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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Centro Retail Australia, the new property trust set to rise from the ashes of embattled Centro Property Group will own and manage a portfolio comprising 99 shopping centres, with Woolworths and K-Mart the biggest tenants.
Woolworths will have 29 tenancies among the properties comprising the trust and will take up 8.2% of the gross lettable area, while K-Mart’s 14 stores will take 7.8% of the gross lettable space.
Coles, with 24 leases, will take up 7.2% of the gross lettable area available.
If approved, the new fund will manage and own 43 shopping centres nationally worth $4.4 billion, making it the second-biggest retail landlord behind Westfield. Combined with the Centro syndicate business it will own total assets worth $7 billion. In his presentation to shareholders in Sydney, Centro chief executive, Robert Tsenin reminded shareholders that the company would be unable to meet its senior debt obligations of $2.9 billion, which is due on December 15, and that “aggregating” the retail property portfolio under a new lender-controlled entity to be called Centro Retail Australia was the only viable solution for the embattled group.
“The alternative is likely to be <a href="https://www.propertyobserver.com.au/industry-news/centro-says-it-must-restructure-or-fail/2011082951331">external administration</a> in which circumstances Centro security holders are expected to receive nothing,” Tsenin said when Centro annual results were released earlier in the year.
Senior lenders to Centro will own nearly three-quarters of the new entity, with shareholders of Centro’s unlisted Direct Property Fund (DPF) and the Centro Retail Group (CER) holding the remaining share of the business.
Direct property income will account for 81% of the revenue earned by Centro.
Tsenin will be interim CEO of Centro Retail Australia until he retires in mid-2012.
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Woolies and K-mart to anchor Centro's new property group

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The high cost of housing is forcing families to make troubling trade-offs, including delaying having children because they can’t get into home ownership or secure rental. 
Reports of house prices and economic fears driving Victoria’s fertility rate to the lowest in the nation indicate that the housing crisis has wide reaching ramifications. 
High house prices mean people face trade-offs around when to start a family, whether to have a second child, and whether they can afford to spend time at home with their baby before returning to work. 
While people have always had to make choices around home and family, it hasn’t always been this hard. A generation ago, house prices were three times the average annual income, now they’re seven times average annual income. 
If home ownership were more affordable, or people were able to get security in the rental market, then people would feel more confident to start a life. 
Home ownership shouldn’t be precondition for having children, but when families in the rental market can be evicted for no reason it is understandable that many people seek the security of home ownership. Finding affordable rental accomodation near to a child’s school or childcare is usually difficult, and sometimes impossible. 
The housing crisis affects so many levels of people’s social and economic wellbeing. We can’t afford to ignore the pressures that the high cost of housing is exerting on Australians any longer.
Sarah Toohey is campaign manager of <a target="_blank" href="https://housingstressed.org.au/">Australians for Affordable Housing</a>.
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Lack of housing affordability hurting families

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Department store and cinema tenants within shopping centres owned by property group GPT have contributed to a lacklustre performance of its $5.3 billion retail property portfolio, according to its latest quarterly report.
Department stores, which anchor many of GPT’s shopping centres, recorded a 9% drop in moving average turnover growth over the three months to September 2011, with only cinemas fairing worse, with a 9.3% drop in turnover.
The poor performance of these two tenant groups closely match their performance in <a href="https://www.propertyobserver.com.au/news/westfield-cinemas-struggling-perhaps-due-to-pricey-popcorn/2011081751194">Westfield shopping centres,</a> which recorded an 8.5% drop in department store sales and an 8.7% drop in cinema sales in interim results released in August.
Average turnover from mini majors also fell sharply, down 6.3%, while turnover from discount department stores fell 2.6%.
Stronger performers included supermarkets (up 2.5%) while in the speciality retail category mobile phone retailers were the stand-outs, registering a 17% increase, with food businesses also performing strongly.
Overall, speciality sales fell 0.8% while shopping centre sales were down 0.5% for the three months to September 30, 2011 compared with the same period in 2010.
GPT’s retail portfolio includes the Highpoint Shopping Centre near Flemington Race Track, currently undergoing a $300 million, 30,000-square-metre extension due for completion in 2013. New tenants will include David Jones.
The shopping centre is partly owned by GPT (16.7%) and its subsidiary the GPT Wholesale Shopping Centre Fund (GWSCF), which has a 50% stake.
CBRE revised GPT’s stake upwards from $212 million in June 2011 to $228 million while GWSCF’s stake was valued at $685 million, having been valued at $637 million.
GPT says leasing enquiries for the more than 100 new shops have been strong.
GPT chief executive and managing director Michael Cameron says while the retail sector is experiencing “considerable pressure” its portfolio has proved resilient with the occupancy rate at 99.9%.
Office occupancies are at 97.5% and industrial at 100%.
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Poor performance of cinemas and department stores hurt GPT's bottom line 

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An expected rate cut on Melbourne Cup Day is not guaranteed to stimulate consumer spending and the take-up of credit, according to NAB CEO Cameron Clyne.
Speaking to the media following the publication of annual results that reported NAB recorded a full-year net profit of $5.21 billion and mortgage book growth at three times the banking sector average, Clyne said a rate cut might not be a catalyst for a return of confidence.
“It is a little unclear if global stability has a greater bias for consumer confidence or if something like a rate cut will have a bigger impact,” he says.
He says people reading every day about concerns in Europe have a bias to be more conservative and points to a collapse in confidence following the first US debt ceiling crisis. In the months before the US crisis, Clyne says confidence had been rising.
“If you get a rate cut but there are still overseas concerns, it may not be a catalyst to a return of confidence,” he says.
“It’s hard to say.”
Clyne also says the bank is comfortable with its mortgage market share gains following its “break-up” media campaigns and taking the lead on abolishing mortgage exit fees.
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Rate cut no guarantee of return of confidence: NAB boss

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After the 0.3% core inflation result yesterday  (technically, the average of the perfectly consistent “weighted median” and “trimmed mean” prints), which was presumed to have followed decelerating core inflation over the first (0.85%) and second (0.6%) quarters this year, a rate cut next Tuesday should be a done deal. 
Most of the RBA’s song birds have evidently been told so. An increasingly emboldened Peter Martin, from Fairfax, who previously broke the news about the hugely significant downward revision to the ultra-high second-quarter inflation results, confidently describes a cut next week as “more than a certainty”. 
Another would-be RBA proxy, News Limited’s Terry McCrann, who on his day can be a market mover and was once known simply as the “shadow governor” because of his uncanny ability to predict RBA decisions, declared, “We are now headed for a Cup Day official interest rate cut and the banks will pass it on in full and quickly to borrowers.  Both these predictions are at Black Caviar odds and just as certain.” 
 
Finally, we have those persistently prescient financial markets (not!), which have put 100% probabilities on rate cuts on several occasions over the past 12 months and are yet again telling us that November is in the bag. In fact, after the CPI yesterday, the probability of a rate cut rose to more than 100% because the market was saying that there was a chance the RBA might go by more than the standard 25 basis points. 
Along these lines, Stephen Koukoulas, former economic advisor to Julia Gillard, who boldly forecast a rate cut in October, which was never likely given the RBA was always going to wait for the CPI, has been even bolder this time around, projecting not one, but two rate cuts next week. 
On the basis of the information above, any reasonable person would conclude that an easing next week looks like a sure thing. But I suspect the situation is a little trickier than this. In the minutes after the CPI I thought a cut was government-guaranteed. But when Bloomberg published the historical revisions (see below), my probabilities attenuated somewhat.
On reflection, I would put the odds of the RBA reducing its target cash rate next week at around 70%. This contrasts with the 100% certainty claimed by Peter Martin, Terry McCrann, Stephen Koukoulas and the markets. So while a cut is very likely, there are superficially credible reasons why the RBA should, in theory, continue to exercise the option to wait. Let’s walk through them. 
First, after three attempts at estimating the RBA’s two preferred “core” inflation measures for the second quarter, it turns out that all the hoopla generated by economists, the RBA and journalists about a major “turnaround” in Australia’s inflation rate, which involved a rapid deceleration in underlying inflation from 0.9% in the first quarter to 0.6% in the second quarter, was, according to the ABS’s latest numbers, wrong. 
Recall that the first estimate of core inflation in the second quarter was 0.9%. After the similar 0.9% result over January through March (subsequently revised to 0.8%), this appeared to make the case for a hike in August a certainty.  The view that the pace of inflation was slowly rising in line with the RBA’s projections was reinforced by revisions to the December quarter numbers, which have now increased from an initial estimate of 0.4% to 0.5% and, as of yesterday, to 0.6%. Starting in June last year, the quarterly rate of inflation prior to yesterday's numbers looks like: 0.45%; 0.55% (revised to 0.5%); 0.4% (revised to 0.6%); 0.85% (revised to 0.8%); 0.9% (revised to 0.8%). 
Combined with worryingly low labour productivity, a very robust current and expected global inflation pulse driven out of both developing countries and politically inspired zero interest rate policies and money printing in North America, the UK and Europe, and the fact that we have private investment equivalent to 12% of GDP projected to take place in 2011-12 alone, you can understand why the RBA has assumed that Australia will likely have a major inflation challenge in the years ahead. 
The crucial point to acknowledge here is that yesterday’s 0.3% core inflation print did emphatically not reinforce a decelerating inflation trend, as media commentators and the RBA had previously thought. This is because the ABS remarkably revised, for a second time, the important second-quarter numbers back up to an unacceptably high 0.8%. This came after the ABS had revised down the initial print of 0.9% to just 0.6%, which what triggered the recently dovish rhetoric. 
The repeated revisions cast doubt over the reliability of Australia’s inflation data generally. And make no mistake, they are surprising: you would think that with a three full months over which to measure price changes (cf. the house price data that is calculated monthly) and reportedly more than 100,000 price inputs, the ABS could furnish us with some dependable insights. Instead, we are getting quite radically different conclusions ranging from “we have a major inflation problem” to “inflation pressures are dissipating” to “we seem to have problems again”, at least over the first half of 2011. 
If there had been no further revisions to the second-quarter numbers, one would find unconditional unanimity in relation to a rate cut next week. The devil of the detail, however, has thrown a small spanner in the works. 
This pickle is highlighted in the chart below. It illustrates that the third-quarter numbers, which will be presumably subject to revision, like their predecessors, are very much the odd man out. And the thesis that there is risk, albeit lower probability risk, that the RBA remains on hold, has been lent additional weight by Alan Mitchell’s column in the AFR today. In contrast to his media peers, Mitchell argues that there is no guarantee of a cut. And Mitchell is credible: he has been covering the RBA for decades and has yet to be sensationally wrong-footed by the bank, an observation that does not apply to his more confident colleagues.
<a href="/images/stories/oct27.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/oct27thumb.gif"></a>
Given the substantial changes to the ABS’s core inflation measures in recent times, any objective decision-making process would exercise considerable care in assessing yesterday's results. Indeed, the RBA would note that third-quarter “ex-volatiles” inflation number was a high 0.8%, and has average 0.7% per quarter (or 2.8% annualised) over the first nine months of 2011. “Non-tradeable” (i.e., domestic) goods and services inflation printed even higher at 1.2% in the quarter, and has averaged 1.1% over 2011. Sure this data is not seasonally adjusted, and the non-tradeables will have been affected by the floods. But, at some point, the supply shock that was the floods was meant to be reserved out. And seasonal adjustments simply smooth out intra-period data: over the duration of an entire year, the seasonally adjusted and raw data should converge. 
The second reason for pause is that the RBA has ostensibly established its own “decision rule”, claiming in the October board minutes that it would only ease interest rates “to provide some support to demand, should that prove necessary”. 
Well, we know that Q2 real GDP printed at a stonking 1.2% with private demand growing at a 5% plus annualised pace over the first six months of 2011. We also know, interestingly, that there have been consistent upward revisions to Q4 GDP, which is now estimated to have risen by a trend-like 0.8% even having suffered, in the RBA and Treasury’s opinion, a loss of about 0.5 percentage points from the effects of the east coast floods. That is, the final quarter of last year would have printed at a very high 1.1% or 1.2% had the floods not occurred. 
And then we know that the recent activity data has been solid. Using the broader GDP survey, real consumption grew solidly in the second quarter. According to Westpac’s leading indicator index, economic growth is projected to be well above trend over the next six to nine months. Unemployment has remained low at around 5%. The monthly retail spending data has ticked up recently and expanded at a 7% annualised pace over the last two months. And there has already been a de facto easing of interest rates via substantial reductions in fixed-rate home loans to as low as 6.3% today, modest tapering in the price of variable rate loans, and a softening of the currency from its 2011 highs. 
A third observation is that if the RBA did not hike after initial core inflation results of 0.9% in Q1 and 0.9% in Q2, which after three recalculations have stayed at 0.8% apiece (thus annualising core inflation at a well-above-target 3.2% over the first half of the year), why would a forward-looking, inflation-targeting central bank cut rates on the back of one anomalously low core number in Q3? 
As others have argued, 25 basis points here or there is not going to make a world of difference to the RBA’s inflation outlook. And there are considerable reputational risks for the RBA if its cuts in November only to confront a high fourth-quarter core inflation outcome in January (perhaps followed by an upward revision to the Q3 numbers). What does it do then? Say “Oops, we got it wrong (again), and want to be back at “mildly restrictive”.” What is the RBA’s much-mooted “policy of least regret” as an avowedly inflation-targeting central bank? (And I have refrained from discussing the RBA’s inflation forecasts too much here simply because the RBA itself knows they have limited explanatory power.) 
One case for cutting next week is that the RBA has clearly created expectations among journalists, and thus the community, that it would do so on the back of a low result. As I have noted too many times to count, this practice of pre-judging board meetings and wording-up journalists is hazardous for both the Bank and the individuals in question. Terry McCrann, in particular, has now been humiliated by the RBA on two occasions in the last 12 months. 
Today McCrann claims in his column that any suggestion there was “disunity” on the RBA board over monetary policy is a “myth”. This is plainly incorrect. It has been clearly reported that at least one external Board member voted for hikes in the first half of 2011, only to be rolled by the wider board. 
It has been further speculated that other board members have, at various times this year, argued for cuts. We know from the RBA’s board minutes after the first-quarter inflation results that the board felt there were arguments for and against raising rates, which was inferred to mean a lively “debate”.  And we know that the board explicitly considered doing so as recently as its August meeting. Finally, we know that after a decade serving on the board, Warwick McKibbin has, following his resignation, been critical of the make-up of the board, highlighting the risk of conflicts from intrinsically dovish private sector representatives, and recommending that its composition be changed.
McKibbin has also intimated towards political conflicts given the presence of the Treasury Secretary on the board, a criticism that was reinforced by freedom of information releases showing senior Treasury officials strongly disagreed with the RBA’s monetary policy decisions in 2008, and damagingly described the bank as "schizophrenic" in discussions with important partners, such as representatives of the US government.
Questions swirling around the RBA’s political independence were also reaffirmed when the Treasurer, Wayne Swan, broke with decades of convention and controversially took away the pay-setting powers of the RBA’s independent board members on the basis that he felt they were paying senior RBA staff too much. In an attempt to persuade Swan not to make this change, the longest-serving member of the RBA board, Jillian Broadbent, wrote to him and warned, “The board believes that the current remuneration framework for the bank is crucial to the bank's continuing capacity to carry out its duties to the standards required, and would see any move to unwind it as undermining the capacity of the Bank to do so." Swan ignored her. 
If the RBA cuts next week, we will learn a great deal more about the way this institution works. A cut will be a political exercise in building community goodwill in the event the RBA does have to raise rates to fight a more serious inflation problem down the track. A cut will confirm that the RBA finds it much more difficult to hike rates than reduce them. A cut will imply that the RBA is worried about its political independence, and treads especially carefully in the formulation of restrictive policy. A cut will tell us that the RBA does not have a Bundesbank-style policymaking bias towards keeping inflation low, but rather contextualises policy decisions against the risks to its recently won independence in a world in which most of its central banking peers are losing a grip on theirs.
Christopher Joye is a leading financial economist. The above article is not investment advice.
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RBA independence on the line in complex Cup Day scenario

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A $130 million permit for a retail and residential development on Spencer Street in the Melbourne CBD helped drive the value of building permits issued in Victoria in August to the highest level for any August on record, according to the state’s Building Commission.
While there were fewer building permits issued in August 2011 than in the same month in 2010 and 2009, they were for bigger commercial and residential projects located close to the city.
More than 8,900 building permits were issued in August 2011 with a combined value of $2.3 billion, compared with about 9,500 issued in August 2010 with a combined value of $1.9 billion and an almost identical result achieved in August 2009.
Value of building permits issued
<img src="/images/stories/buildingpermits.gif">
Source: Victorian Building Commission
Deputy building commissioner Peter Donald says the record value of building permits issued in August was boosted by a significant rise in residential and commercial building activity with a number of very high value building permits issued including the development on Spencer Street.
“The strong August 2011 activity has also contributed to a strong calendar year to date, which is 5% ahead on the levels from last year,” Donald says.
Residential development permits including those for high-rise apartments rose 155% to $480 million while commercial permits jumped 119% to $349 million and retail rose 121% to $141 million. 
City locations accounted for more than three-quarters of the building permits issued, with Melbourne’s metropolitan regions registering an increase of 27% to $1.8 billion in the value of building permits issued in August 2011 when compared with the same month last year. Rural Victoria registered an increase of 5% to $432 million.
Nearly half of all building permits ($1.1 billion) were issued in the inner suburbs of Melbourne, which rose by 54.6%, while the north central (up 13% to $84 million), north west (up 30% to $73 million) and south west (up 28% to $432 million) regions all registered strong increases in building commitments.
The biggest drop in building permit activity occurred in Gippsland, with the value of permits falling 33% to $68 million.
The figures highlighted the downturn in the construction of new houses in the state with domestic housing permits falling 8% to $1.1 billion in August.
Public Buildings was the other sector to register a fall, with the value of permits down 34% to $160 million in August.
For advice on buying off the plan, download our free e-book.
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Melbourne building permits value sets August record thanks to big-ticket projects

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A riverfront house in Woolwich that fetched $4.25 million was the week’s highest auction sale, according to the RP Data top 10 sales list. It was listed with price hopes of $4 million plus.
Set on a 795-square-metre block on The Point Road, the three-bedroom residence has direct access to a sandy beach. It came with wide entertainment deck with all rooms having panoramic views over level lawns and gardens. Its McGrath selling agent Tracey Dixon suggested there was opportunity to update or redesign and capitalise on its premier peninsula address.
It last sold at $4.05 million in 2003. 
Sydney suburbs had the top five spots, with a Malvern East property in Melbourne in sixth place.
1. 15 The Point Road, Woolwich, NSW, three-bedroom, two-bathroom house, sold at auction on October 22 through McGrath Estate Agents for $ 4.25 million
2. 1/95 Lauderdale Avenue, Fairlight, NSW, three-bedroom, three-bathroom unit, sold prior to auction on October 24 for $3.76 million through Belle Property Manly
3. 52 Daleys Avenue, Daleys Point, NSW, five-bedroom, four-bathroom house sold on October 20 for $3.3 million through PRD Nationwide Ettalong Beach
4. 11 Reginald Street, Mosman, NSW, five-bedroom, three-bathroom house sold at auction on October 22 for $3 million through McGrath Estate Agents
5. 16 Barker Road, Strathfield, NSW, five-bedroom, five-bathroom house sold at auction on October 22 for $3 million through Georges Ellis &amp; Co
6. 38 Kerferd Street, Malvern East, VIC, four-bedroom, two-bathroom house sold at auction on October 22 for $ 2,862,000 through Hocking Stuart Hawthorn
7. 59 Mary Street, Hawthorn, VIC, four-bedroom, two-bathroom house sold at auction on October 22 for $ 2,855,000 through Jellis Craig Hawthorn
8. 24 Cross Street, Bronte, NSW, five-bedroom, two-bathroom house sold before auction on October 20 for $2.8 million through Di Jones Real Estate Woollahra
9. 74 Cook Park, Sandringham, NSW, five-bedroom, two-bathroom house sold at auction on October 22 for $2.8 million through McGrath Estate Agents
10. 254 Riverside Road, Hawthorn East, VIC, five-bedroom, three-bathroom house sold at auction on October 22 for $2.78 million through Jellis Craig Hawthorn
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Woolwich riverfront house leads RP Data's top 10 sales of the week

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Not one capital city had a housing price gain in the September quarter.
Brisbane was the poorest-performing capital, with a 2.7% drop in the quarter. Nationally Australia's housing market continued to be sluggish, with prices falling 1.6%, according to Australian Property Monitors.
After its fifth consecutive quarterly fall, the national median house price declined over the quarter to $536,011.
<img src="/images/stories/apmoct27.gif">
Hobart was the only city to escape a fall in house prices, recording no change over the quarter at $327,340.
Brisbane is now mainland Australia’s cheapest capital for houses with prices at $429,339.
Sydney values dipped 1.8%, Canberra 1.4%, Perth and Darwin 1.6% and Adelaide 2%.
Melbourne median values fell the least, by 0.9%, making a total fall of 3.2% in the year to September 30.
Canberra was the only capital to show annual house price gains up 0.9% for the year to $566,095.
The median house price figures compiled by Fairfax-owned Australian Property Monitors suggested buyers were concerned about the global economy, a weak share market and unemployment, according to APM senior economist Dr Andrew Wilson.
Buyer wariness would remain, Wilson says, even as  a potential fall in interest rates would be unlikely to have a significant impact on house prices in the short term.
The median unit price lost 0.6% to $406,342 across Australia.
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No September quarter growth in any capital, with Brisbane hardest hit

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A combination of steady population growth and weak home completions will ensure the national housing market continues to “simmer”, with Sydney market best placed to benefit from these market dynamics, according to ANZ’s latest Australian Housing Snapshot. 
The report says the Australian housing market will avoid a “boilover” (predicted by the likes of <a href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=property%2Bobserver%2Bharry%2Bdent&amp;source=web&amp;cd=2&amp;ved=0CCUQFjAB&amp;url=http%3A%2F%2Fwww.propertyobserver.com.au%2Feconomy%2Fmark-bouris-tackles-harry-dent-s-bearish-claims-christopher-joye%2F2011101951989&amp;ei=TJmnTrrgJM-SiQee-amIDg&amp;usg=AFQjCNEU7X19tZ5Zi0w3ROIeMH8ljiuOEg&amp;sig2=_6r8lQN842PDWzQzyrKdsg" target="_blank">Harry Dent</a> and <a href="https://www.propertyobserver.com.au/economy/when-harry-met-steve-a-bears-breakfast/2011091551566" target="_blank">Steve Keen</a>) provided “domestic economic conditionsremain stable enough to support household finances”. 
The report, compiled by the bank’s property and economics team, led by its head of property research, Paul Braddick, says that despite weaker sentiment Sydney prices are expected to start rising slowly through the second half of the 2012 due to increasing rents and deteriorating rental affordability, which will encourage first-home buyers to enter the market and attract investors due to higher rental yields. 
“Sydney house prices have been the most resilient across the capital cities, with prices edging 0.3% higher over the year to August, compared to a 3.2% decline in the capital city average. This reflects a number of factors, including a degree of ‘catch up’ following many years of house price underperformance,” the report says.
 <img src="/images/stories/anzsydney.gif">
Source: ANZ
ANZ notes that NSW annual population growth is expanding at a relatively healthy 1.1%, which combined with a sustained period of under-building will mean the current NSW housing shortage “will worsen with just 58,000 dwellings forecast to be completed over the next two years [to June 2013], falling well short of underlying demand over the same period, which we estimate at 103,000”. 
It also notes tightening Sydney vacancy rates (1.3%) with rental growth starting to accelerate increasing by 5.9% over the year to June 2011, while advertised rents are already running at 8%. 
The recent pick-up in net arrivals in New South Wales should boost population growth and drive rental vacancies lower from mid-2012, according to the report. 
“With ongoing pressure from yield-seeking investors to increase rents and moderate house price falls making housing purchase affordability easier, housing finance to the first home buyer segment should begin to gain momentum. This will be fuelled by the added stimulus of first-home buyer stamp duty concessions that have been rolled out from 1 July 2011,” the report says.
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Sydney house prices to recover from next year: ANZ

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NAB says a rate cut in November and one in February next year would provide only temporary stimulus to the slower parts of the economy and expects that if the RBA were to make these cuts, it would reverse them in 2013.
Before yesterday’s announcement of core inflation up 0.6% and underlying inflation up just 0.3% for the September quarter, the bank had forecast that there would be no rate change until November 2012.
However, it now expects the central bank to cut interest rates next week, with a second cut “likely” in February 2012.
“By then activity will be picking up and employment will be strengthening. Nonetheless, we have tentatively included a February cut in our forecasts very much driven by the near-term inflation outlook – we expect fourth-quarter underlying inflation (due late January) to rise a modest 0.6% with the year ended rate unchanged at 2.5%,” the bank’s economic team led by chief economist Alan Oster says.
In a note explaining its decision to dramatically change its interest rate forecast, NAB says the softer CPI outcome means the RBA can now “relatively safely provide some near-term stimulus to the underperforming interest-sensitive sectors of the economy”.
NAB stresses that the possible November February cuts would act as “temporary stimulus” measures and would not be the start of an “aggressive rate cutting cycle”.
“Market pricing, of around 100 points of cuts, is in our view too aggressive,” NAB says.
Westpac has brought forward its prediction of a rate cut from December to next week explaining that the September quarter figures show that the Australia's inflation picture has been overstated.
“From the Reserve Bank's perspective, this will come as a welcome outcome. Recall that in the August Statement on Monetary Policy the bank, relying on two recent prints of 0.9% quarterly growth for underlying inflation, forecast annual core inflation to print 3.25% for both 2011 and 2012,” says Westpac chief economist Bill Evans.
“We are now confronted with actual core inflation of 2.47% for the year to September 2011 with a benign fourth-quarter estimate of around 0.5% reasonable given the slowdown in the economy. That will allow the bank to lower its inflation forecast for 2011 to 2.5% with a similar outcome likely in 2012,” he adds. Evans says this “trend” in inflation also provides support for its view that this will not be a one-off cut.
“We have held the view that a total of 100 basis points will eventually be shaved from the cash rate. We reaffirm that view while anticipating that the second cut will come in February after the bank assesses the impact of its first cut on confidence and activity, gathers further evidence on this benign inflation environment and observes further developments in the global economy. “In line with our consistent view, we expect all these factors will make a very strong case for a further rate cut in February,” Evans says.
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