<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?

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

<html><body>
The major banks independently lifted their mortgage rates last week, and I was surprised with the number of questions I was being asked.
Many mortgage borrowers want to switch to a cheaper lender after these interest rate rises, but they’re confused about three questions: how much money will I save? What options do I have outside the major banks? And, is it worth the hassle of switching?
Let’s start with the first question: the answer is that you can save hundreds from your first new mortgage payment and you can save tens of thousands over the life of the new loan.
Let’s say two customers have an average $350,000, 30-year mortgage. The Westpac customer, with a standard variable rate of 7.46%, will pay $55,440 more over the life of the loan than the Yellow Brick Road customer, who has a rate of 6.84%.
Even a NAB customer, with the lowest standard variable rate of the big banks, will pay $38,160 more than a Yellow Brick Road customer.
This is simply the comparison sitting on my desk right now. Your job is to find your own examples and know how much you will pay over the life of your loan and then run different interest rates through the online calculators.
This brings me to the second question: what mortgage options are available to me?
To understand your options, I suggest two paths: you get online and research the comparison web sites, or you see a mortgage broker.
There are many comparison sites available on the internet. The service I find simplest is Canstar Star Ratings, but there are quite a few.
You should start by knowing exactly how your current loan works: the interest rate, the features, the fees, etc. Perhaps make a list of what you like about your current loan, because even if you think you’re paying too much, there may be features that you have come to rely on, such as 100% offset, fortnightly payments and easy redraw.
Be honest about the features – their value may be greater than what you can save.
Scroll down and look at how many home loans are cheaper than you’re paying, and then weed them out until you find the loans that also have the features and fees you want.
If it’s too daunting or time consuming, you can see a mortgage broker. These experts know the market and can match you with the best priced and best featured home loan.
It’s very rare that a broker can’t find a better loan than the one you have already – it’s their job.
The harder you look, the more you’ll find lenders you may not have heard of: credit unions, regional banks, building societies and mutuals.
Don’t be put off by their supposed obscurity. According to Abacus, the industry body for the Australian mutual sector, there are 119 mutual lenders in this country with a combined 4.6 million customers. Generally speaking, these lenders are the ones with the lower interest rates because they don’t need the high profit margins that the big banks rely on.
Armed with options and convinced you can save money, is it a hassle to actually change a home loan?
That depends on how organised you are. Personally I don’t think a few hours of collecting paperwork is a high price to pay for saving $40,000.
I suggest you do it this way: organise a new, lower-priced loan at a lender. You will need proof of identity, of employment and of earnings.
You’ll receive a written loan offer in which the new lender will commit to “buying out” your current loan, without exit fees of course.
Your options will now expand because in my experience, nine times out of 10 your current bank – when contacted by the new lender – will offer to match your new rate.
Having gone through this process, you now have real choice: choice of price and choice of who you borrow from. You have answered your own questions and come out with a better result than when you started.
This is how home lending should operate. That fact that it doesn’t frustrates me.
Borrowers either become complacent about their set-and-forget mortgage, or they’re scared of changing from a big bank.
What I would tell them is that the first thing you do when you change mortgage is change your attitude.
So you’d like to save $40,000 over the life of a mortgage? It could be time to change your attitude.
Mark Bouris is executive chairman of <a href="https://www.ybr.com.au/" target="_blank">Yellow Brick Road</a>, a financial services company offering home loans, financial planning, accounting and tax, and insurance.
This article first appeared in News Ltd. newspapers
 
 
 
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mbouris-tauSvXGAM2

Don’t be afraid to refinance – it could save you tens of thousands: Mark Bouris

<html><body>
An investigation by consumer group Choice has found that banks are neglecting their duties to give out key loan fact sheets.
Only one out of 18 Sydney bank branches visited by Choice spokesman Matt Levey provided a copy of the fact sheet when he requested information about comparable fees and interest rates.
A key fact sheet helps borrowers compare the home loan they are being offered with other similar loans to help them make an informed decision.
Since January 2012 mortgage providers must give customers a key facts sheet on request.
"We ended up with a lot of paraphernalia ... a lot of handwritten notes, a lot of glossy brochures with photos of bank CEOs," Levey told the ABC.
"We got one home loan fact sheet. We say that's not good enough.
"If the banks were serious about standing behind their products and serious about competing, then they'd be providing Australian consumers with the information they needed to shop around."
Levey says he did not ask for the fact sheet by name, but says Choice does not believe it is realistic to expect customers to ask for the fact sheet by its official name: the federal government's key home loan fact sheet.
“We think it's enough to go in and say, ‘Can we have some information to go away and compare loans?'
"If that doesn't work, then we think the requirement needs to change."
To learn more about refinancing, sign up for the free Property Observer refinancing webinar on Wednesday at 12.30.
{module What do you intend to do given the current interest rate fluctuations?}
 
{module Have you changed lenders in the last six years?}
</body></html>

lschlesinger-FZcF9M3vE6

Banks not giving out key home loan fact sheets: Choice

<html><body>
Property valuations (and valuations of equipment and other assets for that matter) are relevant in many tax contexts, including capital gains tax (CGT) and GST. Getting a valuation wrong can mean more tax to pay.
A disagreement with the Tax Office on a valuation can materially alter the tax consequences of a transaction. Indeed, a recent decision by the Administrative Appeals Tribunal saw a taxpayer fail the CGT maximum net asset value test (so the CGT small business concessions could not be accessed) because of a valuation issue. My recent article <a href="https://www.smartcompany.com.au/tax/20111215-another-year-and-capital-gains-still-causes-problems?utm_source=SmartCompany&amp;utm_campaign=b8d9118ba4-Monday_12_December_201112_12_2011&amp;utm_medium=email">Another year and capital gains still cause problems</a> discussed this case further.
Hand in hand with the need for valuations is the corresponding need to keep good records. In the CGT context for example, an asset that may be subject to CGT when it is later sold, needs to have records kept about its purchase price, any improvements to the asset, etc. If an asset is inherited, it is highly prudent to obtain a valuation of it, in case tax consequences later arise.
The Tax Office has released a paper highlighting what it says are recurring issues it has found concerning valuations of property in relation to the application of the GST margin scheme provisions. The margin scheme essentially allows less GST to be paid where sales of land or strata units are involved, provided certain conditions are met.
The Tax Office does not automatically accept every valuation submitted to it. Many valuations it receives are referred to the Australian Valuation Office (AVO) for evaluation, particularly as to whether or not the valuation specifies a value that is within a range that is reasonable.
Often, when certain elements of a valuation are outside an acceptable range, the Tax Office says the ultimate valuation is higher than it should be resulting in a lower margin and less GST payable.
The paper sets outs the main issues regarding what the ATO considers are non-complying valuations it has identified and its position when those issues occur. Some issues include the following.
<table style="width: 470px;" border="1" cellpadding="0">
<thead><tr>
<td valign="top">
Issue
</td>
<td valign="top">
ATO position
</td>
</tr></thead>
<tbody>
<tr>
<td valign="top">
Profit and risk ratios: When valuing a property on the basis of a hypothetical development approach, the anticipated profit and risk margins are determined after consideration of the level of risk associated with a project as at the date of valuation. In many cases, the ATO says profit and risk ratios are not supported in the valuation report and appear to be well below what could reasonably be expected.
</td>
<td valign="top">
Valuers need to determine profit and risk ratios that are reflective of the characteristics and condition of the subject property at the valuation date. The ATO says these ratios need to reflect realistic profit expectations with appropriate and reasonable weightings for risks apparent at the date the property is required to be valued.
</td>
</tr>
<tr>
<td valign="top">
Market interest rates: Valuations need to reflect an open market interest rate. The ATO considers the use of negotiated commercial rates, "in-house" finance rates or special discounted rates may not be appropriate as these rates are not reflective of open market rates but, rather, are specific to a particular entity or a set of circumstances.
</td>
<td valign="top">
Valuers need to apply appropriate interest rates at the date the property is to be valued. The ATO says these rates should reflect commercially available rates supported by evidence from within the industry at that point in time or alternatively based on the rates published by the Reserve Bank of Australia.
</td>
</tr>
<tr>
<td valign="top">
Comparable sales: These are often unavailable at valuation date and pre and post valuation date sales are used as a reference point for a valuation. Also, there are instances where purported comparable sales from a geographically different area or different market segment to that of the subject property are referenced in a valuation. Often, supporting sales data in property valuations is provided to the ATO without any explanation as to why the data is comparable.
</td>
<td valign="top">
Comparable sales must withstand objective scrutiny of their comparability. If post valuation date sales or remote area sales are to be used, the ATO says these must have commentary as to why the valuer considers it reasonable to use these sales to establish the subject property value.
</td>
</tr>
<tr>
<td valign="top">
Development costs: Many valuers undertaking hypothetical development valuations have completed these valuations with the exclusion of important development costs such as acquisition costs, legal costs and holding costs.
</td>
<td valign="top">
The ATO says all relevant costs with appropriate weighting should be included in a hypothetical development valuation.
</td>
</tr>
</tbody>
</table>
The Tax Office says that valuations also need to reflect reasonable allowances for commencement and completion dates as well as selling timeframes, etc as these factors will affect holding costs, financing costs and overall project risk. In examining valuations, the AVO found that in a number of cases, lead times for example were unrealistic given the size and the peculiar characteristics of the property development. The ATO view is that project lead times, selling timeframes and completion timeframes must reflect the commercial, market and planning reality of a project.
Many valuations reflect a value of the real property interest that is being sold rather than the interest that existed at the valuation date. In these situations, the ATO considers that if the valuer is asked to value a real property interest that did not exist at the valuation date but was derived from another interest that existed at that date, the valuation must be made as follows:
<ul style="list-style-type: none;">
<li>
a valuation of the interest in existence at the valuation date must be made;
</li>
<li>
the valuation of that interest must be apportioned on a fair and reasonable basis, to ascertain the part of the valuation that relates to the interest that is being sold. The ATO requires all factors taken into account in the apportionment to be explained to show why the apportionment is fair and reasonable.
</li>
</ul>
The ATO said it accepts that valuations can, by their very nature, be a subjective assessment of a property's value and in many cases there are interpretive assessments of impacts on the property value. However, it said that regardless of this subjectivity, it still has an expectation that values will fall within a "reasonable range".
Where the AVO opinions are supported by evidence, and also align with the ATO's perception of reasonableness, the ATO said these will be referred to the relevant valuer to enable those noted elements of the valuation to be reviewed. If there is sufficient merit in the valuer's adopted assumptions and conclusions, such that these can be considered reasonable, the ATO said the valuation can be accepted as a complying valuation.
Where the valuer's assumptions and conclusions are not sustainable based on evidence, or are not reasonable, the ATO said the valuation cannot be considered a complying professional valuation. This, in turn, can have tax flow-on implications.
Getting valuations is important in a tax context. But not every valuation will necessarily be acceptable to the Tax Office.
Terry Hayes is the senior tax writer at <a href="https://www.thomsonreuters.com.au/">Thomson Reuters</a>, a leading Australian provider of tax, accounting and legal information solutions.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany.</a>
 
 
</body></html>

thayes-XhNcNKLNWa

How to get property valuations right: Terry Hayes

<html><body>
<img src="/images/stories/nabquote.gif">
A rather ironic Terry Ryder from <a href="https://www.facebook.com/hotspotting">Hotspotting.com.au</a> reflecting on the NAB keeping its promise to keep its standard variable rate lower than the other big banks.
It has technically kept its promise while lifting its rates 0.09% so that NAB's rate is now 7.31% but closer to its three other big bank competitors.
 
</body></html>

NAB is keeping its promise - just: Quote of the Week

<html><body>
The future of mortgage broking franchise Refund Home Loans and its 300 franchisees remain undecided five months after it collapsed as receivers remain quiet on a possible sale of the business.

An industry source told Property Observer current franchisees were growing increasingly frustrated at the lack of information from the administrator as they hold out for a possible sale.

It is understood that a group of franchisees who had expressed interest in buying the business have now backed out of a management buyout.

Property Observer has put in numerous calls to administrators SV Partners, but has not received any response.

In January it was reported that three businesses had submitted expressions of interest in Refund Home Loans, with Broker News naming one of the suitors as non-bank lender Liberty Financial.

A spokesperson for Liberty Financial said it did not comment on market speculation.

As a lender on Refund Home Loan’s mortgage panel, Liberty Financial would have good knowledge of the business.

Refund has a network of 300 brokers and would provide an instant distribution arm to a non-bank lender, but is unlikely to be appetising to a major lender because of its controversial business model.

As a result of the expressions of interest the court granted SV Partners an extension until March to secure a buyer or wind up the business.

Both Channel Nine’s A Current Affair and Channel Seven’s Today Tonight have run exposés about the collapse of Refund Home Loans.

Speaking on condition of anonymity, a creditor told Property Observer the exposés, particurlarly the more attacking one by ACA, might reduce the sale price of the business.

Today Tonight ran two stories, both including interviews with Ormond and portraying his personal loss (including having to sell his $500,000 Bentley) and featuring support from former Wheel of Fortune host John Burgess.

Refund Home Loans head office in Brisbane says Wayne Ormond has parted ways with the business.

Attempts to reach Ormond via his <a href="https://www.wayneormond.com.au/" target="_blank">personal website</a> have proved unsuccessful. The phone number on the site no longer works.



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Refund Home Loans franchisees wait for any news of possible sale

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All investment and development properties incur a land tax liability annually. The annual land tax liability for a property is derived from the value of the land only and doesn’t include the value of any improvements. In brief, anyone can object to the valuation which is provided by the NSW Valuer-General, however there is only a 60-day window in which this can be done. In many instances there are significant savings to be made.
Property developers and owners of major investment properties are the most likely to be hit with excessive land lax assessments.
What property types incur land tax?
Land tax is paid on most properties that are not a principal place of residence or not used for primary production. Development sites and land banks, retail and commercial investment properties, vacant land, land improved with a dwelling or apartments, a holiday home and many other property types incur land tax.inst
There are various concessions/exemptions from land tax such as the property being a primary place of residence, the property is intended to be a primary place of residence, a new residence is acquired while the previous one is yet to be sold, you have a home office but the majority of business is done elsewhere, absence from principal place of residence (e.g. move overseas) or a deceased estate.
How much is land tax and how is the amount calculated?
Land tax is payable over a certain threshold. For 2012 the threshold is $396,000. Land tax is calculated at $100 plus 1.6% of the land value between the premium rate threshold ($2,421,000) and 2% thereafter.
The amount payable is based on the average of the last three years’ assessments. It is possible to object to any of the three assessments. If you are objecting to a value that has previously been objected to, new information must be provided.
In most instances it is too time-consuming to lodge an objection for a small investment property, as a successful objection may only reduce the burden slightly. However, with major development sites and investment properties land tax liabilities can be reduced by many hundreds of thousands of dollars.
Residential strata buildings and land tax
In order to determine the land value for individual residential units the Valuer-General assesses the land value of the site the apartment building is erected on. The overall liability for the entire site/building is allocated to each of the units based on their unit entitlement under the strata scheme.
 
How is land tax assessed and what difficulties impact the assessment process? Why might the assessment be wrong?
To arrive at the land value of a property the valuers working for the NSW Valuer-General analyse recent comparable sales. The opinion of value is arrived at after adjusting the identified sales based on their various characteristics, such as location, site conditions, zoning, development approval, scale, floor space ratio, view profiles, aspect and proximity to employment bases and infrastructure.
Although this method is the simplest way to determine land value, there are often points of contention because of the number of adjustments that need to be made to the sales evidence in order to arrive at a land value of the subject property. Small oversights in the valuation process can change an assessment greatly.
Ideally a valuer will use sales of vacant land to determine the unimproved value of the subject land, however in most built-up areas vacant land sales are not available and sales of properties with improvements (units, houses, offices) need to be used. In this instance the valuer will deduct the value of the buildings from the sale price to arrive at the land component of the sale price. This process includes a number of assumptions and a large margin for error, particularly as the buildings are given a value without being internally inspected.
In addition, sales of properties such as development sites and major commercial office buildings often do not transact under simple conditions. Often sales include conditions such as extended settlement periods, various types of options, rental guarantees or staged payments and these conditions can allow a purchaser to pay more for a property for any number of reasons. The value for land tax purposes assumes unconditional sale so it can’t be compared to a conditional sale without making the necessary adjustments. If these adjustments have not been made by the valuer then the identified sale might be contributing to an inflated land value assessment.
There are any number of reasons a property owner might disagree with their assessment and these may be reasonable cause for an objection. Any objection needs to have supporting evidence based on analysis of the sales used by the Valuer General or sales not considered. Some reasons to object might be:
<ul>
<li>My development site has been given the same rate/sqm in value as all the comparable sales but it is in an inferior location and does not similar amenity.</li>
<li>There have been a number of sales around my property that have not been used by the Valuer General and I am of the opinion they are the most comparable and they support a lower land value for my assessment.</li>
<li>My land is heritage listed and the valuer general did not take this into account in their assessment.</li>
<li>Two of the sales used by the Valuer-General were between related parties (e.g. family members) and as such cant be relied upon. I have new sales that support a lower value. </li>
</ul>
How long do I have to consider an objection?
A period of 60 days is provided in which an objection can be lodged. This can be lengthened at the Valuer-General's discretion. This is only a narrow time to object and it is in the objector’s best interest to object before the end of the 60 days.
Notwithstanding the above as previously mentioned your land tax liability is based on the average of the previous three years and it is possible to object to any of the three years that appear on the notice. As such, if you miss the 60 day window you will have another chance to object to the value the following year. 
Things that ought be taken into consideration before lodging an objection?
<ul>
<li> How much of my time will it take to lodge a professional and well researched objection?</li>
<li>Should I appoint a third party to make the objection on my behalf? If so how much will they cost?</li>
<li>How much do I think I can reduce my liability by? After considering the time and cost to lodge an objection is it worthwhile?</li>
<li>Who is a property consultant that can provide some guidance/advice in this?</li>
<li>Do I have the expertise to properly lodge an objection?</li>
<li>The assessment is based on an average of three years and this should be taken into account when deciding what years out of the three can be objected to.</li>
</ul>
What increases chance of success?
<ul>
<li>Properly analyse the sales identified by the Valuer General so that all details of the sale are known and their impact on the value explored.</li>
<li>Identify any key sales not used by the Valuer General.</li>
<li>Provide a clear and concise objection.</li>
<li>Instructing a qualified valuer and/or land economist to prepare an objection for you.</li>
</ul>
Determining objections and how to appeal. Is it worth appealing?
After an objection is lodged it will be reviewed by an independent valuer appointed by the Valuer-General. Once the objection has been reviewed a notice of determination of the objection is sent to the relevant party. If a notice is not received within 90 days of lodgement then the objection is deemed to be disallowed.
If an objection is not successful then you have 90 days to lodge an appeal with the Land and Environment Court of NSW.
The cost of an appeal can be significant due to the inclusion of lawyers and property valuers/land economists. The high cost of an appeal is part of the reason it is important to lodge an professional objection.
Sam Barrow is property advisor and valuer for <a target="_blank" href="https://www.landsburys.com.au/">Landsburys Property</a> providing strategic advice, risk analysis and valuation services. Sam has experience in all property types, however specialises in residential and mixed use development projects and master planned communities throughout New South Wales. 
 
 
 
 
 
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sbarrow-W3PnSwsfJs

Time ticking on 60-day objection period in NSW: Land tax 101

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Victorian borrowers appear to be growing increasingly unhappy with their mortgage lenders, with borrowers in the state accounting for more than a quarter (28%) of all refinancing activity in Australia during the final three months of 2011, according to the latest data from ABS. 
In total over 14,100 Victorian borrowers refinanced their mortgages over this three-month period (totalling $3.6 billion), compared with 13,000 in the corresponding quarter in 2010 and 10,500 in last quarter of 2009. 
The surge in Victorian refinancing activity comes as part of a national increase in refinancing activity over this period, which soared to a record high of $12.6 billion (50,000 borrowers) in the final quarter of 2011, a 14% increase on $11.1 billion refinanced in the December quarter of 2010. 
There were also sharp increases in refinancing activity in NSW (up $4.3 billion from $3.7 billion) and Western Australia ($1.6 billion from $1.3 billion). 
A poll carried out by Property Observer found that 81% of borrowers will investigate the option of refinancing with a different lender following the recent interest rate increases made independently of the RBA. 
More than half (56%) of those polled said they’d changed lenders in the last six years.
Owner-occupier refinancing
 
<img src="/images/stories/refinance.gif">
Refinancing activity remained flat or fell in all the other states. 
On a seasonally adjusted basis refinancing rose by 2.3% in December 2011 after a fall of 0.9% in November 2011. 
The increase in refinancing activity comes as mortgage lending to owner-occupiers increased by just 0.7% in December 2011 with overall mortgage growth at its lowest level since statistics were recorded 35 years ago.
To learn more about refinancing, <a target="_blank" href="/news">sign up for our free webinar</a>. The webinar will take place on Wednesday, February 22 at 12.30pm.
 
{module What do you intend to do given the current interest rate fluctuations?}
{module Have you changed lenders in the last six years?} 
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Disgruntled Victorian borrowers lead national surge in mortgage refinancing: ABS

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Online bank ING Direct will raise rates on its variable mortgages by 0.1% on Friday. 
Rates on its Mortgage Simplifier (the bank’s standard variable loan) will rise to 6.72% on Friday 17 January. 
The Australian arm of the Dutch-based bank is the fifth biggest lender in Australia, with a $38 billion mortgage book. 
Westpac brands St George, Bank of Melbourne and BankSA have also announced that they will raise interest rates on variable mortgages. 
St George and BankSA will lift rates by 0.12% to 7.42% on Friday (a greater increase than Westpac), while Bank of Melbourne has lifted its rates by 0.1% to 7.4% effective immediately. 
 
6.72%
The standard variable bank rate that CUA is currently charging its customers (rates have been left unchanged) and the rate that ING Direct will charge variable rate customers from Friday 17 January following a 0.1% increase.
6.90%
The standard variable bank rate that the Greater Building Society will charge new customers from February 15 after raising rates by 0.1%. The rate rise for existing customers kicks in on February 22
6.94%
The standard variable bank rate that Heritage Bank is currently charging its customers.
7.20%
The standard variable bank rate that BankWest is currently charging its customers.
7.22%
The standard variable bank rate that ING Direct is currently charging its customers
7.24%
The standard variable bank rate that HSBC is currently charging its customers.
7.31%
The standard variable rate that NAB will charge its customers from February 20 after lifting rates by 0.09%.
7.33%
The standard variable bank rate that Suncorp is currently charging its customers.
7.36%
The new standard variable bank rate ANZ will charge its customers from February 17 after lifting rates by 0.06%.
7.36%
The standard variable bank rate Bank of Queensland will charge its customers until at least the next RBA meeting on March 6, the bank has pledged.
7.40%
The standard variable bank rate that Bank of Melbourne is currently charging its customers after raising rates on February 15 by 0.1%
7.41%
The new standard variable bank rate the Commonwealth Bank will charge its customers from February 20 after lifting rates by 0.1%.
7.42%
The standard variable bank rate that St.George and BankSA will charge its customers from February 20 after raising rates by 0.12%
7.45%
The new standard variable bank rate Bendigo and Adelaide Bank will charge its customers from February 21 after lifting rates by 0.15%.
7.46%
The new standard variable bank rate Westpac will charge its customers from February 20 after lifting rates by 0.1%.
*All rates as announced on February 15.
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ING Direct and Westpac subsidiaries St George, Bank of Melbourne and BankSA push up variable rates 

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The current 15-basis-point gap between the standard variable interest rate of the major banks will widen in the future, according to Mortgage Choice CEO Michael Russell.
NAB currently has the lowest variable rate of the 7.31% with Westpac the highest at 7.46%.
Russell says the latest round of major bank interest rate increases shows that the major banks are now prepared to move interest rates out of cycle with the RBA and has also signalled to existing and prospective borrowers, that the major banks no longer adopt the same pricing movements.
“While major banks’ standard variable rates have, up until a couple of years ago, been on par each other, borrowers now need to be aware that their standard variable rates are likely to differ going forward,” he tells Property Observer.
“The difference between the standard variable rates for the  big four banks was a significant 14 basis points prior to the latest round of increases and now sits at 15 basis points,” he says.
While Mortgage Choice does not track this data, Russell says the major banks have kept their interest rates on par until the out-of-cycle rate moves by the majors in November 2010.
In November 2010, the Commonwealth Bank announced a 45-point hike after the RBA's Melbourne Cup Day 25-point increase.
Furthermore, he says using a professional mortgage broker has just become even more imperative for existing and prospective borrowers, “to help ensure they obtain the most suitable loan product for their individual needs and requirements”.
{module What do you intend to do given the current interest rate fluctuations?}
{module Have you changed lenders in the last six years?}
 
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More choice likely among big four bank mortgage rates: Mortgage Choice CEO Michael Russell

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Credit Union Australia (CUA) has today confirmed it will not be increasing any of its variable-rate mortgages. 
ME Bank has also left its variable interest rates unchanged following the RBA announcement. The bank’s standard variable rate remains at 6.74%. ME Bank is wholly owned by industry super funds.
CUA, one of Australia biggest customer-owned lenders, will leave its standard variable rate unchanged at 6.72%, more than 50 basis points lower than the lowest rate of the big four, NAB, which has increased its standard variable rate to 7.31%. 
CUA and ME Bank have taken what Yellow Brick Road chairman Mark Bouris has referred to as the “opening” created for smaller lenders by the major banks slugging customers with interest rate increases outside of the official rate cycle.
Chris Whitehead, chief executive of the CUA, says the company remains committed to offering customers the best deal possible and points out that since April 2010, CUA’s standard variable rate has consistently been at least 0.5% cheaper than the average of the big fours’ equivalent products. 
“While CUA is certainly not immune to the funding pressures facing the big banks, our ability to focus entirely on our customers, rather than on dividends to shareholders, allows us more flexibility to make rate decisions that are in their best interests,” he says.
Another mutual lender, the Jerry Seinfeld-fronted Greater Building Society, did not follow the CUA, raising its variable rates by 0.1% and pushing up its standard variable mortgage to 6.9%. 
Despite this increase, the Greater is still offering a standard variable rate 0.56% lower than Westpac, which has the highest variable rate of the big four at 7.46%. 
“On current rates, a customer with a 30-year, $300,000 standard variable home loan is still $1,464 a year better off than a Westpac standard variable home loan customer. The Greater customer will save $43,920 over the life of the loan,” says Greater chief executive Don Magin. 
The Greater variable rate increase is effective from tomorrow for new loans and for existing customers from February 22. 
6.72%
The standard variable bank rate that CUA is currently charging its customers.
6.90%
The standard variable bank rate that the Greater Building Society will charge new customers from February 15 after raising rates by 0.1%. The rate rise for existing customers kicks in on February 22
6.94%
The standard variable bank rate that Heritage Bank is currently charging its customers.
7.20%
The standard variable bank rate that BankWest is currently charging its customers.
7.22%
The standard variable bank rate that ING Direct is currently charging its customers
7.24%
The standard variable bank rate that HSBC is currently charging its customers.
7.30%
The standard variable bank rate that Bank of Melbourne/St.George is currently charging its customers.
7.31%
The standard variable rate that NAB will charge its customers from February 20 after lifting rates by 0.09%.
7.33%
The standard variable bank rate that Suncorp is currently charging its customers.
7.36%
The new standard variable bank rate ANZ will charge its customers from February 17 after lifting rates by 0.06%.
7.36%
The standard variable bank rate Bank of Queensland will charge its customers until at least the next RBA meeting on March 6, the bank has pledged.
7.41%
The new standard variable bank rate the Commonwealth Bank will charge its customers from February 20 after lifting rates by 0.1%.
7.45%
The new standard variable bank rate Bendigo and Adelaide Bank will charge its customers from February 21 after lifting rates by 0.15%.
7.46%
The new standard variable bank rate Westpac will charge its customers from February 20 after lifting rates by 0.1%. 
*All rates as announced on February 14.
 
{module What do you intend to do given the current interest rate fluctuations?}
{module Have you changed lenders in the last six years?}
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