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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Preliminary auction clearance rates for Melbourne for the week ending August 7 are hovering around 76.1 percent according to CoreLogic.
According to CoreLogic all Melbourne sub-regions recorded a clearance rate above 70 percent this week, with the exclusion of Inner East. The two strongest performing regions based on clearance rate were the Inner South (84.4 percent). 
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Inner South Melbourne leads suburb for weekend auctions: CoreLogic

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GUEST OBSERVER
After you separate from your spouse, you will likely need to make arrangements to divide your property and separate your finances.
You can begin working out a property settlement any time after you separate from your spouse. You do not need to wait until your divorce comes through.
Even if all the property is in the other person’s name, or you did not make direct financial contributions to property (such as paying the mortgage), you will usually still be entitled to a property settlement according to the four-step process used by the Family Court. 
How do we go about dividing property?
You should first try to reach an agreement with your former partner about financial issues. You could attempt property settlement through Family dispute resolution or other non-court based dispute resolution methods. Often this will resolve the matter without the need to go to court. For more information, see Other ways to resolve a family law dispute. Sometimes it will not be safe for you to negotiate directly with the other person (for example, where there has been family violence). For more information, see Family violence and family law.
If you are unable to come to an agreement with your former partner, you may need to ask the Family Court to make a decision for you. There are certain steps you must take before you commence proceedings for property settlement in the Family Court.
How do we know what our property is worth?
If you want to find out about how much your property is worth, you can try the following:
<ul>
<li>For houses – ask three or more real estate agents to give you a valuation of your house. They will provide these free of charge. Ask that they put down what they think the house would actually sell for, as some agents will give the best possible price rather than the more likely price to try to secure your business. You can then take an average of the estimates to use in working out your property settlement. If this method does not produce a result you can agree on, you can consider having a certified valuer visit the property. They will give a sworn valuation of your house for a fee. You can find the name of a certified valuer by asking a real estate agent or looking in the Yellow Pages.</li>
<li>For cars/boats/bikes you can use a website such as RedBook as a starting point and look at local advertisements for similar items (as RedBook is based in Victoria values may differ slightly in Western Australia). If these values cannot be agreed, you can obtain a sworn valuation from an expert.</li>
<li>Get printouts from your bank and superannuation fund of your current balances.</li>
<li>For other items such as tools, trailers and so on you can try looking at local advertisements for similar items, and if the values cannot be agreed you can seek a sworn valuation from an expert with the knowledge, skills and experience to value the particular item.</li>
<li>If there is a business involved, you may know and be able to agree upon its value. If not, you can seek a sworn valuation from an expert licensed to value businesses. </li>
</ul>
Expert valuers for different types of property can be found in the Yellow Pages.
There are no set rules about how things must be valued. When working out a property settlement with your former partner you can agree to value property as you both see fit. For example, while your household contents may only be “worth” a certain amount if you were to sell it, you might choose to think of its value as the cost it would take one person to set up a new residence with furniture and whitegoods. 
You may decide not to have your property valued at all during the process and choose to take a more practical approach. For example, you may decide that regardless of the exact value of your home, you would prefer your children be able to stay in the family home and that it not have to be sold to give you what you think you might be entitled to in a property settlement. Another example might be if you purchased most of your furniture together, you might each take turns picking an item of furniture to keep – that way you can take into account sentimental value as well as monetary value.
How can we formalise an agreement about property?
Consent orders
While it is not compulsory to formalise your agreement about property, it is recommended that you formalise your agreement about property by obtaining consent orders from the Family Court. Having court orders can assist you in dealing with organisations such as banks and can help prevent the people involved from making claims against each other’s property in the future. For more information on consent orders and how to obtain consent orders through the Family Court, see the Family Court of WA Consent Orders Kit, available from the Family Court of WA website or by calling the court registry on (08) 9224 8222 or 1800 199 228 (country areas free call) and requesting that a copy of the Kit be sent to you.
You should get legal advice about your particular circumstances prior to signing any final agreement. 
Binding financial agreements
A binding financial agreement is like a contract between the parties that can deal with how property will be divided if a relationship breaks down. Binding financial agreements may also allow for spousal maintenance to be paid if a relationship ends. The agreement can be made before, during or after a marriage or de facto relationship. Binding financial agreements can only be set aside in very limited circumstances. If you are thinking about making a binding financial agreement you should get legal advice.
How does the Family Court decide who should get what?
For information about how the Family Court decides, see How does the Family Court deal with a property case. You do not necessarily need to follow the approach taken by the Family Court to determine your own private property settlement, but as the process was designed to try to come up with a fair outcome, you may wish to use it as a guide.
Are there any time limits?
Yes. If you were married you have 12 months from the date your divorce becomes final to commence property settlement proceedings in the Family Court. You can get a property settlement before you are divorced.
Although you can work out a property settlement almost any time after separation (as the time limitation period does not start until your divorce is finalised), it is recommended to sort out arrangements as soon as possible. This is because asset values can change over time and valuations are best done close to when the parties separate.
Is superannuation included in property?
Superannuation may be included in a property settlement for people who were married. It is possible for superannuation to be:
<ul>
<li>split and transferred from one person to the other (called a "splitting order") </li>
<li>given to the one person when the other person retires and receives their superannuation payment (called a "flagging order") </li>
<li>used as an "offset" meaning if one person keeps their superannuation the other person will receive more out of the other available property </li>
<li>included in a financial agreement </li>
<li>valued as property</li>
</ul>
I am worried my former partner will get rid of assets, what can I do?
If you are worried your former partner may get rid of assets before you can finalise a property settlement you can ask the court for an injunction to stop the other person from selling or dealing with the property.
An injunction is an order from the court preventing anyone from selling or transferring assets that may be property of a marriage. 
Seek legal advice if you have concerns about the other person disposing of property. 
Can I get spousal maintenance?
Spousal maintenance is only given if one person can financially maintain the other person and the other person cannot maintain themselves because of age, mental or physical incapacity, because they have a child under 18 in their care or any other adequate reason. The court will consider a range of things when deciding on whether to grant spousal maintenance. You should get legal advice if you want to apply for spousal maintenance.
For more information from Legal Aid WA, <a href="https://www.legalaid.wa.gov.au/Pages/Default.aspx" target="_blank">click here</a>.
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Property 101: WA's property dividing laws for married couples

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Queensland developer Coolum Terrace Holdings has sold 30 percent of apartments in its $35 million development Illoura.
Illoura Coolum features 37 apartments and three penthouses in two boutique buildings with subtropical landscaping, lagoon style heated pool, spa and sundeck.
Since opening some 11 out of 37 units have either been sold or are under contract, totalling $10 million.
Construction is expected to start on Illoura Coolum within three months. 
Prices in the residential development range from $375,000 to $1.5 million.
Features include elevated beach views from nearly all apartments, 2.7m ceilings, extensive glazing to maximise natural light and ventilation and balconies with full-height stacking glass doors.
For more information, <a href="https://illouracoolum.com.au/" target="_blank">click here</a>.
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Coolum Terrace Holdings reaches $10m in sales for luxury beach project

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GUEST OBSERVER
It’s time for a fresh look at community and policy development in rural and regional NSW – one that will deliver rewarding jobs, a proper say for people in how they’re governed, decent infrastructure, access to essential services, and an enriching environment.
<h2>Looking after the land</h2>
Rural and regional NSW provides the state with much of its food, water and tourism opportunities, as well as crucial hidden services such as regulating the climate. Properly funding projects that preserve regional environments benefits all citizens, but can also help develop regional economies.
Regional NSW is well placed to become a leader in the farming, supply and production of renewable energy, so governments may wish to consider what policy levers are needed to incentivise investment in this area.
It’s also important we involve local experts in finding ways to improve land and water management in regional areas, sustainable agricultural and forestry practices, and develop well-managed protected areas that facilitate biodiversity conservation.
Fostering people’s connection with, and appreciation of, nature can achieve health benefits, facilitate tourism and recreation, and even boost mental health.
<h2>Creating a happy and healthy regional citizenry</h2>
It’s no secret there is a shortage of GPs and other specialist medical service providers in regional areas.
Mental illness prevalence rates are similar to metropolitan areas but there is a lack of mental health services in regional areas, and self-harm rates are much higher.
Mental health prevalence rates are similar to metropolitan areas but there is a lack of mental health services in regional areas, and self-harm rates increase with remoteness.
Addressing these shortages is important if we are aiming to create a happy, healthy and productive citizenry in regional NSW – and attract highly trained professionals to the regions.
<h2>Attracting highly skilled, mobile and trained professionals</h2>
It’s important that NSW develops better ways to attract highly skilled, highly mobile and highly trained professionals to its regions. In the past, organisations like the Bathurst-Orange Development Corporation gave concessions to industry in the short term to relocate to Bathurst. This model could be revisited more broadly.
Diversity and a culturally rich environment can serve as a strong selling point for urban and international migration to regional areas.
Welcoming and inclusive communities are more likely to retain highly skilled and professional migrants. We need creative campaigns that focus on the promotion of arts and culture heritage, healthy lifestyle, sport and outdoor activities, as well as educational opportunities available outside urban centres.
Regional and rural citizens are crying out for improved infrastructure – better roads and public transport, fast and reliable broadband and telecommunications would help attract high trained professionals to the regions.
Proper access to legal services
Citizens in some remote areas of NSW lack access to legal services, and it’s important that policy be developed according to local need in context (rather than a one-size-fits-all “solution”).
It’s crucial that governments plan to ensure a mix of legal services are available to regional and rural citizens. Both private lawyers and public services are needed.
It’s important that key government departments such as the Department of Education, Department of Family and Community Services and the Department of Primary Industries have a stronger and continuous presence in regional areas.
These agencies employ lawyers. Locating these key departments in regional areas also creates opportunities for country lawyers beyond private practice and ensures citizens are getting advice from local lawyers who understand the regional context.
<h2>Breaking down stereotypes</h2>
The urban mindset is preoccupied with an image of the regions as all hay bales and agriculture, as portrayed on television shows like The Farmer Wants A Wife.
The reality is much more varied and nuanced. Vibrant arts communities exist along side long-standing farming industries. While some regional areas have been on a relative decline, much of this has to do with growth in urban areas. Services are clustered in some regional areas, and found wanting in others.
Developing a more accurate picture of what life in rural and regional NSW is really like – through funding regional art communities, social links between urban and regional citizens, and developing more realistic social marketing – would go a long way to breaking down misconceptions about country NSW.
<h2>Inclusion and consultation</h2>
A courageous government could consider creating Regional Advisory Councils, made up of representatives selected across each region. These council members could be trained to use deliberative democracy – a form of collective discussion and decision-making – to help tackle complex problems in their local areas.
Lip service is not enough. It’s important that funding be made available to help implement projects that rural and regional citizens say their local areas need.
That means breaking down the traditional silo-based approach to funding, where we run the risk of allocating money to government departments or pet projects based on the ideas of centrally located decision makers. Importantly, governance and oversight mechanisms are needed to ensure there are not conflicts of interest.
Regional policymakers could harvest the vast amounts of data available to allocate funds based on where the need is greatest; making such data publicly available where possible is a key part of results-based accountability too.
<h2>What’s at stake?</h2>
Recent political events – think Brexit, the rise of Donald Trump and voter dissatisfaction with the major parties in Australia – have underlined how disenfranchised many regional and rural citizens feel in a rapidly changing world.
We need to ensure that regional and rural citizens are not left behind as advanced economies shift away from traditional manufacturing and toward a knowledge economy. Doing so will help preserve social and political harmony for all citizens.
Alison Gerard is associate professor in Law, Charles Sturt University and can be contacted <a href="https://theconversation.com/profiles/alison-gerard-12350" target="_blank">here</a>.
Branka Krivokapic-Skoko is economist and economic sociologist, Charles Sturt University and can be contacted <a href="https://theconversation.com/profiles/branka-krivokapic-skoko-285542" target="_blank">here</a>. 
Liz Reimer is lecturer in Social Welfare, Southern Cross University and can be contacted <a href="https://theconversation.com/profiles/liz-reimer-285543" target="_blank">here</a>.
All are authors for The Conversation.
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jchancellor-FAypfDUnLy

Reimagining NSW: how a happy, healthy regional and rural citizenry helps us all

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The Hunt Hospitality group has added Newcastle’s Duke of Wellington hotel to its growing portfolio of Hunter region properties in a deal valued at around $8.5 million.
The Hunt family are long time hoteliers who currently own the Kent and CBD Hotels in Newcastle.
The Duke of Wellington has been added to their portfolio by way of private sector syndication – in a similar fashion to Maitland’s The Rutherford Hotel, which was acquired earlier this year.
CBRE Hotels negotiated the sale in conjunction with Knight Frank.   
The Duke of Wellington is situated in the Newcastle suburb of New Lambton. Established in 1932 and known by locals as The Duke, the hotel is regarded as one of Newcastle's premier hospitality venues. 
CBRE National Director Daniel Dragicevich said the sale price and yield achieved reflected the strong appetite for non-metro hotel assets, given the limited availability of quality Sydney stock.
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Hunt Hospitality secures another Newcastle pub, The Duke of Wellington

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Canterbury had Melbourne's top sale - well above its $3.5 million reserve - when a three-bedroom home at Canterbury sold for $4.11 million with four bidders competing through Kay and Burton.
It was a Lewis Coote-designed home built for the vendors in 1988 on its 847 sqm block which cost $96,000 in 1980, reflecting 11 percent annual price appreciation.
Melbourne buyers agent Mal James advised the strong result at <a href="https://www.realestate.com.au/property-house-vic-canterbury-123096942" target="_blank">9 Victoria Avenue, Canterbury</a> (above) highlighted the re-emergence of the Asian market and "it’s clashing with the strong local market" which prior to the winter break had been left to provide the market leadership. He advised three of the four bidders were of Asian background.
"We are a multi-cultural city and therefore it’s impossible for us to determine the exact nature of everybody’s citizenship on the fly at an auction – so what we are saying is, we are seeing stronger and more bidding from buyers with an Asian background – more bidding than we did in the second half of last year and the first half of this year," Mal James suggested.
The most affordable auction property reported sold at the weekend across the country was a one-bedroom unit at <a href="https://www.realestate.com.au/property-apartment-vic-st+kilda-123074814" target="_blank">3/239 Canterbury Road, St Kilda</a> (below), that sold for $211,000 by Gary Peer and Associates who had been giving a revised $200,000 plus price guidance.
<img src="/images/2016/08/08/700_vic_unit.jpg" alt="">
It last sold at $80,000 in 1998, so reflected 5.6 percent annual price growth. The 1960s apartment was recently available at $350 a week asking rental, reflecting a 8.6 percent gross rental yield.
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Clash between locals and Chinese buyers re-emerges in Melbourne's Canterbury: Mal James

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GUEST OBSERVER
As expected, the statement fell short of providing explicit forward guidance, but we interpret the larger number of risks to the outlook and the RBA’s forecast that average underlying inflation would be stuck at the bottom of the 2-3 percent target band by the end of 2018 as a strong easing bias.
Our base case is that rates remain on hold at 1.5 percent, but we see a clear risk of further cuts given the RBA expects persistently low inflation and with banks passing on only half of this week’s rate cut to home loan customers. The AUD is also important given the RBA thinks it still poses a “significant source of uncertainty” around the outlook.
In our view, today’s statement reinforces this risk. With the cash rate now close to the 1 percent floor for the cash rate, we think the RBA would be looking more closely at unconventional options if downside risks to the outlook materialise.
Persistently low inflation points to an easing bias. As expected, the RBA’s forecast profile for underlying inflation was unchanged, showing inflation at or below the bottom of the 2-3 percent target band for the entire forecast period.
Importantly, in our opinion, the RBA’s initial forecast for Q4 2018 showed average inflation remaining at the bottom of the target band rather than returning to the 2.5 percent midpoint. We think this is a dovish signal, given that the RBA cut rates this week and the forecasts are based on market pricing, which was for another rate cut.
Near-term growth was revised higher, but the RBA is more uncertain about the outlook. The RBA revised near-term growth higher given Q1 GDP was significantly higher than it had expected, but left the rest of its forecast profile for modest growth unchanged. Unemployment was expected to “move only a little lower”, with a degree of spare capacity in the labour market for some time. The statement highlighted the uncertainty about the outlook, citing China, the labour market, the housing market, and the exchange rate.
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We think the RBA would be looking more closely at unconventional options if downside risks to the economy materialise. We think the RBA would have to look more closely at unconventional policies if, say, the economy takes a turn for the worse, the exchange rate unexpectedly strengthened, and/or low inflation expectations kept actual inflation below the target band. The RBA thought the likelihood of using such options was “very remote”, but we are much less sure given the cash rate is close to the RBA’s 1 percent floor.
Governor Stevens may talk about the limits to monetary policy next week.
The Governor is speaking on 10 August at what might be his last speaking engagement before his term finishes on 17 September. We think he may cover familiar ground, emphasising that central banks are having to shoulder too much of the burden of supporting growth and argue that there are limits to what can be achieved with monetary policy. He may also repeat his support for the RBA’s inflation targeting framework and argue that tougher regulations have put the banks in a better place. 
Kieran Davies is an economist for ANZ and can be contacted <a href="https://www.anz.com/personal/" target="_blank">here</a>.
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Clear risk of further cuts from RBA: ANZ's Kieran Davies

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GUEST OBSERVER
In its Statement on Monetary Policy (SoMP) for August the Reserve Bank has made no significant changes to its forecasts.
This is an unusual development given that it cut rates earlier this week. Our scrutiny of previous rate decisions shows that on all previous occasions a rate change has been followed with a forecast change.
However, as indicated in previous notes we expected no forecast change and a rate cut on the basis that the changes to the inflation outlook in the May SoMP were so significant that a follow-up move would be necessary without any further need to change the forecasts.
In summary, the Bank, which has extended the forecast period from June 2018 to December 2018, has retained a 3% growth forecast for 2016 and 2017, and a 3½% forecast for the whole of 2018 (having forecast 3½% for the year to June 2018 in the May SoMP).
The inflation forecasts also remain the same: underlying inflation in 2016 is forecast at 1½% (mid-point of 1-2% range) and 2% (mid-point of 1½-2½% range) in 2017. One area of interest was whether the Bank would adopt an above 2% forecast for calendar 2018. Note that in May, the forecast to June 2018 was still 2% but there was scope in this statement to adopt a ‘with-in target zone’ forecast for 2018. However the Bank has decided to retain the 2% forecast (mid-point of 1½-2½% range) for the whole of 2018.
This means that with underlying inflation printing 2% for 2015, the Bank is predicting that underlying inflation will remain below or at the bottom of the band for four consecutive years. Indeed in the statement it is even more confronting than that, choosing to note “inflation is likely to remain below 2% over most of the forecast period”.
This approach certainly raises issues around whether, with a new Governor being appointed in September and adopting a new agreement with the Government, a revised approach to inflation targeting could be embraced. One approach might be to further extend the forecast period with an assertion that eventually inflation will return to the target zone; another might be to lower the specific target; while a third might be to abandon an actual arithmetic target. These issues will be revealed over the next few months.
As is the normal practise, the forecasts assume unchanged AUD and oil prices but adopt market pricing for interest rates. Despite the rate cut in August markets continue to fully price in another cut by early next year. So in comparing the forecasts in May, which also had one full cut priced in, these forecasts have an extra cut priced in. Yet they have not been changed to reflect even easier monetary policy.
So, from this perspective, even though the forecasts have not been changed the implication is a more cautious view than we saw in May.
The growth forecasts appear to be on the high side. We know the Bank assesses trend growth as 2.75% and these forecasts indicate the expectation of four consecutive years of growth above that trend. With that in mind it is very interesting that the commentary in the introduction to the statement, which is generally accepted to have been written by the Governor, notes the following: “While the prospects for growth in economic activity are positive there is room for even stronger growth”. Interpreting this statement is not clear cut. It may be specifically justifying the decision to cut in August or it may be providing guidance for the future. Given that it will clearly be so closely scrutinised it would be risky to dismiss it as only justifying the August decision. Along with the surprisingly downbeat commentary on the inflation outlook it should not be dismissed as only providing an explanation for the August decision.
Therefore the combination of a decidedly underwhelming inflation forecast with recognition that even though growth is expected to be consistently a little above trend throughout the forecast period there is scope for even stronger growth should clearly be interpreted as the Bank retaining its easing bias. While there is no specific guidance around the outlook for policy, which is usually the vehicle for signalling such a bias, the flavour around these forecasts and the commentary indicates that easing policy stance.
The commentary around the outlook for the economy lacks confidence. Weak wages growth is explained by ongoing spare capacity in the labour market; low inflation expectations and profit pressures. Spare capacity in the labour market is expected to persist for the full forecast period (out to end 2018) and the unemployment rate is not expected to fall too much. In the near term, employment growth over the second half of 2016 is expected to be modest. Further uncertainty around the labour market is noted with the observation that: “Gains in employment continue to be mostly in part time and among workers who would like more hours” raising the prospect that the degree of spare capacity is larger than implied by the unemployment rate. The emphasis on this mix of jobs growth has increased significantly since the last SoMP with, despite the rate cut, the mood around the labour market being more cautious.
There are also confident observations made about risks to overstimulating house prices with house price growth being assessed as modest since around April and inflation in rents easing to multi-decade lows. Further the Statement asserts that, “the risks associated with high and rising household leverage and rapid gains in housing prices have diminished.”
Of course, uncertainty prevails around the AUD: “It [the AUD] … represents a significant source of uncertainty for the forecasts for inflation as well as the outlook for growth in activity”.  Views around the international environment are broadly the same as we saw in May with no particular strong reaction to ‘Brexit’ or the political uncertainty in the US. As with previous statements considerable attention is given to China with the ongoing issues of the sustainability of the recent upswing in housing activity and the increasing imbalance from excessive corporate and local government debt attracting attention. It is reasonable to conclude that the Bank’s developing suspicions around China’s outlook have progressed further in this statement.
Conclusion
We are not surprised that the forecasts in the statement are unchanged. However, the commentary around the inflation prospects, and, notwithstanding a little above trend growth forecasts, recognition that there is room for even stronger growth points to this statement implying an easing bias. There is no commentary that we can see pointing out stability risks to even lower rates. Indeed the statement strongly asserts that despite the rate cut in May, conditions in the housing market have stabilised and risks in the housing market have diminished. It is also apparent that caution has entered into the assessment around the labour market with specific emphasis on spare capacity being more prominent in this statement than we saw in May.
Our current forecast is that having responded to the ‘inflation scare’ in May with two rate cuts, the Bank will be inclined to now seek a period of stability on the policy front. However the sentiment in this statement indicates that the Bank is more open to further near term stimulus than we thought would have been the case.
Over the course of the next period we will assess the usual risks to determine whether our current view should be retained. Apart from the usual run of economic data, the agreement between the new RBA Governor, Philip Lowe, and the Government will be important, while any clarification from the new Governor himself on these issues will also be welcomed.
 BILL EVANS is chief economist of Westpac and can be contacted <a href="https://www.westpac.com.au/about-westpac/westpac-group/" target="_blank">here</a>.
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RBA statement notes housing market risks have diminished: Westpac's Bill Evans

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<img src="https://counter.theconversation.edu.au/content/54952/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
We take for granted that buildings are classified and designed according to a specific use: a library, say, or school, prison or hospital.
A room, or an open area (“a space” in our modern jargon), too, is determined by its function, so we label them as bedroom, living room, boardroom, office, study or even a gift-wrapping room (if you are a Hollywood star).
Such classification is relatively new in human history. In pre-19th-century Europe and pre-modern China of more than 3,000 years, there were very few or no building types.
In modern times, overt specificity and its opposite, open planning, have caused a few problems: short building lifespan, on the one hand, and bland, lifeless open buildings, on the other, are two.
Rooms for cooking, washing and answering nature’s call must cater to these specific uses. Still, these rooms, like others, can be conceived and designed with singular or multiple characters.
We can, for example, wash in a particular room, but we may also bathe or even read there for pleasure if the room has a serene character. We often speak of rooms in terms of human character: a secretive room, a cheerful room, a gloomy room, a feminine room, a dreamy room … the list goes on.
A narrative of rooms
What did it do to humans when in pre-modern times a building was composed with a narrative of rooms and gradually given a “life” of its own?
It would be inconceivable for a modern architect to receive the instruction from a client to design a building with rooms of various characters. But this was exactly what Andrea Palladio – the 16th-century Renaissance master – was instructed to do.
Give me a dozen rooms, some for me, some for my wife, some for my sons, some for servants and some for “ease”, asked the Veneto noble when he desired a country villa. Other than the differentiation between more open rooms (entrata, sala) and more enclosed ones (stanze, camere and camerini), these rooms are sequentially characterised from expansive and lofty to cosy and intimate.
Throughout their long summers, the Veneto nobles loafed around in such ensembles of interconnected rooms to pursue otium – a Roman ideal of leisurely time spent away from business and politics in the city to read literature and philosophy, and to converse and revel in the country.
They often travelled with furniture when they visited each other in those splendid villas. Depending on the mood and the need, a canopy bed could be set up in either a stanza or a camera, hence a circumstantial bedroom in the modern sense.
The entire Villa La Rotonda, conveniently positioned on the top of a hill, was on occasions turned into this magical theatre at night with its rooms becoming viewing boxes – from where the guests would be entertained with fireworks in the valley.
Around a courtyard, each room has its place
For more than three millennia, the Chinese built everything – from house, shop, factory, theatre and temple to imperial palace and the entire city – following one configuration, a courtyard.
But the rooms lining and within the courtyard – some elevated, expansive and magnanimous, and some grounded, hidden and secretive – were designated to play different social roles.
The patriarch and his wife lived in the central building on the axis; the married sons were housed in the two side-wing buildings; the unmarried daughter and the servants were tucked away in the rows of rooms in the rear courtyard.
One’s destiny and the character of the room were matched based on the legible Confucian decorum. The central tang – the hall – was elevated on a stone platform with its southern façade open to the lower court.
When the blind musician Mian called in, Confucius paid him the utmost respect by showing him the way up to the hall. When Mian reached the steps, the Master said: “Mind the steps”. Taking him to his mat, the Master said: “Here is your mat”. When everyone was seated, the Master explained: “So-and-so is here, So-and-so is there.”
This must have been an expected and yet imperative sequence: stepping up to the hall, being allocated the appropriately positioned mat, and sitting down to converse while facing the courtyard below.
The hall is reserved for the distinguished; the lesser must remain in the courtyard. To rise to the hall without an invitation from the owner therefore is an offence. In the imperial palace, the emperor, sitting in the hall, would give audience to his ministers, on their knees, in the court.
A place under Heaven
The courtyard itself is a room with a character. Though the four wings of the courtyard frame the sky, the Chinese leave their Heaven “unclaimed” in blandness.
When leaves fell in the imperial courtyard, the emperor was informed about the arrival of autumn. Women and children cut golden leaves in various shapes and stuck them on their sideburns: a long-forgotten Chinese custom under the Song dynasty.
Heaven’s pulse, in this Song celebration of autumn, is felt through the framed sky in the courtyard, but its true meaning remains on earth – that is, the connection of the emperor with his subjects. Unsurprisingly, the emperor is “the son of Heaven”.
The atrium in a Roman courtyard domusis narrow and skyward. Its character par-excellence is akin to the oculus in the Pantheon. This “courtyard” is the Roman emperor Hadrian’s homage to both Heaven and man, but man is contained within and, subordinate to, the internalised cosmos.
Though gods were many in classical antiquity, Heaven was to be held in awe. The coffers of the concrete dome, shrinking gradually in size towards the oculus, and still the largest unreinforced concrete dome in the world after nearly 2,000 years, are in the mind’s eye of a modern philosopher a chorus of angels ascending to Heaven.
Rain, snow and occasionally hailstones fall from the oculus. But this is the divine sublime. Even to this day, a cascade of ruby rose petals descends from “Heaven’s eye” (the oculus) on every Pentecost.
By the late 19th century, a large country house of the English aristocracy could have up to 50 defined rooms – ranging from parlour, boudoir, music room, library, gentleman’s room and saloon to cloakroom, china closet, gun room and even soiled linen closet. Professor Robert Kerr took the trouble of writing a book in 1865, The Gentleman’s House, to advise architects on the art of segregation in a house.
Unlike that of the 16th-century Veneto nobles, the English country house was fully occupied throughout the year. While the English gentry retreated to some of these enclosed rooms to cultivate a selfhood, this was the end of likening a building and its rooms to a human character, and the beginning of a building as a mechanical apparatus.
“A house is a machine for living in,” declared the French avant-garde architect Le Corbusier in the early 20th century – though his own buildings are more enigmatic than those of his enthusiastic followers.
But not all has been lost. The great New Zealand architect, the late Sir Ian Athfield, and a few of his kindred spirits such as Luis Barragan in Mexico and Geoffrey Bawa in Sri Lanka, conceived and built their buildings as an ensemble of rooms of all sorts of characters.
Their work nonetheless prove the validity of a long-forgotten tradition – that is, architecture was meant to be an art of imitating a human character, rather than “designed” to cater to a specific use only.
Xing Ruan is professor of Architecture, associate dean international and director of Architecture, UNSW Australia and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/xing-ruan-219197" target="_blank">here</a>.
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Why a building and its rooms should have a human character

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A securely leased retail property in Melbourne's Surrey Hills is up for sale through Teska Carson with expectations of more than $1 million.
The property, 540 Whitehorse Road, is 210 sqm over two levels on a 217 square metre site.
Tesla Carson's Michael Taylor said the property is currently leased to the Triple King Chinese Restaurant, on a five year term with a five year option at $62,400 per annum.
"Surrey Hills lies within Melbourne’s demographic centre, an area which continues to attract strong residential growth which in turn drives retail and commercial returns," he said.
"The strip has an excellent tenancy history with little to no vacancy and that is a reflection of the strong demand from the surrounding residential catchment."
The property is for sale by expressions of interest closing Wednesday, August 31, at 3pm 
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