<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

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.

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.

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.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<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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Looking at RP Data-Rismark’s daily hedonic home value index, which is also published by the Australian Stock Exchange, we can see that the “stabilisation” evident in Australia’s housing market in 2012 has galvanized further during the month of April.
Australian home values are now in the black for the first time in 2012, having fully recovered from the drop recorded during the seasonally-weak month of January.
At 10 April 2012 home values across the eight capital cities had risen by 0.3% above their end 2011 levels (see first chart below).
<img src="/images/stories/joyebanks4101.jpg">
The improvement in housing conditions can also be viewed through the rolling one-month, six-month and 12-month returns, which simply reflect the raw capital growth, exclusive of any rents, realised over the period in question.
My second chart illustrates that analysis.
While year-on-year returns (blue line) have flat-lined at around -4% we can see more clearly the effect of the recent house price growth on the six-monthly (red line) and monthly returns (green line), which are heading towards or are above the horizontal x-axis that denotes zero growth.
<img src="/images/stories/joyebanks4102.jpg">
One key takeaway from the chart above is that the month-on-month change in Aussie home values has been positive since February and remains in the black as we head into the second half of April. The crucial question is what will happen in the remainder of the year. In late 2011 I forecast that Australian home values would stop falling in the first quarter of 2012 and we would possibly see a return to capital growth, which is the way it has panned out. The good news for housing investors is that the financial markets are putting a near certain (or close to 100%) probability on a third RBA rate cut in May – and some think we might get another in June. As regular readers would know, I did not expect the bank to cut rates last month – or in the preceding two months – given that I deduced that they would want to wait until they got the all-important ABS inflation data at the end of April. The RBA is fond of establishing subtle decision-rules or offering guidance on the future direction of policy if inflation, employment and growth behave in certain ways. After its uneventful April meeting the RBA clearly communicated that it would trim rates in May if it got a weak inflation read for the first quarter of 2012. Analysts have subsequently inferred that to mean the RBA will cut rates if core or underlying inflation prints at less than or equal to 0.6% -- or under 2.5% annualised. Yet the market seems to be overlooking the fact that the RBA will want to “look through” the volatile, and frequently revised, quarterly information, towards the six-monthly and yearly prints. So in that context a May rate cut will likely rely on the six- and 12-monthly outcomes being somewhere between 2.0% and 2.5% on an annualised basis. If they somehow come out in the top half of the RBA’s target 2-3% band it is hard to see how the central bank will relax rates barring further offshore disasters or a big jump in the jobless rate. With the bank estimating that core inflation is right in the middle of its target band - albeit before the full effect of the November and December rate cuts - the core numbers would have to print very high in the first quarter of 2012, and/or the ABS would have to upwardly revise the remaining 2011 data in order for us to see an adverse result (given the advantage of being able to discard the high March 2011 number from the annual time-series).
With the above in mind I would not attach a 100% or even 90% probability to a rate cut in May. It is more than likely but will depend on the pulse of price pressures during the past 12 months. Another thorny question for the RBA is what it would do if the year-on-year inflation data prints just below the mid-point of its target band but the six-monthly average is above it. The RBA might be swayed by the argument that with the Aussie dollar off 4-5% from its recent peaks the economy is already getting the benefit of some extra stimulation that is tantamount to half a rate cut. The flipside of that currency depreciation is imported inflation as opposed to imported deflation, where the latter had been influential in keeping overall price pressures in check via low tradeables and goods price growth. A final curveball is what the banks do with their margins. We have ANZ’s decision on Friday this week. If I was the CEO of a major bank I would definitely bump up lending rates by a good 5.0 to 7.5 basis points. Why? First, because you will boost your net interest margins in an environment in which profits are going to be hard to come by due to structurally low credit growth – funding costs have been falling since January. A second reason to widen margins is to amplify pressure on the RBA to neutralise that change in lending rates in May. All else being equal banks do better in low interest rate climates. Asset prices rise, credit growth accelerates and impairments decline. So the banks will want to see the RBA cutting in May and bumping up margins in April will increase the probability of that happening. Borrowers are still better off because the RBA ordinarily moves in 25 basis point increments. A final reason to expand margins is simply because, as an oligopolist, you can! From a margin extraction point of view the banks need to break the back of the purported link between the RBA’s target cash rate and actual, economy-wide lending rates. While the link will always exist in practice (ie, notwithstanding what people may want you to believe), the banks should rationally want to improve their ability to freely profit maximize without annoying politicians and commentators interfering with their decision-making processes, as has been the case of late.
Christopher Joye is a leading financial economist and a director of <a href="https://www.ybr.com.au/savings/index.cfm">Yellow Brick Road Funds Management</a> and Rismark. The above article is not investment advice.
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Banks on track to bump house rates: Christopher Joye

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Cashed-up downsizers in the pricey Melbourne suburb of Brighton have shown strong interest in luxury apartments, with 25% of Cbus Property’s Warleigh development sold within a week of its launch at the end of February. About 35% of the units have sold so far. Cbus Property acquired the 9,015-square-metre property at 30-44 Warleigh Grove, Brighton in December 2010. The disused North Brighton Croquet Club site was offloaded by the New Zealand-based retirement living company LifeCare Residences, which acquired control from ASX-listed fund manager Abacus two years earlier.
The development aims to emulate the indoor-outdoor feel of its freestanding neighbours, with half of the site’s 9,000-square-metre block given over to open outdoor space.
“Growing up only a couple of hundred metres from Warleigh Grove, I have a close connection with the site, and a design sensitive to the neighbourhood character of surrounding street scape was a key criteria to the design brief,” says Cbus Property development manager Andrew Potter.
<img src="/images/stories/warleigh1.jpg">
“It’s paramount as a designer to produce spaces that are not only aesthetically pleasing, but usable and functional,” says Jack Merlo of Jack Merlo Design.
“The outdoor areas allocated to many of the homes are almost as large as the apartments themselves. Generous timber decks and the use of bluestone and natural stone materials give a warm palette and provide a complementary connection between inside and out,” he says.
<img src="/images/stories/warleigh2.jpg">
“The private courtyards and terraces have been oriented to look over the communal lawn area to increase the sense of space for residents.”
The Warleigh will comprise a mixture of 108 townhouses and apartments across three sections: Luxe, Domaine and The Residences.
Domaine is the largest, with 62 one-, two- and three-bedroom apartments. Prices will range from $490,000 to $1.7 million, and they range in size from 57 square metres to 130 square metres, excluding terraces.
<img src="/images/stories/warleigh3.jpg">
Luxe will comprise 39 two- and three-bedroom apartments, which will range in size from $970,000 to $1.7 million and from 87 square metres to 147 square metres, excluding terraces.
The most exclusive section is The Residences, which will be made up of seven three-bedroom townhouses priced from $1.9 million to $2.2 million. They will range from 180 square metres to 220 square metres and will include their own double garages and separate addresses.
The development is a 10-minute drive to Brighton Beach and a one-minute walk from North Brighton train station.
<img src="/images/stories/warleigh4.jpg">
The project was designed by SJB Architects and aims to blend in with the older homes in Brighton.
<img src="/images/stories/warleigh5.jpg">
“We have captured the stately home character that you see throughout Brighton and adapted it to this development,” says SJP Architects director Charles Justin. “The architecture has very strong geometric forms and contrasting finishes to the facades such as metallic bronze, copper cladding and charcoal render, as well as natural materials including timber, brickwork and stone.”
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Cashed-up downsizers show strong interest in Brighton development The Warleigh

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Since the average Australian family’s debt-to-income ratio has risen from 55% in the early 1990s to around 150% today, they’ve become vastly more sensitive to changes in interest rates. Combine that with the fact that most Australian borrowers are on fully adjustable-rate loans that usually price off the RBA’s target rate, and you start to realise that Australia’s central bank is facing significant, and perhaps uniquely acute, community resistance to higher rates. (Never mind that numerically speaking there are actually more savers than borrowers.)

This situation is exacerbated by the highly telescoped nature of Australian economic growth. The newly-appointed and self-described “dove” on the RBA board, Heather Ridout, highlighted this on radio during week: around 80% of the Aussie economy is expanding at an insipid 1% pace while the remaining 20% races along at a spectacular 15% rate. Framed differently, four out of five Australian businesses want rate cuts while one-fifth don’t really care. It’s like the awesome-foursome have one guy rowing at top speed while the remaining three have been given lead oars.
And then we have the government of the day in periodic conflict with Australia’s embattled central bank. For decades the convention was that the independent members of the RBA’s board set staff pay. While the RBA is part-regulator of, and explicit lender of last resort to, the entire banking system, and many of its alumni have held high office in the private sector, top staff are still paid only a fraction of what they could earn elsewhere.
Possibly because of well-documented clashes between the RBA and the government during the GFC (over the 2008 rate hikes and the deposit guarantees), and the subsequent spectre of an overly hawkish RBA eager to raise rates during 2010-2011, Treasurer Wayne Swan broke with his predecessors’ convention and took away the RBA board’s pay-setting powers. At the same time, he promised that future governors would not receive Glenn Stevens’s ‘out-of-step’ $1 million pay packet (ignoring the fact that the average top=10 major bank executive gets about four to five times as much).
Some believe that a parallel assault on the RBA’s independence and credibility was the replacement of the two main “hawks”, or inflation-fighters, on the bank’s board—Professor Warwick McKibbin and Donald McGauchie—with a manufacturing industry lobbyist, Heather Ridout, who says she prioritises growth over inflation, and a former Labor economic advisor, John Edwards. The appointment of Edwards broke the multi-decade tradition of having at least one politically-independent academic expert sitting on the bank’s board.
Professor McKibbin’s regular criticisms of the government’s general policy initiatives doubtless helped convince them that the political costs of elevating academics to the RBA board outweighed the clear governance benefits.
Indeed, it would not be a complete surprise to see Julia Gillard’s recently departed staffer and noted RBA critic, Stephen Koukoulas, one day join Edwards (or replace him), assuming Labor still have the power to make this change.
Koukoulas notably characterised this month’s RBA decision as “candy-arsed”, and has been vociferous in his condemnation of the RBA for not cutting in February.
In light of the dynamics described, it should be no surprise that the community has been baying for cuts. The Australian and The Australian Financial Review collectively published four opinion pieces immediately before this week’s RBA meeting calling on the bank to ease its policy position.
News Limited’s Terry McCrann also chimed in declaring that the odds of an April cut were better than 50%, and, more remarkably, that if the RBA governor recommended another pause, which he did, the doves on the board would roll him. In doing so, McCrann acknowledged for the first time that there had been occasional battles on the RBA board when the numerically-dominant doves had knocked-back staff recommendations to hike rates, which is something I argued occurred in 2011.
Following the RBA’s decision to wait for the first quarter inflation data, we have been overwhelmed with columnists from The Australian and The AFR confidently calling a cut in May, and lambasting the bank for misjudging the pulse of growth.
Of course, much of this is predicated on one unusually low GDP print in the fourth quarter of last year. People seem to forget that these numbers can be revised by stunning margins. For example, in the first quarter of 2011 the ABS told us that the economy had contracted by a horrific -1.2% as a consequence of the east coast floods. The latest estimate is a radically more benign -0.3%. It is not inconceivable that the fourth quarter GDP will revise up to signal healthier growth at the end of last year.
As UBS’s Matt Johnson argues, the growth data tends to revise towards the unemployment rate, which at its current 5.2% level seems to paint a more positive picture.
Those that want lower rates overlook a few other key points.  Namely that:
<ul>
<li>The RBA cut twice only months ago, a move most assess takes 1-2 years to have its full effect; </li>
<li>The currency is now 5% below its level at the beginning of March, and, if it keeps falling, will become a source of inflation rather than deflation; </li>
<li>Australia has high “services” (as opposed to “goods”) and non-tradeables (as opposed to “tradeables”) inflation, with tradeables and goods inflation having been depressed only by the appreciation in the currency; </li>
<li>The unemployment rate remains just a touch above the Treasury’s estimate of its ‘full-employment’ level, and has been bobbing around this mark for a year; </li>
<li>Mortgage rates are actually at or below their long-term averages; </li>
<li>Core inflation is still smack-bang in the middle of the RBA’s target band (not below it), and that this is partly a result of the RBA’s historic rate settings; </li>
<li>We have a carbon tax being implemented this year that many experts think will be more inflationary than the government and RBA forecasts imply; </li>
<li>Productivity looks low and threatens to boost inflation above the RBA’s target band unless it improves; </li>
<li>The two largest economies in the world, the US and China, are currently growing around their trend pace; </li>
<li>The global environment is materially better than the RBA had banked on back in December; and </li>
<li>Central banks around the world have printed over US$8 trillion of new money to underwrite government deficits and bail-out private banks, which history suggests, can be inflationary.</li>
</ul>
I think one under-appreciated problem for the RBA is that it is discovering just how hard it is to raise rates beyond their neutral level following the regime-change in the economy’s interest rate elasticity during the 1990s and 2000s. After more than 20 years of relatively low inflation (care of China flooding global product markets with cheap goods), there are entire generations of Australians who cannot remember what it was like to have high inflation and double digit rates. And these people vote. In 2011 the RBA executive learnt that it no longer controlled its own board, as Ian MacFarlane had done during his easier and more stable reign. Following the governance revolution implemented by a much more open-minded Glenn Stevens, the RBA has unwittingly empowered the vested interests that dominate its board.
With six private sector representatives and a politically-appointed treasury secretary, the RBA has arguably the most inflation-friendly monetary policy committee of any central bank in the developed world. It also just happens to have one of the highest inflation targets in the world, and, just coincidentally, has failed to meet this target during Glenn Stevens’ term (core inflation has average 3.2% per annum since the December quarter of 2006).
Given the decision-making constraints the RBA faces, and the fact that it believes it has one main policy goal (price stability), which is spun into a “dual mandate” in the long-run (by arguing that if it keeps inflation low it will help maximize employment growth), logic would suggest that it should cautiously, and only when persuaded with reliable empirical evidence, lower the price of money to stimulatory levels. To be clear, this is because normalising it again, and pushing rates into restrictive territory, is a vastly more difficult undertaking.
Years ago I argued that given the RBA’s questionable inflation-fighting track-record since Stevens’ term began, and the abovementioned limitations, it should potentially have an asymmetric response function: all things being equal, the RBA should prefer to slightly undershoot rather than slightly overshoot its inflation target. In practice, the opposite has proven to be the case.
Don’t get me wrong: if year-on-year core inflation prints near the bottom of the RBA’s target band in a few weeks time, and the labour market deteriorates further, this central bank will be almost certainly cutting rates in May.
While the lay fans in the stands may not embrace the decision-making fortitude I advocate here, RBA officials can draw strength from the fact that history tends to be a more impartial judge.
Christopher Joye is a leading financial economist and a director of <a href="https://www.ybr.com.au/savings/index.cfm">Yellow Brick Road Funds Management</a> and Rismark. The above article is not investment advice.
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The RBA has unwittingly empowered the vested interests that dominate its board

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Regional Victorian towns dominate list of mainland hotspots under $300,000, but Melbourne off the menu

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Following the successful launch of stage one of its Australia Towers development in Sydney’s Olympic Park, Ecove is set to launch the second stage, ATII.
Stage one of the development, which is now complete, has sold 209 of the 216 apartments, and the 267 apartments in stage two will launch on April 21. Stage one launched in early 2010, and construction finished a few weeks ago. Almost 80% of stage one sold within the first few weeks of the launch. 
<img src="/images/stories/at21.jpg">
The 25-metre sinuous tower is being developed by Ecove and SOPA (Sydney Olympic Park Authority) and is the second of three planned stages.
Olympic Park is a new 640-hectare Sydney suburb about 15 kilometres west of Sydney CBD and became an official suburb in 2009. The locality was part of the suburb of Homebush Bay and was redeveloped for the 2000 Sydney Olympics. More than 5,000 events are held at Blaxland Riverside Park in the suburb every year, and about 500 permanent residents now live there. There are more than 130 businesses in the suburb.
<img src="/images/stories/at23.jpg">
“Sydney Olympic Park is one of Sydney’s few master-planned suburbs, so everything is the best of the best,” says David Chittenden, general manager of residential for Colliers International.
<img src="/images/stories/at211.jpg">
“Residents at ATII will enjoy all the privileges of being in the sporting and entertainment heart of Sydney, with world-class facilities and cultural events at their fingertips, and views that will never be built out.”
<img src="/images/stories/at24.jpg">
Architectural firm Bates Smart has taken a cue from the nearby stadium precinct for the design of ATII.
“We’ve given the building ‘gills’ so that it can breathe,” says Bates Smart director Philip Vivian. “Vertical slots on the northern and southern sides of the facade encourage natural airflow through the apartments and the communal spaces.
“The design maximises light into each apartment, and horizontal sun-shading bands circling the building in varying depths provide added protection to the north.”
<img src="/images/stories/at25.jpg">
The ATII  building will have 95 one-bedroom apartments ranging from $450,000 to $595,000 and from 54 to 71 square metres internally, 132 two-bedroom apartments with between 77 square metres and 122 square metres of internal space and priced between $585,000 and $1,085,000, 26 three-bedroom apartments of between 103 and 159 square metres each ranging from $900,000 and $1,565,000 and 14 four-bedroom units, which will range from between $995,000 and $1.76 million and between 141 and 181 square metres internally. Every apartment will have at least one car space.
“Very few apartment developments offer such practical spaces and high levels of quality,” Chittenden says. “There are four different colour schemes, so buyers have a wide choice.”
<img src="/images/stories/at26.jpg">
ATII will also have four retail spaces, and the three towers between them are set to have 16 shops.
<img src="/images/stories/at27.jpg">
Chittenden says the first stage of the development (pictured above) appealed to a wide variety of buyers, and he expects similar interest for stage two.
<img style="border-style: initial; border-color: initial;" src="/images/stories/at213.jpg">
“There was a broad mix of investors, owner-occupiers, workers from the many local businesses, first-home buyers and even some empty-nesters,” he says. “Most buyers came from the inner west, the Hills district, and the Shire.”
<img src="/images/stories/at28.jpg">
Colliers estimates that one-bedroom units will rent for between $500 and $575 per week and that two-bedroom units will command rents of between $600 and $800 per week. For the pricier, larger apartments, Colliers estimates that the three-bedroom units will rent for between $700 and $1,000 per week, and that tenants will pay between $1,000 and $1,500 per week for the four-bedroom units.
<img src="/images/stories/at29.jpg">
Construction is expected to start on ATII in mid-2012 and finish in early 2014.
 
 
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Olympic Park Australia Towers launches stage two after stage one sells fast out of the starting blocks

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Boom Property Group is bringing more apartment living to a suburb that has become shorthand for house-and-land packages: Caroline Springs.
Caroline Springs, about 25 kilometres from Melbourne, has only had a post office since 2005, but property prices have been increasing rapidly. The average house price was $292,500 in 2007 and is now $420,000, according to RP Data.
<img src="/images/stories/belise1.jpg" style="border-style: initial; border-color: initial;">
"You cannot achieve the Melbourne dream of a three-bedroom house on a 500-square-metre block any closer to the city," demographer Bernard Salt told Fairfax Media about the area in 2007. "As fashionable as inner-city living like the Docklands is, there is still a large market for a suburban allotment - always has been and always will be."
Lend Lease project director Martin Gaedke told Fairfax Media in 2007 that although Caroline Springs buyers were beginning to buy smaller blocks due to affordability concerns, they still watned large homes.
"People still want relatively large houses," he said. "We've recently opened a display village here with more traditional housing, and there are still some very large homes in there. But I suppose over time, with the issue of housing affordability, people may start to review that. We're also finding block sizes may be reducing but houses are still very much the same size."
BPG’s Belise development will comprise 34 two-bedroom units and one three-bedroom unit, ranging from 73 to 99 square metres. Prices for the two-bedroom units start from $391,000.
The development launched on Saturday, March 31.
“Caroline Springs has become one of the most-sought after suburbs in the west, yet rising house prices means buying in the area is now unattainable for many. We have sought to address this demand with Belise,” says BPG managing director George Mariotti.
The $15 million project is designed by Buro Architects to complement the surrounding environment of Caroline Springs.
<img src="/images/stories/belise2.jpg">
“We strived to deliver a development that provides a sophisticated place of residence, from the entry lobby to the spacious apartment interiors, the considered design and high-quality materials flow through to achieve this,” says Paul von Chrismar, director of Buro Architects.
<img src="/images/stories/belise3.jpg">
Construction is due to start in May or June 2012 and finish in May next year.
Belise is within walking distance of many community features, including shops, schools and walking tracks.
BPG specialises in city-fringe locations and has already developed the $7 million Waterford Apartments project in Caroline Springs in November 2011.
 
 
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Boom Property Group launches apartment complex in emerging Melbourne suburb of Caroline Springs

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John McGrath says RP Data figures showing suburbs with median dwelling prices under $300,000 confirm that Gen Yers can buy an investment property in a cheaper suburb and rent in a more desirable lifestyle location.
McGrath, CEO of McGrath Estate Agents, was one of the first market commentators to notice that more first-home owners are entering the market as investors and believes that renting while investing is entirely doable if a buyer is on a good income.
“For enterprising Gen Yers who don’t want to give up their lifestyle in trendy inner-city suburbs, many are buying investment properties in cheaper areas so they can get a foothold in the market without compromising on where they live – a clever tactic,” says McGrath, CEO of McGrath Estate Agents, in a blog post on www.switzer.com.au.
“At the end of the day, the key to buying on a budget is knowing where to look.
“Here are the top five suburbs in every capital city and regional areas where the highest number of sales under $300,000 were recorded between January and today.  Note that all these suburbs recorded both apartment and house sales under $300,000.”
Sydney
Liverpool, Blacktown, Mount Druitt, Penrith, Lakemba
NSW
Dubbo, Orange, Goulburn, Port Macquarie, Taree
Melbourne
Werribee, Pakenham, Frankston, Melton South, Hoppers Crossing (You can buy apartments under $300,000 in Melbourne city (300+ sales since Jan 2011) but not houses)
Victoria
Mildura, Shepparton, Traralgon, Horsham, Sebastopol
Brisbane
Caboolture, Deception Bay, Woodridge, Redbank Plains, Eagleby
Queensland
Maryborough, Newtown, Warwick, Harristown, Gympie
Perth
Armadale, Rockingham, Gosnells, Maylands, Mandurah
WA
Collie, Boulder, Northam, South Kalgoorlie, Katanning
Adelaide
Morphett Vale, Paralowie, Salisbury North, Parafield Gardens, Salisbury East
SA
Mount Gambier, Murray Bridge, Port Lincoln, Whyalla Stuart, Whyalla Norrie
Hobart
Glenorchy, Claremont, Kingston, Moonah, Brighton
TAS
Devonport, Ulverstone, South Launceston, Newnham, New Norfolk
Darwin
Bellamack, Johnston (no apartment sales), Farrar, Rosebery, Nightcliff
Canberra
Casey (no apartment sales), Crace (no apartment sales), Forde, Bonner (no apartment sales), Macgregor
 
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Gen Yers who continue to rent have many property investment options under $300,000: John McGrath

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Off-the-plan sales
Pre-sales will always involve selling off the plan and at times well ahead of any  construction, years ahead in some cases. While there are some very select and limited markets where buyers consider time to be of the essence and buyers are ready to commit, these markets are not common. In fact, today in most markets it’s exactly the opposite, and so we see that most buyers are content to take their time. They do not normally feel hurried, there is little urgency to act.
So any registrations-of-interest (ROI) campaign has to overcome, selling off-the-plan, delayed construction and at times long lead times, and buyers with time on their hands – not a bad run of hurdles from day one! 
Keep the buyers front of mind
While from the material we will review it can be seen that pre-sales can be managed in a variety of ways, it is always important that for all buyers there is a good and positive outcome from the first day of contact so that the pre-sales in turn can then help propel ongoing sales.
This should be a core outcome of this early stage of a marketing that in some projects will run for many years.
This applies no matter what the pre-sales target is – 30%, 50% or more. The target is important, however what is more important is that the pre-sales strategy is a solid success. A poor result can give the development a poor reputation. This has to be avoided. 
However the sales target itself must be achieved and the target needs to be clear from the start of the process. It needs to be the focus of the sales path against which all activity is benchmarked – from the number of enquiries required down to the conversion rate expected. A short fall because of any miscommunication may well put the project at risk.
<img src="/images/stories/peterchart.jpg" width="470">
There are today many purposeful marketing and promotional tools, including the emerging use of social media that can be used to help secure these important foundation sales.
If we look back 20 years or more this was not the case, and selling off-the-plan well ahead of the actual project start was not seen by most consumers as the ideal way to buy property, except in specific circumstances.
There were particular challenges when selling apartments off-the-plan. The scale and detail of development was, without modern marketing assets, much harder for a buyer to grasp than committing to buy a standard home. After all there was usually another similar home already in existence that the buyer could see and touch.
Now with changing housing needs and lifestyles we have now moved into a market where pre-sales and ROI campaigns are centre-stage and in the limelight, and very likely there to stay. This is the core of much project marketing expertise.
Peter Chittenden is managing director for residential of <a href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx" target="_blank">Colliers International</a>
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pchittenden-eLqUUC8TWW

Pre-sales essential to selling modern developments

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104 Stella Street, Fairfield Heights, NSW, 2165
<img src="/images/stories/stellast.jpg" style="border-style: initial; border-color: initial; max-width: 480px;"> 
An investor has bought this three-bedroom house in Fairfield Heights at its weekend auction for $570,000. There were 10 registered bidders. The tenant is paying $380 per week and is on an expired lease. Pretti Real Estate agent Stephen Jurinic says this is below market rent, and the property could be leased for between $400 and $420 per week. The house has timber floors, a timber kitchen and a detatched room that could make a good home office.
At its current rent it will secure its new owner an indicative gross rental yield of 3.5%, below the indicative gross rental yield for Fairfield houses of 5.1%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. If it were rented for $420 per week that would equate to an indicative gross rental yield of 3.8%.
<a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $10,000 and over five years to be $28,000.
The median house price in Fairfield Heights rose by 7.2% in the past year, according to RP Data.
For more about prices and yields in Fairfield Heights, see the RP Data suburb page.
 
<hr class="system-pagebreak">
 
9/20 Joyce Street, Coffs Harbour, NSW, 2450
<img src="/images/stories/joyce.jpg" style="border-style: initial; border-color: initial; max-width: 480px;"> 
There was no interest from potential bidders in this two-bedroom Coffs Harbour townhouse, and First National Coffs Harbour agent Caroline Campbell cancelled its scheduled weekend auction. The tenants are paying $190 per week and are on an expired lease. First National Coffs Harbour agent Caroline Campbell says market rent for the property would be about $240 or $250 per week. It is within easy walking distance of the village shopping strip, schools and sports fields.
Campbell <a href="https://www.fncoffs.com/index.cfm?pagecall=property&amp;propertyID=1801184" target="_blank">is now marketing the property</a> with price hopes of $179,000. Before the scheduled auction she provided price hopes of $150,000 plus. If it sells for $179,000 that would secure an investor a gross rental yield of 5.5% at its current rent, higher than the indicative gross rental yield for Coffs Harbour houses of 5.2%, according RP Data. If it were rented at $250 per week, that would be a remarkable gross rental yield of 7.3%. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. Council rates are $1,669 per year, and strata fees are $1,520 per year.
<a target="_blank" href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT">Washington Brown</a> estimates the first-year tax depreciation deduction to be $6,000 and over five years to be $18,000.
The median house price fell in Coffs Harbour fell by 4.9% in the past year, according to RP Data.
For more about prices and yields in Coffs Harbour, see the RP Data suburb page.
 
 
 
 
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Investor form guide wrap: No takers yet for 5.5% yields in Coffs Harbour, but investor snaps up Fairfield Heights

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There's now a website, <a style="font-size: 14px; text-align: left;" target="_blank" href="https://www.propertytycoon.com.au/">www.propertytycoon.com.au</a>, where punters can guess auction results in Melbourne and Sydney, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
Both properties featured on Property Observer were passed in at their super Saturday auctions, as top-end buyers failed to show much interest. The converted warehouse at 5/4 Tullo Place, Richmond (pictured above) failed to attract the price the vendor was hoping for.
<img src="/images/stories/tullo.jpg">
"There was more curiosity from neighbors than genuine interest from buyers at the auction of 5/4 Tullo Place Richmond on the weekend as a small crowd looked on as the property received one bid at $1.3 million before being passed in," says Mark Armstrong of Property Tycoon.

"There was a bit of action after the auction however as another buyer showing interest and offered $1.5 million, but this was still a fair way of the $1.65 million the vendor is holding out for."
<img src="/images/stories/gibsonst.jpg">
The Sydney property featured on Property Observer, 21 Gibson Street, Bronte (pictured above), also struggled to get over the line.
"In Sydney the lack of off-street parking was the major objection from buyers for 21 Gibson Street, Bronte," says Armstrong.

"The auction failed to gain any real traction and was passed in for $2.025 million with a reserve of $2.4 million. 

"The result illustrates that when buyers are looking to spend that amount of money they really need every box ticked or they will simply wait for better options."
 
 
 
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