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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The owner of the <a href="https://www.propertyobserver.com.au/residential/court-overturns-%241000-sheriff-sale-of-braybrook-home-valued-at-%24630000/2012050954635">$630,000 Braybrook house that sold for $1,000 at sheriff’s auction</a> was the plaintiff, Zhiping Zhou, who from 2000 had bought and sold property at least 10 times.
He was born in Shanghai China in 1962, immigrating to Australia in 1989 on a student visa following the June 4, 1989 uprising in Tiananmen Square in Beijing.
He obtained permanent residency in Australia in 1993 and became an Australian citizen in 1998.
In Shanghai, Zhou completed his studies at the Shanghai Mechanic Engineering University where he graduated with a bachelor’s degree in mechanical engineering.
Since graduation and immigrating to Australia, he has worked principally in the area of building and construction.
Zhou built the five-bedroom house as the owner-builder in 2006.
The warrant of seizure was issued November 2009.
Zhou owed Guan Feng Wu a judgment debt of over $100,000, with the debt unpaid by Zhou for almost three years.
In November 2008 Wu had commenced legal proceedings against Zhou in the Magistrates’ Court of Victoria at Sunshine, claiming the amount of CNY440,000.00 (approximately AUD $96,660.00), being monies claimed to be outstanding arising from a loan agreement entered into between the two in 2006.
The property was also subject to a mortgage in favour of Suncorp for $457,345.50.
Suncorp took no part in the trial.
The property was also subject to a charge in the sum of $7,691.10 for council rates.
At the time of the auction, the Valuer-General for the Victoria valued the property to be worth approximately $630,000 following a kerbside valuation.
The valuation was supplied to the sheriff prior to the purported sale.
A first public auction of theproperty was conducted by the sheriff on July 15, 2010.
At the time of the first auction there was $452,691.70 outstanding to the mortgagee Suncorp and $5,692.54 owing to the Maribynong City Council for arrears of rates.
It left an equity for Zhou in the sum of $171,615.76, which was set as the “sheriff’s reserve” for the property.
The first auction was conducted in July 2010, however no bids were received by the sheriff and the property was passed in.
On application by the sheriff, orders were then made in October 2010 by Associate Justice Nemeer Mukhtar permitting the sheriff to sell the property without a reserve.
Subject to paragraph 3 there had to be leave to the sheriff to conduct a sale of the property (in exercise of powers under a warrant of seizure and sale filed November 9, 2009) without a reserve price provided that such leave does not thereby derogate from, or relieve the Sheriff of a duty at law to the owner of the land when exercising a power of sale.
There be leave to the owner of the property to notify the plaintiff of an intention to discharge the order in paragraph 1, and apply to this court for a discharge of that order. Unless such an application is filed and served within 10 days after the date of the service of this order, the order will take effect upon the plaintiff’s solicitor giving to the sheriff evidence of service of this order and the absence of any application to discharge it.
Justice Peter Vickery noted that it was “important to note that, although the Order of Mukhtar AsJ expressly authorised the sheriff to conduct a sale of the property without a reserve price, this was not an unfettered authority to sell at any price which could be obtained.
“The order expressly directed that any such sale must be conducted in a manner which did not “derogate from, or relieve the sheriff of a duty at law to the owner of the land when exercising power of sale”, Vickery noted.
After the October hearing Zhou neither satisfied the judgment nor took any step to prevent the sale before it occurred.
By the time of the second auction in December 2010 there was an equity for Zhou of $164,963, which was set as the “sheriff’s reserve” for the property as shown on the “Real Estate Auction Sheet”, except that the words “NO RESERVE” were also included beside the stated reserve.
The second auction was conducted at the sheriff’s premises at 444 Swanston Street, Carlton, by the real property sales officer of the sheriff, Kelvin Griffin.
The auction was overseen by another officer of the sheriff.
Two potential bidders attended the second auction, namely the ultimate purchaser, Ronald Kousal, and one other person.
Vickery noted Kousal was an experienced purchaser of property at public auctions conducted by the sheriff.
“Every Thursday or soon thereafter, he was accustomed to review the Government Gazette to search for advertised sheriff auctions of land.
“One week or so before the auction day, he would enquire at the Sheriff’s Office as to whether the advertised auction was scheduled to proceed.
“If so, he would assess the land, its value, encumbrances, money owed on the property and he would set himself a budget for the purchase.
“Prior to the auction in issue in this proceeding, Kousal had previously bought land from the sheriff and had attended seven or eight unreserved sheriff auctions.”
Prior to the second auction, Kousal had never been met or had any dealings with either Zhou or Wu, and knew nothing at all of their personal, social or financial circumstances.
The events from the second auction on 16 December 2010 proceeded as follows:
After reading aloud the Government Gazette advertisement for the sale of the property and the terms of the auction, Mr Griffin advised the attendees that $457,345.50 was owed to Suncorp under a registered mortgage on the Property and that $7,691.10 was owed to the Maribyrnong Council for arrears on rates.
He invited bids for Zhou’s remaining interest in the Property.
Kousal bid $100.
Another bidder bid $200.
Kousal then bid $1,000.
There being no further bids, Griffin knocked the property down to Kousal.
Immediately following the second auction Kousal paid Griffin the $1,000 and received a receipt and a copy of the transfer.
Griffin later sent Kousal a copy of the transfer of the Property signed on behalf of the sheriff.
On December 21, 2010, Kousal wrote to Zhou and asked him his intentions in relation to remaining in possession of the property.
He received no reply.
On January 5, 2011, Kousal was present during a phone call between a Mandarin Chinese-speaking interpreter and Zhou.
Kousal instructed the interpreter to advise Zhou that he had bought the property from the sheriff.
The interpreter told Kousal that Zhou didn’t want anything to do with him and that he should leave him alone.
By summons dated May 2011, Kousal commenced legal proceedings against Suncorp seeking orders pursuant to s 116(3)(a) of the Transfer of Land Act 1958 (Vic) (the “Transfer of Land Act”) that it deliver up the duplicate Certificate of Title for the property, so that Kousal could register his interest in the Property with the Registrar of Titles.
In June 2011, Kousal obtained orders that Suncorp “produce the duplicate certificate of title [for the property] to the [the Registrar of Titles] for the purpose of enabling [Kousal] as transferee to lodge a transfer of that land from the [sheriff] as transferor under the [Warrant]”.
In July 2011, Zhou in the present proceedings, sought and obtained orders from the court that restrained the registering of any transfer of the property.
Zhou won the case on May 5, 2012.
 
 
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jchancellor-FAypfDUnLy

Countdown to the $1,000 Braybrook sheriff auction - and its overturning by the Supreme Court  

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The Victorian sheriff conducted himself honestly and conscientiously in<a target="_blank" href="https://www.propertyobserver.com.au/residential/court-overturns-%241000-sheriff-sale-of-braybrook-home-valued-at-%24630000/2012050954635"> carrying out the $1,000 auction of a seized Braybrook house</a>, but found himself in a very difficult position under the Sheriff Act, Justice Peter Vickery of the Supreme Court ruled today.
It was because the precise nature of the duties of the sheriff had not been authoritatively defined following the abolition of the writ of fi fa.
But Vickery ruled the sale price was so unfair that the sheriff did not act reasonably in accepting it.
“Whatever may be the inclination of the court to support a public officer in the unprecedented circumstances of this case, the sale as a matter of law cannot be allowed to stand,” it was ruled.
“Because the sale was not one which was properly concluded under Division 5 of the Sheriff Act for the reasons which have been explained, s 25(1) of the Sheriff Act cannot apply and [buyer Ronald] Kousal does not gain good title to the property under it.” 
He said <a target="_blank" href="https://www.propertyobserver.com.au/residential/countdown-to-the-%241000-braybrook-sheriff-auction-and-its-overturning-by-the-supreme-court/2012051054642">the auction</a> had not been conducted in accordance with the common law or the Sheriff Act.
“As to the breach of the common law duty, at the time of the second auction the value of the equity in the property was approximately $165,000.
“This was known to the sheriff’s officer conducting the sale, who announced the amounts owing on the property to the bidders prior to commencing the auction.
“The sheriff’s officer also had in his possession the kerb-side valuation of the Valuer General placing the market value of the property at $630,000.
“There was some $465,000 owing on the property.
“Nevertheless, it was knocked down to the highest bidder on the day, Mr Kousal, for $1,000.
“This price bears no relationship to the evident market value of the property or the [owner Zhiping] Zhou’s equity in the sum of approximately $165,000 which was put up for sale.
“In my opinion, and after taking into account all of the relevant factors to which I have referred, this price was so unfair that the sheriff did not act reasonably in accepting it.
“The transaction cannot remain in place at common law.”
“Although the administrative arrangements as to the employment of the sheriff changed following the introduction of the Sheriff Act in 2010, his status as an officer of the Supreme Court for the purpose of enforcing its warrants of seizure and sale and other such warrants issued out of the court did not change.
“For these purposes the sheriff remains an officer of the court.”
Vickery outlined the principles of common law to be applied to a sheriff’s sale as:
(a) The sheriff is bound to act reasonably in the interests of both the judgment creditor and the judgement debtor in order to obtain a fair price;
(b) A fair price is not necessarily the market value, for it is well recognised that compulsory sales under legal process rarely bring the full value of the property sold.
In making a determination as to the adequacy of the highest bid, the sheriff is entitled to take into account that the sale, being a compulsory process, is usually one at which a full and fair market value for the property will not be expected and some allowance must be made for low prices being obtained at such sales;
(c) In determining the fair price in all the circumstances, matters from the prospective buyer’s perspective must be weighed. Such factors may include: the fact that buyers must be prepared to complete their purchases on the spot; the fact that buyers, particularly in the case of real estate, will not have usually have had the opportunity to inspect the property sold (at least internally); the fact that the title to the property may be encumbered or it may be physically occupied, giving rise to risks for the purchaser in acquiring clear title or rights of occupation without undue expense or delay; and other such risks which may be attendant for the purchaser on the purchase;
(d) Another factor to be weighed in the balance will be the amount, if any, obtained for the judgment creditor after the expenses of the sale have been
deducted;
(e) If it is apparent to the sheriff that in fact or in all probability the highest bid received is so far below the true value of the property offered for sale that he would be acting unreasonably if he was to accept it, the sheriff should not accept the bid and pass in the property;
(f) if the sheriff breaches his common law duty and sells property at a price which, in all the circumstances is unfair, the following consequences may follow: (i) the transaction may be set aside.54 On setting the transaction aside, no damages would arise in the usual case for which the sheriff could be liable; or (ii) where the price obtained on the highest bid is so low that it could be said that there was no sale at all, or that it was not a real sale or that it was in fact illusory,56 there would be no sale within s 24 of the Sheriff Act, and therefore no sale within Division 5 with the result that the immunity of the sheriff from a suit in damages conferred by s 25 would be removed. There would not in truth be a “sale of property under this Division” for the purposes of s 25(2). In these circumstances, if the transaction is not set aside and loss and damage is in fact sustained, the sheriff could be exposed to an award of damages at common law.
The office in Victoria can be traced back to between 1835 and 1851, when deputy sheriffs were situated in what was to become the colony of Victoria in the Port Phillip district.
The appointment of deputy sheriffs for the district was made by the Crown and confirmed by the governor of New South Wales.
The Victorian Sheriff's Office was created following separation of the Port Phillip District from the colony of New South Wales in 1851.
The first sheriff appointed in Victoria was Claude Farie, who was appointed by Queen Victoria in January 1852.
He served until 1870 and held his office under the Crown.
On 1 January 2010 the Sheriff Act 2009 came into force and commenced operation.
Justice Vickery noted prior decisions where the Sheriff could be held liable in respect of sales conducted at an undervalue including a case determined in England in 1814 during the Napoleonic Wars - Keightley v Birch &amp; Anor where Lord Ellenborough observed: "If a chattel worth £1,000 is put up to sale, and only £5 is bid for it, the sheriff ought not to part with it for that sum; and he may fairly say that it remains in his hands for want of a buyer. He ought to wait for a venditioni exponas, the meaning of which is “sell for the best price you can obtain.”
There was also a Victorian gold rush case decided in 1871, Smith v Colles, where Barry ACJ took a similar approach in relation to property consisting of mining plant sold by the Sheriff for £10 when its market value was £240 based onwithin three weeks it was resold by the purchaser for £240.
 
 
 
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Six rules for sheriff's property seizure auctions determined by Victorian Supreme Court

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Like shoppers and tourists, corporate businesses are moving in on major retail centres at the price of local parking spots.
Demand from corporate tenants who want to relocate into glamorous shopping centres is on the rise, and office buildings are being planned in response.
According to Colliers International, during the past 12 months nearly 10,000 square metres of office space has been leased in such complexes, with 1,000 square metres in Doncaster and 1,500 square metres in Knox being leased to corporate clients. In the massive $1 billion-plus Chadstone complex 1,500 square metres was leased as office space, and Victoria Gardens has attracted corporate tenants across 5,000 square metres.
A proposed office tower adjoining Chadstone shopping centre will be developed over a well-used parking and landscaped area.
“While dozens of parking places will be lost, the developer is putting in two levels of basement parking to service the offices,” says Colliers associate director of leasing Travis Myerscough.
The basement parking will be leased to office tenants, and the notion of making it available to the public on weekends has been suggested.
“It has been proposed that car park be used by shoppers on the weekend, but that is still being negotiated,” says Myerscough.
So far in Chadstone corporate tenants include medical research group Celletis, while Fleet Partners and Nova Radio are in Victorian Gardens.
“This trend of medium to large corporates moving into retail centres is gaining momentum, as they want to attract and retain staff by have great amenities at the doorstep,” Myerscough says.
Myerscough says more than 20,000 square metres of office space will be released to the market by late 2013.
By 2013 Chadstone, where retailers made $1.28 million in sales in 2010, will have a hotel and an office component that will account for between 10 and 15% of the entire complex. It is already notoriously hard to find a parking space in Chadstone at peak shopping times.
The trend is being mirrored throughout major shopping centres across Australia, says Colliers national director of retail valuation Stephen Andrew.
"Shopping centres are evolving as much more than a place to shop. Nationally, we continue to see the redevelopment of major regional shopping centres to provide a greater blend of retail, leisure and commercial activities to meet changing customer demands,” he says.
 
 
 
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andreadixon-oif3j7eKne

Corporate offices replacing customer parking at shopping centres as Chadstone joins the trend

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Vendors no longer have to offer as deep discounts as last year to secure sales of their properties, new data released by Australian Property Monitors reveals.
The amount of discounting required peaked in winter and/or spring in mid- to late 2011, according to APM, with the most discounting required between June and November last year in all capitals.
In Sydney, Brisbane, Perth, Darwin and Hobart discounting has reached its lowest level in a year in early 2012, according to APM researcher Clinton McNabb. However, there has been a slight rise in required discounting in all but two capitals – Melbourne and Canberra. 
Melbourne, Adelaide and Canberra vendors now offer less of a discount than they did in mid-2011, but more of a price reduction than in April last year. 
Brisbane vendors have consistently had to offer the deepest discounts to secure sales, except for in July last year, when Perth vendors offered discounts of 10.4%, compared with Brisbane's 10.3%. 
Click to enlarge
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cknowlton-QnEa6ntUYP

Sunnier property market outlook across Australia as vendor discounting peaked in mid-2011: APM

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A Melbourne man has won his legal proceedings to reverse the sheriff’s extraordinary $1,000 sale of his six-bedroom Braybrook home.
Owner-builder Zhiping Zhou's imposing two-storey brick house, which was seized by the sheriff, had an estimated value of $630,000, but sold at the Swanston Street, Carlton sheriff's room auction in December 2010 without a reserve price. <a target="_blank" href="https://www.propertyobserver.com.au/residential/countdown-to-the-%241000-braybrook-sheriff-auction-and-its-overturning-by-the-supreme-court/2012051054642">There had been an earlier no-bid sheriff's auction</a> when there was a $171,000 reserve which represented Zhou's equity in the property after his debts were paid.
The case into the second auction which had a court decided no-reserve sale price was heard in February, with Justice Peter Vickery delivering his judgement in the Victoria Supreme Court Commercial and Equity this morning.
"The purported sale is set aside," Vickery ruled citing equity laws dating back to the Middle Ages.
"It is important to note that, although the order of Associate Justice Mukhtar expressly authorised the sheriff to conduct a sale of the property without a reserve price, this was not an unfettered authority to sell at any price which could be obtained. The order expressly directed that any such sale must be conducted in a manner which did not “derogate from, or relieve the sheriff of a duty at law to the owner of the land when exercising power of sale”, <a target="_blank" href="https://www.propertyobserver.com.au/residential/six-rules-for-sheriff-s-property-seizure-auctions-determined-by-victorian-supreme-court/2012051054639">Justice Vickery noted</a>.
Ronald Kousal, who was the highest bidder for the Wirraway Avenue home after beating off a $200 bidder, was taken to court by the aggrieved foreclosed house owner.
Justice Vickery ruled he did not regard Kousal’s conduct in seeking to enforce the sale of Zhou’s "as unconscionable."
Anthony Strahan, for the sheriff, <a target="_blank" href="https://www.propertyobserver.com.au/auctions/sheriff-selling-%24630000-braybrook-house-for-%241000-had-duty-to-obtain-fair-price-court-told/2012021053330">had argued the Sheriff's Act made the office ''immune'' from being held responsible</a> for the outcome of such an auction, and the buyer must be protected.
<a target="_blank" href="https://www.propertyobserver.com.au/auctions/sheriff-selling-%24630000-braybrook-house-for-%241000-had-duty-to-obtain-fair-price-court-told/2012021053330">Zhou's lawyers told the court </a>the sale was "absurd", arguing the judge ought to reverse the sale and to find the sheriff in breach of duty.
"[The sale is] so short of the mark it's not a real sale," barrister Paul Hayes told the court in February.
He said it was hard to imagine lawmakers had intended for people like Zhou to lose out so badly.
Zhou was “vulnerable to the sheriff properly exercising his duty under law” according to his lawyers.
“He was exceptionally vulnerable to the price accepted by the sheriff,” barrister Hayes said during the second day of the hearing. The judge was asked to consider invalidating the sale and or awarding damages.
The property had remained in Zhou’s registered name, according to a title search, although there were warrants of claim registered on title.
<a target="_blank" href="https://www.propertyobserver.com.au/auctions/melbourne-vendor-goes-to-court-over-%241000-no-reserve-sheriff-s-auction-of-his-braybrook-home/2012020953319">The man who bought the home is also being accused of taking advantage of Zhou</a>, however his lawyer told the court the sale was legal and legally it could have been sold for one cent.
The property had been briefly listed in 2007 through Barry Plant Sunshine, according to the Australian Property Monitors auction database. It was then listed with different agents in June 2010 with $650,000-plus hopes for its slightly postponed July 2010 auction, according to the APM report on the property.
There was a subsequent $660,000 auction offer, but it fell short of the $750,000 reserve price when listed through Burnham Real Estate.
There was $465,000 owing on the property.
The block cost $170,000 in 2003.
Lawyers for Zhou highlighted submissions in the buyer’s affidavit that he would search the Government Gazette every Thursday looking for properties coming up for auction.
<img src="/images/stories/sheriff.png">
A week before the auction he would contact the sheriff’s office to find out if the auction was going ahead and following a review of the assets, land and any encumbrances set a budget for purchase.
From 2000 Zhou has bought and sold property at least 10 times.
 
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Court overturns $1,000 sheriff sale of Braybrook home valued at $630,000  

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Offers are still being considered on Falls Retreat, home to the Australian Tennis Academy, in the Oxford Falls Valley on Sydney’s north shore.
It was on the market last month after being held by the same family for almost three decades.
Colliers International’s Henry Burke and Brian McInally marketed the Oxford Falls Road property, which consists of 12 motel-style overnight rooms, 12 synthetic grassed courts, a function centre with liquor licence, and pool and barbecue facilities for members and guests.
Burke says there is potential for expansion of one of the very few multiple use recreational, commercial and social destinations in Sydney.
The agents fielded interest from sport and recreation business owners and hospitality function centre owners. Since the expressions of interest closed last Thursday there are three parties still actively looking at the property.
But it will now be showcased in Hong Kong and Beijing later this month expressly to the Chinese tennis fraternity.
The property offered for the first time in 27 years. Kevin and Glenys Collins formed the Australian Tennis Academy in 1985 to offer a high-quality tennis venue and top-quality tennis coaching under the stewardship of Ross Jones.
In 1991 the Collins couple added the accommodation rooms and a function centre.
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Ball in vendors' court as offers considered for Australian Tennis Academy home Falls Retreat 

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The Top Ryde City shopping centre in Sydney’s northern suburbs is expected to be marketed shortly after receivers McGrathNicol sought sales campaign proposals from estate agencies.
The centre has been in the hands of external administrators since the company behind the redevelopment, Bevillesta, entered voluntary administration in February 2011 after being unable to repay debts.
Numerous potential buyers have run a ruler over the property since it fell into administration, with the retail centre almost sold in July 2010 to a GPT-managed fund.
Bevillesta appointed BRI Ferrier as administrator, with creditors to the company claiming they were owed about $900 million. It included a syndicate of five banks owed more than $600 million, according to Fairfax Media.
Top Ryde City covers 78,215 square metres of retail space and has about 3,000 undercover car parking spaces. It includes major national retailers, a cinema complex and more than 250 speciality stores.
 
 
 
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Top Ryde City shopping centre about to hit the market as receivers seek estate agents

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Australia could face a balance of payments crisis if a sharp slow-down in China results in a slump in export earnings at the same time that imports of capital goods soar as miners hurry to finish their major investment projects. According to the latest budget projections, Australia’s current account deficit is expected to swell to 4.75% of GDP in 2012-13, and to 6% of GDP the following year.  According to Treasury, the deterioration reflects the fact that the trade balance is likely to fall into deficit as miners step up their imports of foreign-made investment equipment while export earnings sag as a result of lower commodity prices. At the same time, Treasury expects that Australian consumers will take advantage of the strong Australian dollar by spending more on overseas travel and imported consumer goods. Import volumes, it says, are likely to rise by 7.5% in 2012-13 and by 5.5% in 2013-14. Even though commodity prices appear to have peaked in the third quarter of 2011, Treasury expects that our export earnings will remain relatively buoyant in the next two years, due to continuing strong demand from China and India. Australia’s coal and iron ore exports are likely to rise, following major expansions in resource projects in Western Australia and along the east coast, while rural exports are expected to remain at historically high levels. Still, the strength of the Australian dollar is proving to be a handicap for exporters of elaborately transformed manufactured goods, and for firms that sell services – such as tourism and education-related travel – to foreigners. But Treasury’s forecasts are based on the assumption that China’s economic growth will remain robust, even though its largest export market, the European Union, is slumping deeper into recession. Treasury is forecasting that China will notch up a growth rate of a little over 8% a year for the next three years. If China’s growth rate stumbles, we could see an alarming blow-out in Australia’s current account deficit. The problem is that the extremely long lead times involved in developing major resources projects means mining companies are committed to spending huge amounts of money buying foreign-made capital goods and equipment. As Treasury itself notes, despite the continued uncertainty over the global economy, “the resources sector has committed to, or commenced construction on, over half of the estimated $456 billion resources investment pipeline.”  Even if a sharp drop in Chinese demand caused global commodity prices to slump, it would be difficult for the large mining companies to pull out of major investment projects now under way. As a result, miners will find it difficult to scale back their purchases of foreign-made capital goods and equipment, which will mean that our import bill will continue to soar. A slump in commodity prices, however, would see our export earnings collapse. Already Treasury is expecting that increased global supply will weigh on commodity prices in the next two years, and that our terms of trade (the relation between export and import prices) will decline by 5.25% in 2012-13 and 3.25% in 2013-14. The risk is if Treasury’s assumptions about China’s growth prove to be overly optimistic. If the brutish combination of surging imports and a collapse in export earnings were to push our current account deficit to, say, 8 or 9% of GDP, we could see international investors become very anxious about lending to Australia. In that situation, our banks could find it much harder to raise money in offshore markets, and would likely have to pay higher interest rates to access funding. Meanwhile, the Australian dollar would collapse, pushing up the cost of servicing our foreign debt. And it would probably take some time before Australia’s tourism, education and manufacturing sectors felt the benefit of the lower exchange rate. Australia would be caught in a current account deficit trap, unable to curb its voracious appetite for imports, despite a slump in export earnings.
This article originally appeared on <a href="https://www.businessspectator.com.au/" target="_blank">Business Spectator.</a>
 
 
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If China's economy stumbles, Australia's deficit will soar: Karen Maley

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The 2012-13 federal budget provides little joy for the property industry in the year ahead.
The focus of returning the budget to surplus is a responsible overall direction to take, at such an uncertain time for global sovereign finances.  It will put Australia into a strong position for future budgets, especially compared to other countries.  But the budget provides little short-term confidence and support for business or households, and that’s what is needed at the present time.
But the drivers of real estate demand are presently weak and this budget does little to strenghen them for the long term.  In that sense, this budget is a short term fix, not a reforming budget aimed at stimulating economic or property driver growth.
The retail and housing sectors 
The household sector in particular has little confidence neither to spend in discretionary areas nor to make major commitments, such as buying or building new housing.  Retail is a big employer and housing construction also has significant impacts across the wider economy.  These areas of the economy are under-performing largely due to a lack of confidence, and the budget does little to lift household confidence and drive these bigger commitments. 
The “cash splash” announced in the budget will not provide the sustainable lift in retail spending the sector needs.  Cutting the corporate tax rate would have had a more significant and sustainable impact on business investment, employment growth and hence retail spending than simply giving money away as a “one-off” solution.  While the budget may provide a short-term lift in retail spending in specific areas, such as education, it is not the structural shift the sector needs to get it moving and keep it growing at more reasonable rates. 
Employment generation 
Like households, business is reluctant to commit to employing further staff and these is resulting in weak employment growth, and in turn, demand for office space.  The budget does little in the year ahead to improve business confidence and profitability, meaning there is little chance of stronger employment growth in the short term.  Cutting the corporate tax rate as originally promised would have helped in this area. 
Infrastructure and city building 
The expenditure side of the budget announced last night is narrowly focussed and of little direct support to the property industry.  The area of “city building” in particular is a missed opportunity in this budget.  Australia needs to provide for future urban growth, but there’s little in the budget for this, while there’s a massive need in all Australian urban areas to support the development of more efficient and liveable cities.  Now would be the ideal time to both support the construction industry outside the resources states and provide for longer-term growth through greater commitment to urban infrastructure. 
Only three infrastructure-related projects were announced for funding in the budget, despite the massive needs in this area.  Federal funding for two of these, the duplication of the Pacific Highway and the improvement to rail networks through Adelaide will only proceed if the relevant state government matches the funding.  This is unfair.  These projects are of national significance and will help link the national transport network and should therefore be predominantly federal funded.  The matching of funding between the federal and state levels also risks distorting local infrastructure funding priorities in an environment of limited resources.  The third area of infrastructure funding commitment in the budget is to establish a government agency for the development of the Moorebank intermodal facility.  It is aimed at establishing another government agency and will not fund the construction of this much needed facility; it will not bring the construction of the facility much closer to operational reality. 
Property-related taxes 
One of the few bright spots in the property industry in recent years is the interest and activity from foreign investors.  Part of this interest has been stimulated by the potential to use an MIT structure which amploys a competitive witholding tax rate of 7.5%.  This rate will now be increased to 15% under the budget announced yesterday, removing one of the incentives to invest in Australia compared to other global destinations. 
This is a great pity because the low tax rate was only just getting established, being promoted offshore and used in setting up transactions and portfolio investments.  Last year foreign investors purchased about 30% of investment grade properties in Australia.  Without that, the local market would have looked very thin.
The one thing foreign investors always tell us is they like the stability in Government and law in Australia, especially compared to other parts of the world.  Unfortunately, Australia is not looking as stable and attractive as an investment destination anymore after the quick change to this attractive tax rate. 
Addressing the two-track economy 
The economies of the non-resources based states of New South Wales and Victoria are under-performing at present.  The budget provided an opportunity to specifically address this through re-directing geographically specific spending, such as on infrastructure.
This issue was not specifically addressed in the budget and the growth imbalances in the country will further divide property market performance in the short to medium term.
Kevin Stanley is executive director of global research and consulting for the Asia Pacific region at <a target="_blank" title="CBRE" href="https://www.cbre.com.au/EN/">CBRE</a>.
 
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Federal budget 2012: Little joy in budget for property industry

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A co-ordinated approach from government at all levels is necessary to support the housing market and the broader economy, and the need to invest in infrastructure is a critical component of this.
 
While the global economic picture dictates the need for a conservative budget, spending cuts that aren’t accompanied by a forward-thinking plan will serve only to postpone, and possibly cause further damage, to an already flat housing market. 
It’s not just the obvious sectors like real estate agents and tradespeople that are being negatively affected by such an approach. A strong residential property sector has considerable reach down the supply chain and a commitment to delivering new infrastructure is one way to influence confidence and improve activity in the housing market, which has an important flow-on effect. 
The federal government’s decision to abandon its support of the north-west rail link, despite its capacity to provide funding, is particularly disappointing given current economic conditions. 
A co-ordinated approach involving the delivery of appropriate infrastructure, encouraging developers in the current business environment and supporting affordability is required if the housing market is to emerge from a stagnant state. 
Ignoring the infrastructure component represents a missed opportunity for the housing market and the health of the broader economy as well.
Leanne Pilkington is general manager of<a target="_blank" title="Laing + Simmons" href="https://www.laingsimmons.com.au/"> Laing + Simmons</a>
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