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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A boutique land estate, with just 25 lots, has been launched on the Gold Coast’s Tallebudgera by Gordon Corp.
The estate is called <a href="https://www.hiddenvalley.land" target="_blank">Hidden Valley</a>, located on Connection Road, and is the debut for developers Gordon Corp, linked to Tim Gordon, and will also be the first land subdivision the semi-rural area has seen for some time.
It will provide lots from 600 square metres to 821 square metres, priced from $295,000.
<img src="/images/2014/07/07/hidden-valley-july-7.jpg" alt="">
Marketing manager for Gordon Corp, Bianca Gordon, said the estate would be of interest to young families and existing residents who are downsizing from their acreage.
“There’s currently nothing available here for people who want to move off their acreage property to something more manageable in the same location,” said Gordon.
“As a result there’s pent-up demand for smaller blocks which has prompted us to bring Hidden Valley to the market.”
Professionals Black and Young Burleigh Heads agents Adam Young and Chris Wolters are the sales and marketing agents for the estate, and are expecting quick sales.
“There’s huge unmet demand from people who are keen to live in this area without the expense and maintenance of acreage property,” said Young.
“At present there is no vacant land on the market less than 1.5 acres in Tallebudgera and the majority of vacant blocks are well over two acres.”
Civil works will begin within weeks.
Tallebudgera is <a href="/news/qld/bellagio-la-villa-listed-as-tallebudgera-owners-cash-in-their-glorious-gold-coast-hinterland-chips">home to the incredible Bellagio La Villa</a>.
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jduke-EHk3XBmHkn

Boutique Gold Coast 25-lot land estate launched as developer’s debut

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There goes another financial year where for all intents and purposes profits should have been up and back to pre-global financial crisis (GFC) levels.
Some a step further by posting all time record profits given their respective graduation from the GFC together with the valuable lessons learned, which were then adopted then executed.
Having said that we should closely look at <a href="/expert-insights/finance/the-reserve-bank-s-four-prevailing-views-on-the-property-market-glenn-stevens">the Reserve Bank’s four prevailing views on the property market </a>as each and every point raised is not just a concern but more of a forecast which in all probability will eventuate.
The most important message from Glenn Stevens is aimed squarely at property investors: “Investors should take care in the Sydney market, which is the main area where a large increase in borrowing has been occurring. The total value of credit approvals for investor loans in New South Wales was about 130% higher than in 2008, and it is the investor segment where there has been evidence of some increased level in lending with loan to value ratios above 80%.”
Now whilst we are on this subject in many ways the investor demographic in Sydney to me is like one big Ponzi scheme.
This week we saw headlines like “Sydney property market posts new figures showing a 15.4% growth over the financial year”. Whilst to a degree this may be correct the methodology is false, misleading and entirely wrong as the method is based on the median (middle) price where real estate in Australia is the only country which uses this calculation method.
Firstly, Sydney at a guess is made up of over 700 suburbs – so by throwing in the wealthiest suburbs that recorded $30 million and $40 million sales with suburbs which record $300,000 and $400,000 sales, it’s pretty clear this methodology is flawed to such an extent it implies false conclusions.
The debt trap is what Glenn Stevens is alluding to and those unsuspecting highly geared investors thinking 15% growth are badly advised where, depending on their gearing, they could find themselves in all sorts of trouble.
Real estate is not that hard to calculate so long as you know what are the correct numbers you should be calculating when it comes to reading and understanding a demographic market. The only way this can be done correctly is to look at individual markets such as a particular suburb – I will use my specialist market, <a href="/news">Mosman</a>, which has approximately 4,800 houses.
Next you need to ascertain how many houses are on the market each week where this week there are 63 houses, last week 74 houses and twelve months ago there were 63 houses for sale. Next work out how many houses sell each year:
<ul>
<li>2011/12  – 297 houses sold for a total value of $829,747,992. Average price $2,793,764</li>
<li>2012/13 – 306 houses sold for a total value of $846,621,000. Average price $2,766,735</li>
<li>2013/14 – 365* houses sold for a total value of $1,045,514,637. Average price $2,864,424</li>
</ul>
*These figures will get higher as more properties settle and the sales data becomes available.
Before the GFC the Mosman market was running at full steam when it cracked the $1 billion mark in value sales so we are now back at near full strength based on current market conditions. Also, when the market is running at capacity it usually trades at ten per cent of the total stock 4,800 houses equals 480 sales per year. Over the period of the GFC the numbers of houses sold dropped back to between five per cent (240 houses) and seven per cent (336 houses).
The problem is that the vast majority shoot from the hip when making these investment decisions over those who actually study the relevant data, although they will all admit their decision was data driven.
<a href="https://www.rwm.com.au/files/2014/07/25-06-2014-1-22-43-PM.jpg"><img class="aligncenter size-full wp-image-47338" src="https://www.rwm.com.au/files/2014/07/25-06-2014-1-22-43-PM.jpg" alt="25-06-2014 1-22-43 PM" width="625" height="288"></a>
Source: The Economist's <a href="https://www.economistinsights.com/sites/default/files/Decisive%20Action%20-%20How%20businesses%20make%20decisions.pdf" target="_blank">Decisive Action: How businesses make decisions and how they could do it better</a> via Forbes. 
Recently, I read this interesting piece – <a href="https://www.forbes.com/sites/rogerdooley/2014/06/12/clueless/" target="_blank" title="Are you the one executive out of ten who isn’t clueless?">Are you the one executive out of 10 who isn’t clueless?</a> 
It’s interesting to compare to what happens in real estate given so few fully analyse real estate markets comprehensively. Also, one can’t rule out being persuaded by false and incorrect data given the majority of investors in real estate would be fixated on graphs like this one.
<a href="https://www.rwm.com.au/files/2014/07/3-07-2014-3-44-05-PM.jpg"><img class="aligncenter size-full wp-image-47340" src="https://www.rwm.com.au/files/2014/07/3-07-2014-3-44-05-PM.jpg" alt="3-07-2014 3-44-05 PM" width="683" height="252"></a>
Naturally, so long as our economy keeps performing above expectations then there is nothing to worry about however, when I read this yesterday: <a href="https://www.businessspectator.com.au/article/2014/7/3/international-news/setting-stage-lights-europes-second-crisis" target="_blank" title="Setting the stage lights for Europe’s second crisis">Setting the stage lights for Europe’s second crisis</a>. The lessons from the GFC resonate strongly – pay down debt.
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robertsimeon-hRNTwJyXkQ

Sydney's investor demographic is like one big Ponzi scheme

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Not long before the Australian Bureau of Statistics (ABS) released building approvals data for May 2014, the Reserve Bank Governor (RBA) Glenn Stevens completed a presentation in Hobart.
Within that presentation Glenn Stevens stated: “It would in my opinion be good, for a range of reasons, if it did persist for a while. If the next couple of years saw an unremarkable performance on prices, and construction staying at the higher levels that will clearly be reached over the coming year, it would be an outcome that would contribute to a balanced growth path for the economy and to housing more people at manageable cost.”
This was made in the knowledge that home values rose by 10.1% over the 20-13/14 financial year and following three consecutive monthly falls in dwelling approvals between February and April 2014.  Luckily the May data which was released last week showed a 9.9% rise over the month.  Dwelling approvals are now 14.3% higher year on year.
<img class="aligncenter size-full wp-image-3440" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Chart-1.jpg" alt="Chart 1" width="500" height="181">
After three consecutive monthly falls in dwelling approvals it was looking as if the much vaunted rebound in housing construction was running out of puff (approval is the initial step before construction can commence).
Of course, we don’t want to get too carried away with a one month bounce but it was encouraging to see that the fall in dwelling approvals has, at least for the moment, not continued. Total dwelling approvals in May were 14.3% higher than a year ago with house approvals 14.0% higher and unit approvals 14.5% higher.
<img class="aligncenter size-full wp-image-3441" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Chart-2.jpg" alt="Chart 2" width="500" height="180">
The data is inherently volatile on a month to month basis so I like to also note the annual number of dwelling approvals. Over the 12 months to May 2014, there were 191,088 total dwelling approvals, 107,291 of which were for houses and 83,799 which were for units. 
The annual number of dwelling approvals is at their highest level since there were 192,614 dwelling approvals over the 12 months to December 1994.  Let’s not understate this, the rebound in dwelling approvals is strong and much needed after years of ongoing insufficient supply additions. 
The challenge from here will be what proportion of these approvals actually end up moving to construction and then ultimately completion.
<img class="aligncenter size-full wp-image-3443" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Chart-31.jpg" alt="Chart 3" width="500" height="180">
Focussing on the capital cities, it is encouraging that there has been a significant rise in dwelling approvals across these areas where supply issues are generally most dire. 
On a rolling annual basis, there were 141,845 capital city dwelling approvals over the 12 months to May 2014.  Of these approvals, 68,455 were for houses while 73,390 were for units.  Note that at a national level dwelling approvals for houses still outnumber units however units outnumber houses in the capital cities highlighting the direction that new development is heading in most of our capital cities.
The annual number of capital city house approvals as at May 2014 was 19.6% higher than over the corresponding 12 month period in 2013. Capital city house approvals are at their highest level since the 12 months to February 2011 when 69,524 houses were approved.  
Capital city unit approvals are 23.4% higher than they were a year earlier and are only slightly lower than their record high level of 73,835 unit approvals over the 12 months to March 2014.
<img class="aligncenter size-full wp-image-3444" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Chart-4.jpg" alt="Chart 4" width="500" height="183">
Across individual capital cities the annual number of dwelling approvals is higher across each city except for Darwin. The greatest annual lift in dwelling approvals has been recorded in Brisbane and Sydney. Anyone that has visited either of these cities recently would have seen plenty of residential construction taking place and it seems that there is a significant additional pipeline of residential construction to come.
<img class="aligncenter size-full wp-image-3445" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Chart-5.jpg" alt="Chart 5" width="500" height="180">
As you can see from the above chart, across each of the major capital cities there has been an upswing in dwelling approvals.  The most significant upswing has occurred in Sydney and Brisbane however, the number of approvals remains much higher in Sydney and Melbourne than in all other cities. 
The number of dwellings approved for construction is at an all-time high currently in Perth, is very close to its record high in Sydney and at its highest level since the 12 months to June 2004 in Brisbane.
<img class="aligncenter size-full wp-image-3447" src="https://blog.rpdata.com/wp-content/uploads/2014/07/Chart-61.jpg" alt="Chart 6" width="500" height="180">
We mentioned earlier about the shift towards unit approvals as opposed to house approvals which is much more prominent in capital cities than nationwide. 
The above chart highlights the proportion of dwelling approvals which are for units as opposed to houses over time.  As already noted over the 12 months to May 2014, 51.7% of all capital city dwelling approvals were for units.  In Sydney (69.4%), Melbourne (52.4%), Brisbane (57.2%), Darwin (58.6%) and Canberra (62.9%) a majority of approvals are for units rather than houses. 
In the remaining three cities 31.1% of approvals are for units in Adelaide, 23.9% in Perth and 13.6% in Hobart. I have little doubt that particularly in Perth we will see a growing proportion of approvals for units rather than houses over the coming years.
The May dwelling approvals data showed an encouraging rebound following three consecutive monthly falls.  Keep in mind that Glenn Stevens wants to see higher construction levels over the next few years and that will be the real challenge. 
If consumer sentiment continues to languish and if and when home value growth slows there will be much less certainty around the viability of new residential developments.  Maintaining high levels of new residential approvals (and construction) over the next few years will be no easy feat.
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ckusher-ujnxiKuFQs

Encouraging rebound in dwelling approvals, but how many will end up being constructed?

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Credit provider GE Money has been slapped with a $1.5 million fine by the Federal Court for forcing customers to consent to receiving invitations to increase their credit card limits.
The court found GE Capital Finance Australia, which trades as GE Money, was in breach of <a href="https://www.smartcompany.com.au/finance/24771-commbank-cops-a-serve-for-credit-limit-increase-approach-to-customers-ahead-of-new-laws" target="_blank">laws that ban credit providers from making unsolicited credit limit increase offers</a> to customers.
The credit company told more than 700,000 of its credit card customers they had to consent to receiving such invitations in order to activate their credit card or apply for or obtain an increased credit limit, when it did not require such consent.
The conduct took place between January 5 and May 27, 2012, shortly before the government’s prohibition on unsolicited invitations.
Justice Peter Jacobson slammed the creditor’s conduct as “a systematic and deliberate attempt to mislead cardholders” and said GE Money’s motivation was to avoid projected losses of up to $6 million as a result of the tightening regulations.
In imposing a penalty of $1.5 million, the court said: “What was involved was an attempt to obtain consents in an unlawful manner, and the adoption of a cynical approach by seeking to make the cardholders’ choices less straightforward.”
GE Capital was ordered to pay the Australian Securities and Investment Commission another $50,000 for costs and to advise 210,000 affected cardholders what the decision meant via email or letter and by publishing a notice on its website.
GE Capital admitted it had broken the law during proceedings.
A spokesperson for the company told SmartCompany GE Capital had been working with ASIC for some time on the matter and had already sent the note to customers.
“We have also been working with the regulator and government and will continue to do so,” said the spokesperson.
Sally Scott, partner at Hall &amp; Wilcox, told SmartCompany it was common for credit card holders to receive regular invitations to increase their credit limits prior to the new laws, which commenced on July 1, 2012.
Since that time, Scott says before sending out invitations for credit limit increases, credit card companies have been required to obtain consent from card holders to send out invitations.
“It appears that GE Capital sought to short cut this requirement by telling consumers that they needed to consent in order to activate their card,” says Scott.
“In fact, GE Capital did not require such consent for cards to be activated. For this reason, the court determined that the statement was misleading.”
Scott says for businesses it’s not just a matter of checking that their advertising is not misleading, they need to consider every aspect of their business and what representations they make, whether to consumers or other businesses.
“In a week where we have seen misleading conduct cases in relation to <a href="https://www.smartcompany.com.au/legal/42613-accc-cracks-down-on-spreets-daily-deals-site-for-alleged-false-claims" target="_blank">an online buying site</a> and <a href="https://www.smartcompany.com.au/legal/42636-accc-takes-electrodry-to-court-over-fake-online-review-claims" target="_blank">online testimonials/reviews</a>, this case provides yet another example of the far reach of misleading conduct law,” says Scott.
“The golden rule is that you can’t mislead in business.”
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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krobb-aCrRNnPq6D

GE Money fined $1.5 million for forcing customers to consent to credit increase invitations

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As <a href="/news/planning-to-fail-east-west-link-part-1" target="_blank">previously</a> <a href="/news/planning-to-fail-east-west-link-part-2" target="_blank">reported</a>, Matthew Guy has used his extraordinary powers as Planning Minister to approve the East West Link permits. In doing so he has ignored the majority of recommendations put to him by the independent Assessment Committee. This project was a major test case for how well planning law functions for major infrastructure projects. Unfortunately for those wanting a rigorous, logical, evidence based and transparent process the system has failed.

Aside from the question of the East West Link project is how do we fix the planning system so we can learn from the mistakes?

1. Prohibit the use of a reference design to obtain planning approval.

The use of a reference design to achieve planning approval is a terrible concept. Without a real design which has considered real opportunities and real constraints we cannot discuss the project in any meaningful way that would represent the reality of the project. It is absurd that we needed the East West Link project to prove this point. It causes angst and confusion for the community who have no certain design to even direct their comments and criticisms. A reference design is clearly not acceptable to any other private project in the planning system for good reason.

2. Enable the independent Assessment Committee to determine if sufficient information has been provided to assess the proposal. If they deem it insufficient remove the authority for anyone to approve the project until such time as it has been provided and assessed.

The Victorian Planning System gives unfathomable powers to the Planning Minister. Clearly further checks and balances are required. If the Assessment Committee has insufficient information to assess an application it should have the power to prevent any approval being granted until such time as the information is provided and assessed. Good decision making cannot occur without good information to base those decisions.

3. Require the Assessment Committee determine if design alternatives have been sufficiently considered. Prohibit the approval of projects requiring property acquisition unless the Assessment Committee has determined that design alternatives have been sufficiently considered.

If property is being acquired, land owners and in this case home owners have a right to know if there is a better way to achieve the project. Political considerations should not override a proper planning and design process.

<blockquote>
It appears to the Committee that the LMA have not fairly responded to or considered alternative designs
<cite>Remarks from the Assessment Committee</cite>
</blockquote>

<blockquote>
No alternative design was exhibited and no alternative has been tested in the manner of the flyover. I do not agree that it is appropriate to describe the exhibited project as unacceptable in the absence of a demonstrated proven alternative
<cite>Remarks from Matthew Guy in his East West Link approval decision</cite>
</blockquote>

4. Require the Assessment Committee determine if community consultation has been sufficient. Prohibit the approval of projects that fail this test.

This requirement would enshrine community consultation as a mandatory requirement in undertaking major infrastructure projects. With the consequences of insufficient consultation being a substantial delay to the project, the proponent would see it as vital that they always cleared tis hurdle first time.

5. For public projects over a $1 Billion require that the business case and procurement method also be within the scope of the Assessment Committee.

It is not for the Assessment Committee to dictate how the government spends its money. However this provision would make sure that the public would have a right to be informed of the financial implications of major infrastructure.

6. Require that the Planning Permits are granted prior to the tendering process beginning. Design changes from the tendering process should be dealt with as amendments to the permit and be subject to their own rigorous planning process.

This requirement achieves two key benefits for the state. Firstly the tender process could accurately reflect the project as approved, avoiding nasty surprises. This would assist in preventing price blowouts due to limiting and controlling variations to the design. Secondly it would provide an opportunity for community consultation and assessment on substantial design changes.

In a democracy, people have a right to transparency and a right to be heard. The East West Link reality where four suburbs have an approved project with an unknown design is a sad example of our broken system. For those screaming at the politicians to ‘rip up the contracts’ for East West Link, don’t forget that there was also a broken system that contributed to this disaster. We need to reform this system urgently or we are destined to repeat the same mistakes.

Victoria Deserves Better. Architecture is for Everyone.

This post originally appeared on <a href="https://theredandblackarchitect.wordpress.com/2014/07/04/fixing-the-victorian-planning-system-in-the-wake-of-east-west-link/">The Red and Black Architect blog</a>.

Lead image courtesy Permitted Development.
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redblackarchitect

Fixing the Victorian Planning System in the wake of East West Link

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About $9.8 billion of homes have been sold at auction in the first six months of 2014, according to the Real Estate Institute of Victoria.
"This is 41% higher than this time last year," Enzo Raimondo, the REIV chief told Property Observer.
"It also surpasses the previous peak of $8.9 billion transacted over the same period in 2010," he added.
It was helped as Melbourne's outer suburbs, traditionally the home of private sales, have been having higher than typical auction listings.
Across Melbourne there have been 18,244 auctions this year, ahead of the busy first half of 2010, when there were 16,071 auctions.
The lowest number of auctions over the decade was 8,820 in January to June 2009.
"This enthusiasm for selling at auction extends well beyond the traditional auction heartland of Melbourne's inner suburbs," Mr Raimondo said.
The suburb with the most auctions was the large, middle northern suburb of Reservoir, with 284 auctions.  
Second was Richmond with 241 – the reverse of the first six months of last year, when Richmond topped the list and Reservoir was second.
Some outer suburbs such as Wheelers Hill had close to 60% more auctions than in the same period last year.
"Craigieburn was the outer suburb with the most auctions – 107 – yet it did not even make it into the top 10 last year," Mr Raimondo said.
Mr Raimondo said that Melbourne’s solid property market this year had, in part, driven the increase in auctions.
“Stronger interest from buyers can lift the number of homes going to auction,” he said.
He said the clearance rate for the first six months of 2014 was an improving 71%, up from 70% in the first half of last year and of 2012.  It is also a substantial increase on the 62% of 2011.
The REIV reported a July 5 weekend clearance rate of 74% compared to 73% last weekend and 68% this weekend last year.
There were 347 auctions reported to the REIV today, with 256 selling and 91 being passed in, 49 of those on a vendor bid.
Houses outperformed units today, at 77% against 70%.
There was a $526,250 unit median and a $672,000 house median. 
AUCTION WRAP: FIRST HALF 2014
<table style="width: 460px; height: 92px;" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="bottom" nowrap>
6 months to 30 June  
</td>
<td nowrap>
Auctions   
</td>
<td nowrap>
Sales  
</td>
<td nowrap>
    Clearance Rate
</td>
</tr>
<tr>
<td valign="bottom" nowrap>
2011
</td>
<td nowrap>
14,955
</td>
<td nowrap>
9,301
</td>
<td nowrap>
   62%
</td>
</tr>
<tr>
<td valign="bottom" nowrap>
2012
</td>
<td nowrap>
12,460
</td>
<td nowrap>
7,546
</td>
<td nowrap>
   61%
</td>
</tr>
<tr>
<td valign="bottom" nowrap>
2013
</td>
<td nowrap>
14,057
</td>
<td nowrap>
9,861
</td>
<td nowrap>
   70%
</td>
</tr>
<tr>
<td valign="bottom" nowrap>
2014
</td>
<td nowrap>
18,244
</td>
<td nowrap>
13,004
</td>
<td nowrap>
   71% 
</td>
</tr>
</tbody></table>
(Source REIV)
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jchancellor-FAypfDUnLy

The $9.8 billion half-year Melbourne auction sales record bonanza: REIV

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Sydney's auction clearance rate weakening continued into July, with a 72.7% success rate achieved today, the Australian Property Monitors data indicates.
Last weekend's revised figure was adjusted to 71.2%, having being reported with an initial clearance rate of 74.1%, which itself was the lowest non-holiday weekend result recorded in Sydney for over a year.
Auction clearance rates have fallen over the five weekends since the June Queen’s Birthday holiday break.
Property Observer notes the last time the clearance rate was in the high 60s rate was in mid-May 2013. Any 70% plus clearance rate is a sellers' market, but the 2013-2014 auction rate has well and truly seen the last of the amazing 80s. It is not just a seasonality issue, as last winter clearance rates improved.
There were almost 440 offerings across Sydney, which was well up on the 290 on the same Saturday last year.
John Clinton, the drummer from the country band, The Wolverines with his wife Kim Clinton didn't secure a weekend sale of their organic-style, all curved Dural home.
The custom-built three bedroom 65 Quarry Road house (pictured above) remains listed through <a href="https://www.mcgrath.com.au/buy/house-dural-nsw-2158/226118/?searchID=40581791" target="_blank">McGrath agent Elise Lau</a> with $2.75 million plus price hopes.
It was passed in at $2.75 million.
The curved two-storey, three bedroom house comes with a self contained two-bedroom studio which was a disused train carriage.
It sits on a 2.85 hectare bush block.
The Wolverines are best known for the song 65 Roses about cystic fibrosis, and the Ballad of Young Bobby Dale.
Once described as a Harley riding, music playing trio, the Wolverines recorded their first album in Nashville in 1996.
Clinton, a former Sydney nightclub owner and yacht charterer, installed a musical mural in the main bathroom by the painter Ken Roberts.
APM had Sydney’s south as having the most number of auctions this weekend with 75 followed by the inner west with 65.
The most popular suburb for auctions was Surry Hills with nine auctions, followed by Concord, Bankstown and Casula each with eight auctions this weekend.
"Activity in Sydney’s home auction market has shifted down a gear over recent months with weekend clearance rates averaging 74.6 percent over June compared to the 77.6 percent averaged over both May and April, and the 82.3 percent averaged over March," Dr Andrew Wilson, the senior economist at Australian Property Monitors advised.
 
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Wolverines drummer caught in Sydney's fading auction clearance rate

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ANZ refrained from changing its variable interest rates for its home loans in its hastened July monthly review.
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Its standard variable home loan rate remains at 5.88% per annum (5.98% per annum comparison rate). 
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But the ANZ has announced, while sticking to a formal monthly review, that it will now come quicker - by the Friday following the Reserve Bank of Australia’s board meeting, not the second Friday.
“The change to the timing of our monthly review follows consistent customer feedback that they would like to understand the outcome of our interest rate review process earlier in the month in line with our competitors,” the ANZ chief Philip Chronican said.
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“Given the more predictable international economic environment and the greater stability that exists in offshore funding markets we are now in a position to assess the impact of any RBA decision along with the other drivers of funding costs in a more timely way,” Mr Chronican said.
The ANZ went solo in late 2011 with its second Friday monthly review following a statement in December 2011 that the bank would announce any changes to variable mortgage rates for retail mortgages and small business lending on the second Friday of each month
The other big banks have stuck to erratically making announcements without any formal timetable following official RBA cash rate announcements that come on the first Tuesday of the month. 
The latest ANZ interest rate change was announced last August lowering interest rates for variable rate mortgages by 0.25% per annum following its monthly interest rate review.
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ANZ will be quicker to announce any rate change

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How well do you know House Rules? For today’s Friday Trivia, we test your reno reality TV recall.
<ol>
<li>Which two couples are in the final? 
</li>
<li>Which couple received the worst scores in the first challenge? 
</li>
<li>What is Maddi’s former profession? 
</li>
<li>Which House Rules contestants own this house? <img src="/images/2014/06/27/ruling-house-june-27-breakout.jpg" alt="House Rules contestants hardly on struggle street, say critics"> 
</li>
<li>How many children do Brooke and Grant have? 
</li>
<li>What far-north town do Maddi and Lloyd call home? 
</li>
<li>Adam and Lisa received a little too much of what décor feature when their house was renovated? 
</li>
<li>Which House Rules couple has split since the show finished? 
</li>
<li>What did Bomber and Mel try, and fail, to install in Brooke and Grant’s boys’ bedroom? 
</li>
<li>What stalled Maddi and Lisa back in the first challenge? </li>
</ol>
The answers are on the next page. 
<hr class="system-pagebreak">
Think you know the show? See if you got your answers correct below.
<ol>
<li>
Which two couples are in the final? Adam and Lisa and Carole and Russell have both made it to the <a href="/expert-insights/building/who-will-you-vote-for-in-the-house-rules-grand-final">final challenge of </a><a href="/expert-insights/building/who-will-you-vote-for-in-the-house-rules-grand-final">House Rules</a>. 
</li>
<li>
Which couple received the worst scores in the first challenge? Adam and Lisa were the first round losers, thanks to a burnt orange and khaki green entrance and unfinished rooms. 
</li>
<li>
What is Maddi’s former profession? Maddi is a <a href="/expert-insights/building/swimwear-model-maddis-shoe-room-overhaul-as-house-rules-hits-tropical-pallarenda-townsville">former swimwear model. </a> 
</li>
<li>
Which House Rules contestants own this house? <img src="/images/2014/06/27/ruling-house-june-27-breakout.jpg" alt="House Rules contestants hardly on struggle street, say critics"> West Australian grandparents Russell and Carole <a href="/expert-insights/building/house-rules-contestants-hardly-on-struggle-street-say-critics">own this Halls Head home</a>, currently on the market for $1.17 million. 
</li>
<li>
How many children do Brooke and Grant have? Brooke and Grant have seven children between them. They all <a href="/expert-insights/building/tasmanias-biggest-bedroomed-home-listings-for-house-rules-brady-bunch-style-families">share a home in Tasmania</a>. 
</li>
<li>
What far-north town do Maddi and Lloyd call home? Maddi and Lloyd are Townsville residents. 
</li>
<li>
Adam and Lisa received a little too much of what décor feature when their house was renovated? The Melbourne couple asked for wallpaper in their House Rules – and their fellow contestants were <a href="/expert-insights/building/the-wallpaper-house-rules-in-home-decorating-he-said-she-said">more than forthcoming</a>, rolling out reams of clashing wall coverings for all over the house. 
</li>
<li>
Which House Rules couple has split since the show finished? Candy and Ryan have confirmed they are no longer a couple. 
</li>
<li>
What did Bomber and Mel try, and fail, to install in Brooke and Grant’s boys’ bedroom? Bomber and Mel made a valiant attempt at installing a rock climbing wall in Brooke and Grant’s house. Unfortunately, they didn’t factor in fall space, so were forced to go with a few “rocks”, before installing antlers on the wall. 
</li>
<li>
What stalled Maddi and Lisa back in the first challenge? Neither Maddi nor Lisa could drive the manual cars provided for them in the first challenge. The two women received a few driving lessons, before Channel Seven took pity on them and swapped their cars for auto versions.
</li>
</ol>
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