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]

Joel Robinson

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 

When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.

But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.

As online shopping has become part of everyday life, parcel deliveries have shifted from an occasional event to a regular occurrence. Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally.

For apartment residents, that can present a challenge.

If nobody is home to accept a delivery, parcels may be redirected to a nearby Post Office, left in a building lobby or common area, or require building management to step in. In higher-density buildings, where dozens or even hundreds of residents may receive deliveries each day, parcel management has become an increasingly important part of everyday living.

That can create a range of frustrations. A missed delivery often means making time to collect a parcel elsewhere, while packages left unattended in foyers or mail areas can create clutter and increase the risk of theft. What seems like a minor inconvenience can quickly become a recurring issue for residents who shop online regularly.

It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.

As a result, buyers are beginning to look beyond traditional apartment features and consider how a building supports day-to-day convenience, including whether there are secure options for receiving deliveries.

Australia Post's Parcel Lockers provide one solution.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/CkF2oKmlACg?si=C50sDaoUUn2nuLmq" title="YouTube video player" width="560"></iframe>

Rather than having a parcel delivered directly to an apartment, eligible deliveries can be sent to a nominated Parcel Locker. Once the parcel arrives, residents receive a notification through the AusPost app or SMS and can collect it using a QR code or one-time PIN at a time that suits them.

The Parcel Locker network now includes more than 1,500 locations nationwide, with installations at Post Offices, shopping centres, transport hubs and an increasing number of residential developments. By providing a secure collection point, Parcel Lockers help reduce missed deliveries and avoid parcels being left unattended in common areas.

For developers, parcel infrastructure is becoming another way to improve the resident experience. Rather than relying on concierge staff or leaving parcels in communal spaces, secure collection points help streamline deliveries while preserving the presentation and functionality of shared areas.

For buyers, it's a reminder that the best apartment features aren't always the most obvious.

A generous floorplan or quality finishes might help narrow the shortlist, but the conveniences that simplify everyday life, whether that's EV charging, secure bike storage or reliable parcel delivery, often become the features residents appreciate most once they're living there.

The apartment feature many buyers don't think about, until their first missed delivery

<a href="https://www.apartments.com.au/developers/hg-developments">HG Developments</a> is doubling down on Maud Street in Newstead, filing plans for a new apartment tower just a few doors down from its under-construction Aire Newstead development.

Recently submitted to Brisbane City Council, the proposal is for an 18-storey building designed by bureau^proberts, which has drawn heavily on Brisbane's subtropical design principles while referencing the suburb's industrial heritage.

A total of 64 apartments are planned for the amalgamated 1,518 sqm site at <a href="https://www.apartments.com.au/new-apartments/17-21-maud-street-newstead-qld-4006">17–21 Maud Street</a>, a short walk from the Brisbane River and Newstead Riverwalk.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="a400c7fd-bd15-48f8-a63b-10ede92efe00" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20bldg.png?VersionId=.0vPmjpbC7CNP7kqGWa6L7rGIwsNExaw" />

"The building is defined by a series of vaulted motifs that reinterpret the arches, colonnades and layered facades evident throughout Newstead's historic built fabric," the Urban Design Report states.

"Combined with recessed glazing and generous balconies, these elements create a layered building envelope that provides shade, weather protection and opportunities for natural ventilation whilst establishing a distinctive architectural identity."

The proposal comprises 64 two, three and four-bedroom apartments across 18 residential levels, positioning it alongside a growing number of taller residential projects transforming Newstead's northern precinct. The tower incorporates extensive subtropical landscaping, with cascading planter boxes, deep planting at street level and a landscaped rooftop recreation area.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="1d8140f4-8b98-45cd-b1b8-1efe8c8e266b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20podium.png?VersionId=VAZtbCoD44YCJ57N99fQCAKeSJx7ldZs" />

Bureau Proberts has prioritised passive environmental design throughout the project, with generous balconies, recessed glazing and operable façades helping reduce solar heat gain while maximising natural ventilation. River views become available from the upper levels, while the building has been orientated to capture prevailing breezes from both the Brisbane River and the west.

The architects say landscape is intended to be integral to the building rather than an applied element.

"Vertical greenery, cascading planter boxes and elevated gardens are woven throughout the architecture, softening the built form and strengthening the connection between residents and the subtropical environment."

"Through the integration of landscape, high-quality materials and passive design principles, the development delivers a refined residential address that celebrates Newstead's heritage character while contributing positively to Brisbane's evolving subtropical identity."

Newstead has remained one of Brisbane's most active apartment markets in recent years, with a number of developers continuing to back the inner-city suburb.

HG Developments is currently delivering the 40-apartment Aire Newstead at 25 Maud Street. Fortis recently launched the 65-apartment <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> on Kyabra Street, while builder-developer BPG and Don O'Rorke's Consolidated Properties are both expected to launch their respective Newstead projects before the end of the year.

HG Developments doubles down in Newstead with second Maud Street apartment development

Walk past a new apartment development promoting its sustainability credentials and it's easy to picture rooftop gardens, mature trees, landscaped courtyards and residents surrounded by nature.

But in many cases, that's not actually what those sustainability ratings guarantee.

Australia's leading environmental rating tools have played a significant role in improving the energy efficiency and environmental performance of buildings. Yet despite their focus on reducing emissions, many don't require developers to include trees, biodiversity or meaningful green space.

In other words, a building can achieve one of the country's highest sustainability ratings while containing little more than concrete, glass and hard landscaping.

That disconnect has led to the emergence of a new movement across Australia's property industry: nature-based cities.

The concept goes beyond designing buildings that consume less energy. Instead, it encourages developers to treat nature as essential infrastructure, integrating biodiversity, tree canopy, living landscapes and green spaces into projects from the earliest stages of planning.

Research has consistently linked access to nature with better physical and mental health, cooler neighbourhoods, improved biodiversity, stronger climate resilience and more connected communities. As Australia's cities continue to become denser, advocates say those outcomes should be considered just as important as energy efficiency.

Nature Based Cities (NBC) was established in 2022 to help accelerate that shift.

Founded by Hamton Executive Chairman Paul Hameister OAM, the not-for-profit was created after research highlighted a significant gap in Australia's sustainability framework. While existing environmental rating tools rewarded energy performance and emissions reductions, they placed little emphasis on the inclusion of living landscapes.

"We've always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren't there," Hameister says.

"In Australia, you can have a five-green-star rated building that's concrete and glass with not a blade of grass.

"The focus is on reducing emissions, which is laudable, but there hasn't been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities."

Since its launch, NBC has developed independent design guidelines and accreditation frameworks that encourage developers to prioritise ecology, biodiversity, tree canopy, walkability and living landscapes alongside traditional sustainability measures. The organisation first focused on medium and high-density residential developments before recently expanding into precinct-scale communities and masterplanned neighbourhoods.

Jan Talacko, founder of sustainability consultancy Ark Resources and a member of the Nature Based Cities Advisory Council, says the initiative addresses an area that has largely been overlooked by the property industry.

"Throughout my 25 years of working collaboratively with all stakeholders in the property sector, I've always favoured a pragmatic approach to sustainable design which encourages initiatives that not only meet environmental expectations but also improve amenity," Talacko says.

"Whilst we are making steady progress in relation to energy and carbon emissions from buildings, there has been much less emphasis on encouraging biodiversity and tackling the urban heat island effect.

"The Nature Based Cities initiative responds to a gap in the suite of tools currently used by the property development sector, which don't provide sufficient incentive, or recognition, for the integration of landscaping and greenery."

For apartment buyers, the shift is also changing the questions worth asking.

Rather than assuming a sustainable building will naturally include abundant green space, buyers are increasingly being encouraged to look beyond environmental ratings and ask what nature is actually being delivered. How much tree canopy will the development create? Has biodiversity been considered? Are landscaped spaces designed for people as well as appearance?

As Australia's cities continue to grow upwards and outwards, the next generation of sustainability may not simply be measured by lower emissions, but by how successfully developments bring nature back into everyday urban life.

What does it really mean for a building to be 'green'?

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>

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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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<img src="/images/stories/misfortunequote.gif"> – RSL chief executive Chris McHugh, who notes the Gold Coast prestige property slump meant the charity had been able to get near beachfront bargains to then raffle off in fundraisers.
The latest offering from the RSL Art Union is a four-storey house with four bedrooms, a study, four-car garaging and a lift for all levels. It sold at $5 million in boomtime 2006 – and the RSL Art Union has valued the house at $3.4 million.
{yoogallery src=[images/stories/jan13broadbeach]}
But the RSL Art Union only paid $2.2 million for the Broadbeach property two weeks after its Ray White auction last January.
The <a target="_blank" href="https://www.rslartunion.com.au/home.aspx">RSL Art Union</a> is licensed to sell 1.9 million tickets at $5 before the March 14 raffle draw, potentially recouping $8.5 million if all tickets were sold. Tickets are on sale at its open for inspections.
The raffling of the <a target="_blank" href="https://www.surroundpix.com.au/real-estate/qld/broadbeach/4218/340334/virtual-tours/">Broadbeach Boulevarde mansion</a> that sits within the Vogue compound built by Mark Howard's Howard Group in 2003 beats the record for the most expensive prize home set last month.
It was a Gold Coast oceanfront penthouse valued at $3 million raffled by Boystown.
Some 80% of the art union prize winners sold their homes immediately.
 
 
 
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jchancellor-FAypfDUnLy

Gold Coast property raffles hitting the big time during slump: Quote of the week

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Economists are tipping the central bank to deliver a 25-basis-point cut to interest rates at its February 7 meeting, a move that would almost certainly boost the property market.
The futures market is pricing in a 99% probability that the RBA will cut rates when it next meets.
Westpac chief economist Bill Evans, who has arguably the best recent track record for forecasting rate movements, having called the November and December cuts in July, is sticking with his view that the Reserve Bank will cut the cash rate to 4% in February and then once more before the end of the year as part of a 100-basis-point easing cycle. 
Evans’ chief reasons for a February rate cut are weakening world growth, as well as domestic constraints. 
“The domestic economy faces headwinds: interest rates, the high dollar, stretched housing affordability, household debt and fiscal consolidation. 
“Together, these factors suggest the consumer, housing construction and public investment will restrain growth. In short, the risk is that growth will persist at a sub-trend pace for a little longer,” Evans says. 
If the RBA is looking for data to confirm a rate cut, the most recent housing credit and retail sales figures should provide the impetus. 
In November housing credit rose by just 0.5% to be 5.7% higher over the year, the weakest annual growth since records began in 1977, while in the lead-up to the Christmas sales retail turnover remained unchanged in November at $20.9 billion on a seasonally adjusted basis following 0.2% rise the previous month.
A February rate cut is also forecast by St George Bank’s chief economist Besa Deda, mainly as a result of continued uncertainty in Europe.
Deda says there are likely to be two cuts in 2012 but that external factors are likely to play a large part in determining what the RBA will do.
"Ultimately, how much cutting the RBA does in this easing cycle will depend significantly on European developments," Deda says in an investor’s note. “The deeper the European crisis, the more easing the RBA might need to do." 
A rate cut will be welcomed by many sections of the property market. 
Property Group Ray White booked $2.1 billion in sales in December, with chairman Brian White saying this was an even better than $2.4 billion worth of business done in November when compared on a sales-per-working-day basis. 
White says the result is “more proof that the recent reduction in interest rates is continuing to lift activity, giving confidence to purchasers that a continuing fear of more rate rises will not eventuate”.
Mortgage broker AFG recorded a 5.4% increase in mortgage sales in December 2011 compared with December 2010, with the strongest growth occurring in South Australia (44.8%), NSW (up 15.6%) and Queensland (7.7%).
This follows <a target="_blank" href="/news">AFG brokers writing $2.9 billion of mortgages in November, its highest such figure since March 2009</a>.
AFG also found that as interest rates have fallen, non-major bank lenders increased their share of lending to close a quarter of all loans, compared with an average of less than 20% over the past year.
“This trend will help keep rates competitive as we move into 2012,” says Mark Hewitt, general manager of sales and operations at AFG.
“If the expected rate reductions come through over the next quarter, we could see a very different lending environment, supporting the recovery of property markets across Australia.
“The rate cut has certainly stimulated demand.”
Further cuts in the cash rate are expected to stimulate more first-time home buyers.
Of the 300 first-home buyers surveyed by real estate website realestateview.com.au, more than half (57%) listed interest rate hikes as a major concern. 
The survey found that only 20% of buyers thought it was a good time to buy their first property. 
Later today, ANZ will make its first interest rate decision out of step with the RBA.
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lschlesinger-FZcF9M3vE6

February rate cut tipped to boost Australian housing market

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The Queensland government has listened to the pleas of the property industry and will extend the $10,000 Queensland building boost for a further three months.
Deputy premier and treasurer Andrew Fraser says the boost is beginning to make headway in the housing industry.
Figures put out by the Queensland government show a jump in applications received over the past three months, with application numbers now over 3,700 since the stimulus scheme kicked off on August 1 last year.
<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="155" valign="top">
Date
</td>
<td width="166" valign="top">
Applications received
</td>
</tr>
<tr>
<td width="155" valign="top">
August 26,2011
</td>
<td width="166" valign="top">
100
</td>
</tr>
<tr>
<td width="155" valign="top">
September 30,2011
</td>
<td width="166" valign="top">
569
</td>
</tr>
<tr>
<td width="155" valign="top">
October 28,2011
</td>
<td width="166" valign="top">
1,174
</td>
</tr>
<tr>
<td width="155" valign="top">
November 25,2011
</td>
<td width="166" valign="top">
2,038
</td>
</tr>
<tr>
<td width="155" valign="top">
December 30,2011
</td>
<td width="166" valign="top">
3,221
</td>
</tr>
<tr>
<td width="155" valign="top">
January 11, 2012
</td>
<td width="166" valign="top">
3,728
</td>
</tr>
</tbody></table>
The $10,000 grant is available to all home purchasers buying or building a new home worth less than $600,000.
A lobbying group made up of the Housing Industry Association, the Property Council of Australia, Master Builders Australia and the Urban Development Institute of Australia has been calling on the Queensland government to extend the boost, as has property developer Stockland.
Speaking to Property Observer, Kathy McDermott, executive director of the Queensland division of the Property Council of Australia, says while the state’s housing sector has shown some signs of improvement in lending approvals in October and November, it is “still in critical condition”. 
“The market is still very distressed and needs support,” she says. 
McDermott says the boost has taken time to gain momentum but the reduction in interest rates in November and December has helped. 
She points to the recent PCA/ANZ property industry sentiment survey, which <a href="https://www.propertyobserver.com.au/residential/australian-property-market-confidence-highest-in-resource-rich-areas-pca-anz-survey/2012011153018" target="_blank">showed that there has been a “nice improvement” in confidence</a> in Queensland, with the state’s confidence index rising above the national average in December – it was below the national average in September. 
The extension has also been welcomed by HIA Queensland executive director Warwick Temby who says it will "help the home building industry to gather some momentum and build on the early signs of recovery late last year".
"The Boost had played a part in rekindling interest in building a home.  Combined with the lift in affordability from lower interest rates and fierce competition among builders, the Boost has made it a great time for building a new home," says Temby.
“This timely announcement will help to set the scene for a much needed lift in activity from the thirty year lows the industry experienced in 2011.
“HIA had been concerned that the Christmas and New Year break was making it difficult for builders to finalise contracts to meet the previous end January deadline.  The three month extension has removed this problem for the industry.
Treasurer Andrew Fraser acknowledges that industry representatives had come to him asking for an extension to the boost, “and that's what we'll provide”.
"They've said to me, and the recent application numbers show, that the boost is increasingly gaining traction with potential buyers.
"Official interest rates have been lowered in recent months, and with the possibility of even more cuts, this $10,000 grant for buying or building a new home means it's never been more attractive to sign on the dotted line and support the state's housing industry.
"A first-home owner also gets the $7,000 state-funded first-home owner's grant and zero stamp duty if the home is worth less than $500,000.
"An end date of April 30 will give developers and builders and extra three months to market the boost and give the housing industry the kick-start it needs."
Fraser says the initial budget allocation of $140 million will cater for the time extension.
"So far we've seen over 3,700 applications for the building boost. There is obviously room within the budget allocation to accommodate the uptake in interest we expect over the next three months.
"Every housing stimulus package always has a large increase in interest at the back end of the time period, with many applications coming in after the end date."
"The HIA Home Sales report shows that Queensland is the only state that has increased the number of new home sales each month from August to November (the most recent month data has been collated for).
"I expect that momentum to swing through December and January and into the next few months as well.
"Building approvals data this week also showed growth for houses.”
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Queensland government to extend building boost until April

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Land values of properties in the Goulburn Mulwaree local government area have dropped over the past three years.
<img src="/images/stories/goulburnmalw.jpg">
The total land value of the Goulburn Mulwaree area was $2.466 billion, a decrease from the total land value of $2.517 billion determined as at July 2008.
The NSW Valuer-General has advised the value of residential land had generally shown a slight increase, the value of commercial land generally remained steady, and industrial land values have shown a decrease.
The value of rural and rural residential land has generally shown a slight decrease, while the value of village land has generally shown a strong increase.
The median rural value also eased over the past year to July 2011 from $187,000 to $185,000.
The median industrial vale eased 3% over the past year from $159,000 to $148,000.
During the past year the residential median in the municipality rose 1.2% from $91,200 to $92,300.
New values are being sent by NSW Valuer-General Philip Western to landowners of 14,236 properties.
"Real estate analysis in the Goulburn Mulwaree LGA has been comprehensive during the course of the 2011 valuation program, with 139 residential, 26 commercial, 9 industrial and 69 rural sales analysed," he said.
There were some exceptions to the norm as while the value of commercial land had generally remained steady, peripheral commercial land in the southern areas had shown a slight decrease in value.
Also industrial land values at Bradfordville and near the Goulburn Correctional Centre had generally remained steady or experienced a slight increase. Typical residential land values were:
<ul>
<li>639 square metres at Chisholm Street, Goulburn valued at $83,700 </li>
<li> 734 square metres at Fitzroy Street, Goulburn valued at $130,000 </li>
<li>613 square metres at Gibson Street, Goulburn valued at $75,100 </li>
<li>792 square metres at Meyer Street, Goulburn valued at $98,600 </li>
<li>564 square metres at Robinson Street, Goulburn valued at $97,900 </li>
<li>753 square metres at Wilmot Street, Goulburn valued at $82,700 </li>
<li>740 square metres at McGuire Drive, Goulburn valued at $92,700. </li>
</ul>
Typical commercial land values were:
<ul>
<li>702 square metres at Auburn Street, Goulburn valued at $185,000 </li>
<li>543 square metres at Clifford Street, Goulburn valued at $141,000 </li>
<li>3,766 square metres at Knox Street, Goulburn valued at $234,000 </li>
<li>1,808 square metres at George Street, Marulan valued at $91,000 </li>
<li>1,295 square metres at Lanigan Lane, Goulburn valued at $142,000</li>
</ul>
Typical industrial land values were:
<ul>
<li>809 square metres at Wayo Street, Goulburn valued at $112,000 </li>
<li>5,705 square metres at Wilson Drive, Marulan valued at $275,000 </li>
<li>3,000 square metres at Ross Street, Goulburn valued at $186,000 </li>
<li>4.6 hectares at Finlay Road, Goulburn valued at $180,000</li>
</ul>
Typical rural land values were:
<ul>
<li>155 hectares at Breadalbane Road, Parkesbourne valued at $542,000 </li>
<li>152 hectares at Bungendore Road, Tarago valued at $379,000 </li>
<li>323 hectares at Hume Highway, Marulan valued at $1,040,000 </li>
<li>144 hectares at Middle Arm Road, Middle Arm valued at $575,000 </li>
<li>259 hectares at Annies Lane, Woodhouselee valued at $974,000</li>
</ul>
Typical rural residential land values were:
<ul>
<li>10.3 hectares at Range Road, Mummel valued at $194,000 </li>
<li>10.3 hectares at Currawang Road, Tirrannaville valued at $168,000</li>
</ul>
Typical hobby farm land values were:
<ul>
<li>51.2 hectares at The Lookdown Road, Bungonia valued at $238,000 </li>
<li>10.1 hectares at Hume Highway, Marulan valued at $140,000 </li>
<li>45.7 hectares at Braidwood Road, Tarago valued at $289,000 </li>
<li>40.6 hectares at Steins Road, Middle Arm valued at $231,000 </li>
<li>23.8 hectares at Hume Highway, Marulan valued at $173,000 </li>
<li>37 hectares at Hume Highway, Yarra valued at $185,000 </li>
<li>40.1 hectares at Trappers Way, Mount Wayo valued at $210,000 </li>
</ul>
Typical village land values were:
<ul>
<li>2,049 square metres at Stewart Street, Tarago valued at $83,900 </li>
<li>1,993 square metres at Gold Field Road, Tallong valued at $61,900</li>
</ul>
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Land values fell in Goulburn Mulwaree municipality, NSW, in past three years

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So Christmas has come and gone for another year.  This year again our office remained open for business between the Christmas and New Year period, and prior to Christmas we scheduled open for inspection times each day to allow prospective tenants plenty of notice to attend some inspections during that time.
Over the four days, we ran 70 inspection times and had more than 145 prospective tenants attend our properties. On January 3, we had received 35 applications, and we conducted another 17 inspections during this week and received a further five applications during the first week of January.
I wanted to share this information with everyone because I found several things fascinating over the past 10 days.
Firstly, the majority of agents close between Christmas and New Year.  And yes as a business owner, I would love to have the luxury to close and enjoy the break like everyone else, however as an investor with a vacant property, I want to know everything possible is being done to secure a tenant for me during this period that will minimise both the vacancy period and my stress levels at this time of the year.
While processing applications we found agents who simply closed their front doors.  There was no message on the main telephone line to say they were closed, no information on any of the team’s mobile numbers and nothing on their website to advise of different hours during the festive season.  One of the agents was a Mornington Pennisula agent – surely at this time of the year, wouldn’t business be booming for them?
Other agents closed before Christmas and somehow forgot to tell their tradespeople.  So what happened to those tenants who experienced the terrible storm on Christmas night or on Boxing Day? Well, they rang the plumber and he did what he could do until the agency re-opened days later.  And I while I acknowledge we all have our own way of running a business, I have to ask: how are some of these agencies still in business?
And what about rent received during this period?  Tenants continue to pay electronically and the money still comes through to the agents trust account. But the money still needs to be transferred to the owner.  So what is a reasonable timeframe for an owner to wait until they receive their money?
I have another example of a Melbourne agent who closed on December 23, 2011 and re-opens on January 9, 2012. That’s 16 days!!  How can this be correct?  What about the lost income to both the business and the owners whom have had vacant properties during this time?  If this agent managed my property, let’s just say I would be making some changes immediately as part of my 2012 resolutions.
For me, this highlights that some agents really don’t consider what’s best for their clients at this time of the year, and furthermore agents are really not all the same.
Leah Calnan is the director of <a target="_blank" title="Metro Property Management homepage" href="https://www.metropm.com.au/">Metro Property Management</a> in Victoria and is the chairwoman of the REIV Property Management Chapter.
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leahcalnan-pwE6GD6KY9

Christmas estate agency closures leave tenants and landlords high and dry

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Another year has passed with portents of doom and gloom regarding residential property prices yet again proving incorrect.
The latest information available for 2011 – RP Data-Rismark’s seasonally adjusted hedonic price series for November last year – shows that median dwelling prices returned to growth. Price gains, albeit extremely modest ones, were posted for capital city home values (up by 0.1%) and for regional home prices (up by 0.3%) in the month. While one data point does not a trend make, it does represent the first increase in dwelling prices since December 2010.
As the November 2011 result follows a period of controlled price moderation that has been in place since the middle part of 2010, it provides some hope that the worst of the residential property market slump may now be behind us. Over the year to November 2011 house prices in the capital cities declined by 4.3% (year on year) and unit prices in the capital cities fell by 1.1%. 
<img src="/images/stories/harvey1.gif">
Similarly, national “rest of state” house values fell by 2.5% in the year to November 2011.
There was, predictably, no crash  
Whichever way you slice and dice these outcomes, they are certainly not the bloodbath predicted with monotonous regularity by some commentators last year, following similar levels of bleating over many years before that.
There are some important points to keep in mind when considering the softening (as opposed to crash) in prices that occurred over much of 2011: such a result was not unexpected in an environment of tightening interest rates, yacking by the RBA that more rate hikes were likely, the removal of fiscal stimulus, wide-spread concern over the carbon tax, the perceived instability of the federal government, increasing volatility in the world economy, and increasingly cautious consumers in the post-GFC environment.
Considering these factors the result was reasonable and, as we have already pointed out, considerably better than the predictions of many property doomsayers. In fact, the dwelling price outcomes in the face of such a tough period demonstrate the resilience of the Australian residential property market when compared with the sector in many other open-market economies.
The results were mixed across the states and territories, and across regions, so we should be careful to not generalise too much. At present, dwelling prices are rising, steady, falling, and dropping quite sharply, depending on the local geographical market and dwelling type observed. There are certainly markets that have felt considerable pain from falling prices, such as the Gold Coast for example, but this has been the exception not the rule.
The softening in prices in the year to November 2011 is in stark contrast to the trend evident over the preceding year. According to RP Data-Rismark, capital city house values were up by 5.7%, and units by 6.8%, year on year as of November 2010. Furthermore, price growth in the year before that was even larger – a sizeable 10.9% for capital city housing in the year to November 2009. Meanwhile, national rest of state house values were up by 2.8% over the year to November 2010, and up by 6.4% over the year to November 2009.
<img src="/images/stories/harvey2.gif">
 
Prospects for 2012 
The good news is that with back-to-back rate cuts in November and December 2011 there is every chance we may see a return to dwelling price growth at some stage in 2012. Of course, the variation across regions will continue to be marked – and what happens in Europe will matter – developments there have the prospect of being a game changer. The reality is that nobody can predict exactly how the European debt and deficit fiasco will pan out – there are simply too many variables. 
Vacancy rates remain low in all the capital cities, with Perth, Canberra, Darwin and Sydney incredibly tight, causing the growth in rents to outstrip general inflation. Accordingly, rental yields continue to grow and with interest rates on the way down this means that the attractiveness of purchasing a property, either to get out of the rental market or as an investment, is on the rise.
The bottom line is that a lack of rental properties, cheaper borrowing costs and relatively healthy employment levels are likely to combine to push up housing demand, rents and dwelling prices in 2012.
 
<hr class="system-pagebreak">
 
Of course, the fact that we have had even a moderate softening in dwelling prices provides a catalyst for the property “doomsayers” to chase headlines of an imminent housing crash with renewed zeal. The collapse of the housing market in the United States, and in some other developed economies, is often cited as evidence that the Australian housing market will follow the same path. However, these viewpoints ignore a host of important differences between the Australian housing market and those markets overseas, as HIA has outlined before.
The differences include, for example, that: Australian mortgages are “full recourse”; Australian banks have maintained very tight lending standards; mortgage arrears remain low in Australia; more than 70% of Australian households are owner-occupiers (roughly half of whom own their home outright); and the list goes on. The dissimilarities between the Australian housing market and many overseas markets have been discussed at length in the past, simply cannot be ignored in any rational analysis of the Australian market, and mean that we should not be tarred with the same brush.
Few issues seem to elicit more emotive responses than do dwelling prices and their likely trajectory. And the current divide between those analysts that think the Australian housing market is in prime health and those predicting a collapse is wide and the debate vigorous. The reality is that the recent softening in dwelling prices was simply a mild correction and explained by the economic and political factors that have been at work.
Although the rapid dwelling price growth experienced over the last decade is unlikely to be repeated, it is simply not the case that we are standing on the abyss of a looming housing market crash. Those who continue to peddle the story of an imminent crash in home prices should take the time to reflect on Australia’s inherently sound housing market fundamentals, and the differences between Australian and overseas housing markets (as outlined above). And despite the fact that the doomsayers’ careers seemingly revolve around achieving sensationalist headlines they should at least think about avoiding exaggeration at a time of some fragility in global economic confidence.
<img src="/images/stories/harvey3.gif">
Finally we note, as we have in the past, that Australia does not exist in a policy vacuum – we have ample room to move on both monetary and fiscal policy should it be needed. Indeed, the RBA understands that we need to tap into this policy capacity now – and hopefully the federal government will soon be on board also.
On balance, the HIA Economics Group’s view is that there is now a decent prospect of a return to dwelling price growth at some stage in 2012.
<img src="/images/stories/harvey4.gif">
Barring a complete meltdown in Europe, as interest rates retreat further prospective investors are likely to increasingly favour housing over term-deposits or shaky equity markets. Meanwhile, as the cost of repayments start to align more closely with rent payments, current tenants are also likely to look at making the leap into home ownership.
Andrew Harvey is senior economist at the <a href="https://hia.com.au/" target="_blank">Housing Insdustry Association</a>
 
 
 
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aharvey-ma2Yc5KBZV

Australia's housing market is not going to crash: HIA's Andrew Harvey

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In the <a href="https://afr.com/p/national/top_of_pops_in_bubble_brouhaha_pil1zGaAUotPW0vRoUe8WN" target="_blank">Australian Financial Review</a> today journalist Adrian Rollins revisits the debate surrounding whether the RBA should use monetary policy to resist burgeoning asset price bubbles. This is well-trodden territory that I have written about more than most, and Rollins quotes my views in his article. While he does an excellent job of outlining the broad contours of the debate, there is some missing nuance that is worthwhile clarifying.
When I first started thinking about this subject I landed in the camp of those who felt that a central bank that autocratically lifted rates to “lean against” asset price increases – in, say, equities or housing – that were being fuelled by unseemly credit growth (e.g., via leveraged buyouts or a mortgage boom) could do more harm than good.
The first problem is one of policy distraction. Central banks typically have a singular policy goal, which is “price stability”. In simple terms, that means keeping the rate of consumer price inflation within a low and ideally stable band of 2% to 3% per annum.
In recent years the RBA has subtly re-cast the standard “inflation-targeting” model by describing its own approach as a “flexible inflation-targeting” regime. (The best summary of the Antipodean differences is offered in <a href="https://www.rba.gov.au/publications/rdp/2010/2010-06" target="_blank">this RBA paper</a> authored by Paul Bloxham and colleagues.) The introduction of the word “flexible” has been used by the RBA to denote the fact that it now believes it should have the freedom to deviate, in the short term, from the settings necessitated by its through-the-cycle inflation target if “financial stability” concerns warrant such action. In this context, financial stability is being employed as a euphemism for bubble trouble.
The most oft-cited case-study is the 2003 episode, which the RBA has slyly allowed to be rewritten in history as an example of a prescient central bank staunching an incipient house price bubble from emerging via the application of tighter-than-normal interest rate policy.
When pushed, the RBA publicly acknowledges that this is, in fact, <a href="https://www.switzer.com.au/the-experts/christopher-joye/macfarlane-rba-did-not-burst-2003-house-price-bubble-with-interest-rates/" target="_blank">incorrect</a>. That is, monetary policy in 2003 would have been the same with or without rapid house price growth. It was in truth the RBA’s experiment with much more aggressive “open-mouth operations” (exercising moral suasion over punters), and some subsequent changes in APRA’s approach to managing mortgage risk (via the risk-weightings imposed on lenders), which were the tangible policy responses to the asset price innovations at the time.
The first bone fide example of asset prices directly – rather than indirectly – determining the setting of rates in this country was the RBA’s much more rapid than expected normalisation of the cash rate over 2009 and 2010, which I pointed out to Rollins (see <a href="https://www.businessspectator.com.au/bs.nsf/Article/Central-banking-esoterica-pd20100317-3LT6P?OpenDocument&amp;src=mp&amp;is=Property" target="_blank">here</a> and <a href="https://christopherjoye.blogspot.com/2010/09/should-we-expand-rbas-mandate" target="_blank">here</a> for more matter). By this juncture, the RBA had the experience of 2003 and Greenspan’s purported mistakes prior to the GFC behind it.
Within the RBA, those who advocate a more interventionist approach to influencing asset markets felt vindicated by these events. This cohort included Glenn Stevens, Phil Lowe, Tony Richards and Christopher Kent, among others. The weight of evidence (and logic), they claimed, was inexorably falling behind the “lean against the wind” school of thought – subject to the caveat that this was, of course, but a “policy of least regret”, whatever that means.
On the other side of the Australian debate stood the likes of myself, Dr <a href="https://cis.org.au/publications/policy-monographs/article/906-bubble-poppers-monetary-policy-and-the-myth-of-bubbles-in-asset-prices" target="_blank">Stephen Kirchner</a> of the Centre for Independent Studies, Dr Guy Debelle at the RBA  (see <a href="https://www.businessspectator.com.au/bs.nsf/Article/Twisting-in-the-wind-pd20090522-SA6PF?opendocument&amp;src=rss" target="_blank">his speech</a> to the Brazilian central bank) and Dr David Gruen at Treasury (see <a href="https://www.businessspectator.com.au/bs.nsf/Article/David-Gruen-spikes-the-bubble-poppers-pd20090618-T53KJ?opendocument&amp;src=rss" target="_blank">here</a>).
The alternative argument was that truly damaging asset price bubbles are hard to identify, that the interest rate changes required to resist one could exact tremendous collateral costs across the wider economy, that a “multiple objective” central bank is more likely to lose focus on its core price stability task, and thus make policy mistakes, and, finally, that there are superior “macro-prudential” tools available to regulators to more surgically cauterise such problems.
An illustration of the latter would be changes to the risk-weights and capital charges that APRA requires banks to hold against commercial and residential property loans. Other examples would be defining minimum equity (i.e., deposit) requirements for new lending (or maximum loan-to-value ratios), minimum debt-servicing standards, and/or the removal of external subsidies, such as the first-home owner’s grant, that distort the market’s functions.
After privately debating this with the likes of Tony Richards at the RBA and watching the central bank in action during 2009 and 2010, I evolved my own view, as I have explained elsewhere.
In short, I could see that a disciplined central bank could, at the margin, tilt the rate at which it adjusted policy in concert with activist jawboning (recall Glenn Stevens’ interview with David Koch reminding folks that property is not a “one-way bet”) to assist in helping the market recalibrate expectations of future capital growth, which, most sensible people acknowledge, can become inflated by decision-making biases inherent in humans.
 
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At the same time, I’ve cautioned that there remain significant risks associated with modifying the conduct of policy in this manner. The RBA has a proven policy regime that has the support of both sides of politics and has been formally documented in agreements between itself and the government.
More pointedly, I’ve argued that it is not up to a non-democratically elected RBA to unilaterally decide that it is going to fundamentally change its mandate, and rationalise this change (as some were prone to doing) by reference to extreme ambiguities in legislation enacted more than 50 years ago.
I encouraged a reluctant RBA to seek explicit support for these new measures from the government and to have this support formally documented in the “statement” executed every few years between the treasurer and the governor. I believe that the 2010 statement accommodates this aim via the insertion of large swathes of new text covering the RBA’s “financial stability” responsibilities and <a href="https://christopherjoye.blogspot.com/2010/10/rba-expands-its-policy-mandate-as-i" target="_blank">by agreeing that RBA instruments can be used to meet these goals</a>.
So today the RBA seems to have more of a mandate to pursue these aspirations. The main risk is that this complicates the challenges policymakers face and boosts the probability of a significant decision-making error. And all central banks, including the RBA, are prone to making mistakes.
RBA officials admit that they lifted interest rates too high in the late 1980s, which gave us “the recession we had to have” and 17% mortgage rates by January 1990. They <a href="https://www.businessspectator.com.au/bs.nsf/Article/Can-the-RBA-target-asset-prices-pd20091215-YQRMP!OpenDocument&amp;Src=rss&amp;Click=" target="_blank">similarly concede</a> that they reduced them too slowly in the years immediately following (the average mortgage rate between 1990 and 1992 was still a stunningly high 13.7%).
RBA officials also accept that they made nontrivial policy missteps in 2006 and 2007 that allowed core inflation in Australia to surge towards an unacceptably high 5% by mid-2008.
The concern here is that a future governor over-tightens policy in response to benign asset price appreciation and sends our interest rate-sensitive economy careening into recession. This could in turn mortally undermine the RBA’s hard-won constituency with the wider community, and its very fragile political independence.
Only time will tell whether we eventually conclude that the hazards associated with using the blunt interest rate instrument to lean against complex asset price changes are too high for policymakers to tolerate.
Christopher Joye is a leading financial economist and a director of Rismark International and Yellow Brick Road Funds Management. The above article is not investment advice.
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Significant risks when RBA attempts to burst any housing price bubble: Christopher Joye

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For many Australians, a holiday house by the beach is the holy grail of property ownership. Particularly this time of year, as the sun shines, each Friday droves of city folk head for a coastal escape.
For many people, the decision to purchase a holiday home is more about investing in their quality of life. The best advice for anyone considering a holiday home purchase is to ensure that you can afford to hold onto it long term.
If you do not correctly anticipate the costs associated with a holiday home, you might find yourself in a situation where you’re being forced to sell up.
Forced sales often result in the property selling for less than the vendor wants and less than what the property is worth.
Another important point to note is that coastal towns generally experience large peaks and troughs in prices. They spring up in summer when everyone is holidaying, and they come down in winter when people are hibernating.
During winter you’re less likely to experience inflated sales figures. Consequently, winter is generally a better time to buy.
If you do decide to put in an offer over summer be savvy with terms, ask for a longer settlement, perhaps a 5% deposit and access prior to settlement if you need to measure up or find tenants.
Good purchasing opportunities may also arise when there is global financial uncertainly, as this often produces fire sales. This opens up the market for people to secure themselves a quality property at a good price.
Some people choose to purchase a property, lease it out on a fixed tenancy then lease another property close by for a lesser price than their mortgage repayments.
As a result they can maintain their mortgage and still have the benefits of a holiday home in a coastal area.
It can be very rewarding owning a beach house but remember that it too will require maintenance and upkeep, if your property falls into disrepair in between seasons it will lose value and rental appeal.
Lauren Staley is director of <a target="_blank" href="https://www.infolio.com.au/">Infolio</a>, a buyers’ advocacy and property management company.
For more advice on buying your first investment property, download our free e-book.
 
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How to get the most out of a holiday home investment

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Office and industrial property values are expected to increase in the first quarter of 2012, but further declines are forecast for the already struggling retail and tourism property sectors, the latest Property Council of Australia (PCA)-ANZ Property Industry Confidence Survey has revealed. 
“Weak retail and tourism industry conditions are expected to negatively impact capital growth in these sectors, with the balance of property industry respondents across Australia expecting prices to decrease in March quarter 2012 in both tourism and retail property,” the report says.
The divergence in expectations across sectors and markets is attributed to “varying domestic economic performance across industries and states/territories and the respective property market fundamentals”.
Growth expectations are strongest for office and industrial property in WA, Queensland and the Northern Territory.
<img src="/images/stories/commercialgrowth.gif">
Source: PCA-ANZ
Across the commercial sector, capital growth expectations are more optimistic for WA than in any other state. 
“Positive expectations for the Queensland office and industrial property sectors are welcome after the Queensland economy endured a tough 2011,” the report says. 
The capital growth outlook is negative across all commercial property sectors in South Australia, Tasmania and ACT. 
Despite the mixed outlook, ANZ believes the commercial property market is in “the early stages of a multi-year cyclical upswing, with rents set to rise and yields to compress”. 
“The office and industrial markets are particularly well placed with tight vacancies, limited capacity expansion and attractive yields expected to support growing investor interest and a marked increase in valuations as rents rise and yields compress.
“However, considerable uncertainties in Europe, the Middle East, the US and China threaten economic and financial market stability and will continue to weigh on investor sentiment and property yields through 2012.
“Consumer restraint, reduced workspace ratios, employer caution and potential job shedding, all present significant risks to commercial property demand.”
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Office and industrial sectors to lead commercial property growth in 2012: PCA-ANZ survey

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Property market participants have more confidence in and growth expectations for Australia’s resource-rich states and territories, according to latest Property Council of Australia (PCA)-ANZ Property Industry Confidence Survey.
The PCA-ANZ property industry confidence index increased at the national level from 104 in September to 107 in December (neutral being 100), but “there was increasing divergence in property industry confidence across the states”. 
“Resource-sector states (WA, Queensland, Northern Territory, South Australia) are indicating the greatest confidence, while Victoria, ACT and Tasmania are indicating the lowest confidence,” says ANZ and the PCA.
<img src="/images/stories/confidence2.gif">
Source: PCA-ANZ
The Northern Territory registered the biggest jump in confidence over the last quarter of 2011 and has the highest rating on the confidence index, followed by Western Australian and Queensland, which both recorded strong gains. 
There was also a small lift in South Australia, where a number of big projects are in the pipeline. 
On the other hand, confidence fell below the 100 mark in Victoria, Tasmania and the ACT, which do not have strong ties to the resources boom. 
Reflecting a weak property market and poor job and tourism prospects, Tasmania property participants have the gloomiest outlook of all states and territories. 
While confidence in the property market in NSW declined over December, it remains above the neutral 100 mark. 
Survey respondents expect residential prices to fall further in the March quarter in all states and territories bar the Northern Territory, despite back-to-back November and December rate cuts and an increasing likelihood that the RBA will cut rates further in early 2012. 
The outlook for residential property values improved strongly in Western Australia and Queensland though remained below the 100 mark, and there were also gains in NSW.
<img src="/images/stories/residentialgrowth.gif">
Confidence in the property market fell furthest in Victoria over the quarter, with 61% of industry respondents expecting residential prices to weaken in the March quarter compared with 54% in the previous quarter. 
“The data indicate the significant negative impact of ongoing economic and global financial market uncertainty that is weighing on housing market confidence and expectations,” says ANZ and the PCA. 
ANZ expects house prices to ease further into 2012 but maintains a “cautiously optimistic medium-term house price view supported by a robust economic outlook, limited forced selling, improved affordability and an ongoing tightening of the Australian housing demand/supply balance”. 
The survey also revealed that the property industry expects the RBA to cut interest rates further in the March quarter of 2012.
 
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