<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

<html><body>
If you’re waiting for someone to fly a flag when we hit the bottom of the market, think again: life doesn’t afford such luxuries. By the time people realise the market has bottomed out, it’s because it’s started on the upward curve and opportunity has passed! A bit like the gold rush; as soon as word gets out, the herd mentality kicks in, and it’s a difficult force of nature to resist.
So what is happening with our market? Some would suggest this is a typical market cycle. However, look a little deeper and a rather different picture is painted.  Market downturns are usually accompanied by various factors such as interest starting to flatten out, job insecurity, high unemployment, poor wage growth, population decline, large supplies of stock, and all manner of other triggers in different areas of the property market.
However, Australia isn’t suffering any of these. In fact, on the face of it, the picture looks enviably rosy.
 
<ul>
<li>Turnover in Melbourne is not markedly down. It’s trailing a little from this time last year, however, compared to 2008 and 2009 we’re ahead, indicating a steady stream of buyers and sellers. </li>
<li>Unemployment has been below 5% since last year, and although some areas are suffering more than others, the general outlook is excellent. </li>
<li>Our interest rates, although not low, are not high either – and no one would argue our population is falling.</li>
<li>The RBA has happily announced we’re saving more, and paying down our debts, and despite continuous complaints against the cost of metropolitan real estate, the debt servicing ratio is just 21%. Indeed, more than half of us are apparently paying down our loans faster than we need to.</li>
<li>Furthermore, wage growth is relatively firm, and household income was growth strong in the March quarter, according to the RBA</li>
</ul>
 
Nevertheless, the face is often very good at contradicting what’s emotionally within, and if truth be known, confidence is anything but robust.  We don’t need an interest rate hike – the RBA is doing a good job of making us err on the conservative side with a mere hint at it.
We all know bills are going to increase, but by how much is annoyingly uncertain.  And furthermore, anyone with investments in the stock market will be looking closely at the current international tremors and not liking the aftershocks.
We’ve all heard the news surrounding the Greek economy and its effect on Europe; America on the point of further demise; and possible warnings of a ‘hard landing’ in major players our side of the Pacific which could, some suggest, contribute to a ‘commodity crash’. However, if you think we’ve started on a downward-sloping curve, be warned: you may miss the boat.
We have a largely discretionary market. The evidence above suggests most vendors don’t ‘need’ to sell – especially if they don’t get their price.  They’re happy to sit it out and wait for better times.
Mortgage brokers have reported a large increase in the number of pre-approvals, hinting that there are plenty of buyers hovering in the starting blocks. The supply-demand argument continues to be a testy debate, but however many houses are built in the outer suburbs of our best performing cities, in far off lands away from the convenience of public transport and amenities, or high-rise, small one and two bedroom apartment blocks which are hardly an attraction for home buyers (nor fit into the typical first home buyer price range, or meet lending requirements). Stock located in areas where people want to live is certainly not in abundance.
Therefore, it’s unreasonable to suggest that real estate will keep dropping in price in the top third of suburbs of those areas driven fundamentally by supply/demand. However, outer-suburban locations, and poor high-rise accommodation heading into oversupply, may sing a different tune altogether and continue to suffer low demand.
With this in mind it’s important to note how dangerous it is to paint the whole real estate market with sweeping statements of downturns – or upturns. Every area must be assessed on its merit – hence many suburbs have shown a rise in median value over the first quarter, while other areas have dropped back to 2008 levels.
In short, the only thing we’re waiting for before the market swings upwards once again is the spark that’s going to inject confidence and an element of security into buyer psychology. However, waiting for that spark is not a wise thing for any investor to do if they want to purchase at the bottom! Have we hit the bottom yet? No one can make that call quite so soon – but if we haven’t, it’s not far away.
 
Catherine Cashmore is senior buyer advocate for JPP Buyer Advocates – the largest dedicated buyer advocacy service in Victoria. With extensive experience in all matters regarding real estate, JPP successfully purchases and negotiates more than $100 million worth of property each year. <a href="https://www.jpp.com.au/">www.jpp.com.au</a>
</body></html>

catherinecashmore-6LXia3pPQj

Waiting for 6 o’clock on the property watch? You may be too late

<html><body>
Tennis ace Thomas Muster has sold his Noosa residential retreat for about $5 million to Formula One driver Mark Webber.

Muster spent $3.5 million in early 2006 on the highest of the six luxury houses on the steep slopes of Noosa Hill, set in the Viridian Noosa complex.

It was passed in at auction in January when it was given a $5,175,000 price tag by Peter Butt of Richardson &amp; Wrench, Noosa.

The property is set on a 1362-square-metre block, with a huge private pool and views over Tea Tree Bay, extending to Double Island Point.

“This magnificent property was designed to entertain on a grand scale, with extensive outdoor seating areas and landscaped water features,” its marketing brochure says.

The four bedroom, three bathroom house virtually wraps around hilltop trees.

The shielding vegetation offered the privacy presumably sought by Muster, who returns occasionally to the Queensland coastal town because his former wife, Jo Beth Taylor, former Australia's Funniest Home Videos host, periodically resided on the Sunshine Coast with their young son Christian while working for the local radio station.

The Perth-based Taylor had adopted Muster's Noosa base after the couple met at the Australian Grand Prix in 2000.

The 35-hectare hinterland property, Cintamani, was Muster's first house, which was bought in 1994 for $1 million and sold in 2002 for $7.6 million to Collection House founder Stephen Walker.

Viridian Noosa was a joint venture between Leighton Properties and Ariadne Australia.

Designed by Noosa resident John Mainwaring, it was only built after the long-time owner of the 19.8-hectare banana plantation headed to the High Court after a decade-long battle with Noosa Shire Council, which constrained the land's development.

Muster was in Noosa during the Queensland floods in January and gave his time in the subsequent Brisbane clean-up.

Properties you may like in Queensland:

[smartcode_project:default project_id=94832]

[smartcode_project:default project_id=21877]

[smartcode_project:default project_id=27575]
</body></html>

jchancellor-FAypfDUnLy

Mark Webber buys tennis star’s Noosa retreat for $5 million

<html><body>
Auctions are quickly moving into the normal winter hibernation. A poll of 13 leading Melbourne agents has found seven expect spring will not bring its traditional major fillip in auction volumes. The early winter results have been described as mediocre by James Buyer Advocates, which has noted the best buyers in the current buyers’ market scenario are the pro-active ones. In Melbourne Real Estate of Victoria CEO Enzo Raimondo notes there are 460 auctions over each of the forthcoming four weekends, which compares with the 630 average in the first half of the year. Sydney likewise is heading for quieter times with weekend auction volumes set to head under 300 from July 16, according to Australian Property Monitors. Dr Andrew Wilson, the senior economist for APM, has already noticed buyers  showing restraint through what he expected to be the quiet winter selling season.
<img src="/images/stories/57.jpg">
Sydney’s weekend clearance rate from the preliminary 203 results compiled by Australian Property Monitors. There were 298 auctions held in Sydney, which was 17% down on the 360 results on the first Saturday in July 2010. Clinton McNabb at APM says there are about 310 auction due next weekend.
 
<hr>
<img src="/images/stories/55.jpg"> 
Melbourne’s weekend clearance rate from the preliminary 403 results compiled by the Real Estate Institute of Victoria. There were 470 auctions held in Melbourne, which was 20% down on the 591 results on the first Saturday in July 2010. Enzo Raimondo at the REIV says there are about 485 auction due next weekend.
 
<hr>
 
<img src="/images/stories/10.jpg">
Reservoir in Melbourne was the busiest auction suburb across the country with 10 listings, however just two sold – and they were after the auction. Surry Hills in Sydney was the next busiest auction suburb, with its six of its eight listings finding buyers. The dearest two Surry Hills terraces had both last sold in 2007. The four-bedroom Riley Street terrace that fetched $1.45 million through BresicWhitney agent Brigitte Blackman previously sold for $1.21 million, reflecting 4.5% annual growth. The three-bedroom Bourke Street terrace that sold for $1.12 million on the weekend through McGrath agent Andrew Toohey had sold for $850,000 in 2007, reflecting 7.2% annual growth.
 
<hr>
<img src="/images/stories/505k.jpg"> 
Brisbane’s highest weekend auction sale was in Coorparoo, according to APM. The three-bedroom Ferris Street house sold through Ray White Eight Mile Plains. The 627-square-metre property last sold for $12,000 in 1975.
 
<hr>
<img src="/images/stories/2point6.jpg"> 
A six-bedroom house in Sydney’s Randwick was the weekend’s dearest house sale. The 655-square-metre Darley Road property sold through LJ Hooker Bondi Junction agent Edward Brown. Set directly opposite the Govett Street Gates to Centennial Park, the unrenovated 1913 residence was being offered for the first time in 50 years.
 
<hr>
<img src="/images/stories/108.jpg"> 
Adelaide’s Unley Park recorded the city’s highest weekend sale, according to APM. It was a renovated four bedroom 1925 stone Northgate Street cottage that had been listed through Toop &amp; Toop Norwood agent Kay Morris with $1.1 million hopes. It had last sold in 1998 for $289,000, according to RP Data.
</body></html>

Auction wrap: Where the hammer fell

<html><body>
You’ve found what you think is a brilliant development site. Now it’s time to jump on that roller coaster and start the ride of your life as you commence the analysis process. Will the project be feasible? What is feasible, anyway?
Let’s find out. Feasible is really another word for “is it going to be financially worth it for you to spend your time, energy, money, blood, sweat and tears developing this site?”
Some advice I can give you about property investing, and anyone in property will also tell you, is to stay emotionally unattached to the property, as this is where bad decisions can be made. I have seen it many times, and this is where it can all come undone.
Firstly, it’s important to determine your development strategy and your investing criteria before looking for a development site. Your strategy may include:
-          Land subdivision
-          Renovating an existing dwelling
-          Dual occupancy or low-density development
-          Renovating an existing dwelling to build new villas/units also on the land
-          Medium-density development
-          All of the above
Your budget will help to determine your development strategy. A simple land subdivision will be less costly (but not necessarily quicker) than a larger villa/unit development, for instance.
As part of your strategy, you will need to think about what profit margin you would feel comfortable making from a development. You may have heard about the”20% profit margin” rule for developers. Once all development costs are taken from the potential sale result of the properties, (when selling the properties) there will be a 20% profit margin. Personally, I don’t always work back from a certain profit margin, as I find this restrictive.
Most of my clients are looking to boost their portfolios and hold the new properties long term, so we also need to meet other criteria. By other criteria, I mean rental returns on completion. For instance, if a client wants to create a positively geared development, the end gross yield will need to be about 10%, and we will actively search for development sites in very strong rental areas of the Hunter to meet this objective. Other criteria will include the amount of equity we can create from the project. We strive to create more than $100,000 in equity after our project management fee.
To determine the feasibility of a site, you will need to:
-          Talk to an accountant who specialises in property and one who preferably develops property him or herself so that he or she can advise you on the best structure to purchase under and explain the tax implications when developing such as GST and CGT.
-          Meet with a financial lender or a bank to determine your budget and the best loan structure for your development. It’s important to choose a lender that offers construction loans and find out what their lending criteria is around this – e.g., not all residential lenders will lend to you for a four-unit site. Check interest rates on these loans.
-          Meet with solicitor to determine costs. Your solicitor will check for restrictive covenants or easements that may affect the land. He or she will also make sure services are available and connected, especially if you are developing in a new area, as well as finalising the deal for you.
-          Read the local development control plan and local environment plan and speak with your council’s town planner to find out development application and construction certificate costs. Get friendly with the town planner to find out which developments are wanted in the area, as this could save you time and money by getting it right the first time.
-          Meet with an architect and builder to determine what you can build on the site. Some builders offer standard designs, which will save you design fees. If they do this, then they will be familiar with the local planning requirements. If you are not happy with a standard design, engage a local architect to design specifically for the site. Get a quote.
-          A surveyor will give you advice on the subdivision process. He or she will prepare your subdivision plan and estimate costs relating to the subdivision including sewer extension and service connection costs.
-          Once you have a concept design and before you lodge your development application, meet with builders to determine construction costs. Try to get three quotes and make sure they offer you a fixed price contract.
-          Talk to real estate agents to determine the value of your development and rental returns on completion, as this will have huge impact on the success of the feasibility.
-          Research other costs such as stamp duty, reports, Insurance and Interest payments.
The aim is to keep the above costs to a minimum so you will receive a higher profit margin. All this information can be kept in a spreadsheet, or there are software programs to help you with this process.
 
<hr class="system-pagebreak">
 
Below is a quick one page analysis I do to determine if a development is going to be feasible. In this case the client is keeping the three properties we have created from one.
Purchase price three-bedroom house on 1,012 square metres of land: $210,000 Estimated set-up costs, stamp duty, legals, pest and building reports, survey: $8,500 Estimated renovation cost: $8,000 Build cost for a two bedroom duplex (2 x villas) to be built behind existing house: $353,000 Contingency: $20,000 Note: build costs includes all council, subdivision and other fees &amp; charges. I always ask my builder to wrap all development costs into their contracts so my clients can maximise their lending.
Total development cost to create three properties from one in Hunter Region of NSW: $599,500 
Estimated end values:
Renovated three-bedroom house on 400 square metres: $220,000
Two-bedroom villas, $260,000 each: $520,000
Total end values: $740,000
Potential gross equity to be created: $140,500
Note: lending costs are not included at this stage:
Estimated rental returns:
Renovated house $300 per week
Two-bedroom villas @ $280 per week each: $560 per week
Total rental return: $860 per week or $44,720pa
Gross yield on completion of development: 7.5%
Gross rental yield: How it works One of the first calculations you will need to understand if you intend renting the properties on completion is the gross rental yield. To calculate the GRY you need the annual rent and the total cost of the development. If we use the above example:
Annual rent: $860 per week x 52 = $44,720pa Total development costs: $599,500 Gross yield: $47,720 divided by $599,500 = 7.5%
The yield on the above example of 7.5% is ideal at the moment as anything over 7% is considered to be a strong yield. Some of our developments are creating up to a 10% gross yield.
Once you have obtained the estimates for your development and the figures are looking good, you have some actual estimates to go back and speak to your lender about and ensure you can finance the project. There are various finance options, so seek professional advice on the best one for your situation. Then before you purchase, ensure you have discussed the best legal entity to be purchasing under for your individual circumstances with your accountant.
When your finance is preapproved, you can then start to negotiate the purchase. Always ensure you have a preapproval before making an offer so you can move quickly to exchange. This is a good negotiation tool. Ask for a longer settlement and a lower deposit, which will reduce your holding costs.
There are many more things to consider for your site selection, so it’s important you do your due diligence. In the development game, time is money. So you will need to learn to assess a potential site very quickly. One way to fast track the analysis process is to engage other professionals to do this important work for you. If it is your first development then work with an experienced project manager so you can learn from them as you progress through the complicated and challenging journey of your property development. Enjoy the ride!
Jo Chivers is director of <a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" target="_blank" title="Property Bloom" href="https://www.propertybloom.com.au/">Property Bloom</a>, which manages property development.
</body></html>

jochivers-wq5Bp59R5a

How to determine if a development is feasible

<html><body>
{yoogallery src=[images/stories/june30panorama]}
Marketing is set to begin on a new residential tower in Sydney’s Crows Nest. Panorama, with 209 apartments within three buildings on the Pacific Highway on the lower north shore, is tipped to interest medical staff from the nearby Mater Hospital, Royal North Shore Hospital, and the Northside Medical Centre.
“Crows Nest is one of the few suburbs in Sydney where the fundamentals for successful property investment remain strong,” says Tim Rees of CB Richard Ellis residential projects.
“It has a high rental base of 42% compared to the Sydney-wide average of 30%.”
Rees expects by the time Panorama is completed in late 2013, the indicative weekly rents will be $525 to $695 for the one-bedroom units and $875 to $1,200 for the two-bedrooms apartments.
The Panorama display centre at 200-220 Pacific Highway, Crows Nest, will open from mid-July.
The bulk of the apartments will be in a 17-level tower, and apartments in the upper 12 floors have multi-directional views.
Prices at Panorama start from $425,000 for a one-bedroom apartment, and from $825,000 for a two-bedroom apartment.
Willoughby Road is Sydney’s answer to Melbourne’s Lygon Street, says Rees.
Rees says the views won’t be built out because Panorama retains the height of the existing structure, the 1974 Spectrum buildings, which were a mix of retail and commercial space and hotel accommodation.
“The existing buildings will be largely demolished,” said Greg Shand, managing director of Barana Group, which is developing the JPRA-designed Panorama.
“In some cases the concrete frame will be retained, but overall this will be a new development and finished to a very high standard that is appropriate for Panorama’s unique location.”
Work is scheduled to start in September and be completed within two years.
Its interiors, by SJB, have been described as “pared-down luxury”, with timbers, natural stone and textural terrazzo.
</body></html>

Panorama to fly high in Crows Nest 

<html><body>
{yoogallery src=[images/stories/june29newcastle]}
Photographs courtesy of Newcastle Tourism
Property investors looking for a regional residential investment outside of the major metropolitan areas could find strong growth opportunities among the approximately 41,000 houses in 37 suburbs in the municipality of Newcastle.
According to the BIS Shrapnel Residential Property Prospectus for 2011-14, prices in Newcastle are tipped to increase 18% over the next three years, the same pace as Sydney, as more Sydneysiders migrate north of the Hawkesbury River.
While the most recent ABS population figures for Newcastle show decreasing population growth – down to 1.2% for the greater Newcastle area over 2010, compared with annual growth of 1.3% from 2005 to 2010, BIS forecasts a pick-up on due to a housing shortage in Sydney and a combination of higher prices and increased interest rates.
Newcastle is one of just two regional markets in Australia (the other being Gladstone, Queensland) to be rated as offering strong buying proposition by the St George/RP Data National Hotspots Report.
A two-hour drive North of Sydney, Newcastle comprises about 157,000 residents. The majority of houses are detached (75%) and just 14% are units. Investors make up just over a third of the market.
The report recommends investors look out for opportunities either close to major working nodes such as the John Hunter Hospital or close to the CBD, but avoid properties close to industrial sites.
Further out from the city, houses close to public transport and retail amenities as well as those close to the waterfront could be good investments.
David Turner, branch director of WBP Property Group Newcastle, describes the current state of the Newcastle’s property market as “two-speed”, “with demand for dwellings in the lower price range remaining steady and property in the upper range performing less favourably”.
Turner picks the centrally located suburb of New Lambton, which he says has performed well during the last year due to its offer of good value homes. New Lambton house prices have risen from $382,500 in June 2010 to $502,500 in April 2011, a reflection of “variety of stock”
“February’s median price of $440,000 is probably a closer reflection of median value which still represents an increase over the previous 12 months,” he says.
Another pick is the suburb of Hamilton, just 3.5 kilometres from the Newcastle CBD, where prices have risen from $540,000 in June 2010 to $590,000 in April 2011.
“Hamilton enjoys a central location with good access to services and amenities. Long-term trends have shown a steady increase and recently a more significant rise in property values in the area,” Turner says.
Local agent Andrew McGavin, director at Dalton Partners, says demand is particurlarly strong in the inner-city suburbs (those closest to the coast), where there is a shortage of properties up for sale.
“We can’t get enough properties to meet the demand,” he tells Property Observer.
McGavin picks the beach suburb of Merewether, along with neighbouring Merewether Heights and Adamstown – all about 3 kilometres from the Newcastle CBD – as potential hotspots.
“These are affordable family areas in the $400,000 to $600,000 range,” he says.
As for investor interest, McGavin says the market is not currently overrun, but there are “the odd few”. Primarily buyers are owner-occupiers.
Recent sales in Merewether include a four-bedroom two-storey house on 8 Flowerdale Avenue, which sold for $667,500.
Properties in Merewether heights have sold for as low as $480,000 (four-bedroom, one-bathroom house at 9, The Grove) and as much as $680,000 (four-bedroom, two-bathroom at 8 View Street).
Property analyst and hotspotting.com.au director Terry Ryder is also bullish on Newcastle and the nearby Hunter Valley, predicting both growth in house prices and rents for the area in his June newsletter.
A possible uplift in property values in Newcastle is also tipped by Kerry McLeish in the Newcastle office of property valuers Herron Todd White.
McLeish says substantial investment around the port area should increase the capacity of coal loading and infrastructure expenditure, translating into higher local wages. 
“Newcastle has taken some time to transition from an industrial- reliant urban area into a more balanced and well-rounded local economy; however, it looks like to the outside eye that we have replaced industry with mining,” McLeish says
 Key Newcastle numbers
<table border="1" cellspacing="0" cellpadding="0"><tbody><tr>
<td width="308" valign="top">
(As of January 2011)
Median price: $387,000
12-month change in median price: 13.8%
10-year average annual change in median price (10 years): 10.4%
Median weekly rent $350
Indicative gross rental yield 4.7%
Avg discount: -5.5%
Average time on market (days): 54
Average hold period (years): 8.4
Source: RP Data 
 
</td>
<td width="308" valign="top">
(As of March 2011)
Median house price: $365,000.
12 month changes in median price: 1.4%
March quarter change in median price: 0.2% Lower quartile price: $300,000
Upper quartile price: $470,000
 Source: REIA
</td>
</tr></tbody></table>
Regional attributes
Capital growth expectations are supported by the Newcastle CBD’s position as a major administrative centre for the region, while surrounding suburbs contain significant working nodes including a significant mining sector within the Hunter region, according to RP Data/St George.
It also benefits from excellent public transport and major roads, which support travel throughout the region. Beside buses, Newcastle has two train lines with a number of stations within the region, while travel by car is relatively easy via the Newcastle Freeway and the Pacific Highway.
The southern suburbs benefit from the Newcastle Inner City Bypass, while the western suburbs can travel to the CBD via the Newcastle Link Road, which also adjoins the Freeway.
As a major city, Newcastle has a number of major shopping centres scattered throughout the inner-ring as well as two major hospitals the John Hunter Hospital and the Royal Newcastle Centre.
It also home to the University of Newcastle.
</body></html>

lschlesinger-FZcF9M3vE6

Hotspot: Newcastle tipped for strong growth

<html><body>
As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
The Block was a hugely popular TV show last year. Three gruelling months of sleeplessness and renovations paid off for three of last year’s four couples, who, on the face of it, seemed to sell their apartments for a profit.
Not surprisingly, it encouraged a new generation of property investors to turn their hands to renovation.
But if you ran the renovations of The Block as a business and added stamp duty, buying and selling costs, interest for the holding period and payments for labour, there was no commercial profit in doing these renovations. 
And it could be the same again this year.
Watercress, the production company behind The Block, bought four unrenovated homes for $3.6 million in November last year after they passed in at auction for $2.85 million. Once you add stamp duty and acquisition costs, this would have brought the cost of each house to about $950,000 before the renovations began.
With properties at the top end of Melbourne’s property market struggling to achieve prices anything like last year, the result of this year’s show will be very interesting.
Now don’t get me wrong ­– I think renos are a great strategy in our current flat property markets. They increase the value of your property, make it more appealing to tenants, increase the rents and manufacture depreciation allowances.
But my strategy is to buy, renovate, refinance and hold for the long term. It’s just too hard to make money out of a “buy, renovate and sell” strategy.
So where do you start? And how do you ensure you don't end up over-capitalising, as many investors do?
Here are four rules to follow to make the most of a "renovate-for-profit" property investment:
1) Determine the "right" purchase price. Buying a renovator's delight at the right price is crucial in ensuring you are going to make some money when you finish your refurbishments. If you pay too much for your property at the outset, you will be chasing your tail trying to make the refurbishment profitable.
Start by determining what the end value of the property will be when you have completed all planned works. You can do this by researching the value of similarly renovated properties in your area.
Once you have the end value in mind, draw up an initial project budget to calculate your approximate renovation expenses. You should also consider getting a building and pest inspection on the property so you know exactly what you're getting yourself into, to help plan your budget accordingly.
Now, subtract all your costs from the end value, allow for a profit margin and this will give you a fair idea of how much you can afford to pay for your property in order to make your investment financially viable.
2) Be realistic with your budget The truth is, the job will usually cost more than you expect, and take longer than you planned. With today's shortage of good labour, it's hard to get tradespeople to quote on renovation jobs. We've all heard stories of how the budget blew out and the project took weeks longer than expected.
It's never as easy as they make it look on TV. And, funnily enough, the tradespeople never look as good as they do on the shows, either – I am yet to encounter a tradesperson wearing neatly pressed overalls!
3) Consider the type of tenant you wish to attract Think about the type of tenants you want to lease your property to and renovate with them in mind. Talk to your property manager to determine the predominant demographic seeking accommodation in the area, and plan your renovations accordingly.
4) Don't get personal! Another mistake I see investors make is that they become too personal about the renovation project they are undertaking. Remember, you won’t be living in the place, so putting your own personality into the property is not necessarily a good idea.
If you keep things simple and the decor neutral, to simply make the property liveable and functional, you can't go wrong.
Property renovating is not a licence to print money. It's hard work, if you intend to do it yourself, but it's a great way to manufacture capital growth.
Michael Yardney is the director of <a target="_blank" href="https://www.metropole.com.au/">Metropole Property Investment Strategists</a> , a best-selling author and one of Australia's leading experts in wealth creation through property. He also writes the<a target="_blank" href="https://www.propertyupdate.com.au/"> Property Investment Update  blog</a>.
 
 
</body></html>

myardney-DFoGhGbSJX

Four rules for maximising property renovation profits

<html><body>
Despite all the good intention, many buyers often make crucial and costly mistakes when buying a property. Based on years of experience as a buyers’ agent, the following are the top 10 mistakes that I see property buyers make on a regular basis, irrespective of whether it is a buyers’ or sellers’ market.

1. Not enough research

Buyers need to do their homework. Unless you have physically inspected 50-100 properties in the target area, you will not be able to accurately gauge what is a “good price”’. Merely browsing through photos and floor plans on the Internet is simply not sufficient and cannot compare with a physical walk-through. Likewise, many buyers rely heavily on data and statistics, which tend to be historical in nature. The only way to accurately gauge the market sentiment at any given point in time is to see as many properties and attend as many Auctions as you can. No report you buy can be a substitute for this legwork.

2. Too much research 

For most people, a property is the single largest purchase and investment they will ever make in their lifetime. So it is understandable that you would want to be as thorough in your research as possible. However, if the research takes too long, you could well miss some really good buying opportunities and end up chasing a market that no longer exists.

3. Spread too thin

It is important to condense the search process to a specific geographical area and time frame. Otherwise you could end up searching across 10 different suburbs over a 12- to 18-month period – which would give you neither an accurate nor reliable picture of the market.

4. Lack of confidence

Some buyers are paralysed by the fear of making such a large purchase decision that they end up not being able to commit to any property. For most buyers, there is also an element of “fear of missing out”, which is driven by the fear that something better may be out there. This fear of making a mistake is a reflection of a lack of confidence, and renders buyers unable to analyse all the information they have gathered in a decisive manner.

5. Not seeing the big picture

With more and more properties being styled for sale, it is easy to fall for the presentation rather than the product being sold. Buyers need to pay attention to details and focus on the important but less glamorous things such as where the sewer is located, whether there are any easements, whether the property is in bushfire- or flood-prone land, the zoning of the property, whether there are any planned developments in the area, etc. Likewise, many buyers get fixated on small issues that are easily fixed instead of looking at the big picture. Focus on the things which cannot be changed (such as the location, position, aspect, etc.) and not on cosmetic flaws (such as an old kitchen or bathroom).

6. Comparing apples and oranges

No two properties are ever alike. At the most basic level, property value is determined by the size of the property (land size and number of bedrooms, etc.) But beyond this, there are so many variables that can even cause two properties with same land size on the same street to vary greatly in price. For example, even-numbered houses on one particular street may be worth more than similar houses on the same street that are odd-numbered. The reason could be that one side of the street may be the high side or may fall into a highly sought-after school catchment. One side of the street may have the highly desired north-facing backyards whereas the houses on the opposite side have south-facing backyards. Or one side may be in bushfire-prone land but the other side is not.

Since most buyers cast a wide net when searching for their dream property, many do end up making the mistake of comparing apples with oranges. This typically happens when buyers compare properties in adjacent or neighbouring suburbs without taking into proper account the subtle differences in demand vs. supply, capital growth and rental potential etc.

7. Not having a good auction strategy

It is always surprising how many buyers show up to an auction with either poor or no strategy at all. Just knowing what your maximum limit is going to be is not sufficient as a strategy. Among others, you will need to have a strategy for dealing with other bidders, the auctioneer, as well as the selling agent who will no doubt be there to put the pressure on. There is no single “ideal” auction strategy. Every auction is different and requires a different approach depending on who the players are on the day and whether the auction will be in-room or on-site. Buyers should not be bidding at an auction unless they have attended and watched at least 15-20 other auctions (both in-room and on-site) to see the myriad of ways it can unfold.

8. Overly focused on getting a bargain

It is always better to pay a fair price for a premium property than to get a bargain for a sub-par property. In the current buyers’ market, too many buyers are focused on getting a bargain rather than on securing the best property possible within their budget. It is not uncommon for a buyers’ ego to get in the way of securing a great property! Holding out on that $5,000 to $10,000 may end up costing you a terrific property that will generate much more return in the long run than any savings you might make in the purchase price.

9. Not asking for help

The most dangerous property buyers are the ones who think they know it all and do not seek appropriate advice. An example would be bidding at an auction. One single mis-bid could cost you much more than the fee to hire a professional to bid on your behalf.

10. Herd mentality

Property buyers are generally cautious about acting when no one else is. At auctions, there is often silence as the auctioneer tries to coax the first bid. It is only when others start bidding that some buyers feel confident enough to join in. Likewise, many buyers are hesitant to submit offers until the selling agent puts the pressure on by saying that there are other interested parties. Savvy buyers are accurately educated, confident, decisive, able to see the big picture and do not subscribe to the herd mentality which is holding back many buyers.

Oliver J. Stier is the director of <a href="https://www.ohpropertygroup.com/" title="OH Property Group" target="_blank" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">OH Property Group</a>. In addition to being a licensed real estate agent, Oliver is also a chartered financial analyst. You can follow Oliver on Twitter at <a target="_blank" href="https://www.twitter.com/ohproperty" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">www.twitter.com/ohproperty</a>.
</body></html>

oliverstier-Cu9aF99VRm

Top 10 mistakes buyers make

<html><body>
All three of the properties Property Observer focused on last Friday were passed in at auction.
<h2>South Australia</h2>
<img src="/images/stories/stephenst.jpg">
6 Stephen Street, Mount Barker, South Australia, 5251
A local landmark, this four-bedroom, two-bathroom house is known to residents in the area as "Stephen's house". Originally a stone cottage built around 1900, the property has been seamlessly updated and extended throughout the years and now has plenty of space. It is only 20 minutes by public transport to Adelaide CBD. The house has a rental potential of $550 to $600 per week. The house was passed in at auction on Saturday, June 25. It is being marketed by <a href="https://www.popenitschke.com.au/?pagecall=property&amp;propertyID=1669895" title="First National Pope Nitschke" target="_blank">First National Pope Nitschke</a> agent Ally Woolcock, with price expectations of $560,000 plus before the auction. Woolcock says the vendors are now saying price on application for the property.
<h2>
<hr class="system-pagebreak">
Victoria</h2>
<img src="/images/stories/stvigeons.jpg">
4/ 43 St Vigeons Road, Reservoir, Victoria, 3073
This one-bedroom unit has a tenant on a secure lease until the end of 2011, making it a good purchase for investors. Average rent in the area for units is $300 per week. The property has a private courtyard, landscaped gardens and timber floorboards, and it is within walking distance of Leslie Reserver, Banff Street shops and Reservoir Views Primary. The unit was passed in at auction on Saturday, June 25. It is being sold by <a target="_blank" href="https://www.raywhite.com/vic/reservoir/618675/">Ray White Reservoir</a> agent John Catanzariti, who said price expectations were about $270,000 plus before auction, but now says the owners are hoping to secure about $315,000 plus. 
<h2> 
<hr class="system-pagebreak">
New South Wales</h2>
<img src="/images/stories/rawsonroad.jpg">
76 Rawson Road, Guildford, NSW, 2161
This renovated, three-bedroom house faces north and is light and airy. It would be a good property for an investor, with rents in the area about $400 per week. The bathroom and kitchen have been updated, and a large back yard means it should be easy to find families to rent it. The house was passed in at auction on Saturday, June 25. It is being sold by <a href="https://www.raywhitegranville.com.au/pol/property/search.asp?f_propertyID=1681204&amp;xsl=3923&amp;f_st=1&amp;f_ct=&amp;f_ps=2" title="Ray White Granville" target="_blank">Ray White Granville</a> agents George Jammal and Gassan Mahfoud, who gave a pre-auction price guide of about $380,000 plus. Now Mahfoud says the owners hope for $429,000 plus.
</body></html>

cknowlton-QnEa6ntUYP

Form guide wrap: Investors stay on the sidelines

<html><body>
Hanging from a rock face 30 metres from the ground is not usually the time or place for thinking about your garden.
But for Phillip Johnson it was scaling the heights of the Grampians’ Mt Arapiles that inspired him to take a leap into the world of vertical gardens.
The daredevil-turned-horticulturalist has since taken his love for gardens to the most extreme and unlikely of places – the soaring wall of TRIO apartments in the Sydney suburb Camperdown.
Last month his 33-metre by five-metre vertical garden, which spans 12 storeys and includes 4,528 native plants, picked up the top gong for commercial landscaping at the Australian Landscape Excellence Awards.
<img src="/images/stories/trio.jpg" style="margin: 5px;">
The stunning design (pictured above), and Australia’s tallest living wall, was created in partnership with botanist Patrick Blanc, a flamboyant Frenchman whom Johnson describes as “the grandfather of green walls around the world”.
Their win was described as “pioneering” – a term Blanc knows well but one Johnson will have to get use to.
“It is still very early days in Australia,” he says. “The vertical garden movement is starting, but I say bring on the revolution.”
Johnson believes we are a good 10 years behind Japan and some cities in Europe and North America, which due to high-density living were more prone to greening up irregular spaces like walls and rooftops.
“In Japan idea of green walls is so evolved that they call them bio-lungs, which acknowledges the bio-diversity and the improved air quality they bring to the urban environment.”
Johnson says Australian developers and property investors need to understand that vertical gardens are more than just window and wall dressing.
“We all know what plants do for removing Co2, but these gardens also become living habitats attracting birds and butterflies to their buildings.
“They are also effective for insulating against heat and reducing city noise,” he says.
“Greening up our cities is in everyone’s interest, and contrary to what many people think, it doesn’t need to be complicated. If we use the right systems and have the proper level of maintenance, it can be achieved.
“And we need to show how landscapes like this can add value to property.”
Although it can be difficult and costly to install vertical gardens in existing buildings, the “revolution” depends on developers who see the benefits –but also the commercial viability – of including living green spaces in their new projects.
Frasers Property, the company behind Trio and the planned One Central Park apartments in inner Sydney, is one developer flying the green flag.
“We’ve looked carefully at the installation and operational costs of vertical gardens, and in our experience, they are no more costly to install than commonly used stone-clad facades, but they are clearly more appealing,” CEO Guy Pahor says.
“With respect to ongoing maintenance, when amortised across the 623 apartments at One Central Park, it will become a minor part of the overall building maintenance expense.”
<img src="/images/stories/onecentralpark.jpg" style="margin: 5px;">
The ambitious project (pictured above) led by celebrated architect Jean Nouvel and Patrick Blanc will incorporate 44,000 plants over 23 vertical panels (or 1,100 square metres) and seven linear kilometres of planter boxes containing an additional 150,000 plants.
The gardens are fed by an external hydroponic watering system using water collected from the site.
Pahor is convinced that “organic architecture is global and growing”, but other developers are less willing to meet the start-up and ongoing expenses.
At Hamton’s Eden development in the riverside Melbourne suburb of Abbottsford, installing permanent vertical and rooftop gardens was considered too costly, but also environmentally unsustainable.
“We worked with landscapers to create a look using creepers and planter boxes that softens the façade and blends in with the natural surrounds, but doesn’t require large amounts of water or energy-intensive lights to keep the plants alive,” Hamton managing director Steve Buxton says.
“This will ensure costs are kept down for residents.”
<img src="/images/stories/crystalgarden1.jpg">
A different approach is being taken by CK Designworks, which is designing the Crystal Gardens development in Russell Street (pictured above), in Melbourne’s CBD. The architect has designed the 35-storey building such that it will have a park every six storeys.
“Melbourne consistently rates as one of the world’s most liveable cities, partly due to its expansive parks and gardens, but developers should now look at rooftop gardens and high-rise parks as the next step in the greening of the world’s cities,” CK Designworks partner and project architect Robert Caulfield says.
<img src="/images/stories/skyparkanother.jpg">
Nearby at Melbourne’s Flagstaff Gardens, the planned SkyPark Tower hotel and apartments (pictured above) will include, as the name implies, an activity and fitness park high up on the 32nd floor.
The catch is that this park will be completely covered in synthetic grass and has no plants or vegetation.
Architect Billy Kavellaris, director of Kavellaris Urban Design, says vertical and rooftop gardens are often “good design initiatives”, but are not the only way to produce “good design outcomes”, particularly when it comes to engaging people in open spaces.
“They have become fashionable, but I am concerned they are often added on to justify the lack of other sustainability measures within the overall building or design,” he says.
“The SkyPark offers a critique on this discussion and is a good way to generate debate in the industry.”
<img style="outline-style: none; outline-width: initial; outline-color: initial; padding: 2px; border: 0px initial initial;" src="/images/stories/skypark.jpg">
SkyPark Tower includes a half basketball court, gym, barbecue area and a climbing wall (pictured above), which unlike Johnson’s preferred rock face, will be completely devoid of plants and grasses.
</body></html>

Latest Buying Insights

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

Editor's Picks

Developments

New apartments

New townhouses

News

Latest Buying Insights

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

Editor's Picks

Receive the latest news stories to your inbox

Developments

New apartments

New townhouses

News