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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The founder of Aussie Home Loans John Symond doesn't think we need cheaper official interest rates at the moment.
Talking to Ross Greenwood on the 2GB Macquarie network's Money News following the June interest rate hold, Symond also said that he doesn't think the Reserve Bank will cut anytime soon.
'I don't think they will, or they should," he said.
"The economy would have to take a hit, I believe, for the Reserve Bank to be coughing it up to drop rates even further.
"The further they go down the further they will have to eventually go up.
"I don't think we really need cheaper official rates at the moment."
Symond said that he thinks the Reserve Bank knows the interest rate drops don't have the impact it used too.
"I think we're beyond that and I think the Reserve Bank acknowledges that the interest rates lever dropping rates no long has the impact it used to because they're so low."
"I just don't believe someone would decide now's the time to go out and buy because rates have dropped a 1/4 percent.
"We've got the lowest interest rates in history, so by comparison to over the last decade the rates are just so cheap and I don't believe it's now a factor of will rates go cheaper if they do it'll give me confidence to go and buy
Talking about growing the economy, Symond suggested that hopefully once the election is out of the way the people will get back to making decision moving forward.
"We've got to find ways t grow the economy and that's the critical path now."
"You can't just say low interest rates are going to cure all our issues"
"We need to grow the economy and the sooner we get this election out of the way, hopefully the sooner the people get back to making decisions moving forward.
Talking about what the loan book looks like now, Symond suggested that there haven't been significant improvements.
"There's still a healthy level of activity in sectors of housing," he said.
"Investors are still very very subdued because of all the new lending rules and government rules.
"First home buyers are still struggling to try to get into the market."
He said that refinancers are on the increase and so they ought to, as research he did recently showed over half of all people with home loans haven't looked at refinancing in the past 10 years which is costing Australians billions of dollars.
Symond suggested competition is still as "red hot" as he's seen it in his nearly 50 years.
He concluded by suggesting there won't be another cut soon despite economists beliefs, but potentially some months away.
"Im hoping it won't happen because I'm hoping the Australian economy does better than it has and it doesn't go backwards because every time rates go down, it's a measure of the health of our economy.
"The further down it goes, the further the state of our economy goes down hill and we don't want that," he added.
You can listen to the <a href="https://www.2gb.com/article/money-news-full-show-tuesday-7-june-2016" target="_blank">full interview here.</a>
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j.ballantyne1990-6AQqhLzZaK

John Symond says rates don't need to go lower 

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A registrations of interest campaign has been launched to sell one, two or three bedroom apartments, or one of six premium penthouses and sub penthouses in the waterfront Gallery House development in Brisbane's Hamilton.
Apartments in the $144 million 20 level Gallery House development from Brookfield Residential Properties feature full height windows and quality finishes, with many also featuring two car spaces, with building including a rooftop sanctuary with an infinity pool, outdoor lounge and BBQ area.
Brookfield Residential Properties' General Manager Lee Butterworth said the have worked closely with renowned architect, Cottee Parker, to design a building that connects with the river and emanates a sense of tranquillity and warmth.
"Gallery House will set a new standard in apartment living in Hamilton and become the most luxurious property in Brookfield's Queensland portfolio," he said.
"With three 'collections' offering varying levels of luxury, Gallery House boasts above average sized apartments with balconies of up to 220sqm, with many apartments featuring two undercover car spaces.
"Our 'Sky Collection' refers to apartments on the top five levels of Gallery House, all of which have a minimum of three bedrooms, and many with multipurpose room.
"Apartments in this collection feature luxury extras like premium ensuites with double vanity and free standing bath, while the penthouses and sub-penthouses boast huge open plan design, quality high end finishes and spacious outdoor living to maximise the stunning views.
"The 'River Collection' apartments occupy 12 levels, and feature either two or three bedrooms, two secure car spaces, spacious design and expansive views.
"The 'City Collection' is made up of one and two bedroom apartments, each with quality finishes, open plan living and generous balconies." 
One bedroom apartments in Gallery House are priced from $362,000; two bedroom apartments from $575,000; and three bedroom apartments from $1.28 million.
 For more information, <a href="https://lifeontheriver.com.au/?gclid=CPTo-eORl80CFYGavAod9v8NKw" target="_blank">click here</a>.
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jonathanchancellor-7SQnKwU6yx

Brookfield launch Gallery House, new Brisbane riverfront development

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<h1><img src="/images/2016/06/08/Holdencapital_banner.jpg" alt="" width="660" height="139"></h1>
SPONSORED POST
It seems the urban renewal of middle ring suburbs has created a clique crystal ball holders within councils that every 50 unit tower that pops up on every street corner must have a retail component to “activate” the street front.
In a Truman Show style utopia of urban planning that would be ideal, however the economics of it can be a fool’s game.
Let’s have a look at the numbers of a typical residential project based on an actual example, to consider the value of the completed product and the relevant cost to deliver it:
The resultant feasibility shows that there is $5m profit to be made from a 65 unit project however, there is $5m of value tied up in the 800m2 retail / commercial component.
<a href="/images/2016/06/08/Screen%20Shot%202016-06-08%20at%209.32.03%20AM.png" target="_blank">Click to enlarge</a>
 <img src="/images/2016/06/08/Screen%20Shot%202016-06-08%20at%209.32.03%20AM.png" alt="">
Even assuming the developer gets it right in terms of the demand for his apartments and they are all sold prior to completion and that all the stars align for the construction process, our man takes on all this risk to deliver a $30M project only to be rewarded as the proud owner of a vacant shell of retail space.
This is a common occurrence and there is a very real risk he will find himself struggling to fill it and wind up dealing with mum and dad operators undertaking a start up a take-away shop/cafe selling $5 items to the “masses” of foot traffic passing their secondary street location.
Let’s also look at it from a capital invested vs capital return standpoint;
<a href="/images/2016/06/08/Screen%20Shot%202016-06-08%20at%209.36.46%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/06/08/Screen%20Shot%202016-06-08%20at%209.36.46%20AM.png" alt="">
Based on a very healthy bank lend of $19.2m the developer needs to put in $5mil of cash together with any DA and preliminary costs which aren’t shown in the feasibility.
Now, let’s think about it from a developer point of view assessing their risk vs reward in terms of a timeline.
<a href="/images/2016/06/08/Screen%20Shot%202016-06-08%20at%209.37.51%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/06/08/Screen%20Shot%202016-06-08%20at%209.37.51%20AM.png" alt="">
Some of these processes can be run in parallel or overlap, but it still demonstrates the amount of time effort and money a property developer will contribute to a 65 unit mixed use development.
So in summary, after 20-24 months of planning, negotiating sales, finance, supervision of a $20M construction program to completion and risking $5m of real capital, you end up being rewarded with a retail / commercial asset of somewhat dubious value relative to its original estimated “on completion” value.
And unless you can find a way to actually realise that value, you have effectively done it for all for practise!
So, before you commit to building a project of this nature, do your homework carefully because just because the town planners say it’s a requirement doesn’t mean it is a viable and profitable option.
This article was written by Dan Holden of HoldenCAPITAL, who are a bespoke construction finance firm, they arranged over $300 million of construction finance in 2015 across 52 projects. To discuss your project finance requirement please call (07) 3171 4200 or visit <a href="https://www.holdencapital.com.au/" target="_blank">www.holdencapital.com.au</a> 
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jchancellor-FAypfDUnLy

Don’t build it, they probably won’t come: HoldenCAPITAL

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GUEST OBSERVERS
The RBA left the cash rate unchanged at 1.75 percent and provided no explicit forward guidance. The Bank seems confident that the transition to non-mining activity is continuing but remains worried about low inflation.
The lack of forward guidance means that an August rate cut is a much closer call than we had previously thought. That said, we continue to think that the extent of the downgrade to the RBA’s inflation forecasts and ongoing weak price pressures suggest that on balance the Bank will cut rates again in August, although it is now more data dependent.
DETAILS
The lack of a clear easing bias was the big surprise in today’s statement. The large downgrade to inflation in the May Statement on Monetary Policy suggested to us that more than 25bp of easing was required to keep real interest rates low, where the RBA’s forecasts also hinged on a further easing. Moreover, the Bank rarely cuts rates only once.
Last week’s strong Q1 GDP results were clearly encouraging for the Bank. RBA Governor Glenn Stevens noted that “despite a very large decline in business investment...other areas of domestic demand, as well as exports, have been expanding at a pace at or above trend”. The Bank also seems more positive about the labour market, noting the indicators are “consistent with continued expansion of employment in the near term”.
We expect, though, that the weak inflation outlook will continue to dominate the policy outlook. The Bank reiterated its concerns over inflation, noting that “inflation has been quite low...[and] this is expected to remain the case for some time”. The large downgrade to the RBA’s forecast inflation profile, where the average inflation forecast remains at or below the lower bound of the 2-3 percent target band for the entire forecast period, strongly suggests to us that the Bank will need to ease further. The recent uptick in the exchange rate and a possible delay to Fed tightening only puts further pressure on the cash rate.
Interestingly, the RBA seems relatively unperturbed by the recent pick-up in housing. The RBA acknowledged the recent rise in house prices, but noted that “lenders are also taking a more cautious attitude to lending in certain segments” and that “considerable supply of apartments is scheduled to come on stream”.
<a href="/images/2016/06/07/Screen%20Shot%202016-06-08%20at%209.10.12%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/06/07/Screen%20Shot%202016-06-08%20at%209.10.12%20AM.png" alt="">
<img src="file:///page1image32864" alt="page1image32864" width="313.393247" height="0.167557"><img src="file:///page1image33024" alt="page1image33024" width="313.393247" height="0.167557"><img src="file:///page1image33184" alt="page1image33184" width="313.728361" height="0.502670"> MARKET IMPLICATIONS
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While the RBA continued to reference any currency appreciation as a factor that can complicate the economic adjustment, these words will be superseded by the lack of an explicit bias in the final paragraph of the statement. With this guidance lacking, and weeks before we get any further read on either inflation or wages, the AUD will likely perform better on crosses, most notably AUD/NZD. Further depreciation against the USD will now become contingent on more USD strength. 
Rates markets have reacted to the RBA’s statement with higher yields across the term rates structure. RBA meeting date OIS pricing has shifted between 4-5 basis points higher, with the first full cut priced for June 2017. Further out the curve, the 3 year rate has risen by 8 basis points. We expect that significant sell-offs will find a base, particularly given a bounce in the AUD may be seen as a reason for easing. 
OUTLOOK 
The lack of an explicit easing bias makes an August rate cut a much closer call than we had previously thought. That said, we continue to expect a further cut given the size of the downgrade to the Bank’s inflation forecasts and the fact that the mid- point inflation forecast remains at or below the lower bound of the 2-3% target band for the entire forecast period. 
Felicity Emmett is head of Australian Economics, ANZ, Daniel Been is senior FX strategist and Martin Whetton is senior rates strategist. They can be contacted <a href="https://www.anz.com/corporate/research/" target="_blank">here</a>.
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RBA on hold in June and a higher bar for an August cut: ANZ's Felicity Emmett

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GUEST OBSERVER
At its June meeting the Reserve Bank Board decided to keep the cash rate steady at 1.75 percent.
This decision was widely expected but it did surprise us that the Board decided to provide no guidance on future policy movements.
The final ‘guidance’ sentence was neutral: “Taking account of the available information, and having eased monetary policy at its May meeting, the Board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and inflation returning to target over time.”
Taken literally this statement does not preclude the possibility of further action in coming months, merely stating that it was not deemed necessary to take any action at the current meeting – a decision to move in June was never envisaged.
As we know from the minutes of the May meeting the Board deliberated about whether to move in May or whether to await further information and clearly with rates so low every adjustment must be considered very closely. As the forecasts in May stand the Board does not expect underlying inflation to return to the bottom of the band until 2017 and that will be supported by a second rate cut as indicated by market pricing in May.
Further information on whether that assessment in May is correct will be provided in the June quarter inflation report which prints on July 27 and will be available for the August Board meeting. It is our assessment that the information in that report will confirm to the Board that another cut is indeed necessary. However, it is clear from this statement that such an outcome is not considered automatic by the Board.
The commentary around inflation – “Inflation has been quite low. Given very subdued growth in labour costs and very low cost pressures elsewhere in the world, this is expected to remain the case for some time.” – opens up a potential debate as to whether the Board may be becoming more flexible on the timing for which underlying inflation returns to within the target band.
At the moment that timing is clearly within the two year forecasting framework and we expect that that discipline will be retained in the near term. Consequently any assessment of the inflation outlook when the June report is received will need to include a forecast that inflation returns to the band over the two year horizon. Further out if global pressures make it clear that achieving that target would require too large a further fall in rates then more flexibility may be adopted.
Certainly that approach would be consistent with our view that the expected cut in August would represent the low point in the cycle.
Whereas in previous statements prospects for policy were mainly driven by the commentary around demand, prospects in today’s statement are all about the inflation outlook. On the demand front, the statement is as expected reasonably constructive: “… recent data suggest overall growth is continuing …” and “other areas of domestic demand, as well as exports, have been expanding at a pace at or above trend.”
The most interesting commentary is around the housing market. Clearly the risk of pursuing an inflation target that is too high in the current disinflationary world is around over-stimulating asset markets and in the case of Australia, specifically housing.
The statement recognises that the recent rate cut may have rebooted housing but points out a number of reasons why this recovery is unlikely to be sustained, mainly around tighter lending guidelines, both voluntary and due to regulation, and expected increases in supply. This observation is important because it appears to allay any concerns that a further easing might over-stimulate the housing market.
Concerns around the Australian dollar remain. The surprise rate cut in May produced considerable dividends for the Bank in making a major contribution to the AUD falling from 0.77 to 0.72 US. That result would have been extremely welcome but it would also have been clear to the Bank that the adjustment in the currency was partly conditional on a follow up cut. The response to today’s statement has been for the AUD to lift further to above 0.74 and the statement does note an appreciating AUD will complicate the growth outlook and is therefore unwelcome.
The commentary around the world economy continues to be cautious with an uncertain outlook for China still the main focus.
Conclusion
In March 2015, following the decision, which came as some surprise, to cut rates in February 2015, the Bank chose to adopt a clear easing bias. That bias was acted on in May 2015. It was our expectation that a similar approach would be adopted at today’s meeting – that is, a surprise move would not have been considered without a likely plan to follow up with another. Unlike last March, no guidance was given today about that likelihood.
However, we cannot overlook the facts that under the current arrangements the Board will feel obliged to provide an inflation outlook which sees underlying inflation return to the target band within the forecasting period.
That period ends in June 2018 but will be extended to December 2018 at the August meeting. Based on the information available in May we do not expect that there will be a sufficient change in that information in the June quarter inflation report to justify a forecast return to the band even with a six month extension to the forecast period without a further rate cut. That task will be further complicated if the recent rebound in the AUD is sustained.
Consequently we recognise that a prudent central bank dealing with record low interest rates will seek to retain maximum flexibility as shown today but do not believe that today’s lack of guidance precludes a second rate cut in August. However, we do accept that the August cut is likely to represent the bottom of the interest rate cycle.
Bill Evans is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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August rate cut still likely: Westpac's Bill Evans

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Understanding the intricacies of home and contents insurance policies can be complex, according to Canstar.
Below are a few of the more common home and contents-related terms that you'll need to understand – although keep in mind that policy wording can vary from insurer to insurer.
As such this is just a very general guide to some common terms. Please make sure that you carefully read the terms and conditions of any specific policy you are considering, to understand the inclusions and exclusions of that particular policy.
Accidental glass breakage
The accidental breakage of glass contents or glass forming part of contents. Glass contents may include such things as light fittings, glass in furniture and mirrors. It does not usually mean glass in televisions or small glass items such as crystal and ornaments.
Antiques, memorabilia
Given the sometimes-valuable nature of these items, you may find that the item is subject to a maximum dollar claim limit, or if the item cannot be replaced or repaired under the new for old specifications, your insurer may pay you what it would have cost to buy the item immediately before the loss or damage occurred, although your insurer will not pay more than the sum insured for that item.
Building replacement value
The amount it would cost you to totally rebuild your home at today?s prices, including any home improvements you have made.
Certificate of Insurance
The Certificate of Insurance is given to you by your insurer for each period of insurance. It is an important document as it shows the cover you have chosen and other policy details. It is used to verify the existence of that insurance.
Contents
Contents means your unfixed household goods and valuables and personal effects that you own including. It can include some items you may not automatically think of, including:
<ul>
<li>carpets – fixed and unfixed, internal blinds and curtains</li>
<li>furniture and furnishings</li>
<li>electrical appliances such as TVs, stereos, computers, washing machines, dryers, refrigerators, freezers, portable heaters, plug-in lamps</li>
<li>wheelchairs and medical equipment</li>
<li>household tools and gardening equipment including ride-on mowers</li>
<li>firearms legally registered and stored</li>
<li>plants in pots</li>
<li>portable and above-ground swimming pools and spas in a temporary site and their accessories</li>
<li>surfboards, sailboards, canoes, kayaks and non-motorised surf skis</li>
</ul>
Contents – unit
If you insure contents in a unit, contents can include fixtures and fittings in the unit which are not legally part of the unit building for insurance purposes such as light fittings, wall paint, wall paper, wall coverings, floor coverings, eg floating floors, lino etc, a heater or airconditioning unit that you own.
Make sure your contents sum insured includes these fittings.
Duty of disclosure
You have a Duty of Disclosure to be honest and to tell your insurer everything you know or should know that a reasonable person would consider to be relevant to the insurer?s decision to insure anyone under the policy, including you, and on what terms.
The information you tell them can affect:
<ul>
<li>the amount of your premium</li>
<li>if your insurer will insure you</li>
<li>if special conditions will apply to your policy.</li>
</ul>
If you are unsure, it is better to tell your insurer. If you do not tell your insurer something which may be relevant, it could result in a claim being reduced or refused or cancellation of your policy.
Excess
The excess is the amount you have to pay for each incident if you make a claim. It is generally deducted from the amount of cover provided by your policy. The amount and type of excess that applies to your policy is shown on your Certificate of Insurance.
Family
Family is generally defined as people who normally live with you and are:
<ul>
<li>your spouse or partner</li>
<li>your children or step-children</li>
<li>your parents, grandparents, brothers or sisters</li>
<li>domestic staff</li>
<li>another person who resides with you  – but excludes any person who pays a financial consideration for doing so</li>
</ul>
Flood cover
The standard definition of flood is:
<ul>
<li>the covering of normally dry land by water that has escaped or been released from the normal confines of:</li>
<li>any lake, or any river, creek or other natural watercourse, whether or not altered or modified; or</li>
<li>any reservoir, canal, or dam.</li>
<li>This is quite separate from damage caused by the sea. If you have concerns in this area, check with your insurer.</li>
</ul>
Forced entry
Unlawful entry into your home, including entry by using stolen keys or picking locks. It does not mean opening an unlocked door or window.
Fusion
The actual burning out of an electric motor or its wiring caused by the electric current in it. Therefore the item you are claiming on must have a motor for the claim to be successful. Common items that may be subject to a fusion claim include washing machines, refrigerators, clothes dryers, freezers and pool motors.
Home
Home means your residential building and its domestic fixtures and domestic structural improvements, at the insured address, including:
<ul>
<li>garages and other domestic outbuildings</li>
<li>pergolas, patios, verandas, decking and fixed gazebos</li>
<li>wallpaper, paint and coverings on walls or ceilings</li>
<li>fixed floor coverings including linoleum (glued down or not), timber floor coverings but not carpets (whether secured to the floor or not) or floor rugs</li>
<li>insulation for roofs or walls</li>
<li>electrical and gas appliances, light fittings and alarm systems but only if these appliances are permanently connected or plumbed to the electricity or gas supply</li>
<li>dishwashers that are housed in a purpose-built cupboard or bench</li>
<li>swimming pools and spas in a permanent site and their accessories</li>
<li>barbecues (fixed in place)</li>
<li>clothes lines (fixed in place)</li>
<li>external blinds, fixed shade sails (fixed in place)</li>
<li>awnings and fixed shade umbrellas (fixed in place)</li>
<li>aerials, fixed satellite dishes (fixed in place) and</li>
<li>masts (fixed in place)</li>
<li>garden borders, driveways, paths and paving</li>
<li>walls, gates and up to 2 kilometres of fencing</li>
<li>service pipes and cables that you own or are legally responsible for</li>
<li>tennis courts</li>
<li>boat jetties and pontoons</li>
<li>unfixed home building materials and uninstalled home fittings.</li>
</ul>
New for old
A provision that if your home or contents are damaged or stolen, your insurer will replace them with new items or repair them with new materials that are available at the time of replacement or repair from Australian suppliers.
Optional cover
This is extra insurance cover above that already included in the standard policy. You can ask your insurer to add one or more optional covers to your policy for an extra premium. An example may be accidental glass breakage, or storm damage to gates and fences. You can discuss with your insurer of choice the optional covers that may be available.
Period of insurance
The time you are covered by the insurance, as shown on your Certificate of Insurance.
Policy
Your insurance contract. It consists of this PDS, your application for insurance and your latest Certificate of Insurance.
Premium
The amount you pay your insurer for insurance. You also pay stamp duty, GST and any additional government charges, and Fire Services Levy (FSL) if applicable.
Product Disclosure Statement (PDS)
PDS is the name of the document that contains the terms of your insurance cover. It includes information that would have previously been available in the insurance policy booklet. It tells you what cover is provided, details of costs, fees and charges and other important information. It should be read together with your Certificate of Insurance. If there are any changes to your PDS, your insurer should provide you with a Supplementary PDS, or a new PDS.
Sum Insured
The most you can claim for any particular incident. The amount is shown on the Certificate of Insurance or in the PDS. The sum insured includes GST.
Tools of trade
Tools or equipment used for any business activity except for home office equipment.
Unit
A home unit, flat, villa or townhouse subdivided according to state or territory strata or unit title laws, or similar laws.
For more information, <a href="https://www.canstar.com.au" target="_blank">click here</a>.
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Property 101: Home and Contents Insurance - glossary of terms

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Eastern Australia’s wild weather has left coastal homes teetering on the brink of collapse, and has eroded beaches by up to 50m in parts of Sydney.
Now the attention turns to the clean-up. There are several legal issues for owners of damaged properties, particularly the question of if and how they can be compensated.
While the recent events cannot be attributed directly to climate change, they are certainly consistent with a warming world. Our institutions are ill-prepared for a potential increase in the frequency and severity of such events.
<h2>Insurance</h2>
Unfortunately, the success of insurance claims for damaged homes in Sydney will depend entirely on the terms of their policies. Some policies don’t cover erosion at all. Some policies only cover it if it occurs within a certain proximity of another insured event (for example, within 48 hours of a named storm event). Some policies also comprehensively exclude coverage for damage caused by actions of the sea.
What’s more, while insurance will cover damage to buildings, policies do not extend to cover damage to or loss of land. This is especially problematic in the case of damage caused by waves and storms, because erosion will often result in loss of land.
Under the traditional law doctrine, where land is lost to erosion, the Crown automatically gains title to the inundated land, without any obligation to pay compensation. So even if a home-owner is insured, they may find themselves with no land to rebuild on.
<h2>Legal proceedings</h2>
Another potential avenue for home-owners to pursue is proceedings against the relevant local government for negligent approval of development. The success of this type of proceeding is highly speculative – much will hinge upon when the development was approved and how much information on the coastal hazards was available at that time.
Where development was approved decades ago, it may be difficult to prove that a local government was negligent, because of the limited state of knowledge at the time. In the case of more recent development approvals, there may be an argument that a local government had a high level of knowledge of the risk and control of risk information. These are the type of factors a court will look at in assessing negligence.
On the flip side, a court may also find that a landholder knew of and accepted the risk. Negligence proceedings are by no means a guaranteed avenue for landholders to recoup their loss, but are an avenue that Collaroy landholders may be able to explore.
<h2>Disaster assistance</h2>
Where insurance is not available, and there are no strict legal rights against government, landholders may request disaster relief or assistance from government.
Despite the lack of any legal compulsion to do so, Australian governments have a long history of providing disaster relief to citizens when an extreme weather event causes property damage.
A recent Productivity Commission report estimated that, over the past decade, the federal government spent A$8 billion on post-disaster relief and recovery. State governments spent a further A$5.6 billion.
However, the availability and amount of a payment are not guaranteed. This may depend upon the number of other claims for assistance, and any other demands on government resources. A claim for disaster relief from government may be an option for Collaroy landholders, but many other home-owners are also affected by flooding due to the recent extreme weather – and so potentially there are many other requests for relief.
<h2>What should we learn from this event for the future?</h2>
While the pictures of houses being lost to the sea in Collaroy are confronting, these images may become more commonplace. The most recent scientific report from the Intergovernmental Panel on Climate Change suggests that, under a business-as-usual scenario, a global sea-level rise in the range of 0.53-0.97m by 2100 is likely.
Even if emissions are immediately reduced, a global sea-level rise of 0.28-0.60m by 2100 is still possible. This will be especially problematic in Australia, with an estimated 711,000 residential addresses located within 3km of the shore and less than 6m above sea level – not to mention the billions of dollars' worth of government infrastructure also located in these regions.
As sea levels rise, some properties may be permanently inundated. Others may be hit by storm surge impacts or erosion, which may be exacerbated by sea-level rise.
If these events continue to attract disaster relief, the financial burden will become too great for governments to bear. Furthermore, government disaster assistance does not solve the more intractable problem of land being lost to the sea.
The pictures from Collaroy should therefore prompt a discussion about how we, as a society, can deal with the potential impacts of coastal hazards on existing developments.
This is a challenging question to answer, but there is an opportunity to address it in a planned and co-ordinated fashion.
Justine Bell-James is lecturer in law, The University of Queensland and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/justine-bell-james-39245" target="_blank">here</a>.
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Sydney's wild weather shows home-owners are increasingly at risk

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Marshall White Projects has quickly sold all 45 townhomes in its Seasons development in Melbourne's Keysborough.
They secured over $27 million worth of sales in just 14 days.
Architecturally-designed with free-flowing layouts and expansive yards, the properties are available in four thematic palettes and three configurations.
Marshall White Projects Director Leonard Teplin said that the element of customisation is rare and it isn't often buyers are offered a variety in floor plans and sizes.
From homes in lakeside winter tones to refreshing spring palettes, the seasonal themes are enhanced with expertly chosen distinctive flora that manifests in the surrounding gardens, parks and wetlands. 
The sales are evidence of Keysborough's blossoming residential market and the continued demand for large-scale family homes as owner occupiers are still getting squeezed out of rising CBD prices.
“We are seeing considerable demand for luxury new homes in these outer south eastern suburbs and we don’t see this slowing any time soon, as the inner-suburban market continues to be pushed out of reach of first time buyers and younger families," said Teplin.
With house values appreciating by an average of more than 10% and average gross rental yields topping 4% in the last year alone, it is little wonder why Keysborough is attracting such keen interest.
“Properties in neighbouring suburbs are priced considerably higher, in some cases 10-15 per cent more, yet they don’t offer the same value for money as Keysborough where you can get quality three and four bedroom dwellings for well under $700,000,” said Teplin.
“What we have noticed is while many young couples and families are happy to move a little further out of the city for affordability’s sake, they aren’t willing to compromise on quality and amenity." 
“Young couples and families in particular, were attracted to this heightened detailing and diversified offering, which allowed them to tailor their home to suit their distinct preferences and circumstance.” 
For more information, <a href="https://www.marshallwhiteprojects.com.au/past-projects/" target="_blank">click here</a>.
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45 townhomes sold in Keysborough Seasons development

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GUEST OBSERVER
The Reserve Bank has left the cash rate at a record low of 1.75 percent. The Reserve Bank has maintained a “neutral stance” – indicating that policymakers will assess more information before deciding the next move on rates.
What does it all mean?
Did the Reserve Bank get it wrong when it cut rates last month to fresh record lows? Certainly all of the subsequent economic data have been strong including economic growth, which is now running at the fastest annual rate in 31⁄2 years.
The short answer is no. The Reserve Bank was already expecting Australian economic growth to be running at a 3 per cent annual rate over the next year. The Reserve Bank is always forward-looking – and despite expectations of solid 3 per cent growth, it cut rates. Simply, the Reserve Bank feels that the economy can run at a 3 per cent plus rate and not generate higher inflation. 
Certainly the environment has changed – with companies challenged by “disruption” at every turn, causing managers to focus on increasing productivity and efficiency and reducing costs rather than lifting prices. The Reserve Bank now assumes that underlying inflation will hold in a 1.5-2.5 percent range. That is, a mid-point of 2 percent is expected – the bottom of the Reserve Bank’s 2-3 percent target band.
Since the rate cut in May, the Aussie dollar has fallen from US77 cents to around US73-74 cents. And the currency is weaker despite higher commodity prices. The RBA notes “Low interest rates have been supporting domestic demand and the lower exchange rate overall is helping the traded sector.”
The accompanying statement was quite short. But there are interesting observations on housing. The RBA notes a lift in home prices. But it warns “considerable supply of apartments is scheduled to come on stream over the next couple of years, particularly in the eastern capital cities.” 
Perspectives on interest rates
The Reserve Bank left the cash rate at a record low of 1.75 percent. The previous rate cut was in May 2016 (25 basis points), taking the cash rate to a record low of 1.75 percent. 
There have been 11 rate cuts since November 2011.
The Reserve Bank had previously lifted rates seven times from October 2009 to November 2010 – a total of 1.75 percentage points, from 3.00 percent to 4.75 percent.
What are the implications of today’s decision?
We expect the Reserve Bank to stay on the interest rate sidelines until August. At the August meeting the Reserve Bank will have digested the latest inflation data (released end July) as well as the Brexit decision in the UK and the June and July rate decisions in the US.  
On balance rates still have scope to fall. It all depends on the Reserve Bank’s assessment on how fast the economy can grow without generating inflation above the upper end of the 2-3 percent target band.
This is a brave new world where old assumptions are being challenged. Investors need to do this also. In the past investors could work on the assumption of total sharemarket returns lifting on average by 9-11 per cent. With nominal economic growth closer to 4-5 percent, expected sharemarket returns also need to be adjusted down to a similar range.
Returns on residential real estate have averaged 13 per cent over the past two years. But over 2011 and 2012 returns averaged 2 per cent. With housing supply set to rise, even views on high-flying real estate will need to be adjusted downwards.
<a href="/images/2016/06/07/Screen%20Shot%202016-06-07%20at%203.08.56%20PM.png" target="_blank">Click to enlarge</a>
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Craig James is the chief economist at <a href="https://www.comsec.com.au/default.aspx" target="_blank">CommSec</a>.
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Reserve Bank mulls the next move: CommSec's Craig James

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Further cuts are predicted later this year, but for now the RBA has decided to leave interest rates on hold. Mozo Director Kirsty Lamont shares the five numbers you need to know: 
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<img src="/images/2016/06/08/4.53.jpg" alt="">
One month has passed since the RBA’s record rate cut and the new average variable rate has settled at 4.53 percent. 
<img src="/images/2016/06/08/126%20.jpg" alt="">
 
This is how much the average borrower could save in monthly repayments if the RBA slashes the cash rate to 1% as predicted by some economists. 
<img src="/images/2016/06/08/2.07.jpg" alt="">
This is the measly rate paid by the average at-call savings account after rates fell by 25 bps across the board in May. 
<img src="/images/2016/06/08/13.jpg" alt="">
Savers may find relief by stashing their cash in a term deposit account with 13 providers raising their rates by an average of 28 bps across various terms last month. 
<img src="/images/2016/06/08/17.44.jpg" alt="">
The average credit card rate is virtually unchanged at 17.44 percent despite the record low cash rate. In fact, Mozo found the average credit card rate is now 10 times higher than official rates.
For more information, <a href="https://mozo.com.au" target="_blank">click here</a>.
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