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

Joel Robinson

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

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

Lowe Living unveils Middle Park apartment development

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

DVB Projects to launch second Broadbeach apartment tower as demolition commences

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

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

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

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

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

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

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

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Measuring socioeconomic status of individuals, families, households, and geographic areas, is not straightforward.
Given socioeconomic status is generally unobserved, proxy measurements are therefore required.
The Australian Bureau of Statistics has recently sought to provide an insight into the perhaps old-fashioned measurement that defines relative socioeconomic advantage and disadvantage.
Income, consumption, wealth, education and employment are among the common concepts considered.
However, their relative importance can change substantially through time and across populations.
Whether a house has or doesn’t have broadband internet connection could now be used as a measure of socioeconomic advantage/disadvantage, albeit a relatively recent phenomenon.
On the other hand, colour televisions have become so ubiquitous that not having one is now more likely to be a choice made by households, as opposed to measuring material wealth.
The lack of access to a car may be highly relevant to socioeconomic status in much of Australia, but in the places where public transport is widely available and many amenities are close by, it is of less relevance.
Ultimately income, consumption, wealth, education and employment are the concluded key concepts used to measure socioeconomic status, according to the ABS.
One concept that predates socioeconomic status is poverty. Those in absolute poverty are generally considered unable to afford basic needs like food, clothing and shelter, whereas those in relative poverty tend not to have access to the minimum economic resources that one would expect in the particular society or economy. The ABS suggests poverty is a slightly different concept than socioeconomic status, as those in poverty are likely to have low socioeconomic status.
However, there are also likely to be a number of people who would be accorded low socioeconomic status based on other indicators, but who would not be considered as being in poverty using a more restricted set of indicators.
Wellbeing, on the other hand, sits as a broader concept than both poverty and socioeconomic status. According to the ABS, wellbeing is “a state of health or sufficiency in all aspects of life”. So, while a person’s socioeconomic status would tend to be a component of his or her wellbeing, a person’s interaction with the natural, built and social environments, as well as physical, mental and emotional health, are also vital components.
A third related concept is that of social exclusion, whose definition is often highly contested and may be interpreted very differently in different contexts.
However, a useful definition of social exclusion is “an individual is socially excluded if he or she does not participate in key activities of the society in which he or she lives”.
Social exclusion, therefore, focuses on a person’s activities or actions, whereas socioeconomic status refers to a person’s access to social and economic resources.
A fourth alternative concept, human development, focuses on ensuring that people have the capabilities to lead lives that they value. Without basic capabilities, such as health care and education, many opportunities in life are inaccessible.
"This is also known as capability deprivation, which is a concept initiated by Amartya Sen as an alternative measure of poverty. Capabilities are influenced by an individual’s characteristics such as age, sex, disability status and educational attainment. Some characteristics, such as having a disability or illness, being on older person or having low educational attainment, can then lead to particular population groups earning lower incomes, which, in turn, lead to being deprived of some basic capabilities and, therefore, potentially to a lower quality of life," the ABS report says.
When it comes to the wealth of housing, the ABS notes it is one of the most commonly used wealth measures.
It points out while not owning one’s own home is a reasonable indication, on average, of low household wealth, the indicator for home ownership misses a large amount of the variation in wealth across Australian households.
It misses remaining assets including superannuation, savings held in a bank and financial equities.
Secondly, it does not take into account the actual value of the home, nor the amount that is still owed on the home.
As this information is not available from most data sources, the ABS acknowledges the limitations of commonly used variables for wealth should be kept in mind when calculating the socioeconomic status of particular households.
It concludes it is often the case that administrative data records include limited person-level information. While some datasets capture age, sex and occupation, they may not have details on income, family composition or educational attainment. Often administrative data sets contain limited demographic information. Without this demographic detail, it becomes difficult to use the administrative datasets for socioeconomic analysis.
For the above reasons, among others, the ABS also undertakes a range of sample surveys. The aim of these surveys is to obtain information from a nationally representative sample on a single topic or range of topics.
There will be perhaps a clearer indication from the Survey of Income and Housing, which will be issued in August.
The SIH is a household survey that collects the amount of income receivable through each source of income, wealth information, housing characteristics and demographic and person-level information for household members. Income data are collected on both a current basis and for the previous financial year. The primary purpose of the survey is to inform on the social and economic welfare of Australians, including the distribution of household income and wealth.
In addition, the data collected contribute to the compilation of key performance indicators for housing affordability that have been agreed by the Council of Australian Governments.
Collecting demographic indicator data and details about the dwelling and the residents in the household is important.
But it is equally important to detect trends such as the fact that over recent decades, households have tended to become smaller as the number of families with relatively large numbers of children has fallen and the number of elderly couples and number of elderly people who live alone have both increased, according to the ABS.
These household compositional changes have generated far greater demand for housing than might be expected from population growth if average household sizes had remained the same. They have also given rise to demand for different housing options.
Details, such as main source of household income, number of employed persons in the household, value of dwelling and household type, provide contextual information required to help plan our collective housing future.
The ABS review involved input from Dr Nicholas Biddle, Research Fellow in the Centre for Aboriginal Economic Policy Research (CAEPR) at the Australian National University.
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jchancellor-FAypfDUnLy

There's more to socioeconomic status than housing

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Institutional developers are showing interest in residential development sites in suburbs and regional areas close to Canberra.
There is particular interest in the ACT region due to a shortage of available land, strong wages growth, unemployment holding steady and overall good local economic conditions, according to Tim Mutton, associate director of consultancy at Colliers.
In addition, private developers are looking to get into a market that has to date primarily been developed by the ACT Government.
Mutton recently negotiated the sale of a 35-hectare site in Ngunnawal to the Village Building Company for $36.25 million in an auction that attracted beds from 11 local and interstate companies.
The sale comes as the ACT Government’s Land Development Agency has announced it will sell the first sites on the eastern side of the Kingston Foreshore project.
CB Richard Ellis agents Mark Nicholls and Andrew Stewart have been appointed to market the three sites in a precinct known as “The Peninsula” with tenders due to close September 29, 2011.
The three blocks, which have a total area of 9,925 square metres, can accommodate approximately 300 residences. They have a mixed-use zoning, allowing for significant flexibility in relation to any future development.
Mutton says the Ngunnawal site is attractive “due to its size, location and likely position within the market when finally developed”.
Another factor in its appeal is its pricing.
Village chief executive Bob Winnel has suggested two bedroom homes will be priced at about $335,000, and the three-bedroom house-and-land packages will be priced from $365,000 to $400,000.
Mutton says there is strong interest in the ACT in retail blocks priced between $400,000 and $450,000.
“The estate was priced at a point where the market is interested,” he says. Furthermore, according to Mutton, the Ngunnawal block is just big enough to attract interest from large institutional developers.
Approximately 475 dwellings will be built on the Ngunnawal site, situated 18 kilometres from the CBD.
The winning bid came from the Canberra Estate Consortium No 30, a subsidiary of the Village, which has committed to providing 122 two-bedroom houses and a further 102 three-bedroom house-and-land packages.
The development will be completed over the next three years and will comprise townhouses, villas, duplexes, free-standing homes and larger residential lots.
In the next few months 131 blocks of land ranging in size from 420 square metres to 900 square metres and priced from $220,000 to $355,000 will go to market.
The Village is currently developing The Fair at North Watson, 6.6 kilometres from the Canberra CBD. It will comprise 316 homes upon completion.
Other Village developments underway include Nexus on Flemington Road in Gungahlin, where 110 one- and two-bedroom apartments are being sold priced between $299,000 and $374,000.
The Ngunnawal auction was conducted by Colliers International on behalf of the Land Development Agency.
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lschlesinger-FZcF9M3vE6

Housing developers showing interest in ACT: Colliers

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Much of the allure of owning one of the 85 Brighton bathing boxes is the bragging rights. There’s also the practicalities of having on-beach storage. But that’s getting costlier, as the newest two Dendy Street bathing boxes in the Melbourne bayside suburb sold at the weekend auction for a record $221,000 and $260,000, for the larger of the two.
Set on one of the most photographed locales in Australia, they are the second and third of four new boxes being built and sold by Bayside Council.
The dearer is 11 square metres, and the other nine square metres.
The 85 boxes are a throwback to the 19th century, when the increasing popularity of sea bathing clashed with Victorian-era prudishness.
The first of the newly built weatherboard-clad structures with gabled roof offerings, reported to cost between $15,000 and $20,000 to build, fetched a record $215,000 at auction in December 2010. 
The weekend auction through Hodges Brighton director Sam Paynter exceeded the previous record, even though four other boxes are currently listed for private sale with $185,000 plus hopes.
“Those prices will go up following the auction,” Paynter says.
Six Brighton ratepayers attended the auctions with a view to purchasing.
The boxes hit $200,000 for the first time in 2007, but during the 2008-2009 global financial downturn there was a $171,000 sale.
“They say the market’s not liquid, but there’s sizable growth since the  GFC,” Paynter says.
The first public auction was in 1999, when a box sold for $60,000.
Bayside Council’s original plan was to sell one a year for six years from 2010 to 2015.
Brighton Bathing Box Association president Chris Carlile says the new bathing boxes are welcome – if the revenue they net is used to repair broken drains, ramps and sand build-ups.
Carlile says he does not think the value of other bathing boxes will be affected by the four new boxes.
The council owns the land for each box and charges an annual licence fee of about $600.
Only Bayside ratepayers or residents are allowed to own one.  They are typically 2.4 metres by two metres by two metres.
There are about 1800 bathing boxes and boat sheds around Port Phillip and Western Port Bay, and in the past the Department of Sustainability and Environment and its predecessor, the Port Phillip Authority, have frequently expressed philosophical objection to private structures on the foreshore.
The Brighton Bathing Box association fought moves in the 1980s under the former Cain Labor government to remove the boxes.
Construction of the scheduled remaining box has yet to begin.
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Record prices for Brighton sales out of the box

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Properties are still selling. It just takes longer, and more are selling prior to or post auction. Sellers with sensible offers prior are more willing to accept them, and buyers are less willing to bid up at auction (and will often negotiate to closure post auction).

The property market has weakened in 2011, with RP Data figures showing a quarterly decline of 2.2% nationally for the March quarter. For Sydney we registered a decline of 1.1%. More specifically, Sydney auction clearance rates have hovered around the 52% to 58% mark in the past few months.

Understandably, many opportunistic buyers are making lowball offers, citing declining market conditions. Vendors who need to sell may choose to accept below-market prices, thereby negatively affecting the prices of neighbouring properties. However, vendors who are able to wait will either hold out for a higher offer or simply take their property off the market. Not surprisingly, the time-on-market for properties right now is longer than a year ago. Many selling agents are now also advising their vendors to sell by private treaty rather than auction.

The data may seem ominous, but is in my opinion a necessary consolidation on the above-average (and unsustainable) gains of 2010. It comes at the same time that Australia has experienced its biggest quarterly contraction since the early 1990s recession, with gross domestic product (GDP) falling 1.2% in the March quarter. This macro data can be attributed largely to the flood impact on Queensland, and it is believed by many that the data indicates it should be a one-off fall in GDP.

So property markets are down in line with GDP, which is expected to rebound shortly. I would expect the same of the property market. Keep in mind also that winter also tends to be a slower season for the property market. As the weather warms up, property action also tends to follow.

Rental yields are now rising (largely due to undersupply of housing). Sydney’s gross rental yield for units is now 5.01% (2.3% quarter-on-quarter growth) and houses 4.38% (2.7% quarter-on-quarter growth) according to March 2011 APM data. We can expect this to continue, and it will bring more investors into the market as the negative cashflow burden (net carrying cost) on property investment lessens.
 While I do not expect on average 10+% capital returns to property ownership over the medium term, I think we can count on a more moderate 6% to 8%, which can be added on top of rental yields of 1% to 2% higher than they have been in the recent past. The cash rate at 4.75% has not been raised by the RBA since November 2010, and recent GDP figures are likely to postpone any rise for a bit longer. This combined return on property investment will be attractive to leveraged property investors and will no doubt pull them back into the market. As a reflection of this, the level of inquiry we have received from investors has increased considerably in recent months.
Despite media reports, what we are experiencing right now is far from a crisis. The only crisis I am seeing is a crisis of confidence as buyers are more risk-averse than before. The herd mentality of buyers also means that many are hesitant to make a move for fear of buying during a downturn (no matter how mild). Many buyers therefore choose to simply sit on the sideline and watch what unfolds. Unfortunately, by the time the market does bounce back, it may well be too late for many buyers, who would have missed out on some genuinely good opportunities.

In a changing market, it is important to stay rational. For example, there have been several news articles on homes that have been heavily discounted (some by nearly $1 million, apparently). One might interpret this as the market going into a total collapse. But a more likely reason behind such heavy discounting is that the property was seriously over-priced to begin with.

Ultimately, if you believe in Australia’s fundamentals, then the current property consolidation phase should be taken as a positive. Nobody likes a bubble that bursts. It is better that we have a pause now and robust growth in the future.



Oliver J. Stier is the director of <a href="https://www.ohpropertygroup.com/" title="OH Property Group" target="_blank">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">www.twitter.com/ohproperty</a>.
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oliverstier-Cu9aF99VRm

The market is not falling, it is correcting

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We all know that property prices are driven by supply and demand. So on the face of it, reading that the amount of residential stock for sale has increased by 29.7% in the year to May does not sound good – does it?
Even worse, according to new figures released by<a href="https://www.sqmresearch.com.au" title="SQM Research" target="_blank"> SQM Research</a>, the amount of property for sale grew by c<a href="https://www.propertyobserver.com.au/residential/darwin-stock-levels-rise-evidence-of-dicey-market/2011061650506" title="Stock levels down" target="_blank">lose to 60% in Darwin and by almost 50% in Melbourne over the last year</a>.
SQM chief Louis Christopher says the result should be expected, given winter has started and although the amount of stock on the market is now staring to fall, it’s too early to see is this is the beginning of a turnaround.
"We've always said the decline on house prices will be mid to high single digits, and we still hold to that because there is still weakness in demand side, but what this means is that if listings do peak, we will unlikely see falls in the capital cities in the double digits" Christopher says.
How bad is the problem?
The amount of properties now available for purchase is up by a massive 29.7% when compared to the same time last year.
In Melbourne stock levels of houses for sale have increased by a 49.6% when compared to last year, while in Darwin stock has increased by 59.3%.
Canberra stock for sale has risen by 44.6%, Adelaide by 42.4%, Perth by 37.1%, Brisbane by 30.4% and Sydney by 25.5%. Hobart stock has risen by 35.7% across the year.
The question we need to ask ourselves is: does this hangover of unsold properties mean our markets are going to crash?
According to Christopher and other commentators too many properties for sale at a time when many buyers are exhibiting caution will cause property prices to drop prices by as much as 10% in some areas this year.
But let’s clarify things. There is not one property market in Australia. Our markets are behaving differently in different geographic locations and at different price points.
If you look at the Gold Coast, much of the stock for sale is developer stock that is sitting vacant or “discretionary properties” – holiday homes that are now up for sale. Some of these vendors have to sell and are prepared to sell at almost any price. And there are too many top-end luxury properties on the markets in our capital cities for the small number of buyers looking in this prestige segment.
On the other hand many of the mainstream properties for sale in streets of our capital cities are from vendors who would like to cash in on the high prices their neighbours achieved last year. The problem is they are unlikely to attain these types of prices this year, but most vendors are not in a hurry to sell.
Think about it. There is very little distressed stock on the market and few desperate sellers who need to sell at any price. But what is attracting media attention lately is the difference between the asking price (the inflated figure a vendor hopes to get for his property) and what the market is prepared to pay. And clearly this gap has widened compared with a year or two ago, when there were more buyers than sellers.
That’s what happens in a buyer’s market and it means that house prices will meander down slightly in some suburbs and hold steady in others – but there is no property crash ahead.
Michael Yardney is the director of <a target="_blank" title="Metropole Property Investment Strategists" 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" title="Property Update" href="https://www.propertyupdate.com.au">Property Investment Update</a> blog.
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myardney-DFoGhGbSJX

Soaring stock levels do not mean prices will crash

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Looking for an auction to attend at the weekend? Property Observer has found four properties going to auction this weekend that would be perfect for investors. 
 
<h2>New South Wales</h2>
<img src="/images/stories/sydneyjune17.jpg">
Unit 67F, 5-29 Wandella Road, Miranda, NSW, 2228
This well-located property with views of the city and bay has polished floorboards, a CaesarStone kitchen and an internal laundry room. The three-bedroom, two-bathroom property has a tenant with an expired lease, who would like to remain in the property. The tenant currently pays $475 per week. The property is being sold by <a target="_blank" title="Highland Property Agents Cronulla" href="https://www.highlandproperty.com.au/buying/NSW/Sutherland/MIRANDA/Apartment/1P2522">Highland Property Agents Cronulla </a>agent Lucas Harwood with an asking price of $449,000. It goes to auction on Saturday, June 18 at 10.30am. 
 
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<img src="/images/stories/southaustraliajune17.jpg">
9/18 Bewes Street, Adelaide, 5000
Currently tenanted at $400 per week to a professional couple who would like to extend their lease, this apartment in the heart of Adelaide offers reverse-cycle air-conditioning, a car park and a balcony. The two-bedroom apartment is listed for sale by <a target="_blank" title="Phillis Real Estate" href="https://www.propertyobserver.com.au/https://www.phillisrealestate.com.au/property/details/403906994">Phillis Real Estate'</a>s Andrew Downing with an asking price of $350,000 plus. The property goes to auction at 11.45am on Saturday, June 18.
<h2>
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Victoria</h2>
<img src="/images/stories/victoriajune17.jpg">
1/ 15 Petrie Street, Frankston
Only 500 metres from Frankston train station, this recently refurbished apartment in a boutique development has a tenant with a long-term lease paying $295 per week. The two-bedroom, one-bathroom unit has polished timber floorboards, a double carport and an undercover entertainment area. <a target="_blank" title="Bayside Real Estate" href="https://www.baysidere.com.au/properties/view/363/15-Petrie-St/Frankston/Vic/Australia/">Bayside Real Estate</a> agent Darren Dowel is selling the property, which has an asking price of $290,000 plus. It is being auctioned on Saturday, June 18 at 10 am.
<h2>
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Australian Capital Territory</h2>
<img src="/images/stories/actjune17.jpg">
2/1 McGee Place, Pearce, 2607
In a quiet block in the heart of Pearce, this two-bedroom unit is only a few hundred metres from shops in Pearce. The tenant in the property currently pays $330 per week and has a long-term lease, making the property a good purchase for an investor. <a target="_blank" title="Ray White Woden" href="https://www.raywhite.com/act/pearce/613431/">Ray White Woden</a> agent Scott Crossman is listing the property with an asking price of $295,000 plus. It goes to auction at 10.30am on Saturday, June 18.
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Friday Form Guide: This weekend's investment prospects

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Did you know that women are two and half times more likely to live in poverty in their old age than men? By 2019 on average, women will have half the amount of superannuation than men have, and 40% of women over 50 will be single through choice, divorce or death of their partners.
As at February 2011, the gender pay gap in favour of men was 17.2%, based on average weekly ordinary earnings, and it increases dramatically when we look at different occupations. For instance, professional women are earning 32.4% less than their male counterparts, sales women are earning 39.4% less and community and personal service workers had a gap of 28.9%.
So what can we do about it? We all need to take control of our future and plan ahead for our retirement. Building a property portfolio is a great way to complement our superannuation.
Right now, I’m seeing many women not just buying houses but taking on property developments. My business, Property Bloom, project manages developments for others, and I’ve noticed a massive increase of women taking the next step into developing property.
For every male client I have three female clients. And these women are not afraid to take on a little risk. They are developing up to four properties from one. I think in general, women are in a hurry to build their property empires. This doesn’t mean women are rushing in; they are very astute and carry out extensive research. They can see that property development can boost their portfolios quickly. They are all extremely busy juggling work or their own business and raising children. I can totally relate to that, with two young boys of my own.
It is still very expensive to develop property in many capital cities around Australia. Land prices, building costs, labour and developer charges are high yet, block sizes are small. So Property Bloom focuses on the fast-growing Hunter Region of NSW for development projects.
There are many factors that will cause the Hunter Region to continue to grow. While the resource sector plays a big role in the local economy of these large regional towns, they are certainly not reliant on mining. There are many other sectors making the areas we develop in very diverse. With 133 major projects underway, there are lots of employment prospects. Population growth is also tracking well, with the town of Maitland the fastest-growing inland town in NSW. The Lower Hunter Regional Strategy, a 25-year plan for the region, has earmarked several suburbs as major residential hubs, with significant growth planned. There is a large amount of investment being made in local infrastructure projects such as the Hunter Expressway, a $1.8 billion freeway link that is currently under construction. The cherry on the top is that it is only a two-hour drive from Sydney.
The land in the Hunter is affordable and the long-term growth trends are over 10% in the towns we develop in, with rental markets tight. The area is perfect for investing and developing.
Let’s take a look my client Angela’s three-villa development project. I love Angela’s attitude, she’s an avid property investor, mother of two children and working full time. When I found a large piece of land, just under 2,000 square metres in a growing suburb of the Hunter, I thought it may be too large a project for her. Angela’s budget allowed for a three-villa project; however this land was large enough to build six. So I came up with a plan to subdivide the land and get development approval for three villas on both lots. Then Angela could sell off one of the lots with development approval in place.
Land cost 1900sqm: $265,000
Stamp duty, legal fees, survey: $2,500 (she will save on stamp duty under NSW Builder’s Bonus scheme)
Works for a two-lot Torrens Title subdivision: $30,000
Total: $297,500
Net price after selling DA approved lot @ $180,000 (includes selling costs): $117,500
Design costs to obtain development approval and construction certificate for villas: $15,000
Estimated build cost for three villas: $680,000
Contingency: $10,000
Total cost: $822,500
Estimated end value of each three-bed villa @ $350,000 each x 3 : $1,050,000
Estimated equity to be created (equity less cost): $234,500
The rent on three villas will give a 7% to 8% gross yield. So this will be a great development for Angela. She can choose to use the equity we create to pay down personal debt or for her next investment or development.
Using a project manager to handle your development means you are handing over all the detail to someone with the experience needed to successfully manage your investment. Some of the responsibilities of a project manager include:
<ul>
<li>Source development sites</li>
<li>Run feasibility reports</li>
<li>Brief architects and designers, interpret plans, estimate costs </li>
<li>consult with architects, engineers and other technical workers to make sure that design intentions are met</li>
<li>plan construction methods and procedures </li>
<li>coordinate the supply of labour and materials</li>
<li>direct site managers and subcontractors to make sure standards of building performance, quality, cost schedules and safety are maintained </li>
<li>study building contract documents and negotiate with building owners and subcontractors </li>
<li>control preparation of cost estimates and budgets </li>
<li>make sure that building regulations, standards and by-laws are enforced in building operations </li>
<li>negotiate discounts</li>
<li>assist in finding tenants</li>
</ul>
Jo Chivers is director of <a target="_blank" title="Property Bloom" href="https://www.propertybloom.com.au/">Property Bloom</a>, which manages property development.
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Ladies laying foundations

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The list remains quite steady from<a href="https://www.propertyobserver.com.au/hotspots/the-most-discounted-properties-in-australia-at-june-7/2011060750433" title="Last week's most discounted property list" target="_blank"> last week</a>, with a newer batch of regular properties repeatedly making the top 10 each week. It is now properties from Queensland and Western Australia that are continuing to dominate our list of slashed property prices. This is in line with our recent forecast that these states (Queensland and Western Australia) will suffer steeper falls than the others, comparatively speaking.
What is particularly noteworthy about this week's list is that we have finally been graced with the addition of a discounted property in Victoria! It has been a while since we have seen discounts from this state in our top 10, and number nine on the list, 2506/83 Queensbridge Street Southbank 3006, has been discounted by a whopping 30%. This property is apparently going to auction at a price range given of at least $500,000 less that the vendor's orginal asking price. Having said this, these types of auction advertisements can often be ambigious, as it is never known whether bidding is expected to start from the given price range or whether the vendor is hoping to acheive a sale within the given price range. 
 1
 <a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" target="_blank" title="1350 Wynnum Road, Tingalpa" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106966579">1350 Wynnum Road, Tingalpa, Queensland, 4173</a>
On the market since: November 6, 2010
Initial asking price: $700,000
Current asking price: $380,000
Reduction: 46%
Days on market: 210
 
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<a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" target="_blank" title="1/21 Ocean Drive, Coogee" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106550670">1/21 Ocean Drive, Coogee, New South Wales, 6166</a>
On the market since: May 23, 2010
Initial asking price: $2,700,000
Current asking price: $1,600,000
Reduction: 41%
Days on market: 378
 
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<a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" target="_blank" title="232-234 High Central Road, Macleay Island" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007562500">232-234 High Central Road, Macleay Island, Queensland, 4184</a>
On the market since: January 11, 2009
Initial asking price: $279,000
Current asking price: $175,000
Reduction: 37%
Days on market: 875
 
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<a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" target="_blank" title="25 Vicary Street, Triabunna" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008491614">25 Vicary Street, Triabunna, Tasmania, 7190</a>
On the market since: August 2, 2010
Initial asking price: $299,000
Current asking price: $189,000
Reduction: 37%
Days on market: 308
 
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<a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" target="_blank" title="290 Viveash Road, Swan View" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007193295">290 Viveash Road, Swan View, Western Australia, 6056</a>
On the market since: June 5, 2008
Initial asking price: $2,290,000
Current asking price: $1,500,000
Reduction: 34%
Days on market: 1096
 
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<a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" target="_blank" title="3 Boolari Road, Gosford West" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105832903">3 Boolari Road, Gosford West, New South Wales, 2250</a>
On the market since: July 8, 2009
Initial asking price: $990,000
Current asking price: $650,000
Reduction: 34%
Days on market: 696
 
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<a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" target="_blank" title="1/16 Dewar, Ledge Point" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106138206">1/16 Dewar, Ledge Point, Western Australia, 6043</a>
On the market since: November 15, 2009
Initial asking price: $375,000
Current asking price: $250,000
Reduction: 33%
Days on market: 567
 
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<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106241765" title="65 Pier Haven, Lamb Island" target="_blank">65 Pier Haven, Lamb Island, Queensland, 4184</a>
On the market since: January 9, 2010
Initial asking price: $425,000
Current asking price: $290,000
Reduction: 32%
Days on market: 511
 
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<a href="https://www.realestate.com.au/property-apartment-vic-southbank-106952892" title="2506/83 Queensbridge Street" target="_blank">2506/ 83 Queensbridge Street, Southbank, Victoria, 3006</a>
On the market since: October 31, 2010
Initial asking price: $2.15 million
Current asking price: $1.5 million
Reduction: 30%
Days on market: 217
 
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<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D107052447" title="56 Ellen Street, Kingston" target="_blank">56 Ellen Street, Kingston, Queensland, 4114</a>
On the market since: October 31, 2010
Initial asking price: $2.15 million
Current asking price: $1.5 million
Reduction: 30%
Days on market: 217
Louis Christopher is the managing director of SQM Research. More information on discounted properties can be found in the free SQM weekly newsletter or on the <a href="https://www.sqmresearch.com.au/news.php" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">SQM Research website</a>.
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The 10 most discounted properties in Australia at June 16

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Australia’s home loan delinquency rate now sits at an alarming high.
And the recent east coast natural disasters are nowhere near as much to blame as everyone’s been making out.
JPMorgan points the finger directly at home loans issued in 2009.
They were the home purchases made when interest rates fell to emergency lows to fight the global financial crisis.
They coincided with the first-home owners' grant being doubled and the $900 cash grant boosting consumer confidence levels.
The 2009 buyers were ripe for the borrowing, with Westpac and Commonwealth Bank then the keenest at lending into the robust first-home loan market.
JPMorgan says mortgages issued or refinanced in 2009 make up 20% of the current total arrears.
“We see clear potential for higher interest rates to drive arrears higher,” JP Morgan has ominously forecast.
“In particular, any further increase in interest rates would see the 2009 vintage loans exceed the affordability tests set at the time they were taken out.”
"First-home owners used the falling cash rate to increase the average amount borrowed by 25%,” the JP Morgan report's author, Scott Manning, says.
“First-home owners were not alone in expanding their gearing.”
Manning rightly reckons unemployment has traditionally been the key driver of mortgage delinquencies.
“But the gearing up of households over the last decade has seen them become a lot more vulnerable to increases in the mortgage rate.”
The Fitch report only measures the performance of Australia's so-called securitised loans rather than those funded by deposits from the big four banks, so it’s not therefore a true reflection of the entire home loans. Fitch’s analysis of 1 million mortgages over-represents those from the smaller banks and the non-bank lenders. As of March 2011, securitised mortgages represented 17% of all Australian mortgages by volume.
But it is concerning that Fitch concluded one in 400 borrowers had become delinquent since September 2010.
“As the Australian economy and unemployment are still solid, the increase in the mortgage rate and the increased cost of living remain the main variables affecting household affordability,” Fitch concludes.
In terms of mortgage performance, those regions historically labelled the “worst-performing” have been affected most by Christmas spending and increasing interest rates.
South-western Sydney and the Central Coast north of Sydney, the Gold Coast in Queensland and the south-west region in Western Australia are still experiencing delinquency rates far above the national average.
Fairfield-Liverpool continues to be the worst-performing region in Australia, with one mortgage out of 60 being in arrears and a 30+ day delinquency rate of 2.81%.
Regions in Queensland took four of the 10 worst-performing slots at end March 2011, up from just one back in September 2010, as the Gold Coast and Logan City experienced a considerable deterioration in delinquencies.
Overall performance in Western Australia has been stable, although 30+ delinquency rates were still high at 1.99% as of March 2011.
Looking on the bright side, Victoria has five of Australia’s 10 best-performing districts when it comes to mortgage delinquencies. They were Boroondara City, northern middle Melbourne, eastern middle Melbourne,  inner Melbourne and southern Melbourne.
Victoria’s overall delinquency rate stood at 1.34%, considerably lower than New South Wales (1.93%) and Queensland (2%).
Melbourne performed better than the rest of Victoria, with a delinquency ratio of 1.29%.
Despite having five of the nation's 10 worst-performing regions, Sydney also had two of the best. NSW”s lower northern Sydney district sits as the best-performing region in Australia, with just five mortgages out of 1,000 delinquent at the end of March 2011. Sydney’s eastern suburbs sat in fourth place, according to the Fitch Ratings survey, with just 0.65% of mortgage holders behind on payments.
Fitch analysed 80,000 mortgages in South Australia, with overall delinquencies below the national average at 1.54%, up only slightly from September 2010 (1.3%).
Tasmania had a 1.37% arrears rate.
The Northern Territory was the best-performing district in the country, with a delinquency ratio of 1.04% as arrears in the Australian Capital Territory increased to 1.09%.
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Flood of money, not the skies, to blame for home mortgage delinquency

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The May sales figures of Australasian real-estate group Ray White remained steady at $2.1 billion, mirroring the $2.1 billion total in April.
But Ray White’s monthly figures reflect a revival in upmarket sales activity. Its top offices during May were Surfers Paradise in Queensland, Double Bay and Neutral Bay in NSW, and from Victoria, Glen Waverley and Epping.
Group chairman Brian White says given prevailing negative headlines, some buyers and sellers might assume that the sales market was chaotic.
“Yes, prices have eased in many locations. Yes, there are fewer sales, but nowhere near the horrific changes some are proclaiming,” White says. In April White noted the continued impact of recent natural disasters, Brisbane’s floods, Christchurch’s earthquake and the north Queensland cyclones.
White noted the natural disasters had triggered the sales figures to drop in April to $2.1 billion, some 15% less than April in 2010.
Sales in all three localities fell by more than 30% on the previous year.
“The consistency of the drop was remarkable,” White says.
“Take away the impact of these particular markets and the overall drop, year on year, comes down to just 10% – with approximately half of the drop to each of reduced values and reduced transaction activity.”
But it was the first April that matched its preceding March total.
The most positive signs of improvement across the group in April were from New Zealand.
“How quickly market sentiment can change when there is an interest rate drop, with a 0.25% interest rate drop at the beginning of the month quickly impacting particularly in Auckland,” White says.
“Faith in the future strength of both countries remains rock solid, leading to continued buyer enquiry. Buyers want good value, and if they can get it, they will commit.
“Market commentators often are unable to sense this level of buyer activity, but we’re seeing it every weekend at our open homes,” he says.
Queensland prices now reflect the best value in the nation, White says.
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