A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

Sherpa Group has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at Flourish Soleira in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

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"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

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The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

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The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

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Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with Flourish Amargo, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Joel Robinson

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

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The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Elevated amenity anchors daily life at Aeris, Melrose Park

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

For the first time in a long time, Australia's inflation story is starting to look more like a landing than a fight.

The latest Consumer Price Index figures from the Australian Bureau of Statistics showed annual inflation eased to four per cent in May, down from 4.2 per cent in April. On the surface, that might not seem like a major move. Inflation remains above the Reserve Bank's target range and some categories continue to record stubborn price growth.

But the significance of this result lies less in where inflation sits today and more in what it means for where interest rates are likely heading next.

The biggest takeaway is that inflation continues to move in the right direction.

Markets had been bracing for another sticky result after a period where progress appeared to stall. Instead, headline inflation came in softer than expected, helped by falling fuel prices and easing transport costs. Annual transport inflation halved from 6.6 per cent in April to 3.3 per cent in May, while automotive fuel prices fell 11.9 per cent during the month following lower oil prices and the impact of reduced fuel excise measures.

While petrol prices don't solve Australia's affordability challenges, they are one of the most visible and immediate costs for consumers. Falling fuel costs feed through the economy quickly, helping ease pressure on household budgets and business operating expenses.

The ABS data also showed headline inflation is now sitting at its lowest annual level in several months, reinforcing the broader trend that price growth is gradually moderating.

That trend is important because it aligns with what many economists and lenders have been saying for the last month.

Prior to this week's inflation data, ANZ, NAB and Commonwealth Bank had all shifted their forecasts, now believing the Reserve Bank had likely reached the peak of the interest rate cycle. Following the May inflation release, ANZ reaffirmed that view.

In its latest economic update, ANZ said it expects quarterly trimmed mean inflation to come in at 3.7 per cent for the June quarter, slightly below the Reserve Bank's forecast of 3.8 per cent. Importantly, the bank said that outcome, when combined with slowing economic activity, "supports our view that the cash rate has peaked".

The Reserve Bank has spent the better part of three years attempting to bring inflation under control through higher interest rates. If Australia's major banks are correct and rates have now peaked, the conversation shifts from how much higher rates could go to when they might begin coming down.

Westpac's caution comes from underlying inflation. The trimmed mean, the measure most closely watched by the Reserve Bank, increased from 3.4 per cent to 3.6 per cent annually. Housing inflation remains elevated at 6.5 per cent, reflecting ongoing increases in rents, electricity costs and new dwelling construction.

Electricity prices remain particularly problematic, rising 21.1 per cent over the past year following the removal of government rebates.

Housing construction costs are also showing signs of renewed pressure. ANZ noted new dwelling costs rose 0.9 per cent in May and are now running at an annualised pace of 8.6 per cent over the past three months. Builders continue to face higher labour, fuel and material costs, a reminder that inflationary pressures have not completely disappeared.

Housing affordability has deteriorated largely because of higher interest rates rather than higher property prices alone. Even modest reductions in mortgage rates would improve borrowing capacity, increase buyer confidence and reduce repayment pressure on existing homeowners.

While August is far from a certainty, the latest inflation result has strengthened the view that the next move in rates is more likely to be down than up. For borrowers, buyers and the development sector, that alone represents a significant shift from the conversation that dominated much of the past two years.

The inflation result the property market was waiting for

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The changing dynamic of home ownership in the US post-GFC, where Generation Y have transformed into Generation Rent, offers opportunities for Australian investors, says a study by AMP Capital.
The demographic shift leading to a steady decline in home ownership and its implications for real estate investors and the opportunities within the US apartment REIT sector has been dealt with in AMP Capital’s whitepaper, Generation Rent, authored by its Client Portfolio Manager for Global Listed Real Estate Chris Deves.
“The ever-changing consumption pattern of real estate, juxtaposed against its status as perpetual imperative for a functioning society, presents an interesting dynamic and is precisely that which offers a wide range of opportunities for long-term investors,” says Deves.
The rise of the millennial generation and its implications for the residential market in the United States is a case in point, he adds.
“The greater propensity for millennials to rent isn’t necessarily a surprise. After all, this is the same generation that pioneered the ‘sharing economy’, a collaborative approach to consumption, which draws heavily on the notion of renting,” said report author Chris Deves.
Millennials are opting for proximity to nightlife, restaurants and the workplace along with access to shared spaces and amenities, which is translating into greater demand for rented apartments in the urban core, he says. 
“As a demographic cohort, the strong willingness of millennials to relocate in the pursuit of new career opportunities necessitates flexibility and mobility, which is also more conducive to renting over owning.”
The paper shows this is an important tailwind for US apartment REITs, which make up roughly 8 per cent of the global listed real estate benchmark or more than US$100 billion of equity market capitalisation.
The development in American dwelling habits is a positive for residential landlords, which in turn is investible via the listed institutional apartment operators. 
US-based apartment REITs make up roughly 8 per cent of the global listed real estate benchmark, or more than US$100 billion of equity market capitalisation, the third-largest US sector behind mall and office owners. The apartment REITs are generally of high quality and have seen significant consolidation in recent times – five such REITs have been acquired or have merged during the past three years alone – leaving an investible set of large, well-capitalised companies with seasoned management teams, according to the AMP report.
“This has made apartment REITs attractive for real estate investors with a long-term investment horizon,” Deves said.
<a href="https://www.propertyobserver.com.au/images/2017/04/19/USHomeOwnership.jpg" target="_blank">Click to enlarge</a>
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/19/USHomeOwnership.jpg" alt="">
The assets held by these listed apartment REITs are predominantly located in the urban core where renting is most common. The change towards rentership (and, thus, migration into the city) is a positive for increasingly dense and difficult-to-build-in urban property markets. Additionally, an increasing focus on public transportation links should further benefit the high-quality apartment names.
Enter the Millennials
According to the white paper, the fall in the homeownership rate in the aftermath of the GFC was in part due to the rise in defaults on home loans. Though the default rate has recovered to 4 percent in 2016 from 11.3 per cent in early 2010, the declining trend of home ownership has sustained over the longer term.
Now, America is undergoing a major demographic shift. Millennials – or those born between 1980 and 2004, according to the US Census Bureau – are now the largest share of the American workforce, as depicted in Figure 4. By 2025, Millennials will represent 75 per cent of the American workforce [Source: US Bureau of Labor, 2016]. As the largest source of new demand for housing, be it home sales or rentals, this cohort wields significant influence over the residential real estate market.
The most important trend underlying the Millennial demographic is a greater propensity to rent, particularly in the urban core, at the expense of homeownership. 
The movement of the prime renter demographic into the city centre will have an impact on apartment values. Cities have historically had a larger share of renters compared to suburban areas. So it is not surprising to see that the populations of US cities have become increasingly composed of renter households alongside the national increase in renters. Of the 11 largest US cities, nine had more renters than homeowners in 2014 versus just six of these same cities in 2006. 
As a result of this migration away from the suburbs and towards the city, the apartment business has become a more attractive full-cycle investment. A bigger pool of renters means a more stable business at a given level of supply; additionally, an increasingly older tenant mix (Millennials rent later into life) should improve affordability ratios and allow for healthier rent increases. 
Lastly, because of land and entitlement constraints in dense, urban areas – which will become increasingly more onerous over time – high quality, core product will become scarcer as demand from renter households continues to increase, and thus, should appreciate at a faster pace. 
<a href="https://www.propertyobserver.com.au/images/2017/04/19/USAptReits.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/19/USAptReits.png" alt="">
However, millennials won’t rent forever.
“The American dream of home ownership is not dead and buried. Gen Y are just as likely to head for the suburbs as previous generations, and starting a family is often an important catalyst. The key difference is that we are seeing this occur increasingly later in life,” said Deves.
“Cyclical affordability issues and demographic change has and will support demand for apartment rentals in city centres. During the property cycle, the US apartment REITs should therefore be in a stronger position to push rents, and quality management teams with insight into the needs of millennials will be best placed to deliver value for investors of all sizes.”
While the story is similar for Australian millennials, investing in the US could be an ideal way to play this trend for local investors as it offers the largest, highest quality, and most liquid set of listed apartment landlords, according to the report.
“Australian investors should consider a global strategy for listed real estate in order to access these kinds of thematics, which may not be as readily investible in their local market. A global approach also offers geographic diversification for the real estate portfolio,” concluded Dewes.
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prateek24-ezbwHMbNAk

As US home ownership declines, opportunity arises for investors: AMP Capital

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SPONSORED POST
The relationship between people and their environment can affect how they feel, perform and interact with others, so it’s important to ensure that the workplace is designed with these aspects in mind.
A recent report by Human Spaces, ‘Global Impact of Biophilic Design in the Workplace,’ has found a significant link between natural elements available in the physical office environment and workers well-being, productivity and creativity levels. The report collected responses from 7,600 office workers from 16 countries around the world, including Australia, the US and the UK.
According to this report, workers with higher levels of sunlight and green spaces:
<ul>
<li>Display a 15 percent higher level of well-being</li>
<li>Are 6 percent more productive </li>
<li>Are 15 percent more creative overall </li>
</ul>
It puts in perspective the importance of incorporating simple natural elements in the workplace, which provides a significant benefit to the bottom line of any company through worker productivity and well-being.
In addition, office design is an important tool in recruiting and retaining staff, with the Human Spaces survey revealing 33 percent of respondents globally state that the design of an office would affect their decision to work for that organisation.
Putting thought into practice
At Savills, we have recently incorporated these learnings into the new Savills Sydney office fit-out. The new office space is on a higher level than the previous space, the windows are larger and there will be more access to daylight. Also, the majority of work positions have been designed to be less than 6m from a window, and no work positions further than 12m from a window. 
With regards to green elements, the new office design features a larger scope of greenery than the previous space, including more than a hundred pot plants and wall mounted plants over two floors.
Improvements such as these will ensure the best performance and well-being of our employees.  
Little steps to achieve success
Unfortunately, the Human Spaces survey also revealed that globally many workplaces still lack natural light and more than half have no live plants. In Australia, 28 percent of workers reported their workplaces having no windows.  
But even for offices that do not have windows, or are unable to make huge changes, employers can still improve their conditions through minor alterations to the workplace.
In fact, research suggests it is the variation in patterns, textures and colours of nature that brings us pleasure, so we should consider how best to recreate these within the indoor environment when access to a window is not feasible.
These alterations could include:
<ul>
<li>The addition of plants to the office</li>
<li>Large scale scenic images on the walls</li>
<li>Painting the walls with some brighter colours, (specifically, accents of green and blue have been shown to improve creativity and productivity)</li>
<li>The creation of social areas that provide employees with access to natural light and a place for respite</li>
<li>Wall-mounted video screens displaying images or real-time video of natural scenes</li>
</ul>
If you would like any advice on how natural elements can benefit your fit-out, contact the Savills Project Management team.
Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. To learn more about Savills, visit <a href="https://www.savills.com.au" target="_blank">savills.com.au</a>.
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jchancellor-FAypfDUnLy

Where there’s nature, there’s well-being and productivity in the workplace

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“To me, this building is outstanding for the way it melds the different epochs of Germany.”
For Konstantin Kortmann, head of Residential Investment at JLL Germany, Frankfurt’s Städel Museum shows how an act of citizenship centuries ago can create something which is still valuable and relevant to a modern city.
Back in the 19th-century, banker Johann Städel dedicated his fortune and sizeable art collection to founding an institute that would educate the people of his city about art. Originally housed in Städel’s own home after his death in 1815, the artworks were eventually given their own space – in the Städel Museum, constructed in 1880 on the banks of the River Main.
Having survived two wars, a year’s closure and a bombing, today, it is Germany’s oldest museum foundation – and with two major extensions in 1990 and 2012, it is also an architectural ode to eras past.
“You can see its history as you walk around the building,” Kortmann says. At its main entrance, the Städel is the classical 19th-century construction with a grand stone facade buttressed by stately columns. Along the Holbeinstrasse end is its minimal, white 1990s extension with few, high-set windows. By these expansive walls lies the great lawn of the Städel, studded with over 30 circular panes of glass – skylights into the subterranean gallery housing modern art and photography, completed in 2015 to commemorate the museum’s 200th anniversary.
Built to preserve
Inside the building, which houses European collections from the 14th century onwards, the effect can be equally striking. “Take the original wing, you have the feel of the 19thcentury – marble stairs and columns, wood floors and colourful walls with golden-framed paintings from the Impressionisists and Italian classicists,” Kortmann says.
Yet much like with art itself, opinion on the interior design remains divided. “Some say the interior has not matched what is promised from the outside, because the architecture is a bit undecided,” Kortmann says. “But it has been an intelligent way to use existing stock to create more space – and without losing the museum’s heritage.”
Instead of demolishing existing features to make room for the new, each extension to the Städel was built to accommodate what was already there. “The concept for its expansions has been focused on preservation. Take the modern wing – by digging into the earth to create the gallery, the soil above can be used as a natural insulator to keep heating costs down,” Kortmann says. “Because the land was disturbed as little as possible, it can also continue to absorb rainwater, reducing the possibility of the riverbanks flooding.”
Shaping a modern landmark
The people responsible for the building have left an enduring legacy for modern day Frankfurt. “The Städel has been led by many visionary museum directors, one of whom was [eventual Director-General of Frankfurt museums] Georg Swarzenski, the first large-scale buyer of the French impressionist artists,” Kortmann says.
Swarzenski, who was of Jewish background, fled Germany in 1938 as the country, under the National Socialists,started the persecution of its Jewish population.. In this period, 77 of the museum’s paintings were classified as “degenerate art” and confiscated, and by 1939, a greater part of the collection had to be evacuated. In 1943 the museum closed; a year later, it was partially destroyed by bombs.
For the Städel, the end of the Second World War was followed by nearly 20 years of reconstruction and rebuilding the collection. “US forces, the famous monument men, also returned many of the paintings that had been taken from murdered or expelled citizens. Some of the paintings that had to be sold under Nazi regime were re-acquired and in addition to the remaining stock these were used to start a post-war education exhibition within the museum,” Kortmann explains.
In 1984, a civic cultural initiative started to turn the riverbanks of the Main into Frankfurt’s famous “Musumsufer” (‘riverbank of the museums’), which nowadays comprises 12 museums. The Städel museum decided to follow Johann Städel’s original directive – to provide access to art for all. As the Städel grew in prominence, a park was created around it, and the Museumsufer’s rundown buildings were converted into cultural destinations – the German Film Museum, Architectural Museum and Jewish Museum, among others.
“The Städel has regenerated a whole area,” Kortmann says. “It’s the nucleus for the ‘Museumsufer, and its story is the story of the whole of Germany.”
This article by Natasha Stokes appeared on <a href="https://www.jllrealviews.com/viewpoint/the-german-building-that-brings-a-legacy-to-life/" target="_blank">JLL Real Views</a>
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jonathanchancellor-7SQnKwU6yx

The German building that brings a legacy to life

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The Australian economy has beaten fears of a recession, posting a stronger-than-expected December quarter result of 1.1 percent, according to Cushman &amp; Wakefield's latest report.
In average annual terms, the 12 months to December 2016 provided solid but sub-trend economic growth of 2.5 percent.
In terms of state final demand New South Wales recorded 4.7 percent annual average growth, exceeding the long term average of 3.2 percent.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.46.51%20pm.jpg" target="_blank">Click to enlarge</a>
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The state economy has been boosted by investment in a number of public infrastructure projects including the WestConnex and NorthConnex transport network upgrades, while early works are underway on Western Sydney Airport.
The Reserve Bank’s cash rate remained unchanged at 1.50 percent.
The current low interest rate environment has ensured that demand to acquire vacant possession buildings, land or investments remains buoyant.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.06%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.06%20pm.jpg" alt="">
Limited purchasing opportunities have forced potential owner-occupiers into the leasing market resulting in strong pre-lease enquiries for ≥20,000 sq m offerings, especially from the food, pharmaceutical and 3PL industries.
In light of strong demand, availability of buildings across all markets is below average.
Rents largely tracked sideways in Q1 however South Sydney recorded q-o-q rental growth of 2.6 percent, pushing face rents to $195 per sq m.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.20%20pm.jpg" target="_blank">Click to enlarge</a>
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Investment in Q1 2017 totalled $341m, down 18 percent q-o-q from the $415m recorded in Q4 2016, and down only 1 percent y-o-y.
Rolling annual investment volume was stable at $1.9bn from Q4 into Q1, but was 11 percent below the five year average, largely due an unwillingness of owners to divest their assets.
Strong competition for quality stock from both domestic and foreign investors has compressed prime yields to circa 6.50 percent in most submarkets.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.28%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.28%20pm.jpg" alt="">
Significant variation remains in secondary stock, with yields ranging from 6.75 percent in South Sydney to 8.5 percent in the Outer West.
Noteworthy investment transactions in Q1 came from LOGOS’s acquisition of 69 Sargent’s Road, Minchinbury for $161m and China Lesso Holdings purchasing 79-99 St Hilliers Street, Auburn from Dexus for $65m.
Infrastructure projects, particularly upgrades to Sydney’s orbital road network, are continuing to shape the dynamics of the Sydney industrial market.
<a href="https://www.propertyobserver.com.au/images/2017/04/07/Screen%20Shot%202017-04-07%20at%202.47.36%20pm.jpg" target="_blank">Click to enlarge</a>
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The outlook for both leasing and investment remains positive, although lack of tenancy and purchase opportunities is a potential limiter of activity.
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j.ballantyne1990-6AQqhLzZaK

Sydney leasing and investment market remains positive: Cushman & Wakefield

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The final floor in Chadstone Shopping Centre's $85 million Tower One development in Victoria has been leased to Cotton On Group.
Cotton On Group has signed up for 1,700sqm on level six in the 11-level, 16,000sqm building.
Rob Joyes from Colliers International said Tower One has been an outstanding success in terms of the rapid take-up of space, reaching 100 percent committed occupancy within three months of practical completion.
“Net rents achieved have ranged from $350 per sqm net to $365 per sqm net,” he said.
"The tenant mix was largely characterised by the property and retail sectors, including Colliers International's south-east office and the tower owners themselves, Gandel Group and Vicinity Centres.
“The Body Shop, Shaver Shop, Ricegrowers (SunRice) and Cotton On have gravitated toward the benefits of being closely located to their retail operations within Chadstone Shopping Centre,” he said.
Anneke Thompson, Colliers International’s national director for research, said strong demand in the inner-eastern suburbs had fuelled record effective rental growth.
“In the year to March 2017, effective rents have increased by 9.1 percent, the strongest increase we have seen since our data series began,” she said.
“Given the low supply levels in the immediate outlook, further increases are forecast and we expect to see an increase in effective rents of 9.0 percent during the next 12 months.”
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Chadstone Tower One reaches capacity nine months ahead of schedule

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Rents for skyscraper offices in Australian cities are rising faster than those in any other global city, according to the latest Skyscraper Index from Knight Frank.
The report examines the rental performance of commercial buildings over 30 storeys across the world.
Melbourne and Sydney grew the fastest among the cities surveyed at 11.0 percent and 10.1 percent respectively in the six months to Q4 2016, amid tightening vacancies and limited new supply.
In Sydney, stock withdrawals to accommodate the new Metro line and residential conversions are reducing the overall supply, while Melbourne had the strongest level of net absorption in 2016.
David Howson, head of office leasing at Knight Frank said Sydney’s office vacancy is at 6.2 percent, and is forecast to go as low as 3.5 percent in the next two years, with the current low vacancy and prospect of even lower vacancy driving rental increases now.
“The withdrawal of stock for Sydney is a major factor, with 239,057 sqm of stock removed from the market during 2016 for either refurbishment or permanent withdrawals – largely for conversion to residential or hotel use, and recycling of sites to future office developments," he said.
"An example of this is 301 George Street, in which 11,500 sqm is being demolished to make way for the Wynyard Place development.
"The Metro project will also trigger significant withdrawals of space, mostly in 2017, accounting for some 62,000 sqm along, and this will be a major contributor to the further 102,289 sqm of Sydney CBD office stock to be withdrawn this calendar year.
"While recent new supply has been high, largely driven by the Barangaroo developments, this has been largely balanced by the withdrawals.
"The next two years of supply is only modest, and the total stock of the CBD is expected to decline over this period.
"However, there is a very strong supply cycle building for 2020 and beyond.Net absorption of office space in the CBD is also high driven by buoyant financial and construction sectors.
“In Melbourne, the vacancy rate is at 10-year lows at 6.4," Mr Howson added.
"Unusually for Melbourne in recent years, the level of new stock additions will be lower in the next 24 months at 113,242 sqm or 1.3 percent stock growth per annum.
"This is well below the long term average of 3.6 percent per year.
"The Victorian economy is currently the strongest in Australia, and is supported by high population growth into Melbourne of 2 percent, which is boosting the underlying demand for office space.
"With the vacancy rate expected to head towards 4 percent in the next year, the upwards pressure on rents will remain.
"However it should be remembered that across the market as a whole, there is still a large price gap between the Sydney and Melbourne markets with gross effective prime rents in Sydney currently at a 60% premium to those in Melbourne."
Knight Frank’s latest research shows rents in Hong Kong’s skyscrapers continue to be the highest in the world by some margin, reaching $302.67 per sq ft in H2 2016.
New York retains its second position, where skyscraper rents are currently $159.00 per sq ft.
In Europe, skyscraper rents in London have remained stable at $104.56 per sq ft in the second half of 2016.
Of the North American cities, Toronto saw the highest rental growth at 4.7 percent.
In many Southeast Asian markets such as Shanghai, Singapore and Seoul, rents have trended down by 2.0 percent, 4.2 percent and 4.8 percent respectively, highlighting heightened economic uncertainty and a cautious business outlook.
Dan Gaunt, head of Knight Frank's city agency said despite uncertainty following the Brexit-vote, rents in London’s skyscrapers remain significantly higher than those in other major European cities.
"Demand for space in the Capital’s landmark tall buildings shows little sign of diminishing and we see rents remaining at their current level through 2017,” he said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/11/TheShard_REM2.jpg" alt="">
James Roberts, Knight Frank's chief economist said the strong performance for Melbourne and Sydney reflect local market factors.
"If we set those cities to one side, the general picture from the latest Skyscraper Index is flat growth, which reflects the nervousness in most office markets in the second half of last year over political risks, like Brexit and the US election," he said.
"However, in 2017 the tone of global economic news is improving, and both Brexit and the Trump government have not had the negative impact on growth that was initially feared.
"When we compile the next skyscraper index in the summer, I expect to see more cities reporting rental growth in tower buildings.”
<table border="1" cellspacing="0" cellpadding="0" align="left"><tbody>
<tr>
<td valign="top" nowrap width="50">
Ranking
</td>
<td valign="top" nowrap width="127">
Prime office rents for upper floors in skyscrapers
</td>
<td valign="top" nowrap width="107">
Rent (US$ / sq ft / per annum)
</td>
<td valign="top" nowrap width="99">
% growth in six months to Q4 2016*
</td>
<td valign="top" width="147">
Rent (US$ / sq m/ per annum)
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
1
</td>
<td valign="top" nowrap width="127">
Hong Kong
</td>
<td valign="top" nowrap width="107">
$302.67
</td>
<td valign="top" nowrap width="99">
0.6%
</td>
<td valign="top" nowrap width="147">
$3,257.93
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
2
</td>
<td valign="top" nowrap width="127">
New York (Manhattan)
</td>
<td valign="top" nowrap width="107">
$159.00
</td>
<td valign="top" nowrap width="99">
0.6%
</td>
<td valign="top" nowrap width="147">
$1,711.46
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
3
</td>
<td valign="top" nowrap width="127">
Tokyo
</td>
<td valign="top" nowrap width="107">
$134.39
</td>
<td valign="top" nowrap width="99">
1.1%
</td>
<td valign="top" nowrap width="147">
$1,446.57
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
4
</td>
<td valign="top" nowrap width="127">
San Francisco
</td>
<td valign="top" nowrap width="107">
$113.00
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$1,216.32
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
5
</td>
<td valign="top" nowrap width="127">
London (City)
</td>
<td valign="top" nowrap width="107">
$104.56
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$1,125.51
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
6
</td>
<td valign="top" nowrap width="127">
Sydney
</td>
<td valign="top" nowrap width="107">
$97.34
</td>
<td valign="top" nowrap width="99">
10.1%
</td>
<td valign="top" nowrap width="147">
$1,047.78
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
7
</td>
<td valign="top" nowrap width="127">
Boston
</td>
<td valign="top" nowrap width="107">
$77.00
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$828.82
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
8
</td>
<td valign="top" nowrap width="127">
Shanghai
</td>
<td valign="top" nowrap width="107">
$67.81
</td>
<td valign="top" nowrap width="99">
-2.0%
</td>
<td valign="top" nowrap width="147">
$729.92
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
9
</td>
<td valign="top" nowrap width="127">
Singapore
</td>
<td valign="top" nowrap width="107">
$63.64
</td>
<td valign="top" nowrap width="99">
-4.2%
</td>
<td valign="top" nowrap width="147">
$684.97
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
10
</td>
<td valign="top" nowrap width="127">
Chicago
</td>
<td valign="top" nowrap width="107">
$61.00
</td>
<td valign="top" nowrap width="99">
3.4%
</td>
<td valign="top" nowrap width="147">
$656.60
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
11
</td>
<td valign="top" nowrap width="127">
Beijing
</td>
<td valign="top" nowrap width="107">
$59.84
</td>
<td valign="top" nowrap width="99">
-1.3%
</td>
<td valign="top" nowrap width="147">
$644.10
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
12
</td>
<td valign="top" nowrap width="127">
Paris (La Défense)
</td>
<td valign="top" nowrap width="107">
$53.83
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$579.46
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
13
</td>
<td valign="top" nowrap width="127">
Frankfurt
</td>
<td valign="top" nowrap width="107">
$52.85
</td>
<td valign="top" nowrap width="99">
5.9%
</td>
<td valign="top" nowrap width="147">
$568.92
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
14
</td>
<td valign="top" nowrap width="127">
Mumbai
</td>
<td valign="top" nowrap width="107">
$52.67
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$566.98
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
15
</td>
<td valign="top" nowrap width="127">
Melbourne
</td>
<td valign="top" nowrap width="107">
$50.89
</td>
<td valign="top" nowrap width="99">
11.0%
</td>
<td valign="top" nowrap width="147">
$547.74
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
16
</td>
<td valign="top" nowrap width="127">
Toronto
</td>
<td valign="top" nowrap width="107">
$49.74
</td>
<td valign="top" nowrap width="99">
4.7%
</td>
<td valign="top" nowrap width="147">
$535.41
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
17
</td>
<td valign="top" nowrap width="127">
Los Angeles
</td>
<td valign="top" nowrap width="107">
$46.00
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$495.14
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
18
</td>
<td valign="top" nowrap width="127">
Dubai
</td>
<td valign="top" nowrap width="107">
$43.55
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$468.79
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
19
</td>
<td valign="top" nowrap width="127">
Taipei
</td>
<td valign="top" nowrap width="107">
$38.59
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$415.39
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
20
</td>
<td valign="top" nowrap width="127">
Madrid
</td>
<td valign="top" nowrap width="107">
$36.41
</td>
<td valign="top" nowrap width="99">
0.0%
</td>
<td valign="top" nowrap width="147">
$391.92
</td>
</tr>
<tr>
<td valign="top" nowrap width="50">
21
</td>
<td valign="top" nowrap width="127">
Seoul
</td>
<td valign="top" nowrap width="107">
$29.93
</td>
<td valign="top" nowrap width="99">
-4.8%
</td>
<td valign="top" nowrap width="147">
$322.19
</td>
</tr>
</tbody></table>
 
 
 
 
 
 
 
 
 
 
 
 
 
 Source: Knight Frank, Newmark Grubb Knight Frank, Sumitomo Mitsui Trust Research Institute          
* Excludes exchange rate effects; conversion to US$ based on 31 December 2016 rates                   
Note: Upper floors is defined as above the regular skyline, thus offering panoramic views, but excluding the very top floors.                           
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Australian markets have witnessed the fastest rental growth for offices in skyscrapers

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A Heidelberg corner site leased to Bendigo Bank has been sold at auction for $5.302 million, reflecting a 3.4 percent yield and a land rate of around $7,470 per sqm.
The 710sqm property, 164-166 Burgundy Street, is zoned Commercial 1 and subject to a development overlay for a development of six-to-eight levels comprising 30-plus apartments above ground floor retail.
Fitzroys agent Chris James said several buyer groups fought out the auction for nearly an hour.
“The successful purchaser fought off other local and offshore investors including parties from Singapore and Hong Kong, as well as a number of development groups,” he said.
“The attention of overseas buyers is now firmly focused on the Melbourne and Sydney commercial markets given the penalties imposed by regulators on overseas investors acquiring residential properties,” he said.
“The eventual buyer was comforted by the fact that although they are an investor that now owns a bank site with a secure income, there is an opportunity at some time in the future to undertake a substantial development project on one of the suburb’s most prominent corners and in an area that increasingly embracing medium and high-density living.”
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Investor banks on Heidelberg corner site

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The latest research from St Kilda Road Cityscope shows commercial property sales activity decreased in the past three months.
Sales recorded in the quarter ending April 2017 totalled $294.1 million from 367 sales, a decrease from the 162 sales totalling $409.5 million recorded to January 2017.
This data brings the 12-month total to $879.5 million from 747 sales, a slight increase from the $808.1 million from 709 sales recorded over the previous year.
The table below shows sales recorded for the past eight updates of St Kilda Road Cityscope.
<a href="https://www.propertyobserver.com.au/images/2017/04/12/Screen%20Shot%202017-04-12%20at%207.26.19%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/12/Screen%20Shot%202017-04-12%20at%207.26.19%20pm.jpg" alt="">
Recent standout sales in St Kilda Road include:
<ul>
<li>NLC Building at 102 Albert Road, South Melbourne, a six-storey office building with parking space for 106 cars on a site of 1,850 sqm, which was bought for $24.4 million;</li>
<li>9-11 Palmerston Crescent, South Melbourne, a two-storey concreate office building with five car parking spaces to the rear on a site of 488 sqm, which was bought for $5.5 million;</li>
<li>Unit 3401 of Royal Domain Tower, at 368 St Kilda Road, Melbourne, a three bedroom easterly apartment located on level 34 of a 42-storey residential building completed in 2006, including two car parking spaces which were bought for approximately $3.36 million.</li>
</ul>
<a href="https://www.propertyobserver.com.au/images/2017/04/12/Screen%20Shot%202017-04-12%20at%207.26.50%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/12/Screen%20Shot%202017-04-12%20at%207.26.50%20pm.jpg" alt="">
Properties for sale in St Kilda Road in April 2017 include:
<ul>
<li>Units 706, 708, 709 and 710 of The Jewel, at 566 St Kilda Road, Melbourne, four commercial suites located on level seven of an eight-storey office building with two levels of underground parking, through Prime Property Partners Australia;</li>
<li>Unit 403 at 434 St Kilda Road, Melbourne, a 63 sqm commercial suite located on level four of a seven-storey office building with basement and ground floor parking for 75 cars constructed in 1971, through CVA Property Consultants.</li>
</ul>
Significant leasing opportunities in St Kilda Road in April 2017 include:
<ul>
<li>Tabcorp Building at 4-6 Bowen Crescent, Melbourne, a 14-storey office building with 5-level car parking area providing a total of 200 spaces, which has office space ranging from 1,000 to 8,225 sqm available through JLL Melbourne;</li>
<li>Ansvar House at 432 St Kilda Road, Melbourne, a 13-storey office building with a 2-level, 124-space basement parking, which has office space ranging from 265 to 1,474 sqm available through JLL Melbourne; and</li>
<li>VACC House at 464-466 St Kilda Road, Melbourne, a three and eight-storey office building designed in a stepped form with car parking for about 180 cars, which has office space ranging from 340 to 2,726 sqm available through Cushman &amp; Wakefield.</li>
</ul>
A wave of residential conversion activity in the St Kilda Road precinct over the past two years has revitalised the suburb’s office market, with secondary stock replaced by an injection of fresh retail amenity according to CBRE Viewpoint.
It noted the future of office in the St Kilda Road precinct with the impact the withdrawal of 51,500sqm office accommodation for residential conversion has had over the past two years.
Over the past five years, prime vacancy in St Kilda Road has trended downwards off a peak of 14.2% in 2011, with a prime vacancy of 6.0% currently below the CBD average of 6.5%.
The decline in vacancy, coupled with growing tenant demand, helped drive a 2.5% increase in rents over 2016 and drop in incentives to 22%.
CBRE Advisory &amp; Transaction Services – Office, Director, Anthony Park said the absorption of secondary assets in St Kilda Road had helped bring new life to the precinct.
“Furthermore as secondary office buildings are withdrawn from the market, it has forced remaining building owners to improve their assets to ensure they are well placed to meet the demands of the modern occupier.
“These improvements combined with the tightening of the market have seen solid face rent growth and the pulling back of incentive levels - resulting in healthy effective rental growth.”
The report shows two diverging stories between St Kilda Road’s prime and secondary grade office however, with the latter recording 17.2% vacancy.
CBRE Senior Research Analyst Anne Flaherty said a flight to quality and increased affordability of space in the CBD had supported the rise in secondary vacancy.
“Over the past five years, the additional cost to rent secondary grade space in the CBD over St Kilda Road has trended downwards,” Ms Flaherty said.
“However, this has also provided greater opportunities for developers, with 90% of the total 85,400sqm withdrawn over the past decade considered to be secondary space.”
Over the next three years, eight office buildings with a combined 56,000sqm of space will be withdrawn from St Kilda Road for residential conversion.
Despite the precinct seeing further withdrawals over the coming years, it would remain a key commercial office hub.
“A growing labour force, combined with shrinking supply should help to support lower vacancy and rent growth in the St Kilda Road market over the next five years,” Ms Flaherty added.
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St Kilda Road commercial property update: Cityscope

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A long-standing motel in Brisbane’s inner suburb of Hamilton has been sold through Savills for an undisclosed sum, although the transaction is believed to be around $2.5 million.
The Kingsford Riverside Inn at 114 Kingsford Smith Drive comprises 25 rooms, a manager’s residence, reception area and other utilities. The 3 Star rated motel is also conveniently located opposite a 24 hour service station.
The four-storey motel was built in 1957 and has been owned and operated for the past 17 years by a local Brisbane couple who are now heading for retirement. It was bought for $450,000 by Daniel and Jane Doyle, according to CoreLogic RP Data.
The freehold motel property is set on an area of 663 sqm. 
The sale to private Sydney-based buyer was brokered by Nic Simarro and Tim Packman of Savills. 
The new owners have promised an extensive refurbishment, according to The Courier Mail.
Simarro said the property attracted much buyer interest due to its prominent high-exposure location on Kingsford Smith Drive. It is close to the airport and Brisbane CBD.
“Given the location, substantial landholding and favourable zoning, the property provides excellent medium-term redevelopment potential,” Simarro said.
Packman said the riverside setting provides panoramic views of the Brisbane River.
He said the site is prime for repositioning as it is zoned ‘High Density Residential (Up to 8 Storeys)’ and provides an opportunity for future redevelopment, subject to Council approval. 
“The underlying land rich nature of the site presents great flexibility in future uses to capitalise on the high level of infrastructure and development activity in the surrounding area,” Packman said.
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Landmark riverside motel in Brisbane’s Hamilton sold through Savills 

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A semi-built development site in Katoomba is for sale for the third time in four years.
It has remained <a href="https://www.realestate.com.au/property-house-nsw-katoomba-125214902" target="_blank">half built since at least 2012</a>, according to its prior marketing.
The property on just over one hectare was bought by Zetland based BM Unit Developments, who paid $1.8 million in 2014.
It's been heavily traded among development groups, selling for $1.45 million in 2008 and $1.5 million in 2013 prior to the 2014 sale.
The sale through Matthew Gale and Colleen Stockley at McGrath Wentworth Falls/Leura comes with council approval for 21 self care retirement villas.
They have a $2 million to $2.2 million price guide for its May 20 auction.
Numerous dwellings are at various stages of construction, some only at the foundations stage.
The derelict Gracehill Lodge sits on the parcel.
Sandstone gate piers lie at the entrance and timber rails frame the property that overlooks Jamison Valley.
It's a gabled single-storey four bedroom home that sits at the end of a tree lined, stone edged driveway.
</body></html>

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