Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Joel Robinson

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

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 proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.

Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.

While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" />

Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.

Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.

The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" />

The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.

In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.

Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.

According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.

Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.

The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a>

&nbsp;

Alfred Street the latest North Sydney pocket to be transformed by residential development

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

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?

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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Every six months, the Property Council of Australia (PCA) conducts a nationwide survey on the state of the office market around the country.
The accompanying graph will give you a quick snapshot of where things currently stand.
However, even the commercial property market has been subject to the influences of the much talked about "two-speed economy".
Across the country, around 290,000 square metres of space was occupied over the six months to June. That means there has now been an above-average absorption for the last three years.
<img src="/images/stories/2012/08/langaug20.jpg">
Source: <a target="_blank" href="https://www.afr.com/">Australian Financial Review</a>
And that has caused the national vacancy rate to fall slightly to 7.8%.
According to PCA chief Peter Verwer, although demand is 50% above the 20-year average, three-quarters of the CBD absorption took place in Perth and Brisbane.
You only need to look at the graph showing rental movements to see the effect the mining sector is having upon tenant demand.
Traditionally, Sydney has always had the highest prime net rentals of all capital cities.
But this changed in 2007, as a result of the mining boom.
What you should observe the lack of underlying depth and fragile nature of the Perth and Brisbane markets following the effects of the GFC, from 2008 to 2011. And only now is Perth beginning to head back up at a cracking pace.
You'll also notice that Sydney's rentals only fell marginally over the same period, due to the rather large proportion of financial sector tenants it houses.
Rentals in Melbourne and Adelaide continued to increase slowly — despite the impact of the GFC.
The state of play
Over the first half of this year, Sydney has seen an improvement in tenant demand, together with significant office space being withdrawn from the market.
Despite the relatively low vacancy rate in Melbourne, tenants seem a little cautious about business conditions. And some are preferring short-term lease extensions to long-term commitments.
The vacancy rate in Perth actually rose over the past six months, with new space coming onto the market. But that will immediately be absorbed due to strong tenant demand.
Over 80,000 square metres of space has been added to the Brisbane market, which also pushed up its vacancy rate; and a further 50,000 square metres is due for completion next year. Even so, tenant demand remains strong.
An uncertain future for the Olympic Dam project and new space coming on stream will help to keep the Adelaide market somewhat subdued.
Meanwhile, Canberra will continue to suffer from federal government cutbacks and the consequent reduction in its public service space requirements.
Bottom line: You be the judge!
The Perth and Brisbane office markets will provide you with one hell of a ride — so long as you know exactly when to get off.
Whereas, Sydney and Melbourne will simply give you predictable growth — with less excitement, but also far less anxiety.
Right now, commercial property is offering something for every investor.
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chrislang-EQKojcgJPV

Which commercial property market you should invest in right now

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<img src="/images/stories/2012/08/52k.gif">
The estimated gross annual rent that national leather and vinyl products restoration company The Leather Doctor will pay to lease a warehouse/office complex in the industrial precinct of Molendinar on the Gold Coast. The company has leased 9/6-8 Enterprise Street, Molendinar, as its headquarters in a deal negotiated by Steve Macgregor of Ray White Industrial Gold Coast. The property has over 500 square metres of warehouse area and 80 square metres of office space.
 
<hr>
 
<img src="/images/stories/2012/08/181k.gif">
The estimated net annual rent that international supply chain/logistics solutions supplier Tomax Logisitics will pay to lease warehouse space at Noble Park in Melbourne’s south-east. The 215 Browns Rd facility comprises a 3,600-square-metre warehouse space on a 10,000-square-metre site with drive-around facility and dual access points. The deal was brokered by Savills Notting Hill office director Lynton Williams. The lessor is a Melbourne-based private investor. 
 
<hr>
 
<img src="/images/stories/2012/08/260plus.gif">
The annual rents per square metre being achieved at 574 St Kilda Road, which is now 100% leased after BIC Australia chose the Juilliard Group’s building for its new Australian office headquarters.  BIC Australia has leased the whole of Level 4 at 574 St Kilda Road in a deal that includes building signage rights. The company will occupy 916 square metres of office space previously home to global IT company Unisys on a 10-year lease commencing on October 15.  Ben McKendry, Colliers International associate director of office leasing, negotiated the deal.
 
<hr>
<img src="/images/stories/2012/08/48k.gif">
 The annual rent plus GST that Epic Recruitment will pay to lease a 272-square-metre commercial unit on the Gold Coast for three years with a three-year option. Rent will increase by 4% each year as part of deal negotiated by James Crawford of Colliers International. The leasing deal was struck before a sales contract for the property at 2/12 Millaroo – also negotiated by Crawford – had a chance to settle. The buyer paid $455,000 plus GST for the commercial unit. It was part of a portfolio of 15 properties Crawford sold for a total of more than $8 million at Helensvale and Oxenford on the Gold Coast on behalf of vendor Victorian-based investor Torlu.
 
<hr>
 
<img src="/images/stories/2012/08/400k.gif">
The net annual rental industry sources estimate global hearing solutions company Bernafon Australia Pty Ltd will pay to lease a warehouse/office complex at Nundah on Brisbane’s northside. The 6,745-square-metre site at Lot 4/629 Nudgee Road, Nundah, was secured in a deal negotiated by Ray White Industrial Milton principal Paul Anderson. Bernafon Australia (a subsidiary of Swiss-based Bernafon) currently employs more than 100 staff and has been manufacturing and distributing in excess of 1 million hearing devices in Brisbane for the hearing-impaired community in Australia over the last 20 years. Bernafon has taken out an eight-year lease with five renewal options of five years.
<hr>
<img src="/images/stories/2012/08/270to290.gif">
The net rental (per square metre) range that two recruitment firms will pay to lease office space at 17-21 Miles Street in Mulgrave in Melbourne's outer south-east. Drake Recruitment will occupy 240 square metres of office space at 17-21 Miles Street in Mulgrave on a five-year lease negotiated by Leah Baxter, Colliers International executive for office leasing. Another recruitment firm Mango Recruitment will move into 50 square metres on a three-year lease at the same address, also negotiated by Baxter.
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lschlesinger-FZcF9M3vE6

Commercial leasing: The Leather Doctor takes space on the Gold Coast

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Australian property market bear Steve Keen of the University of Western Sydney has taken the decision to monetise some of his views on economics and the housing market via a new website, Debunking Economics, which launches today.
For around $25 a month, subscribers to <a target="_blank" href="https://www.debunkingeconomics.com">www.debunkingeconomics.com</a> will be able to pose questions directly to Keen, including asking him about his views on house prices.
Keen remains adamant that house prices will fall by 40% from their peak in June 2010 over the next 10 to 15 years and believes that the days of rising property values are over.
"The decision to monetise is because the voluntary approach has been ineffective on Debtwatch [his free blog, which he will continue to run but with fewer posts] – some money has been raised, but far less than I've put of my own money into maintaining it over the years, and doing the travel that I needed to do to – firstly raise the alarm about the crisis, and now to push the need for a complete revision of economic theory," he tells Property Observer.
The website is named after Keen's 2001 book of the same title, which took aim at current economic theory and claimed that much of the “cherished notions” of conventional economics are based on reasoning that is internally inconsistent.
A revised and updated edition of Debunking Economics was published last year.
Keen will charge subscribers US$25 a month or US$250 for a 12-month subscription to the website with the promise of “exclusive audio-visual presentations, discussions and interviews about the contemporary economic scene”.
The launch of Keen's pay site follows investment blog MacroBusiness launching a new paid investment advice newsletter on July1, Macro Investor, published every Monday morning with an annual subscription of $479.
MacroBusiness contributors include former Treasury economist Leith van Onselen and David Llewellyn-Smith, a former Business Spectator commentator.
Keen is targeting "at least a thousand subscribers, hopefully more – though that will come far more from US and UK subscribers rather than Australia".
"I've been told that my blog is very widely read in the hedge fund community, and I hope they are a large part of the paying audience," he says.
Aside from access to exclusive content and analysis, subscribers will also be able to log onto interactive Q&amp;A web seminars with Keen and put questions to him directly and in person.
The seminars will be held on a fortnightly basis.
Other exclusive content will include weekly video interviews on both topical and background issues with  journalist  and former Telstra.com group manager Phil Dobbie, weekly lectures on economics from Keen's "decidely non-orthodox perspective", a regular "Sandpit", where new economic models are developed and explained and a  "chartpack" providing access to Keen's analytic charts developed over the years, with the data updated automatically.
Subscribers will also get a free e-copy of Debunking Economics as part of their subscription.
Keen is known beyond Australian borders, having provided economic commentary this year on UK and Irish television, and will embark on New Zealand seminar tour in September.
Most recently he told Peter Switzer on Sky Business that Australian house prices have fallen 10% in real terms (including inflation) since their peak in June 2010.
Keen also took the opportunity to clarify his famous call of a 40% fall in house prices:
He said he made the call in an unscripted response to a question from the ABC’s Kerry O’Brien in November 2007 following a rate rise (up 0.25% to 6.75%) and as the first signs of a US sub-prime mortgage crisis emerged.
“I said [in the interview with Kerry O’Brien] property prices have fallen 40% in Japan in the 10% to 15% since their bubble burst, and I see no reason why we should avoid the same fate," Keen told Switzer.
Keen says the first-home stimulus that was introduced by the government in September 2008 – the doubling of the first-home owners’ grant, which he calls the "first-home venders boost" – pushed back the clock on property price falls, but he remains adamant that prices will fall by 40% over the 10 to 15 years starting from the June 2010 peak.
Keen launched the Debt Watch website in 2006. It includes much of his research, commentary and links to his media appearances.
The website is based around Keen’s view that accelerating mortgage debt fuelled the rise in Australian house prices and that house prices are now falling as mortgage growth slows.
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Property bear Steve Keen to launch $25 per month subscriber-only economics website with Q&A opportunity

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There’s an old Jewish proverb that simply states “Ask about your neighbours, then buy the house.” It seems sensible enough advice. After all, even in prestigious zones, neighbours can make life heaven or hell, depending on how cordial the relationship is. Yet it seems even with due recognition of the importance of neighbours in daily life, Aussie home buyers spend more time watching the above-named television series than they do investigating a potential property and its neighbourhood surrounds.
A recent survey conducted by St George Bank suggests little more than an hour is spent inspecting a property prior to a home buyer happily signing on the dotted line. Consequently, over 55% of those surveyed reported experiencing problems once they’d moved in – problems ranging from plumbing complaints to insufficient parking, poor TV reception and unsurprisingly close to the top of the list: noisy neighbours.
To be fair, arranging a lengthy private inspection is not always possible due to work hours and family commitments. The majority of buyers are often restricted to weekend open for inspection times, during which the property is decked out in “show home” fashion, hiding the poor paint work or damp patch on the carpet with careful placement of furniture. This is why a building inspection is highly advisable even in the acquisition of new houses.
But what about the neighbours – how do you check the calibre of those living next door or within cooee down the street? It’s not an easy task, and there’s no fool-proof answer. However, from personal experience, spending time walking and assessing the local streets outside of work hours should uncover if there’s a yappy dog or would-be drummer residing close by. Knocking on doors, chatting to a resident while they’re putting out the bins, asking questions, checking if gardens are well attended and calling the council to assess if there are any proposed developments pending can all assist with risk management.
Of course, once you’re in the house, there’s nothing to stop new less than desirable neighbours moving in. However, if you’ve been careful and purchased into a neighbourhood predominantly attracting a similar demographic, the chance of a group of party-loving 20-year-olds renting in a family-oriented suburb should be reduced.
Another aspect affecting the type of neighbours buyers can adopt is the planning zone a residential property falls within. Purchasers are frequently unaware of the zoning around their property at the time of acquisition. They often assume they’re in a residential zone based on street appeal alone. However, business zones and industrial zones can look just as residential in their aspect and under current laws, should the council approve, unsuspecting owners can find themselves located next to a McDonald’s, factory, or worst still, an adult sex shop, rather than the dilapidated house situated there at time of purchase.
This is one reason banks are reluctant to lend on residential property in a business or industrial zones without a healthier-than-usual deposit – a matter that often catches the uneducated buyer off guard. However, all the checks in the world won’t protect a home owner if the movers and shakers in local or state government decide to meddle with current zoning laws – or for that matter, change them all together.
The primary purpose of zoning is to prevent over-development altering the character of a suburb or interfering detrimentally with residents and businesses residing there. Buy in a heritage-protected area, for example, and it’s unlikely you’ll end up with a tower block overshadowing the backyard. However, if you purchase a house situated in a business or capital city zone, it’s far more likely a high-rise monstrosity may be constructed next door.
Any change to a property’s zone can have significant consequences on the price and future potential it holds. In Perth, for example, large swathes of land have been re-zoned to allow for greater density in major activity centres. This could mean a house sitting on a block of land with the potential for a two-storey seven-metre-high development could easily become next month’s six-storey unit site! Obviously the affect it has on any area will advantage some and disadvantage others – but at the time of acquisition, none would have been the wiser.
Similar changes have been suggested in <a target="_blank" href="https://architectureinsights.com.au/events/green-paper-workshops/">Sydney</a> – and the Victorian government is also revising its zoning guidelines. Like Perth, the changes have the potential to affect individual property prices, not to mention the lifestyles of those unfortunate enough to draw the short straw. And the zoning alterations suggested in Melbourne are not by any means subtle. If you’ve ever been to a Melbourne auction and heard it spruiked in the preamble that the property to be sold is in the most desired “residential 1” zoning category, brace yourself! It’s all about to change.
As a brief rundown, the state government aims to delete the nine existing zones and merge them into five categories. Residential zone 1, 2 and 3 will become “Residential Growth Zone, General Residential Zone and Neighbourhood Residential Zone” For each the zone, the density restrictions alter. You can go <a target="_blank" href="https://www.dpcd.vic.gov.au/planning/theplanningsystem/improving-the-system/new-zones-for-victoria">here</a> to find a rundown of the changes – however, in most instances, planning controls are loser, maximum height restrictions have been removed or increased (with the proviso they can also be exceeded) – and the size of land needed for subdivisions reduced.
 
<hr class="system-pagebreak">
While some areas will be protected, don’t be fooled by various articles which claim the changes will increase land values or protect backyards! Even the assertion by Planning Minister Guy that “The Victorian Coalition government's sweeping reform of planning zones, will return certainty to our suburbs and towns and in particular to councils, residents, and the development industry” is broadly misleading.
 
A close reading of the proposed guidelines for each category leaves a lot to the imagination as far as height limits, subdivisions and facades are concerned. In some cases, it’s not even necessary to specify a future build form. The submissions are wishy washy with statements such as
“higher or lower maximum building height can be set by a council” and
“a permit to exceed any height limit may be granted”.
To be fair – the government is giving the public a right of reply to express opinion – however, who thinks it will listen? The government has made it abundantly clear in its 2030 plans, the idea is to increase density rather than facilitate outer suburban locations with infrastructure.
Maximum height limits for the CBD have already exceeded reasonable levels – with 14,000 apartments due for construction through the course of 2013 in Melbourne alone. However, it’s fair to suggest areas with heritage significance will still be protected from over development. Home buyers and investors should take heed of this before they lock in a purchase.
And while we all understand the need to provide feasible options for a growing population of migrants, you would expect, at the very least, governments would learn from previous planning mishaps and avoid repeating the errors. Melbourne’s Docklands – a suburb built out of high-rise tower blocks – is widely known as a city lacking soul. With “the sky’s the limit” height restrictions and overzealous developers, the suburb has struggled to attract any diversity of resident. There are few family homes and apartment sales have been dominated by the investor sector – many of which remain vacant for much of the year.
Improvements have been made since – however with more high rise currently under construction, any improvements will be limited in what they can achieve. I met a Docklands’ advocate at a recent party I attended. While discussing future development in the suburb, I asked, “What about schools?” “Oh! We conduct many school trips,” he answered. However I wasn’t talking about trips – I was talking about primary and secondary schools – the focus of family and community life. You can build as many parks as you like, however if there’s no one to play on the swings, no children running around playing footy, something’s missing. The soul of any community focuses on the family.
This is why it was disappointing to <a target="_blank" href="https://www.theage.com.au/opinion/politics/the-ministry-of-silly-plans-20120813-244v1">read</a> this week of another Docklands in the making. One I highlighted months ago as being a potential disaster. And now, it’s coming to fruition – that of “Fishermans Bend.”
Once again the government is altering “capital city zones”, giving developers all but carte blanche to capitalise on high-density tower blocks maximising the residential capacity the land has to offer. However, as evidenced by Docklands, high-rise accommodation does not offer affordable solutions for renters or buyers – or solutions they would necessarily take advantage of even if it did.
In the Docklands development, selling agents were paid high commissions to flog off-the-plan apartments to unwitting investors.  This usually came with rental guarantees, which once expired, left the purchasers unable to achieve the same return.  Unit growth charts for Docklands read like a day’s trading on the stock exchange, with sharp rises and plummeting dips proving anything but stable capital growth. Averaged out the growth has been little more than 5% per annum, and worst following the GFC – a level currently exceeded by many long-term deposit accounts and a dim shadow of what other properties in Melbourne historically achieve.
How many of these apartments are currently sitting vacant is hard to assess, however SQM has the vacancy rate above 11%.  Considering our population growth and previous surge of single-person households, you’d expect these developments to be busting at the seams, however clearly they’re not attracting the level of demand that’s oft been spruiked.
All in all the warning is loud and clear for the home buyer or investor. You can’t avoid the planning changes currently underway, however you can minimise risks when purchasing. Take my advice and inspect the neighbourhood before you inspect the house. Or “love thy neighbour” could present more challenges than you’d expect.
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition.
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catherinecashmore-6LXia3pPQj

Minimise your risks of bad – and high-rise – neighbours when buying property

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Australian house prices are slightly less overvalued than they were four months ago but are still 36% above their fair value, according to The Economist magazine
In the magazine's August 2012 update of 21 residential-property markets around the world, the Australian housing market ranked 13th, with prices down 2.1% year-on-year.
In its previous update, The Economist reported Australian house prices as 38% overvalued.
The Economist defines “fair value” as “the long-run average ratio of house prices to disposable income and to rents”.
Australia is one of 12 housing markets where prices are falling, says The Economist, which says Austrlia is the best-performing market, with a 11% year-on-year gain.
However, the Australian market is not nearly as overvalued as Hong Kong (64% above fair value), Singapore (58%) or Canada (54%).
Over the past five years, Australian house prices are up just under 10% - modest in comparison to house price gains in Hong Kong (up 64%) and Austria (23%) and below comparable markets like Canada (18%).
The latest update shows Ireland to be the worst-performing housing market of the 21, with prices down 14.4% over the past year and nearly 50% over the last five years.
Spanish house prices decline 8.3% over the past year to July and are down 22.4% over the last five years.
The Economist says that following years of “dizzying ascents, a big dose of gravity has hit residential-property markets around the world”.
It says that many housing markets are returning “fair value” with eight countries now around or below this mark.
“But reaching this mark does not mean prices will stop falling. After dropping by a third from their 2006 peak, prices in America now stand at 19% below fair value,” says The Economist.
“The bottom of the market is close, however.”
It says that other markets like Ireland are “still in free fall”.
“Property prices in Ireland, at the foot of our table since April 2010, continue to plummet. They have now halved in value, after a fivefold rise between 1995 and their 2007 peak.
It warns that the pace of house price decline in Spain quickened in the second quarter of the year with the dire state of the Spanish economy suggesting that “prices will keep diving”.
Prices in Britain fell by 0.7% in July to be down 10.2% over the past five years.
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.economist.com/node/21560599">Click here</a> a full breakdown of how the 21 housing markets tracked by The Economist have performed.
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Australian house price down 2.1% over past year but still 36% overvalued: The Economist magazine

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Interim results for the Westfield Retail Trust reveal that Westfield Sydney, the group’s flagship Australian store, is the most valuable, worth $1.34 billion, but it is two of its smallest centres that are delivering the strongest returns.
Westfield Retail Trust is Australia’s largest real estate investment trust (REIT) comprising Westfield’s portfolio of Australian and New Zealand shopping centres.
The trust recorded half-year profits after-tax for the six months to June 30 of $417 million, with 1,400 leasing transactions recorded across the portfolio of 52 malls in Australian and New Zealand.
Westfield Figtree at 19 Princess Highway in West Wollongong, which is valued at $75 million, and Westfield North Rocks in Sydney’s outer west (valued at $59 million) are both returning an estimated yield of 7.5% as of June 30 this year.
Westfield Figtree recorded $9,048 per square metre in retail speciality sales, while North Rocks managed $6,914.
Westfield Figtree has 22,000 square metres of retail space with 94 stores, while  North Rocks measures 23,000 square metres with 92 stores.
In comparison, Westfield Chermside in Brisbane – the largest store – has 146,000 square metres of retail space and 415 stores.
Both stores are strongly outperforming the total Australian Westfield portfolio, worth just over $12 billion, which has an estimated yield of 5.9%.
Westfield Sydney (40,000 square metres of retail space) has an estimated retail yield of 5.13% while the next most valuable shopping centre, Westfield Bondi Junction (129,000 square metres), valued at just over $1 billion has an estimated yield of $5.25%.
Here’s a breakdown of Westfield top ten performing centres based on their yield estimates as of June 30:
<img src="/images/stories/2012/08/7point5percent.gif">
The estimated yield at Westfield Figtree (valued at $75 million)
The estimated yield at Westfield North Rocks (valued at $59 million)
<img src="/images/stories/2012/08/7point25percent.gif">
The estimated yield at Westfield Strathpine in Queensland (valued at $140.5 million)
<img src="/images/stories/2012/08/7percent1.gif">
The estimated yield at Westfield Airport West in Victoria (valued at $140.5 million)
The estimated yield at Westfield Hurstville in NSW (valued at $147.5 million)
The estimated yield at Westfield Innaloo in WA (valued at $133.5 million)
The estimated yield at Westfield Mt Druitt in NSW (valued at $115 million)
<img src="/images/stories/2012/08/6point75percent.gif">
The estimated yield at Westfield Whitford City in WA (valued at $149.5 million)
<img src="/images/stories/2012/08/6point5percent.gif">
The estimated yield at Westfield Helensvale in Queensland (valued at $93.8 million)
The estimated yield at Westfield Plenty Valley in Victoria (valued at $73.7 million)
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Westfield Sydney group's most valuable but Wollongong and North Rocks suburban malls delivering highest returns

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Pub in the Paddock, billed as one of Tasmania's tourism icons, has been listed for sale with an $800,000 asking price.
Set in the valley of Pyengana, and close to the St Columba Falls, licensee Anne Free's pub is renowned for its beer-drinking pigs.
Visitors flock to visit the pub and give the pigs a stubby to drink. "This property is perfect for the owner operator, offering a life style that most can only dream of," its <a target="_blank" href="https://sthelens.ljhooker.com.au/558FN1">LJ Hooker St Helens listing agent Nereda Ball </a>says.
"It has owner's accommodation with beautiful views to the river and surrounding landscape."
It's been reported Pinky the pig is included in the sale. The St Columba Falls Road hotel was built in 1880 and continually licensed since 1901.
There are six country-style guest rooms at around $75 a night.
There is also a restaurant with seating for up to 100.
There is a commercial kitchen.
It's on three hectares that back onto South George River.
The pub hit national headlines in 2006 when animal liberationists suggested the pigs were being forced into a cruel and unnatural existence. But the pub's owners say it's just good fun, and that the pigs are also enjoying themselves when tourists pour a stubby down the their throats.  At the time Anne Free said the pigs were well looked after with the beers watered-down posing no threat to her stars – Pinky, long-time beer drinker Priscilla and her young understudy, PB. "I mean, I monitor what goes out to those pigs," she told ABC Radio.
"If a bus comes in I will only allow four stubbies to the whole bus of 55, and the stubbies, the bin that sits there is a whole week's bin.
"And of course these people say, 'Oh gee, look at all that, she's had all that, no wonder she's lying down.'
"And I get quite irate if people come in and say, 'Oh, is the pig inebriated.'
"You know, there's no way that these pigs would be mistreated like that," she said in 2006.
Free is off to her southern Tasmanian cherry farm. 
The beer-guzzling pigs helped the Pub in the Paddock at Pyengana make the a new publication Great Australian Pubs by Lee Mylne.
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Pinky the pig, Pub in the Paddock at Pyengana, Tasmania, listed

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Nationally, 58% of flats, units and apartments are owned by investors. That is quite an amazing statistic, especially when you compare that detached houses only 21% are investor-owned.
Across the capital cities the proportions are even higher. Darwin tops the list, with 70.6% of all units being rented, followed by Brisbane where 70.2% of all units are rented.
<img src="/images/stories/2012/08/rpaug81.gif">
The lowest proportion, 60.3% in Sydney, is still significant. I would presume Sydney’s proportion is probably lower due to the city having the highest house prices (more owner-occupiers choose units over houses thanks to the lower entry price), as well as the fact that Sydney is the most mature unit market in the country.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/rpaug82.gif"><img src="/images/stories/2012/08/rpaug82thumb.gif"></a>
The high rate of investor ownership of apartments begs the inevitable question: why?
Itt partly comes back to price points. The unit market generally offers a lower buy-in price (investors face affordability hurdles too!) than detached or semi-detached homes. Based on median selling prices across the combined capital cities over the June quarter, units are 12% or $59,000 more affordable than houses. The gap is widest in Sydney, where unit prices are almost 23% or $139,000 lower than house prices.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/rpaug83.gif"><img src="/images/stories/2012/08/rpaug83thumb.gif"></a>
Another valid reason is the fact that rental yields have historically been higher for units compared with houses. The latest RP Data-Rismark indices show unit yields across the combined capital cities are currently at 4.9%, compared with 4.2% for detached houses. In fact, across every capital city, rental yields on units are higher than yields for houses (except Darwin where both are at 6.1% which are the highest rental yields across the capital cities).
Finally, it is often the case that units are located in more popular locations for both renters and owner-occupiers. The majority of unit developments are located close to transport networks, major working nodes and retail amenity.
The high proportion of investors really doesn’t come as a surprise!
Tim Lawless is national research director of <a target="_blank" href="https://www.myrp.com.au/">RP Data.</a><a target="_blank" href="https://www.myrp.com.au/"> </a>
Photograph of Sydney apartment block by Michael Verhoef, courtesy of <a target="_blank" href="https://www.flickr.com/">Flickr</a>.
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Why landlords overwhelmingly favour units: Tim Lawless

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I have never been one to follow rules to the letter – not a blatant disregard mind you, I just like to push the boundaries and see if there is something better.
This time of year we sit on the verge of spring. New lambs frolic across our TV screens, and there is a new energy and excitement that comes with the warmer weather. With that we start to see the thickening of the real estate section of the newspaper.
This is part of the spring myth. There has also been the rule that you should sell your house in spring. If we were in the depths of 10-foot snow drifts and finally there were light at the end of the tunnel then yes, I could see the possibility that a property would look better in the sunlight then in the six months of dark and dreary weather. However, in Australia I just don’t buy into the spring myth. Our winters are mild and in truth if you need to sell your house then sell it when it looks its best – that may not be spring.
I have bought and own properties around the country and overseas and I buy when I can afford it and when the intensive research proves it is a good buy. As covered in my new book Your Property Success with Renovation, I follow the ‘trident strategy’:
<ol>
<li>buy below the market; </li>
<li>in a growth area; and </li>
<li>add value.</li>
</ol>
These are the three ways to make money. The reverse is equally true: if you want to sell your property you want to make sure that you make money. Hence if the general myth is that everyone sells in spring then it would lead me to think that there is more competition and hence potentially more difficulties in selling, especially if your property is not comparable to all the others on the market. Just a thought.
The whole “sell in spring time” to me is a marketing fallacy – the reality is astute buyers,  be they home owners or investors, should only sell when they get the right price and when they want to.
However, the truth is that many people don’t have a property buying strategy, let alone a three prong one like the Trident strategy, hence they don’t have a buffer of cash or equity in place that allows them to sell when they want. They have the timing of the sale dictated to them, ie when the bank says you are selling or when they just have to have that property for sale around the corner. For those who do have the luxury of selling when they want then I suggest hold out for when your property has the greatest chance of making you money.
Spring is a great time of year, but don’t limit yourself to a single quarter of the year to make money. For instance, my beachfront unit in Bondi has amazing views. It definitely looks better when it is sunny, however in summer the maddening dash to find a park would turn anyone off. The reality is late spring or early autumn is a perfect time to rent or sell that type of property.
If I were buying a property in the highlands of NSW then the magic of winter and the open fire burning would lure me to that property – if I were an emotional buyer buying in northern Queensland, then any visiting southerner would be tempted by the warm winter weather. Each property has its own thermometer and depending on where it is then it may be more attractive to sell or rent it at a time that does not correspond to the myth of spring.
Spring is fast approaching, along with it the launch of the real estate frenzy that comes with it. I just urge you not to buy into it. If you are selling, be strategic and look at the right time for you and your property, and if you are buying, buy when you can afford it and with extensive research so you are not going to struggle when you need to sell it. The secret of successful property purchasing is buying the right property at the right price and then selling it when it suits you on your terms to make money.
Jane Slack-Smith is director of <a target="_blank" href="https://www.investorschoice.com.au/">Investors Choice Mortgages</a> and Founder of <a target="_blank" href="https://www.yourpropertysuccessnow.com.au/">Your Property Success</a> online education teaching investors to find the right property at the right price. Winner of the Your Investment Property 2009 Mortgage Broker of the Year. Jane is a regular property commentator, author and experienced investor.
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jslacksmith-SCFPFmqtbv

Why spring might not necessarily be the best time to sell property

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The Australian Bureau of Statistics (ABS) divides housing tenure into three broad categories: those owned outright; those owned with a mortgage; and the rest, which are rented.
The most recent census, compiled in 2011, found two suburbs in metropolitan Melbourne where more than 60% of homes were owned outright. By way of comparison, the census found that 33% of homes were rented in 2011, and the balance owned outright or with a mortgage.
It is interesting to note that both locations with very high levels of outright ownership were in seaside locations on the Mornington Peninsula: specifically Portsea and Sorrento.
The raw data may, however, not reflect the actual ownership scenario, as the census is based on the physical location of the people when they filled in the census forms back in August 2011.
Both Portsea and Sorrento are towns more popular in summer than in winter months. During summer, people travel to their holiday homes, and short-term rentals are highly occupied.
This is reflected in the census by the fact that both Portsea and Sorrento had vacancy rates of more than 80% on census night; it was highest in Portsea, where 88% of homes were vacant.
The age demographic of those who were home also reflects this. In both Portsea and Sorrento 81% of those at home on census night were aged 55 or over.
This tells you a lot about these towns and highlights the importance of looking at demographic data from a number of perspectives when using it to guide investment decisions.
Enzo Raimondo is CEO of the <a rel="nofollow" target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
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