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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Retail centres should be changing their tenant mix to improve performance over the next 12 months, according to the latest report by Jones Lang LaSalle.
Jones Lang LaSalle's Retail Centre Managers’ Survey found the key factor expected to improve performance of individual retail centres over the next 12 months is a new tenant mix.
“Those retail centres that have deliberately changed their tenancy mix or attracted new tenants with strong customer appeal have reported solid growth during a challenging trading period,” says Richard Fennell of Jones Lang LaSalle.
“With clothing and footwear continuing to struggle, sub-regional shopping centres are re-focusing their tenancy mix to better reflect the needs of their catchment and growth sectors.  This includes specialty food, dine-in cafes/restaurants, and a range of services that bring repeat customers to the centre.”
He says the ability to improve tenancy mix is constrained by limited demand and the need for injection of capital before tenants commit and recommends alternative lease terms and tenant incentives.
“Alternative lease terms are being considered in order to accommodate new or struggling retailers.  This may include shorter lease terms and percentage rent deals. Centre managers have also reported some rent reversion at the end of the lease period in order to retain tenants,” he says.
“There is also a higher expectation on the part of tenants for incentives.  These include both rent-free periods and fit-out contributions, with tenants having limited capital to cover the cost of fit-outs.”
Vacancy rates increased slightly from 4.2% in December 2011 to 5.1% in March 2012 for neighbourhood centres and from 1.1% to 1.4% in March 2012 for sub-regional centres.
<img src="/images/stories/2012/06/jlljune14.gif">
Tenant enquiry improved slightly, but from a very low base. Enquiry remains weak, with food retailers and the discount variety sector (in sub-regional centres) showing the main interest.
The report found the average rental growth for neighbourhood centres was 2.8% for the year ending March 2012. Sub-regional centre growth has been weaker, averaging just 1.3% over the 12-month period.
Sentiment in retail centres across Australia had improved slightly following the Reserve Bank’s cash rate cut in May. The report was published before June’s further rate cut.
According to the report, 57% of centre managers expected some growth in sales over the next 12 months, up from 49% in February, though their sentiment is described as “caution optimism”. Those in the 57% primarily expect growth of less than 3%. Those expecting sales to decline fell from 31% to 21%.
Research director David Snoswell says the Reserve Bank’s 50-basis-point cut in the official cash rate in May is the main reason for improving sentiment among centre managers.
Despite the positivity of centre mangers consumers remain cautious, with <a href="https://www.propertyobserver.com.au/trends/time-to-buy-a-dwelling-sentiment-improves-but-unlikely-to-flow-through-to-purchases-westpacs-bill-evans/2012061355096" target="_blank">the Westpac-Melbourne Institute Index of Consumer Sentiment showing no recovery in May following the rate cut</a>.
“Cautious consumers are going to be wary of spending the savings from lower mortgage payments on retail goods, at least in the short term,” says Snoswell.
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Retail centres need to change tenant mix to improve performance: Jones Lang LaSalle

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Melbourne’s urban growth boundary will extend outwards over the next 20 years to incorporate six new fringe suburbs and provide new homes for up to 100,000 people.
The plans, unveiled by Victorian Planning Minister Matthew Guy, includes the development of six new metropolitan suburbs at Diggers Rest, Lockerbie, Lockerbie North, Manor Lakes, Merrifield West and Rockbank North and follow the completion of the Logical Inclusions Review of Melbourne’s Urban Growth Boundary (UGB).
The new suburbs will expand Melbourne’s urban boundary to the North (Mitchell and Whittlesea), to the West (Hume, Melton and Wyndham) and South East (Cardinia and Casey) by 6,000 hectares.
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The 6,000-hectare expansion is significantly less than the 43,000-hectare expansion planned under by the previous Victorian government.
Plans for the new suburbs include the building of new train station, town centres, open space and other key infrastructure
Over the next 20 years there will be
<ul>
<li>3,800 homes developed for 10,700 residents in Diggers Rest in Melton as well as local town centre located, the extension of Houdini Drive, a multi-purpose community centre and additional sportsgrounds.</li>
<li>10,500 new homes for 29,500 new residents in Lockerbie (incorporating parts of Hume, Mitchell and Whittlesea) as well as a new train station, a new north-south arterial road, three state primary schools and a secondary school, four new sports reserves and a new principal town centre next to the future train station.</li>
<li>4,600 new homes for 13,000 new residents in Lockerbie North (incorporating parts of Mitchell and Whittlesea)  along with a new train station, a new north-south arterial road, two state primary schools and a secondary school, two new sports reserves, a transit oriented town centre next to the future train station.</li>
<li>4,850 new homes for 13,500 new residents in Manor Lakes (in Wyndham) along with two state primary schools, two large new recreation reserves, a local town centre and an important new north-south arterial road.</li>
<li>7,000 new homes for 20,000 in Merrifield West (in Hume) along with the development of two state primary schools, football and soccer grounds, two local town centres and a number of local parks</li>
<li>6,650 new homes for 18,500 new resident in Rockbank (in Melton) over a longer 25 year time frame) along with the development of two state primary schools, a secondary school, three active recreation reserves, two local community facilities, higher order civic uses, passive recreation and linear trail network, a major and local town centre and an important east-west arterial road. </li>
</ul>
 
<hr class="system-pagebreak">
 
Merrifield West residents travelling into the city will have to rely on the Donnybrook V/Line rail station or drive seven kilometres to the Craigieburn rail station, while Rockbank North and Lockerbie residents will need to use already busy V/Line rail stations until the new train station proposed for Beveridge is completed. 
There will be an expansion of the Diggers Rest V/Line rail station.
Guy says the urban expansion plan will provide opportunities for Melbourne’s economic and social future.
“Housing, employment, infrastructure and all the other elements that make up our community need to be planned and implemented carefully,” he says
“The completion of this review will lead to urban growth boundary modifications to ensure adequate long-term land supply and enable planning for population growth to be completed well ahead of time.”
Many of these new outer suburbs are already the focus of new housing developments, with the March quarter Oliver Hume residential communities report noting that 10 new communities comprising a total of 3,400 lots launched over the first three months of the year.
Four of the 10 projects were located in Wyndham, three in Melton, two in Whittlesea and one in Hume.
The report says it would take 6.8 months to sell the current level of supply represents 6.8, exceeding the industry benchmark of six months for the first time since the September quarter of 2006.
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<a href="/images/stories/2012/06/ohjune14.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/06/ohjune14thumb.gif"></a>
All municipalities experienced a rise in supply with 20 months’ worth of supply in Mitchell (Wallan-Beveridge) and also double-digit level of supply in Melton. The City of Hume is now the tightest market, with only 4.2 months of supply. 
The report also notes declining land prices with average lot prices having fallen $16,000 to a median of $210,000 from their peak of $225,750 in the December quarter of 2010, a fall of 7.5% over the 15 months.
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Melbourne urban sprawl to extend into six new suburbs over next 20 years

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Sydney’s low rental vacancy rate continues to insulate the residential property market against wider economic forces, according to the latest CBRE review of the NSW residential market. 
The report quotes Residex figures showing that Sydney house prices are down 0.4% over the past 12 months to March to a median of $667,500 – a strong result relative to Melbourne (6.2% decline to March) and Brisbane (down 4.3%). 
It also notes RP Data-Rismark figures showing a 1.2% gain in Sydney house prices for the March quarter to a median of $572,000. 
CBRE assesses the Sydney’s housing market as being “reasonably positioned in relation to the remainder of the Australian market”. 
In line with a similar trend in Perth, the picture is brightest for affordable properties priced under $500,000, which continue to attract most demand, with prestige homes remaining under pressure. 
CBRE associate director of global research  consulting Sam Reilly says this stability is linked to low vacancy rates, “which continue to underpin the market”. 
“This [low vacancy rate] has somewhat insulated Sydney from the significant declines in capital values that have been witnessed recently in other states,” he says. 
Sydney’s vacancy rate remained unchanged at a very low 1.6% in March quarter figures released by the Real Estate Institute of Australia (REIA) – the lowest of all capital city market, with Brisbane at 1.7%, Perth at 1.9% and Melbourne and 2.3%.
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REIA says that a vacancy rates lower than 3% indicate strong demand for rental accommodation. 
House rents rose by 6.9% and unit rents by 8.9% over the year to March 2012 according to CBRE, with weekly rents for houses and units sitting at $545 and $490 respectively as at March this year. 
The CBRE report also notes that sales volumes for Sydney houses have shown signs of a recovery, with a moderate increase of 3.2% over the year to March 2012 to 42,118. 
There were 40,452 units sold during the same period, representing an increase of 6.2% on the previous year, meaning that annualised house sales surpassed more affordable unit sales for the first time since the end of 2009.
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This occurred at a time when the NSW government offered an additional $7,000 for first-home buyers as part of its first-home owner boost scheme, which ran from October 2008 to December 2009. 
CBRE senior director for NSW residential mortgage valuations Ted Hoskin says although the house and unit markets remain under pricing pressure, recent results pointed to a moderate recovery for the state. 
“With increased sales volumes for both property types, it appears that although not yet supporting a longer term recovery, the sustained down trend in market activity appears to have stopped and a greater degree of stability is now being recorded,” he says. 
Buy activity and demand differs from region to region: 
Eastern suburbs 
 
Though buyer activity has dropped since the end of the first-home owners’ stamp duty exemption, properties in the eastern suburbs priced around $500,000 continue to experience strong levels of demand. 
“For both houses and units between $500,000 and $1 million there has been a slight decrease in buyer demand, with agents reporting conditions have decreased from mid-2011,” he says. 
Sydney CBD 
The Sydney CBD market experienced solid demand for units priced below $500,000 although units up to $1 million faced weaker conditions. 
Sydney’s north-west and western suburbs 
Prices remain relatively stable across the quarter, with steady demand particularly evident in the lower to mid-market ($400,000 to $650,000). 
CBRE says property priced up to $1 million is experiencing consistent levels of buyer enquiry, which is a positive sign. 
The south-west market, including growth centres around the Macarthur area, has slowed for lower-priced properties ($280,000 to $400,000), with reduced buyer demand and contracting sales volumes. 
The south-west middle market between $400,000 and $500,000 has attracted steady levels of demand. 
South Sydney 
Prestige properties in Sydney’s south fared best in the quarter, with steady demand for well-presented properties in good positions between $1 million to $2 million. 
Wollongong and Illawarra 
Wollongong and Illawarra had the strongest $500,000 price bracket for all NSW dwellings in 2012 to date, while pressure was evident in the same bracket in Sydney’s southern suburbs, including the Sutherland shire, after strong growth at the end of 2011.
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Low rental vacancy rate ‘insulating’ Sydney residential property market against economic woes: CBRE

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Australian housing prices are unlikely to rise in winter despite an increase in buyer enquiries, says McGrath Estate Agents chief executive John McGrath, who is forecasting a “long and slowish recovery” over the next three to five years.
In his latest winter market review, McGrath, notes that in March, “the country’s largest mortgage broker, AFG, had its second biggest month ever in NSW since their index commenced in 2004 with $842 million in new lodgements”.
“While this clearly indicates more buyers are out there, they remain very price sensitive,” he writes.
“Reserve Bank interest rate cuts will no longer have the effect we’re used to given the banks’ reluctance to pass on the full amount. The official cash rate is now at its lowest since November 2009, when the economy was recovering from the initial impact of the GFC.
“While this might result in more sales activity in winter, it won’t push prices higher because buyers are still worried about Europe and are wary of protecting themselves financially as we enter a new era of aversion to debt,” he says.
Overall though, McGrath says Australia’s housing markets are not in a bad state, “but people continue to wait for positive signs”.
“This has been a protracted and agonising period of uncertainty. The constant flow of good and bad news both at home and overseas continues to undermine confidence.
“Once we see some positive and sustained economic change overseas, I believe our property market will begin a long and slowish recovery over a three to five year timeframe,” he says.
McGrath’s bearish outlook on prices is unchanged since December, when he noted a “marked improvement in buyer enthusiasm” but said that people were “looking for more good news to regain their confidence to buy and sell”.
Similarly in March, McGrath said there would be no significant price “increases until the Europe is resolved and we see further signs of recovery in the US”.
His observations echo those of <a href="https://www.propertyobserver.com.au/trends/time-to-buy-a-dwelling-sentiment-improves-but-unlikely-to-flow-through-to-purchases-westpacs-bill-evans/2012061355096" target="_blank">Westpac chief economist Bill Evans</a> following the 7.5% increase in the ‘time to buy a dwelling” Westpac-Melbourne Institute consumer sentiment sub-index.
Evans said “buyers will tend to be reluctant to follow through on purchases while there are concerns about the economic outlook and job security”.
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‘Long, slowish recovery’ on the cards Australian property market despite rise in buyer enquiries: John McGrath

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New residential apartments are currently selling better than detached houses, according to most estimates. However, other than for a few of the off-the-plan developments, data is not readily available, imposing a reliance on people in the field to ascertain the true performance of the market.
Nonetheless PRDnationwide continues to witness the shift in demand from detached houses to units.
New South Wales already has the largest number of strata-titled properties in the country, with approximately one quarter of Sydney’s population living in strata titled homes, according to the University of New South Wales.
The following trends contribute to the demand for units:
<ol>
<li>Gen Y’s preference for well-located property, close to amenities and if possible to city centres departs from their parents’ choice of detached homes in the suburbs.</li>
<li>Local and overseas investors are trying to predict the demand from Gen Ys and look for modern apartments with close proximity to entertainment precincts. They draw confidence from the strong increases in Sydney’s rents over the past 12 months and the advantages in not tying large amounts of capital until the development is complete.</li>
<li>Some owner-occupiers use the extended period until the settlement of their new apartments to prepare their current residence for sale, possibly receiving higher offers for their house or unit in a rising market over the next 12 to 24 months.</li>
<li>From an investment point of view units show higher liquidity, with lower time on the market and lower discounting than houses.</li>
</ol>
Over the past three years we have seen a fall in first-home buyer activity as government incentives decline. First-home buyers’ activity was likely to drop again when the stamp duty exemption for purchases of apartments below $600,000 was withdrawn at the end of June, however the exemptions will now continue.
At the same time second-home buyers or upgraders are active in the market, as well as downsizers. It is interesting to note that some downsizers who live in apartments in three-storey walk-up buildings and are nearing their 50s and 60s find modern building that include an elevator and easy access attractive as they start to plan their retirement.
Further, some areas such as south Sydney are experiencing strong sales activity due to changes in zoning, as suburbs such as Botany and Mascot turn from industrial to residential hubs. This leads to an increase in the values of existing houses and apartments, allowing their owners to borrow against the rising levels of equity to purchase new properties in the same area.
The sale of new residential apartments is Sydney is buoyed by an extensive buyer base and an increasingly attractive product. However, in order to ensure the performance of the dwelling, it is vital for investors and owner-occupiers to look for well-located properties that will appeal to a wide range of buyers.
Oded Reuveni Etzioni is a research analyst at <a target="_blank" href="https://www.prdnationwide.com.au/site/page.cfm">PRDnationwide</a>.
Photograph of scaffolding by Victoria Pickering, courtesy of <a href="https://www.flickr.com/" target="_blank">Flickr</a>.
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New apartment sales the shining beacon in Sydney's residential market: PRDnationwide's Oded Reuveni-Etzioni

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A new Monopoly board featuring Sydney landmarks and streets is to be launched in November.
The public is being encouraged to nominate the city's entries via Facebook.
<img src="/images/stories/2012/06/monopoly.jpg">
The first to “like” the Sydney Monopoly Facebook page was lord mayor Clover Moore, who nominated King Street, Newtown, Glebe Point Road and Oxford Street as her suggestions. The lord mayor said a global city like Sydney deserved to be immortalised in the world’s most famous game.
“I’d encourage everyone to have their say about which Sydney streets should replace those famous London names like Fleet Street and Pall Mall.”
Woollahra mayor Susan Wynne wants Queens Street, Woollahra.
“I love Monopoly, and I think it’s fantastic that it going to be updated with a local feel,” she told the Wentworth Courier.
“Wolseley Road Point Piper, without a doubt, has to take the position of Mayfair,” says James McCowan from Raine &amp; Horne Double Bay.
Even the Swans AFL could get a guernsey on the board.
The naming continues until Sunday, June 24, to nominate a location via the <a href="https://www.facebook.com/sydneymonopoly" target="_blank">Sydney Monopoly Facebook page</a> or <a href="mailto:info@winningmoves.com.au">email Winning Moves, </a> which is the manufacturers of the official Monopoly Sydney version, under licence from Hasbro.
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Soon you can buy the Harbour Bridge, as Sydney Monopoly board game to launch in November

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Novotel Melbourne St Kilda – Melbourne’s premier beachside hotel – has been listed for sale by Tourism Asset Holdings Limited (TAHL) with market observers expecting a price between $55 million and $60 million.
It last sold in 2008 and before that changed hands for $21 million in 1992 in the aftermath of the early 1990s recession.
An international marketing campaign will kick off next week led by Wayne Bunz and Mark Wizel of CBRE Hotels, with expressions of interest closing on July 26 – unless sold prior. 
The recently refurbished hotel includes 211 rooms over six levels on a 5,791-square-metre site boasting 270-degree views of Port Phillip Bay. 
The Novotel Melbourne St Kilda is operated by Accor, the world’s biggest hotel and tourism group. 
The management agreement with Accor has a further nine years to run, when vacant possession of the hotel will be available, “offering a myriad of future redevelopment options,” according to CBRE. 
The hotel is zoned residential 1 under the City of Port Phillip. 
The hotel originally opened in 1991 as the St Moritz hotel, which became the Novotel Bayside in 1993 when Accor acquired the management rights and then Novotel St Kilda in 1999.
It was originally developed by Michael Lasky and Izzy Hertzog. 
Lasky founded property development group Lascorp, focused on retail developments. 
Izzy Hertzog, a Holocaust survivor who came to Australia in 1949, made his fortune in wholesale car sales before moving into property development. He died in 2010.
The hotel was acquired by C. K. Fu's Hong Kong-based manufacturing company in 1992 for $21 million after being placed in receivership in 1991. The hotel was sold by the State Bank of South Australia as mortgagee.
The hotel stands on the site of the St Moritz ice rink, which operated from 1939 to 1981, attracting more than 2000 people to its 1,850 square metres of ice. 
The ice rink was destroyed by a fire in 1984. 
The first building on the site was the Wattle Path Dance Saloon and Café, which opened in 1923. 
In 1933 the property was acquired by theatrical entrepreneur F.W. Thring, who transformed the building into one of the largest film studios in Australia under the name Efftee Productions. 
The studio only lasted a couple of years, closing in the late 1930s. 
Bunz tells Property Observer the hotel will be marketed to the majority of the Asian market, with strong interest expected from this market. 
He says it will be “keenly sought after by traditional and non-traditional, national and international investors”.
“In the current market, buyers are looking for unique assets that will allow value-add opportunities.  The Novotel St Kilda presents just such an opportunity by combining a strong income-producing hotel that will generate a healthy return on equity, with significant vacant possession opportunities including the potential to redevelop the site in the future.
“In the past 18 months there have been a number of significant hotel asset transactions, with a strong surge in the appetite of private and offshore investors, particularly Asian-based groups,” Bunz says.
“It stands on a substantial land holding in St Kilda,” Bunz tells Property Observer. 
Prior to the formal sales listing, TAHL chief executive Matthew Eady said there had been “significant unsolicited interest in the property, given its premier location, strong ongoing cashflow and attractive alternate use as a residential development”. 
“Given the strength of investor and developer interest, we have decided to consolidate that into a formal sales campaign,” he says.
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Asian buyer interest expected for Novotel St Kilda, with price expectations around $55 million

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Despite the NSW government’s best intentions, sales of new houses and apartments to first time buyers might actually ease off until October 1.
Savvy first-home buyers might delay their new home acquisitions to secure an $8,000 bonus based on a $550,000 new dwelling.
The entitlement of first-home buyers who sign a purchase contract for a new home between yesterday's state budget and September 30 is $20,240 + $7,000 totalling $27,240.
But wait until October 1 and it’s $20,240 + $15,000, or a maximum total of $35,240.
The off-the-plan sales industry has been enjoying a sales fillip – compared with the rest of the Sydney market – in the lead-up to the initial June 30 deadline, which has now been rolled over until September 30.
They might just get an unexpected pause.
No doubt some buyers will seek to negotiate their way around the situation by seeking to put a red dot sticker on their desired abode and hope it doesn't get sold in the meantime. Getting an option to purchase is entering a legal minefield.
An eligible transaction is: (a) a contract made on or after October 1, 2012 for the purchase of a new home in New South Wales, or (b) a comprehensive home building contract made on or after October 1, 2012.
A contract for the sale or transfer is not eligible if it replaces an agreement made before October 1, 2012.
There are <a target="_blank" href="https://www.propertyobserver.com.au/residential/the-11-things-you-need-to-secure-the-%2435240-saving-under-the-nsw-first-home-owners-grant-scheme/2012061255076">11 important rules relating to eligibility</a>.
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Budget's first-home buyer $8,000 bonus might actually pause NSW new home purchasing until October

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There was a 13% increase in the volume of Perth residential sales in the March quarter, with first-home buyers and investors returning to the market, according to CBRE’s first-quarter WA market view report. The firm says a recovery could be under way. 
CBRE recorded 5,663 sales in the Perth metropolitan area over the first three months of the year, compared with the 5,268 in the previous quarter and a “noticeable contrast to conditions in the prior 12 to18 months, when sentiment was low”, according the firm’s associate director of global research and consulting Sam Reilly. 
Total house sales over the 12 months to March reached 22,676, a slight decline from the 23,032 over the previous 12 months. 
Perth house sales peaked in early 2004, with just over 40,000 sales recorded. The market reached just under that peak in March 2006 and traded strongly until early 2007, when the ill winds from the GFC first began to be felt. 
Perth’s inner-city apartment market has been particularly strong, buoyed by the resources sector through the second quarter, with both owner-occupier and investor demand on the rise. 
Unit sales rose from 1,191 in the December quarter to 1,852 in the March quarter, with CBRE recording 6,654 unit sales over the year to March. The unit market last peaked around March 2006 with just under 10,000 annual sales. 
“Perth’s inner-city unit market has experienced notable change recently, with oversupply now correcting as take up is being driven by the resource sectors, a trend that clearly highlights the tangible impact resource growth is having on Perth at present,“ says CBRE director of valuation and advisory services Michael Veletta.
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Perth house prices increased by 3.9% over the quarter to a median of $487,500, though they are up only 0.5% over the past 12 months, according to Residex data.
The RP Data-Rismark Daily index has Perth home values up 0.76% for quarterly growth to June but still down 1.78% year-on-year. 
Reilly says it is too early to point to a full market recovery, but the increases in sales volumes suggested renewed interest from buyers following the price corrections that had substantially reduced capital values across all sectors of the market. 
The increase in activity has been attributed to the flow-on effect from oil, gas and iron ore industries in the state, which CBRE says “continues to underpin the market due to high infrastructure spending and increased employment opportunities”.
Deloitte Access Economics is forecasting the WA economy to grow by 4.2% annually between 2012 and 2017. 
However, Reilly warns that while the resources boom provides Western Australia with a strong advantage in terms of economic growth, the risk of a slowdown to commodities markets remained. 
“If that were to occur in a substantial manner, the residential market would immediately come under pressure,” he says. 
The report notes recent REIA data showing Perth vacancies trending down in the December quarter to 2.3%, compared with 2.8% in the September quarter, with population growth creating increasing demand for rental accommodation.
 
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Looking ahead towards the second quarter, CBRE notes that the more affordable sub-$500,000 house market in Perth has fared the best as first-home buyers targeted affordable housing stock following some easing in interest rates. 
First-home buyers have faced competition in this price bracket from investors. 
Veletta says investors are focused on the fact that rentals are beginning to reach parity with debt servicing levels. 
“Price declines have obviously assisted to increase demand levels, but the high levels of rental growth have been equally important to stimulate this area of the market,” he says. 
The latest REIA/Deposit Power report records a 4.1% increase in the number of loans to first-home buyers from 3,757 in the December quarter to 3,910 in the March quarter. 
First-home buyers were attracted back to the market despite housing affordability worsening in the state of the March quarter, with the proportion of family income needed to make mortgage repayments increasing by 22.9% to 24.1% over this period. 
Rent payments as a proportion of family income increased by 0.7% to 20.8% of family income. 
Further up the price spectrum, the $500,000 to $1 million bracket remained soft and is expected to stay relatively subdued until improved levels of buyer interest in the first-home buyer market begin to flow on. 
“As owner-occupiers that currently own houses in the sub-$500,000 bracket begin to trade up, the middle range markets should see demand levels improve. This is a gradual process, however, and impacts on capital growth will take some time,” says Veletta. 
Outside of Perth, a recovery appears unlikely, with regional areas such as the Peel region continue to experience oversupply. 
“Mandurah continues to chug along with no great signs of recovery, limited demand, small buyer pool and growth in employment concerns,” Veletta says. 
Activity levels also remain low in WA’s land sales market, with developers offering a range of incentives to boost demand levels. Established stock is slowly being taken up, with slight increases in building approvals recorded.
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Perth residential market poised for recovery, buoyed by mining boom: CBRE

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The Reserve Bank of Australia governor Glenn Stevens says the mining boom is not to blame for Australia's multi-speed economy.
Stevens suggested the economy was always a patchwork, "never a seamlessly woven garment."
"It's very rare that all sectors and all regions go at the same speed at the same time.
"Usually, if that's happening it's a recession or an unsustainable boom."
The major shift in household spending combined with saving patterns was now the overriding influence on the Australian economy, he told the federal government's economic forum in Brisbane.
"I actually think that a lot of the disquiet and dissatisfaction that we see isn't really related to the mining boom at all," Stevens said.
"I think it's got a lot to do with changes of household behaviour, which come after a very unusual period of strong spending, leveraging up and saving nothing out of current income.
"And that was bound to end sooner or later, and it has. In fact, it ended about five years ago," he said.
"And we are still, I think, coming to grips with the importance of that now, and I think it's a significant factor that is behind some of the disquiet we see."
Stevens noted productivity growth had fallen in the past six to eight years, and would take "unpopular decisions to turn it around," the ABC reported.
He was urging the Government to carry out the Productivity Commission's "long list" of reform ideas, although he warns that some of the changes will be very difficult to implement, and "politically hard" for governments to achieve.
There were 14 charts within Stevens's speech.
Property Observer publishes five of them that give an insight into the state of the economy for prospective property investors.
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