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

Joel Robinson

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

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

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

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

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

Parcel delivery is joining the apartment amenity checklist

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

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

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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<img src="https://counter.theconversation.edu.au/content/63448/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
It was in the mid-20th century when the American agricultural scientist Norman Borlaug showed us how to make wheat and rice stems shorter, to increase their yield.
He’s often referred to as the Father of the Green Revolution and his breakthrough meant food was suddenly more abundant across much of the world.
For example, Mexico had a 300% increase in wheat production attributed in part to Borlaug’s work. Later, India and Pakistan had a 60% increase in their harvests, helping both countries to become agriculturally self-sufficient.
Thanks to other advances, such as vaccines, people started living longer and healthier lives.
The human population responded to this boon by catapulting from 2.6 billion to 7.3 billion in just 60 years. It continues to rise by about 80 million per year.
<h2>The heat is on</h2>
But things are warming up. Atmospheric carbon is at 400 parts per million, the highest it has been since the Pliocene era 5.3-million to 2.6-million years ago.
Despite the massive human population increase in the past 20 years, the amount of farmed land used to feed these people has not increased. In fact, it has decreased slightly to 1.4 billion hectares.
As towns, roads and factories take over established farming land, it is becoming increasingly difficult to find suitable land on which to develop new farms. Most of it has already been developed.
The rate of annual increase of the international cereal crop is falling, although the actual tonnage harvested is still rising.
<h2>Harsher weather</h2>
Future climate scenarios predict that many croplands will soon be subjected to less rainfall and higher temperatures. That means the area of prime farmland will shrink and the area of marginal farmland will grow.
The big four staple crops of the world – those that feed most people – are wheat, rice, soybean and maize.
These crops each have different relative tolerances to abiotic stress – those stresses not caused by pests and pathogens but by factors such as drought, heat, soil salt, frost and so on. But these crops are generally not well adapted to marginal farmlands.
Traditional crop breeding, which involves sexual crossing of different varieties and closely related species, has failed to deliver the quantum increases in abiotic stress hardiness in the big four crops.
Our research is exploring routes beyond traditional ones to deliver tougher crops for a hotter, drier world.
<h2>Learn from the desert plants</h2>
What can we do to future-proof our crops? How can crop production be increased by another 44% to feed the 9.3 billion people expected to be alive in 2050? How can it be done again by 2100 to feed 12 billion?
This must be done while using the same or even less farmland and under increasingly challenging climatic conditions. This is where a knowledge of desert plants may help.
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Australia’s desert plants are the Bear Grylls of abiotic stress tolerance. They live under extremes of drought, heat and inhospitable soils. They also cope with the surprisingly frequent frosts that occur under clear desert night skies.
The plants that thrive in Australia’s ten named deserts today are those that have weathered every record-breaking drought and heatwave for the past 1.5 million years. Those that failed are dust or fossils.
Although quite a lot is known about how crop plants cope with periodic stress, far less is known about the suite of mechanisms that desert plants employ every day.
<h2>New research</h2>
Although the deserts would seem to be obvious places to look for novel strategies to protect crops living under hotter dryer conditions, this is not a well-researched area. This is because much of the Australian flora from those regions is not closely related to the exotic plant species we grow for food.
The best-case scenario is that stress-tolerance strategies that evolved in desert plants can be applied to crops; under climatic conditions that kill today’s crops, the new traits will maintain or increase grain yields. This is not likely to be a straightforward task.
Where beneficial traits are encoded in DNA, recombinant DNA technology will be used to transfer new genes into crops, after satisfying the Office of the Gene Technology Regulator and other regulatory bodies that they are as safe as other genetically modified (GM) and non-GM crop plants.
The flora and fauna of Australia are potentially an innovation goldmine. Plant scientists from other countries have already anticipated this. They are feverishly collecting large numbers of Australian desert plants and shipping them back home.
This research could be done anywhere in the world, but I think it should always be done in close collaboration with Australian universities and government research organisations. Positive outcomes of this research will benefit the world, as Borlaug’s dwarfing genes did.
Desert areas everywhere in the world face threats from destructive human exploitation. Many Australian people and governments still see deserts as barren wastes, but they are far from that.
Conservation of large parts of the remaining pristine desert areas in Australia must become a high priority. Preserving desert biodiversity is essential for the intrinsic values and ecosystem services they already provide, and because they may play a role in saving billions of people from starvation.
Steve Wylie senior research associate in molecular virology of wild and cultivated plants, virus ecology, metagenomics, host-pathogen evolution, symbiosis, Murdoch University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/steve-wylie-27161" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Look to the Australian deserts to future-proof our crops from drought

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That’s the big question that many are thinking with his current running commentaries on the Australian economy – but will he tee – off on exactly what are the major problems facing our economy?
I hope he does with his ten-year term expiring on 17 September having taken over as the Head Teller back on September 18, 2006. Interesting to note that over that time he has left the cash rate alone on sixty-seven (67) occasions, cut the cash rate on twelve (12) occasions and increased the cash rate on six (6) occasions.
Surprising how time flies when you’re having fun as the last cash rate increase was back on November 3, 2011 so in essence he has spent his last term as Head Teller cutting the cash rate.
One really could not blame him for cutting the cash rate this month to a record low of 1.50 percent – “whilst prospects for growth were positive, there was room for stronger growth, which could be assisted by lower interest rates.”
It is irresponsible to use last week’s record Sydney clearance rates as a consequence for the latest rate cut as this was always going to happen and I will get to that a little later. A big problem is the Wage Price Index where seasonally adjusted, private sector wages grew 0.5 percent and public sector wages grew 0.6 per cent in the June quarter 2016.
On an annual basis that equates to private sector wages growing 2.0 percent and public sector wages growing 2.4 percent annually. Trying to create and then increase consumption has been the biggest challenge for central banks globally. On the other hand, controlling property prices can be achieved although this task is beyond the control of the Reserve Bank of Australia (RBA) which may explain why Glenn Stevens appears an angry man.
As I wrote earlier,<a href="https://www.rwm.com.au/blame-governments-high-property-prices/"> </a>blaming the governments for high property prices maybe somebody might like to explain why the latest Australia Bureau of Statistics survey reveals that last year 93,000 Australians moved overseas in the last twelve months, which is four times the average. Fifty per cent were in the 25 to 35-year-old category which is a telling statistic.
According to the latest Household, Income and Labour Dynamics in Australia (HILDA) survey that was recently released by the Melbourne Institute, home ownership rates among those aged 25 to 34 years fell from 39 per cent in 2002 to 29 per cent in 2014. Home values are increasing and banking regulations are demanding twenty (20) per cent deposits which highlights the dilemma facing young Australians. The writings have been on the wall now for decades and sad to say our elected politicians have done nothing to address these problems.
<a href="/images/2016/08/22/Housing-Affordability-1.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/22/Housing-Affordability-1.png" alt="">
The March quarter for 2016, the Sydney median house price dropped 1.5 per cent to $995,804, while the Sydney apartment median price fell 0.7 per cent to $656,166. I would expect that both reversed that trend in the June quarter by heading back to positive territory. Over the past five years house prices have jumped almost fifty (50) per cent.
In search of answers I found this remarkable report by Professor Frank Stilwell, School of Economics and Political Science, University of Sydney<a href="https://www.pc.gov.au/inquiries/completed/first-home-ownership/submissions/sub212/sub212.pdf">.</a> This report looks at Sydney and NSW country property prices from 1986 to 2003 where property prices then rose nearly fivefold in Sydney and threefold for the rest of NSW.
Please make a point of reading the Executive Summary as this is a mirror image of what then happened over the next decade from 2006 to 2016.
“Average wages have not increased in line with inflation in land and housing. Consequently, housing affordability has declined sharply: a typical house in Sydney cost just under 4 years of average earnings in 1986, while in 2003 it cost over 12 years’ worth of earnings.”
“It is only by addressing these issues of tax reform that the pressures causing a crisis of affordability for many aspiring first home buyers can be resolved.” Yes, politicians and tax reform – as we saw at the last federal election they are petrified of those two words – tax reform.
<a href="/images/2016/08/22/NSW-Listings.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/22/NSW-Listings.png" alt="">
I’ve lost count how many times I have written about why Sydney property markets are recording declines in stock numbers which drives prices higher. Back to the Executive Summary for an explanation.
. “Stamp duty has become a fundamentally important source of State revenue and could not be reduced unless an alternative revenue source was found. That alternative could be land tax. Although less in the political spotlight, land taxation and interaction with the housing market could hold an important key to resolving the housing affordability crisis.”
This submission was prepared thirteen years ago and nothing has been done although Sydney house prices since that submission would have increased on average another three, four and five times depending on the area.
Little wonder first home buyers are leaving and no longer refer to Australia as being the “lucky country.” More importantly when are our politicians going to listen and act – or possibly understanding what needs to be done is too hard for them to fathom.
If parliamentary pensions could be docked for inactivity they would all be listening and acting. When Glenn Stevens delivers his final speech he must shoot from the hip and take no prisoners.
<h5>MOSMAN – 2088</h5>
Number of houses on the market this time last year – 53
Number of houses on the market last week – 51
Number of houses on the market this week – 52
Number of apartments on the market this time last year – 41
Number of apartments on the market last week – 44
Number of apartments on the market this week – 45
<h5>CREMORNE – 2090</h5>
Number of houses on the market this time last year – 2
Number of houses on the market last week – 10
Number of houses on the market this week – 10
Number of apartments on the market this time last year – 15
Number of apartments on the market last week – 16
Number of apartments on the market this week – 14
<h5>NEUTRAL BAY – 2089</h5>
Number of houses on the market this time last year – 4
Number of houses on the market last week – 8
Number of houses on the market this week – 10
Number of apartments on the market this time last year – 25
Number of apartments on the market last week – 20
Number of apartments on the market this week – 21
 
ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985. 
He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000.
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robertsimeon-hRNTwJyXkQ

Will the RBA governor go out with a bang? Robert Simeon

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GUEST OBSERVER
Parents risk losing everything when helping children to buy a home through products such as guarantor loans.
Reserve Bank of Australia (RBA) Governor Glenn Stevens has said more parents may be forced to financially assist their children into home ownership because of the growing affordability crisis.
Mr Stevens added that in doing so, parents may find they don’t have the wealth in retirement that they had planned.
He also questioned why more wasn’t being done by State and Federal governments to implement proven models of home ownership, such as Government backed home finance models in place in South Australia (HomeStart) and Western Australia (Keystart), or allowing young people to access superannuation for a home deposit. 
Parents are risking their personal financial security by backing their children into home ownership.
If there is a change of circumstances and a child can’t make repayments, it is the parents’ assets that are on the line for the portion they have guaranteed. This could mean the lender will allocate some of the parent’s income to repaying the debt, or in the worst case scenario, the parents could lose the family home.
The credit rating of parents will also be affected which may cause problems if they need to apply for a loan themselves, and worse still, they may not be able to use their own home as security when taking another loan.
We know that most parents will do whatever they can to help their children into home ownership, but too many parents are doing so through guarantor loans and risking their future financial security.
Some mainstream lenders were now recognising the risks of guarantor loans, implementing measures which limit the leverage amount available in the family home so it doesn’t exceed 70 percent of the value of the property, capping the loan amount at 107 percent of the property price (including stamp duty and transaction fees) and reducing the maximum amount of the guarantee to 50 percent or less of the value of the property being provided security for.
I call on Federal or State governments to consider replicating successful government-owned home loan models already in operation in South Australia and Western Australia to ease the burden for young home buyers.
Recent figures released as part of the HILDA survey by the Melbourne Institute showed the two states where government backed home loan programs are in place – South Australia and Western Australia – have the highest owner occupier rates in the nation.
HomeStart Finance had assisted one in eight first home buyers into home ownership in South Australia through innovative home loans such as low deposit loans and shared equity products which enable home buyers to borrow more money. 
The housing affordability crisis shouldn’t be a burden that parents have to shoulder for their children, but instead, Governments should be looking to implement measures that directly address the issues home buyers are facing.
Since HomeStart was established in 1989, it has helped almost 70,000 South Australians into ownership
Many of these households wouldn’t have been in a position to obtain finance from a mainstream home loan provider at the time of buying a home. Whether through a lack of savings to put towards upfront costs such as the deposit, or not being able to borrow a sufficient amount of money, HomeStart has been able to offer solutions to these barriers. 
This ensures there is a healthy home buyer cycle that has a good balance of first home buyers and ‘upgraders’, who transition from their first home to their next home within a few years, clearing a pathway for first home buyers to enter the market. In many Australian markets, this home buyer cycle is broken.
HomeStart fills a space in the market that isn’t being addressed by mainstream lenders, who have in place lending criteria targeted at a very specific segment of the market.
I urge governments to consider other programs that have been successfully implemented overseas to help first home buyers, such as using superannuation to fund a home deposit, based on the successful Canadian Home Buyer’s Plan.
The idea was put forward by HomeStart in its submission to the Senate Inquiry into Affordable Housing in 2014, and later mooted by then Treasurer Joe Hockey.
HomeStart was invited to present to the Senate Committee to expand on its submission and also discuss the potential replication of the HomeStart model in other Australian States and Territories.
The Canadian Home Buyers’ Plan enables first homebuyers to withdraw up to $25,000 from their superannuation for the purpose of using it for a deposit on a house, which then has to be replenished over the next 15 years.
We believe there are some great models in place overseas that appear to be helping other countries overcome some of the issues confronting first home buyers - the Canadian Home Buyers’ Plan is one of them.
It is ironic that a household in difficulty with their mortgage has the option to access superannuation to clear arrears, whereas a first home buyer in an otherwise good financial condition cannot temporarily access their super for a deposit and then replenish those funds over an extended period as occurs in Canada.
John Oliver is chief executive officer of HomeStart Finance and can be contacted <a href="https://www.homestart.com.au/Home" target="_blank">here</a>.
 
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Parents shouldn't shoulder housing affordability burden

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Sydney's Saturday auction colosseum, Strathfield again produced the nation's top seller.
It was a $6.8 million <a href="https://www.realestate.com.au/property-house-nsw-strathfield-123168366" target="_blank">Tudor style four bedroom home</a> (above) on 2000 sqm with tennis court and pool.
The home had last traded at $3.35 million in 2008. It took the sales tally from 12 offerings along Newton Road to $45 million plus since early 2015.
Sydney had around 650 weekend auctions, with a preliminary clearance rate of 86 per cent, representing a significant rise from last week’s 78 percent, and again higher than one year ago when it was 76 percent. 
"The preliminary clearance rate is the highest Sydney has reported since the first week in June 2015 of 88 percent," CoreLogic's Kevin Brogan advised. 
There were 930 auctions held in Sydney one year ago.
Some 1,747 capital city auctions were held and preliminary results reflected a national 76 percent success rate, rising from the 75 percent the prior week across 1,471 auctions.
Auction volumes remain significantly lower, as one year ago CoreLogic tallied 2,248 homes taken to auction across the combined capitals.
Melbourne also maintain its place as the second strongest performing city. 
This week there were 785 auctions in Melbourne, up from 605 last week, and still below the auction activity recorded at the same time last year with 964 offrings.
The weekend’s 76 percent clearance rate is higher than one year ago, when 74.3 percent of reported results were successful.
Melbourne’s strongest performing sub-region was the outer East, with an 83 percent success across 49 auction results.
Kew had Melbourne's top sale when six bidders competed for <a href="https://www.realestate.com.au/property-house-vic-kew-123171118" target="_blank">83 Mount Street</a> (below) which fetched $3.66 million.
<img src="/images/2016/08/22/Screen%20Shot%202016-08-22%20at%208.14.14%20AM.png" alt="">
It was a finalist by Englehart Homes in the 1996 Housing Industry Association awards.
Another Kew offering at 61 Molesworth Street passed in at $3.65 million with no bidders. 
Melbourne had the nation's cheapest auction when a one bedroom apartment fetched $185,000 at <a href="https://www.domain.com.au/10-117-anderson-road-albion-vic-3020-2012957351" target="_blank">10/117 Anderson Road</a>, Albion through hockingstuart Point Cook. It last sold at $177,000 in 2012 when it was rented at $180 a week. It's last rental asking price was $210 in 2014. 
<img src="/images/2016/08/22/Screen%20Shot%202016-08-22%20at%208.15.23%20AM.png" alt="">
There were 124 Brisbane auctions held, jumping from 87 last week, but not quite reaching the same 143 offerings last year.
Brisbane prices ranged from $299,000 at Forest Lake to $1,514,500 million at Corinda for a <a href="https://www.realestate.com.au/property-house-qld-corinda-123193778" target="_blank">renovated 1920s Queenslander</a> (below).
<img src="/images/2016/08/22/400_QLDR.jpg" alt="">
Brisbane agents secured a 56 percent success compared to a one year ago at 54 per cent.
With 93 offerings, Adelaide’s clearance rate this week was 66 percent, falling from 68 percent, and lower than one year ago when it was 72 percent.
There were 44 auctions held in Canberra with its 72 percent clearance rate up from 59.6 per cent last week and higher than the 71 percent one year ago.
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Strathfield tops weekend results with $6.8 million sale

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Vacancy in Sydney’s fringe office market in Sydney has fallen to its lowest in more than a decade, driven by acquisitions for rail projects and an overall supply squeeze, according to latest research from property firm Savills.
The western suburb of Parramatta recorded the lowest fringe market vacancy at 4.5 percent, its lowest in 25 years including zero vacancy in A Grade, and is just ahead of Melbourne’s Southbank at 4.6 percent. 
The falling vacancy is driving growth in net effective rents, and with the NSW government’s announcement of registered projects totalling $390 million in Parramatta last week and Winten Property Group’s acquisition of a development site at 1 Denison St, North Sydney, developers are taking notice, says Savills.
According to Savills senior analyst Research &amp; Consultancy Houssam Yakzan, average prime net face rents have increased by around 8 percent in North Shore markets and 7 per ent in Parramatta, with corresponding falls in incentives.  
The combined North Shore vacancy, including North Sydney, Crows Nest/St Leonards, Chatswood and Macquarie Park-North Ryde stands at 7.2 percent, the lowest since the 5.3 percent figure recorded in 2001. 
Of the individual North Shore markets, North Sydney and North Ryde/Macquarie Park recorded their lowest vacancies since 2012, Chatswood since 2007 and Crows Nest/St Leonards since 2001.
Yakzan said in the 12 months to June Savills had identified 73,781 square metres of leasing activity in the North Shore market, up 49 percent on the 12 months prior, while 43,977 square metres of leasing was recorded in the Parramatta market, which was down 32 percent due to the limited availability of space.
<a href="/images/2016/08/19/North%20shore%20absorbtion.jpg" target="_blank">Click here to enlarge</a> 
North Shore's net absorption
<img src="/images/2016/08/19/North%20shore%20absorbtion.jpg" alt="" width="312" height="197">
<a href="/images/2016/08/19/Parramatta%20absorbtion.jpg" target="_blank">Click here to enlarge</a> Parramatta's net absorption
<img src="/images/2016/08/19/Parramatta%20absorbtion.jpg" alt="" width="294" height="187">
 
Savills director of office leasing, Simon Van Grootel, said while there was no doubt the Sydney non-CBD office markets had picked up over the last 12 to 18 months, withdrawals for the compulsory metro rail acquisitions, residential and hotel conversion, and the lack of new supply, were key contributors to the lower vacancy rates.
He said more than 42,500 square metres of stock had been withdrawn from the North Shore market alone in the 12 months to June and further withdrawals were already slated for 2017.
"Vacancy rates have fallen across the board, indeed Parramatta has a zero vacancy in A Grade, and that is very pleasing, indicating perhaps the strongest market we have seen post-GFC.
"That has seen rental growth and incentives decline and those factors along with continued withdrawals and continued falls in vacancy are going to drive new construction but in the current market, that is likely to require pre-commitment,’’ Van Grootel said.
The state figure of $390 million in registered office projects for Parramatta would not dent vacancy rates in the short to medium term, he added.
Senior analyst Yakzan said of 220,000 square metres of new commercial development in the Parramatta market, 155,000 square metres was subject to pre-commitment and the remainder was already leased. 
Parramatta is the fifth largest suburban office market in Australia with 682,469 square metres of stock while the combined North Shore market totals 2,288,399 square metres including North Sydney (792,482sqm), Crows Nest/ St Leonards (333,631sqm), Chatswood (278,919sqm) and North Ryde/ Macquarie Park (883,367sqm).
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jonathanchancellor-7SQnKwU6yx

Sydney fringe office market records lowest vacancy in a decade: Savills

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Over the 12 months to June 2016, 14.0 percent of all house sales and 7.3 percent of all unit sales were at a price of at least $1 million. 
To put these figures into perspective, just five years ago 7.5 percent of all house sales and 4.0 percent of all unit sales were within this price point. 
Research shows that the combined capital cities saw a much higher proportion of sales of at least $1 million over the past year. 
Across all house sales, more than 1 in 5 sales (20.9 percent) were for at least $1 million compared to 8.9 percent of all unit sales. 
Within the regional areas, the sale price for houses and units are typically lower than those in capital cities.
<a href="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.57.08%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.57.08%20PM.png" alt="">
 
An emerging trend worth noting is the fact that the difference between the proportion of house and unit sales of at least $1 million is much narrower in regional areas. 
In regional areas we tend to see that units are only located in larger regional markets and often are positioned in relatively expensive waterfront locations. Often the proportion of unit sales at, or above, $1 million has been above that for houses. Over the past year, 3.3 percent of all regional house sales and 3.0 percent of all unit sales were at least $1 million.
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Over the past 10 years in particular, we’ve seen a substantial rise in the proportion of sales of at least $1 million.
CoreLogic data confirms that in Sydney, over the past year more than 2 out of every 5 house sales was at least $1 million, and in Melbourne, 1 in 5 house sales was at least $1 million. Sydney had a higher proportion of total unit sales of at least $1 million than the proportion of house sales at that price point in each city except for Melbourne. (Refer adjacent table which highlights the proportion of sales of at least $1 million over the past year, a decade ago and 20 years ago.) 
There is an element of bracket creep in the numbers, however, as the supply of affordable homes selling has declined significantly over recent years, an increasing proportion of stock is selling for a seven figure sum.
<a href="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.58.55%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/19/Screen%20Shot%202016-08-19%20at%202.58.55%20PM.png" alt="">
 
Demand for premium housing and within the most expensive areas of the country remains buoyant which suggests that over the coming year the proportion of sales at a price point of at least $1 million will continue to rise. 
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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$1 million property market sales on the rise: CoreLogic's Cameron Kusher

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Developer Chiwayland has launched the second stage of its $78.9 million ‘Marine’s Hill’ project in Sydney's north western suburb of Epping.
This release features 40 apartments across two low-rise buildings with one-bedroom apartments starting from $625,000, two-bedroom apartments starting from $920,000, and three-bedroom apartments from $1,280,000, including parking.
Marine Hill is designed by architects Robertson + Marks and is due for completion late 2017.
Brian Chen, director Chiwayland Australia said the launch of Marine’s Hill second stage comes soon after the successful sell-out of stage one.
Display suite is open from Wednesday to Sunday 1pm to 4pm at 17-25 Epping Road, Epping (Cnr Smith Street).
For more information, <a href="https://marineshillepping.com.au" target="_blank">click here</a>.
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Chiwayland launches second stage of boutique Marine’s Hill project in Epping

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Capital city transaction levels have continued to trend lower according to CoreLogic's latest Economic and Housing update.
According to CoreLogic the slide began after 2013 from a peak of around 35,000 sales and continues downward.
<a href="/images/2016/08/17/400_logic.jpg" target="_blank">Click to enlarge</a>
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Capital city transaction numbers trend lower: CoreLogic

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Real estate agents in Victoria could be forced to publish indicative selling prices on listings as soon as early 2017 following the underquoting controversy in the state. 
The government plans to make it compulsory for an agent to attach an information statement to their listings.
Under the new laws, agents must provide prospective buyers with a comprehensive market analysis including three recent comparable sales, an indicative selling price, and the median price for the suburb. 
Common terms on property listings such as 'contact agent', 'price on application' and 'sale by negotiation' may disappear.
Only a 10 percent price range will also be allowed, with words and symbols suggesting figures such as '$1.2 million+' or 'offers over $1.2 million' will not be allowed.
Agents will have 24 hours to update advertising materials if a vendor has rejected a written offer above the advertised price, or the agent’s price estimate changes. 
The REIV have backed the possible changes, suggesting it will be a significant step forward and will greatly benefit those looking to buy property in Victoria.
REIV chief executive officer Geoff White said that the changes will create a more transparent market, providing clear information to all stakeholders.
“A key objective of the new laws has been to ensure that they are effective in a rising or a falling market, and we believe they have delivered on this objective," he said.
“The changes will provide consistency in pricing of property and the information provided to both vendors and buyers."
The changes come as part of the state governments crackdown on underquoting, where an agent misleads a prospective buyer about the likely sale price.
RealAs however suggest the new underquoting laws will fail.
They suggest some rogue real estate operators which underquote property prices to unsuspecting property buyers will continue to do so despite the laws.
Here is why RealAs believe the Victorian Underquoting Laws will fail:
- Advertising price ranges of more than 10 percent is banned
- Words or symbols in advertising such as 'offers above,' 'from' or '+' will be banned
- How does consumer Affairs Victoria ensure the comparable sales are truly comparable to the property for sale?
- Advertising must promptly updated if the seller rejects a written offer to purchase, or the agent's price estimate changes
- Agents found guilty of underquoting could lose their sales commissions
- Agents have to prove on request from Consumer Affairs Victoria how they arrived at the estimated price
- Real estate agents caught underquoting will face hefty fines, with new offences with penalties of more than $31,000
- The new laws are part of the Labor Government's work to make the real estate industry fairer. The Government has consulted with the REIV which has backed the reforms.
- Rogue Victorian real estate agents which want to underquote under the proposed laws will continue to do so.
To read more about the new underquoting laws <a href="https://www.premier.vic.gov.au/new-underquoting-laws-for-victoria/" target="_blank">click here</a>. 
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Property 101: Legislation changes as Victoria cracks down on underquoting

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Damien Cooley, director of Cooley Auctions, has launched the first Real Estate Sleep Out, bringing the real estate industry together to raise money for Youth Off The Streets.
The sleep out involves spending the night on Bondi Beach this Monday August 22 to raise awareness and funds for the charity.
Father Chris Riley's Youth Off The Streets offers a continuum of care to young people between the age of 12 - 22 who are chronically homeless, abused, suffering from addiction or in general need of help.
They offer a range of programs including crisis and short term accommodation to long term residential care, counselling, secondary education and rehabilitation.
Youth Off The Street have extended their services to various communities and regional centres throughout NSW via our Outreach Programs.
They also operate a volunteer run food van service each night in Kings Cross.
They have developed these programs in response to the growing needs of our city and regional communities over the past 20 years.
For more information and to help raise funds for the charity <a href="https://everydayhero.com.au/event/realestatesleepout" target="_blank">click here</a>.
Property Observer has donated webspace for the marketing campaign of the charity initiative.
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