Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

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Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

&nbsp;

&nbsp;

&nbsp;

Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

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?

National Australia Bank (NAB) has brought forward the timing of the first RBA cash rate cut by three months.

NAB is now expecting a cut in February, in line with ANZ and Westpac, having initially thought a cut wouldn't come until May.

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB changed its call following the August monthly inflation figures that were released at the end of September, showing it had dropped to 2.7 per cent.

"The risk has been skewed to a first cut earlier in 2025, and today’s change acknowledges the balance of risks has likely shifted sufficiently for the RBA to feel comfortable cutting a little sooner than we earlier expected," NAB noted in its latest update.

They added that the cadence of the cuts may be faster than its central profile.

"Domestic inflation pressures are cooling, but only gradually, and we continue to expect the conditions for a cut will not be in place this year.

NAB believes the easing cycle will end at 3.1 per cent by early 2026, which is five cuts from the current 4.35 per cent cash rate.&nbsp;

CBA also thinks 3.1 per cent will mark the end of the cutting cycle, while Westpac is forecasting 3.35 per cent, and ANZ is the most pessimistic at 3.6 per cent, which would be just three interest rate cuts.

<h2>What would a rate cut in February look like for borrowers?</h2>

According to&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2vK2ujS77CHs9VRvSSXzLC" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG" target="_blank">Canstar</a>, if there is a cut in February, a borrower with a $600,000 loan today and 25 years remaining would see their monthly repayments drop by $92.&nbsp;

<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td colspan="3">
			Impact of 0.25% pt cut in February 2025
			</td>
		</tr>
		<tr>
			<td>
			Current loan size
			</td>
			<td>
			Drop in monthly repayment
			</td>
			<td>
			New monthly repayment
			</td>
		</tr>
		<tr>
			<td>
			$600,000
			</td>
			<td>
			-$92
			</td>
			<td>
			$3,907
			</td>
		</tr>
		<tr>
			<td>
			$750,000
			</td>
			<td>
			-$114
			</td>
			<td>
			$4,884
			</td>
		</tr>
		<tr>
			<td>
			$1M
			</td>
			<td>
			-$153
			</td>
			<td>
			$6,512
			</td>
		</tr>
		<tr>
			<td colspan="3">
			Source:&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2qVnp6oqATgqDUi2Frm22q" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL" target="_blank">www.canstar.com.au</a>. Starting rate is the RBA existing average owner-occupier variable rate of 6.36%. Assumes banks pass the cash rate cut on in full the month after the meeting.
			</td>
		</tr>
	</tbody>
</table>

Canstar Data Insights Director, Sally Tindall, says if core inflation continues to track in the right direction, or unemployment starts to accelerate significantly, we could well see a cash rate cut as early as February of next year.

“All four big banks now believe the RBA will be ready to cut the cash rate in just over four months’ time, if not before, in the case of CBA.

“However, the outlook for both inflation and unemployment is still highly uncertain. A couple of wobbly sets of inflation data could see the RBA holding for longer, particularly if unemployment remains relatively steady."

&nbsp;

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB bring forward first RBA cut to February 2025

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GUEST OBSERVER
The minutes from the RBA’s December Board meeting, at which the cash rate was left unchanged at 2%, don’t give too much new information on the Bank’s thinking but have a marginally more positive tone. 
On household consumption, the RBA seems less worried about the outlook, noting the improvement in retail conditions and removing the reference to the risks to the outlook included in the minutes from the November meeting. The Bank is expecting consumption growth to lift to above-average rates from 2016, and while retail outcomes have improved, we continue to see this forecast as somewhat ambitious, given soft wages growth is likely to weigh on consumption for some time. 
The Board seems broadly comfortable with the housing outlook, noting that dwelling investment is likely to continue to grow but at a slower rate. The minutes did, however, highlight that it was still too early to assess the effect of the recent increase in lenders’ mortgage rates on the housing market. 
On non-mining business spending, the Board seems almost unperturbed by the weakness in the CAPEX survey, noting that while non-mining business investment intentions remained weak, business condition were “clearly above average” in the household and business services sector, which were less capital intensive. 
On the labour market, while noting the improvement in the unemployment rate and measures of job vacancies, the Board continues to point to soft wages growth as evidence of spare capacity in the labour market. 
On the AUD, the minutes contained very little commentary, only noting that the AUD had appreciated against the USD “in contrast to most other currencies”. 
Consistent with the post-meeting statement, the minutes again noted that the “outlook for inflation may afford some scope for a further easing of monetary policy should that be appropriate to lend support to demand”. 
We continue to expect the RBA to cut rates next year. We recently pushed back the timing of those moves, and now expect the Bank to cut rates by 25bps in May and August. We still expect the stimulus from housing and the lower AUD to fade next year, but the recent strength in the labour market precludes a cut as early as February. For 2016, there is also a possibility that further rises in lending rates from the banks, to offset regulatory changes that have raised minimum capital requirements, would cause an unwelcome tightening of financial conditions. With the inflation outlook providing no impediment to lower rates, we think the Bank has scope to provide further stimulus. 
This week’s FOMC meeting will also be important to the monetary policy discussion, firstly, to gauge the market impact of the first Fed rate hike in nearly a decade; and secondly to absorb the Fed’s forward guidance on the likely trajectory of US interest rates. 
We are also likely to get a further update on the Bank’s thinking over the next week or so, with a newspaper interview with Glenn Stevens likely to be published, consistent with the experience of the past few years.
Felicity Emmett co-head of Australian economics, ANZ Research and can be contacted <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/felicity-emmett/5a/3ba/256" target="_blank">here</a>.
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RBA feeling more comfortable: ANZ's Felicity Emmett

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GUEST OBSERVER
We’re launching into yet another silly season, and there will no doubt be the annual holiday splurge – in fact, one estimate puts our nation’s Christmas spending to be around $8.9 billion.
And that’s on gifts alone! There is, however, a ray of hope for your back pocket: with variable interest rates on the move this month, you have even more opportunity to shop around for a better rate. On the off-chance that these rate rises continue, an offset can provide even more control over your loan by letting you slice interest off repayments based on your hard-earned savings.
Here are the lowest home loan rates on finder.com.au that also allow a 100% offset account.
finder.com.au’s lowest variable home loan rates with a 100% offset account
<a href="https://www.finder.com.au/mortgage-house-summer-home-loan-review" target="_blank">Mortgage House Summer Home Loan</a>: 3.94%
With no application or ongoing fees, plus redraw facilities on top of your offset account, this home loan can provide some key cushioning for potential homeowners. Just be aware that you’re also signing up for a $395 legal, $200 Settlement and $450 discharge fee.
<a href="https://www.finder.com.au/boq-clear-path-rate-variable-home-loan#14747" target="_blank">Bank of Queensland Clear Path</a>: 3.99%
The Clear Path home loan will allow you to borrow up to 95% of the property’s value, while also waiving application fees and allowing for free redraws and repayments, which could pad out your mortgage nicely. You will have to crank the budgeting up a notch however, as you’ll then be factoring in a $10 monthly fee and a once-off settlement fee of $150. It’s advised you take some time to sit down and calculate the lifetime costs and benefits of your mortgage, especially in the case of revolving expenses. 
<a href="https://www.finder.com.au/bankwest-complete-home-loan-package-variable#10460" target="_blank">Bankwest Complete Home Loan Package</a>: 4.08%
Let it be said from the get-go that this is a package deal, which usually entails an additional expense of some sort – in this case it’s a considerable $395 annual fee. This might be offset in the first year by no application or legal fees, and its split options, redraw and extra repayment facilities could be enough to pull this loan over the line for you. When it comes to considerable annual fees, it’s a good idea to make sure there’s enough funds sitting in your offset account to negate the rolling expense by the time it hits every year.
finder.com.au’s lowest variable home loan rates with a 100% offset account
<a href="https://www.finder.com.au/beyond-bank-total-home-loan-package#12549" target="_blank">Beyond Bank Total Home Loan Package</a>: 4.09%
Perhaps just as powerful as a 100% offset account is the ability to also make free repayments, and this loan allows the best of both worlds. You can also borrow up to 95% of the property value, along with the ability to redraw funds should your financial standing get shaky. Again, this is a packaged home loan, and you will be slugged with a $395 annual fee, which will be exacerbated in the first year by a $150 settlement fee.
<a href="https://www.finder.com.au/mortgage-house-100-offset-fixed-rate-home-loan-review#13193" target="_blank">Mortgage House 100% Offset</a>: 4.39%
Nothing says freedom like no monthly or annual service fees – which is something recipients of this loan will experience. There is also no application fee tied to this loan, and you will be able to make additional repayments and be able to redraw. Just make sure you have some funds available at all times, as the $200 settlement fee will hit you in the earlier stage of the loan, while the $450 discharge fee will come around at the tail-end of the loan.
<a href="https://www.finder.com.au/st-george-fixed-rate-home-loan#1035" target="_blank">St. George Fixed Rate</a>: 4.44%
This loan comes with a waived legal and valuation fee, along with the ability to split your loan and make extra repayments and redraws. That being said, there are some serious fees that come with this product, including a $600 application, $10 monthly service, $100 settlement and $350 discharge fee. This loan could be your best option – but without doing your homework first, these fees could drown your budget and leave your head underwater for the next 30 years. Tread the water carefully!
Bessie Hassan is consumer advocate at <a href="https://www.finder.com.au" target="_blank">finder.com.au</a>.
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3.94% Mortgage House Summer special tops Finder's December home loans roundup

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GUEST OBSERVER
Australian housing finance approvals to owner occupiers posted a smaller than expected 0.5% decline in Oct – industry data had been pointing to a 1-1.5% decline. 
The detail was on the soft side though. Ex refinance, the number of owner occupier loans declined 1.2%mth, more in line with expectations.
The value of investor loans also declined sharply by -6.1% to be down 13.8% since August and 9.7%yr – the value of loans in this segment are back at June 2014 levels. 
Given the regulatory restraint being applied to investor lending and the indirect spillover boost this appears to be giving to owner occupier loans, the best gauge of broader market conditions is the combined total value of loans.
This declined 2.7% in Oct (ex refi) to be off 5.6% in two months. Annual growth is still positive but at 4.4%yr is much weaker than the strong double-digit growth rates averaged over the three years to August and the slowest annual pace since August 2012. 
In effect the housing market slowdown that has been apparent in buyer sentiment and auction markets is now showing through more clearly in the finance aggregates.
The state detail in today’s release is for owner occupier loans only and as such provides little additional insight into relative state performances. The investor loan split on Friday will allow for a clearer assessment.
 Details  Owner–occupiers (no.)   -0.5%mth, 6.3%yr   – ex-financing (no.)        -1.2%mth, 4.1%yr                                
Construction of dwellings (no.)   -0.4%mth, -9.7%yr         Purchase of newly built dwellings (no.)   -1.6%mth, 8.9%yr                                
Value of loans:             
Owner-occupiers ($bn)  0.4%mth, 21.2%yr   Investors ($bn)  -6.1%mth, -9.2%yr         Total ($bn)  -2%mth, 8.4%yr Total ex refi ($bn)  -2.7%mth, 4.4%yr  
 
Matthew Hassan is senior economist with <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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Owner occupier housing finance approvals down 0.77%: Westpac's Matthew Hassan

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Allan Moss, who previously headed investment bank Macquarie Group Limited, has been appointed as a part-time member to the Reserve Bank Board for a five-year period.
Moss is a principal of Allan Moss Pty Ltd and advises investment firms Evans and Partners, and Anchorage Capital Partners.
The Reserve Bank Act 1959, provides for nine board members - the governor, the deputy governor, the secretary to the Treasury and six other members.
Catherine Tanna, who has worked with BHP and Royal Dutch Shell, was also appointed a part-time member to the board for a further five-year period, the release by Treasurer Scott Morrison said. 
The other members are governor Glenn Stevens, deputy chair Philip Lowe, John Fraser (secretary to the treasury), John Akehurst, John Edwards, Kathryn Fagg and Heather Ridout.
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Ex-Macquarie boss Allan Moss appointed to RBA board

<html><body><div class="cq-article-content-paras section">
Reserve Bank of Australia governor Glenn Stevens has joked the price of iron ore has even, on occasion, displaced from page one of newspapers the price on which Australians typically focus most intensely – that of a house.
He was speaking in Perth, with the RBA board meeting for the first time in Perth since September 2011. He noted the ‘super-cycle’ in commodity prices, and the associated surge in capital spending, had been of national and international significance.  
"I don't need to tell you that quite a lot has changed in the intervening period.
"At that time, the price of a tonne of iron ore was about US$170.
:A tonne of hard coking coal was bringing in about US$300.
"These were among the prices that saw Australia's terms of trade soar to a level some 75 per cent above their average for the preceding century.
"Few countries have seen such a windfall.
"These extraordinary prices had already, by that time, triggered a massive investment program, which was lifting capacity.
"Four years ago, Australia was shipping about a million tonnes of iron ore each day, which was already double the rate of 2004 - bit under a million tonnes of coal left our shores daily.
"By 2011, capital spending by the resources sector had already roughly trebled since 2005.
"It would peak the following year after rising by a further 50 per cent."
He said the results of that investment have come on stream, or soon will.
"Today, Australia ships around 2 million tonnes of iron ore and 1 million tonnes of coal per day.
"The investment was not just in iron ore and coal.
"On forecasts of strong demand from Asia – not just China but Korea and Japan as well – massive investments are under way in gas.
"LNG exports have begun from some of the Queensland projects and are expected to increase strongly over the coming years.
"As the WA projects come on line in the next few years, Australia's total LNG production capacity will reach over 80 million tonnes per year.
"This compares with a production capacity of around 10 million tonnes a decade ago."
As it happens, about the time the Board was meeting in 2011, resource prices and Australia's terms of trade were about at their peak.
"And what a peak it was.
"On a ten-year average basis, the terms of trade exceeded anything seen for at least a century.
"This was not just a very brief spike like some commodity price events have been (such as the early 1950s rise in the price of wool).
"It was quite persistent.
"Not permanent, but quite persistent.
"Nonetheless, the peak was four years ago.
"Today the price of iron ore is about US$40 per tonne, and coking coal around US$75.
"At a national level, Australia's terms of trade, having been through an extraordinary surge, have fallen by a third and are still declining."
But even at those reduced prices, iron ore is still bringing a price 60 per cent higher than it did in 2000.
Natural gas prices are 50 per cent or more above their 2000 level. 
"The spill-overs of these activities have been felt around the country.
"For the fifty years up to 2005, resources sector investment had averaged just over 1½ per cent of national GDP.
"Periodically, in a boom it tended to reach a peak of perhaps 3 per cent of GDP.
"While the episode is not yet over, at this point the economy overall has been recording growth."
Noting the RBA do not make detailed forecasts at state level, he noted previously, economic activity was very strong in the west and the north-east, driven by the investment boom, while in the south-east of the country it was somewhat subdued.
"Now, as the mining investment boom in the west is in the reversal phase, economic activity here in WA is more subdued, while in the south-east it is picking up.
"Consumer spending and employment growth in WA, which had outpaced the national average by a wide margin, have come back to be a bit below the national average.
"The rate of WA's population growth has slowed.
"Housing prices have declined a little, while those in Sydney and Melbourne have, at least until recently, risen at quite a clip.
"Measures of business conditions in WA are at about their long-run average, having been a long way above that for some years.
"So WA has ‘come back to the pack’, though the pack has actually picked up some speed in the meantime."
He concluded remembering the positive legacy of the events of the past decade.
Household net worth in WA in 2013/14 (the latest available data), at about $950 000 per household, was a good deal higher than in any other state.
"Since then, housing prices in WA have declined while those in some other places have risen, so this gap may have diminished.
"Nonetheless, my guess is that, among the Australian states, the citizens of Western Australia are on average, probably still among the richest.
"Even if the others gradually close the gap over time, as they well might, you are better off for having had the boom."
He said new opportunities for growth will emerge, resulting from things like the growth in the middle class of Asia, with all what that means for demand for services as well as for energy and agricultural production.
"The growth of India is surely also a potential opportunity for WA – facing as you do the Indian Ocean, and with the advantage of relative lesser distance.
"A mere eight hour flight time!" 
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RBA governor Glenn Stevens says WA has come back to the pack

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Borrowers disappointed by the RBA’s decision to keep interest rates on hold can still get an early Christmas rate cut on their home loan by haggling their lender for a better deal, according to <a href="https://mozo.com.au/" target="_blank">Mozo.com.au</a>.
In a recent mystery shopping exercise, Mozo staff posing as borrowers were able to haggle huge discounts of up to 1.25% off the standard variable home loan rate, simply by calling up the banks and asking. 
“The Big 4 are competing more fiercely for owner occupiers in the wake of the crackdown on investor lending, with discounts on offer to these borrowers the biggest we’ve seen,” said Mozo Director Kirsty Lamont.
Mozo data shows that by haggling 1.25% off the average standard variable rate, borrowers could save $223 a month on their repayments on a $300,000, 30-year loan.
“When pushed banks are prepared to offer better discounts beyond their advertised home loan deals which can lead to savings of $2676 each year for borrowers,” said Lamont.
As well as discounts on interest rates, lenders also offered other bonuses including cash back offers and frequent flyer points.
“With 27 home loan providers increasing their variable rates in this month alone, borrowers need to be prepared to do some hard negotiating to get the biggest discounts.” 
Here are Mozo’s top tips to get a better deal on your home loan:
1.    Don’t settle for the advertised price
2.    Research what the best deals are on the market and what competitor lenders are offering
3.    Start negotiating only when the lender knows you’re a good loan candidate
4.    If you can’t haggle on the interest rate, haggle on other aspects of the loan like asking them to waive your home loan application fees
5.    Be willing to move other banking products such as credit cards and transaction accounts to your new lender.
 
Kirsty Lamont is marketing director of <a href="https://mozo.com.au/" target="_blank">Mozo</a>.
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Five tips for a better home loan deal: Mozo's Kirsty Lamont 

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GUEST OBSERVER
In a move that surprised no one, the RBA left the cash rate unchanged at 2% at its board meeting. 
Moreover the post-meeting statement was a virtual carbon copy of last month’s. Clearly the Bank is waiting and watching the data. The labour market numbers are important, as are the inflation numbers due out in late January. But in the meantime, the data the Bank will be most interested in will be tomorrow’s Q3 household spending numbers. Internationally, any market volatility around the US Fed’s meeting on 16-17 December (AEDT) will be of interest, even though a rate hike is priced by the market. 
The changes to the statement were minimal: 
• The improvement in growth in business credit was noted. 
• The language around housing finance was changed slightly – the statement continued to highlight the easing in lending to investors, but omitted the comment about owner-occupier finance picking up. 
• The last paragraph reiterated last month’s comment that “members also observed that the outlook for inflation may afford scope for further easing of policy, should that be appropriate to lend support to demand”. 
 
In our view, soft inflation probably does give the RBA the scope to cut rates to give the economy a bit of stimulus. The question will be if, by February when the Bank next meets, it judges that demand does need a bit more of a kick-along. 
Until then, each data release will take on added significance. The labour market data are clearly important, in particularly whether the unemployment rate’s dip below 6% is sustained. The inflation number in late January will also be key. Tomorrow’s Q3 GDP, while somewhat dated, will be important in giving a guide to where things are at currently. 
What will be particularly important in tomorrow’s release will be the household spending numbers. The RBA is forecasting consumption to lift to above average from 2016. Above average is about 3½% y/y. It’s currently running at 2½%, so it will need to accelerate pretty quickly to keep the RBA comfortable with that forecast. With household incomes under pressure, due mainly to soft wages growth, we are doubtful that households will have the capacity to lift their spending to this degree. So tomorrow’s numbers are important to gauge how achievable the Bank’s forecasts are. It will be one of the key numbers the RBA will be watching.
Felicity Emmett co-head of Australian economics, ANZ Research and can be contacted <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/felicity-emmett/5a/3ba/256" target="_blank">here</a>.
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The RBA's decision that surprised no one: ANZ's Felicity Emmett

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GUEST OBSERVER
The Reserve Bank Board decided to leave the cash rate unchanged at 2.0%. This decision was widely anticipated coming as absolutely no surprise to markets.
The key policy conclusion: “Members also observed that the outlook for inflation may afford scope for further easing of policy, should that be appropriate to lend support to demand” was unchanged from the November meeting when this mild easing bias was first adopted in the wake of the much lower than expected print for underlying inflation in the September quarter.
The key international themes were retained. However in November the language used was “some further softening in conditions in the Asian region”. This was replaced by “some softening in conditions in the Asian region”. Arguably we could interpret this as indicating that the Bank has not observed any additional deterioration over and above what was expected a month ago. Australia’s terms of trade are still described as “falling” while the Bank not surprisingly continues to expect the Federal Reserve to start increasing its policy rate over the period ahead.
Growth in the domestic economy is still described as moderate but a gradual improvement in business surveys for the non-mining sector has been evident. This has been boosting employment growth and ensuring a stabilisation of the unemployment rate. Confidence around the labour market has been slightly boosted with November discussing “somewhat stronger growth in employment” and this statement referring to “stronger growth in employment”.
In the Statement on Monetary Policy the Bank confirmed the mid-point of its underlying inflation forecast for 2016 as 2.5%. However in the December statement it does confirm the November assessment that inflation will be consistent with the target over the next one to two years but qualifies that by suggesting that it will be “a little lower than earlier expected”.
Along with the observation that business surveys in non-mining are showing a gradual improvement this statement complements confidence around business by pointing out that “credit provided by intermediaries to business picking up”.
Since the last meeting the AUD has increased from USD0.715 to USD0.725 despite a fall in the iron ore price from USD49 to USD43 and a 5% fall in the Westpac’s overall commodity price index. With those contrasting changes there was some possibility that the commentary around the Australian dollar might be a little more urgent. However, with only one month’s data to go by, the Bank has decided to retain the sentiment around the Australian dollar as “the Australian dollar is adjusting to the significant declines in commodity prices”.
Outlook
Markets are currently attributing a 25% probability to a cut of 25bps in February. Of course this pricing has been scaled back from more than 100% over the last five weeks. Westpac still expects rates to be on hold in February. Developments that would be necessary to change our minds would be around the labour market; commodity prices; GDP growth; and confidence. However, we expect that such developments would take time to trigger a policy change and even though the February meeting is two months away we don’t expect sufficient developments in that regard.
The risks for lower rates should be much more focussed on May where the market gives a more than 50% probability of a cut. Our current forecasts do not justify that decision but of course those forecasts are being constantly reviewed.
Certainly if there is to be a move over the next six months it will be down rather than up.
Bill Evans is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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February cut also looks unlikely: Westpac's Bill Evans

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The cash rate has been left at a record low of 2% for a seventh month (eight months of rates at 2%).
The Reserve Bank Board has noted the moderation in home prices in Melbourne and Sydney.
What does it all mean?
In November, the Reserve Bank re-instituted the ‘easing bias’. That is, the RBA intimated that if rates were to move in coming months it would be down, not up. The ‘easing bias’ hasn’t changed. But this is more of an insurance policy. The economy is actually performing well and momentum appears to be lifting. Of course, if the economy started to lose steam, then the RBA could cut rates again – for the key reason that inflation is actually a bit lower than the RBA had earlier expected.
<a href="/images/2015/12/1/Screen%20Shot%202015-12-01%20at%203.22.28%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/1/Screen%20Shot%202015-12-01%20at%203.22.28%20PM.png" alt="">
The next meeting of the Reserve Bank Board is not until February 2 2016.
On the Australian dollar, the Reserve Bank continued with the same language: “The Australian dollar is adjusting to the significant declines in key commodity prices.” Seemingly, the RBA is “happy” with the current level of the currency. However some could contend that the Aussie is a little firm compared with commodity prices like gold, oil, coal and iron ore.
On the housing market, the RBA noted: “The pace of growth in dwelling prices has moderated in Melbourne and Sydney over recent months and has remained mostly subdued in other cities.” Back in October, the RBA said: “Dwelling prices continue to rise strongly in Sydney and Melbourne, though trends have been more varied in a number of other cities.” The Reserve Bank would be happy that supply and demand in the housing market has become more balanced in Australia’s biggest cities.
The good news is that Aussie consumers and businesses have almost two months of grace before being badgered again by interest rate speculation.
Perspectives on interest rates
The previous rate cut was in May 2015 (25 basis points), taking the cash rate to a record low of 2%.
There have been 10 rate cuts since November 2011.
The Reserve Bank had previously lifted rates seven times from October 2009 to November 2010 – a total of 1.75 percentage points, from 3% to 4.75%.
What are the implications of today’s decision?
CommSec doesn’t expect any change in the cash rate for the foreseeable future. Inflation is under control but the major uncertainty relates to the “pass-through” of the lower exchange rate in lifting prices of imported goods. So far, retailers have been reluctant to pass on higher prices to consumers. The economy is well supported by record building approvals which are serving to lift many boats across the country.
With interest rates poised to stay low or potentially move even lower, investors will need to remain pro-active in embracing the best deals on online bank accounts. Borrowers also need to be on guard as fixed-term rates could edge higher in coming months as the US Federal Reserve seeks to ‘normalise’ interest rates.
Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>.
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No surprises from the Reserve Bank: CommSec's Craig James

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GUEST OBSERVER
The board of the Reserve Bank of Australia today decided to keep the Official Cash Rate at 2%t - there is no surprise there.
The RBA has signalled that the cash rate will remain on hold for the foreseeable future.
The Bank has also signalled that if there is to be any change in 2016 it will be a further reduction.
That is the appropriate message for now given the uncertainty around future new home construction activity in 2016/17 and beyond. 
Higher variable mortgage rates and a broader reach for investor credit rationing than required is hitting at the very time when the new residential construction cycle is at or close to a peak. That is a risk for the broader Australian economy. 
<a href="/images/2015/12/1/Screen%20Shot%202015-12-01%20at%202.56.18%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/12/1/Screen%20Shot%202015-12-01%20at%202.56.18%20PM.png" alt="" width="772" height="385">
Harley Dale is chief economist, HIA and can be contacted <a href="https://hia.com.au/en/BusinessInfo/economicInfo/EcoGroup.aspx" target="_blank">here</a>.
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