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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I'm unsure which is the greater crime: dishonesty or incompetence. 
The question arises in my mind almost daily as I observe the work of journalists and the outpourings of politicians. 
Both are guilty of misuse and abuse of statistics to achieve their respective objectives, which have in common the goal of easy headlines. 
The victims are consumers. Real estate consumers are perhaps the ones who suffer the most. People tune into media to become gather knowledge but often come out the other side of the process with their heads full of misinformation. 
Whenever I speak at conferences and seminars, most questions from the floor are based on misinformation. Questioners usually have no idea the knowledge they think they have is tainted. 
It's a serious issue because property investors base their decisions on the assumption that what they read is accurate. They entitled to do so, but at the same they're fools if they do. Hundreds of thousands of dollars are at stake. 
Both politicians and journalists misuse statistics in equal measure. 
Last year I had a major stoush with a senior federal politician who misused real estate statistics in the most outrageous way to score political points. I wrote a newspaper column that showed his conclusions were wrong and argued he should have known better. No one with half a brain would chart monthly median price movements in towns that average one or two sales per month. 
He demanded apologies and threatened legal action. I put a considerable amount of time into proving he was categorically wrong. 
Amid the protracted tussle, I was unable to determine whether the politician had deliberately mangled the statistics or whether he didn't understand the vagaries of median house prices. 
He was either dishonest or he was incompetent. Either way, he was unfit to be a senior member of a major political party. 
The same argument applies to journalists, who through lack of expertise or a lack of ethics place erroneous interpretations on real estate statistics. 
Every scrap of data is given unwarranted significance. Screeds of newspaper space is devoted to commentary on monthly changes in median prices, written by people who don't understand how median prices work and are apparently unaware that they are misinforming consumers about property "values". 
The latest monthly data on housing loans has been given an optimistic spin by some and an unreasonably negative emphasis by others, all of them guilty of over-doing the import of the figures. Monthly movements are largely irrelevant – only the long- term trend matters. 
The ABS has been at pains to inform journalists that too much emphasis should not be placed on monthly changes in the jobs data, as it is a survey only and has a broad margin of error. But the latest figures were reported without any regard for the ABS warning. "Economy sheds 27,000 jobs", shouted one inaccurate headline in a metropolitan newspaper. 
Are they ignorant or do they simply not care about accuracy? I suspect sometimes it's both.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a> and can be <a href="https://www.twitter.com/hotspotting" target="_blank">followed on Twitter</a>.
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terryryder-YECXbqmri2

Housing price data 101: Why the misrepresentation and misunderstanding of pollies and journos is hurting consumers

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Rents are expected to rise the most in the resources state of Western Australia over the next year, according to NAB's June Residential Property Survey.
With a 5% increase tipped by the 300 industry participants in the survey, WA is tipped to secure double the rest of the country.  The other major resources state Queensland is its nearest rival for rent increases. 
Expectations for Victorian landlords to secure any rental growth ought remain in the negative for the next year, according to the respondents.
Click to enlarge
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lschlesinger-FZcF9M3vE6

Rents expected rise to 5% in WA over next 12 months: NAB June Residential Property Survey

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While today there might be many varied definitions of “family”, one the most natural ways to describe a family is a group of people living together and functioning as a single household. And no matter how we choose to describe families, be they based on social, economic, ethnic or traditional ties, the family unit has a big impact on the property industry.
By being aware of how “family formation” impacts our market we are better able to engage people at different stages of their life journey but also ensure that we are delivering product that will meet their needs. Some of the impacts are easy to highlight: with a growing family there will be a need for more space, people get married, they break up, households reduce in size as kids head off, we relocate to secure employment, health becomes an issue and this can for example lead to people looking to reduce travel times.
As we move through these cycles, the impact on the structure of the housing market is a big issue, and marketing needs to be well-versed with the changing face of the communities in which we work.
The singles market
The singles market is the starting point. It is also a demographic that is at the pointy end of the housing market (because singles are the most mobile part of the market) and it is therefore capable of generating big changes. The single person has always been the take-off point in the housing cycle, but the composition of this group is also fluid.
What might have been a typical pattern a few decades ago would have been for the majority of single persons to get a job and leave behind the family nest and for many before they were 21.
This move out of home might have also included going to university and may well have led to some years in shared accommodation, and it still does. Shared accommodation is a common first encounter with the real estate market for many people – shared rent, bonds and responsibility – the first step on the housing ladder and a target market for investors, no doubt.
Then some time after with a secure job and some money saved, the aim might have been to buy a small apartment in an area close to work so that friends and familiar things were nearby.
Today while these steps are still recognisable ones, the singles market has changed. Many young people are staying put longer with mum and da. Household sizes as a result are now increasing in real terms and this may well be fuelling future pockets and periods of pent up demand.
Singles are not only living with parents sometimes into their 30s, but also with their partners, and sometimes still in shared accommodation. There are different spins here that can be seen as impacting the demand for better quality rental apartments.
Well-paid singles are sharing expensive homes and apartments; their choice is to pay higher expenses including higher rents so that they can enjoy homes they could not normally afford alone. In many markets the rental on a million-dollar apartment may well be less than any mortgage.
Then when singles do eventually buy into the market many are looking at doing so alone. As greater numbers either do not marry or stay single longer, they look for well-located apartments close to great facilities and lots of social connections on offer.
This group then as a result, is looking for quality apartments, but they are happy to forgo space for better social access.
We have already seen for some years now, increased demand for this style of accommodation in almost every major CBD and developments have been deliberately designed to meet this demand.
Here come the kids
Single, turns to being partners and then, for some, here come the kids. The arrival of children is another big incentive and reason to consider moving house, possibly the biggest and having children has once again become a big factor in the housing market.
But in today’s market it is now more complex part of family formation because parents can be older, same sex, with more money and with a greater eye on facilities like childcare and schools. Currently birth rates are stable, we have a higher birth rate than the UK, Canada or Singapore but we lag behind New Zealand and the USA. We are not exactly a match to the 1950s and ’60s, but still growing, and a trend that will have its own set of impacts on the housing market.
What is no real surprise is where families move to as their focus and needs changes. With a trend for more children to be placed into early and ongoing childcare, the backyard is not so important. What is more important is assess to quality facilities and easy transport to and from work and home so that not all day is taken up with travel.
Couples are also having children later, and grandparents are more involved, both factors that might lead those trading house to look to stay close to established family ties.
Getting a bigger house is one of the leading impacts on the housing market. The 2011 census shows that detached homes still make up the biggest part of Australia’s housing stock at 75.6%, apartments account for 13.6% and most homes are three-bedroom, at 43.6%.
However, the figures do vary from state to state and metro region to entire states – Sydney, for instance, has to 58.9% detached homes and 27.6% apartments with terraces and townhouses making up a further 12.8% of housing stock.
As we move through the issues impacting family formation it is impossible to miss the connection between these everyday shifts in lifestyle and how they impact project marketing. Reaching out to our targets requires a deep understanding of how best to communicate and what type of product projects need to supply.
As more people live in apartments, as they live there longer, and with more families, and with varied generations; then providing residential developments that match this more complex market impacts on demand, design and construction.
Communal areas are important and more a focus being inviting shared spaces, not just utility spaces. And while care needs to be taken by not over-inflating costs, developers are keen to give buyers some ways to express their individualism.
We are seeing examples where the facades are faceted and under the control of individual owners, with balconies of varied shapes being more common and different colours used on the exterior to also give each apartment a personality. These are changes that I feel reflect how family formation is being accommodated as the apartment market matures along with shifts in target demographics.
I would be keen to have your thoughts on this very human side of the development market, and in particular are we keeping pace with the social changes and shifts taking place.
Peter Chittenden is managing director for residential of <a target="_blank" href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx">Colliers International</a>
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pchittenden-eLqUUC8TWW

The changing nature of families, and their impact on the property industry

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Melbourne is heading for an oversupply of apartments as families head to the outer suburbs for more affordable housing to suit their needs, according to a new report by Monash University.
The report also slams the city’s current urban expansion strategy.
Titled The End of Affordable Housing in Melbourne and written by Monash University population expert Dr Bob Birrell and his team of researchers, it shows that new apartments are too small and too expensive to appeal to those family-friendly housing.
The report notes that few apartments of 110 square metres or more are being built in Melbourne.
Instead, much smaller apartments measuring less than 70 square metres are being built in the CBD and its surrounds, which are being purchased off-the-plan by investors.
“For projects in planning or under construction, the trend is towards even smaller apartments,” says the Monash report, which warns that an oversupply of these small apartments is looming.
The report also notes that cost of infill (undeveloped urban land) in Melbourne has risen to levels that most new households cannot afford because the cost of the land on which to build has escalated.
It warns that those planning Melbourne’s future have not come to grips with the causes of Melbourne’s affordability crisis, primarily to do with the costs of producing apartments, infill and fringe housing.
“Proposals to facilitate even more high-rise apartment blocks or to extend the urban growth boundary (UGB) ever further outwards —the current Victorian government’s strategy — will not provide a solution,” says the report.
However, the report does not expect a housing crash in Melbourne.
Instead, it says it is likely there will be a slowdown in dwelling construction in Melbourne because new households cannot afford the product being offered.
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Melbourne apartments too small, too expensive, but no housing crash coming: Monash's Bob Birrell

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HatchMyHouse.com allows the bride and groom to involve friends and family in their quest to purchase or decorate a marital home. They can build a graphic of their desired home and set a range of prices for the marriage registry such as $25 for a flower pot, $200 for a bay window, $900 for a marble column, or an unlimited amount for a home deposit.
To date the service claims to have helped couples raise more than $543,000 towards a house deposit. The US-based HatchMyHouse also operates in New Zealand and Canada and Australia, although its testimonials don’t have any apparent Australian couples. It's been going for about two years.
<a href="https://twitter.com/hatchmyhouse" target="_blank"><img src="/images/stories/2012/07/hatchtweet.jpg"></a>
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jchancellor-FAypfDUnLy

Who needs china, cutlery and cotton linen? Australian wedding guests can give a house: Tweet of the Day

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A private investor has paid $3,686 per square metre for a 434-square-metre whole office floor in the Melbourne CBD as a new report from Urbis shows strong demand from smaller investors for strata office space.
The investor paid $1.6 million for level five in 171 La Trobe Street, a Fender Katsalidis-designed 14-level office building in a deal negotiated by Savills directors Nick Peden and Clinton Baxter.
The sale set a new record for the building.
The previous record was $3,248 per square metre achieved in 2007 when a single floor sold for $1.41 million – the last time a floor has changed hands.
The Fender Katsalidis building stands on the corner of Russell and La Trobe streets, and according to Nick Peden, is widely regarded as the best strata office building in Melbourne.
Expectations were in excess of $1.5 million.
The floor space is leased to the existing owner-occupier until January 2013.
The building comprises 10 office floors – each individually owned – as well as two two-storey penthouses with projecting balconies, a ground-floor showroom on La Trobe Street and a 12-space lower ground floor car park.
It was constructed by builder LU Simon in 1991 and picked up a merit award from the Royal Australian Institute of Architects upon completion.
In 1995 it was subdivided into 13 units and in the early 2000s the 10 office floors were sold off individually.
The site was bought in two parcels for $3.4 million between March and September 1988. The lots were divided between the owners through entitlements in equity in September 1995.
In June Savills manager of office leasing Mark Bolis leased level eight in the building at $490 per square metre gross.
Peden and Baxter say the space attracted a great deal of interest from both investors and owner-occupiers keen to enter a market with such historically strong fundamentals.
“Clearly there remains some anxiety about world economies and at such times investors primarily, but also owner-occupiers with an eye to the future, seek out assets that will show both rental growth and capital appreciation over time and the Melbourne market has demonstrated its ability to do that time and again,” says Peden.
The 171 La Trobe Street office floor sale follows soon after a 410 square metre office floor in a new mixed-use development in Hawthorn (6 kilometres east of the Melbourne CBD) is believed to have changed hands after auction for around $2.375 million.
The strata space, level 6 at 523 Burwood Road, included a 38 square metre terrace and 12 secure car parks, was marketed by Hamish Burgess and Ben Baines, of Colliers International.
It had pre-auction expectations of around $2.45 million with a five year lease to Drive Projects from June this year.
According to a recent report by Urbis, Docklands could soon rival Melbourne’s historical office hot spot, Collins Street, with the Docklands precinct particularly sought after by small businesses in search of modern strata space in new buildings.
Roger Scrivener, Urbis director and author of the Melbourne Strata Office Market report, says the Melbourne strata market is now a well-established component within the overall investment office market.
The Urbis report found the Melbourne CBD strata office market is now well established and mature, with some 130 strata sales being recorded each year on average over the last decade.
“There are some 1,800 strata units within the Melbourne CBD, with an average sales turnover approaching 130 units per annum – this represents 7% of total stock,” Scrivener says
The Urbis report found three of the five new strata CBD office developments constructed since 2007 were within Docklands, though notably none had a Collins Street address.
These included:
<ul>
<li>Aquavista at 401 Docklands Drive, Docklands (205 units, built 2007)</li>
<li> Site One at 757 Bourke Street, Docklands (53 office units, built 2007)</li>
<li>Q2 at 2 Queen Street, Melbourne (120 units, built 2008)</li>
<li>Life Lab at 198 Harbour Esplanade, Docklands (94 units, built 2008)</li>
<li>373 King Street, Melbourne (30 units, built 2009).</li>
</ul>
Daniel Wolman, Colliers International executive of CBD sales, says commercial strata investments are generating strong interest from what would traditionally be residential investors, motivated by almost double the net yield returns.
“Commercial strata price points are within reach of most real estate investors,” he says
Wolman says he has noticed a distinct increase in demand for strata space in Docklands.
“We are seeing a continued growth in demand for good quality, purpose-built strata office facilities in sound locations and with strong sustainability features.
“Docklands ticks all the boxes in this respect, and a growing number of tenants, investors and developers are jumping on the bandwagon.”
According to Wolman, the Docklands precinct has the potential to become a hotspot for businesses in the market for flexible, modern strata office space.
“The continued strong growth in white-collar employment that we are seeing in Victoria creates employment opportunities not only for medium and large organisations but also for small, fledgling businesses,” he says
He says existing office facilities for those businesses seeking smaller office space is poor, with a clear market demand for modern facilities that meet the demands of current office working practices.
Only one strata office project is under construction or actively proposed in Docklands – Lifestyle Working Collins Street at 838 Collins Street.
Wolman says there has been an overwhelmingly positive response for this development.
“Strata occupants look for several key features in new premises,” he says.
“Proximity to other office buildings is of significance, particularly as the majority of occupiers of strata office suites depend on the occupants of larger office buildings as their primary client base.
“Accessibility is also a crucial factor. Despite the continuing trend towards public transport, occupiers of strata office suites still require good private vehicle accessibility and parking facilities.
“And, as with the broader office market, the amenity of nearby retail, restaurant, bar and entertainment facilities is important to the strata office market,” Wolman says.
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Investor pays $3,686 per square metre for whole floor in Fender Katsalidis Melbourne office block  

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Perth house prices fell 4.26% in the June quarter to a median of $467,000 – the lowest median price since March 2009, according to the latest figures from Residex.
The WA capital was the worst-performing detached housing market over the past three months, just ahead of Hobart, where prices fell 4.15% to a median of $357,000.
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<a href="/images/stories/2012/07/residexjuly18.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/07/residexjuly18thumb.gif"></a>
Source: Residex
Residex CEO John Edwards says the Perth result was a “surprise” as there was nothing dramatic to point to quarterly drop of more than 4%.
He tells Property Observer the interest rate cuts in May and June may have played a role in undermining confidence in Perth, where borrowers are less sensitive (in a positive way) to interest rate cuts.
According to Residex, Perth home owners have the second highest amount of after-tax income ($1,025), behind Canberra ($1,262) and thus are less concerned about adjustments to interest rates.
Perth house prices picked up in March but fell by 1.8% in May and by 1.8% in June, when the RBA cut rates by 50 basis points and 25 basis points.
Edwards says the two rate cuts may have “spooked” a market where affordability is not as much of an issue as in the other markets.
“In markets where house prices are overly unaffordable, rate cuts impact in positive ways, but the ABS census 2011 numbers showed that affordability is nowhere near as bad as we thought it was it – and Perth is one of the most affordable market,” he says.
Sydney house prices were virtually flat (down 0.18%) to a median of $666,500, with Australia’s largest housing market outperforming the national market, which recorded a modest 0.7% fall over the quarter to a median of $423,000.
The strongest-performing capital city housing market by far over the quarter was Darwin, with house prices up 7.13% to a median of $511,500.
Darwin also registered a 2.19% gain in house prices for the year to June – the only capital city to record a price gain over the 12 month period.
Melbourne house prices fell 1.31% to a median of $555,500 while the Brisbane median house price fell 3.75% to a median of $412,500.
Over the past 12 months to the end of June Hobart is the weakest-performing capital city housing market, with a fall of 7.48%, followed by Brisbane (- 6.49%) and Melbourne (- 6.41%).
Perth house prices have fallen 1.72% over the year to June, but any decline in capital value has been more than offset by rental returns, which Residex says are up more than 15% in Perth.
Melbourne and Brisbane recorded rental growth of 6.58% for the year to June, with Sydney managing rental growth of 3.7% to a median weekly rent of $560.
Edwards says the outlook for Melbourne is for very limited house price growth and rental growth.
“Perth will pick up in the medium term, and we expect quite good rates of growth with moderate rental increases,” he says.
Edwards describes Sydney, alongside Perth, as a “fragile” market in terms of confidence.
However it is a balanced market in terms of stock levels, and a lack of building activity will see it head into a situation of having a housing shortage.
Melbourne, on the other hand, “is massively oversupplied,” Edwards says.
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Perth house prices at three-year low after ‘surprise’ 4.26% fall in June quarter: Residex

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Western Australia is the only housing market where optimists outweigh pessimists, according to a survey of members of the First National Real Estate network.

A third of the more than 400 First National estate agents expect WA house prices to rise over the next six months, compared with 17% who expect them to fall.

Half expect WA prices to be flat over the next six months.

Queensland has the next highest number of optimists – 26% of agents – but they are just shaded by pessimists (27%), with 47% expecting no change in prices.

Just under a quarter (22%) of agents are optimistic that prices will rise in NSW/ACT, compared with 23% of agents who are pessimistic. The majority (55%) expect no price change.

Tellingly, no agents expect house prices to rise in Victoria, Tasmania and South Australia.

Nationally, pessimists (16%) outweigh the optimists (28%), with the majority expecting house prices to remain flat.
House price expectations
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<a href="/images/stories/2012/07/prdjuly18.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/07/prdjuly18thumb.jpg"></a>
The picture is similar for units, although a small percentage of agents (6%) expect Melbourne unit prices to rise.

The outlook is strongest for Perth (33% of agents optimistic), followed by NSW/ACT (20%) and Queensland (16%).

Unit price expectations
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Commenting on the findings of the survey, Ray Ellis, chief executive of First National Real Estate, says there is an “overall sense of optimism among our members that the current prime buying conditions will stimulate activity in the property market in the coming six months”. 

“There are many positive signs already that the market has turned a corner in some areas, however, any recovery will be slow and gradual.”

According to Ellis, NSW prices fell during the GFC, but are now in an ideal position to bounce back quite quickly.

“However, interest rates, buyer confidence levels, the global economy and lower levels of new listings will be the key influencing factors for the state over the next six months.

An improvement is also expected in Queensland, with this market driven by interest rates, confidence, the wider economy and job security.

“As will the Western Australia property market, which will also benefit from the onset of planned infrastructure projects and better buying conditions,” says Ellis.

“In South Australia, the market should begin to rise, after steadying in the first half of the year and sales activity is already strengthening.

“Tasmania and Victoria are the states where recovery could take a little longer. Tasmania's market is still suffering with low levels of confidence in the state's economy. Rising unemployment levels is leading to a higher number of properties coming onto the market,” says Ellis.

“Victoria's property market held up quite well during the GFC, so it has to experience some decline as the market plays catch up with the rest of the country, although some parts of Victoria are already stabilising and are primed to turn at any moment.”

According to the survey, the strongest growth will come from the upgrader and investor sectors, for all states except Western Australia, where first-home buyers are expected to be in the best position to capitalise on bargain properties.

However, Ellis says weak consumer sentiment and nervousness around job security may keep the housing market soft and any recovery slow and gradual.

“Healthy supply rates run at about 200,000 homes for sale at any given time and Australia currently has 301,414 homes for sale,” Ellis says. 

“Even a 1% or 2% drop in interest rates is unlikely to make an impact on their saleability unless it is combined with sharp market pricing and aggressive marketing.”
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WA best placed for housing market recovery, Victoria the worst: First National survey

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Sydney continues to be Australia’s most expensive city in which to rent or buy a home.
Housing affordability has hit a crisis point. In Sydney it now costs 9.2 times the median household income to purchase a home, while 20 years ago it cost five times the median income.
While Melbourne’s median house price is around $529,000, Sydney’s has grown to a whopping $641,000. This has flowed through to the rental market, with the median weekly asking rent for a house in Sydney now at a high of $500, while Melbourne is around $350.
One of the main reasons Sydney’s housing market has hit crisis point is a lack of housing supply.
Over the past five years, Melbourne dwelling approvals totaled 182,026 while Sydney’s lagged behind at 97,884.
In 2010, the total shortfall of housing as estimated by the National Housing Supply Council was 73,700, with projections that this shortfall would continue to grow rapidly, eventually reaching 190,000 by 2020.
The McKell Institute recently made a submission to a New South Wales government discussion paper that will inform the development of a new Sydney Metropolitan Strategy.
In our submission, we exposed that over the last five years only two of Sydney’s 10 regions met their housing targets as set by the previous Metropolitan Strategy. 
This has resulted in a Sydney-wide deficit of over 46,000 homes since 2006, based on the previous Metropolitan Strategy targets.
One of the key reasons for this under-delivery is the increase in narrow minded, self-interested individuals who oppose the building of any new homes in their suburbs.
Not in My Backyard (NIMBY) resistance to new housing is stifling Sydney’s ability to provide the number of homes the city needs and further exacerbating Sydney’s housing affordability crisis. 
The current planning system in New South Wales has placed too much emphasis on mitigating the local impacts of new housing development and less on the state and regional importance of providing homes for people. 
The McKell Institute proposes a detailed action plan to ensure Sydney begins to boost the supply and affordability of homes in Sydney. 
The McKell Institute action plan proposes: 
The return of the Sydney terrace - The proliferation of terrace and semi-detached housing in Sydney will significantly increase density, while providing a form of housing that residents seek. The Institute has identified 41 middle-ring suburbs ripe for a terrace revolution, whereby existing quarter-acre blocks with one home could be knocked down and developed into three new terrace homes. 
Dual occupancies - From the mid 1990s, restrictive policies effectively banned this form of development. The McKell plan would see those restrictions lifted. 
Code-assessable approach to development and binding timeframes – Developments that conform to the relevant statutory plan should be allowed to proceed immediately, and binding timeframes should be in place to prevent lengthy delays for all development proposals. 
One plan to rule them all - The metropolitan strategy should have legal weight and take precedence over the local plans of NIMBY-inclined councils. 
Transport-oriented development - A renewed focus is needed on constructing high-density housing around Sydney’s railways stations and transport hubs. 
In recent years Sydney has failed to deliver the housing people seek at a cost they can afford. 
The McKell Institute’s action plan provides a roadmap to meet the housing needs of the majority, not the self-interests of the few, and allow Sydney to reach its full potential in the years ahead. 
The institute’s full submission can be found <a target="_blank" href="https://mckellinstitute.org.au/wp-content/uploads/2012/07/McKell-Institute-submission-to-Sydney-over-the-next-20-years.pdf">here</a>.
Peter Bentley is executive director of the McKell Institute
For more on Sydney's current market and where it is headed, download our free eBook <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-sydney-embracing-the-world-of-tomorrow">Sydney: Embracing the world of tomorrow. </a> 
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Government should ignore the self-interested NIMBYs and fix Sydney's affordability crisis: Peter Bentley

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Harry Triguboff’s Meriton has spent $48.5 million to buy the controversial Lewisham Estates development site through Colliers agent Ray Younes.
It’s a lucrative site with the amended potential for between 377 and 430 units given its proximity of the Lewisham railway station, the light rail route due in 2014, bus routes and public Ray Younespedestrian and cycle pathways.
Triguboff has boasted he'd beaten Frasers Property, Toga, Crown Group and Ralan to win the tender. Charlie Demian of the Demian Group paid $8.5 million for the site in 2005.
<img src="/images/stories/2012/07/triguboffcartoon2.jpg">
(Source Marrickville Greens circa 2009)
It was in 2009 when Marrickville Council resolved to prepare a masterplan for the land known as the McGill Street precinct. The initial application was for 524 units in high-rise towers of up to 14 storeys. All were vigourously opposed by the <a href="https://marrickvillegreens.wordpress.com/issue/lewisham-part-3a-development/" target="_blank">Marrickville Greens</a>, the No Lewisham Towers Residents Action Committee, and the Summer Hill Action group with its Labor Party political context warranting publication of a story on the <a href="https://www.crikey.com.au/2009/05/11/nsw-stand-off-between-tebbutt-and-keneally/" target="_blank">Crikey </a>website written by Alex Mitchell.
<img src="/images/stories/2012/07/lewisham.jpg">
An amended development application was referred by ministerial delegation to the NSW Planning Assessment Commission last September seeking seven buildings between four and 10 storeys, which was approved in March after modifications including seeing its publicly accessible open space being increased from 1,300 square metres to 3,097 square metres.  
Earlier this year <a href="https://smh.domain.com.au/real-estate-news/inaccurate-images-anger-residents-20120220-1tjox" target="_blank">the SMH reported the Demian Group was ordered by the Department of Planning to redo the images</a> that were publicly exhibited for the project after questions were raised over their accuracy.
The $150 million project has a maximum 38,896 square metres gross floor area. It will come with two basement levels of car parking, but no supermarket as initially sought. There will be a cafe. The maximum overall floor space ratio will be 3.15:1.
The precinct is bounded by Old Canterbury Road to the east and south, Hawthorne Canal and the Rozelle Goods Line to the west and Longport Street to the north.
The site had been earmarked by the NSW Planning Department as suitable for genuine transport-oriented redevelopment, one of several nodes around the city earmarked for additional density development.
Marrickville Council suggested to the PAC there was a need for all three current applications; 78-90 Old Canterbury Road, Lewisham; the Allied Mills site in the Ashfield LGA; and the Sydney Light Rail Extension, to be assessed in a coordinated manner to realise the cumulative impacts of the developments.
The council also suggested the applicant's environment assessment report commented that the site was not flood prone without any investigation or analysis.
The site is not currently zoned as flood prone land as Council has not undertaken a flood study of the Hawthorn Canal Catchment, but the council seems it “very likely” that the site is at risk of flooding as the Hawthorne Canal runs adjacent to the site west of the railway line.
The initial plans for the Lewisham project raised the ire of the local community during the public consultation period because of its height, its density and the potential impact on local traffic, stemmed around nine buildings of up to 14 storeys. The campaigners at the Marrickville Greens produced an emotive artists' sketch (pictured above) which depicted the scheme when it was envisaged as 14 storeys and supermarket.
Meriton has been long mooted as the buyer of the site at 78-90 Old Canterbury Road, Lewisham, subject to rezoning. Meriton intend to now proceed with securing the final development approvals with the Tony Owen Partners' concept (pictured below) for the 13,000-square-metres former Packsite site. It is likely to market the off the plan apartments in late 2012. 
<img src="/images/stories/2012/07/lewisham2.jpg">
Council town planners had previously described the initial concept proposal as a "dog of a development" especially as it in an area dominated by single-storey homes.
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