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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At the time of any crisis there is an almost inevitable reaction that overshoots the need for caution. Without doubt, times are now tough – and investment decisions difficult – but importantly such difficulty is not unprecedented given historic cyclicality of property markets. 
Commercial real estate markets in Australia are still highly influenced by domestic factors. The strength of fundamentals has been undermined by global events, but they remain more favourable than in almost all other developed countries with characteristics of low inflation, declining interest rates, robust population growth and modest unemployment. 
Most importantly to property markets, commercial accommodation is in shortage given the limited new supply that has been delivered since the late 2000s due to the initial round of impacts following the 2008 GFC. 
Carefully selected retail, commercial and industrial properties provide regular compounding rental growth and capital return to the combined effect of internal rates of return within the range of 8% to 12% per annum. This overall return does not anticipate strong capital growth in the short term given the constraints imposed by the prevailing economic circumstances, which highlights the need for a longer-term property investment strategy. 
Scott Keck is executive chairman at<a target="_blank" href="https://www.charterkc.com.au/"> Charter Keck Cramer</a>
For more advice on<a target="_blank" href="http://propertyobserver.com.au/ebooks/investing-in-property-in-times-of-turmoil-free-ebook"> investing in property following times of turmoil, download our free eBook.</a>
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Consider investing in select commercial real estate assets over the long term

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A tenant can make or break a landlord’s experience of owning a rental property. 
Finding good tenants and keeping them happy is one of the best investments a landlord can make. 
Sourcing good tenants is one of the most important tasks for landlords who manage their own investment properties. 
By ensuring they have a positive experience while living at your property, they may be more likely to pay their rent on time, stay in your property longer and treat it as if it were their own. 
Here are some tips to find and hold on to great tenants: 
Think about the type of tenant you want to attract 
Keeping a good tenant happy begins before you’ve even purchased your rental property. 
When choosing a property to invest in, think about the tenant demographic you want to attract, for example a family, sole tenant or couple, and choose a home that is likely to appeal to them.
Properties that are close to good schools, shops and public transport are likely to be well sought after and may give you a larger pool of prospective tenants from which to choose. 
Keep up appearances 
No one wants to live in a property that has stained carpets and marked walls. A home that is poorly presented by the landlord may deter good tenants from applying to rent your property in the first instance, and be poorly cared for by the successful tenant. 
Similarly, a property that requires as little maintenance as possible will make life much easier for both tenants and landlords as it will minimise the effort and cost involved in the upkeep of the home once the tenant has moved in. 
Presenting a clean, tidy, low-maintenance and well cared for property will encourage tenants to treat the property as if it were their own. 
Generate interest 
In order to generate interest in the lease of your property, landlords may be required to place advertisements in newspapers, on various real estate websites and on online noticeboards. The advertisement should include information about the property, when open inspections are scheduled for, and the lease application deadline.
It is a good idea to arrange open inspections at times that would be convenient to the type of tenant you want to attract. 
For example, if you would like to attract young professionals, arrange the open inspection after working hours so it is easy for people to attend. 
At the open inspection, ensure you talk with as many potential tenants as possible so you can put faces to names when processing lease applications later on. 
Screen tenants 
After the lease application deadline has closed, landlords will be required to screen potential tenants. 
The first step is to contact the employer of your preferred tenant to confirm that the information they have provided regarding their position, length of employment and salary is correct. 
It is also important to contact their previous landlord to discuss any issues that arose during their last tenancy, as well as the personal referees listed in their application. 
If an applicant is applying for his or her first lease and has no previous record of renting, speaking with responsible adults such as school teachers may suffice. 
If you are a member of a specific real estate industry association, you may have access to a tenant database which you can also use to search the names of your shortlisted potential tenants to find out whether there are any recorded issues with previous leases. 
Attend to maintenance issues promptly 
Once you have selected your tenant and they have moved into the property, ensure you make every effort to attend to any maintenance issues promptly. 
It can be quite frustrating for tenants if their requests for repairs go unanswered, and if they aren’t getting the attention they deserve they may begin to question their commitment to your property and become more careless with it. 
Injury or loss resulting from a safety hazard that has not been attended to might also give rise to a costly legal liability claim. 
Responding to maintenance issues in a timely manner signals to your tenant that you care about the property and value their concern for its condition. This can contribute to creating a positive renting experience for your tenant. 
Even if you do find good tenants, it is important to not take them for granted and rely on them to make sure nothing goes wrong. 
Even the best tenant can accidentally damage a property or lose his or her job and be unable to pay rent. 
Every landlord should have a tailored landlord insurance policy that covers both malicious and accidental damage, legal liability and loss of rental income. 
Landlords can also enhance risk management by appointing a property manager. 
The time and effort that property managers can save landlords as well as the experience and knowledge they provide can be well worth the cost for their services. 
A property manager can also help to find tenants, ensure the correct paperwork is in place, assist landlords to form a professional relationship with their tenant, collect the rent, conduct property inspections and liaise with the tenant on behalf of the landlord. 
Carolyn Majda is insurance manager at landlord insurance specialist <a href="https://terrischeer.com.au/" target="_blank">Terri Scheer Insurance.</a>
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How to find and hold good tenants

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The RBA minutes only refer to <a target="_blank" href="https://www.propertyobserver.com.au/https://www.rba.gov.au/monetary-policy/rba-board-minutes/2012/03072012">one set of house price index data</a>, explicitly highlighting the "up-tick" in prices recorded by RP Data-Rismark's daily index prior to the RBA's last board meeting on July 3: "In contrast, indicators suggested that the housing market remained subdued. Dwelling activity was likely to have fallen further in recent months and indicators generally suggested that activity would remain relatively weak in the near term. Notwithstanding an apparent tick-up in June, dwelling prices were around 6 per cent lower than in early 2011, with the largest falls in Melbourne and Brisbane. Household credit continued to grow at around the pace of the past year (broadly in line with incomes). Interest rates on housing loans were around 50 basis points below their 15-year average." It is a subtlety, but what is most profound in the paragraph above is that Australia's central bank is describing movements in house prices over the month of June only three days after the month has ended! This is a transformational world away from the house price technology that existed several years ago, whereby quarterly, as opposed to daily, data was reported with a multi-month lag. Even today APM and the ABS report their quarterly data with a one-month lag. To be clear, while the RP Data-Rismark index is the only price data highlighted in the RBA's minutes, the central bank prudently reviews information from both APM and RP Data-Rismark, and still includes the ABS index data in the Statement on Monetary Policy.  Rismark and RP Data have a great deal of respect for Dr Andrew Wilson and the Fairfax-owned APM, which report a useful "stratified median price index" based on the pioneering <a target="_blank" href="https://ideas.repec.org/p/rba/rbardp/rdp2006-04">Prasad and Richards methodology</a>. Rismark and RP Data compute this stratified median index internally, in addition to our old adjacent-period monthly hedonic, and simple medians.  It should also be said that it was in part the RBA that inspired Rismark and RP Data to invest many millions of dollars into the research and development of complex regression-based monthly and daily indices that seek to eliminate the compositional biases that arise in housing transactions due to the twin problems attributable to the heterogeneity of the housing asset itself (no two homes are identical), and the "non-synchronicity", or infrequent trading, associated with the overall stock (note that in absolute terms transaction volumes are very high at north of 400k per annum).
Christopher Joye is a leading financial economist and a director of <a href="https://www.ybr.com.au/savings/index.cfm" target="_blank">Yellow Brick Road Funds Management</a> and Rismark. The author may have an economic interest in any of the items discussed in this article. These are the author’s personal views and do not represent the opinions of any other individual or institution. This material is not intended to provide, and should not be relied upon for, investment advice or recommendations.
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RBA refers to RP Data-Rismark index in July minutes: Christopher Joye

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The Reserve Bank reverted to referring to the Australian housing market as “subdued” in its July 3 monetary policy meeting – a slightly less gloomy view of the market than in June, when it described the market as “having recently declined again”.
In May the RBA suggested the housing market was “subdued” and in April the RBA said it was “soft”.
The July 3 monetary policy minutes also acknowledge that retailing and housing are weak spots in the economy, which have contributed to keeping inflationary pressures contained despite evidence of stronger economic growth.
The RBA notes a stronger domestic economy, with positives being that the “pace of business credit had picked up noticeably”, that “household consumption grew strongly over the year to the March quarter, across both goods and service”, and that the “unemployment rate remained a little above 5% in May”.
But, in contrast, it said “indicators suggested that the housing market remained subdued”.
“Dwelling activity was likely to have fallen further in recent months, and indicators generally suggested that activity would remain relatively weak in the near term.
“Notwithstanding an apparent tick-up in June, dwelling prices were around 6% lower than in early 2011, with the largest falls in Melbourne and Brisbane.
“Household credit continued to grow at around the pace of the past year (broadly in line with incomes). Interest rates on housing loans were around 50 basis points below their 15-year average,” says the RBA.
The minute also say that some of the recent tensions in global financial markets have eased and that locally there had been no sign of dislocation in Australian financial markets.
“Following the June cash rate announcement, most lenders reduced their standard variable housing rates by around 20 basis points.
“As a result, the average interest rate on outstanding housing loans was about 60 basis points below the post-1996 average, while rates on small and large business loans were 50 and 75 basis points lower,” says the RBA.
The RBA concludes by saying: "Members continued to view it as appropriate for interest rates to be a little below average given evidence of slower global growth and the low rate of inflation in Australia.
"But with a material easing in monetary policy having occurred over the preceding six months or so, and with recent signs that the domestic economy had a little more momentum than had earlier been indicated, members saw no need for any further adjustment to the cash rate at this meeting."
<a href="https://www.propertyobserver.com.au/https://www.rba.gov.au/monetary-policy/rba-board-minutes/2012/03072012">Click here for the full minutes.</a>
Following the release of the minutes, Westpac chief economist Bill Evans says the next rate cuts are now likely to be delayed until the December quarter.  
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Domestic economy stronger but housing market returns to “subdued” status: RBA minutes

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A Coalition victory at the next federal election could result in demand for office space in Canberra falling even further than the current gloomy projections by BIS Shrapnel.
In anew forecast report, BIS Shrapnel expects the Canberra office vacancy rate to remain above 10% over the next three years – compared with a low vacancy rate in the single digits in the previous decade – while supply increases by 7%.
Report author and senior project manager Christian Schilling warns that austerity measures by the Commonwealth government are now depressing demand for office space, while more construction will add 140,000 square metres of new supply over the coming two years.
Canberra has the second highest pipeline of new office projects – behind Melbourne (about 240,000 square metres).
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Source: Jones Lang LaSalle 
Under its “base case scenario” BIS Shrapnel does not expect to see much improvement until two to three years from now, with the outlook worse for non-civic office space.
However, Schilling warns that there is a “significant ‘other’ scenario”:
“A change of government late next year could bring the toe-cutters back.
“Demand for office space could turn negative if the new government cuts a swathe through the public service.”
“That could cause a further setback to a market already reeling from the excesses of last decade.
“We are not in the business of forecasting election outcomes,” says Schilling. “But anyone in the market would do well to run this outlook as an alternative scenario in their forward planning.”
“It’s the 500-pound gorilla in the room,” he says.
Canberra is currently undergoing its second major office downturn since the late 1990s, in what was previously a “paradigm for stable progress, the perfect place for counter-cyclical investment”.
“Since then, the market has seen large cyclical fluctuations in demand for and supply of office space. They were brought about by changes in government, reforms and efficiency drives, periodic under-investment and sudden surges in employment,” Schilling says.
“Add a dose of commitment to sustainability that leaves non-complying buildings out in the cold, plus private over-building and you have a recipe for instability that (almost) mimics the cyclicality in the other capital city markets,” Schilling adds.
According to BIS Shrapnel, a massive construction boom from 2002 to 2012 resulted in Canberra being highly oversupplied, with vacancies reaching record levels across both civic (15.6%) and non-civic (13.4%) sectors by 2010.
Strong leasing demand subsequently made solid inroads into that surplus, underpinned by Commonwealth employment growth as a result of GFC-induced stimulus spending, but demand has cooled since then.
The Commonwealth government has introduced austerity measures in order to return the budget to the black.
“The federal government has literally turned off the (money) tap,” says Schilling. “There simply isn’t any money in the till to fund the cost of fitting out new premises, with the powerful PwC (PricewaterhouseCoopers) keeping a watchful eye on capital expenditure.”
Figures compiled recently by Jones Lang LaSalle show that Canberra recorded a fourth successive quarter of positive net absorption in the second quarter of 2012 (7,800 square metres) taking the total to 47,600 square metres for the 2011-12 financial year, with the vacancy rate tightened to 9.9% – the first time vacancy has been below 10% since the fourth quarter of 2009.
<a href="https://www.propertyobserver.com.au/office/canberras-very-green-nishi-office-block-80-leased-as-demand-for-premium-office-space-rises-colliers/2012062655274" target="_blank">New office buildings include Nishi Commercial</a> – part of developer the Molonglo Group’s mixed-use NewActon project, which has recorded strong leasing activity – helped by its status as one of Canberra’s greenest office building projects.
Nishi is now 80% leased as demand grows for premium-grade office stock with high environmental ratings, according to Colliers.
Just two floors out of the 10 remain available for lease, with office tenants set to move across in November.
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Coalition victory could mean 'toe cutting' and spell bad news for investors in Canberra office market: BIS Shrapnel

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Google, one of the few fast-growing office tenants in Sydney, might take a temporary sub-lease of any redundant space in the neighbouring Fairfax Media building at Pyrmont.
“The irony of such a move would not be lost on either the moguls of the new media or the flagship of the old,” Robert Harley, the property editor of the Fairfax publication The Australian Financial review, reported today.
Google declined to comment, as did the group’s real estate advisers CBRE, with the timing of any Google move or expansion not clear.
What is known is that the company will want a contemporary relaxed style of work space for its technology-savvy workforce.
The atmosphere will need to reflect the style of Google’s Mountain View campus in California, which has the stated aim of: “Our offices and cafes are designed to encourage interactions between Googlers within and across teams, and to spark conversation about work as well as play.”
Google’s lease in Pyrmont does not expire until 2018, but the AFR suggest in the long term four new projects have become potential locations for Google’s next office iteration.
They are listed as Lend Lease’s Barangaroo, Sekesui House-Frasers’ Central Park at the southern end of the CBD, the NSW government’s Australian Technology Park at Redfern and the reworking of the IMAX site at Darling Harbour by Grocon.
Central Park, opposite the University of Technology at Chippendale, will have a commercial building within its mixed-use precinct.
A spokesman for the Barangaroo developer, Lend Lease, advised the AFR that said the group was in negotiations with a number of potential tenants but would not give any specifics.
A new project on the IMAX site at Darling Harbour is also a possibility, although no approvals are yet in place.
For more on Sydney's present and future, download our free eBook <a href="http://propertyobserver.com.au/ebooks/free-ebook-sydney-embracing-the-world-of-tomorrow" target="_blank">Sydney: Embracing the world of tomorrow</a>
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New media meets old as Google said to be eyeing redundant Fairfax Media space in Pyrmont

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The Housing Industry Association (HIA) has downgraded already modest expectations for new home construction over the next two financial years, but expects a strong pick-up in the Queensland, which appears to have bottomed out.
There are also more modest growth expectations for NSW and WA, albeit off historically low bases, but new home building in Victoria – Australia’s new home building capital – is set to fall sharply over the next two years, though it remains the top state for new home construction.
In a year where prominent building companies like <a href="https://www.propertyobserver.com.au/news/kell-rigby-one-of-australia-s-oldest-most-respected-building-companies-set-for-voluntary-administration/2012020853012" target="_blank">Kell &amp; Rigby</a>, <a href="https://www.propertyobserver.com.au/industry-news/liquidator-appointed-for-collapsed-nsw-builder-reed-construction/2012071155520" target="_blank">Reed Construction</a> and <a href="https://www.propertyobserver.com.au/industry-news/st-hilliers-construction-arm-placed-in-voluntary-administration/2012051554713" target="_blank">St Hilliers Construction</a> have collapsed, not to mention numerous smaller builders, the HIA expects new housing starts to fall by 14.1% to a level of 135,284 for the 2011-12 financial year.
This will be the seventh time in nine years that Australia has experienced a decline in new housing starts, with the 2011-12 figure just above figures recorded at the peak of the GFC.
The low point in new housing construction occurred around the December 2008 quarter – at the height of the GFC – when the HIA recorded new houses being built at an annualised rate of 130,548.
The HIA expects new housing starts before to pick up modestly in 2012-13 with growth of 4.9% to 146,600 starts, followed by a further increase of 4.4% in 2013-14, which would take starts to a level of 148,064.
These figures have been revised down from previous HIA forecasts of 137,820 starts in 2011-12, and a recovery reaching 151,200 starts by 2013-14.
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The modest recovery forecast over the next two financial years is primarily focused around NSW, Queensland and Western Australia – states that are experiencing periods of historically low housing starts.
The outlook is strongest for Queensland, with the HIA optimistic of a recovery from 2012013 with new forecasts expected to rise by 13.3% from 25,370 to 28,745.
The forecast is even brighter for 2013-14, with the HIA expecting a 15.8% improvement to 33,286 starts.
The HIA says that NSW has “endured a synchronised trend decline in new home building and renovations activity of a duration unrivalled in Australia's post-war history”, which continues in 2012, with the industry group forecasting a 7.9% decline to 28,524.
However, the HIA forecasts growth of 18.2% in 2012-13 and 5.3% in 2013-14, taking starts to a level of 35,503, higher than a previous forecast level for 2013-14 of 33,830.
“Given the awful base we are forecasting a recovery from, 35,503 starts is not a bullish forecast,” says the HIA.
 
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The HIA says Western Australia “continues to provide that rather quintessential example of how if you live in Australia but don't directly benefit from the resources boom, then times are challenging”.
“The economy is on fire, but new housing is extremely weak. Indicators like housing finance point to improved times ahead, but current planning problems will prove a huge set-back to a short-term recovery. The renovations sector, meanwhile, is slowing from a record high.”
The HIA is forecasting a 15.8% decline in WA housing starts in 2011-12 to come in at 17,510.
Victoria keeps its crown as the new home building capital of Australia, but the HIA is forecasting a 19.4% fall to a level of 47,690 in 2011-12 followed by a decline of 12.6% in 2012-13 and a further 3.5% fall in 2013-14 to 40,240 starts.
The HIA adds that the risk to this outlook remains on the downside.
Looking at the national outlook, HIA chief economist Dr Harley Dale says it now appears unavoidable that new housing will revisit levels experienced as a result of the GFC.
This, he says will be to the “detriment of thousands of businesses and households, not to mention the overall domestic economy”.
“We are experiencing a combination of softer housing demand and high-cost housing supply, which together mean that the nation is under-building by a significant amount. Put simply, Australian consumers are nervous about the global and domestic economies, and meanwhile around $200,000 of the price of a new home is due to taxation. It’s an unsustainable situation,” he says. 
“To improve the conditions facing new home building not only requires further interest rate cuts, but also Commonwealth and state government action to boost confidence and lift a substantial portion of the tax burden from new housing,” he says.
The HIA notes that the renovations sector has also showed signs of weakness in recent quarters, notwithstanding that total renovation investment hit a new record in 2010-11.
It expects renovation investment to fall by 1.5% to $29.5 billion in 2011-12, but to grow by 1.3% to $29.9 billion in 2012-13.
According to the federal government’s National Housing Supply Council 2012 report Australia accumulated a dwelling shortfall of 228,000 homes between 2001 and 2011 with the most acute shortage in NSW, with an estimated gap of 89,000 dwellings, followed by 83,000 in Queensland.
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New housing construction outlook gloomy, but Queensland a bright spot: HIA 

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Urban renewal has changed the character of the inner-south Sydney suburb of Waterloo.
The suburb has shaken off a reputation for crime and its low socio-economic profile to become a sought-after location for inner-city apartment living, with a number of major apartment projects currently underway.
Census 2011 figures analysed the Australian Financial Review show that <a target="_blank" href="/news">Waterloo </a>is Australia’s second most upwardly mobile suburb, with weekly household income rising 167% between 2001 and 2011.
<img src="/images/stories/2012/07/waterloomap.jpg">
The suburb ranks someway behind <a target="_parent" href="/news">Madeley</a>, a north Perth suburb, where median income has risen nearly 300% from $435 per week to $1,846. However, Madeley was farmland 10 years ago before the land was turned over to property developers.
Waterloo is the only inner-city Sydney suburb in the top 20, a list dominated by Perth suburbs benefiting from the flow-on effects of the mining boom that noticeably includes the Queensland mining towns of Chinchilla and Emerald.
The top five upwardly mobile suburbs are:
 
<div align="center">
<table style="width: 450px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="123" valign="top">
 
</td>
<td width="123" valign="top">
 
</td>
<td width="123" valign="top">
Median weekly income 2001
</td>
<td width="123" valign="top">
Median weekly income 2011
</td>
</tr>
<tr>
<td width="123" valign="top">
Madeley
</td>
<td width="123" valign="top">
WA
</td>
<td width="123" valign="top">
$435
</td>
<td width="123" valign="top">
$1846
</td>
</tr>
<tr>
<td width="123" valign="top">
Waterloo
</td>
<td width="123" valign="top">
NSW
</td>
<td width="123" valign="top">
$299
</td>
<td width="123" valign="top">
$900
</td>
</tr>
<tr>
<td width="123" valign="top">
<a target="_blank" href="/news">East Perth</a>
</td>
<td width="123" valign="top">
WA
</td>
<td width="123" valign="top">
$678
</td>
<td width="123" valign="top">
$1820
</td>
</tr>
<tr>
<td width="123" valign="top">
<a target="_blank" href="/news">Perth</a>
</td>
<td width="123" valign="top">
WA
</td>
<td width="123" valign="top">
$682
</td>
<td width="123" valign="top">
$1,755
</td>
</tr>
<tr>
<td width="123" valign="top">
<a target="_blank" href="/news">Chinchilla</a>
</td>
<td width="123" valign="top">
Queensland
</td>
<td width="123" valign="top">
$534
</td>
<td width="123" valign="top">
$1,357
</td>
</tr>
</tbody></table>
</div>
Source: Australian Financial Review, Census 2011
 
Census data shows that the Waterloo population increased by 2,000 from 8,500 in the 2006 census to 10,600 according to 2011 census. 
The vast majority of dwellings in Waterloo – 81% – are apartments, catering for singles or couples, with 23% of all dwellings being one-bedroom units and 53% two-bedroom units. 
Waterloo alongside Redfern and Alexandria is heading towards a 70% single-person occupancy rate, according Whiterock Residential Projects, which is developing two projects in Waterloo. 
According to RP Data, the median unit price in Waterloo is $513,000, down 5.7% on the same time last year, but prices are up 20% over the past five years.
The median rent is $550 per week, equating to a relatively high yield of 5.6%.
The revitalisation of Waterloo was kicked off around 2004 with NSW government creating the Redfern Waterloo Authority (RWA) with the objective of revitalising the suburb.
Since then there has been a marked drop in crime along the more recent establishment of popular eating destinations such as the Dank Street Bakery and Fratelli Fresh and Fountain Street in neighbouring Alexandria.
Waterloo is also within walking distance of the largest urban renewal project in Australia – the $8 billion Green Square project, which is developing 20,000 new homes and infrastructure between now and 2030, with the hub being 14 hectares of land to be developed as the Green Square Town Centre – a new major centre around the Green Square railway station.
<img src="/images/stories/2012/07/waterloo2.jpg">
According to Andrew Donnelly, CEO of Whiterock Residential Projects, which has recently started building boutique development Madison (pictured above) near Dank Street, the urban renewal in Waterloo is just beginning.
Donnelly tells Property Observer the shift in  demographic in Waterloo has been “palpable” over the last few years, with young professionals earning combined incomes of $200,000 plus choosing to live in the suburb.
He says it has shaken its reputation as an industrial, crime-ridden area, with empty-nesters from the suburbs choosing to buy in Waterloo.
“One father told me there are streets in Waterloo they would not walk down 20 years ago, but will now happily let their kids play there,” he says.
“Dank Street is a real destination for high-end eateries, and people from the eastern suburbs come to eat here over the weekend.”
According to Donnelly, there are two distinct markets in the Waterloo area – the high-rise market being targeted by Harry Triguboff’s Meriton Group (Eon Zetland priced from $660,000 for two-bedders) at Asian buyers and the student market and the low-rise boutique projects such as Madison and 141 McEvoy Street.
He says the market is 75% owner-occupier in boutiques projects, while in the high rise, 75% of the apartments are being bought by investors.
“Two-bedroom units are selling for around $700,000 and three beds for over $1 million,” Donnelly says.
Most of the buyers are locals, with overseas investors comprising just 5% to 10% of new residents, according to Donnelly’s estimation.
He says the Madison project – which features 47 one-, two- and three-bedroom apartments – is now almost sold out, with just 10 remaining and prices over $10,000 per square metre.
“That would have been unheard of 10 years ago,” he says.
Whiterock will launch a new project at 141 McEvoy Street in Alexandria, with prices starting from around $450,000 for a one-bedder.
<img src="/images/stories/2012/07/waterlooflicker.jpg">
Another major project is Becton’s Divercity project (pictured above and below), which launched in December 2009 and as of March this year had sold 400 apartments, with 122 settling in May and June.
Becton attributes its success to date to proximity to the Sydney CBD and easy access to Sydney Airport, eastern suburb beaches, Centennial Park, Moore Park golf course and the three major universities, UNSW, UTS and Sydney University. It is also just 800 metres from Green Square train station.
The development includes a café and restaurant strip, tepanyaki bar, rooftop cinema and 20 metre heated outdoor pool with cabana lounges and landscaped park grounds.
{yoogallery src=[images/stories/2012/07/july17divercity]}
The project will be completed in August 2014.
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Upwardly mobile Waterloo, Sydney, shows impact of urban regeneration

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Gerry Harvey appeared to sum it up fairly well in a recent interview:
"It was unusual to have such a poor sentiment at a time when Australia's economy was relatively strong compared to America and some countries in Europe."
Harvey feels Australia has an economy regarded as strong by outsiders. And yet there is a total lack of confidence, and businesses are therefore suffering.
Overseas investors are actively targeting Australian commercial property — accounting for around half of all sales of over $30 million. However, local investors remain hesitant.
This is purely a confidence thing — something my articles have been attempting to explain, over the past few months.
Experts are purely blaming the overseas turmoil. And it's true, countries affected by the financial crisis have not yet adjusted their economies to the long-term structural shift taking place — mistaking it as simply a fall-off in demand.
Fortunately, Australia is able to sell its mining output to China — creating funds now, to allow for structural adjustment over time.
And so, as tough as this may sound, propping up selected industries through subsidies is simply bad economics.
Instead, the government should be fostering a flexible environment within which businesses and workers can be encouraged to adapt.
Surely China is in trouble?
During the second quarter of this year China's growth was probably slower than at any time in the past three years.
It has been well reported that China's growth rate has cooled. But that doesn't mean a hard landing — because the current expected growth rate (of 8% per annum) is scarcely stagnation.
With inflation seemingly now under control, China has already begun cranking up approvals for roads, airports, steel mills and social housing.
All of these will require what Australia's mining sector produces.
Therefore, Australia's problem will not be a fall-off in global demand. Rather, it will be the impact of greater competition from other countries supplying commodities.
But this is an unlikely to occur until 2016, when the world economy should have fully returned to an expansionary phase.
How should commercial property investors respond?
Because of the general uncertainty, quality commercial properties are starting to look cheap. As an investor, the secret is to have your lease expiry (and therefore a rental review) occur in 2016-17.
That will then provide you with solid income during the current period of confusion. And also allow you the opportunity to reap considerable capital growth, when you review the rental to market.
Bottom line: Confusion generally means inaction.
For commercial property, that translates into there being no meaningful new development in the short term — certainly not of a speculative nature.
However, against this lack of supply, you will still have a growing tenant demand, which will result in increased rentals, and lower capitalisation rates.
In other words, the precise scenario most investors would hope for.
Therefore, recognise it for what it is and position yourself now, before everyone else finally twigs to what was actually going on.
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a target="_blank" href="https://bitly.com/IFf40C">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment.
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chrislang-EQKojcgJPV

A lack of supply means increased tenant demand and yields for commercial property investors

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One of the more interesting outcomes the <a target="_blank" href="https://www.propertyobserver.com.au/https://www.censusdata.abs.gov.au/census_services/getproduct/census/2011/quickstat/0">2011 census</a> produced was the figures concerning the housing market. The reason for this interest is how the results contrasted with the idea that Australia currently suffers from an acute housing undersupply or shortage. Taking the lead in promoting this idea is the <a target="_blank" href="https://www.nhsc.org.au/">National Housing Supply Council</a> (NHSC), an organisation formed by the federal government in May 2008 to provide an in-depth analysis of the housing market. The NHSC is widely considered to be the peak body in this field.

Unsurprisingly, in its first report – <a target="_blank" href="https://www.nhsc.org.au/content/state_of_supply/2008_ssr_rpt/nhsc_stateofsupplyreport.pdf">State of Supply Report 2008</a> – released in March 2009, the NHSC concluded that a deficit or gap of 85,000 dwellings existed. Here was the most comprehensive study of Australia’s housing market, a dense 172 pages. The alarming shortfall of dwellings made instant headlines in the media, not least because it provided concrete proof that Australia’s rocketing housing prices were strongly affected by this shortage. Both government and industry broadcasted the NHSC’s results because it confirmed the suspicion that a shortage did, in fact, exist – and that something could now be done about it. The banking and real estate sectors were also very supportive, as their own arguments about a housing shortage were now considered irrefutable.

There was only one small problem: the purported shortage of 85,000 dwellings was complete fiction.

In order to arrive at the shortage, the NHSC had to employ a methodology of the most dubious nature – a travesty of basic science. The shortfall of 85,000 dwellings was composed of the following: 1) 9,000 to address homelessness of those sleeping rough, 2) 35,000 to address homelessness of those staying with friends and relatives, 3) 13,000 to house marginal residents of caravan parks, 4) 26,000 to increase the rental vacancy rate to 3%, and 5) an extra 2,000 to round up to the nearest 5,000!

The problems with this analysis are legion, and were quickly unmasked by Australian economists Kris Sayce and Steve Keen, and are covered briefly here. While homelessness is indeed a serious problem with tens of thousands suffering from this plight, these persons (typically on the lower income scales) do not have the financial power to turn their needs into demand on the property market. Instead, the NHSC produced evidence of social need but not actual demand. The same goes for the residents of caravan parks.

The fourth category is an interesting one because it assumes that data sourced from the Real Estate Institute of Australia (REIA) and its state-level affiliates are also based upon sound methodology. As I have covered elsewhere, the <a target="_blank" href="https://www.prosper.org.au/wp-content/uploads/2012/06/Philip_Soos_Speculative_Vacancies_2012_Report.pdf">reported vacancy rates</a> are likely to be severely biased downwards given the appalling methodology, data-gathering techniques, and lack of independent oversight (auditing). The last point is self-explanatory: who on earth rounds up to the nearest 5,000?

These highly questionable statistics were produced by Australia’s “peak” body. The NHSC is a body stacked with industry and former government professionals. Its continued funding would most likely quickly dry up were they to find that no shortage existed. If instead a surplus was found, the NHSC’s brief existence would come to an end as dwelling supply considerations are found not to be an issue in price inflation.

The outcome is obvious: if a shortage can be found, then government is much more likely to enact policies favourable to industry. Asking the NHSC if there is a shortage is similar to asking Dracula if the blood bank needs to be expanded because of a deficit – the answer is already predetermined and reflexive.

Little more could be expected in the <a target="_blank" href="https://www.nhsc.org.au/content/state_of_supply/2009_ssr_rpt/stateofsupplyreport_2010.pdf">2010</a> and <a target="_blank" href="https://www.nhsc.org.au/content/state_of_supply/2011_ssr_rpt/docs/nhsc-state-of-supply-report-2011.pdf">2011</a> reports. The NHSC performed a backflip, admitting that it was uncomfortable with its previous methodology given the obvious problems with it. It is unlikely that the NHSC would have changed course if not for the barrage of ridicule it experienced from those who read the report and were honest enough not to give their silent approval. Each report provided an increasingly dismal prognosis as the shortage had increased to 185,000 in 2011 and, if present circumstances remained the same, there is expected to be a shortage of 640,000 dwellings by 2030.

But nothing changed. The NHSC had to find another pretext for the pre-supposed shortage, this time by creating a category called “underlying demand”, driven primarily by immigration and other demographic factors. This would appear to be a more sound methodology if not for the fact that the numbers were simply made up again.
 
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The pseudo-science of the NHSC has not prevented vested interests from promoting its conclusions as fact and crucially relies upon the public not reading through hundreds of pages (630 in all) of economic and statistical analysis to understand this. After all, the public is supposed to trust the “experts”. It is worth reading through these three reports in order to realise how the phrase “lies, damned lies, and statistics” rings true.

The non-existent housing shortage probably comprises the most popular argument used by the bubble deniers to justify astronomical housing prices. As Australia is apparently suffering from a chronic deficit of dwellings, demand is greatly outstripping supply, leading to rising prices.

The problem with this argument is it can’t explain why prices started to rise in 1996 and have skyrocketed onwards, especially during 2001-2004. Annual population growth between 1996 and 2005 registered at approximately 1%, but dwelling growth (adjusted for demolitions and discontinuations) was greater over this period. In fact, 2007 was the first time since 1950 that population growth was higher than dwelling growth. If the housing shortage argument was correct, housing prices should’ve started to rise from 2007 onwards, not 1996.

The shortage argument, however, is not new. Every country that has suffered through a housing boom followed by a crash (a bubble) in recent years have always had its so-called “experts” claim that prices were based upon fundamental valuations due to dwelling shortages.

Take the US as a case study. Leading institutions such as the Federal Reserve, National Association of Realtors, California Building Industry Association and Harvard University’s Joint Center for Housing Studies produced sophisticated studies to show that the $8 trillion housing boom was caused, in part, by dwelling shortages. These studies were authored by professors, PhDs, and businesspeople, all with extensive knowledge and experience but with conflicts of interest that could fill a small book. Yet, their expertise was as illusory as the shortage when the housing market crashed. The same again occurred in Ireland and Spain to the point where these three countries are now bulldozing entire neighbourhoods to reduce some of the massive oversupply.

Going back to point first made in the introduction, the 2011 census revealed Australia had <a target="_blank" href="https://www.bloomberg.com/news/2012-06-21/vanishing-households-undercut-claim-of-australian-home-shortage">7.8 million households</a>, 900,000 fewer than the NHSC’s figure, with population also growing by 300,000 fewer than previously estimated. These figures have come as such a shock that the NHSC chairman has reported that an undersupply could be incorrect. In fact, <a target="_blank" href="https://beta.afr.com/p/business/property/housing_undersupply_you_shouldn_FFAUmmahkHLANiAOxaOY2N">Morgan Stanley researchers</a> have found that the current 228,000 dwelling undersupply has now become an oversupply of 341,000, a huge turnaround.

Given the flawed nature of the NHSC’s reports, the run-up in housing prices is likely due to other factors, specifically the escalation in mortgage debt used to finance real estate speculation. As of 2011, mortgage debt reached $1.2 trillion or 85% of GDP. Combined with personal debt, this climbs to $1.3 trillion or 95% of GDP, a staggering sum. Also of concern is the <a target="_blank" href="https://www.aph.gov.au/Parliamentary_Business/Committees/Senate_Committees?url=hsaf_ctte/report/report.pdf">$53 billion in subsidies and tax breaks</a> that property owners receive.

Perhaps the NHSC can stop wasting our taxpayer dollars and instead investigate these leads.

<aside id="related-content"></aside>Philip Soos is a researcher at the School of International and Political Studies at Deakin University. This story first appeared on <a target="_blank" href="https://theconversation.edu.au/">The Conversation</a>.
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