Triangle-Wars-2862204" target="_blank">Triangle Wars</a> also highlighting the amount of anger and vitriol present at the time. The film followed the journey of a number of key figures in the battle including the diminutive vocal Frenchman, Serge Thomann who went on to win a seat at Port Phillip City Council in 2008 following the UnChain St Kilda campaign.

When talking about the St Kilda Triangle saga, we cannot leave out Dick Gross, at the time a former Port Phillip City Councillor who gained local notoriety as a supporter of the failed Citta Property Group proposal. Both Thomann and Gross have maintained a long standing feud that revolved around the St Kilda Triangle site development. During 2007, Gross said of the proposal "I was part of the Council that had the culture of saying no to everything. And by saying no we got a feeling of virtuous righteousness, but we were as impotent as a pre Viagra 70 year old. We were getting nothing done." He went on further, "My fear is that if you say no too often, State Government will come in and impose a solution which will be worse. I promise you that it will be worse."In a way Dick Gross was and still is correct, one of the roles of local government is to be the first port of call for its local constituents for issues affecting the immediate community and acting upon those needs quickly and maturely in the interest of their rate payers.

In the aftermath of the bitter rangling over the future of the Triangle site, the new Council commissioned feasibility studies and conducted a total of four consultations with the community to develop the 2012 St Kilda Triangle Framework. Unsurprisingly, former Councillor Dick Gross was uninspired by the document saying that the lack of details was a disgrace. However on the flip side, Thomann was somewhat more sympathic to the document saying that "it is a little vague, but is looking forward to getting back onto council and expending as much energy on developing this plan and turning it into something more real."

The key features of the document as stated on the Port Phillip Council are as follows:

<ul>
<li>Landscaped public space</li>
	<li>Views of the foreshore</li>
	<li>Low scale sustainable development</li>
	<li>Land for future Palais Theatre improvements</li>
	<li>Principles to guide development of the site</li>
	<li>Live music and performance opportunities</li>
	<li>Improved beach access for pedestrians</li>
	<li>Links to transport, Acland and Fitzroy Streets</li>
	<li>A possible underground carpark</li>
	<li>A funding and implementation strategy</li>
</ul>
These key findings appear reasonable options for the future of the site, but the aspects that really needs to be considered far more in my opinion are transport links and the conduit that the site should provide between Acland and Fitzroy Streets. I believe that this connection is vitally important, leading to the completion of the urban fabric of St Kilda. All efforts should be made to enhance the public realm whilst minimising further auto traffic attracted to the eventual development.

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/leading%20to%20the%20foreshore.jpg" rel="gallery-all" title="View to the St Kilda Foreshore. Image © Citta Property Group"><img alt="" class="image-article-full-width-702px" src="/sites/urbanmelbourne.info/files/styles/article_full_width_702px/public/pictures/article-images/leading%20to%20the%20foreshore.jpg?itok=uECFS-1C" title="View to the St Kilda Foreshore. Image © Citta Property Group" typeof="Image"></a>

So after years of bickering, campaigns and consultations after consultations, a question that sticks in my mind is what are peoples motivations behind all of this? Some say the community have concerns about crown land being handed to developers to, in their words, build a "Chadstone by the Sea". Were local residents worried that the development would introduce more alcohol fuelled violence to an area that historically has had a problem with such problems? Then there's the loss of vistas over the bay for residents fronting The Esplanade and the loss of "open space" where in fact, the development would have delivered additional useable open space as aforementioned in this article, whilst the design purposely proposed to be low rise as to not lose these much treasured vistas. I believe it was a combination of a lot of different factors but my favourite line came from my former employer during 2008 (and long time St Kilda resident) after a long day in the field when I asked him what he thought of the St Kilda Triangle, he replied by saying "I hate it", naturally I asked why? He responded with "It will reduce the amount of car parking for the locals". As you can imagine at the time I was a little bemused knowing that the development proposed additional car parking as well, but I guess it shows that everyone had their own views on the site, informed or otherwise.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/Internal%20courtyard.jpg" rel="gallery-all" title="Former St Kilda Triangle Proposal. Image © Citta Property Group"><img alt="" class="image-article-full-width-580px" height="290" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/Internal%20courtyard.jpg?itok=6udMMJrt" title="Former St Kilda Triangle Proposal. Image © Citta Property Group" width="580"></a>

<figcaption>Former St Kilda Triangle Proposal. Image © Citta Property Group</figcaption></figure>Ultimately, and I hate to be the bearer of bad news for some, but I feel the community backlash was not the deathknell for this project that many has suggested. In fact, something that may be considered the elephant in the room in all of this, would be the impact the global financial crisis had on this project going ahead. I would assert that if the GFC didn't hit the global markets at the time of the proposed Citta development moving toward leasing and eventual construction, would we be hanging out at one of the many restaurants at the newly developed Triangle site on a sunny Saturday afternoon sipping sangrias... more than likely.

But it was not to be and the site remains an open air car park and one of the most prized, underdeveloped waterfront locations in Australia. In hindsight, I feel that the Citta proposal was somewhat excessive in context , however when this development eventually does occur I sincerely hope is that the site is not underdeveloped as a result of a community angst still apparent from the events of 2007. Finding the right development balance is the vexing question. Ideally I see the Triangle site linking both Fitzroy St and Ackland St whilst also satisfying the needs of visitors, the local community and the Melburnians at large. We want something to be proud of!

The key features of the framework document provides merely a starting point and much more needs to be done to ensure an outcome that is fitting of this premium location. In finishing I leave you with two points. Firstly, the St Kilda foreshore belongs to everyone and not those that have the means and privilege to be able to live in what is now an exclusive beach side area. Secondly, I would like to reflect on the sentiment of Dick Gross' words, if we say no too often then we run the risk of ending up with an outcome that is worse. Compromising the benefit/enjoyment of the wider community by pandering to the vocal objections of a few could constitute a bad outcome.

<h2>Sources and further reading</h2>

<ul>
<li>http://stkildatriangle.com/</li>
	<li>http://www.unchain.org.au/</li>
	<li>http://www.citta.com.au/pages/projects/st_kilda_triangle.php</li>
	<li>http://stkildanews.com/the-st-kilda-triangle-wars-continue/</li>
	<li>http://vicmps.greens.org.au/content/st-kilda-triangle-development</li>
	<li>http://www.portphillip.vic.gov.au/aug-2012-media_4668.htm</li>
</ul>
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flame

St Kilda Triangle site: The missing link

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Happy International Women’s Day... oops sorry, did I lose a few blokes with my first words?
I hope not because it’s 2013, not 1973.  Blokes now are much more understanding and supportive of our ability and achievements. There really has been some momentum gained.
This year’s theme for <a href="https://www.internationalwomensday.com/" target="_blank">International Women’s Day</a> is: The Gender Agenda, Gaining Momentum.
It’s actually not that long ago that at our first Federal Election in 1901, only women from South Australia and Western Australia were entitled to vote. So women in all the other states were not allowed to vote.  The other states did slowly followed yet it took Victoria another six years to let women vote.
The first woman to win election to an Australian Parliament was in 1921. Now, in 2013, we have Australia’s first woman Prime Minister. I’m proud of Julia Gillard’s achievement as a woman (not necessarily as a politician), but you don’t hear the blokes saying "gosh that Johnny Howard made me proud when he won the election." It was expected of a male. Wouldn’t it be lovely to keep the momentum up and see more women prime ministers?
Fast forward several decades. In 1974 the minimum wage was extended to women; wow, that was only 39 years ago.  So before this, women were not entitled to the same minimum pay as men.
Whilst we have laws attempting to create equal pay and equal opportunity for women it does not automatically transpire. This was one of the reasons I started my own business. After many years in the corporate world I witnessed much bias. Starting out as a secretary, I used to look forward to having one of my own when I climbed the career ladder. But when I was promoted to these roles, the males had access to support but there was no chance for me having any admin assistance. Perhaps I should have pretended that I couldn’t touch type!
By the time I was ready to have kids, I looked around the office and couldn’t see a way to keep my high-flying corporate role and start a family. I’ve seen business women continue with their corporate careers only to find it’s been an unwitting sacrifice for the opportunity to have children.
But one thing that drove me to keep working whilst raising my kids was the thought of taking ten or even five years off work, then I would be totally dependent on my husband not only during that period but also into our retirement. There would be no contributions made during this time to my superannuation and how could I keep investing in property if I had no income?
My choice to start my own business was to get the flexibility needed to be a mother but also to hold onto my independence. Whilst my husband is a generous man, I had flashbacks to my childhood when my mother would have to ask for her ‘housekeeping money’ from my father each week. Dad was generous too, but to me it represented mum’s dependence on dad. She seemed happy with this setup, but mum had no money of her own, nothing to dip into if she wanted to purchase a little treat for herself or for us kids.  To me, it meant: no money, no independence.
I think there is good momentum with the ‘gender agenda’ but I think it’s up to us to keep our own personal momentum. Women need to take responsibility for their own retirements and plan ahead.
One of my clients is doing just that, in fact I’ve never seen such momentum. Rachel has four children and worked (past tense… keep reading and you’ll see why she had to stop work). In her ‘spare time’ she also studied accounting by correspondence!  When I met her she had already purchased nine investment properties but wanted to move into property developing to propel her portfolio. Property Bloom had just completed a dual occupancy development for Rachel and started a granny flat project when she found out she was pregnant with twins. When she was rushed to hospital and the twins were delivery prematurely, she still found time to close her finance deal so construction wouldn’t be delayed.  She is an amazing inspiration and example of a woman who is focused and won’t let anything get in her way, not even six children!
Momentum comes to those who have done the hard yards. Momentum is an increase in energy or force when something is on a roll. I can see it happening in my business and I can see it happening with women’s equality. So keep moving forward in your world, keep asking for more pay, keep pushing for community projects, keep celebrating achievements and the momentum will carry on for our next generation of women.
Jo Chivers is director of <a rel="nofollow" href="https://www.propertybloom.com.au/">Property Bloom</a>.
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jochivers-wq5Bp59R5a

There is momentum in the push for gender equality: Jo Chivers

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Dear Margaret,
If I buy a property to rent out, what insurances do I need to cover me for the tenants etc?
Phillip, ACT 
Phillip, as you know the basic insurances are going to be really important for you, as with all property, so you need to start with a good house and contents policy. 
This means insuring the building, and any contents too.  Where it is rented you might not have a lot of contents but remember there are some things which still need covering, like window treatments and anything not part of the building. 
A lot of people think they don’t need to cover the building if it’s a strata-titled property, since the body corporate has building cover, but that’s not entirely true.  You will still need that gap insurance to cover parts of your property not considered common property - so anything inside your four walls.
In addition to that you will need landlords insurance.  This will cover:
<ul>
<li>Damage caused by a tenant</li>
<li>An amount for public liability</li>
<li>Loss of rent if the damage renders your property uninhabitable</li>
<li>The costs of pursuing a tenant through a tribunal for unpaid rent</li>
</ul>
It won’t cover loss of rent through periods of normal vacancy but that’s something you should be planning for before you buy anyway. 
It’s important to be aware that not all policies are the same – the important things you are looking for will be a low excess, and a high cap on claims for each event – many companies cap the claim you can make at too low an amount leaving you very out-of-pocket in the event of damage.
Shop around and don’t just take the cheapest option – a few dollars more might save you thousands in the long term and remember, the cost of this insurance is tax deductible.
Margaret Lomas is a best-selling author and writes and hosts the popular Property Success With Margaret Lomas and heads up the panel onYour Money, Your Call, both on Sky News. She is the founder of <a href="https://destiny.com.au/dotnetnuke/en-au/home.aspx" target="_blank">Destiny</a>.
Have a property question? <a href="mailto:askmargaret@propertyobserver.com.au" target="_blank">Ask Margaret!</a>
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mlomas-KC9MUPZ6Ca

Ask Margaret: What insurance policies do I need to cover my tenants?

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The National Rental Affordability Scheme (NRAS) is set to expand with the federal, state and territory government planning to issue another 10,000 incentives worth around $40 billion to developers under the scheme.
Each incentive equates to one home under the scheme with around 11,300 homes built since its launch in 2008.
The scheme aims to provide affordable rental accommodation at a 20% discount to market rents, while property investors get an annual tax free incentive of just under $10,000, which is indexed each year to the rental component of the CPI.
The NRAS scheme was launched by Kevin Rudd in 2008 but failed to gain initial traction due to a perception that it was a social housing scheme with just 329 homes delivered in the first year.
Momentum has picked up since around April 2011 (as the graph below shows) with 11,277 homes delivered as of December 2012. However, momentum will have to pick up signficantly if the government wishes to achieve its target of 50,000 homes by 2015.
Property investors can participate by buying an NRAS-qualifying house or apartment and receiving the tax-free incentive in exchange for offering the 20% rental discount. 
Actual Delivery of Incentives by end of NRAS Year (30 April) – Cumulative: 
<img alt="nrasmarch7" height="167" width="470" src="/images/stories/2013/03/nrasmarch7.jpg">
The Australian Financial Review quotes Mark Butler, federal minister for housing and homelessness as saying he is working with state and territory ministers to open the fifth round of NRAS incentives with the aim of completing 50,000 houses by June 2015.
It follows the release of The National Housing Supply Council's 'Housing Supply and Affordability Issues 2012-13' report, which warned of a low volume of new housing supply coming onto the market with the shortage “likely to continue to be felt by the more vulnerable in our population, such as would?be buyers with low and insecure incomes, those at the lower end of the rental market and those dependent on government income support payments”.
In December last year, <a href="https://www.propertyobserver.com.au/queensland/nras-and-smsf-investors-helping-keep-inner-brisbane-off-the-plan-market-afloat-david-devine/2012112858155" target="_blank">Brisbane apartment builder David Devine</a>, whose Metro Property Development Company is currently the most successful seller of new off-the-plan apartments in inner Brisbane, told Property Observer that self-managed super funds and NRAS investors were among the biggest buyers of his off-the-plan apartments in his projects.
Metro has marketed more than 50% of the 308 apartments in its Madison Heights development as NRAS-approved investments, compared with 20% in its first development, the Chelsea.
Financial advisory firm Onyx Wealth, which promotes NRAS property investments, says SMSF investors should consider acquiring an NRAS property because of the positive cashflow benefits,
“NRAS properties have greater negative gearing than equivalent non-NRAS properties,” says Paul Thewlis and Margaret Hardy from Onyx.
“By giving up 20% of the taxable rental income the SMSF increases its tax loss. Normally a loss is undesirable, but in this case it is usually offset by the value of the NRAS incentive,” they say.
Ernst &amp; Young partner Ross Hamilton told The Australian Financial Review he expected a “massive response” from developers to secure the incentives.
The tax incentive comprises an Australian Government contribution of $7,486 per dwelling per year (paid as a refundable tax offset or payment); and state or territory Government contribution of $2,495 per dwelling per year (in direct or in-kind financial support).
Financial institutions, investors, private developers, not-for-profit organisations and community housing providers are all eligible to apply for NRAS incentives.
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Government to expand NRAS scheme with aim of 50,000 homes by 2015

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Without knowing exactly the type of land <a href="https://www.prosper.org.au/2012/12/06/englobo-2/" target="_blank">Prosper</a> is referring to, I would say that the total land banks of the major developers (248,607 lots) does not reflect land that can be turned into vacant lots tomorrow.
Many are likely to be awaiting rezoning, planning approval, trunk infrastructure and services, etc, that have to be in place first before they can subdivide. As a result, the amount that can be brought to the market at any one time is likely to be much lower.
However, having said that, there is probably an argument, particularly in some corridors that a lack of competition and control of land releases is keeping prices up.
A land tax for zoned land may also encourage developers to turn over their land quicker if they are holding zoned land. If more land is forced onto the market in a corridor, then it could also result in price competition.
However, there could also be some unintended consequences.
For example, developers could delay seeking to rezone former cow paddocks to residential as late as possible to minimise the extra land tax. However, any additional delays in the planning process could mean that the land may not be zoned and ready when the market catches up, placing supply pressures in the local region and driving up prices anyway.
Additionally, if developers start building to a price and for speed rather than quality, then there may be lesser investment in product, environmental features, community infrastructure, etc.
The <a href="https://www.prosper.org.au/2012/12/06/englobo-2/" target="_blank">Prosper </a>article includes a link to an article from The Age with a reference from the chief operating officer of Delfin. He talks about the days when the number of competitors were too numerous to count, but the estates back in those days did not have the level of community investment of the larger estates you see nowadays.
Also, you would need to keep on top of other factors to prevent prices rising too far. At the end of the day, prices are governed by demand and supply, and the rate of supply needs to be able to meet the surges in demand.
This was part of the problem occuring during the boom in Perth in the middle of last decade. Initially, the rate of subdivision was able to keep up without large pressures on prices. However, as demand continued to increase and skills shortages emerged in planning, construction, etc, substantial delays began occurring that drove up prices despite the large level of zoned land that was available.
This also happened to some extent in late 2010 in Melbourne.
Therefore, at the administrative and construction end, you would need to guarantee a smooth process to ensure that land can be zoned and taken through the whole process quickly enough to meet the surges in demand.
There is also the issue of state and local government levies and infrastructure charges. These are charged to the developers who in turn pass them onto the purchasers and have also contributed to the increase in price of land over the past decade.
So the short answer is the concept of taxing zoned land to speed up development is likely to increase price competition and encourage further development of land.
On their argument, this would best work in areas where there are plenty of land holders to create competition, although it doesn't solve the problem where there is not enough competition in the corridor which would allow developers to just factor the land tax into their prices - i.e. a developer would balance their rate of sale to the market with the price they can achieve and the additional cost of the land tax in such a way as to maximise profits.
Even where there is competition, you would also need to ensure that the process of the delivery of the subdivided land is as smooth as possible so that the rate of development can be scaled up quickly enough to meet demand in an upturn without placing pressures on prices. In addition, in circumstances where developers are competing on price, it could impact on the type and quality of the product being offered.
Angie Zigomanis is senior manager of <a rel="nofollow" target="_blank" href="https://www.bis.com.au/" title="BIS Shrapnel">BIS Shrapnel.</a>
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