Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Joel Robinson

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.

But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.

As online shopping has become part of everyday life, parcel deliveries have shifted from an occasional event to a regular occurrence. Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally.

For apartment residents, that can present a challenge.

If nobody is home to accept a delivery, parcels may be redirected to a nearby Post Office, left in a building lobby or common area, or require building management to step in. In higher-density buildings, where dozens or even hundreds of residents may receive deliveries each day, parcel management has become an increasingly important part of everyday living.

That can create a range of frustrations. A missed delivery often means making time to collect a parcel elsewhere, while packages left unattended in foyers or mail areas can create clutter and increase the risk of theft. What seems like a minor inconvenience can quickly become a recurring issue for residents who shop online regularly.

It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.

As a result, buyers are beginning to look beyond traditional apartment features and consider how a building supports day-to-day convenience, including whether there are secure options for receiving deliveries.

Australia Post's Parcel Lockers provide one solution.

<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/CkF2oKmlACg?si=C50sDaoUUn2nuLmq" title="YouTube video player" width="560"></iframe>

Rather than having a parcel delivered directly to an apartment, eligible deliveries can be sent to a nominated Parcel Locker. Once the parcel arrives, residents receive a notification through the AusPost app or SMS and can collect it using a QR code or one-time PIN at a time that suits them.

The Parcel Locker network now includes more than 1,500 locations nationwide, with installations at Post Offices, shopping centres, transport hubs and an increasing number of residential developments. By providing a secure collection point, Parcel Lockers help reduce missed deliveries and avoid parcels being left unattended in common areas.

For developers, parcel infrastructure is becoming another way to improve the resident experience. Rather than relying on concierge staff or leaving parcels in communal spaces, secure collection points help streamline deliveries while preserving the presentation and functionality of shared areas.

For buyers, it's a reminder that the best apartment features aren't always the most obvious.

A generous floorplan or quality finishes might help narrow the shortlist, but the conveniences that simplify everyday life, whether that's EV charging, secure bike storage or reliable parcel delivery, often become the features residents appreciate most once they're living there.

The apartment feature many buyers don't think about, until their first missed delivery

<a href="https://www.apartments.com.au/developers/hg-developments">HG Developments</a> is doubling down on Maud Street in Newstead, filing plans for a new apartment tower just a few doors down from its under-construction Aire Newstead development.

Recently submitted to Brisbane City Council, the proposal is for an 18-storey building designed by bureau^proberts, which has drawn heavily on Brisbane's subtropical design principles while referencing the suburb's industrial heritage.

A total of 64 apartments are planned for the amalgamated 1,518 sqm site at <a href="https://www.apartments.com.au/new-apartments/17-21-maud-street-newstead-qld-4006">17–21 Maud Street</a>, a short walk from the Brisbane River and Newstead Riverwalk.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="a400c7fd-bd15-48f8-a63b-10ede92efe00" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20bldg.png?VersionId=.0vPmjpbC7CNP7kqGWa6L7rGIwsNExaw" />

"The building is defined by a series of vaulted motifs that reinterpret the arches, colonnades and layered facades evident throughout Newstead's historic built fabric," the Urban Design Report states.

"Combined with recessed glazing and generous balconies, these elements create a layered building envelope that provides shade, weather protection and opportunities for natural ventilation whilst establishing a distinctive architectural identity."

The proposal comprises 64 two, three and four-bedroom apartments across 18 residential levels, positioning it alongside a growing number of taller residential projects transforming Newstead's northern precinct. The tower incorporates extensive subtropical landscaping, with cascading planter boxes, deep planting at street level and a landscaped rooftop recreation area.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="1d8140f4-8b98-45cd-b1b8-1efe8c8e266b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20podium.png?VersionId=VAZtbCoD44YCJ57N99fQCAKeSJx7ldZs" />

Bureau Proberts has prioritised passive environmental design throughout the project, with generous balconies, recessed glazing and operable façades helping reduce solar heat gain while maximising natural ventilation. River views become available from the upper levels, while the building has been orientated to capture prevailing breezes from both the Brisbane River and the west.

The architects say landscape is intended to be integral to the building rather than an applied element.

"Vertical greenery, cascading planter boxes and elevated gardens are woven throughout the architecture, softening the built form and strengthening the connection between residents and the subtropical environment."

"Through the integration of landscape, high-quality materials and passive design principles, the development delivers a refined residential address that celebrates Newstead's heritage character while contributing positively to Brisbane's evolving subtropical identity."

Newstead has remained one of Brisbane's most active apartment markets in recent years, with a number of developers continuing to back the inner-city suburb.

HG Developments is currently delivering the 40-apartment Aire Newstead at 25 Maud Street. Fortis recently launched the 65-apartment <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> on Kyabra Street, while builder-developer BPG and Don O'Rorke's Consolidated Properties are both expected to launch their respective Newstead projects before the end of the year.

HG Developments doubles down in Newstead with second Maud Street apartment development

Walk past a new apartment development promoting its sustainability credentials and it's easy to picture rooftop gardens, mature trees, landscaped courtyards and residents surrounded by nature.

But in many cases, that's not actually what those sustainability ratings guarantee.

Australia's leading environmental rating tools have played a significant role in improving the energy efficiency and environmental performance of buildings. Yet despite their focus on reducing emissions, many don't require developers to include trees, biodiversity or meaningful green space.

In other words, a building can achieve one of the country's highest sustainability ratings while containing little more than concrete, glass and hard landscaping.

That disconnect has led to the emergence of a new movement across Australia's property industry: nature-based cities.

The concept goes beyond designing buildings that consume less energy. Instead, it encourages developers to treat nature as essential infrastructure, integrating biodiversity, tree canopy, living landscapes and green spaces into projects from the earliest stages of planning.

Research has consistently linked access to nature with better physical and mental health, cooler neighbourhoods, improved biodiversity, stronger climate resilience and more connected communities. As Australia's cities continue to become denser, advocates say those outcomes should be considered just as important as energy efficiency.

Nature Based Cities (NBC) was established in 2022 to help accelerate that shift.

Founded by Hamton Executive Chairman Paul Hameister OAM, the not-for-profit was created after research highlighted a significant gap in Australia's sustainability framework. While existing environmental rating tools rewarded energy performance and emissions reductions, they placed little emphasis on the inclusion of living landscapes.

"We've always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren't there," Hameister says.

"In Australia, you can have a five-green-star rated building that's concrete and glass with not a blade of grass.

"The focus is on reducing emissions, which is laudable, but there hasn't been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities."

Since its launch, NBC has developed independent design guidelines and accreditation frameworks that encourage developers to prioritise ecology, biodiversity, tree canopy, walkability and living landscapes alongside traditional sustainability measures. The organisation first focused on medium and high-density residential developments before recently expanding into precinct-scale communities and masterplanned neighbourhoods.

Jan Talacko, founder of sustainability consultancy Ark Resources and a member of the Nature Based Cities Advisory Council, says the initiative addresses an area that has largely been overlooked by the property industry.

"Throughout my 25 years of working collaboratively with all stakeholders in the property sector, I've always favoured a pragmatic approach to sustainable design which encourages initiatives that not only meet environmental expectations but also improve amenity," Talacko says.

"Whilst we are making steady progress in relation to energy and carbon emissions from buildings, there has been much less emphasis on encouraging biodiversity and tackling the urban heat island effect.

"The Nature Based Cities initiative responds to a gap in the suite of tools currently used by the property development sector, which don't provide sufficient incentive, or recognition, for the integration of landscaping and greenery."

For apartment buyers, the shift is also changing the questions worth asking.

Rather than assuming a sustainable building will naturally include abundant green space, buyers are increasingly being encouraged to look beyond environmental ratings and ask what nature is actually being delivered. How much tree canopy will the development create? Has biodiversity been considered? Are landscaped spaces designed for people as well as appearance?

As Australia's cities continue to grow upwards and outwards, the next generation of sustainability may not simply be measured by lower emissions, but by how successfully developments bring nature back into everyday urban life.

What does it really mean for a building to be 'green'?

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.

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<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

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Ellen Walker

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

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GUEST OBSERVER
We now expect the RBA to cut the cash rate by a further 50bps next year, taking the cash rate to 1.50%. Pinpointing the timing of the cuts is tricky, but we are pencilling in 25bp cuts in February and May at this stage. 
Since the Bank cut the cash rate by 50bps earlier this year, we have consistently characterised the risks as being towards further monetary policy easing at some stage. We are now making that our central case. 
The change of view has largely been driven by two factors and our judgement that growth will not be sufficient over 2016 and 2017 to eat into spare capacity in the economy. Hence, extra policy support will be needed. 
First, we recently downgraded our global growth forecasts to ‘more of the same’ from previously expecting a modest pick-up. The downgrade reflects a softer profile for EM growth. Gaining traction in global growth has remained difficult despite very accommodative monetary policy globally. The fact that ‘everyone’ has wanted a lower currency is telling in our view. Risks to growth in Australia’s major trading partners in Asia, and Australia’s terms of trade, are skewed to the downside, with China in particular facing several significant challenges. 
Secondly, while current momentum in Australia’s non-mining economy is sufficient to keep the RBA ‘content’ this year, we see waning support to non-mining growth from housing market activity and the sharply lower AUD next year. Governor Stevens has previously noted that growth in the non-mining economy needs to be above average for a couple of years to eat into spare capacity – at best it is currently around average with little prospect of improving much in our view. At the same time, mining investment has much further to fall. 
With this backdrop, it is difficult to see how inroads can be made into an elevated unemployment rate. Even an expected unchanged jobless rate for two years – as currently forecast by the RBA – would ultimately be very uncomfortable for a central bank, especially if asset prices are flat and domestic interest rates are above global levels. The economic backdrop we have outlined above points to greater risk that unemployment worsens rather than improves over the next 12-24 months. Governor Stevens’ ‘path of least regret’ suggests he will need to cut rates again. 
Where could we be wrong? (i) A large China stimulus, but this would represent just a delay and could eventually make things worse if it furthers inflates imbalances in their economy. (ii) Momentum in the non-mining economy persists for longer than we expect. We actually expect most domestic activity indicators to remain relatively solid over the next few months; it’s next year where we see things softening. 
FIGURE 1. MORE CUTS NEEDED TO EAT INTO UNEMPLOYMENT
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GLOBAL GROWTH TRACTION REMAINS HARD WON 
For some time we have been expecting global growth to improve. While we remain constructive on the outlook for the US and Europe, we recently revised down the outlook for world GDP growth (see ANZ Live) and view the risks as being tilted to the downside. Emerging market (EM) economies are now half of global economic activity and the lion’s share of economic growth. It is these economies that are slowing. Our still constructive, even optimistic, view of global growth has it steady at around 3.5% for the next two to three years. 
The risks to this view are to the downside and ultimately centre on EM and China where: growth is slowing in a structural sense; there has been a very significant increase in leverage since the GFC and the spectre of rising bad debts lingers, both limiting the prospect of upside surprises to growth; a changing composition of growth – ie less steel intensive – which is less growth-friendly for Australia in the near term; and policymakers face the challenge of keeping reform ticking over given that growth is slowing. 
FIGURE 2. DOWNSIDE RISKS TO AUSTRALIA’S MAJOR TRADING PARTNER GROWTH
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NON-MINING ACTIVITY WILL WANE 
Despite sharp falls in mining investment and the drag on national income from lower commodity prices, overall growth in Australia has been sufficient to keep the unemployment rate broadly unchanged over the past year or so. Heading into 2016, however, we see two key supports to growth so far – housing activity and the lower AUD – waning. 
HOUSING 
Robust housing market activity, largely in Sydney and Melbourne, has supported growth via strong housing construction and positive effects on consumer spending (directly on household goods and indirectly through ‘wealth effects’). While further growth in housing construction is anticipated over the next 6-9 months, there are clear signs that new housing construction will then peak (Figure 3). While we expect dwelling construction to remain at a high level, particularly in Sydney, the impetus to growth will wane. 
At the same time, cooler housing markets in Sydney and Melbourne, particularly investor activity, would remove a clear hurdle for the Bank to cut rates further. Sentiment in auction markets in the major cities has clearly shifted and already suggests that house price momentum is slowing (Figure 4). Signs are also emerging that borrowing by housing investors has started to moderate in-line with regulators’ plans (Figure 5). We expect investor activity to moderate further.
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Combined with the threat of further regulatory action by APRA if needed, our view is that the Bank will become reasonably comfortable that further rate cuts will not pose significant macro or financial stability risks down the track.
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THE CURRENCY
The belated depreciation of the AUD has clearly supported many parts of the economy. Most evidently, the contribution from net services trade has shifted from the largest ever subtraction from GDP growth to the biggest ever contribution to growth (Figure 6). Along with strong support from housing/property markets, the non-mining services part of the economy has strengthened noticeably. Over 90% of jobs growth over the past year came from just three services industries: professional services, health, and hospitality.
The key here is that even with further expected falls in the AUD, the impetus to overall growth from the currency is expected to diminish (Figure 6 highlights this).
While the AUD continues to play its ‘shock absorber’ role (Figure 7), overall GDP growth remains soft at around 2% whichever way one cuts the data. Even if this understates true growth in the economy, it’s clear that growth is not above average which is where it needs to be to eat into economic spare capacity and send the unemployment rate lower. 
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INFLATION NO OBSTACLE TO MONETARY EASING 
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With growth set to be below trend and spare capacity in the labour market, inflation is likely to remain benign over the next year or so. We expect the inflation ‘pulse’ to remain towards the bottom of the RBA’s 2-3% target range for the medium term. The risks to this forecast, as guided by global factors, are to the downside. 
Global disinflationary pressures are also likely to weigh on inflation. Many studies have shown that global factors are increasingly important, if not dominant, in most countries’ inflation outcomes. Spare capacity in the global manufacturing sector, lacklustre wages growth in developed economies, and persistent weakness in commodity prices are all consistent with a subdued global inflation outlook. 
FISCAL POLICY REMAINS CONSTRAINED 
The other main macro policy lever – fiscal policy – remains relatively constrained despite signs of modestly less restraint recently. Government spending is 20% of GDP. 
The prospect of looser fiscal policy to assist growth is negligible, with the new Commonwealth Treasurer Scott Morrison stating this week that expenditure at over 26% of GDP is “not something that we believe is sustainable”. His comments suggest the current trajectory for a tightening in fiscal policy through smaller underlying cash deficits each year for the next three remains firmly in place. Equally, state governments have given no indication that they intend to stray from their policies of keeping a tight rein on expenditure. 
But what about the pick-up in infrastructure spending? Centred on Sydney, this will provide some modest additional support to overall growth in the coming years. Our view has been, and remains, that this support is relatively modest in the face of ongoing weakness in non-residential building and ongoing large falls in mining and related investment.
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CONFIDENCE BOOST FROM NEW LEADERSHIP NOT ENOUGH
While it is encouraging to see a strong lift in consumer confidence following the change in Australia’s political leadership, it may not be enough to move the dial on the economy in the next 12-18 months. Even if the jump in consumer confidence, and what we expect to see as a jump in business confidence, is sustained over the next six months, that needs to be translated into investment spend and employment growth. We doubt it will, or at least not enough to offset the effects of a softening in property markets and weaker EM growth.
The government needs to focus on two key planks to economic policy, both medium to long term in nature. First, they need to get the government’s finances in order. This is well advanced, but more work needs to be done. As noted above, this will be a headwind to the economy, rather than a support. Second, they need to present a vision for Australia’s economy and communicate and legislate the adjustments to how our economy operates to get there. This takes time and may even come at the cost of growth in the short term.
As we move into 2016, sub-par economic growth in the context of weaker property markets will leave the job of supporting activity, once again, to the RBA. In our view, a modest downward adjustment to the cash rate will ensure stable unemployment and support economic activity over the medium term. 
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Warren Hogan is chief economist and Justin Fabo is senior economist, <a href="https://www.anz.com/corporate/research/" target="_blank">ANZ Research</a>.
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RBA to cut in 2016: ANZ Research

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Spring home loans are on sale according to comparison website Mozo.com.au, who state the gap between the average Big 4 variable home loan rate and the best offer on market has widened since September 2014.
The lowest variable home loan rate is now at a new low of 3.84% due to intense competition.
Mozo director Kirsty Lamont said data shows that the average Big 4 bank variable home loan rate is now 1.00% more expensive than the best on market, up from 0.84% last year.
“Four years ago, the lowest home loan rate was 2.74% higher than today’s, proving how important it is to keep an eye on rates and weigh up the potential savings,” she said. 
“Lenders are also promoting cash back offers of up to $1,500, annual fee waivers and other discounts to entice Spring buyers and refinancers so it’s an ideal time to shop around and save yourself some serious cash by getting a better home loan deal.
“Online lenders and challenger banks are tightening the screws on the big banks and aggressively lowering rates in a sign that home loan competition is now well and truly back to pre-GFC levels. “Borrowers who look outside the Big 4 banks can now access huge savings, with the top five home loan rates right now all below 4% and exclusively from smaller lenders."
A 1.00% difference between the average big 4 bank rate and the best on market works out to be a saving of $20,640 over 10 years on the average home loan, according to Mozo.com.au.
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For more information <a href="https://mozo.com.au" target="_blank">click here</a>.
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Gap widens between Big 4 and best variable rates: Mozo's Kirsty Lamont

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<div>The ABS will release its Household Finance &amp; Wealth data series for Q2 2015.</div>
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<div>I am expecting to see aggregate net Australian household wealth well over +55% higher than its Q3 2009 nadir, which would be representative of a remarkable recovery.</div>
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<div>That said, in the period since 30 June there has been something of a king hit to household balance sheets with the ASX 200 index (XJO) having nosedived below 5,000 after dropping by a further 105.5 points or 2% today.</div>
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<div>As recently as April the market had been threatening to surge above 6,000.</div>
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<div>Yet as things stand the "XJO 6000" caps have been gently stowed away (back into cold storage with the "FTSE 7000" scarves!) and the bourse is instead shaping to return to the same levels we saw a decade ago.</div>
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PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
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Expect the ABS to show recovery figures: Pete Wargent

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Logan City Council has released an expressions of interest campaign for the development of land comprising six separate adjoining land parcels on the Logan River next to the Pacific Motorway.
The 43 hectare lot has an approved master plan in place and some existing development approvals and will eventually become a new precinct within the City of Logan.
Expressions of interest are being sought through Savills.
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Land development to create new Logan suburb

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Suburban strata retail shops in secondary locations are losing customers to ground floor retail outlets in high density residential developments, according to Herron Todd White.
Herron Todd White's September Month in Review said these ground floor outlets, mandatory by some council planning controls, has been a concern for some time around areas such as Waterloo, Alexandria and Wolli Creek and is likely to remain as residential development continues to boom.
Retail outlets in western Sydney suburbs Kellyville and Clempton Park are making waves outside the CBD.
"The Ponds in Kellyville opened earlier this year and includes a Woolworths and specialty shops. The centre is 7,000 square metres and caters to the new residential developments in the area. Clemton Park is set to open next year and will be anchored by Coles. These areas are strong residential locations with a need for retail space," the report noted.
"CBD and prime retail locations are going strong with several recent transactions at sub 5% yields.
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"The anticipation of changes to the CBD such as the light rail and George Street closure have investors looking to the CBD for returns and capital growth. Attention is now focused on the CBD and what opportunities exist for new retail development and capitalising on existing properties."
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Suburban strata retail outlets losing ground: Herron Todd White

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GUEST OBSERVER
The Urban Development Institute of Australia (UDIA) NSW urges the state government to conduct an independent review into the reported misuse of sunset clauses in off-the-plan property contracts to understand how widespread the issue is.
The state government needs to establish how many incidences there have been of developers purposely rescinding contracts after the sunset clause to sell properties at a higher price, and who these operators are. As far as I am aware, such behaviour is not common practice. 
Our view is if this is happening, and it’s rare that it does happen, then it needs to be stopped because people act in good faith they expect the counter party to act in good faith, and we have to resolve this issue
It is crucial that the government does not base its policy responses on anecdotal reports. 
We need an independent review into the problem before making any policy changes to understand the extent of the problem. 
Any reform to the Conveyancing Act 1919 would need to consider implications to housing supply as it could impact on the ability to raise development finance. 
The government’s proposal to allow only purchasers the option to rescind contracts during the sunset clause could have a negative impact on a project investor’s ability to secure finance to build homes because of the increased risk. 
The market is also rising now, but if and when it dips, purchasers should not have the option to rescind a contract simply because a dwelling is worth much less than it was when they entered into it. 
Any new legislation must be measured and balanced, and before any changes, it’s vital the government establishes the scope of the issue.
It is also important that reputable developers who deliver a project beyond the sunset clause because of reasons beyond their control – such as delays getting applications through councils or financing issues – do not get penalised. 
The Urban Development Institute of Australia NSW is the state’s leading property industry body. It advocates for better planning; timely and affordable housing, and the building of vibrant communities to increase local job opportunities.  
Stephen Albin is chief executive of UDIA NSW and can be contacted <a href="https://www.udia.com.au" target="_blank">here</a>.
 
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Off-the-plan sunset clauses need independent review: UDIA's Stephen Albin

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This week, CoreLogic RP Data is expecting 2,842 auctions across the capital city markets, the highest number of weekly auctions since the week leading up to Easter, when 3,668 capital city auctions were held.
The rise in volumes comes of the back of a lower clearance rate last week, when the final results reported a combined capital city weighted average of 69.9 per cent, the lowest clearance rate since February this year. The lower result was driven by a fall across Sydney, where 70.7 per cent of auctions were successful last week, the lowest clearance rate for the city this year.
Melbourne and Sydney are both expecting a high volume of auctions this week, with 1,206 scheduled in Melbourne and 1,198 in Sydney. In comparison, last week 1,127 Melbourne auctions were held and 1,041 in Sydney.
Last week, Adelaide’s clearance rate was 71.4 per cent, the second strongest result for any capital city (following Melbourne at 73.7 per cent) and this week Adelaide auction volumes are set to rise from 99 last week to 130. Similarly, Brisbane auction volumes are also on the rise, with 202 auctions this week, compared to 143 last week
Canberra (58 this week compared to 118 last week) and Perth (25 this week compared to 31 last week) are the only two cities where the number of auctions is down week on week, however, both cities current auction activity is higher than it was one year ago.
The Australian suburb with the highest number of auctions this week is Reservoir (Vic) where 23 residential auctions will be held. Following on from this is Mosman (NSW) with 19, Preston (Vic) with 17 and Glen Waverley (Vic) with 16.
 
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Busiest week for auctions since before Easter: CoreLogic RP Data's Shana Miller

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GUEST OBSERVER
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Victoria is set to build, for the first time ever, more multi-unit dwellings than detached houses in 2016. 
It will mark a significant shift to more urbanised living by the city destined to have the largest 12 population in Australia, of 8 million, in 2050. Melbourne’s population was 4.4 million at the end of 2014 and Victoria’s was 5.9 million. Total residential building approved in 2014/15 was a record $20.2bn, up 20% from 2013/14, with 50% in detached houses.
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Victoria’s residential building approvals were running at a record annual (or through the year) pace of 68k in July. The equivalent national approvals figure also hit a record 221k in July, driven by a strong rise in multi-unit approvals in Melbourne and Sydney over the past year.
In Victoria, multi-unit dwelling approvals, mainly high rise apartments in the metropolitan areas, now account for around 50% of the Victorian total. It compares to about 60% for NSW which has been building more multis than detached homes since the mid-1990s.
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One of the major trends in the inner Melbourne suburbs over the past decade is that the traditional industrial and warehouse areas have been turned over to residential, usually multi-unit developments. 
The proximity to the city offers distinct travel advantages along with a preference shift to apartment and high-rise life styles. The multi-unit developments are a more affordable alternative to detached houses in nearby suburbs. The State Government’s policies, like exempting off- the-plan purchases from stamp duty, have assisted the upswing. 
Detached houses represent just under 50% of total approvals. Most of the houses tend to be built in outer-metropolitan suburbs or the regional centres where new land prices are more affordable.
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The recently announced height limits on residential buildings by Victoria’s State Government will undoubtedly curb some inner-city construction. We expect that more dwellings will be built in the outer suburbs. Demand conditions are expected to stay relatively firm, unless there are Federal Government changes to investor-related tax policies or foreign investor access to the residential property market. 
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Victoria’s residential construction forecasts 
We expect to see an average of 65k new dwellings built in Victoria across both 2015 and 2016, based on approvals. In our view it means around 33k multi-unit dwellings and 32k detached houses in both years. The multis tend to be built in the inner suburbs. 
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Victoria’s construction boom is dominated by the high-rise developments. The approvals data shows that high rise apartment blocks (four or more levels) account for 80% of all multi-units and 46% of total residential. So there has been a marked change in the building materials used compared to new detached homes. It has coincided with a reduction in Australia’s manufacturing capability through a prolonged period of an over-valued Australian dollar. 
Victorian approvals by region, by number and value 
The detached houses are predominantly constructed where land is available, in the outer suburbs which account for 50% of the 33k total of new houses in 2014/15. However, there are a significant percentage of new detached homes (at least 20% of the 2014/15 total of 33k) that are new-for-old knockdowns in the inner Melbourne suburbs. New construction can be more financially appealing and quicker than renovation in some cases.
The regional centres like Bendigo, Ballarat and Geelong are also building large numbers, about 30% of the total, which is positive for regional jobs in construction, retail and transport. 
Victoria has some features that tend to favour building compared to the other States. It has a large population, in one of the smaller Australian states, with good transport links. There are large supplies of accessible and affordable land around Melbourne and the regional cities suitable for residential. 
For the multi-unit developments the approvals data shows that 74% of the 2014/15 total of 33.5k will be built in the inner-city areas. But that means about 23% will be built in the outer suburbs, usually around the major transport links. The Victorian Government is undertaking a considerable development program that will improve new transport links around the outer suburbs as the population increases. 
There is also a significant contribution from Alterations and Additions (A&amp;As) in the total Victorian residential construction picture. The figures here include A&amp;As approved by local councils but the level of actual A&amp;A expenditures is at least two to four times higher. This is because not all A&amp;A need approval from local councils. In the national accounts, A&amp;As spending is estimated at 40% of the total residential investment. 
In Victoria, A&amp;As approved were valued at $2.3bn in 2014/15 or about 11% of the total value of approved residential construction. But actual spending could be as high as $8bn. Inner-city A&amp;As totalled $1.3bn according to the approvals data, which was about 6% of the total value of approvals. A&amp;As have a major influence on hardware, whitegoods and furnishings retailing. 
The current building cycle – longer duration? 
The current Victorian building cycle differs from the previous ones in a number of ways which could extend its duration. Interest rates look set to stay at relatively low levels for longer. It has fuelled an extended lift in residential property prices, allowing sellers and developers to move more properties. Prices have also risen for commercial, industrial and retail properties.
<a href="/images/2015/09/24/Screen%20Shot%202015-09-24%20at%2010.18.31%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/24/Screen%20Shot%202015-09-24%20at%2010.18.31%20AM.png" alt="">
On current indications, interest rates do not look they will be rising in Australia until 2017, at the earliest. The inflation outlook remains quite subdued, despite the lower Australian dollar, and wages growth is moderating.
The “pass-through” time between approval and completion is lengthening because there are more high-rise developments. They require more site preparation, including demolition and excavation. They usually have extensive underground car parking and often involve multi- use developments where commercial, retail, accommodation and cafes are included, such as the large new developments underway in the suburbs, like near Box Hill railway station. Construction periods are lengthening and can easily take more than a year. Some of the large high-rise developments in Melbourne’s CBD have reported construction periods close to 3 years.
Overseas investors, ie non-residents, have emerged as a significant new source of demand for the property developers in the last three years. They are playing a much more active role in the new residential market thanks to a significant easing of the Federal Government’s regulations around foreign purchase of all types of local property. At this stage it does not appear that there will be any regulatory changes in the current political cycle. But the newly announced Turnbull Government may be more amenable to future changes.
Population and pent-up demand pressures have been more intense, raising demand levels, for the last ten years. It coincided with an unusually weak new dwelling supply response which underpinned strong rises in rents and dwelling prices. Higher student numbers are an important part of the population increase. Victoria’s population growth has eased back to an annual rate near 100k, but that is still high compared to a decade ago.
If, as expected, new construction activity in 2014/15 is 65k, it will match the underlying demand from population growth and, most probably, some of the pent-up demand from previous years. But the combination of a better jobs market performance and firm population growth should mean demand conditions remain relatively firm.
There have also been press and anecdotal reports, sourced from the power and water providers, that some (possibly as much as 20%) of the new inner-city apartments are not fully utilised, ie they may be not lived in for a majority of the year or leasable. So they may not in the rental market. It may help explain why Melbourne rental growth is running at around 2%pa, rather than weakening in the face of a record increase in supply via high construction levels.
 
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<img src="/images/2015/09/24/Screen%20Shot%202015-09-24%20at%2010.22.58%20AM.png" alt="">
 
The chart showing Melbourne’s residential rents and vacancy rates as departures from their longer term average (1995 to 2015) indicates that despite the large supply increase, vacancy rates are below their average level, while rents are rising again! It may be different for CBD rents, where there are clear oversupply issues. 
Big Population: Melbourne headed for 6 million people in 2031 
The ABS population projections have Melbourne reaching 6 million people in 2031, from 4.4 million in 2014. So another 1.6 million people will create ongoing demand pressure for more dwellings over the next few decades. Victoria’s population is expected to rise from its current 5.9 million to 7.1 million in 2031. 
In terms of households, Victoria currently has around 2.2 million, with Melbourne at 1.5 million, or about 70% of the total. The number of households in Melbourne is forecast to rise by about 600k to 2.1million in 2031. Dwelling construction in Melbourne needs to average around 40k per year to match the lift in households, assuming population per dwelling numbers are unchanged. Dwelling construction in greater Melbourne has averaged around 40k over the past decade. So the relatively robust levels of construction activity need to be maintained over the next decade to match population growth. 
 
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Michael Workman is senior economist, <a href="https://www.commbank.com.au/corporate/research?ei=mv_research" target="_blank">Commonwealth Bank</a>.
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Victoria to build more multi-unit dwellings than detached houses: CBA's Michael Workman

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We can educate “ignorance” but “stupidity” is another ball game.
Allow me to share with you two scenarios. I will in turn give you the opportunity to ponder which of these is made through ignorance and which one is made through stupidity personified. Like always, pour a cup of coffee and read on.
First scenario: 
I attended to a home in the Northern Beaches to provide a Comparative Market Analysis (CMA) and bid for the vendor’s custom. Like always, local agents were also called in.
After discussing the process and the method of sale with the vendors, they began to enlighten me about my competition. Names withheld to protect the dummies. 
The following is a short transcript of the discussion. 
Agent (A): What has the out-of-area agent (Me) told you the home is worth? 
Vendor (V): After recommendations made; fixing and cleaning parts of the home, he felt $1,500,00-$1,600,000 is achievable and would advertise along these lines. 
V: What do you believe the home is worth?
A: The figures sound right. But we would not advertise it like he suggests.
V: What do you suggest? 
A: We would auction the home and ask for offers above $1,350,000.
V: But you told me the house was worth between, $1,500,000-$1,600,000. 
A: Yes that’s right, but we don’t want to scare any buyers/enquiry and we can work them up at the auction. 
Second scenario: 
We have on the market a home for sale, in Eastlakes. As usual, other than normal enquiry, we also receive enquiry from agents that are curious. Agents that work in the area, their patch. 
The conversation went along these lines.
Local Agent (LA): Hi, I noticed you have a property in the area, I was told you had sold it? If so, what did it sell for? 
Me: Not sold as yet, but presently working with two offers. How can I help you?
LA: Well, I’m a local agent and I have listed a home around the corner, just wanted to see what you sold your home for? 
M: Nice, how does it compare with my one?
LA: Very similar but land a bit smaller. Also fully renovated and 4 bedrooms, single level. 
Me: If I can ask, what’s your price guide? 
LA: We are quoting $1,500,000-$1,800,000.
Me: Wow, that’s a very broad price-guide isn’t it?
LA: Well it’s hard to determine the value of property.
Now, you tell me which one of these agents is ignorant and which one is simply stupid. Or do you think both fall in the same category? Or perhaps the words arrogant and deceptive spring to mind? 
One thing is for sure; not all vendors are sympathetic to “under-quoting” and deceitful marketing strategies. Nonetheless, is it up to the vendor to guide the real estate industry into best practice, or up to the professional? 
What I can say to most of my realtor friends is; if the kitchen is too hot, then go back to selling used cars and take the nonsense of charging vendors for the sale and marketing fees with you.
 
EDWIN ALMEIDA is licensee in charge of <a href="https://www.just-think.com.au/" target="_blank">Just Think Real Estate</a>.<a href="https://www.just-thin.com.au/"> </a>
He is also the creator of <a href="https://www.youtube.com/user/JustThinkProperty" target="_blank">Oz Real Estate.TV</a> and a presenter for <a href="https://propertyinvestingvault.com/" target="_blank">propertyinvestingvault.com</a>.
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Ignorance or stupidity? Edwin Almeida

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GUEST OBSERVER
Despite strong price increases for commercial property in this cycle, Australian assets are still provoking significant investor interest — especially prime real estate generating stable income streams for the medium to long-term. 
Yields for commercial property remain attractive compared with investments in Australian residential real estate, offshore commercial property and other asset classes. 
With investor interest predicted to remain strong through the balance of 2015, prices are set to rise even higher. As a result, yields are on track to hit and surpass previous peaks, riding a fresh wave of purchases, particularly by international investors. 
Commercial property transactions are forecast to jump to around $10 billion in the second half of 2015, rounding out the calendar year with a total of close to $20 billion.
<a href="/images/2015/09/24/Screen%20Shot%202015-09-24%20at%2010.02.53%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/24/Screen%20Shot%202015-09-24%20at%2010.02.53%20AM.png" alt=""> 
While this is lower than the $30 billion turnover in 2014, it is still well above long-term average annual turnover, and indicates continued growth across all sectors. 
That growth looks set to be supported by a continuation of low interest rates and affordable debt. 
Given these conditions, the volume and number of transactions is likely to span a wide range of prices, asset quality, sectors and markets, opening up new opportunities for investment at many levels of the property industry. 
At this late stage of the current cycle, it would be advisable for investors to adopt a medium-term view. However, it is not too late to invest in commercial property in the short term and see prices rise. 
Another strategy that may be used at this point in the cycle is to redevelop or re-position a property with unrealised potential — although the outcome will depend on the attractiveness of the location and occupational demand.
<a href="/images/2015/09/24/Screen%20Shot%202015-09-24%20at%209.26.02%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/09/24/Screen%20Shot%202015-09-24%20at%209.26.02%20AM.png" alt="">
 Kevin Stanley is head of property strategy and research, Corporate Financial Services, <a href="https://www.commbank.com.au" target="_blank">Commonwealth Bank</a>.
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