<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Joel Robinson

Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

Apartment buyers in New South Wales are set to gain a decade of insurance-backed protection against major building defects, after the NSW Parliament passed the Fair Trading and Building Legislation Amendment Bill 2026.&nbsp;

The Bill establishes decennial defect insurance, known in the market as Latent Defects Insurance (LDI), as an alternative to the existing two-year strata building bond. It cleared the Legislative Council with amendments on Tuesday evening (August 4, 2026), with the Legislative Assembly agreeing to those amendments shortly after.

Under the reform, eligible developers can satisfy their statutory bond obligation by taking out an approved decennial-style policy that gives owners 10 years of cover for major structural defects from completion, claimable directly, without first having to pursue developers or builders through costly legal action.&nbsp;

[smartcode_project:default project_id=111820 project_image_fid=344699]

The change forms the final tranche of amendments arising from the 2021 statutory review of the Strata Schemes Management Act 2015 and related legislation.

Resilience Insurance, which originated the cover in Australia and has delivered it in NSW since 2022, welcomed the passage and credited the NSW Government for delivering it.

“This is protection apartment buyers have needed for a long time, and the credit for delivering it belongs to the NSW Government,”&nbsp;said Corey Nugent, CEO of Resilience Insurance.

“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into. Reform like this is what good, evidence-based regulation looks like.”

Resilience has delivered LDI in NSW since 2022, protecting thousands of apartments, giving the State, and now the country, real-world evidence of how decade-long, no-fault protection works in practice.

[smartcode_project:default project_id=136442 project_image_fid=374084]

The reform also places NSW within a wider national shift.

NSW is the third jurisdiction to put decennial cover into law. The ACT legislated for it in 2024, with the scheme taking effect in late 2025, and Victoria passed its own framework on 17 June. Between them, the three cover the majority of Australia's apartment market.

The reform commences once the legislation is proclaimed, which is expected in the coming weeks. From that point, developers of Class 2 residential apartment buildings can meet their statutory obligation with an approved decennial policy in place of the bond.

Buyers who purchased into projects that took out the cover early are among the first in the country to take keys to apartments carrying decade-long structural protection.

“With the legislation passed, the focus now turns to making it work for buyers,”&nbsp;Nugent said.

“There are already thousands of apartments in NSW covered by this insurance, bought by developers who moved early. The question every buyer should be asking in a display suite is a simple one: does this building come with 10-year defect cover, and who stands behind it?&nbsp;

“We look forward to working with the Government and the Building Commission in coming weeks as the framework moves to implementation, and to sharing what we have learned over the past four years so the protection reaches owners as smoothly and quickly as possible.”

[smartcode_project:default project_id=134954 project_image_fid=4553]

Other states are working through their own reform programs. Western Australia has indicated that decennial cover is within consideration a later stage of its reform sequence, and Queensland has been examining the settings as it looks at the development pipeline ahead of the 2032 Olympics.

Resilience Insurance acknowledges the NSW Government’s continued focus on strengthening consumer protection while supporting housing delivery across the State.

Fast Facts: What the reform means

<ul>
	<li>Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li>10 years of cover:&nbsp;Protection for major structural defects runs for a decade from completion, claimable directly and with no legal action required.</li>
	<li>An alternative to the bond:&nbsp;Eligible developers can meet their statutory obligation with an approved decennial-style policy in place of the 2% strata building bond.</li>
	<li>Part of a national shift:&nbsp;The ACT has had decennial provisions in force since 2025 and Victoria passed its framework in June. NSW now joins them.</li>
	<li>No-fault, first resort:&nbsp;Owners corporations claim directly from the insurer without first having to establish who is liable for the defect.</li>
	<li>Cost-competitive:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the 2% bond while offering broader, longer protection.</li>
	<li>Market position:&nbsp;Resilience originated LDI in Australia and has delivered it in NSW since 2022.</li>
</ul>

Fast Facts: What is Resilience LDI?

<ul>
	<li>Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li>Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li>Cost advantage:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.</li>
	<li>Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>

NSW parliament passes 10-year defect insurance laws for new apartment buyers

Builder-developer <a href="https://www.apartments.com.au/developers/mcnab-developments">McNab</a> has wasted little time reshaping one of South Brisbane's most significant undeveloped apartment sites after acquiring the property earlier this year.&nbsp;

McNab has lodged plans to scrap an existing approval for two 30-storey towers and instead deliver a single 28-storey residential building, preserving part of the site for a future development opportunity.

The proposal, lodged over <a href="https://www.apartments.com.au/new-apartments/64-peel-street-south-brisbane-qld-4101">64 Peel Street and 9 Cordelia Street</a>, is for a residential-led mixed-use development comprising 124 apartments above a landscaped podium, alongside a boundary realignment that preserves part of the land for a future residential project.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="743bf564-3f8f-45fc-b8d3-bbf18f5b628f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20Peel%20st%20podium.png?VersionId=EhCxGrVn_VFH3qTbKnI4WppGwaMnOn0t" />

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a>, the development will deliver 119 two-bedroom and five three-bedroom apartments across 23 residential levels. A five-level podium will accommodate 135 car spaces, while the ground floor will include a 66 sqm commercial tenancy, an activated residential lobby with work-from-home spaces, and a publicly accessible landscaped plaza linking Cordelia and Peel streets.&nbsp;

Communal amenities will span Level 6 and the rooftop, including indoor and outdoor recreation spaces, a swimming pool, barbecue facilities, kitchen and dining areas, lawn space, sauna, steam room and yoga facilities.

The application also proposes a boundary realignment to create a standalone 1,290 sqm development lot while retaining an adjacent parcel for future redevelopment, allowing the balance of the site to contribute additional housing over time.

Hayball said the architecture has been shaped by the site's elevated corner position at the intersection of Peel and Cordelia streets and Brisbane's subtropical climate.

The design incorporates generous landscaped setbacks, a masonry podium wrapped with planting, large north-facing balconies, and a slender tower profile intended to maximise natural light, cross ventilation and long-range views. The rooftop has been conceived as a wellness-focused retreat overlooking Brisbane, with amenities positioned to capture views towards Mount Coot-tha and the CBD.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="c5f99e84-6ad8-4a87-82d1-869685b754d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20tower%20perspective.png?VersionId=Gw0IuJaSAlk.tvGBxInhZOcQAdIB..2b" />

The planning submission positions the proposal as a response to both changing market conditions and Brisbane's Kurilpa Sustainable Growth Precinct planning reforms.

McNab acquired the site after the previous approval was granted, with the existing scheme no longer reflecting current residential market demands, economic conditions, construction challenges, construction efficiencies or the quality of development outcome now being pursued, the planning report noted.

McNab continues to expand its residential development pipeline across Brisbane and the Gold Coast. The developer recently launched The Tannery in West End, securing more than 60 per cent of apartments before the project's public release. It is also delivering Elements Budds Beach in Surfers Paradise and Lucia Highgate Hill, an eight-apartment boutique development overlooking the Brisbane River.

McNab resets decade-old South Brisbane approval with 124-apartment tower

A steeply sloping Bellevue Hill site is set to accommodate a new mid-rise apartment development, with plans lodged for 20 homes that respond to the site's dramatic topography.

The proposal for the consolidated land at <a href="https://www.apartments.com.au/new-apartments/138a-140-bellevue-road-bellevue-hill-nsw-2023">138A-140 Bellevue Road</a> has been designed by Sydney architecture practice Common Office, which has used the site’s substantial fall to distribute the building’s scale and unlock 20 apartments without presenting the full height to the street.&nbsp;

“The unique design strategy leverages the site’s substantial topographical fall to facilitate increased density, presenting a seven-storey profile to Bellevue Road while rising to 10 storeys at the rear,” Common Office said in its architectural design report.

The apartment mix spans one, two, three- and four-bedroom residences. Four two-bedroom apartments are designated as affordable housing, while the plans also include two adaptable dwellings. The mix is majority three-beds, with the typical three-bed apartment offering around 144 sqm internally, with balconies of around 15 sqm.

The affordable housing component represents 15 per cent of the residential floor area and allows the project to access additional height and floor space under the NSW Government’s in-fill affordable housing provisions. The site also falls within the inner area of the Low and Mid-Rise Housing Policy because it is within 400 metres walking distance of Double Bay Town Centre.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="b1230d0f-3bfa-4a11-abaf-0928c66ef345" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da.png?VersionId=dZeMK3P.OutGjN8ycjsxm8uNsj_QFWQv" />

Common Office has arranged the building around a masonry podium and a lighter upper volume, drawing on two recurring elements of Bellevue Hill’s established architecture: sandstone bases and the vertical proportions of local Inter-war Art Deco apartment buildings.

“The proposal is governed by a holistic design language that reconciles the solid horizontal masonry of the neighbourhood’s podiums with the elegant verticality of its Art Deco heritage,” the architect said.

“The building maintains a consistent rhythmic logic utilising deep recesses and a sophisticated material transition to break down the 10-storey scale into a series of articulated, human-scale volumes.”

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="0147f503-1af1-4d51-97fb-c2f1cba63a9d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20bldg.png?VersionId=GoW7q3NlK67OpnePXhk7zvklrlKb72Qc" />

Large-format sandstone tiles will define the lower levels, establishing a robust base that negotiates the change in elevation from Bellevue Road. Above, red-tinted precast concrete frames, recessed balconies, anodised aluminium screens and expanded metal details will create a more vertically expressed façade. Integrated planter beds will introduce greenery across balcony edges and recessed sections of the building.

The elongated northern façade has been divided into three recessed vertical masses to reduce its perceived length. Triangular window elements and metal privacy screens reference the geometry of nearby Art Deco buildings while controlling overlooking toward surrounding homes. The southern elevation will incorporate further privacy screening, landscaped edges and deep balconies to maintain light and ventilation.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="e8679cf1-18bc-4447-8a0f-0052b94ab83c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da%20rooftop.png?VersionId=5SQqQqRFf76rvE2p1TbxJSweMN70AIbc" />

Private and communal landscaping is distributed throughout the development. A landscaped garden apartment is positioned within the lower portion of the site, while a communal terrace on Level 5 will include a central timber deck, barbecue facilities, resident planting plots and areas for outdoor dining and informal gatherings.

Common Office described the terrace as an elevated sanctuary designed to capture district views and sunlight. Its planting strategy incorporates endemic species associated with the Eastern Suburbs Banksia Scrub, extending the landscape vertically through the building and providing habitat for local flora and fauna.

A second communal outdoor area is proposed at roof level, with built-in seating, paved gathering areas and perimeter planting.

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction. Positive Investment Enterprise is delivering the 16-apartment Kew Palm House on Birriga Road, while Chanine Developments is also under construction at Florian, a 36-apartment project on Banksia Road.

&nbsp;

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction.

First Look: Apartment development pitched for Bellevue Hill, Double Bay fringe

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>

&nbsp;

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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China’s richest man, Wang Jianlin, has committed $HK12.5 billion ($1.7 billion) to invest in Australian real estate including the construction of the Jewel, a $900 million beachfront resort on the Gold Coast.
Mr Wang, the chairman of the Hong Kong-listed Wanda Group, made the announcement to the Hong Kong Stock Exchange yesterday.
The Jewel project has approval for a triple-tower project on a 1.13 hectare site, including 110 metres of beachfront, in Surfers Paradise.
It expects the total capital commitment by Wanda to be $290 million.
As recently reported in Property Observer, the Wanda Group had been <a href="/news/chinas-richest-man-wang-jianlin-close-to-buying-into-surfers-paradise-development-site">finalising plans to take what emerged as </a><a href="/news/chinas-richest-man-wang-jianlin-close-to-buying-into-surfers-paradise-development-site">a 55% stake in the joint ventur</a>e.
Mr Wang, who holds top spot on the Forbes China Rich List, recently visited the Trade and Investment Minister Andrew Robb.
Property Observer gathers Mr Wang gifted Prime Minister Tony Abbott with an authentic Auratic china tea set and some Tong Quing Hao tea which is now in use at the Lodge in Canberra. 
Wanda Group said it would pay for The Jewel through internal resources and a mixture of debt and equity. 
The remaining stake will be held by the <a href="/news/ridong-billionaire-riyu-li-buys-bellagio-la-villa-the-gold-coast-hinterland-mansion">Ridong Group’s Riyu Li</a> and Fengliu Wu, the partners having granted unconditional put and call options.
“The board believes that given the unique location of the Jewel property and its unobstructed waterfront views along the Surfers Paradise of Gold Coast, the company is confident it can maximise the development value of the Jewel property and generate attractive returns on this investment,” it said.
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jchancellor-FAypfDUnLy

After cup of tea for PM Abbott, Wang Jianlin commits to Jewel, Surfers Paradise development

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GUEST OBSERVATION
The clearance rate for houses sold at auction in Sydney is higher now than this time last year.
While the housing market remains competitive, consumers should not feel pressured to buy now in the lead up to spring. The market is expected to maintain its buoyancy until the end of the year.
Home buyers looking to take advantage of current housing market conditions may be placing undue stress on themselves and their families, with some believing that they may need to rush in and buy due to a fear of slimmer pickings or price inflation come September. However, this isn’t necessarily the case. Home buyers should be focussed on making wise choices and finding a home that they know is right for their family in the long term – rather than jumping the gun.
Over the last three years, the Sydney property market has experienced no real surge in the volume of listings during the spring period. Housing demand has remained relatively constant and seasonal buying trends such as the spring rush are becoming less prevalent.
Today’s market is increasingly more predictable and less volatile and the current surge in listings is more likely a result of increased consumer sentiment in macro-economic conditions.  Since January this year, the market has remained steady and this trend is expected to continue until well into 2015, which should be reassuring for home buyers.
Here are five tips for home buyers to use as guide before purchasing property:
<ol>
<li>
Don’t follow the crowd Property is your biggest life purchase and buying when everybody else is shouldn’t be the factor motivating you to move. Take the time to ensure you’re confident with your purchasing decision and base your buying and selling plans on your own circumstances. If you’ve found your ideal home that fits within your budget don’t be afraid to go against the grain. 
</li>
<li>
Don’t second guess the market When researching property market conditions it is vital that you analyse market movements; home buyers should realise that they can’t second guess the market as the landscape is constantly changing. You can’t control the wind but you can control the sails. This includes control over where and when you buy and the mortgage terms you agree to take on. 
</li>
<li>
Consider the area you’re buying into Do your homework to find out what the growth prospects in the surrounding suburbs look like. Are there any new developments planned such as road works or transport links, new schools or shopping centres? These could point to growth in the area and have a significant impact on the value and desirability of a property over time. It’s also important to understand the local demographics. While speaking to experts is important, I would encourage buyers to speak to neighbours across the street to get a feel for the community before buying. 
</li>
<li>
Thoroughly research the mortgage market  Spend time researching the mortgage market and collect a cross-section of advice. I recommend speaking to at least three home loan and finance experts. The more advice you seek, the better you will make an informed choice about the right mortgage and interest rate package that works for you and whether you should opt for a fixed or variable loan. I also recommend comparing home loan options online. 
</li>
<li>
Don’t overstretch your finances  This is imperative. Not only do you need to feel confident about the amount of finance you’re taking on and your ability to meet future financial obligations, it’s critical to know that you can carry the mortgage if your or your family’s circumstances change. Before taking on your mortgage, speak with a trusted financial advisor who can provide unbiased financial advice and assist you in developing a long term financial plan. Home buyers should also allow for at least one per cent increase in interest rates.</li>
</ol>
Douglas Driscoll is the CEO of award winning Sydney real estate network <a href="https://www.starrpartners.com.au/" target="_blank">Starr Partners</a>. 
Starr Partners has an online home loan feature that allows home buyers to <a href="https://www.starrpartners.com.au/home-loans" target="_blank">compare loan products</a> from 15 different lenders.
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douglasdriscoll-EkfdEjJSsC

Five home buyer tips to help you beat the spring auction heat

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It was surprising to see an article published by Fairfax recently that criticized RP Data's publication of monthly housing market statistics. 
The article (<a href="https://news.domain.com.au/domain/real-estate-news/a-milliondollar-median-for-melbourne-20140801-zzjr9" target="_blank">that can be viewed here</a>) remarks that the RP Data indices are ridiculous and implies that the monthly results are misleading.  The theme of the article focuses on the monthly result for Melbourne where we reported a 3.7% rise in Melbourne dwelling values over the month of July.
For starters, the article did not disclose the fact that Fairfax publishes a competing index which is not a monthly measurement and lacks the timeliness of the RP Data series.  Fairfax also owns a data business that is competitive with RP Data.  The lack of disclosure around this conflict should come as a shock to readers who expect a greater level of transparency in reporting.
It’s also worthwhile pointing out that our monthly hedonic index was developed (in conjunction with Rismark International) after the RBA released a discussion paper calling for more accurate and higher frequency reporting on housing market conditions. Since that time the RP Data monthly hedonic regression indices have become the index of choice for the RBA when it comes to reporting on housing market conditions in Australia.
In an attempt to discredit our reporting and highlight what they perceive to be extreme volatility in the index reading, Fairfax take the monthly movement in our index value for Melbourne and annualise it to suggest the Melbourne housing market is heading for a 44% plus rate of growth over the coming year.
Do commentators suggest the share market is set to boom when the S&amp;P/ASX200 rises by 1.8% in a day (an annualised gain of more than 400% using Fairfax’s logic)? The graph below demonstrates the difference in volatility between our daily housing market index and the daily S&amp;P/ASX 200 index.  The volatility in our capital city indices is around 4% per annum which is approximately one fifth of the volatility recorded across equity markets. The difference in volatility levels is clear from the graph below.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/ASX200-v-RP-Data-Daily.jpg" rel="wp-prettyPhoto[g3575]"><img class="aligncenter size-large wp-image-3576" src="https://blog.rpdata.com/wp-content/uploads/2014/08/ASX200-v-RP-Data-Daily-580x223.jpg" alt="ASX200 v RP Data Daily" width="580" height="223"></a>
Housing markets are much more stable than equity markets, however that isn’t to say that housing markets don’t show natural volatility. Housing market volatility simply hasn’t been measured in the past due to the lack of granularity and sophistication in the methods behind the measurements.
If we look at monthly data released by the Australian Bureau of Statistics, we can also see some significant month to month fluctuations that can take commentators by surprise.
Over the first six months of this year, dwelling approvals have had the following month-by month changes: +9.0% in January, -6.6% in February, -4.5% in March, -6.1% in April, +10.3% in May and -5.0% in June.  Of a similar note, the number of owner occupier housing finance commitments has fluctuated significantly over the first five months of this year.  The fluctuations on a month to month basis were as follows: 0.0% in January, +1.6% in February, -1.3% in March, -0.5% in April and -1.7% in May.  The point here is that volatility is a part of measuring any market on a regular basis and must be considered when looking at the data.
Short-term movements in the property market cannot be viewed in isolation. A more reliable and informative way to interpret the statistics is to take the monthly change in context with the broader trend of the data. 
Over the past three months Melbourne values have shown a much lower 1.8% rise; in fact the rolling quarterly rate of growth has been tapering across Melbourne since March and the rolling half yearly rate of growth peaked in January.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/08/Melb-index.jpg" rel="wp-prettyPhoto[g3575]"><img class="aligncenter size-large wp-image-3577" src="https://blog.rpdata.com/wp-content/uploads/2014/08/Melb-index-580x223.jpg" alt="Melb index" width="580" height="223"></a>
Subscribers to our index data, such as the Reserve Bank and Federal Treasury, rely on our monthly indices regularly, but they take a much more informed view of the results; interpreting the monthly statistics in context with the trend as well as other market evidence such as vendor metrics, supply introductions, housing finance demand and transaction volumes.
Article continues on the next page. Please click below.
<hr class="system-pagebreak">
We agree that property market information needs to be timely and meaningful and it’s not just those people looking to buy or sell a home that should take interest. 
National regulators and policy makers have a high level of interest in housing market conditions; housing is an important component of financial stability.  The banking and finance sector track housing market conditions closely, with more than 65% of bank’s loan assets are secured by residential property their requirement to assess housing market conditions is one of the their highest priorities.  Industry professionals, who need to understand the ups and downs of housing market conditions on a timely and frequent basis in order to run a successful business, also have a requirement for accurate and timely housing market analytics.
Statistics are like a foreign language for most people.  While numbers can look straight forward, understanding what the numbers mean and how best to interpret them can be challenging. Unfortunately, when it comes to measuring things like asset values and market movements, whether it is real estate or equities or other asset classes, complex mathematics is often required.
Around 15 months ago RP Data, together with Rismark International, launched a new and improved hedonic methodology which provided a daily measurement of how dwelling values were performing.  Our daily index tracks the overall change in home values across the complete portfolio of properties across the capital cities; essentially imputing the value of every house and apartment each day and measuring the change across the overall portfolio values between each period.
Prior to being released to the market, RP Data’s indices were audited by both Alex Frino at Capital Markets CRC and KPMG from an infrastructure perspective.  We consulted with the RBA.  White papers on the index methodology are<a href="https://www.rpdata.com/research/rp_data-rismark_home_value_index_methodology" target="_blank"> available to be downloaded from the RP Data web site</a>.  No other index provider goes to such lengths to provide a transparent level of documentation around their methodologies and processes.
RP Data also spends about $15 million each year on data capture, cleansing and improvement.  On a weekly basis we typically capture between 85% and 90% of all auction results, which is generally much higher than other residential property data businesses.  We receive about 60% of our transaction data directly from the industry which provides a much more timely mechanism for collecting property data than waiting on government provided records, however we also collect virtually 100% of all property transactions nationally from the respective state government departments.
So in summary, we take data collection and the production and release of our indices very seriously as we fully understand and appreciate the important decisions being made every day by regulators, policy makers, financial institutions, other industry professionals and consumers, in reliance on our data and analytics, including our indices.
The nature of statistics is such that from time to time you will get outlier results such as last month’s Melbourne figure and yes, businesses with competing interests to RP Data will use results such as this to attack us from time to time.  The important thing is to understand outlier results occur every so often in any statistical model.  Like industry professionals, policy makers and regulators, industry commentators need to understand this, not dismiss or discount these figures and pay attention to the longer-term trends.
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tlawless-5VLUrbAk9s

Why RP Data publishes monthly price data

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As more people live in apartments there’s a greater focus on balconies.
In urban environments it’s clear that there’s demand for outdoor space, both private and public. For inner city apartment dwellers <a href="/expert-insights/buying/balconies-are-the-new-backyards">access to both is important and the market is responding</a>.
The balcony has for some time now been seen as an extra living room and is starting to become as important as the kitchen or living room. Buyers are increasingly more alert to a balcony’s aspect, whether it’s sunny or in the shade, is the balcony private, a good space to have a coffee, a wine or a meal or just sit and watch the clouds fly buy.
As apartments are getting smaller, buyers see this area as a place to relax after work, an important extension of their living space. Reflecting this trend there’s also a big increase in the variety and quality of furnishing that’s available to enhance the balcony space, it’s now very fashionable.
As more detailed attention is being paid to outdoor space in development projects, what are some of the key points to consider and are there any pitfalls?
I previously suggested the idea of thinking about balconies from three aspects – pets, plants and people. I if all three thrive then the balcony must be pretty well designed. From a down to earth view I think buyers will also consider – access, climate, privacy, views, services, storage and the environment.
Access is really important. Possibly the most popular layouts allow an apartment’s internal and external spaces to merge together to give the owner one big space. And another plus is when multiple rooms have balcony access. These designs are very different from those of the 1960s and 70s when you might have only been able to squeeze through one single door to the balcony.
Climate is another big issue. For the space to be comfortable to use all year round the design needs to pay attention to climate, so the space is not too hot, not wet or a spot where you’ll be blown off your feet in the wind. These points are common sense, but should not be overlooked otherwise valuable space for any buyer can be compromised. Covered north-facing are great, but not every apartment can have just one aspect and so this is why planning now takes the function of the balcony into account.
Views are also important. As areas have to accommodate more density, we need to consider how a view works in terms of privacy. The use of external shutters both fixed and movable designs are now commonly used and they do help to make balcony spaces much more inviting and private. I know that off the plan buyers are always keen to fully understand the views from their balcony – it’s an area that gets a lot of their attention.
As balconies are becoming more a part of daily living space then they need to have good services, drainage, electricity, gas and water and something that is less common, storage. However all these services have not always been provided. Trying to get the best use of a balcony can be limited if there’s no water or gas supply.
Today’s buyers have become very alert to having these basic service items. And while storage, in particular storage cupboards, are not common it’s a good idea and it can help to keep balcony areas tidy and presentable.
Article continues on the next page. Please click below.
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But There Can Be Some Areas Of Conflict
Thinking of tidy balconies, with all of the pluses associated with these spaces, they can also become areas of conflict and this does place greater pressure on owners, strata managers and the body corporate.
Clothes drying, smoking, storage and the humble BBQ can be areas of conflict. Smoking on balconies remains an issue and stronger rules and restrictions are possibly on their way with the stalled review of NSW strata laws.
With higher energy costs and greater environmental awareness, to many it is reassuring that balconies can be used to hang out the washing. Yes, there are rules and limits and so privacy shutters can come in handy. However, this is another area where legislation is lagging and rules are up for clarification.
Private and Public Space in Demand
In almost every city there is demand for things outdoors, be that a balcony for a new Sydney apartment, a roof top pocket garden in London or Paris, or a few square metres of outdoor space attached to a New York apartment.
The quest for private outdoor space is always there, even in a booming real estate market. While a stunning city or harbour view might be out of reach for the average buyer, securing a private outdoor space is always ticked as a desirable option, space for a deck chair and a spot for al fresco dining is clearly a shared aspiration.
So far I have been looking at the importance of private space for the average apartment owner that’s a balcony and how the everyday use and design of this important space is evolving. But there is another aspect to this subject and that is access to public and communal space.
In areas where there is major development, we see what a positive impact new parks and open spaces have. Good examples include Brisbane’s now well established South Bank and soon in Sydney Barangaroo’s Headland Park will be a new public space covering six-hectares of harbour foreshore park. While it will be a space for the entire city it’s a good example of what we now expect from our public parks with space for all sorts of daily recreation, grassed areas, lookouts, walking and cycle paths, and a new harbour cove.
Then much further afield we have perhaps the ultimate example of a modern urban public space in Singapore’s Gardens By The Bay, supported by a huge capital investment and run with the assistance of 10,000 hours of volunteer labour. While in Philadelphia a new 5000 square metre mega roof garden is taking shape as part of a new development there.
There’s no shortage of evidence that as more of us are now apartment dwellers, private and public outdoor space is very important and the humble balcony is transforming as a public space and delivers some stunning options.
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pchittenden-eLqUUC8TWW

The evolution of the balcony: A public and private space that delivers some stunning options

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Planning policy changes have allowed 2,500 Western Sydney home sites to be instantly brought online, according to Minister for Planning Pru Goward.
Yesterday, Property Observer wrote that <a href="/expert-insights/building/numerous-sydney-areas-rezoned-to-allow-for-higher-density-developments">multi-storey residential towers are expected to be built in many parts of Sydney as numerous areas undergo a rezoning</a>. Community pushback to development applications are likely.
The changes to the Growth Centres State Environmental Planning Policy are expected to bring greater diversity, affordability and meet the needs of the growing population in the area, said Goward.
“The changes mean a Western Sydney home buyer will have more choice of home type, and may also save up to 10% on the cost of their new home,” she said.
“The NSW government has accelerated the release of land to keep up with demand, and now we are providing more choices and allowing for more affordable options for Western Sydney families.”
The amendment allows smaller lot sizes, and medium density builds, that Goward believes will keep house and land packages under $400,000.
Growth Centres will now face the same planning controls, as well as a faster subdivision and home building approval process.
The changes will permit townhouse and villa-style housing, detached homes on a number of lot sizes, detached dwellings on small lots in medium density zones and studio dwellings to be strata subdivided from the main house so they can be sold as a separate dwelling.
Standardised minimum lot sizes, new approval pathways, standards for subdivision and house design and more opportunities to use the 10 day approval process for new homes on smaller lots have also been introduced.
“New suburbs in Western Sydney are expected to be home to half a million people over the next 25 years so it’s crucial for us to get the planning right now,” Goward said.
“This good future planning is supported by the NSW government’s record investment in transport infrastructure servicing these areas through the North West and South West Rail Links and work to complete Sydney’s motorway network.”  
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Planning changes instantly unlocks 2,500 Western Sydney homes

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Sydney’s residential vacancy rates are on the rise, with July recording a 0.2% increase to 2.0%, according to the Real Estate Institute of New South Wales (REINSW) Vacancy Rate Survey.
REINSW president Malcolm Gunning notes that more apartment stock entered the marketplace, which may be behind some of this increase.
“Inner Sydney vacancy rates led the way with an increase of 0.1% to 2.0%, while the outer suburbs increased 0.4% to 1.9%. The middle suburbs bucked the trend with a fall of 0.2%, but remain at the neutral level of 1.9%,” said Gunning.
“We expect this growth in rental accommodation to continue as even more new stock enters the marketplace.”
This has come at a time when ANZ Research’s David Cannington is seeing Sydney growth moderating, as Melbourne takes out top spot when looking at growth on a trend basis. Price growth year on year is sitting at 15.1% for Sydney, and 11.3% for Melbourne.
“Housing market sales continued to reflect positive housing market sentiment in the past week, particularly in Sydney where elevated auction levels for this time of year have cleared at greater than 75% for the fifth consecutive week,” noted Cannington.
He notes that elevated auction clearance rates, for both Sydney and Melbourne, are foreshadowing strong sales demand and further house price gains in the remaining 2014 months.
Outside of the Sydney area, vacancy rates have been recorded as a mixed picture. In the Hunter, a 0.5% increase was recorded, despite a 0.3% decline in Newcastle. Illawarra increased by 0.3%, while Wollongong remained steady at 2.1%.
New England, however, has hit an 11 year high, up to 4.2% with a 0.2% increase recorded. In October 2003, the last time it was this high, it recorded 4.8% vacancy. The South Coast is up 1.4%, with Central West has dropped 0.5%.
Murrumbidgee’s vacancy rate was up 0.5%, while Albury increased by 0.7%.
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Sydney price gains moderating and vacancy rates climbing

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Today’s latest official dwelling price data from the Australian Bureau of Statistics has confirmed the strong growth seen across the cities in the year to date.
Looking at the June quarter 2013 compared to the June quarter 2014, dwelling prices increased by a weighted average of 10.1% across the eight capital cities.
This spanned from a 15.6% increase recorded in Sydney, to 2.2% in Canberra.
In the June quarter, Sydney managed 3.1% growth while at the other end of the scale dwelling prices in Perth slid backwards by 0.2%.
Melbourne, was the second strongest city for growth over the year at 9.3%, including 1.3% growth in the June quarter. Brisbane recorded 6.8% annual growth, but had the second strongest quarterly increase of 1.8%.
The mean price of residential dwellings rose $9,900, while the total number of dwellings across the nation up by 37,600.
The ABS notes that in Sydney, for established houses, the rise was broad-based with almost all segments of the market increasing.
Strata priced between $600,000 and $1.3 million contributed most to the rise. Attached dwellings under $1 million, in particular strata priced between $550,000 and $800,000, also recorded strong price growth.
In Melbourne, for established houses, strata in the listed segments of above $1.4 million and below $700,000 recorded increases. Attached dwelling results saw mixed results, with some segments rising and others falling.
Managing director of SQM Research, Louis Christopher, said that the figures reveal a strong housing market overall, with Sydney driving the average results.
“Going forward for the remainder of 2014, We expect some moderation in capital growth, but believe the recovery which began in late 2012, will remain intact,” he said.
Christopher noted that their predictions (over page) were largely correct based on the ABS’ results.
“I must say however, that forecasting 2015 is proving to be very challenging. There are many ‘x factors’ at play, including some geopolitical events that could play out rather badly for the global community,” he said.
See over page for SQM Research’s predictions, the ABS results, and how they compared.
<hr class="system-pagebreak">
<a href="/images/2014/08/12/abs-stats-aug-12-one.jpg" target="_blank"><img src="/images/2014/08/12/abs-stats-aug-12-one.jpg" alt=""></a>
Source: SQM Research (click to open in new window)
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National residential property prices up 10.1% in a year: ABS

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Responding to the RBA’s research discussion paper that looked at whether housing is overvalued, Chan &amp; Naylor say that owning makes more financial sense than renting.
The Reserve Bank of Australia research, which <a href="/expert-insights/finance/no-property-bubble-but-rba-pinpoints-the-possible-future-wisdom-in-renting">suggested that house prices would have to continue to rise at the same rate as that seen over the past six decades to justify buying a property</a>, may set a dangerous precedent, according to Chan &amp; Naylor managing director Ken Raiss.
For housing to be financially viable, they would need to exceed 2.4% growth per annum on the long-term trajectory to beat renting. 
“On paper these figures may seem to make stark economic sense, but the property market, like any other, is cyclical and therefore undergoes peaks and troughs,” said Raiss.
“The other significant factor is that not all properties are created equal. The purchase of a property, whether it is for owner occupation or investment, must be a business rather than emotional process.”
He does, however, say that buyers must be looking to purchase properties that out-do averages and that are below intrinsic value in higher capital growth locations, rather than relying on average national growth.
While those who do not expect a higher than 2.4% growth per annum statistic to continue should turn to renting, the fundamentals of buying early, buying right and holding on long-term still apply, he says.
Turn over page for Chan &amp; Naylor’s eight reasons they think buying is still the best decision.
<hr class="system-pagebreak">
Chan &amp; Naylor’s eight reasons they think buying is still the best decision:
<ol>
<li>
It is forced savings Australians are some of the worst savers in the world, therefore being forced to put your money in a long-term asset is a highly prudent exercise that offers reassurance in later life. There is truth in the old adage that ‘I might retire broke, but at least I have my house’. 
</li>
<li>
It can cover your retirement costs The majority of us are living longer however as was evident from the recent budget it is clear that the government can no longer afford to pay for the growing number of pensioners. Having an asset like a house will actually help pay for your long term stay in a retirement or care facility, something that potentially awaits many of us at some point. 
</li>
<li>
Not owning means that you are subject to rental market forces As a middle aged unemployed tenant you will be subject to the market forces of the rental market as dictated by your landlord who can throw you out as soon as you fail to meet your rental obligations. Conversely as a home owner it is more likely that you can come to an arrangement with your bank should circumstances require it. 
</li>
<li>
Home ownership gives your financial certainty If you have purchased the right property, it will increase in value above the average, but the amount you have borrowed will remain relatively fixed. Rental income however increases with the value of the property market, so do you really know what you will be paying for your two bedder in 30 years’ time? 
</li>
<li>
Home ownership gives you personal certainty Buy what you can afford now rather than what you necessarily want and you will be in front as you enter the second half of your life rather than waiting for a late win. 
</li>
<li>
You can leave your grandkids something Most people aim to leave their legacy to the next generation and a home is a fantastic asset to pass on. 
</li>
<li>
Bricks and mortar are less volatile than the share market If the value of the housing market looks like it is on a downward cycle for now, it is nothing compared to the wild swings of the stock market over the last decade. Where would you rather put your hard earned money? 
</li>
<li>
There is only a finite amount of rental property to choose from At end of day everyone needs somewhere to live, and as only 30% of the Australian housing market is owned by investors, limited choice means taking matters into your own hands.</li>
</ol>
Source: Chan &amp; Naylor
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Eight reasons owning is better than renting: Chan & Naylor

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A luxury apartment made it to the top of RP Data's 10 most expensive sales of the week.
The Pyrmont offering (pictured above) with 360 degree views fetched $7 million. However, there were a few other high profile sales that didn't make it onto RP Data's radar this week. There was the Professor Leslie Wilkinson designed Point Piper home of Charles Scarf and his wife Maria, which <a href="/news/30-million-professor-leslie-wilkinson-point-piper-trophy-home-sold-under-scarf-of-secrecy">sold for an unconfirmed price</a> after it was listed with $30 million plus hopes.
The sale of David Airey's <a href="/expert-insights/buying/south-yarra-then-templestowe-top-weekend-melbourne-auctions">South Yarra house for $3.8 million</a> also failed to get a mention, as did a three bedroom Mosman home <a href="/expert-insights/buying/mosman-price-shocker-tops-sydneys-weekend-auctions">which secured $3.23 million</a>. Mooloolaba's pink house was also one of the most expensive sales this week, <a href="/expert-insights/buying/fred-eagers-pink-house-mooloolaba-sells-for-3-8-million">with a $3.8 million price tag</a>.
Here are 10 of the other most expensive sales for the week ending 10 August, from RP Data.
<ol>
<li>
<a href="https://www.propertyobserver.com.au/https://www.feldiproperty.com/6645103" target="_blank">59/56 Pirrama Road, Pyrmont, NSW </a> <img src="/images/2014/08/12/e1.jpg" alt=""> A Pyrmont penthouse topped this week's sales, attracting $7 million dollars when it sold through Feldi Property Agents. The three bedroom, four bathroom apartment has full panoramic views over the harbour, the CBD and Barangaroo. The unit, which is directly accessible via lift, comes with three car spaces and a 17 metre marina berth. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-templestowe-117412491" target="_blank">4 Winifred Court, Templestowe, Vic</a> <img src="/images/2014/08/12/templestowe_0000_1.jpg.jpg" alt=""> The Templestowe home of architect Phillip Mannerheim was sold for $3.35 million through Ray White Manningham. The house was originally listed with a $2.4 million price guide. Mannerheim substantially renovated the property, which now has four bedrooms, five bathrooms and five car spaces. He purchased the home in 2003 for $870,000. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-mount+eliza-116687087" target="_blank">5 Bay Avenue, Mount Eliza, Vic </a> <img src="/images/2014/08/12/e3.jpg" alt=""> This five bedroom, four bathroom house fetched $3.16 million when sold through Aqua Real Estate Mount Eliza. Set on a 2,619 square metre parcel, the home has panoramic views of Port Phillip Bay and Melbourne's skyline. The house's multiple living spaces include a formal dining room which opens onto an covered balcony on the upper level, and a ground-floor rumpus room with a full wet bar, open fireplace and direct access to the pool. Despite its lofty price, the vendors actually made a loss on the Mount Eliza home's sale - they purchased it for $3.4 million in 2011. 
</li>
<li>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/rent/house-mcmahons-point-nsw-2060/41330" target="_blank">7 McManus Street, McMahons Point, NSW </a> <img src="/images/2014/08/12/e4.jpg" alt=""> McGrath Estate Agents handled the $3.1 million sale of this four bedroom, two bathroom Sydney home. The two storey house with views over Berrys Bay sits on a dual access block. Its master bedroom comes with a en suite with spa and direct courtyard access. The home is currently leased for $1,950 per week, yielding 3.27%. 
</li>
<li>
<a href="https://www.curranproperty.com.au/selling/NSW/Upper-North-Shore/East-Killara/House/1P0115" target="_blank">11 Fairlight Avenue, East Killara, NSW </a> <img src="/images/2014/08/12/e5.jpg" alt=""> A six bedroom, three bathroom house attracted $2.81 million through Curran Property Chatswood this weekend. The listing information states the three level home is "reminiscent of a classically inspired European estate", set over a 1,359 square metre plot. The home was purchased by the vendors 20 years ago for just $515,000 and was renovated by interior designers Hare and Klein in 2001. 
</li>
<li>
<a href="https://www.propertyobserver.com.au/https://www.feldiproperty.com/10579533" target="_blank">3/56 Pirrama Road, Pyrmont, NSW </a> <img src="/images/2014/08/12/e6.jpg" alt=""> Another unit in the 56 Pirrama Road complex made it on RP Data's top 10 list this week. The three bedroom, two bathroom apartment at number 3 was picked up for $2.7 million, selling through Feldi Property Agents. It features hardwood floors in the living and kitchen areas, with carpeted bedrooms. Residents have access to the building's lap pool and gym. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-glen+waverley-117383623" target="_blank">21 Barbara Avenue, Glen Waverley, Vic </a> <img src="/images/2014/08/12/e7.jpg" alt=""> This five bedroom, five bathroom house sold for $2.5 million through Ray White Glen Waverley. The two storey home on a 809 square metre block has multiple indoor living spaces, with a tiled outdoor entertaining area. The listing information notes that the house is "metres from Glen Waverley Secondary College". The vendors paid $900,000 for the land and previous house on the block in 2012. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-mosman-117476495" target="_blank">16 Windward Avenue, Mosman, NSW </a> <img src="/images/2014/08/12/e8.jpg" alt=""> A Mosman home also fetched $2.5 million this week, selling through Harcourts Dunne Mosman. The three bedroom, two bathroom dual frontage offering is situated on the high side of Windward Avenue, adjoining to a bush reserve. Set on a 695.6 square metre block, the house features a balcony that runs the length of the house, a sauna, large study, a workshop and a double-lock garage. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-beecroft-117463887" target="_blank">8 Bangalow Avenue, Beecroft, NSW </a> <img src="/images/2014/08/12/e9.jpg" alt=""> Securing $2.4 million, this house sold through McGrath Estate Agents Epping. The former farmhouse has five bedrooms and three bathrooms, with outdoor entertaining areas and an in ground pool. The 1,492 square metre parcel has development approval for a two lot subdivision. The vendors paid $1,375,000 for the home in 2008. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-ivanhoe-117452027" target="_blank">45 Waterdale Road, Ivanhoe, Vic </a> <img src="/images/2014/08/12/e10.jpg" alt=""> This five bedroom, four bathroom contemporary home sold for $2,380,000 through Barry Plant Ivanhoe. The modern house on a 750 square metre plot is decked out with showy details, including double three metre waterfall stone island benchtops, two self-cleaning ovens, motorised drawers in the bedrooms and a 14 jet spa in the master en suite. The home also features a salt chlorinated pool and bluestone paved balconies.</li>
</ol>
Other high ranking sales for the week include 112 Jersey Road, Paddington (NSW), a <a href="https://www.realestate.com.au/property-house-nsw-paddington-117430135" target="_blank">three bedroom home that sold for $2.37 million</a>, and 3 Park Road, St Leonards (NSW), <a href="https://www.realestate.com.au/property-house-nsw-st+leonards-117568991" target="_blank">a 1912 four bedder</a> that fetched $2.35 million.
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Luxury units stand out on most expensive sales of the week: RP Data

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Malaysian developer Mammoth has paid $12.3 million for its third development site in Melbourne.
It is a 2,271-square-metre site on Wreckyn Street in North Melbourne which was sold by the veterinary organisation, Lort Smith Animal Hospital.
With 10 bidding parties, the $5,416 a square metre sale price was a new record for a pure land acquisition in North Melbourne. 
However earlier this month, a Chinese investor with unknown intentions <a href="/expert-insights/investing/chinese-buyer-pays-32-over-reserve-a-record-land-rate-for-north-melbourne-office-site">paid $6,358 a square metre when paying $13.2 million for a 2076 square metre office building bloc</a>k at 13-21 Bedford Street, North Melbourne. 
Mammoth’s 55-level MY80 Elizabeth Street with 487 apartments is due for imminent completion.
Empire, its second high-rise apartment block, with 474 apartments over 61 levels, is due for construction commencement with 60 remaining for purchase.
The delayed settlement sale was through CBRE with Charter Keck Cramer acting as the transaction ­manager.
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