One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<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/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

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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GUEST OBSERVATION
Most retirees are financially secure. Many earn more than they did while working, the Grattan Institute finds. <a href="https://theconversation.com/profiles/brendan-coates-154644"> </a>
It’s conventional wisdom that Australians don’t save enough for retirement. Most workers themselves <a href="http://csrm.cass.anu.edu.au/sites/default/files/docs/ANUPoll-ageing-money-feb-2016%257B%255C_%257D0.pdf" target="_blank">think</a> they won’t have enough to retire on, and their concerns are <a href="http://nabnews.efront-flare.com.au/wp-content/uploads/2017/08/MLCWealth-%2520Sentiment-Survey-Q1-2017.pdf" target="_blank">rising</a>.
But the conventional wisdom is wrong.
Our new report, <a href="https://grattan.edu.au/report/money-in-retirement/" target="_blank">Money In Retirement: More Than Enough</a> shows that most people who are actually retired <a href="https://www.mebank.com.au/getmedia/2046702b-39c0-457b-8950-80d75e716bcd/ME-s-14th-Household-Financial-Comfort-Report_August-2018.pdf" target="_blank">feel more comfortable financially</a> than the Australians younger than them who are still working.
Retirees of today tend to slow their spending as they age, tend to keep saving in retirement, and often leave an legacy almost as big as the nest egg they had on the day they retired.
When surveyed today the retirees of the future might be worried about their retirement, but economic growth means they will almost certainly be on even higher incomes than retirees today.
These findings might seem surprising: they contradict the repeated messaging from the financial services industry that Australians won’t have enough for retirement.
But that industry’s claims are based on research that overlooks two important points.
Retirees spend less over time
Much of the research assumes that retirees need to save enough to enable their incomes to <a href="https://melbourneinstitute.unimelb.edu.au/downloads/working-paper-series/wp2014n05.pdf">keep</a> <a href="https://www.actuaries.asn.au/Library/Opinion/2015/ForRicherForPoorerRetirementIncomes2WEB.pdf" target="_blank">climbing</a> throughout their retirement in line with general wage growth.
Implicitly, it assumes that a retiree needs to spend 25% more at age 90 than at age 70, after accounting for inflation.
But our analysis shows that retired Australians tend to spend less over time, even those who have money to spare.
<a href="https://images.theconversation.com/files/244006/original/file-20181105-74754-1c9ftyn.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/244006/original/file-20181105-74754-1c9ftyn.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
Young retirees might chalk up frequent flyer points, but they do it less as they get older.
Spending tends to slow at around the age of 70, and falls rapidly after age 80, to just 84% of what was spent at retirement age.
Even the wealthiest retirees spend less as they age. At the other end of the scale, pensioners receive discounts on everything from car registration to rates.
Our research finds that retirees spend less over time on food, alcohol, tobacco, clothes, furnishings, transport and recreation.
<a href="https://images.theconversation.com/files/244008/original/file-20181105-74775-1cthlie.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/244008/original/file-20181105-74775-1cthlie.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
They spend more on health care as they age, but Medicare <a href="https://theconversation.com/young-australians-set-to-pay-for-government-policy-mistakes-35250" target="_blank">largely shields them</a> from the full costs. The modestly higher out-of-pocket costs they do pay are mainly due to <a href="https://theconversation.com/private-health-insurance-premium-increases-explained-in-14-charts-92825" target="_blank">rising premiums</a> for private health insurance.
Not only do most retirees not draw down their savings throughout retirement, many add to them.
Even among pensioners, one recent study found that the median (typical) pensioner <a href="https://www.propertyobserver.com.au/http://journals.sagepub.com/doi/abs/10.1177/0312896216682577" target="_blank">still had 90%</a> of what he or she retired on after eight years.
This means that calculations about the adequacy of retirement savings ought to be based on whether they are enough to maintain buying power (at best) rather increase it in line with wage growth.
Many <a href="http://www.industrysuperaustralia.com/publications/reports/nearly-half-of-australians-will-not-have-a-comfortable-retirement/" target="_blank">prominent studies</a> also ignore non-super savings, which are <a href="https://theconversation.com/the-superannuation-myth-why-its-a-mistake-to-increase-contributions-to-12-of-earnings-66209" target="_blank">material</a>, especially for wealthier households.
They lead to misguided calls for ever-higher super contributions in order to ensure reach the point where super alone is enough to provide an adequate retirement income, even though many households will have income from other sources.
Most will have enough super
Our modelling shows that people starting work today will have adequate retirement incomes: workers of all income levels will retire on incomes at least 70% of their pre-retirement earnings – the so-called replacement benchmark used by the Organisation for Economic Cooperation and Development and the <a href="https://www.mercer.com.au/our-thinking/mmgpi#contactForm" target="_blank">Mercer Global Pension Index</a>.
<a href="https://images.theconversation.com/files/244011/original/file-20181105-74763-1bh59aw.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/244011/original/file-20181105-74763-1bh59aw.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
In fact the median (typical) worker can expect a retirement income of 91% of his or her pre-retirement income.
This means that many low-income Australians will actually get a pay rise on retirement.
Even workers in their 40s and 50s today – many of whom didn’t benefit from the present high rate of compulsory super contributions for their entire working lives – can expect a retirement income of about 70% of their pre-retirement incomes.
So compulsory super can stay at 9.5%
It means that that there is no obvious case to lift compulsory super contributions from 9.5% to 12% of salary as presently legislated.
Doing so might further boost retirement incomes (especially among those low and middle earners unable to compensate for the higher contributions by winding back other savings), but at the expense of providing lower incomes while working.
As the <a href="http://taxreview.treasury.gov.au/content/FinalReport.aspx?doc=html/publications/Papers/Final_Report_Part_2/chapter_a2-2.htm" target="_blank">Henry Tax Review</a> noted, higher compulsory super contributions are ultimately funded by lower wages than would have been the case, meaning lower living standards while in work.
As it happens, higher contributions would do little to change the retirement incomes of low and middle income Australians. Their extra superannuation income they provided would cut their age pension payments.
 
Higher compulsory contributions would also damage pensions in another way.
The age pension is <a href="https://www.dss.gov.au/our-responsibilities/seniors/benefits-payments/pension-rates" target="_blank">indexed to wage growth</a> which would be lower if employers diverted a steadily increasing proportion of their employee budget to super.
It means the most fervent opponents of a lift in compulsory super contributions from 9.5% to 12% ought be those people presently on the age pension.
The government ought to oppose it as well. Diverting more of what would have been wages to more lightly taxed super will strain its budget. Scrapping the proposed increase would <a href="https://insidestory.org.au/not-so-super/" target="_blank">save</a> it an impressive A$2 billion a year.
We can find better ways to help retirees
Even if governments did feel it necessary to boost retirement incomes, lifting compulsory super contributions would be one of the worst ways to do it.
Loosening the age pension assets test taper could boost retirement incomes of around 20% of retirees, climbing to more than 70% over time. It would cost the Budget just A$750 million a year – less than half the cost to it of the proposed increase in compulsory super.
The real priority - by far the biggest bang for the buck in alleviating poverty in retirement - should be boosting Commonwealth rent assistance by 40%, providing an extra $1,410 a year for retired singles and $1,330 for retired couples.
Senior Australians who rent privately are much more likely to <a href="https://theconversation.com/three-charts-on-poorer-australians-bearing-the-brunt-of-rising-housing-costs-87003" target="_blank">suffer financial stress</a> than homeowners. And renting will become more widespread as younger generations on low incomes find themselves less able to afford homes.
Australians have been told for decades that they’re not saving enough for retirement. Such claims are inconsistent with the facts. Most of today’s workers can already expect a comfortable retirement. Forcing them and future workers to save more money for retirement that they’ll never spend is simply a recipe for larger bequests.<img src="https://counter.theconversation.com/content/106237/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
Brendan Coates, Fellow, Grattan Institute; John Daley, Chief Executive Officer, Grattan Institute, and Jonathan Nolan, Associate, Grattan Institute
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/why-we-should-worry-less-about-retirement-and-leave-super-at-9-5-106237" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Why we should worry less about retirement - and leave super at 9.5%: Grattan Institute

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There are $90 million hopes for a Double Bay development site.
It is the Cross Street holding next to the Inter­Continental Hotel.
Offers close Decem­ber 7 for the 1,334 sqm block at 19-27 Cross Street.
It is on the corner of Transvaal Avenue.
There are plans from architect Luigi Rosselli for a high-luxury seven-storey project, but not yet approved.
It includes retail and a piazza on the ground level with 22 apartments.
The property has been listed by Tri-Anta Pty Ltd who purchased it in 1996.
The six children of the late Stephen and Stella Rose are the vendors through 1st City.
<img src="https://www.urban.com.au/images/2018/11/7/Cross%20Street%20aerial.JPG" alt="">
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$90 million hopes for Double Bay development site

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A strata office located within Spring Hills’ ‘Portman Place’ complex has been purchased by an interstate investor after only 11 days on market.
Will Carman of Savills negotiated the sale on the commercial office suite at 220 Boundary Road achieving a rate of $5,518 per square metre.
The 135 sqm suite is in proximity to the Brisbane CBD.
WBP Architecture and Design a local architectural firm, has occupied the premises for the last 30 years.
Established in 1987, WBP Architecture specialise in commercial, hospitality and fast food projects and designs and have undertaken projects from Darwin through to Hobart.
They recently signed a new lease expiring in 2023.
Mr Carman said, “being a longstanding tenant, WBP offered security and an income stream of almost $60,000 net per annum."
He credits a "targeted database strategy,” for the quick result.
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Savills sell Spring Hills strata office to interstate investor

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Global real estate investor and manager Cromwell Property Group (Cromwell) has secured two new leases at its Victoria Avenue, Chatswood CBD complex.
The two-tower complex, comprised of 13 storeys of A-grade office space, is positioned in the heart of the Chatswood precinct.
Cromwell has signed over 1,100 square metres across both new tenants, Sydney North Primary Health Network and Shiji Group.
Sydney North Primary Health Network has leased level five of tower two for six years to 2024, and Shiji Group has leased a spec fitout on level 10 of tower one for five years to 2023.
Bobby Binning, Cromwell head of property, said the recent deals indicated quality, well-managed office space in Chatswood was "hot".
“Chatswood is humming with activity as businesses explore office space beyond Sydney CBD. As market dynamics shift, a major drawcard to the precinct has been the amenity offering and transport options, with theChatswood to Sydenham Metro Rail planned for 2024,” Binning said.
“The position and quality of our Victoria Avenue asset has resulted in continuously high occupancy rates. We are pleased to welcome our two new tenants onsite.”
Cromwell purchased the Victoria Avenue asset in 2006. Under Cromwell’s management, the common areas and all office floors have undergone refurbishment and modernisation.
Earlier this year, Cromwell submitted a Development Application (DA) for an additional low-rise 3,500 square metre premium-grade office building and a 156-room, full-service hotel on the site.
The DA also envisages significant plaza and amenity improvements benefitting all tenants, including new end-of-trip facilities, outdoor, conferencing and dining facilities.
The DA is subject to council approval, with an outcome pending in the coming months.
Commenting on the DA, Binning said following the successful rejuvenation of Northpoint Tower, it is looking to replicate a similar offering for its Chatswood tenants. 
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Shoji Group take Chatswood CBD office lease

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It was hard not to miss the unflappable buyers' agents lining the front (and or back) row when The Block Gatwick apartments went to auction last month.
All five of the renovated St Kilda apartments sold in the televised finale were purchased through buyers’ agents this year, just like last time at Elsternwick. 
Buyers’ agents are licensed professionals who specialise in searching, locating, evaluating and negotiating the purchase of property on behalf of buyers.
They do not sell real estate, although many buyers’ agents were previously real estate agents.
They are engaged independently and paid for by the buyer to act on their behalf perhaps because they don't have the time for the required research, calculation, and consideration.
There were times during the auctions when there was an obvious tense showdown between the auctioneer and the buyers' agents.
Both were doing their job, adding to the televised excitement. There was even a brief suggestion of collusive bidding.
Egos were there on display, as auctioneer and buyers’ agents battled to triumph. 
There was the strategic decision by one auctioneer not to accept opening bids which were above reserve because he thought the apartment was worth much more.
The auctioneer then aggressively declined, at certain stages, to take small incremental bids despite having confirmed the apartment was on the market.
All those threatening "final" bid calls didn't have the normal impact because the auctioneer was dealing with hardened professionals, not susceptible emotional buyers.
The virtual absence of genuine buyers from the crowd from Block auctions meant the typical auction anxiety was limited to the contestants on the couch.
The buyers' agents were mostly playing it deadpan.
Buyers’ agents typically represent buyers, although The Block has roped them into helping the contestant understand buyer desire.
When the buyer's advocates joined the series, many speculated that the move was intended to help prevent a repeat of the Richmond season's dismal auction results.
These buyers' agents enjoy huge publicity during the series and then again on auction day.
One of the key aspects of using an independent buyers’ agent ought to be their ability to evaluate a property’s pros and cons objectively.
They’re not supposed to get emotional about the purchase like buyers do.
They can assist buyers retain their privacy.
Buyers’ agents can be a good idea for the simple fact that most people don’t buy a home or investment property on a regular basis.
A buyers’ agent is in the market every day, so their skills are well-honed and well placed to advise clients on how to buy the right property at the right price.
They also can source off-market properties before the public marketing campaigns.
When it comes to fees, there is no industry standard however the general rule of thumb is a around 2% commission plus GST on the purchase price. 
Some buyers’ agents choose to charge a fixed fee. 
It can depend how much of the service buyers seek. 
Word of mouth recommendation is a good way to start the selection. And in the same way vendors would interview a few estate agents before engaging one to sell their home, buyers should interview a few buyers’ agents.
This enables buyers to compare their services, knowledge and fees and find the right one.
This article first appeared in The Daily Telegraph. 
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jchancellor-FAypfDUnLy

What do buyer's agents do for real estate buyers?

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EXPERT OBSERVATION 
As expected, the Reserve Bank Board decided to leave the cash rate unchanged at 1.5%.
The themes that have become familiar in previous statements were repeated in this one: continuing global expansion; China slowing a little; international trade uncertainty; positive business conditions; household consumption a source of uncertainty; labour market outlook positive; wages growth low; but a gradual lift in wages growth expected; further gradual decline in the unemployment rate expected; inflation higher in 2019 and 2020; housing conditions in Sydney and Melbourne continue to ease; progress toward full employment and target inflation will be gradual.
However, the growth and unemployment forecasts have been revised. These forecasts will be confirmed in the Statement on Monetary Policy that will be released on November 9. The forecast growth rates for 2018 and 2019 have been revised up from 3.25% to 3.5%, while the 2020 forecast is for a slowdown, although the current forecast of 3% may now be revised up to 3.25%. With no real change in the wording, there is no clear justification for this upward revision, particularly for the faster expected growth in 2019.
Westpac expects growth to slow in 2019 to 2.7% reflecting a weaker consumer; a contraction in residential construction; a softening housing market; weakening global economy and some impact on business and household sentiment from the uncertainty around the federal election.
Less surprisingly, the forecast unemployment rate by 2020 has been revised down to 4 ¾% from 5%. That may be significant because 4.75% is below the generally accepted full employment rate in Australia of 5%. As such, that might imply that the Bank is more confident that significant wage pressures will be building. However, overseas evidence and measures of current slack in the labour market point to a benign wage outlook, even if the unemployment rate falls to 4.75%. Westpac expects that due to the headwinds described above for 2019, the unemployment rate is likely to rise somewhat through 2019 before drifting back by the end of 2019.
The September quarter Inflation Report printed around the Bank’s expectations and it does not appear to have changed its inflation forecasts.
Since the last board meeting, evidence around house prices and auction clearance rates point to a further slowdown in the Sydney and Melbourne housing markets. Despite that, the Governor’s language around housing is all but unchanged. The slight difference is that he qualifies “credit extended to owner-occupiers” as having “eased” but remaining “robust”, compared to the  October Statement’s description as just “remains robust”.
The second paragraph in the Governor’s Statement which refers to the global economy is identical to the Statement in October, despite developments in equity markets and a surprise reduction in China’s growth rate.
In the following paragraph, which usually relates to financial conditions, the tightening we have seen is noted and equity prices are recognised to have declined. However, there appears to be no real concern about the flow through to the real economy.
We have been a little surprised that the Bank has not recognised the fall in the Australian dollar in recent months referring to it remaining “within the range it has been in the past two years on a trade-weighted basis”. Since the last Board meeting, the TWI actually lifted from 62.2 to 62.3 and yet the Governor has decided to expand on the usual commentary with “although it is currently in the lower part of that range”.
Conclusion
As discussed, we are a little surprised that the Bank has decided to lift its growth forecast in 2019 to 3.5% (0.75% above estimates of potential growth). Westpac expects growth to slow to 2.7% in 2019 (around potential). We will have to wait until the Statement on Monetary Policy on November 9 for an explanation behind this lift.
Clearly, the Bank is less concerned about the headwinds that we have outlined above. As always, while policy is forward looking, it responds to reality rather than long-term forecasts. We expect that through 2019, the Bank will be surprised about the slowdown in the Australian economy and adjust its outlook accordingly. As such, we remain comfortable with our forecast that the cash rate will remain on hold in 2019 and, indeed, in  2020.
BILL EVANS is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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bevans-rYk9SxEa4r

RBA will be surprised with slowdown in economy: Westpac's Bill Evans

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EXPERT OBSERVER
Tim Lawless of CoreLogic wrote on Property Observer recently that roughly half the sub-regions of Australia have rising property prices, including about 40% of capital city sub-regions and 60% of those in regional Australia.
Those numbers paint a starkly different picture to the relentless daily line-up of click-bait headlines telling us that prices are falling across Australia.
Last week I highlighted areas around Melbourne and in regional Victoria near the capital city where prices have risen a lot in the past year and continue to rise strongly. Some of the growth rates are eye-boggling.
In contrast to headlines declaring that Melbourne values are falling by $1000 a week, I’ve found myriad suburbs right across the Melbourne metropolitan area where prices have grown more than 10 percent in the past 12 months and have also had growth in the latest quarter.
The standout sub-market with declining median prices is the top end – the suburbs with million-dollar median prices. Elsewhere, growth markets greatly outnumber those that are in decline, especially in the outer-ring areas.
Here’s another example of current strong growth: the Sunshine Coast.
I’ve just completed a research exercise which included making a list of regional Queensland locations where there’s been double-digit growth in median prices in the past year, plus meaningful growth in the most recent quarter.
Suburbs in the Sunshine Coast region dominate that list.
And I’m happy to say I predicted it. Based on the massive pipeline of infrastructure projects and other big developments, I’ve been shouting about looming growth in this market for the past two years.
When there’s $20 billion being invested in a relatively small regional city, price growth in the residential market is inevitable – provided developers don’t saturate the market with new product. To date, the Sunshine Coast has avoided the Gold Coast’s tendency towards over-supply.
So prices are growing. At a Sydney seminar last week I met a developer who had sold a Maroochydore penthouse for $6 million and an apartment on the floor below for $5.7 million. Those are startling numbers for this location.
Noosa, after a long period of under-achievement, has returned to growth recently. In annual terms, its median house price is up 14 percent, while units are up 12 percent, according to CoreLogic data. Noosaville and Tewantin have both grown 11 percent.
Nearby, Sunshine Beach is up 17 percent and the median house sells for around $1.4 million.
Heading south, Coolum Beach has risen 12 percent and nearby Mount Coolum is up 22 percent.
There is a long list of other Sunshine Coast locales with annual growth above 10 percent.
But the star performer is the upmarket water-based suburb of Minyama, where the median house price has risen 46 percent to $1.31 million, according to CoreLogic figures. Whenever I see a price growth statistic like that, I instantly think “statistical aberration” – usually caused by a small sales sample. But Minyama has recorded 60 sales in the past 12 months so the sample is not a problem. 
I checked other price data sources, which provide estimates of the median house price ranging from $1.25 million to $1.4 million. One records an annual growth rate of 46 percent and another says 49 percent, while a third source says the median price has risen around 8 percent in the past quarter alone. But other sources have more moderate price rates, so go figure.
Overall, it’s a strong picture of growth across this vibrant market.
Why is it so? Because billions are being pumped into this economy. 
The new medical precinct alone has been an enormous catalyst, including the $2 billion University Hospital and the adjoining private hospital, as well as smaller specialist facilities. 
These facilities have brought thousands of new residents to the Sunshine Coast, many of them well-paid and looking for quality homes.
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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Sunshine Coast a property price growth leader: Hotspotting's Terry Ryder

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The final design has been unveiled for an iconic new Sydney Fish Market which will revitalise Blackwattle Bay and expand the public’s access to Sydney Harbour and its foreshore.
Premier Gladys Berejiklian said the purpose-built retail and wholesale facility will be positioned over the water as the centrepiece of a new harbour-side precinct, taking advantage of panoramic views to the Anzac Bridge.
“The Sydney Fish Market currently attracts more visitors annually than the GreatBarrier Reef and accounts for around 20 per cent of international visitors to the Sydney region,” Ms Berejiklian said.
“It is already the largest fish market in the southern hemisphere, trading approximately 14,500 tonnes of seafood per year.
“This brand new fish market will draw locals and visitors to Blackwattle Bay to experience the excitement of an authentic market and auction floor, and taste some of our finest seafood in state-of-the-art surrounds.”
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The building will feature a unique timber and aluminium roof inspired by fish scales floating over the building like a canopy and be home to an expanded seafood cooking school, food kiosks, restaurants, bars and outdoor spaces for social events.
Plans also include new public wharves, a waterfront promenade, a new ferry stop and new civic and community spaces.
“This will become a vibrant economic and community hub that supports NSW’s fresh seafood industry, our professional fishers and coastal fishing towns from Eden toTweed Heads,” Ms Berejiklian said.
“Relocating the fish market to the new site will return Blackwattle Bay’s foreshore to the public, improve pedestrian and cycling links and connect more of Pyrmont to the water as part of the long-awaited revitalisation of the area.”
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The design was commissioned last year and is being led by Danish architects 3XN, in partnership with Sydney firms BVN and Aspect Studios.
Sydney Fish Market will continue to operate uninterrupted during construction of the new facility, which is expected to begin mid 2019, subject to all necessary approvals.
The new fish market is expected to open in 2023.
GBCA CEO Romilly Madew said the new Sydney Fish Market would be a world-class tourist attraction, with the stunning complex not only reinvigorating the CBD location, but embracing energy efficiency and water and waste-saving measures.
“We applaud the NSW Government, UrbanGrowth NSW and the Sydney Fish market for ensuring the regeneration of the fish market is undertaken with sustainability front-of-mind,” “For such an iconic Sydney attraction to embed environmental and social sustainability as a core function sets a great example for others to follow and represents best-practice.
“It also shows the importance of Green Star and how, increasingly, Sydney’s iconic buildings and precincts are aiming for and achieving certification, such as the Sydney Opera House, Barangaroo and Sydney Airport.
“We are excited to work with the key stakeholders on this monumental project, which will reshape, redefine and reinvigorate Blackwattle Bay.”
 
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Sydney Fish Market final design unveiled

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A boutique retail investment in Richmond is set to go under the hammer.
The single level, 110 square metre building on a 140 square metre site at 487 Church Street is currently utilised as a café and has been home to different food outlets for more than 30 years.
Teska Carson’s listing agents George Takis and Michael Ludski said that the property was a owner-occupier opportunity with potential development upside.
They said the property has Commercial 2 zoning which aims to promote offices, appropriate manufacturing and industries, bulky goods retailing, and other retail uses, as well as associated businesses and commercial services.
“Dubbed the innovation capital of Melbourne this area is experiencing increasing demand from tenants and developers looking for city fringe opportunities,” Takis said.
“Recent strong local and offshore investment and the number of projects underway or in the application process in the area are testament to its high desirability.”
Ludski said owner-occupiers and tenants would benefit from exposure to a high level of pedestrian and vehicular traffic.
“This is an exceptional location in terms of close proximity to all essential amenities which will continue to attract tenants and drive strong capital growth. At the same time the property offers the potential for further development (STCA),” Ludski said.
An onsite auction will be held on Thursday, November 22 at 12pm.
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Church Street, Richmond café site set for auction 

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A Melbourne developer will make home at a boutique development site at West Melbourne after outbidding six rivals to pay $3,815,000 for the property at a lively Teska Carson auction.
Located on the edge of the CBD, the 366-370 Spencer Street property attracted a field of prospective purchasers, including owner-occupiers, developers and investors.
It was knocked down at $600,000 above reserve and at $11,000 a square metre.  
The property comprises a single level commercial building on a 345 square metre site, zoned mixed use with 14 metres frontage to Spencer Street as well as rear access to on-site parking.
It was sold subject to a short term lease at an annual rental of $64,273.
According to selling agents, Teska Carson’s Matthew Feld and Michael Ludski, the property’s location within walking distance of every desirable amenity. 
“ With mixed use zoning and a short term lease, the property offered developers a fantastic opportunity for residential or other types of commercial development, but it also appealed to owner-occupiers and investors who were also attracted to the location and on-site parking,  in a precinct which has fast become a very highly sought after inner-city location,’’ Feld said.
He said well-located sites with development potential were very much on the radar of a wide variety of purchasers especially those that offered an existing income stream
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