<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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There has been a marked increase in the number of distressed development sites put up for sale, particurlarly in NSW and Queensland, according to research carried out by property valuation group LandMark White.
Almost a third of major investment properties advertised in the Australian Financial Review in August were forced sales, the firm has found, with this figure rising to about 50% for sales in NSW and Queensland.
At the other end of the spectrum, just 5% of properties up for sale in Victoria are distressed sales, with the state building a reputation as a safe haven for developers.
However, according to Vanessa Rader, head of research at LandMark White, the increase in the number of distressed sales put up for sale will not automatically push up yields.
She says yields have stabilised since the GFC, with vendors selling now to cut their losses.
Distressed assets up for sale include <a href="https://www.propertyobserver.com.au/developments/raptis-boutique-gold-coast-site-in-receivership-listing/2011100451804" target="_blank">Midwaters, a 1,232-square-metres property at 3496 Main Beach Parade on the Gold Coast</a> that was to be the site of a $48 million 17-storey tower by veteran development group Raptis. The site is being marketed by Stephen Kidd and James Taylor from Colliers under instruction from the mortgagee Wellington Capital with offers due by October 12.
Another distressed asset up for sale is another section of the Martha Cove residential and marina project on the Mornington Peninsula, which is being marketed by CBRE agent Scott Gray-Spencer on behalf of receivers McGrathNichol.
Gray-Spencer says a lot of pressure has been placed on vacant, unapproved land, assets the banks wish to get off their books.
According to receivers KordaMentha, non-incoming producing assets such as development sites are pushing up the number of forced sales.
Berrick Wilson, partner at KordaMentha, says there are a lot of development sites no longer feasible in the current environment.
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lschlesinger-FZcF9M3vE6

Half of NSW and Queensland development site listings distressed

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Meriton Apartments has commenced the marketing of the initial Oceanvale offering on its eight-hectare $276 million Warriewood estate. The first stage comprises 226 apartments.
Its comes just three weeks after Pittwater Council failed in its bid to stall Meriton’s approval, which was given earlier this year by the NSW Planning and Assessment Commission (PAC).
Prices start at $425,000 for one-bedroom units, two-bedroom units from $545,000 and three-bedroom units from $640,000.
The display centre is open at the corner of Macpherson Street and Boondah Road.
The Land and Environment Court ruled last month the 450-apartment project on Sydney’s northern beaches could proceed given it accorded with the state government’s policies as laid out in the north east subregional strategy, which refers to a target of 4,600 new dwellings in the Pittwater local government area to be constructed by 2031.
The PAC decision in January noted there was a need to increase housing stock in metropolitan Sydney and in each subregion to meet housing demand from a growing population and changing household requirements.
The PAC says it took its lead from the state government’s 2010 Metro Strategy and approved a concept plan limiting building height generally to three storeys and development densities to a maximum of 60 dwellings per hectare.
It notes the proposed height is considered compatible with surrounding streetscape and the density is sustainable given the location.
The PAC strongly recommended that the council and the Department of Planning work together to jointly prepare a comprehensive strategic study of the whole Warriewood Valley.
“In the absence of such a study and in order not to unreasonably delay a determination of the applications in considering the merits of the project, the PAC takes its lead from the Metro Strategy as guiding its conclusions regarding the appropriate development density and height at the site,” the court judgement notes.
The PAC considered that a three-storey limit was appropriate, with a fourth storey on certain buildings in the centre of the eight-hectare site.
The project application for stage 1 was also approved subject to the modified concept plan and conditions.
The council submitted there was a requirement for certainty in relation to the determination of concept plans.
Meriton had sought approval for residential development at a density of 75 dwellings per hectare and building heights of variously three, four and five storeys.
The most recent council strategic report – the Warriewood Valley planning framework 2010 – recommended 25 dwellings per hectare.
Under the council local environment plan the site is identified has permitted to have a density of 17 to 18 dwellings per hectare. The development control plan specifies a building height of two to three storeys for the site.
Residents have claimed any 19-metre-high, five-storey development would be the tallest approved on the peninsula since the council was formed almost two decades ago.
The site determination by the PAC followed the procedural state government’s Part 3A planning law that removed council control over the assessment process.
Pittwater Council list the site’s history as August 2009, when under Part 3A of the Environmental Planning &amp; Assessment Act 1979 , a major project was declared at 14-18 Boondah Road, Warriewood.
Under part 3A, the Minister for Planning was the consent authority, rather than Pittwater Council, however the minister delegated determining authority to the Planning Assessment Commission. The council made a submission on the Environmental Assessment and a submission on the preferred project report objecting to the major project application.
On January 18, 2011 the PAC approved a concept plan and project approval for stage 1 works, subject to modifications limiting the number of building storeys and the development density. The concept approval stated that all future stages of the development are to be lodged with and assessed by council.
Information relating to the major project application and the PAC's report may be viewed via the <a href="https://www.planning.nsw.gov.au/" target="_blank">Department of Planning &amp; Infrastructure website</a>.
A development application for stage 2 of the concept plan was lodged with council on April 15, 2011 (N0125/11). This application has now been withdrawn by the applicant.
Pittwater Council appealed the PAC's decision in the Land and Environment Court. The judgment was handed down on September 12, 2011, dismissing the council's appeal.
The concept plan and stage 1 of the development, approved by the PAC, remain valid consents.
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jchancellor-FAypfDUnLy

Pittwater's objections struck down, Meriton Warriewood development starts selling

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The Brisbane entertainment precinct of Fortitude Valley is becoming a hotspot for residential development, and a new 191-apartment complex is set to add to it upon its completion in early 2013.
David Devine’s Metro Property Development, in partnership with Pearls Australiasia, have designed the 14-storey Brooklyn complex on Brookes Street as a New York-style apartment building.
The 14-storey complex will comprise six studio apartments from $305,000, 85 one-bedroom apartments from $356,500, 21 two-bedroom, one-bathroom apartments from $489,500 and 79 two-bedroom, two bathroom apartments between $543,000 and $705,000.
“With its close proximity to the Brisbane CBD and Fortitude Valley’s vibrant shopping, restaurant and entertainment precinct, it’s extremely attractive to individuals and couples looking for an exciting inner-city lifestyle,” says Metro Property Development executive chairman David Devine.
Architecture firm Woods Bagot is designing the complex, which will be very modern in feel with extensive use of glass and textured concrete.
Woods Bagot principal Mark Damant says design of the development was inspired by its namesake city.
“The acknowledgement of the wider block and its urban context inspired the ‘New York’ approach to the design – presenting the building as a series of closely related individual towers, rather than a microcosm of a city,” Damant says. “Brooklyn on Brookes exudes cosmopolitan flair yet embraces the traditional rustic feel that is akin to Fortitude Valley’s urban footprint.”
The development officially launched yesterday, October 4, and Metro Property Development says it has had a flood of interest from potential owner-occupiers and investors, but local and overseas.
The building includes a swimming pool and gym, and the living area in each apartment will have full-width glass windows.
<a target="_blank" href="https://www.propertyobserver.com.au/developments/alex-perry-development-and-others-all-the-fashion-in-fortitude-valley/2011091551568">Other Fortitude Valley developments in the work include a 131-apartment building designed by fashion designer Alex Perry, the 20-storey Belise at 510 St Paul’s Terrace and Leighton’s 18-storey Mosaic project.</a>
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cknowlton-QnEa6ntUYP

Fortitude Valley's Brooklyn development offers a taste of the Big Apple

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A Main Beach, Gold Coast development site with approval for a 17-storey residential tower has been re-listed, this time by Colliers International. Offers are due by October 12.
Midwaters, a 1,232-square-metres property at 3496 Main Beach Parade, was to be the site of a $48 million tower by veteran development group Raptis.
Raptis is credited with changing the face of the Gold Coast skyline as we know it.
<img src="/images/stories/raptisgold.jpg">
Expressions of interest are being sought by Colliers agents Stephen Kidd and James Taylor, who are acting under instructions from the mortgagee Wellington Capital.
The 12 units in the 1970s block were consolidated in 2007 at a cost of $10 million.
Development approval has been in place since June 2008 for a 16-apartment tower with a ground-floor apartment, four half-floor apartments, 10-full floor apartments and a three-storey penthouse apartment.
Most apartments would have beach and river views along with the Surfers Paradise skyline.
“Raptis had spent a long time amalgamating this site knowing that it was special and could never be repeated due to its location and having water on both sides,” Kidd notes.
“Despite recent turmoil in the local market, demand for development sites is returning as the city remains one of the fastest-growing local government areas in Australia with a population of 515,000 and growing,” Kidd suggests.
“There currently are no other sites in Main Beach that are approved for a high rise.
“While the Gold Coast has experienced a recent influx of new high-end quality apartments with the completion of Oracle, the Hilton and Soul, the demand for such stock in a small boutique-style building is still relatively strong.”
The Raptis Group collapsed in late 2008 after its banks called in the receivers.</body></html>

Raptis boutique Gold Coast site in receivership listing

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Demand for inner-city Melbourne land from Asian developers has reached “unprecedented” levels over the last 18 months, according to Savills Australia. 
Savills agents have negotiated the sale of more $100 million worth of development sites over the last 18 months in Melbourne, with more than half of this amount spent in September on two sites. 
In the last two weeks Savills had sold a 3,200-square-metre site with potential for more than 500 apartments at 224-250 La Trobe Street for $29.2 million, and an 8,000-square-metre office building on a 900-square-metre site at 150 Queen Street for $25.5 million, the latter earmarked for residential conversion by purchaser Chip Eng Seng of Singapore. 
Another major development site – a 2,250-square-metre site with a permit for 368 apartments at 420 Spencer Street, West Melbourne – is currently on the market for around $17 million, with significant local and Asian interest already registered. The site is being marketed by Savills head of division for city sales and investments Clinton Baxter and Nick Dempsey via expressions of interest closing on October 14. 
Before these purchases, Asian developers have spent an average of $12.5 million per month buying up another six sites, with buying activity kicking off in March 2010. 
Other Asian buyers had included SP Setia and Mammoth Empire Holdings both from Malaysia along with many mainland Chinese private developers. 
According to Savills divisional director of CBD sales and investments Nick Peden, buyers from China, Singapore and Malaysia have been attracted by Australia’s financial stability and Melbourne’s comparatively inexpensive land values 
“With the global economy experiencing some uncertainty, Australia, and more particularly Melbourne, is the destination of choice for Asian developers seeking to secure development land for high density apartment projects,” Peden says. 
“Melbourne offers sustained population growth, inexpensive land compared to home markets, the potential for significant growth, the benefit of freehold title, and it’s stature as the world’s most liveable city,” he says.
“This Asian demand really is unprecedented.” 
Clinton Baxter says the agency has sold 17 properties with residential development potential since March last year with more than half of those to off-shore Asian purchasers. 
“What has changed recently for these buyers, and particularly Asian developers, is Melbourne’s relative stability in an increasingly uncertain global economic climate. 
“In many cases they have a significant, additional,  competitive advantage over local developers by being able to source funding from off-shore, and in doing so enjoying cheaper costs of debt whilst avoiding the onerous capital restrictions of the local banks. 
“Given the current enquiry we have on the books we expect sales to Asian buyers to continue to play a significant hand in the sale of development sites across Melbourne,” he says.
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Asian investors snapping up Melbourne development sites: Savills

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Frasers and Japanese joint venture partner Sekisui House have secured $550 million in funding for the 5.8-hectare mixed-use Central Park development on Broadway in central Sydney. 
The debt facility is being provided by ANZ and The Bank of Tokyo-Mitsubishi UFJ and will be used to fund the construction of approximately 1,400 apartments across five residential towers and a 16,700-square-metre multi-level retail centre at Central Park development. 
According to Frasers, the loan agreement is one of the largest development facilities agreed in Australia post-GFC.
 
Frasers Property Australia CEO Guy Pahor says the loan represents “a major milestone in the development of Central Park”. 
“Construction is well underway at Central Park and sales are progressing exceptionally well,with more than 80% of the 623 apartments within One Central Park now sold,” Pahor says. 
Earlier this month Watpac Construction was granted the $240 million contract for the second residential stage at Central Park, taking current construction commitments to over $600 million. 
In July 2011 Frasers Property Australia and Sekisui House Australia formed a joint venture partnership to jointly develop the majority of the $2 billion mixed-use Central Park development. 
When completed, the Central Park project will have 1,900 apartments as well as student housing, a hotel and a 70,000-square-metre commercial office campus. 
Key heritage buildings have been retained and will be restored, preserving the site’s cultural heritage. 
Central Park will showcase the talents of some of the world’s leading architects and international designers including French architect Jean Nouvel of Ateliers Jean Nouvel, the UK’s Foster + Partners, French botanist and artist Patrick Blanc, and Australian architects Johnson Pilton Walker, PTW Architects and Tonkin Zulaika Greer. 
Apartments currently for sale at Central Park range in price from $505,000 for a one-bedroom apartment to $2.295 million for a three-bedroom penthouse.
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Frasers secures record post-GFC loan for Sydney Central Park project

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
The six houses in the Channel 10 series The Renovators have all been sold under the hammer – and the overall results weren’t pretty.
Only one of the six sales did really well. It was an auction where there were dozens of competitive bids. The least enthusiastic offering attracted just the one offer, which was accepted.
The reserve prices are undisclosed, so even the most ardent auction attendee won’t necessarily know the winner until the series finale scheduled to air around October 9.
Property Observer was not a signatory to keeping secrets for the next fortnight, as some media organisations have agreed.
And we don’t wish to spoil the enjoyment of laboured countdown to the finale for the viewers.
We did report the<a href="https://www.propertyobserver.com.au/auctions/channel-10-s-renovators-meet-reality-and-foolishly-seek-silence-on-sydney-auction-results/2011092851718" target="_blank"> initial two results of the public auctions </a>(spoiler alert) – but not the contestant details – as the prices gave a terrific indication of the state of the Sydney property market.
It’s unquestionably a buyers’ market.
Based on the costs of purchase and renovation – on which there was welcome disclosure – some of the six offerings only just broke even, and in one case fell well short.
This presumably means the collective prize money pool will be less than anticipated, if the reserve prices match the expenditure cost.
Of course the series is much about entertainment – highs and lows in what’s almost a game – and sadly so this aim even spilled to the listing agents, <a href="https://www.propertyobserver.com.au/renovating/diy-price-estimates-for-the-renovators-six-offerings/2011091351521" target="_blank">who when asked for indicative pre-auction price guides gave none under instructions from Channel 10</a>.
While many were turned off by the hours spent watching varnish dry, there are valuable property lessons in the outcomes, just like The Block 2011 in Melbourne. 
Just one of the four Block cottages sold under the hammer, and <a href="https://www.propertyobserver.com.au/victoria/take-two-auction-frenzy-as-only-one-offering-left-on-the-block/2011082351266" target="_blank">all in quick time afterwards</a>, and now they are <a href="https://www.propertyobserver.com.au/landlords/block-richmond-properties-hit-the-rental-market-with-yields-of-up-to-6.3/2011092851717" target="_blank">possibly rented at terrific gross yields</a>.
For expert commentary and analysis on lessons to be learnt from property reality TV, <a href="https://register.propertyobserver.com.au/lights-camera-auction/" target="_blank">download our e-book Lights, Camera, Auction!</a>
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Entertainment the winner in The Renovators as some of the six struggle

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It’s almost a weekend off for estate agents, according to Australian Property Monitors.
There are just the 50 or so auctions in Melbourne and some 160 in Sydney, where the Sunday NRL grand final doesn’t clash as directly with the traditional Saturday street theatre.
On the comparable weekend last year there were about 50 auctions in Melbourne.
And the 200 in Sydney in 2010 was Sydney’s recent peak as there had been 180 in 2009 and 128 in 2008.
Melbourne’s grand final day peak was about 135 in 2009, a big jump on the 22 in 2008, and up also on the 120 Melbourne homes for auction in 2007.
In 2009 some estate agents suggested selling a house in Melbourne amid grand final hype was almost sacrilegious.
In 2009 overseas buyers with no interest in the premiership were highly active and vendors sought auction-day bids.
At the time the CBD agent Robert Wright noted Chinese money had been pouring into blue-ribbon Melbourne real estate since the change in ownership laws in early 2009 and demand was running hot.
"Asian buyers do not stop for local football," Wright of Elite Real Estate told The Age.
Anthony Toop at the Adelaide agency Toop &amp; Toop says the 2011 football finals have had “less impact on the local market” than usual due to the ordinary season by the two South Australian teams.
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Agents taking the weekend off and hope for property bounce next month

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20 Carrington Street, Granville, NSW, 2142
<img src="/images/stories/carringtonst.jpg">
This renovated three-bedroom home is currently rented out at $430 per week. Although their lease expires on Saturday, October 1 listing agent Graham Ball of <a href="https://www.raywhite.com/nsw/granville/663343/" title="Ray White" target="_blank">Ray White Fairfield</a> says they are keen to stay on. The 638-square-metre block includes a seven-metre driveway to a spacious backyard, which will likely appeal to tenants with families. Bell says there has been considerable investor interest in the property, which he estimates will sell for the "mid-$400,000s". If it sells for $450,000 the buyer would secure a yield of 5%, higher than the indicative gross yield for Granville houses of 4.8%, 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. The property will go to auction on Saturday, October 1 at 3pm. 
For more about indicative gross rental yields and prices in Granville, see the <a href="/news">RP Data suburb page</a>. 
For more investment opportunities going to auction this Saturday, see pages 2 and 3.
 
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1/23 Rathmines Street, Fairfield, VIC, 3078
<img src="/images/stories/faifield.jpg"> 
In a quiet street near Yarra Bend Park and Fairfield Boathouse, this two-bedroom apartment could appeal to tenants. It is close to Station Street shops and cafes and transport. <a target="_blank" href="https://www.jelliscraig.com.au/property/FAIRFIELD-1/23-Rathmines-Street/3098137/">Jellis Craig</a> agent Bev Adam is marketing the property with price hopes of $380,000 plus and says it has the potential to rent for about $300 to $340 per week. If it sells for $380,000 and rents for $420 per week, that would be a gross rental yield of 5.8%, far higher than the indicative gross rental yield for Fairfield units of 3.9%, 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. The property will go to auction on Saturday, October 1 at 10am. 
For more about yields and prices in Fairfield, see the <a target="_blank" title="Fairfield" href="/news">RP Data suburb page</a>.
 
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13/1 Wellington Crescent, East Melbourne, VIC, 3002
<img src="/images/stories/wellingtoncresc.jpg"> 
This recently redecorated one-bedroom apartment is on the edge of the city and is likely to appeal to young professional tenants. The building includes a gym, pool and sauna. The apartment also comes with a car parking space. <a target="_blank" title="Caine Real Estate" href="https://www.caine.com.au/view.php?OID=3097505">Caine Real Estate </a>agent Paul Caine is marketing the property with price hopes of $400,000 plus and says a rental analysis estimates the property could rent for between $440 and $480 per week. If it sells for $400,000 and rents at $480 per week, this would be a gross yield of 6.2%, far higher than the indicative gross rental yield of 3.6% for East Melbourne units, 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. The property will go to auction on Saturday, October 1 at 10am. 
For more information about prices and yields in East Melbourne, see the <a target="_blank" href="/news">RP Data suburb page</a>.
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Friday Form Guide: Yields of up to 5% in Granville

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Last week we ran a massive race.  It could be said it was the grand prix of property purchases.    You see, I found a really, really fabulous development site for my client and there was no time to waste as I realised that the property was way under priced!
It all started with a call from the agent.  “I’m listing a property you might be interested in, Jo,” she said.  The grin on my face broadened as I asked a few crucial questions. What were these questions?
There were five:
What is the land size? I was told 1,000 square metres (it was actually 1,039 square metres)
How many rooms does the house have?  FOUR (most houses in this suburb are two- or three-bedrooms)
What’s it renting for? $265 per week (ears prick up...Wow, this is way under-rented!)
Where is it? Did I hear you say “on the corner”? Yes, it was a corner block!
What is the listing price?  $270,000...hmmm I knew a four-bed house on 500 square metres (more than half the land) had recently sold for $272,000 a few doors up and it was not a corner block.
As I asked these questions and even though I actually received some incorrect answers, my heart was pounding.  I knew this was an extraordinary property.   As luck would have it, I was going to be in the Hunter the very next day so I could check it out immediately.
I sweetly asked the agent, “Can I inspect the property tomorrow?”  After a few hours wait, the answer came by email: No, not yet as the contract had not been received, although they had a signed agency agreement.   I picked up the phone and after a few minutes’ chat, I had gleaned the address of this property.
The next day I could think of nothing else as I hit the freeway.  My curiosity was soon satisfied as I stood at the fence, peering through the bushes to grab photos of the property we were soon to secure for our client.
Had I not had a good relationship with this agent, I might not have been able to get the address. But she knew that my clients were always strong purchasers.  As part of our process, before a client even signs up with Property Bloom, we ensure they have done three things:
-          Sought independent financial advice to ensure property development is the right strategy for them.
-          Had a preapproval from their lender on figures relating to the type of development we’d be project managing for them.
-          Discussed the correct structure to purchase under and tax implications with their accountant.
So we were able to move quickly, before this property had officially hit the open market. We had a two-day head start.  We knew the property would hit the internet sites and be advertised in the local newspaper very soon, so time was of the essence.
I took lots of photos and rang my surveyor. Had he done a survey on this property in the past?  Sometimes I find this to be the case and we can obtain a copy of an old survey. But, today he said he had no”.
I rang my client and told him my feelings about this property.  The house had a lovely Federation-style with wrap around veranda. The large corner block was a no brainer.  But, even without seeing the contract, I knew that the zoning for this suburb was changing to low density under a proposed Draft LEP.  In the past we could have lodged a DA to build a duplex behind the house and complete a two-lot Torrens Title subdivision. But I knew this was no longer an option. I had developed in this very street before, so I knew where the sewer main ran.  I knew rental demand was strong.  Most importantly, I also knew that being a corner block with kerb and guttering on just one boundary meant that the council would condition kerb and guttering to be completed on the other boundary as part of the DA consent if we were to lodge a DA for a subdivision.  While the block was large enough to subdivide, this cost of approximately $30,000 to $50,000 for 50 metres of kerb and guttering including the bitumen sealing of the very wide road shoulder could kill the project.  This was the deciding fact for me.  An inexperienced punter, not knowing the local council requirements, may have easily found themselves in hot water.
The answer for this site was a strong yield creating development strategy and we would build a two-bedroom granny flat to supplement the four-bedroom house.  This would not overdevelop the block and leave adequate outdoor living space around each dwelling.  We would not be asked to upgrade the road as part of this complying development.  The property was opposite a school, the four-bedroom house would rent to a family with kids needing some yard space and the two-bedroom flat may well be rented by a retired couple of a single parent.
So with a little freshen up renovation, paint and new carpet, the house will rent for $350 per week. Remember we paid just $270,000 for it (full asking price was our very quick second offer, before the property was “officially on the market”). It will cost us $90,000 to build our granny flat and this will rent for $270 per week.  The result is a 9% gross yield for my client.
By this time, we were well and truly sprinting to exchange.  I knew as soon as this property hit the open market there would be mega interest in it. Little did I know, it would also be the catalyst for some very unscrupulous agent activity.  We later found out that one local agent who did not have a sales agreement with the vendor tried to gazump us by talking directly to the vendor telling them he could bring them a buyer above asking price.  You can only imagine how the listing agent reacted to this!
That’s why we were sprinting.  Within five days we had received three crucial pre-purchase documents:
-          pest &amp; building report
-          Ident survey
-          Bank valuation and unconditional loan approval
My client’s conveyancer had to hound the vendor’s solicitor to make them act fast and move to exchange as quickly as possible.  They didn’t know what had hit them. Usually it’s the other way around with the vendor pushing to exchange.  My job was to keep all parties fully informed so everyone knew that my client was moving as quickly as physically possible to exchange. This communication process was crucial in the success of the deal.   The vendor had told the agent to keep the property on the market until it was exchanged.  So if for one minute, the agent thought we were moving too slowly, he could well have taken another offer to their vendor.
My message from this experience to you is: run loudly and fast, and don’t ever let things go quiet!  Manage the process till the end if you want to ensure you buy that property.   As they say, it’s not over till the fat lady sings or in other words, until you sign the contract and exchange takes place!
Jo Chivers is director of <a href="https://www.propertybloom.com.au/" target="_blank" title="Property Bloom">Property Bloom</a>, which manages property development.
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