National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

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The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

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Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

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Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

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Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

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Joel Robinson

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 52-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

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Developer Bensons Property Group is behind the 52-storey tower, which has just shy of 250 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

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One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

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There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

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.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> 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 <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> 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.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"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.

[smartcode_project:default project_id=150017 project_image_fid=374054]

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 <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, 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]

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.

[smartcode_project:default project_id=426 project_image_fid=359199]

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.

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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."

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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."

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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."

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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

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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A Chinese BBQ restaurant will open up in a High Street building in Preston, following a deal negotiated by Fitzroys.
The two-level, 355 square metre 449 High Street building has a ground floor area of 280 square metres and first floor of 75 square metres.
Terence Yeh struck the terms of the deal with North China BBQ at $108,000 per annum plus outgoings and GST on behalf of a private owner.
Yeh said the property presented a very rare opportunity for a business to a gain a presence in a popular and tightly held area.
“Enquiry came from a range of operators who all recognised the scarcity of this type of offering, including banks, hospitality businesses and service retailers,” he said.
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j.ballantyne1990-6AQqhLzZaK

Chinese BBQ has a taste for Preston

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There has been an increase in the number of shopping centres having some form of casual leasing, according to JLL’s latest retail report.
This annual report highlights the retail market industry and the views of retail centres managers view points on how the retail industry is doing.
Casual mall leasing is an important element in shopping centres with 91% of centres surveyed indicating having some form of casual leasing, up from 86% in the previous survey conducted in August 2016.
Vending machines remain the most common form of casual mall leasing closely followed by casual retailers, media advertising and “kiddie rides”.
Casual leasing is a small but important means of generating additional income for landlords, with many centres having budgets to meet from this revenue source.
Casual mall retailers, or “pop-up” retailers, were identified in 57% of centres, often occupying vacant tenancies or kiosks.
Some respondents indicated success in converting casual retailers into permanent tenants, which has been a positive outcome for the centre as well as the tenant.
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Table%203.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/2017/03/30/Table%203.jpg" alt="">
60% of respondents indicated that their centres had current opportunities for casual mall leasing and 57% indicated they had received enquiries for casual leasing over the last six months.
This is down on enquiry levels for the six months to June 2016 (68%) although the report notes that centres with enquiry indicated their level of interest had increased.
The most common enquiry came from charity organisations, with 39% of centres indicating they had received enquiries from such groups over the last six months.
Of the retail enquiries, giftware and fashion were the two largest groups.
The level of enquiry from food and beverage operators was relatively low despite this category dominating overall tenant enquiry in centres.
Food and beverage operators are more willing to make the permanent commitment up-front while fashion and giftware operators have either short-term needs or desire to test the market first.
The low upfront costs offered by casual leasing provides such an opportunity.
<a href="https://www.propertyobserver.com.au/images/2017/03/30/Table%204.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/2017/03/30/Table%204.jpg" alt="">
Other enquiries have come from a range of local businesses, services and sporting groups.
This brings an element of the local community into shopping centres, and helps to build the centre’s attraction as a community hub.
There is a continued need for a balance between providing opportunities for new and exciting tenants that may invigorate a mall and ensuring the mall remains pleasant to customers.
Quality of presentation and aggressive “pledge” operators remain the major concerns that need addressing.
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Number of Australian retail centres with casual leasing increases: JLL

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At its April meeting today the Board decided to leave the cash rate unchanged at 1.50 percent. They have been unchanged since last August.
The board warned growth in household borrowing, largely to purchase housing, continues to outpace growth in household income.
"By reinforcing strong lending standards, the recently announced supervisory measures should help address the risks associated with high and rising levels of indebtedness. Lenders need to ensure that the serviceability metrics that they use are appropriate for current conditions.
"A reduced reliance on interest-only housing loans in the Australian market would also be a positive development," it noted.
Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.
 
CoreLogic head of research Tim Lawless said it was widely anticipated the Reserve Bank would keep the cash rate on hold, adding the RBA would be loath to push rates lower out of concern for adding further fuel to an already over heated housing market.
"They aren’t likely to push rates higher just to quell housing market exuberance; doing so could push inflation lower and the Australian dollar higher as well as cancel out some of the much needed stimulus that many sectors of the economy are benefitting from," he said.
"On the other hand, the RBA would be loath to push rates lower out of concern for adding further fuel to an already over heated housing market.
"With the cash rate likely to remain on hold, at least for the remainder of the year, it’s looking increasingly like other factors will be necessary to undertake the heavy lifting required to bring about a housing market slowdown. 
"Mortgage rates have been rising despite the steady cash rate, which will act as a disincentive to market demand. 
"The combination of higher mortgage rates, as well as firmer policy settings from APRA around investment lending, more scrutiny from ASIC on lending behaviour and tighter internal lending policies for the banking sector are likely to take some heat out of investment demand. 
"Additionally, market driven factors including high apartment supply, record low rental yields and affordability constraints should gradually contribute to slower housing market conditions. 
"If the housing market continues to accelerate despite these combined factors, there is a very high likelihood of further policy announcements that will more firmly muffle investment demand. 
Importantly, policy makers don’t want to dent investor demand so severely that unit settlements are adversely affected.  With more than 150,000 units currently under construction nationally, much of this new unit supply will be reliant on investor demand to be absorbed. 
"If lending conditions are too strict for this sector of the market, the risk of investors not being able (or willing) to settle will be heightened."
The vast majority (37 of 38) of experts and economists from the finder.com.au RBA survey accurately tipped the cash rate would remain unchanged today.
Some 86 percent of the 36 experts who opted in to this question believing the next rate move will be up; this has risen from 68 percent of panelists last month.
Graham Cooke, Insights Manager at finder.com.au, said out-of-cycle rate hikes have characterised the home loan market in recent months.
“It’s likely that some time will lapse before the Reserve Bank increases the cash rate so banks have taken matters into their own hands," he said.
“This year, out-of-cycle rate increases have become the norm with several banks raising rates for both variable and fixed products."
"When asked about recent out-of-cycle rate hikes, most experts and economists (69 percent) believe these hikes will allow the Reserve Bank to hold off for longer before adjusting the cash rate.
“While recent independent rate rises have been unpopular with homeowners, it’s likely the banks have given the RBA breathing space to hold out longer before making a move.
“We’re expecting the Reserve Bank to stay in it’s ‘wait and see’ mode for the foreseeable future,.
Seven out of 10 experts and economists think Sydney and Melbourne aren’t currently in a property ‘bubble.’
Shane Oliver from AMP Capital said “Yes, the Sydney and Melbourne property markets are overvalued, hot and unsustainable but this does not mean a 20% plus generalised crash is inevitable.”
When experts were asked about the top issues they’d like to see addressed in this year’s budget, housing affordability was the number one issue.
What finder.com.au experts had to say:
 Jordan Eliseo, ABC Bullion (Hold): "The RBA has made it clear they are reticent to cut rates further, despite economic conditions that we'd characterise as soft on the whole."
Shane Oliver, AMP Capital (Hold): "Underlying inflation risks staying below target for longer and the Australian Dollar is too high, but growth is ok. National income is rising and the Sydney and Melbourne property markets are too hot. So best to stay on hold."
John Hewson, Australian National University (Hold): "There’s Insufficient evidence of the economy slowing and they’re waiting for the Budget"
Alison Booth, Australian National University (Hold): "I think the RBA will hold the cash rate owing to the stability of the key macroeconomic indicators."
Darryl Gobbett, Baillieu Holst (Hold): "RBA has more concern about the systemic issues with higher debt likely to result from lower interest rates than it sees benefits from lower interest rates."
Richard Robinson, BIS Oxford Economics (Hold) : "Although domestic economy is still weak and the Australian Dollar is tracking too high, the overheating residential property market precludes a cut to rates. A rate cut would help put downward pressure on the Australian dollar.”
Michael Blythe, CBA (Hold): "[Current issues include] low inflation and housing concerns." Savanth Sebastian, CommSec (Hold): "The RBA is comfortable how the economy is evolving.
Rate cuts are not on the agenda and inflation remains contained."
Dr Andrew Wilson, Domain Group (Hold): "No real case for change this month, steady as she goes but economy still needs work - and Budget looming."
Saul Eslake, Economist (Hold): "Notwithstanding the most recent labour force data, which were disappointing, there is no compelling reason for the RBA to think that its most recent forecasts need to be revised down, or that monetary policy settings need to be eased further. On the contrary, the recent renewed strength in property investment lending is a strong argument against further easing - even if it doesn't constitute a case, on its own, for an immediate tightening."
Dr Mark Brimble, Griffith Uni (Hold): "The economy is still struggling to gather momentum with employment weakening and inflation lack luster. Confidence is also below trend. Financial Institutions have also been raise rates out of cycle and thus have increased pressure on the economy."
Peter Haller, Heritage Bank (Hold): "There is nothing in the underlying economic data to justify a change in rates."
Shane Garrett, Housing Industry Association (Hold): "The bank will see no pressing need for an interest rate change at this stage. Economic growth is performing reasonably well in most areas and inflation is not yet a threat."
Alex Joiner, IFM Investors (Hold): "No compelling shift in data or outlook justifies rates being kept on hold."
Robert Montgomery, Infrastructure Partnerships Australia (Hold): "The RBA will wait for more movement in underlying economic indicators."
Michael Witts, ING Bank (Hold): "No drivers have been identified that would suggest that the RBA is looking at changing the absolute level of the cash rate in the immediate period ahead."
Nicholas Gruen, Lateral Economics (Hold): "It's been telegraphed and they don't like changing rates unless they feel obliged to."
Leanne Pilkington, Laing+Simmons (Hold): "Not enough has changed in an economic sense since the RBA met in early March. The main indicators suggest any increase in rates in the near term could put undue pressure on markets and consumers."
Lynne Jordan, Liberty (Hold): "Household debt levels, low wage growth, active property investors and a weak inflationary environment still present a major policy challenge for the RBA. I don’t think we’ll know exactly when the RBA’s next move will be until CPI data comes out at the end of April. If Inflation has gone up, we lean closer towards the rate increase many economists have predicted. But if it is the same or lower, the RBA will likely hold the cash rate and remain in the same predicament it has been for the past few months – that investors will continue to make the most of low interest rates and drive up prices, which could result in household debt levels increasing even further."
Matthew Tiller, LJ Hooker (Hold): "There has been little discernible change[to] economic indicators since the last RBA meeting. GDP has rebounded, inflation remains soft and employment growth has kept ticking over. The east coast housing markets remain strong and continues to be of concern to the RBA, especially when factoring the recent rises in mortgage rates from the majority of banks. These factors combined should see the RBA hold rates steady this month and over the short term."
Stephen Koukoulas, Market Economics (Hold) : "It has an unhealthy emphasis on Sydney and Melbourne housing which is preventing it from cutting interest rates."
John Caelli, ME (Hold): "Risks to house prices outweigh concerns about low inflation in the short term"
Michael Yardney, Metropole Property Strategists (Hold): "Underlying economic growth, though a little better than the previous quarter, is still weak but the RBA can't cut rates because of its concern regarding the strength in the Melbourne and Sydney property markets"
Mark Crosby, Monash University (Hold): "The well telegraphed Fed rate rise is consistent with more normal US growth, and outside Europe and Japan the global environment is reasonably benign. The case for a rate rise is not yet strong enough to justify moving rates up, but further Fed rises later this year should lead the RBA to consider increasing rates in H2."
Emily Dabbs, Moody's Analytics (Hold): "Inflation pressures are starting to build, but the domestic demand remains constrained by high underemployment. The central bank is keeping a close watch on the hot housing property, and further easing is unlikely while household debt continues to grow strongly. "
Jessica Darnbrough, Mortgage Choice (Hold): "I think the Reserve Bank will once again take a wait and see approach to interest rates. At present, there is nothing in the global or domestic economies that would push the Board to change their current stance on monetary policy. "
Christopher Schade, MyState Bank (Hold): "The hurdle for another cut is high. While inflation remains subdued, and the outlook for economic growth over the next year couple of years slightly below trend, interest rate settings in Australia are very accommodative and remain appropriate at their current level."
Alan Oster, NAB (Hold): "[The RBA is] still watching."
Jonathan Chancellor, Property Observer (Hold): "No need for any decision but hold. This year has seen continued upwards pressure on Sydney and Melbourne house prices, but standby for a shift given the continued regulatory measures and out of cycle bank rate hikes."
Matthew Peter, QIC (Hold): "The hot state of the housing market will keep the RBA from cutting rates, while the tepid recovery in the economy and lack of wage growth and core inflation will keep the RBA from raising rates - RBA on hold through 2017 and the first half of 2018."
Noel Whittaker, QUT (Hold): "No reason to move either way."
Janu Chan, St.George Banking Group (Increase): "The RBA is needing to balance a mixed outlook for the domestic economy and risks in the housing market. It suggests that the RBA will likely remain on hold in coming months."
Steven Milch, Suncorp (Hold): "Low inflation is being balanced by sound growth and a buoyant property market."
Brian Parker, Sunsuper (Hold): "Little change in the growth or inflation outlook from the previous meeting."
Clement Tisdell, UQ-School of Economics (Hold): "No indication from the governor of the Bank of a change."
Nicki Hutley, Urbis (Hold): "RBA does not want to exacerbate house price growth." Bill Evans, Westpac (Hold)
Christine, Williams (Hold): "[The] employment rate has stayed the same with a mixture of casual and part time work employment No new full time work offered. Resources have not increased. With Cyclone Debbie's aftermath and the expectation of food rice increases this would not be the month to increase rates."
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jonathanchancellor-7SQnKwU6yx

Less interest-only would be positive development: RBA warns as it holds rates again at April 2017 meeting 

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Statement by Philip Lowe, Governor: Monetary Policy Decision
At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 percent.
Conditions in the global economy have improved over recent months. Both global trade and industrial production have picked up. Labour markets have tightened in many countries. Above-trend growth is expected in a number of advanced economies, although uncertainties remain. In China, growth is being supported by higher spending on infrastructure and property construction. This composition of growth and the rapid increase in borrowing mean that the medium-term risks to Chinese growth remain. The improvement in the global economy has contributed to higher commodity prices, which are providing a significant boost to Australia’s national income.
Headline inflation rates have moved higher in most countries, partly reflecting the higher commodity prices. Core inflation remains low. Long-term bond yields are higher than last year, although in a historical context they remain low. Interest rates have increased in the United States and there is no longer an expectation of additional monetary easing in other major economies. Financial markets have been functioning effectively.
The Australian economy is continuing its transition following the end of the mining investment boom. Recent data are consistent with ongoing moderate growth. Most measures of business confidence are at, or above, average and non-mining business investment has risen over the past year. At the same time, some indicators of conditions in the labour market have softened recently. In particular, the unemployment rate has moved a little higher and employment growth is modest. The various forward-looking indicators still point to continued growth in employment over the period ahead. Wage growth remains slow.
The outlook continues to be supported by the low level of interest rates. Lenders have recently announced increases in mortgage rates, particularly those paid by investors. Financial institutions remain in a good position to lend. The depreciation of the exchange rate since 2013 has also assisted the economy in its transition following the mining investment boom. An appreciating exchange rate would complicate this adjustment.
Inflation remains quite low. Headline inflation is expected to pick up over the course of 2017 to be above 2 per cent. The rise in underlying inflation is expected to be a bit more gradual with growth in labour costs remaining subdued.
Conditions in the housing market continue to vary considerably around the country. In some markets, conditions are strong and prices are rising briskly. In other markets, prices are declining. In the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years. Growth in rents is the slowest for two decades.
Growth in household borrowing, largely to purchase housing, continues to outpace growth in household income. By reinforcing strong lending standards, the recently announced supervisory measures should help address the risks associated with high and rising levels of indebtedness. Lenders need to ensure that the serviceability metrics that they use are appropriate for current conditions. A reduced reliance on interest-only housing loans in the Australian market would also be a positive development.
Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.
Philip Lowe's statement was first published on <a href="https://www.rba.gov.au/media-releases/2017/mr-17-07" target="_blank">The RBA website here.</a>
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jchancellor-FAypfDUnLy

Borrowing outpacing household incomes: RBA Governor Philip Lowe's April 2017 statement

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A fully leased medical centre in Brisbane’s inner suburb of Nundah has sold for $6.6 million through Savills.
Nundah Medical Centre at 1220 Sandgate Road is on a 2,042 sqm corner site.
It was purchased by Heathley Limited for the Heathley Direct Medical Fund which secures medical properties throughout Australia. 
The on-market campaign realised an initial yield of 6.5 percent.
It sold through Savills agents Jack Morrison and Peter Chapple on behalf of a private investor.
“Heathley are highly experienced in the area of medical property investment and will draw on their extensive expertise in medical based property assets to continue to bolster the fundamentals of 1220 Sandgate Road long into the future,” Morrison said.
The site has long-term development potential in a rapidly gentrifying Northside precinct, according to the agents.
“The property attracted an unprecedented level of interest as many see Nundah as a premier investment area with an abundance of potential for future growth,” said Chapple.
The location is close to the Brisbane CBD, airport and is well serviced by transport.  
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Heathley Direct Medical Fund secures Nundah medical centre

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A standalone office building in South Melbourne has sold for $5.5 million.
 The freehold building at <a href="https://www.realcommercial.com.au/property-offices-vic-south+melbourne-502307034" target="_blank">9-11 Palmerston Crescent</a> was sold with vacant possession having last traded for $1.1 million in 2008.
Its land area is 476 sqm with a floor area of 711 sqm.
The two-level fitted office building has potential for further development subject to council approval.
The zoning is Commercial 1. 
It is close to the new Domain train station. 
The selling agents were Michael Ryan, James Gregson and Joseph Walton of Allard Shelton.
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Office building in South Melbourne with development potential changes hands for $5.5 million

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A Woolworths/Caltex Service Station and convenience store in NSW’s Lower Hunter Valley has sold recently for $1,162,000 at auction.
The service station at <a href="https://www.commercialrealestate.com.au/property/54-ken-tubman-drive-maitland-nsw-2320-2013419286" target="_blank">54 Ken Tubman Drive</a> in Maitland opened circa 2006.   The lease on it has been renewed for five years to 2021 with two further options for renewals. 
It last sold for $795,000 in 2011.
Woolworths Caltex is a joint venture between Caltex Australia and Woolworths Limited with mor than 600 outlets.
The property is easy to manage as it is a single-tenant investment. 
Its current rent is $76,110.90 p.a. plus GST. 
The land area is 1546 sqm.
Maitland is a two-hour drive on the F3 north of Sydney. The property is close to the Maitland CBD and has good traffic exposure.
The selling agent was Jackie Wang of Raine &amp; Horne.
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Woolworths Caltex service station in Lower Hunter Valley fetches $1.16 million at auction

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Office leasing figures for Melbourne’s CBD jumped nearly 128 percent over the 12 months to March with the lion’s share bagged by government, according to preliminary data from Savills research.
The government and community sector drove the leasing surge, taking 38 percent of the space. 
Population growth and infrastructure projects have also been important market drivers. Savills associate director of Research, Monica Mondkar, said 569,810 square metre of leasing activity was recorded in the Central Melbourne office market in the last 12 months. 
“This is up 128 percent on the 250,000 square metres leased in the 12 months prior, and also up on the five-year average of 269,943 square metres, so these are quite remarkable figures in anybody’s language,’’ Mondkar said.
The Government &amp; Community sector was the dominant sector leasing 224,906 square metres, 83 per cent of which was Prime Grade. Direct leases totalled 77,868 square metres, while 81,000 square metres was pre-committed. Public administration was the largest sub-sector accounting for 65 per cent of the space taken-up under the Government &amp; Community sector, followed by Education at 23 percent.
Property and Business services was the next largest leasing sector at 28 percent followed by IT and Communication at 15 per cent and Finance and Insurance at 13 percent.
A number of factors contributed to the massive rise in leasing such as renewal of government leases, consolidation of government departments, population growth, government infrastructure projects, staff retention and recruitment requirements, and efficiency gains, added Phil Cullity, director, Office Leasing. 
“Last year, net absorption was 117,000 square metres which smashed the 10-year, 86,000 square metre average and all indications are that we are in for another 12 months like that,” he said.
Developers are pushing ahead with new buildings especially with economic rents being achieved, he added.
<a href="https://www.propertyobserver.com.au/images/2017/03/29/MelbourneCBDLeasing.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/29/MelbourneCBDLeasing.png" alt="">
“Overall governments – state and federal – have underpinned the massive take up with population growth also an important part of the equation,” he said.
Government departments had not upgraded during the GFC years of 2008/2009/2010 because of fewer options to go to, and a lot of government leases recently came up for renewal at the same time.
“The state government, in particular, has been proactive in taking advantage of market conditions, locking in rents and incentives, before rents begin to rise,” he said.
“Governments now realise that, as they are in competition with the private sector for the best young talent, they must offer a similar level of accommodation and that includes the latest building services including end of trip facilities, meeting facilities, amenities and access to transport, cafes.’’
Government tenants were also increasingly mindful of the need for more efficient buildings in reducing costs. 
The Victorian government’s current infrastructure programme including level crossing removals, the Metro Tunnel and the Western Distributor, was also driving the overall leasing market as companies associated with these projects were also taking leases in their vicinity, Cullity said.
<a href="https://www.propertyobserver.com.au/images/2017/03/29/MelbourneCBDLeases.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/29/MelbourneCBDLeases.png" alt="">
Source: Savills Research # Renewals
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Melbourne CBD office leasing up 128 percent in 12 months, helped by government renting: Savills

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The returns from Australian office assets in 2016 were well above the historical benchmark, according to a new report by leading property services firm JLL.
Investors are now accepting that returns for core real estate will be broadly between 6.50 percent and 8 percent, said the Australian Office Investment Review and Outlook. 
Investor mandates were more diverse in 2016, with a movement of capital into suburban office markets due to the positive market fundamentals. 
JLL recorded $5.1 billion of transactions across non-CBD office markets, or 37 percent of total office sales in 2016. Historically, suburban markets have only accounted for around 30 percent of transaction volumes per annum.
Head of Office Investments – Australia, Rob Sewell said the firm’s analysis is pointing to another good year of returns for the Australian office market after 2016 levels were above historical benchmarks. 
“Investment mandates are diverse and over the first part of 2017 we have capital ready to be deployed across the risk spectrum,” said Sewell. 
JLL’s area-weighted Total Return Index (TRI) for CBD office markets increased by 12.6 percent in 2016. 
“We are currently in the midst of an unprecedented liquidity cycle, which is being expressed both by high levels of transaction volumes and the number of bidders on major assets.
“Total office volumes last year were curtailed by a lack of available product. Nevertheless, 2016 still ranked as the third highest year of record for volumes at $14.46 billion. The number of under-bidders on campaigns in 2016 across geographies were at elevated levels.  
<a href="https://www.propertyobserver.com.au/images/2017/04/4/Apr5CommPropChart1.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/04/4/Apr5CommPropChart1.png" alt="">
He said new pricing levels would increase vendor motivation, while liquidity would create an opportunity to divest large less liquid assets.
Offshore investors accounted for 42 percent of total office transactions in 2016 at $6.19 billion, with Chinese, Singaporean and US investors dominating the market.  
“The Australian office sector remains a beneficiary of the great portfolio tilt to real estate and the Asia Pacific region,” said JLL’s head of International Investments – Australia, Simon Storry.
“Our review of the spread between target and current allocations by offshore investors shows potential sources of capital in 2017 include South Korea, Hong Kong, Singapore and Germany,” said Storry.
<a href="https://www.propertyobserver.com.au/images/2017/04/4/Apr5CommPropChart2.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/4/Apr5CommPropChart2.png" alt=""> 
JLL’s Australian head of Research, Andrew Ballantyne said investors navigating the Australian office investment landscape have opportunities to satisfy diverse mandates. 
“Sydney and Melbourne can be classified as the high growth markets. Asset pricing is reflective of the strong rental growth outlook with prime net effective rents projected to rise by 34.9 percent in the Sydney CBD and by 18.7 percent in the Melbourne CBD from 2017 to 2019.”
“Brisbane and Perth offer counter-cyclical opportunities and are considered to the cheap side of fair value markets. Yield spreads to Sydney and Melbourne have widened beyond historical benchmarks and new sources of capital are exploring opportunities to gain exposure to a potential market recovery.
“Real estate investors have shown a bias for low risk assets. Adelaide and Canberra are the epitome of low risk with the volatility of returns typically lower through the cycle,” concluded Ballantyne. 
 
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Australian office investment returns above historical benchmark: JLL

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<img src="https://counter.theconversation.edu.au/content/73851/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVERS
Australia, one of the world’s most urbanised nations, is looking to up its investment in digital technologies to make our cities work better.
In coming months, tech companies, local governments and other eligible organisations will be teaming up to apply for round one of the federal government’s A$50 million Smart Cities and Suburbs Program. The program is seeking ideas for prototypes and platforms that can help solve a local urban challenge of some kind.
As the draft guidelines suggest, project funding could be used for anything from managing waste better, making local precincts more liveable, or helping citizens become more engaged with their councils, to developing systems that help planners better predict local development impacts.
Compared to other areas of federal infrastructure spending – like roads – $50 million for smart city investments may not sound like much. But it’s a bit of a windfall for an area that has struggled to get off the ground in Australia for the past few years.
Australia has been in no hurry to become smart. Overseas, many cities have put significant effort into building their profile as smart cities. They have invested in technology acceleration, data analytics, visualisation and instrumentation programs, and so on.
Before launching the federal program, Australia had made relatively few investments in smart city programs. Those investments remained relatively modest.
The benefits of not rushing in
In retrospect, perhaps this wasn’t such a bad thing. It’s now widely recognised that, despite the rhetoric of technology vendors, much of the early investment in smart cities failed to demonstrate significant benefits to cities and their citizens.
This period of “Smart Cities 1.0” investment was dominated by relatively small or experimental prototypes involving separate systems and infrastructures. Think a Cisco smart light trial, combined with a smart parking app. These have been small, interesting prototypes, but not necessarily generating the efficiencies and value sometimes claimed for smart cities.
Adelaide and Cisco have run a smart street lighting trial in the CBD.
The embrace of relatively small or experimental prototypes in Smart Cities 1.0 created vertical “data silos” and failed to scale or demonstrate real benefits. The emerging logic of “Smart Cities 2.0” is quite different. Smart Cities 2.0 investments focus on creating platforms for data access, sharing, re-use and inter-operability.
Part of the reason for this shift lies in the changing nature of the technologies themselves. Our urban environments are turning into landscapes populated by more and more connected “Things” equipped with many different sensors for data capture and analytics. This is driving a growing need for inter-operable platforms and standards that give more players wider access to city data.
A city that invests in these platforms can kick-start a wider technology ecosystem, enabling innovation in city services to thrive.
The emerging critical infrastructures for Smart Cities 2.0 are turning out to be city data markets, data exchanges, and data protocols, standards and specifications. These have been developed by groups like the Hypercat and LORA alliances.
It is becoming more clear that these infrastructures will require more strategic collaborations between governments, industry, communities, citizens and researchers.
Reinventing government as ‘a platform’?
For those of us who are happy to hear tech vendors talk about data sharing and open innovation, this all sounds great. We do hope some of this thinking makes its way into the funding of pilots and prototypes under the Smart Cities and Suburbs Program.
But we should be mindful here that what is perhaps most radical about this new phase is not the technologies themselves, but the way they are repositioning the role of government.
Governments are increasingly positioning themselves as the “platform” for wider innovation in data services. Australia’s Digital Transformation Office has embraced this idea of services “built on a shared (data) core”. Many other agencies are following suit.
But if cities “run on information” are going to make a real difference, we need to think about how these new platforms can be used to overcome the endemic governance challenges our cities face.
Major Australian cities are made up of a patchwork of local government areas overlaid with state and federal jurisdictions responsible for transport, education, health and so on. No single agency “runs” the city. Many of them even work against each other.
The result is that instruments for strategic planning, like the metropolitan strategy, have tended to remain relatively weak. Modelled on the Greater London Authority, the Greater Sydney Commission represents a shift towards metropolitan-scale governance. This creates an opportunity to scale up investments in data infrastructures, building scalable city-wide data architecture like the London Data Store.
Though we might not be able to solve the endemic challenges of patchwork municipal governance, we can encourage our city governments to invest in data-rich platforms to help foster data-driven collaborations and services that benefit our cities.
Responsive governance the key
The ingredients of a smart city include a raft of technology innovations, as well as a willingness to experiment with new ways of doing things.
Today’s Internet of Things technologies, data analytics platforms and sensor-enabled services are sure to deliver new ways to understand, visualise and analyse the nature and scale of many of our most pressing urban challenges.
But solving challenges such as waste management, urban liveability and land-use planning will require more than technology investments, data-capture services or digital prototypes. Solutions will also depend on effective long-term partnerships within and beyond government.
While the digital infrastructure is no doubt important, it will be the city governments that invest in new ways to collaborate and co-innovate that will ultimately lead the way in delivering the smarter, more responsive services our cities so desperately need.
 
<a href="https://theconversation.com/profiles/sarah-barns-110278" target="_blank">Sarah Barns </a>is Urban Studies Foundation Postdoctoral research fellow, Institute for Culture and Society, Western Sydney University. <a href="https://theconversation.com/profiles/donald-mcneill-98531" target="_blank">Donald McNeill </a>is professor of Urban and Cultural Geography, Western Sydney University. <a href="https://theconversation.com/profiles/ellie-cosgrave-183099" target="_blank">Ellie Cosgrave </a>is research associate, UCL. <a href="https://theconversation.com/profiles/michele-acuto-103167" target="_blank">Michele Acuto </a>is professor of Diplomacy and Urban Theory, UCL.
All are authors for The Conversation.
 
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