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

Joel Robinson

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

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

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

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

Seasoned Victorian apartment developer <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a> has logged more than $400 million in sales in its luxury apartment project Palmera Residences at Northcliffe on the Gold Coast.&nbsp;

Central Equity Director Karl Kutner said the sales result reflected a combination of location, product quality and delivery certainty with the project already under construction by building powerhouse Multiplex.&nbsp;

"Surpassing $400 million in sales since launch is a significant milestone and an outstanding endorsement of <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera Residences</a>,” he said.&nbsp;

"We believe one of the key reasons for this strong result is the confidence purchasers have in knowing the project is under construction with Multiplex. Buyers are increasingly looking for certainty. They want to know that the project they commit to today will be delivered by an experienced team with a proven track record."&nbsp;

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Kutner said it was clear there was still high demand for luxury projects that offered certainty of delivery.&nbsp;

“We are in a market where many residential developments have faced delays due to rising construction costs, labour shortages and financing challenges,” said Kutner.&nbsp;

"But having construction underway has provided our buyers with resounding confidence backed by more than 40 years of development delivery by Central Equity combined with construction by one of Australia's most respected construction companies."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365785]

Central Equity is one of Australia's most experienced privately-owned property developers. Over more than four decades, the company has delivered in excess of 85 residential developments including 10,000 apartments and many thousands of stand alone homes.&nbsp;

Located on Garfield Terrace at Northcliffe, between Surfers Paradise and Broadbeach, Palmera Residences occupies one of the Gold Coast's most sought after beachside locations. The development has been designed to appeal to owner occupiers seeking premium residences that combine generous living spaces and resort style amenities.&nbsp;

Palmera Residences will feature an exceptional collection of resort style amenities, including two swimming pools: a generously sized family pool with safe shallow zones for relaxed recreation, and a 20 metre lap pool positioned to maximise all day sunlight.&nbsp;

Residents will also enjoy exclusive access to wellness and recreational facilities including a magnesium pool, sauna, yoga studio, expansive fitted gymnasium, resident lounge, outdoor BBQ’s&nbsp;and indoor and outdoor dining areas, together with a dedicated concierge and luxurious hotel inspired entrance foyer.&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365767]

A unique feature at Palmera Residences has been designed to enhance the Gold Coast lifestyle which includes both indoor and outdoor gymnasium facilities, together with thoughtfully designed indoor and outdoor dining and entertaining areas. A corner café has also been incorporated to provide residents with a destination for their everyday needs.&nbsp;

Kutner said buyer demand had been broad based with purchasers attracted from interstate as well as throughout South East Queensland.&nbsp;

"We're seeing strong interest from owner occupiers, lifestyle buyers and people relocating to the Gold Coast. Many purchasers have been searching for a premium beachside residence where quality, design and delivery are equally important."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365771]

Kutner said the sales milestone was an important achievement, but the focus remained firmly on delivering an exceptional development.&nbsp;

"While reaching $400 million in sales is an important milestone, our priority remains delivering a project that exceeds purchaser expectations,” he said.&nbsp;

"Palmera Residences has been designed to become one of the Gold Coast's landmark residential addresses, and we look forward to welcoming our purchasers to their new homes."&nbsp;

There are a limited number of residences remaining in selected configurations with pricing from $2,950,000 to $8,950,000. Palmera Residences is also crowned by expansive penthouses with wrap around views.

[smartcode_project_cta:default project_id=108274]

Construction certainty and strong buyer demand drive major sales result for luxury Gold Coast development

Palmera Residences fly out the door as sales pass $400 million

National property developer <a href="https://www.apartments.com.au/developers/goldfields-group">Goldfields</a> has appointed BINAH as its construction partner for Quartet, its new Brisbane apartment development in the undersupplied suburb of <a href="https://www.apartments.com.au/developments/milton-qld-4064">Milton</a>.

Located just two kilometres from the Brisbane CBD and moments from key 2032 Olympic precincts, <a href="https://www.apartments.com.au/new-apartments/quartet-milton-33-manning-street-milton-qld-4064">Quartet</a> will deliver 131 one, two, three, and four-bedroom apartments priced from $1 million to $4.2 million, combining elevated design with a wellness-focused lifestyle offering.&nbsp;

[smartcode_project:default project_id=108736 project_image_fid=368000]

Goldfields’ Chief Executive Officer, Lachlan Thompson, said the appointment of <a href="https://www.apartments.com.au/builders/binah-constructions">BINAH</a> marked an important milestone for the project.&nbsp;

“Bringing BINAH on board as our construction partner will allow us to bring our vision for Quartet forward with a team that has a proven track record of delivering high-quality residential projects,” Thompson said.&nbsp;

“We’ve taken a considered approach to progressing the site because we wanted to deliver the whole package. Buyers ultimately back great developers, great projects and great builders, and with Quartet, we’ve made sure all three line up.

“People want certainty, they want to know the project will be built, that the homes will be delivered as promised, and that the developer stands behind the quality of what they create. That’s something Goldfields has built its reputation on over many years.”&nbsp;

[smartcode_project:default project_id=108736 project_image_fid=367993]

BINAH’s Managing Director, Khalil Hafza, said the company was proud to be partnering with Goldfields to deliver Quartet.&nbsp;

“Quartet is an exciting project to bring to life, particularly given the level of detail in the residences and the extensive rooftop amenity planned for the building,” Mr Hafza said.&nbsp;

“Our focus is on delivering a high-quality build that brings that design vision to life and creates homes residents will enjoy for many years.”&nbsp;

[smartcode_project:default project_id=108736 project_image_fid=367999]

The facilities at Quartet have been feared towards the roof, with a&nbsp;25 metre lap pool, spa, sauna and cold plunge, and a communal barbecue area and alfresco.

Town planning was designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and brought to life by Melbourne-based architecture firm Cera Stribley.

<a href="https://www.apartments.com.au/interior-designers/cera-stribley">Cera Stribley</a> Co-Founder and Managing Principal, Dom Cerantonio, said the project responds to both its riverside setting and Brisbane’s evolving urban character.&nbsp;

“Quartet has been designed to sit comfortably within its riverside context, offering a refined take on urban living through well-planned, generously proportioned residences that will stand the test of time,” Mr Cerantonio said.&nbsp;

“An emphasis on natural light, natural textures and carefully selected finishes from timber and marble to premium appliances, creates calm, considered interiors designed for comfort and long-term liveability.”&nbsp;

Construction of Quartet will commence in July 2026, with completion anticipated in Q4 2028.

[smartcode_project_cta:default project_id=108736]

Construction to commence on 131-residence tower designed around wellness-focused living

Goldfields appoints BINAH for Quartet apartments in Milton

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>

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Ellen Walker

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

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<img src="https://counter.theconversation.edu.au/content/65092/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Prime Minister Malcolm Turnbull recently said:
“China has more freedom to invest in Australia, indeed all foreigners have more freedom to invest in Australia, than almost any other country.”
But is this true? We asked two experts to discuss the evidence for and against this statement.
Gennadi Kazakevitch argues Turnbull is right given Australia’s ranking as a free and open market, while Jeffrey Wilson presents evidence to show Australia’s foreign investment regime has become much more closed in recent years.
Gennadi Kazakevitch:
I think Mr Turnbull is right.
One measure to support this is the well-established inter-country comparison of economic freedom regularly published by the Heritage Foundation and Wall Street Journal. This measure also looks specifically at foreign investment freedom.
The economic freedom measure ranks countries according to rule of law, government size, regulatory efficiency and – of most relevance to this discussion – market openness. This includes trade freedom, investment freedom, and financial freedom.
In terms of general economic freedom, Australia ranked fifth behind Hong Kong, Singapore, New Zealand, and Switzerland in 2016. Within the “Open Market” component of the index, Australia scores 80 out 100 for investment freedom, putting us among the most free of the 200 countries ranked.
To score a perfect 100, according to the index, a country would have to have no constraints on the flow of investment capital. Individuals and firms would be allowed to move their resources into and out of specific activities, both internally and across the country’s borders, without restriction.
Points are deducted for different sorts of freedom “imperfections”. For Australia, one “imperfection” is the regime of foreign investment reviewwhich requires government approval of investment amounts above a particular level. But Australia’s current review regime does not discriminate against China or indeed any other country.
Jeffrey Wilson:
Australia’s foreign investment regime is more open than many other countries. However, it also remains the case that it has become much more closed in recent years.
Since taking office in September 2013, the Liberal-National Coalition government has imposed several new barriers to foreign investment coming into Australia. These policies include:
<ul>
<li>
The introduction of fees for FIRB applications, and an expansion of the range of sanctions and fines applied to breaches.
</li>
<li>
Instituting new and very low FIRB screening thresholds for investment in the rural sector, including A$15 million for agricultural land and A$55 million for agribusinesses. The threshold had previously been A$255 million.
</li>
<li>
The establishment of a register of ownership of agricultural land. While this is ostensibly designed to “increase transparency”, Deputy Prime Minister Barnaby Joyce explained the intention was to produce a map that would allow people to “see who owns what”.
</li>
<li>
The appointment of two new FIRB Members – David Irvine and David Peever – in order to add further “national security expertise”to the board.
</li>
<li>
Extending the application of the Foreign Acquisitions and Takeovers Act (Cth, as amended) to infrastructure sales made by state governments.
</li>
</ul>
The LNP Coalition government has also rejected a number of foreign investment applications on controversial grounds:
<ul>
<li>
Archer Daniels Midland (US) takeover bid for GrainCorp, 2013. The former head of the FIRB has claimed the deal was killed for political reasons.
</li>
<li>
Dakang Holdings and Pengxin Group (China) bids for Kidman cattle properties, 2016. The bidders appear to have been rejected simply because no Australian buyer made a competitive offer.
</li>
<li>
China State Grid bid for Ausgrid in NSW privatisation program, 2016. Treasurer Scott Morrison refused to explain the full reasons for the rejection, citing national security and confidentiality concerns.
</li>
</ul>
Tellingly, in its entire six-year term in office, the Rudd/Gillard ALP governments rejected only a single large foreign investment application: A bid by the Shanghai Stock Exchange to acquire the ASX in 2011.
As a result of these policy changes and investment decisions, the Australian foreign investment regime is now less open than it has been for over 20 years.
The prime minister’s claim was about the freedom of Chinese companies to make foreign investments into Australia. Unfortunately, there is no quantifiable metric that measures the openness of a country’s foreign investment regime specifically. The Economic Freedom statistics Gennadi cites are instead a broader measure of economic openness and transparency. Thus, they cannot be used to evaluate the prime minister’s claim.
Gennadi Kazakevitch:
The investment freedom component of the economic freedom index is not a perfect measure, but it is sophisticated. It allows for comparing “apples with apples” based on eight qualitative characteristics: national treatment of foreign investments; transparency; policy implementation; restrictions on land ownership; sectoral restrictions; expropriation of investments without fair compensation; foreign exchange controls; and capital controls. For each of those characteristics, there is a breakdown into several levels of restrictions, rules or practices.
It is true that in the most resent years (2012-2016) the investment freedom score for Australia has decreased from 83.7 to 80. But it is also true that Australia remains within a cluster of free economies.
It would be easy to attribute the decline in Australia’s score to the recent changes to regulation rules and practices. However, those changes have not critically affected the investment freedom index for Australia, nor are they discriminatory against a particular country. Therefore, Mr Turnbull’s statement is quite justified.
The six years of Rudd/Gillard ALP governments Jeffrey is referring to was business as usual as far as foreign investment was concerned. However, it is not business as usual any anymore. The most recent cases, such as the Port of Darwin, the Kidman station, and the Ausgrid power transmission business in NSW, have alerted the government and public to national security issues, and rightfully so.
As I proposed in my submission to the Senate inquiry on the foreign investment review framework, the world has changed dramatically since the current regulation was established in 1975.
Until the late 1980s, Australia’s investing partners were mostly persons and companies from developed market economies with similar values and similar foreign investment perceptions of independent entrepreneurship. Economic transition in communist countries, market reforms in one-party controlled countries, and emerging developing market economies have created a variety of economic systems with very different sovereign involvement in running economies and companies. Therefore a “foreign interest independence test” and security risk assessment should be done that takes into account which country the foreign investor is from.
If Australia eventually goes down this path, freedom of investment might be further compromised. If so it will arguably be for a good reason.
Jeffrey Wilson:
It is certainly true Australia’s foreign investment partners have changed many times through history. Prior to the 1950s the main foreign investor was Great Britain, which remains a major investor to this date. But progressive waves of new investors have also arrived: America during the 1960s; Japan in the 1970s; Singapore and Hong Kong in the 1990s; and more recently Chinese investors since 2005.
The arrival of each of these groups has presented Australia with distinct political tension. American investors faced accusations of “neo-imperialism” and threats to Australia’s independence in the world. Japanese investors faced considerable xenophobia, particularly as a result of “war memories”. And today, we are dealing with the fact that many Chinese investors are state-owned corporations, which pose their own unique political and regulatory challenges.
However, these are arguably issues to be managed rather than reasons to reject foreign investment. Australia is a small open economy, which depends on foreign investment to bring in the capital, technology, skills and marketing channels critical for 21st century industries.
In each previous wave, Australian governments have had to devise novel solutions for how to remain open to foreign investment, while managing their distinct political sensitivities. This has been successful in previous years, and there is no reason it should not be possible with Chinese investors today.
Jeffrey Wilson is fellow of the Asia Research Centre, Murdoch University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/jeffrey-wilson-12717" target="_blank">here</a>. Gennadi Kazakevitch deputy head, Department of Economics, Monash University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/gennadi-kazakevitch-90201" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Do foreigners have more freedom to invest in Australia than in almost any other country?

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Even more apartments are planned for Parramatta, but the battle between developers has now morphed into which project has the best sky-high cocktail bar.
A 54 storey residential-hotel high-rise at Parramatta will be sold off the plan next month.
As Sydney's second CBD sees dramatic changes to its skyline, Coronation Property had Woods Bagot design the 8 Phillip Street tower to include a rooftop bar, subject to final approvals.
The five star hotel with rooftop bar will sit above 35 levels of apartments that sit above the existing heritage St Andrew's Church and St Andrew's Hall.
"We are deeply committed to delivering world-class architecture and creating a home that all the local community loves," said Coronation Property managing director Joe Nahas.
"Wood Bagot’s design for ‘8 Phillip St’ will set the benchmark for mixed-use apartment projects not only in Parramatta, but internationally."
"Australia is very fortunate to have some of the world’s best architectural creatives who understand our local culture and bring international expertise to the project.”
There's already another Sky Bar bar planned for Parramatta atop V by Crown (pictured above), the nearby $309 million mixed residential-hotel development which is nearing completion.
The sky bar will open next February.
Designed by Sydney-based Allen Jack + Cottier and Koichi Takada Architects, the V by Crown bar will offer views of the Blue Mountains, Sydney CBD and back to the Sydney harbour.
The internal bar area with direct lift access spreads across 275 sqm of internal space and a 90 sqm outdoor terrace, Crown Group director of sales, Roy Marcellus said.
“There is a huge demand for bars like this in Parramatta; offering luxury style in a relaxed atmosphere," he said.
Developed by Iwan Sunito and Paul Sathio, the 590 luxury apartment block has studios for sale from $550,000, one bedrooms from $729,000, two bedrooms from $920,000, and a three bedroom apartment for sale at $1.2 million.
On the planning horizon, the veteran Lang Walker is developing Aspire tower, a 90-storey block which will need development approval by the aviation authority due to its height.
Bates Smart has been selected to design the $700 million tower which will be Sydney's tallest if completed to plan.
The Parramatta River is also changing face, as the $550 million development, The Promenade is launching its third and final stage of apartments.
Construction has already commenced with completion expected in early 2018. 
A CommBank Property Insights report calculated 1500 unit completions in Parramatta in 2017.
Parramatta and its surrounding suburbs are expected to accommodate 60-70 percent of Sydney’s growth over the next 25 years.
When he was the Lord Mayor of Parramatta Cr Paul Garrard said the development taking place in Parramatta totals $12 billion worth of projects in the pipeline.
"It’s very exciting to see large projects such as this nearing completion and offering new housing to Parramatta’s ever increasing workforce and population.”   
Parramatta’s population is forecast to grow 24 per cent by 2036, from a total of 190,495 to 236,864.  
Estate agent John McGrath recently described Parramatta's property market as on 'serious turbocharge'.
He indicated one of the reasons was the activation of the river which had "for many years been a forgotten waterway."
It's not just the skyline thats been changed but also the street scape, Neil Perry being the latest chef to head out west and join the likes of Jamie Oliver in opening up eateries.
(The architect impression is level 26 at V by Crown)
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j.ballantyne1990-6AQqhLzZaK

Sky-high cocktail bars aplenty in Parramatta

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GUEST OBSERVER
Today’s millennials are fast turning their backs on traditional marketing, instead choosing to consume and interact through virtual reality, but their willingness to buy into the imaginary and immaterial has real life conversions.
Long before the Pokémon renaissance took full effect, Marshall White Projects was reinventing the way off the plan properties are marketed and sold to Gen Ys and Millennials. 
This generation has changed the game; they are heavily reliant on the digital sphere and entrust it with major life decisions.
People plan dates, book accommodation and apply for jobs with people they’ve never met and in places they’ve never been, online every day – so why would we expect any less of them when it comes to purchasing property?
This demographic is more accepting of the off-the-plan model and accustomed to investing in sites unforeseen, so what is it that makes them take the plunge, swipe right and commit to the unknown? 
Aesthetics. They say a picture speaks a thousand words and for a time-poor generation with a shorter attention span than a goldfish, it isn’t any wonder that digital assets are outperforming traditional marketing strategies. 
These buyers are far savvier for having grown up in a digital landscape, their discerning tastes transcend the physical with renders, fly throughs and 3D floorplans of greater value to them than a stagnant display suite.
With this in mind, Marshall White Projects took 308 Carlisle Street to market without a display suite nor budget for print advertising. Each of the 45 apartments were sold in under six weeks, with the majority of purchasers aged between 25 and 35. 
Drawn to the bohemian Balaclava location, buyers were enticed by a refined sales campaign that simply put forth the advantages of a well-connected lifestyle and an apartment of prestige. 
It’s not the first time Marshall White Projects has proved its ability to earn, not buy results in an overly saturated market. Earlier this year the agency sold all 27 luxury apartments at High&amp; Spring in the same timeframe without any traditional or digital advertising and achieved a staggering sales average of approximately $1,050,000 per apartment. 
Buyers are overloaded with choice and bombarded with advertisements, which has made them less perceptible to traditional marketing tactics. This as an opportunity to better invest the hundreds of thousands of dollars developers would spend on lavish display suites into innovative alternatives that are not only cost and time effective, but more authentic and impactful. 
In order to be effective you must know your audience, what they value, who they trust, where they source their information – these things often hold more significance than their gender or profession and allow us to develop tailored marketing strategies that resonate with our buyers on a deeper level.
Our integrated approach simplifies the sales process and leverages technology, videography, photography, renders, brand partnerships, and direct marketing to achieve a far more cost effect result within the shortest possible time frame.
Leonard Teplin is director, Marshall White Projects and can be contacted <a href="https://www.marshallwhiteprojects.com.au" target="_blank">here</a>.
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Gen Y changes the property game

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TH Real Estate has agreed to purchase a one-third interest in the Myer Melbourne store in Bourke Street Mall for $151.3 million on behalf of TIAA.
The sale was negotiated off-market by JLL’s Simon Rooney on behalf of Myer family Investments.
The building is under 40,000 square metres over nine floors with 61.40 metre frontage to Bourke Street Mall. It has operated as a department store since 1914.
JLL’s Head of Retail Investments – Australasia, Simon Rooney said the sale of Myer Melbourne continues the trend of very significant yield compression for core CBD assets, with the transaction recording a yield of just over 4.50 percent. 
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jonathanchancellor-7SQnKwU6yx

$151.3 million stake purchased in Myer Melbourne on Bourke Street Mall

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North Gosford units have been pinpointed as the fastest selling market in NSW.
Recent examples of sales include a two bedroom security apartment, <a href="https://www.realestate.com.au/property-unit-nsw-north+gosford-122946378" target="_blank">31/212-220 Gertrude Street North Gosford</a> (above) which sold for $400,000 and a two bedroom , <a href="https://www.realestate.com.au/property-unit-nsw-north+gosford-123149318" target="_blank">19/8 Range Road North Gosford</a>, which sold for $365,000.
At Engadine recent unit sales at around the median included an open plan two bedroom apartment, <a href="https://www.realestate.com.au/property-apartment-nsw-engadine-122328626" target="_blank">30/39-41 Railway Parade Engadine</a> which sold for $557,500 and two bedroom unit at <a href="https://www.realestate.com.au/property-unit-nsw-engadine-121004702" target="_blank">8/7-9 Railway Parade Engadine</a> which sold for $533,000.
Below are the top five fastest selling suburbs in NSW, according to realestateinvestar.com.au:
Suburb                  Type  Beds  Days to sell  Median  Year growth
NORTH GOSFORD  Unit      2         43         $477,500    32.63%
ENGADINE            Unit      2         46         $552,500    12.98%
BALGOWNIE  Townhouse   3         47         $599,000     15.19%
BARRACK HEIGHTS House 3          49      $490,000     30.84%
W. WOLLONGONG House   3           49        $590,000     19.19%
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The five fastest selling suburbs in NSW

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Since late 2014, Gold Coast home values have been steadily trending upwards as the Gold Coast’s tourism market has improved, according to CoreLogic's regional market report.
Over the year to June 2016 house values increased 7.4 per cent, from $533,571 one year earlier to $572,827, while unit values rose 5.0 per cent from $359,284 in June 2015 to $377,154.
<a href="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2010.36.17%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2010.36.17%20AM.png" alt="">
Sales activity over the year ending May 2016 was virtually unchanged compared to the previous year, however current activity is 17.8 per cent higher than the five year average for the region.
<a href="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2010.36.26%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2010.36.26%20AM.png" alt="">
Notably, sales activity over the year to May 2016 (19,081) is 67.4 per cent higher than at its recent low point in May 2012 (11,400).
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Across the rental market, rents are rising, however yields have remained flat over the year for units and fell slightly for houses.
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Tourism helps boost home values in Gold Coast region

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Based on data to June 2016, the median house value across Geelong was $452,657, which is 5.6 percent higher over the year, rising faster than unit values, which were up 3.4 percent over the 12 month period, to $332,864, according to CoreLogic's regional market report.
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<img src="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2011.52.08%20AM.png" alt="">
Longer term, detached housing has outperformed the smaller unit market across the region, with the median house value now 21.4 per cent higher than it was five years ago, compared to a more moderate 9.8 per cent rise over the past five years for units.
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<img src="/images/2016/09/07/Screen%20Shot%202016-09-07%20at%2011.52.15%20AM.png" alt="">
Both house and unit rental markets have recorded a similar performance over the 12 months ending June 2016, with rents rising 3.0 per cent and 3.6 per cent respectively, while units (4.9 per cent) are expected to offer greater returns to investors than detached houses (4.5 per cent) across the region.
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Median house value rising faster than unit values in Geelong region: CoreLogic

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GUEST OBSERVER
The title of this conference is long. Ten words: ‘Financial Cycles, Systemic Risk, Interconnectedness, and Policy Options for Resilience’.
It is also challenging. I say this because just below the surface of these 10 words lies a host of complex and difficult issues. The proper functioning of our modern economies depends on us understanding and addressing these issues as best we can.
If we get things wrong here, the outcomes can be really bad: our economies will be more volatile, job security will be less and people's hard-earned savings will be at greater risk. The global financial crisis was a powerful reminder of this. So the issues that we will discuss at this conference really matter.
It is appropriate that the discussion is taking place at an international conference, which features distinguished speakers from the region and elsewhere. After all, financial stability is a global issue: instability in one country can ripple right around the world. And many of the reforms to address instability are best accomplished internationally. We can also learn a lot from one another's experiences.
In my remarks this morning I would like to highlight three specific questions that are suggested to me by the conference title and papers. These questions are:
How can we make our financial systems more resilient, particularly in a world in which capital flows easily across borders?
How should we characterise and respond to episodes of financial boom and bust – the financial cycle?
What determines the amount of systemic risk we are exposed to, and how can we identify and analyse it?
The positive news is that in each of these three areas much has been learnt since the crisis. The not-so-positive news is that our answers to these questions are still incomplete and, just as one issue is resolved, too often another seems to emerge. I would like to reflect on each of these three questions, highlighting the progress that has been made and offering a few thoughts on some of the work that remains.
Resilience
First, to the issue of resilience.
Looking back at the experience of the past 20 years, I am struck by the fact that large financial disturbances are repeatedly caused by the same factors. Three stand out:
<ol>
<li>poor asset quality, particularly in the area of commercial property development</li>
<li>inadequate attention to liquidity management</li>
<li>the build-up of unhedged foreign currency exposures.</li>
</ol>
Not surprisingly then, it is these areas that have received the most attention from the international regulatory community. Over recent years, the most extensive of the global reforms has been the Basel III package.
This package means that, globally, banks now have more and better-quality capital, so they are better placed to absorb losses. In addition, minimum standards for banks' liquidity management are now more rigorous and transparent.
The stronger liquidity standards also help reduce vulnerabilities from foreign currency exposures, by giving supervisors new ways of monitoring liquidity requirements on a per-currency basis. Other reforms have helped increase resilience in other parts of the financial system, including derivative markets and shadow banking.
But the reforms remain incomplete and challenges remain. The last chapter of the Basel III package is being finalised this year. While some of the reforms have helped address the too-big-to-fail problem, there are still considerable challenges in developing recovery and resolution plans for the largest global financial institutions. And, in the area of over-the-counter (OTC) derivatives market reform, legal restrictions sometimes still make it difficult to share information across borders.
The Basel Committee and the Financial Stability Board are both reviewing the overall calibration of the reforms. This is essential because with so many new metrics and requirements, we need to ensure they do not interact in unintended ways. Of course, some of the effects that market participants comment on are intended. Maturity transformation has become more expensive.
So too, has providing market making services in some financial instruments, generating concerns about a lack of liquidity in bond markets. More broadly, the cost of many forms of financial intermediation across banks' balance sheets has become more expensive. The promised benefit of this additional expense is that the system is now more stable. But we need to keep an eye on this trade-off, because a well-functioning system needs to be able to take risk at a reasonable price.
A well-functioning system also needs to be resilient to the shifting flows of capital across borders. Collectively, global investors can deploy funds on a much larger scale than many markets can absorb without large price movements. In some countries this has led to discomfort with the free flow of capital. But at the same time, access to foreign capital can help drive prosperity and economic development, and allows people to hold more diversified portfolios.
The challenge we face then is to design arrangements that allow us to all capture the considerable benefits that open capital markets can deliver, while minimising the attendant risks. The work on the global financial safety net being undertaken in international policy circles is an important contribution here. One of the questions still to be resolved is how extensive that safety net should be and what form it should take.
The Financial Cycle
An important theme of this conference is that of ‘financial cycles’. Identifying and understanding these cycles has become an active area both for academic research and policy development.
As a concept, the financial cycle has considerable intuitive appeal. It has long been observed that financial systems seem to be subject to boom–bust dynamics. We have repeatedly seen credit and leverage build up over time in response to some initial impetus, only to generate excesses that ultimately unwind, sometimes painfully.
One question we face is how to define and measure these cycles. It has become common practice to start by looking at cycles in credit growth. But there are limitations here. Not all credit cycles end in a financial crisis; indeed in industrialised economies, only a minority have done so. And in some cases a period of fast credit growth, followed by a period of slower growth, might be exactly what is required, and so should not be viewed as problematic.
This means that we need to move beyond a focus on credit only. In my view, it is probably more useful to start with the question: are balance sheets in the economy being strengthened or weakened? If credit is growing quickly, we need to think about whether the credit is being used to create new productive assets or simply to finance current consumption. The implications are quite different. A protracted period of balance sheet weakening might reasonably be viewed as problematic, particularly if it increases the probability of future balance sheet strains and weak economic growth.
So a research challenge here is to find ways of systematically measuring the quality of balance sheets across the economy, taking into account the myriad influences that are at work. Close analysis and good judgement are both needed to do this.
A related research question is how policy should respond to a systematic weakening of balance sheets. This question is the subject of a lot of research at present, much of it prompted by work at the Bank for International Settlements (BIS). The work at the BIS, though it has focused heavily on aggregate credit as the indicator, has advanced the hypothesis that, in some circumstances, the build-up of financial imbalances may be a better guide to the sustainability of growth in the economy than is the current rate of inflation.
Clearly, this hypothesis needs to be tested. If it were found to be valid, it would have implications for policymakers in a number of spheres, including monetary policy, prudential policy and even fiscal policy.
Systemic risk: interconnections and spillovers
Systemic risk is another theme of the conference, and again, a topic inspiring a great deal of academic research, some of which is being presented at this conference. Systemic risk cannot be seen, nor can it be easily measured. So we need to explore a range of indicators. Academic research is helping ensure that we are looking at the right ones.
The aspect of systemic risk that I would like to highlight is the interconnections between banks, firms and countries that lie at the heart of the contagion that can turn a small disruption into something much bigger. In the global financial crisis, when one entity became distressed their counterparties incurred mark-to-market losses on the value of securities issued by that entity. Investors also often started refusing to deal with those counterparties that had – or merely were thought to have – significant exposures to that entity.
So, contagion could and did occur because of both direct and supposed interconnections. It can occur even as a reputational effect when two entities or economies are perceived to be similar: once investors have reassessed the risks in one institution or country, they often start to probe similar vulnerabilities elsewhere. We cannot escape the conclusion that greater interconnection is a prominent marker of increased systemic risk.
The global policy response to the financial crisis has recognised the importance of interconnections and built that into the design of regulatory reforms. Some of the design details are quite technical, but their essence is to create incentives against excessive interconnected exposures between banks, or between banks and other parts of the financial system such as so-called ‘shadow banking’.
Contagion is most likely to occur when information is not equally available to all parties. Opacity and a lack of information about exposures were endemic to OTC derivative markets during the crisis, making these markets an important locus of contagion. Following the post-crisis reforms, derivative markets have functioned more effectively. Regulatory mandates and supervisory incentives are resulting in a larger share of derivatives transactions being cleared through central counterparties and more are being collateralised and are therefore safer.
Policymakers also have more visibility about financial market infrastructures now that they play a more central role in financial markets. There are, though, some information-sharing issues in this area that still need to be worked out.
One other outstanding issue is how the multiplicity of indicators of systemic risk can inform policymaking, and how one might use the signal provided by an indicator to develop a particular policy response. This is no easy task. The insights of research such as the work presented at this conference will certainly be welcome.
Conclusion: the role of supervision
In all three areas I have spoken about – namely, resilience, the financial cycle and systemic risk – it is easy to focus mainly on the regulatory initiatives. Regulation can be printed, measured and enforced. But history teaches that regulation cannot solve all problems. The financial system evolves, so no set of rules can deal with all risks and problems.
This is an important reason why there needs to be a parallel focus on strong and effective supervision. My view is that a strengthening of supervision is at least as important as are the post-crisis regulatory reforms. Rigorous, inquiring supervision that takes a holistic view of the environment is essential to maintaining financial stability and good outcomes for consumers. I encourage you to consider how the research agenda can be expanded to consider how to best balance regulation and supervision.
Philip Lowe is deputy governor, RBA and was addressing the <a href="https://www.rba.gov.au/speeches/2016/sp-dg-2016-09-08" target="_blank">Institute of Global Finance International Conference</a>. 
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History teaches that regulation cannot solve all problems: RBA's Philip Lowe

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Apartment prices in capital cities could fall between 15 to 20 percent over the next two years, AMP Capital's chief economist Shane Oliver has forecast.
Dr Oliver says "there was a massive multi-dwelling building boom going on in Brisbane, Sydney, Melbourne and Perth". 
"There's a real risk of oversupply," he told Money News.
"I wouldn't be surprised to see outright price falls in apartments in Sydney, Melbourne, Brisbane and Perth," he said in his earlier note to clients. 
"So people are better off waiting until the dust settles to see if there are any opportunities to buy apartments with a lower price tag." 
"Obviously if you are buying in an area where there are lots of cranes around, the price falls are going to be greater," he said. 
A "heat map" of cranes would show the concentration of cranes were highest in the Melbourne CBD whereas Sydney's apartment construction was more spread out, he added. 
Dr Oliver said a slump in the Australian housing market would be driven by a glut of supply rather than investors defaulting, unlike the subprime crisis in the US in 2007.
"I don't think one should get too alarmed here because you've first got to put this in context," he said. 
"We've just had a massive run up in home prices across Sydney and Melbourne across the last four years, and that includes apartment prices."
"Just bear in mind that comes on the back of 30 to 40 percent gains over the last four years, so we really need to put this in context."
He said that investors or home buyers looking to buy a home should be cautious.
"Just allow that there is a lot of supply coming on, that's already putting downwards pressure on rents."
Shane suggested that he thinks supply in Australia over the next couple of years will put a major downwards pressure on prices in certain areas.
"At some point I think is that supply continues to mount and don't forget we saw another spike up in approvals to build new apartments just a month or so ago that's still continuing.
"If you are in the market for a home, try and go for those areas where there is stronger demand relative to the supply that's coming on."
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Apartment prices to tumble by up to 20 percent: AMP Capital's Shane Oliver

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Fences between neighbouring land should be located on the boundary but many aren't precise.
This doesn't change the ownership of the land and doesn't matter if both you and the neighbour can accept it. There is no legal requirement for a fence to be erected between neighbouring land.
Regardless of whether the fence sits precisely on the boundary or not, it is still jointly owned by both of you. Even if you plan to pay for the entire cost of repairing, replacing or erecting a fence yourself, you must get the consent of the owner of the neighbour land to:
<ul>
<li>remove an existing fence </li>
<li>repair or carry out maintenance work on an existing fence </li>
<li>erect a new fence </li>
<li>enter their property to carry out work on the fence.</li>
</ul>
Although a fence is considered equally shared there is no legal obligation for your neighbour to contribute towards the cost of repairing, maintaining or erecting a fence unless:
<ul>
<li>they have agreed to it </li>
<li>the proper notices have been given </li>
<li>a court orders them to.</li>
</ul>
You should check with your local council about fences that need development approval or any other legal requirements you must meet before you begin work. Restrictions apply for:
<ul>
<li>masonry fences higher than one metre </li>
<li>any other kind of fence higher than two metre </li>
<li>fences higher than one metre less than six metres from a road intersection </li>
<li>brush fences.</li>
<li>Giving notice for fencing work</li>
</ul>
If urgent fence repairs are required you don't have to give written notice to your neighbour, but it is recommended you give them as much notice as you possibly can. 
If you want to erect a new fence you must give the owner of the neighbouring land notice of intention to erect a fence.
If you want to repair, replace or carry out maintenance work on an existing fence you must give the owner of the neighbouring land notice of intention to replace, repair or maintain a fence. 
These notices can either be delivered to your neighbour personally or sent through registered post. 
Your neighbour then has 30 days to give you a cross-notice if they object to your proposal. You can't start work until these 30 days have passed or you have received written notice from your neighbour consenting to the work. If you haven't received a written objection within 30 days you can assume they consent to your proposal. 
Your neighbour doesn't have to state why they object or give an alternative option in the cross-notice. If the matter goes to court they will have to give good reason as to why they object - otherwise the court may order the work to proceed. 
For an alternative version of these documents contact the Legal Services Commission of South Australia.
Finding the owner of neighbouring land
If you don't know who owns the neighbouring land you can contact your local council or access SAILIS. If you still can't find the owner you can prominently display the notice on their land. If you haven't received a written objection to your proposal within 30 days you can assume they consent to the work.
Disputes over fences
You should talk to the owner of the neighbouring land in a calm and courteous manner if you are in disagreement about: 
<ul>
<li>sharing costs </li>
<li>carrying out the work </li>
<li>the type of work required - eg repair the fence rather than replace it </li>
<li>accessing their land to carry out the work.</li>
</ul>
If you can't reach an agreement you can contact Community Mediation Services. They can act as an independent third party to help you reach agreement. 
If the issue is still unresolved you may choose to take the matter to the Magistrates Court. It is recommended that you seek independent professional advice from a solicitor. 
The court can determine: 
<ul>
<li>whether the fence should be erected </li>
<li>type of fencing used </li>
<li>its location </li>
<li>who does the work </li>
<li>when and how the work is carried out </li>
<li>how costs are shared </li>
<li>orders for entry or access to the adjoining property.</li>
</ul>
Boundaries
The boundary is where your land meets another person's land. Boundary locations can only be determined by a licensed surveyor. 
If you are in dispute with a neighbour about the boundary location you can engage a licensed surveyor to mark  the boundary.  
Once this has been marked out anyone found to be moving or removing a survey mark may face fines and legal action. 
A fence may not necessarily be an accurate representation of the boundary line but regardless of its location it doesn't alter the actual boundary or the legal rights to ownership of the land.
Encroachment
This is the intrusion of a structure or other object - eg driveway, onto another person's land. This includes overhanging structures - eg balconies. 
To determine if encroachment has occurred on your property, you can engage the services of a licensed surveyor. They will be able to mark the boundary and assess the encroachment. If your neighbour refuses to have a survey carried out you can take the issue to the Supreme Court. They can make a legal order for the survey to be conducted. 
If a structure is found to be encroaching on your property you can apply to the Supreme Court for: 
<ul>
<li>the removal of the encroachment </li>
<li>compensation for the encroachment </li>
<li>the land to be transferred or leased to the encroaching neighbour.</li>
</ul>
When making their decision the court will take into consideration: 
<ul>
<li>who made the application </li>
<li>the nature and degree of the encroachment </li>
<li>the losses involved for each person </li>
<li>the circumstances in which the encroachment occurred.</li>
</ul>
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