Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Joel Robinson

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.

At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.

The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.

Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.

[smartcode_project:default project_id=13181 project_image_fid=348530]

For Fortis, that combination of location and scale was what made the site unique.

"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.

"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."

Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.

"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.

"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."

[smartcode_project:default project_id=13181 project_image_fid=348533]

The emphasis on walkability has also resonated with buyers.

Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.

Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.

"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.

"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."

[smartcode_project:default project_id=13181 project_image_fid=348549]

The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.

Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.

"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.

"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."

Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;

Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;

Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.

[smartcode_project_cta:default project_id=13181]

Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<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.

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

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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When getting a home loan, particularly with the current tempting low fixed term interest rates on offer, the Consumer Action Law Centre has advised borrowers to consider their opt out fees upfront, as well as the long-term outlook.
Penelope Hill, manager of Consumer Action’s MoneyHelp service, has said that the banks are clearly looking for business, but warned that mortgages are long-term financial products.
While low fixed rates might seem good, if the market changes over the next five years they could face much higher rates at the end of the period that they are not prepared for. Similarly, redundancy, injury, illness and relationship breakdown should also be taken into account.
“Some people like knowing what they’ll be paying a few years in advance – it provides certainty and helps them plan ahead. But as part of that planning they should look at how they would cope with a change in the market or with a drop in income,” said Hill.
Similarly, she warned that sometimes banks fail to explain to new borrowers on fixed-terms that early repayment fees can be charged if they end their loan prior to the expiry of the fixed rate period.
“Unexpected charges can have a significant impact. Consumers should look beyond the headline interest rate and consider the terms and conditions of contract. Do they suit your needs? Are they flexible enough? What would it cost to break the agreement?
“Optimism is a great character trait, but when you’re shopping for a mortgage it pays to temper that optimism and think about a contingency plan,” she said.
She also warned banks and lenders of their obligation to lend responsibly, saying that they must ensure they meet borrowers’ needs and do not cause undue hardship. This includes factoring in the prospect of rate changes.
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Consider opt out costs when getting a loan: Consumer Action Law Centre

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Next year, thousands of lawyers and conveyancers will have access to electronic property transactions in a landmark agreement between Property Exchange Australia Limited (PEXA) and GlobalX Legal Solutions.
GlobalX is the first to sign on as a PEXA sponsor, and will bring the technology to 8,000 practitioners who currently use their search, conveyancing and practice management software solutions, as well as a further 8,000 through partnerships with LexisNexis, Law Master and CATS.
“Today is a landmark step towards delivering the property conveyancing process into the digital age for thousands of conveyancers and law firms across Australia,” said GlobalX chief operating officer Peter Maloney.
“As Australia’s largest property settlement provider to the practitioner market, we have been preparing and investing significantly in our technology, people and industry partnerships to ensure we have a competitive advantage in delivering PEXA to all our clients and solutions partners.”
He said that the future is a hybrid of manual and electronic services.
PEXA CEO Marcus Price said that it will be a great benefit as it means there is just one port of call.
“PEXA removes the often stressful closure of the conveyancing process by ensuring fast, effective and error free electronic lodgement and settlement and it makes sense for PEXA to become part of the existing market offerings provided by our Sponsors,” Price said.
PEXA allows an online workspace where Land Registry documents and settlement schedule can be created and shared with all parties. It also automatically lodges documents with the Land Registry, exchanges loan funds, pays stamp duty and other third party beneficiaries, removes the need for bank cheques and removes the need to physical be at settlement.
The system is currently live in Victoria, New South Wales, Queensland and Western Australia in Release 1 format. Release 2 was launched in a limited capacity to Victoria in June, with full functionality from 2014 quarter four for Victoria and New South Wales. The rest of the states will have access in 2015.
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Landmark agreement will broaden access to electronic property transactions

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If you are buying a residential property, then you must understand the cooling off period – something that is usually included as a standard in the contract of sale.
In essence, this is a clause that allows you to rescind on the contract to an extent and not lose your deposit. You may, however, be required to foot 0.25% of the purchase price as a result (often taken from your deposit). You must provide the written notice before 5pm of the date the cooling off period ends.
To invoke your right to exercise this part of the contract, you must provide written confirmation that you are rescinding based on the cooling off period.
The cooling off period is the time in which you can rescind under this clause.  Usually, all purchasers are protected by this rule, and off the plan purchasers may be protected. It is worth double checking the contract through with your solicitor prior to signing.
The cooling off period is normally about five business days, however this can be extended or shortened when the contract is being written up. It can be altered later, by an addition to the contract, if done in writing. <a href="/expert-insights/investing/the-eight-steps-a-property-buyer-takes-after-an-offer-is-accepted">In each state and territory the rules are different</a>, so you must seek advice prior to this stage. For instance, Tasmania requires a two day cooling off period minimum, according to the Real Estate Institute of Tasmania.
In Queensland, <a href="/news">this is the form that must be filled out by the solicitor or lawyer</a> in order to alter the cooling off period.
When isn’t there a cooling off period?
Properties sold at a public auction do not have a cooling off period attached – therefore rescinding on a contract will see you losing your deposit.
Properties <a href="/expert-insights/investing/cooling-off-period-changes-in-victoria-could-lead-to-duplicitous-buyer-strategies">transacted close to an auction date may also not come with cooling off rights</a>. In Victoria, this is three days either side of an auction, in Tasmania it is two.
Similarly, you can waive your right to a cooling off period via a 66W certificate that can be written up by a solicitor on your behalf. You may wish to do this to help convince a seller into giving you preference – however, it does mean that there is little turning back. The cooling off period is a safety guard that you should think carefully about losing – particularly if what you are buying is done so hastily or with high pressure sales tactics.
James Buyer Advocates’ Mal James recommends against using the cooling off period as a bargaining chip, and respecting it for what it is.
“Personally we think you are unwise to use cooling-off as a strategy in negotiation. We as an organisation do not use it as a negotiating strategy. Our strong recommendation is that you do all your due diligence prior to signing,” he explains.
Large blocks of land that is not deemed residential property (over 2.5 hectares) does not have a cooling off period.
Cooling off periods are not limited to property, and are often also discussed in relation to other purchases and contractual agreements. For instance, the ACCC reminds you that if you buy something through telemarketing or door-to-door sales, a cooling off period applies.
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What is the “cooling off period"? Investment terms explained

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The premiere of Nine Network's increasingly cruel reality renovation series The Block attracted 1.374 million viewers.
Host Scott Cam toyed with the constantant teams who got a first look inside the massive 1980s office block conversion project in Prahran.
At times the lack of hard hats - especially when hastily ripping down the office bock ceiling - almost appeared close to downright dangerous.
Sunday night's Nine News sat in second place with MasterChef in third place after drawing an audience of 1.261 million, according OzTAM's figures.
The Block was possibly the highest rating program of Sunday night due to the network’s decision to simulcast the show across its multi-channel, Go! and Gem in the 6.30pm time slot against Seven’s X Factor which had an audience of 1.14 million.
Meanwhile the ABC's architectural show Grand Designs <a href="https://www.channel4.com/programmes/grand-designs/articles/all/east-devon-suppliers" target="_blank" style="line-height: 1.3em;">featuring East Devon cob-style home</a> sat strongly in sixth spot with 988,000 viewers, beating both 60 Minutes and Sunday Night.
Host Kevin McCloud was tracking the process of a <a href="https://www.youtube.com/watch?v=8knaVoipcGc" target="_blank">snail-shell shaped cob house </a>which used ancient building material and 21st century technology. Its made from mud, straw, water, clay and sand.
Kevin McCabe was the owner builder, wrestling houses out of mud using his bare hands for his proposed house formed of two vast curved cob roundhouses - the largest of which is inspired by the natural geometry of a snail shell.
The latest Block Glasshouse ratings sit within prior Block premiere audiences which included The Block Sky High premiere in South Melbourne of 1.312 million.
The Block All Stars at Bondi premiered with just 959,000 viewers tuning in, and the first-night set in South Melbourne with four adjoining Dorcas Street terraces rated an average 1.4 million viewers.
The Block's 2011’s Melbourne debut had 1,342,000 viewers for the Richmond cottage renovation.
The most recent Albert Park series, The Block Fans v Faves  secured a 1.14 million opening night five capital city audience.
 
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jchancellor-FAypfDUnLy

Kevin's Devon snail shell house sneaks up behind The Block Glasshouse in ratings

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A new report from OnTheHouse has released new predictions data presenting the top 10 suburbs nationwide with opportunities for residential buyers.
Unsurprisingly, New South Wales dominated the top 10 list, while Victoria didn't scrape in a single mention.
Based on rental and capital returns, outer city regions were found to provide the best investment opportunities, explained OnTheHouse consulting analyst John Edwards.
“Buying in a regional area might not be for everyone but with strong predicted growth and high rental yields, it’s certainly an option to consider. With more expensive areas, such as Sydney, outer city regions can be much more affordable – pair that with strong growth and it could be a good fit for investors wanting to get good rental returns and capital growth over time," he said.
To come up with the list they looked at five year capital growth predictions, industry surroundings, confidence ratings and employment opportunities.
“Investors should be looking for locations that have good employment opportunities, education options, are well connected to transport and have planned developments in the area that will attract the population. The latest Best Rent Report highlights 58 areas around Australia that meet this criteria, each offering returns of better than 10% per annum," he said.
He also urged investors to look at data in conjunction with local knowledge.
“Our research draws on industry and environmental surroundings and employment opportunities, which will influence property prices. These areas are the suburbs we think will perform well. However, it’s crucial that buyers do their own personal research and build on this statistical information.”
Turn over page for the top 10 list.
<hr class="system-pagebreak">
<a href="/images/2014/07/28/suburbs-chart-july-28-one.gif" target="_blank"><img src="/images/2014/07/28/suburbs-chart-july-28-one.gif" alt=""></a>
Source: Onthehouse.com.au. Click to open in new window.
In total, 58 suburbs made the <a href="https://www.residex.com.au/best-rent-report" target="_blank">Best Rent Report</a>.
Queensland’s Wynnum was one of those which also made the list as one that was flying under the radar but with growth fundamentals.
Wynnum was named one of Australia’s best more quiet achievers, with capital growth in the past 12 months of 3.13%, and forecasts that over the next five years this will look more like 7.56% per annum.
Harcourts Green Living in Wynnum principal David Green said that demand has been coming in from interstate investors and families who want to rent.
“Wynnum is a strong growth market for investors looking to expand their property portfolio, located just 16 kilometres to the Brisbane CBD, 20 minutes to the domestic and international airport and less than an hour to the surf beaches of the Gold Coast,” he said.
“Our property managers who have worked in the Bayside for decades are experiencing a high demand for rental properties from young families moving to the area, as well as investors from Sydney and Melbourne.”
The area is well-serviced by a train line running through its centre, including Wynnum Station, Wynnum North Station and Wynnum Central Station.
Within the boundaries on the area include parks, a police station, a school, a golf club, shops and the area’s own RSL club.
It appears property pundits and individual investors have been discussing the area for years – with forums including threads about buying in the suburb for many years. Peter Koulizos has previously suggested Wynnum for growth, and Australian Property Investor magazine tipped the area last year.
According to SQM Research, the vacancy rate for the area is 1.8%.
Wynnum West previously had a mention in RP Data's Buy vs Rent report in December 2012 as <a href="/expert-insights/investing/brisbane-cbd-among-494-suburbs-where-you-could-be-better-off-buying-then-renting-but-very-few-inner-city-options-rp-data">one of the few places in Brisbane where it was, in fact, better to buy</a> when looking at overall financial outcomes.
{module Would you invest in Wynnum?}
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Are these really Australia’s 10 best rental suburbs?

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If you live in Melbourne, you no doubt recognise one of the many marks Jeff Xu has made on the city in recent years.
The property developer's Golden Age Group has had its fingers in hospitality, leisure and residential projects across Melbourne's CBD. You may have dined on dumplings at Hu Tong, warbled off-key at Rainbow Karaoke, or stayed at the new Sheraton Hotel at the top of Little Collins Street. Or perhaps you're bought into Xu's latest venture, the 75 storey Victoria One tower. 
The $350 million residential tower, coming to the corner of Elizabeth Street and Franklin Street, will bring 629 apartments to the western precinct of Melbourne's CBD.
According to Xu, the structure was built with the Victorian way of life in mind, with its green facade and fins reminiscent of the Victorian landscape. He said the apartments were intended for both investors and owner occupiers.
"We wanted to show that an investment product doesn't mean a cheap product," Xu said, adding that with a 24 hour concierge, the tower would "feel like a hotel".
The 241 metre tall tower on a 932 square metre site will include 115 one bedroom, 482 two bedroom and 32 three bedroom apartments, with two levels of commercial space facing Elizabeth and Franklin Streets. With the smallest apartment coming in at 41 square metres of floor space, the units would not meet proposed minimum space requirements for Melbourne apartments, which specify a 50 square metre minimum for one bedroom units.
But buyers don't seem to mind the squeeze: about 60% of the stock in Victoria One has already sold, with more than half going to local buyers. One bedroom apartments are priced from $370,000, with two bedroom apartments starting at $473,000 and three bedroom apartments selling from $890,000.
The tower will also include 163 car parks, a pool, spa, gym and a communal entertaining area. Construction is set to begin late this year, with completion due for 2016.
Xu and Golden Age continue to keep busy with other Australian projects, including The Emerald, a 282-apartment tower at 35 Albert Street. There is also 450 St Kilda Road, the low-rise overlooking the Botanical Gardens that Xu purchased from the Carter family for a reported $20 million sum earlier this year.
His CBD spending isn't reserved for towers and restaurants alone. Xu and affiliated parties were also major donors to Melbourne Lord Mayor Robert Doyle's re-election campaign.
With more than 1,000 apartments on the way, Xu isn't worried about the sustainability of Melbourne's appetite for high density inner city residences.
"We're not scared of the boom and bust cycle," said Xu. "That's where opportunities come from."
Property professionals are invited to sign up for the <a href="/news">upcoming Property Observer webinar on Off the Plan Marketing and Sales Masterclass</a>.
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jrichardson-uRX5hFdKfN

Jeff Xu ushers in Melbourne's apartment age with Victoria One

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Figures from NAB confirm its customers ­continue to maintain previous ­payments and pay down debt faster during the current low interest rate period.
Customers paying back more than the minimum are ahead by an average of 13 months, compared with 12 months a year earlier, NAB told the Australian Financial Review.
NAB has about 16% of the mortgage market.
Owner-occupiers accounted for 70% of customers who were ahead, with 16% of investors and 14% being first home buyers.
The NAB executive general manager of lending and deposits, Antony Cahill, said the figures showed customers were taking advantage of record low interest rates by putting away extra income.
“These are themes that point to the Australian consumer being a little bit more careful, a little bit more prudent in terms of understanding debt and ensuring they keep that under control,” he told Fairfax Media.
NAB also said consumers were paying off credit card debt faster, with accounts paid in full up 6% in the last year.
Of the loans that were ahead on payments, 32% are held in Victoria, followed by 31% in New South Wales and 21% in Queensland. 
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NAB home loan borrowers' payments typically ahead by 13 months

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Investa Land has exchanged contracts for their Central Coast Kooindah Waters Residential Golf and Spa Resort to ensure the company's focus remains on residential and industrial property.
Harman Global Holdings are the buyers of the 18 hole golf course, 108 room Mercure resort and remaining residential lots, in an off market transaction.
<img src="/images/2014/07/28/kooindah-july-28-breakout.jpg" alt="">
Investa Land chief executive officer Cameron Holt said that this is a strategic sale for the business.
“Investa Land acquired Kooindah Waters as part of a broader portfolio. The golf course and resort elements of this project are not core assets and are not consistent with our business model,” said Holt. They had bought the 95 hectare site in Wyong as part of its acquisition of Clarendon Property Group in 2005.
It includes a purpose built day spa, six conference rooms, restaurant, bar, 25 metre indoor lap pool, outdoor pool, tennis courts, gym and spa.
“The divestment will enable the company to focus on the delivery of sustainable residential and industrial development projects,” he said.
He noted that they were not intending to sell the residential component of the resort, however Harman wanted the remaining land in addition to the assets they were selling.
Investa Land will continue to be involved in the operations of the resort until an expected November 2014 settlement, and Harman has noted that Accor and Troon Golf will continue to manage the property after this time.
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Investa Land sells golf and spa resort to focus on residential and industrial

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If you're hoping to compete in the next season of Seven's House Rules, you'd better act fast.
Seven will only accept applications for the next two days, with the process closing on 30 July.
Don't panic - if you and prospective reno partner can sit down and describe yourselves, your home and <a href="/expert-insights/building/house-rules-season-three-do-you-have-what-it-takes">any past violent episodes</a>, you can still be in the running for House Rules season three.
You'll be one step closer to having your home renovated by a competing team of strangers, and if all goes to plan, you could end up like <a href="/expert-insights/building/underdogs-adam-and-lisa-win-house-rules-season-two">season two winners Adam and Lisa</a> or season <a href="/news/carly-and-leighton-crowned-house-rules-winners-with-450-000-adelaide-mortgage-wiped-clean">one winners Carly and Leighton</a>, who had their mortgages wiped clean.
South Australian couple Carly and Leighton are now selling their renovated home, after Seven cleared their mortgage. They originally purchased the Warradale house in 2012 for $450,000.
The three bedroom, two bathroom 1950s house with a stone facade has an open plan interior with floorboards throughout the living spaces. The north-facing backyard has an outdoor entertaining area and lawns, with a detached studio with bar that could double as a home theatre room or bedroom.
While listing agents Troy Tyndall and Nicholas Hage of Toop&amp;Toop Norwood note that $400,000 were spent on renovations on the house, they make no mention of its House Rules history.
According to The Herald Sun, Carly and Leighton have purchased a home in Sydney, with plans to move interstate and "follow their renovation dreams".
Would-be winners can apply at the <a href="https://au.tv.yahoo.com/house-rules/#page1" target="_blank">House Rules </a><a href="https://au.tv.yahoo.com/house-rules/#page1" target="_blank">website</a>.
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Time running out for House Rules hopefuls as season one winners list home

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The dream of late Gold Coast developer Keith Williams at Port Hinchinbrook in north Queensland, has been listed for sale.
Liquidators FTI Consulting have engaged CBRE to sell the Hinchinbrook Island Resort and Port Hinchinbrook assets.
The high profile Cardwell properties, located at the halfway point between Cairns and Townsville, were developed by the late Keith Williams. 
CBRE’s Danny Betros and Rem Rafter will steer the sales campaign with offers closing 26 August.
The Hinchinbrook Island Resort closed in 2010, just prior to Cyclone Yasi, while the commercial tenancies at Port Hinchinbrook were closed in 2011, as a result of damage caused by the cyclone.
Cardwell is situated on the Bruce Highway, 171 kilometres north of Townsville and 203 kilometres south of Cairns at the gateway to the Cassowary Coast Region. 
The FTI offering comprises two distinct assets: Port Hinchinbrook, comprising circa 94.5 hectares of land at Cardwell, and the Hinchinbrook Island Resort situated 8 kilometres off the Cardwell coast.
Port Hinchinbrook was developed in the 1990s, with marina basins and boat channels formed at Oyster Point. Developer Williams Corp created more than 200 single residential, medium density residential and commercial lots adjacent to the marina.
Current improvements include a tavern, a marina office and a single level commercial building. There is also capacity to rebuild the 200-250-berth Port Hinchinbrook Marina, which was substantially destroyed by Cyclone Yasi.
Also up for sale is the Hinchinbrook Island Resort, which was developed under a special crown lease on 8.26ha of waterfront site with frontage to Turtle Beach.
Improvements include 22 accommodation units, a lodge which was used for dining and recreational purposes, staff accommodation, water, electricity, sewerage infrastructure, a pool and a jetty/mooring site.
However, Mr Betros said the resort had suffered extensive damage since Cyclone Yasi.
<a href="https://www.porthinchinbrook.com.au/about/developer" target="_blank" style="line-height: 1.3em;">Keith Williams</a> was a visionary who for well over four decades built Queensland’s major tourist attractions starting with Sea World on the Southport Spit in the 1970s, then Hamilton Island Resort and Harbour in the 1980s.
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