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/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
And there has not been a delay of the NBN… Because of Malcolm Turnbull’s management of the NBN, it will all be finished by 2020, not 2024 as Labor was promising, with speeds that people want and need. – Minister for Industry, Innovation and Science Christopher Pyne, speaking on Q&amp;A, May 23, 2016.
The election campaign has brought national broadband network policy back into the spotlight, particularly as the incumbent prime minister was responsible for the National Broadband Network (NBN) in his previous role as communications minister.
Minister for Industry, Innovation and Science Christopher Pyne told Q&amp;A there has not been a delay of the NBN. Is that right?
<h2>2013: the year of election promises and reviews</h2>
The Conversation contacted a spokesperson for Christopher Pyne seeking comment and sources to support his statement, but did not hear back before deadline.
Nevertheless, most of the documents on the recent history of the NBN can be found online.
As acknowledged in this Coalition document, the previous Labor government promised to deliver an NBN by a deadline of 2021 (not 2024 as Pyne stated on Q&amp;A).
Prior to the 2013 federal election, the nbn co under the then-Labor government said it planned to deliver a predominantly fibre to the premises (FTTP) network by 2021.
But there were delays in negotiating with Telstra for access to ducts and pits, the discovery of asbestos in some of Telstra’s network, and other teething problems.
In their 2013 pre-election promises, the Coalition said its goal was to provide everyone in the nation with access to broadband with download data rates of between 25 and 100 megabits per second by the year 2016. They also planned to deliver between 50 and 100 megabits per second by the end of 2019 to 90 percent of the fixed line footprint. That election commitment, the Coalition said, “assumes the current NBN Co satellite and fixed wireless networks are deployed on schedule.”
But after the election, the Coalition’s dropped its promise to deliver 25 to 100 megabits per second to everyone in the nation by 2016.
Then communications minister Malcolm Turnbull said that a December 2013 Strategic Review of the NBN commissioned by the new government had found that the NBN is in a fundamentally worse position than the Labor Government at any time disclosed to Parliament or the Australian public.
The strategic review also said that Labor’s NBN would not have been completed until 2024.
<h2>2015: New plans</h2>
In 2015, the nbn co issued its 2016 corporate plan.
In this document, the company now estimated that Labor’s plan for an all-FTTP fixed line rollout could be completed by 2026 but possibly as late as 2028.
However, this revised estimate has been challenged by former nbn co CEO, Mike Quigley, who said in a 2015 article that
For that to be correct, one has to assume that for the next 13 years, nbn co will roll out just 12,300 premises per week on average. Fewer premises than it regularly passes each week today… It is almost certainly true that an all-FTTP NBN would take longer to complete than its inferior MTM counterpart [the Multi-Technology Mix proposed by the Coalition]. But it would likely only be longer by one to three years.
In late 2015, an nbn co spokesman was reported as saying that the company had deliberately chosen to take a more gradual approach to [fibre to the node or FTTN] activations than was originally flagged.
<h2>The 2016 leaks</h2>
Early in 2016, internal nbn co documents were leaked to the media.
These and other leaked documents – which were at the centre of a recent Australian Federal Police raid on a Labor offices and a staffer’s home in an effort to find the leaker – were reported as showing bottlenecks and delays in the fibre to the node (FTTN) and hybrid fibre coax (HFC) components of the NBN rollout.
In response, nbn co said: NBN has met or exceeded every key target for six quarters in a row.
Current nbn co chair Ziggy Switkowski wrote on May 28, 2016 that "The company will meet its targets for the ninth quarter in a row… There are no “cost blowouts” or “rollout delays” to the publicly released plans."
It’s beyond the scope of FactCheck to say with any certainty whether the leaked documents accurately reflect the full picture.
It’s important to note that as any technical and other teething problems are resolved, nbn co should be able to ramp up the roll-out rate to improve its chances of meeting a 2020 completion project date.
Internet access speeds around the world are growing rapidly, and this growth is expected to continue for the foreseeable future. Australia’s internet speeds are slow compared to other developed countries.
Verdict
Christopher Pyne’s assertion that there have been “no delays” in the implementation of the NBN is inaccurate. Some delays occurred under the Labor government, and the early stages of the FTTN rollout under the current government have been slower than the Coalition originally envisaged.
Leaked documents and reported statements by an nbn co spokesperson also suggest delays occurred under the Coalition government. However, nbn co rejects that, saying it has met or exceeded its key targets.
Labor promised a completion date of 2021, not 2024 as Pyne said. It was the December 2013 Strategic Review of the NBN commissioned by the Coalition government that said Labor’s NBN would not have been completed until 2024. – Rod Tucker
REVIEW
This article is factual and correct. As stated in the article, delays in the nbn co’s roll out is also self evident by comparing the original deployment date promises made before the 2013 federal election with the the revised schedule outlined in the December 2013 strategic review of the NBN, initiated by the Coalition government. – Thas Ampalavanapillai Nirmalathas
Rod Tucker is laureate Emeritus Professor, University of Melbourne and author for The Conversation. He con be contacted <a href="https://theconversation.com/profiles/rod-tucker-2000" target="_blank">here</a>.
 
 
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jchancellor-FAypfDUnLy

Election FactCheck Q&A: has the NBN been delayed?

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A mixed-use development site in Melbourne’s Footscray has sold for $2.3 million before auction.
The 34 Moreland Street property has a permit for building 22 apartments over five levels and a ground floor commercial tenancy. 
The 370 sqm site sold on a unit rate of $104,545 per apartment and a land rate of $6,216 per sqm. 
The selling agents were Fitzroys’ Michael Ryan and James Gregson alongside Colliers’ Andrew Ryan and Hamish Burgess. 
The mixed-use zoned corner site comprises a single-level warehouse tenanted to pilates operator White Dog Studio on a three-year lease ending March 2018, returning $36,050 per annum. 
The permitted development of 1,271 sqm includes two and one-bedroom apartments and basement car parking. 
The site is located within the Footscray Activity Centre and close to Footscray Railway Station and Victoria University. 
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prateek24-ezbwHMbNAk

Apartment site in Melbourne’s Footscray sells for $2.3 million

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Median prices and price indexes are very blunt instruments for measuring real estate markets.
When it comes to charting what’s happening in property markets, price data is a long way behind the game and prone to all kinds of statistical absurdities.
Price statistics are part of a chain reaction which means most investors get into markets too late to buy well. After something fundamental changes in a market, causing activity to start rising, it can be six months before it starts to be reflected in prices and even longer before it comes to attention of consumers via the media.
If you’re reading there’s a price boom somewhere, you’ve already missed the best time to purchase by at least 12 months. But that’s the signal that sparks most investors into action.
Fortunately, there’s a better way.
It’s one of clear patterns of real estate that changes in sales activity translates into price reactions, all other things being equal. It’s sounds simplistic but it’s not - it’s merely simple. There’s a correlation between sales volumes and prices rises/falls. But the change in activity comes first and the price reaction follows later.
So there are plenty of lessons to be seen in what’s happening to sales activity in major markets around the country.
Our latest edition of The Price Predictor Index shows quite starkly how much the Sydney and Melbourne markets have declined in terms of activity. 
Boom markets seldom extend beyond three years and Sydney’s cycle has inevitably passed its peak and turned south. The vast Sydney metropolitan area, with over 700 suburbs, is bereft of suburbs with forward momentum. Many suburbs now display patterns of sharply declining sales levels – and many of those areas are now experiencing price stagnation or decline.
Melbourne has followed Sydney into the post-boom phase of the property cycle. There has been a marked downturn in the number of growth suburbs in the Greater Melbourne area, down from 105 in our previous quarterly survey to 28. Most of the ranked suburbs now have Plateau markets (sales tapering off at levels below their peak).
While Melbourne generally is fading, one region that continues to pump is the Mornington Peninsula LGA. Bayside suburbs at opposite ends of the price spectrum - Rosebud West (median house price $425,000) and Sorrento ($900,000), and several others in between - have markets where sales activity is rising steadily.
Meanwhile, the City of Greater Geelong is the No.1 market in Victoria. It has plenty of upwardly-mobile suburbs, more than any other LGA in the state and fourth best in the nation (behind three municipalities in South-East Queensland). A standout feature is the growing sales activity in cheaper suburbs such as Norlane, Corio, Belmont and Clifton Springs. This doesn’t surprise, as Geelong thrives on being an affordable alternative to Melbourne.
Torquay on the Surf Coast south of Geelong and the towns of the Bass Coast LGA - including Inverloch, Wonthaggi and Cowes – are also travelling well.
Meanwhile, and this will surprise many people, Adelaide ranks as the leading capital city market now. It has more suburbs with rising sales activity (47) than all other cities. Brisbane is the only serious challenger, with 41 growth suburbs. 
Adelaide’s No.1 municipality is the Port Adelaide Enfield LGA. This is one of the largest municipalities in Adelaide, covering the inner north and north-west of the city. Eight suburbs in this LGA have forward momentum, mostly suburbs with median house prices in the range from $380,000 to $510,000. They include Broadview, Northgate, Windsor Gardens and Largs Bay. 
Also chugging along nicely is the City of Charles Sturt, one of those solid middle-market areas that have strong property markets amid the steady rise of Adelaide.
The Charles Sturt LGA includes bayside suburbs west of the Adelaide CBD, including rising markets such as Henley Beach (median house price $690,000) and Henley Beach South ($830,000), as well as some more affordable locations such as Findon ($475,000), Kidman Park ($555,000), Semaphore Park ($480,000) and Seaton ($455,000).
Brisbane and South-East Queensland still have good activity happening. The Gold Coast remains the No.1 municipality in the nation in terms of the number of suburbs with growing sales activitity and the No.2 and No.2 LGAs in that regard are found in the Brisbane metropolitan area. 
The Greater Brisbane area has a smaller number of growth markets than three months ago, but remains considerably stronger than Sydney and Melbourne. Its leading precincts are two fringe areas on the periphery of the metropolitan area – the Moreton Bay Region in the far north and Logan City in the far south. This suggests the Brisbane cycle is at or close to its peak. But, for now, it remains one of the strongest cities.
The other standout city is Hobart. The last time Hobart captured the national imagination for property investment was in 2003/2004. Most the intervening period has been characterised by economic and population stagnation and an enduring status as the basket case of the national economy.
But all that has changed. Tasmania is a contender again and this has translated into rising performance in the Hobart property market. Sales numbers are up, prices and rents are responding, and investors are starting to take action.
It helps that Hobart has the lowest prices, high rental yields and lowest vacancies among the eight capital cities.
 
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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terryryder-YECXbqmri2

The correlation between property sales volumes and prices rises: Terry Ryder

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If all of the apartment standards being considered are brought to <a href="/new-apartments/melbourne-vic?bedrooms%5Bvalue%5D=0&amp;bedrooms%5Bvalue2%5D=5&amp;bedroom-prices%5Bvalue%5D=0&amp;bedroom-prices%5Bvalue2%5D=8">Melbourne</a>, apartments will cost approximately $115,000 to $145,000 more. Perhaps the most misunderstood aspect of this, is that the proposed increase in apartment sizes means an additional $15,000. Where then does the extra $100,000 come from and what is contributing to this spike in price?

Working with Rider Levett Bucknall, the global property and construction practice specialising in cost consultancy, project management and advisory services, I have calculated the very real cost associated with each of the proposed designed standards. Understanding that size accounts for just 10-12% of the overall cost, I think it’s time we realised size, whilst it has been the most publicised factor, doesn’t matter nor cost as much as these other standards.

In confirming that the apartment standards will be released in the same time frame as the C270 amendment, Planning Minister Richard Wynne has verified that we can expect these standards to come in to effect in September this year. The Minister has also said consultation was undertaken with industry bodies, yet no official apartment standards have been released to the public for their feedback, nor have indicative costings been disclosed.

The government seemingly refuses to tell the public what they are in for and what the true cost of these apartment standards will be. They simply plan to set into motion, planning legislation that will forever change our city and hurt housing affordability, without further notice.

You see in 2014, The Office of the Victorian Government Architect (OVGA) drafted their recommended apartment standards, which were subsequently leaked to the press that year – by whom exactly, we don’t know. What we do know is that these leaked standards are very similar to SEPP65 - the NSW apartment standards and appear to be based on this model.

And whilst it must be said that the public survey conducted by the Victorian government covered these same standards, it did so without conveying the price tag associated, thus making the results more or less redundant. After all, what is the point of asking if people want something if you don’t tell them how much it costs to have it? If you don’t communicate that these things come at an expense, you are implying they are free. It’s like asking if someone would like a nicer car, better clothes, longer holidays etc. of course they would, but ask them if they want to pay for such a privilege and many will turn it down.

To better understand the economic trade off I’m talking about here, I have created the following table (see below), which outlines the true cost of each of the standards detailed in the OVGA’s aforementioned documentation.

No one other than the Government knows what the standards being introduced in September will look like, which raises other concerns and begs the question why so much secrecy? What are they trying to hide? And why won’t they just tell us what we’re in for?

It doesn’t instill a lot of faith and quite frankly I’m not alone in my frustrations about the lack of transparency and democracy being exercised here, but those with the most to worry about are those looking to buy an affordable apartment – they stand to suffer the most. Mind you the affects don’t stop at the lower end of the market…

<ul>
<li>Luxury apartments with a view to the south will be banned.</li>
	<li>A development on the northern side of the city won't be able to face the view, meaning <a href="/developers/mirvac">Mirvac’s</a> <a href="/buildings/the-eastbourne-280-albert-street-east-melbourne">Eastbourne</a> would cease to exist.</li>
	<li>Anything on the bay won’t face the water.</li>
	<li>And apartments, like my own home, which enjoy lovely roof top views to the south west will be banned.</li>
</ul>
Seems ludicrous right? That’s because it is.

If we take a step back though and consider what prompted this government intervention, we see that this came about at a time when the industry was producing predominantly small, one and two bedroom apartments. Why were we doing that? Because that's what buyers wanted and where the market was experiencing demand.

Today, it’s a very different scenario. Today, the market wants larger more luxurious apartments and so we adjust. The majority of <a href="/architects/plus-architecture">Plus Architecture's</a> work today, is premium two and three bedroom residences that are designed and developed specifically for the wealthy owner-occupiers that are flooding the market.

That is not to say that we won’t go back to the smaller models, because we will – the market is cyclical and eventually there will be demand for these once again. Whilst the market has moved on for the moment and done so naturally and without government imposed bans might I add, by the time this model returns to favour many will be in for quite the rude shock because the asking price will be $490,000+ as opposed to the $390,000 entry point we now enjoy.

Thus, the introduction of such standards can be seen to severely damage affordability and somewhat unnecessarily so. Last month alone, the Planning Minister approved $2 billion worth of development in inner Melbourne – a record amount set to generate thousands of jobs, more than 2,000 apartments and more than 300 serviced apartments. He did this without design standards.

Both Minister Wynne and his department have proved they are more than capable of assessing the viability and appropriateness of projects without these mandatory measures in place, so why then are we still having this conversation?

Why then are we still willing to risk housing affordability and destroy development opportunity for something that is already happening organically?

That’s what I’m still trying to work out.

Craig Yelland is a Director of Plus Architecture – a firm with vast experience in the multi-residential sector, Craig Yelland is an advocate of apartment living and innovative design.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image1asprice.jpg" rel="gallery-all" title="Plus Architecture and Rider Levett Bucknall additional cost calculations"><img alt="" class="image-article-full-width-580px" height="1730" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image1asprice.jpg?itok=e60vJpUn" title="Plus Architecture and Rider Levett Bucknall additional cost calculations" width="580"></a>

<figcaption>Plus Architecture and Rider Levett Bucknall additional cost calculations</figcaption></figure>
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cyelland

Apartment standards: $145K extra and it's not about the size

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The possibility of a hung parliament is creating disquiet among business owners and commercial real estate investors in Canberra according to Raine &amp; Horne who believe the current instability is hitting the local commercial property market.
Nick Cotis, director of operations Raine &amp; Horne Commercial Canberra said institutional clients are worried the main political parties will be required to shift public sector agencies interstate as part of their negotiations with minor parties and independents.
“This will create a commercial office glut and long-term vacancy rates will blow out, with a consequent hit to yields also a distinct possibility,” he said.
“A constant theme among our investors is that it’s 2016 and not 1901, and that we should be able to get a decision faster. It’s archaic and it’s put the country in limbo, not to mention alone the effect it is having on commercial property markets in Canberra. Plenty of private and institutional investors are questioning why it’s taking so long to get a result in this age of technology.
He added in September last year, office vacancy rates in Canberra were sitting at around 15 percent with strong indications leading up to the election that the Canberra office vacancy rate had fallen to around 12 percent.
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jonathanchancellor-7SQnKwU6yx

Commercial property investors in Canberra call for political clarity

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An industrial warehouse in Melbourne’s Coburg North has sold prior to auction for $1,725,000 at a yield of 8.34 percent. 
The warehouse at 10-12 Hocking Street is leased to Entouragefoods Pty Ltd for four years from August 2015 with another term of four years to follow and 3% annual increases. 
It provides a rental return of $144,000 pa plus GST and outgoings. 
The warehouse has a land area of 1,511 sqm and floor area of 1,893 sqm. The zoning is Industrial 1.
The selling agents were John Nockles and Seamus Bolst of CVA Property Consultants.
The property is surrounded by main arterials including Sydney Road/Hume Highway and Bell Street. 
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Warehouse in Melbourne's Coburg North sells prior to auction 

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The Brexit result in the United Kingdom, coupled with additional real estate taxes to be levied on foreign buyers in NSW and Victoria, will likely make Perth more attractive to overseas investors, according to leading real estate group Raine &amp; Horne.
<div id="cms_page_content">
Paul Curran, principal of Raine &amp; Horne Rockingham Beach, believes the decision by the UK to leave the European Union following the referendum will prove to be good news for Western Australian property markets.
“The combination of a lower Australian dollar, property affordability and Perth’s proximity to Asia is already a plus for foreign investors,” said Curran.
“The decision by the English to leave the EU has also created financial market instability, which will encourage more foreign investors to seek safer asset havens such as Western Australian real estate.”
Curran said the so-called Brexit vote followed hot on the heels of the decisions by the NSW and Victorian state governments to hike up stamp duty imposts on foreign buyers.
The NSW government has imposed a 4% stamp duty surcharge on the purchase of residential property by foreign purchasers that commenced from Budget day, June 21, and a 0.75% land tax surcharge on residential real estate owned by foreign persons commencing in the 2017 land tax year.
As of this month, Victoria will have a 7% foreign investor surcharge on residential stamp duty and 1.5% surcharge on some land tax.
Curran said the new taxes will encourage foreign buyers to consider property markets such as Rockingham Beach longer-term, where it’s possible to secure quality real estate, which is priced well below the median prices in Melbourne and Sydney.
In Perth, the median dwelling price is $506,000, according to CoreLogic, compared to $782,000 in Sydney and $590,000 in Melbourne. In the city’s south west, median house prices in Rockingham are $448,000 and $330,000 for apartments.
“It is early days for the Brexit decision, and foreign buyers are just starting to absorb the longer-term ramifications of these additional taxes in the eastern states,” said Curran.
“Excluding the new taxes and the Brexit result, we expect to see more foreign capital finding its way to Perth, with our affordable real estate prices very popular with overseas buyers.”
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Perth to profit from overseas funds after Brexit and NSW, Victoria property taxes: Raine & Horne

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An off-the-plan Bunnings Warehouse in Victoria’s Yarrawonga is being offered to the market by developer Pellicano Group through CBRE.
The property on 1.46 ha will be located within the Kaiela Business Park.
The sale is being handled by CBRE’s Justin Dowers, Mark Wizel, Kevin Tong and Joseph Du Rieu and according to them, it is expected to attract both local and offshore investor interest.
“Bunnings investments are always highly sought after, for a number of reasons. The net lease structure and fixed rental increases are favourable; along with the strength of the fundamental real estate given the strategic site allocations from Bunnings,” Wizel said of the home products retailer.
In late 2015, a similar Bunnings Warehouse in Swan Hill sold to an interstate private investor on a sharp yield of 5.11 percent.
Renato Pellicano of Pellicano Group said the developer had completed several projects within Yarrawonga and surrounds.
This is the first Bunnings Warehouse site offered for sale in Victoria in 2016, said CBRE’s Justin Dowers.
“We are finding that the lack of available investment grade properties for sale in metropolitan Melbourne has had a direct effect on the continual compression in yield differentiation between regional and metropolitan investment assets,” said Dowers.
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First Victorian Bunnings Warehouse offered in 2016

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Property group Charter Hall’s industrial fund has acquired an industrial site in Brisbane with a pre-lease in place for nearly $24 million from Cadence Property Group.
Cadence has secured a 10-year pre-lease with Agility Project Logistics and is building a warehouse covering 5,930 sqm at the site, which will complement the existing 5,222 sqm warehouse and office. Construction is due for completion in 2017.
The 2.485 hectare parcel at Eagle Farm Road in Brisbane’s Pinkenba was sold as a fund through to the $1.9 billion Charter Hall Prime Industrial Fund (CPIF).
The sale was negotiated by CBRE’s Ed Bull and Chris O’Brien.
Cadence director Charlie Buxton said the deal came on the back of a growing track record in the delivery of industrial and logistics facilities in Victoria. 
“This acquisition remains in line with the group’s focus on core locations, generic facilities and long term leases, whilst also providing the opportunity to welcome a new global customer to the portfolio,” said Paul Ford, Charter Hall head of Industrial.
The suburb of Pinkenba adjoins the Brisbane Airport and provides direct access to the Gateway Motorway.
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Cadence expands footprint with $24 million Brisbane industrial sale to Charter Hall

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Investors are moving beyond the traditional core markets and seeking alternative asset classes such as student accommodation where the fundamentals are strong, says the 2016 Australian Student Accommodation Market Report.
Growing investor and undersupply of student accommodation means that the market is changing rapidly. Savills research indicates that more than $2 billion of capital has been earmarked for development projects in student accommodation across Australia since the start of 2015.
Yields
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Current Indicative International Yields 
The following table provides an indication of Net Initial Yields for prime student accommodation investments across several countries with emerging and established markets as at March 2016. The spread of the prime yield to 10-year bond clearly illustrates a lower spread for the more mature and liquid markets of the USA and the UK. 
<a href="/images/2016/07/06/Screen%20Shot%202016-07-06%20at%2011.50.36%20PM.png" target="_blank">Click to enlarge</a>
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Australia 
Net Initial Yields in Australia have remained relatively static over the last 12 months, primarily due to the lack of transactional evidence. There is strong sentiment to suggest that yields are in a downward cycle, given the weight of capital that has entered the market and also the spread of current yields to the 10-year bond rate compared to more mature transaction markets. 
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The following table indicates the current net initial yields for Australia in 2016:
<a href="/images/2016/07/06/Screen%20Shot%202016-07-06%20at%2011.55.53%20PM.png" target="_blank">Click to enlarge</a>
 <img src="/images/2016/07/06/Screen%20Shot%202016-07-06%20at%2011.55.53%20PM.png" alt="">
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