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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Last year Melbourne saw 30.5% of sales by auction compared to 21.1% for the previous year.
The proportion of sales by auction tends to follow the market; rising when prices and demand increases and falling in soft markets.
Early indications this year are showing that new records are likely to be set. At the end of the March quarter, 30.6% of sales were by auction compared to 21% last year, and the previous high of 20.8% in 2010.
Due to a lack of auctions in January and a slow start to February, the proportion of sales by auction always rises as the year goes on.  The same will be the case this year, especially in light <a href="/expert-insights/buying/melbourne-auction-market-setting-records">of the records reached in May</a>.
This means we are likely to see a significant shift in selling methods towards auctions this year. This would be unprecedented because price growth and clearance rates are lower than in other years when this occurred.
The data points towards a shift in auctions as a selling method by Melbourne real estate agents, and one that vendors are clearly agreeing with.
This may be due to research which shows that even if you fail to find a buyer at the auction, there is a high likelihood you will within four weeks. The data shows that within four weeks of the auction, the proportion of homes sold rises to around 80% as sellers negotiate with buyers after the conclusion of the auction. This shows that the concentrated marketing and ‘sale date’ associated with an auction campaign helps ensure a timely sale.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/Proportion-of-sales-by-auction-in-Melbourne.jpg" rel="wp-prettyPhoto[g3410]"><img class="aligncenter size-large wp-image-3411" src="https://blog.rpdata.com/wp-content/uploads/2014/06/Proportion-of-sales-by-auction-in-Melbourne-580x522.jpg" alt="Proportion of sales by auction in Melbourne" width="580" height="522"></a>
Source: RP Data.
There are 728 auctions scheduled this week in Melbourne compared to 719 for the same time last year. The highest number of auctions are expected in the northern suburbs of Melbourne this week with 14 scheduled in <a href="/news">Preston</a> and 13 in neighbouring <a href="/news">Reservoir</a>.
The Melbourne auction market appears to be improving with the clearance rate being close to 70% last fortnight. That is compared to the clearance rate of 67.6% this year from 18,657 auctions whilst last year the comparative number was 68.45% from 14,226 auctions.
The average time on market for houses sold at private sale tightened from 35 to 34 days. Vendor discounting softened slightly over the week, to -5.6%, compared to -5.5% over the previous week.
Key data
<ul>
<li>Clearance rate week ending 29 June: 69.1%</li>
<li>Melbourne auctions expected week ending 29 June: 728</li>
<li>Melbourne private sales time on market week ending 22 June: 34 days (houses)</li>
<li>Melbourne vendor discounting market week ending 22 June: -5.6% (houses)</li>
<li>Listings being prepared for market are 1.8% higher in month ending 22 June (seasonally adjusted)</li>
</ul>
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Three out of 10 properties sold by auction: RP Data's Melbourne weekend auction preview

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Cessnock, in New South Wales’ Hunter Region, is a town 52 kilometres west of Newcastle.
According to the Australian Bureau of Statistics, the area had 50,840 residents as of 2011, with 20,901 homes. The area’s median weekly household income is $1,042, with median monthly mortgage repayments of $1,517.
Like other mining towns in the area, Cessnock has seen its primary industry, coal, largely move north. Other primary industries in the area include the wine industry, which in the Hunter Valley employs over 7,000 people, according to the Cessnock local government.
Tourism is another big industry for Cessnock, with the local government estimating that the Hunter Region’s wine tourism industry is worth $521 million, with subsequent investment and spending worth around $227 million. Finder.com.au <a href="/expert-insights/investing/the-top-10-holiday-hotspots-finder-com-au">listed Cessnock at the top</a> of its investment holiday hotspots list for houses this year, after the city showed the highest yield for houses of any of Tripadvisor's Top 10 Traveller's Choice Best Destinations in AUstralia. 
Facing a downturn in employment due to changes in the coal industry, the Cessnock local government is focussing on long-term, sustainable businesses to limit the area’s exposure to volatile industries.
Infrastructure investments, particularly transport links to nearby employment hubs like Newcastle, are hoped to attract businesses and residents to Cessnock. However, those infrastructure investments will come at a price, with Cessnock council rates to rise <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-06-04/resident-angry-over-rate-rise/5498710" target="_blank">9.55% permanently from 1 July</a>.
Some residents have taken a strong stance against other resource industries entering the area, with many, including the local government, refusing to support coal seam gas related activities in the region.
According to a 2013 study commissioned by the Valuer General of New South Wales, in New South Wales areas where coal seam gas mining occurred, there was no evidence of an impact on property prices. However, the report also stated that the poor availability of data limited the study’s conclusions.
The report also stated that “anecdotal evidence indicated that in some areas negative perceptions of CSG led to a reduction in the number of potential purchasers and an increase in the time taken to sell properties.”
Property Observer spoke to Australian Property Monitors’ senior economist, Andrew Wilson, about the area <a href="/news/nsw/suburb-spotlight-cessnock-over-2014">late last year</a>. He said the area had seen 4% price growth in the past year. 
“Given that there’s some dollar recovery in the resources sector, Cessnock will continue to be a reasonable performer into 2014,” he told Property Observer. <a href="/news/nsw/suburb-spotlight-cessnock-over-2014"></a>
Jurd Real Estate principal Alan Jurd said in November that the downturn in the mining sector had “taken the zing off [the property market] a little.” He also told Property Observer that vacancies were up, after a period of unsustainable rents.
He now says that the effects of the resources downturn on the rental market have started to filter through to the investment market.
“There was a bubble in the rental market, which wasn’t real,” says Jurd.
“There were some properties that were really inflated.
“A new four bedroom, double garage, 250 square metre home: at the peak of the market, you could get $500 or $600 for that. Four years ago, it was $400 a week.”
According to Jurd, now that the mining industry has moved on, as have work crews from the Hunter Expressway, vacancies are up.
A <a href="https://www.realestate.com.au/property-house-nsw-cessnock-413443651" target="_blank">new four bedroom home</a> at Cessnock’s Stonebridge Golf Estate, pictured below, is now available to rent for $400 per week.
<img src="/images/2014/06/26/cess.jpg" alt="">
Jurd says that some investors were lured in during the rental bubble by property spruikers, who advertised inflated yields. But he says that the area is a sound investment for those with realistic long term expectations.
According to Jurd, the new Hunter Expressway may deliver demand from Newcastle residents.
“The driving time to Newcastle is so much faster,” he says. “So we’re getting some interested from that area, which we never really had before.”
The median house price for the Hunter region is $268,000. For Cessnock, the median house price is $258,000.
 Feature picture courtesy of Ian Armstrong/<a href="https://www.propertyobserver.com.au/https://creativecommons.org/licenses/by-sa/2.0" target="_blank">Creative Commons</a>.
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Suburb spotlight: Has Cessnock’s bubble burst?

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Average house price growth will cool to around 2% to 3% year on year, according to the National Australia Bank’s head of retail banking, Gavin Slater.
“The fundamentals are as good as they get,” Mr Slater said in a Fairfax Media report on the current economic conditions.
Mr Slater said these rates would average 2 to 3% annual growth over the next few years which would increase the Reserve Bank of Australia’s capacity to keep interest rates at a record low.
"We don’t believe we have a housing bubble, but our outlook is that increasing house prices will be more modest than they have been in recent times," he said.
House price growth would be restrained by high levels of household debt and cost of living pressures, Mr Slater said.
“Cost of living pressures will also act as a natural hedge to house price inflation,” he said.
“It is well known that in Australia compared to other OECD [Organisation for Economic Co-operation and Development] countries, household debt as a percentage of gross disposable income is very high and we believe that will act as a natural constraint,” he said ahead of a presentation to the UBS Australian Financial Services Conference in Sydney.
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jchancellor-FAypfDUnLy

House price growth cooling ahead: NAB

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The Hong Kong-listed development company, Country Garden has emerged as one of the Chinese companies to have expressed interest in buying Harry Triguboff's Meriton.
Country Garden Australia chief executive Johnson Zhang said the group had held preliminary discussions with Mr Triguboff, the Australian reported today.
The reported Country Garden approach was to buy, at least, part of his $6.25 billion Meriton apartment empire.
“We have met him; we have had discussions with him over this. But it is only in the pre­liminary stage. We might be looking for someone else. We are not sure yet,’’ Mr Zhang told the News Ltd paper.
The Chinese property development company bought their first Australian development site in late 2013 at North Ryde. 
The Global Business Park, 63-71 Delhi Road, had approval for a four building commercial development but Jones Lang LaSalle sold the Goodman Group site with potential for the developing 830 apartments.
Country Garden is a property development company based in Guangdong Province, China, owned by Yang Guoqiang's family. It focuses on building high-end residential property.
Founded in 1992 and listed on the Hong Kong stock exchange since 2007, it is controlled by China’s richest heiress, Yang Huiyan.
Wanting to become a major developer in Australia for the long term, Mr Zhang told The Australian the group preferred suburban sites which could sustain large garden areas.
Their newly released Ryde Garden development (pictured above) is a trio of buildings each have its own rooftop garden.
Bates Smart Architects designed 830 apartments for Country Garden’s first Australian project, on a site 50 metres from North Ryde train station. 
<a href="https://www.cpmrealty.com.au/Buying/Search/Detail.aspx?id=3626&amp;wlid=5ad6e8b1-b411-435b-a832-4cc784d50cce" target="_blank">They are for sale through CPM Realty agent Sam Elbanna</a> and JLL with a 2017 completion date, subject to final council approval.
The off the plan begin on Saturday 28 June 2014, conducting the sales day at the Four Seasons Hotel in Sydney’s CBD.
<div title="Page 1">
<div>
<div>
<div title="Page 1">
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One, two and three bedroom apartments in buildings A and C - which are two of three proposed towers in the new Ryde Garden community, will be on sale.
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Ryde Garden debut for Country Garden Australia

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Peter Bond, the chief executive of gas company Linc Energy, withdrew the Redfern post office premises from its scheduled auction last night.
The Business Review Weekly rich lister <a href="/news/nsw/redfern-proving-magnetic-for-coal-executives">bought it in mid-2011</a> when <a href="/expert-insights/investing/linc-energys-peter-bond-lists-redfern-post-office-premises">the former post office commercial premises</a> at <a href="https://www.propertyobserver.com.au/new-south-wales/redfern-proving-magnetic-for-coal-execs/2011062250564" target="_blank">113-119 Redfern Street were sold by spruiker Max Markson</a> for $2,125,000.
The building, which has a clock tower and bell, last sold through agents Paul Ephron and Ben Forsyth. Markson had bought it from Sorin Dascalu &amp; Associates in 2006 for $1.9 million.
The former Redfern Post Office, in Redfern, NSW, was built in 1882. It has a two-storey Victorian Italianate building plus a dominant four-and-half-storey corner clock tower. The post office included a telegraph office, parlour, drawing room, three bedrooms, kitchen, a servant’s room, bathroom, scullery, washhouse, fuel shed and two stall stables.
In 1880, £3000 was provided for the erection of the Redfern post office, and then the Public Works added a clock tower for an estimated extra £700.
The building has 480 square metres of internal space on its 330-square-metre Redfern Street block. 
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-redfern-nsw-2016/227755" target="_blank">It was listed</a> through McGrath agents James Dack and Chris Chung.
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No sale for Linc's Peter Bond Redfern post office offering

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Central Melbourne will be home to three new skyscrapers totalling 2,022 apartments, with Planning Minister Matthew Guy approving the developments this week.
Over $830 million will be invested into the three projects, which will house an expected 4,000 people and provide 5,800 construction jobs.
“Importantly, central Melbourne is the right place for high density, high rise living,” said Guy, saying it’s the most walkable city.
“Building more apartments in the city takes population pressure off quieter suburban areas,” he said.
The three projects each include shops and cafes at ground/street level, pedestrian links and resident amenities and facilities.
“Australia 108 will be the first 100-storey building in the Southern Hemisphere. At a height of 319 metres above ground it fits within relevant aviation regulations, and will include 1,105 apartments. This includes a good mix of one, two and three bedroom apartments that will bring diverse household types into this central city location,” he said.
“When completed Australia 108 will be the most striking building on Melbourne’s skyline and a great example of the strength of homegrown Melbourne architecture.”
Another apartment tower is 452 Elizabeth Street, a 75 storey creation rising 241 metres, that includes 622 apartments, including three levels of communal resident facilities.
The third tower is 84-90 Queensbridge Street in Southbank, which will see a 54 storey creation spanning 185 metres high, containing 295 apartments.
“Victoria has the strongest construction sector in Australia, and our planning system is geared towards maintaining this economic advantage,” Guy said.
“Since 2010, 54% more homes have gained building approval in metropolitan Melbourne than in Sydney, and 11% more than the entire state of New South Wales,” he said.
“By building more homes, we are ensuring we won’t have the drastic and harmful housing shortage Sydney is experiencing.”
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Three more Melbourne skyscrapers, 2,022 apartments, approved

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The businessman Lloyd Williams is seeking permission to replace his low-rise corporate headquarters with a 304 apartment, 40-level apartment tower at 248-280 Sturt Street, near the corner of Kings Way.
The 120 metre residential tower will have silver reflective glazing to a Elenberg Fraser design.
With its building form consisting of two dominant floor plates connected by a transitional twist, the tower smacks of cutting edge quality, according to the blog, <a href="https://urbanmelbourne.info/planning/2014/05/20/i-spy-new-planning-applications" target="_blank">urbanmelbourne</a>.
Starryland Melbourne has recently secured permission for its 54 storey apartment block at 84-90 Queensbridge Street, Southbank. Its a 295 apartment Rothe Lowman-designed project.
Meanwhile the listed Malaysian conglomerate PJ Development Holdings has purchased a two-hectare Southbank, Melbourne city fringe car-park site for $145 million.
The 93-119 Kavanagh Street development site (pictured above) was sold by interests associated with the Banco Group directed by Mario LoGiudice.
There are expectations of a $1 billion project by the PJD group.
There has been speculation in Malaysia that there has been speculation that PJD may embark on a corporate exercise to raise funds or to be merged with OSK Property Holdings Bhd to form a bigger entity. 
Both property development outfits are controlled by veteran investment banker Tan Sri Ong Leong Huat who holds 26.8% and 70% stakes in the companies respectively.
The off-market transaction brokered by Knight Frank agent Paul Henley highlights the renewed interest in the precinct by developers.
The two hectare Southbank site occupies the block bound by Kavanagh, Power and Balston streets, the West Gate Freeway and the Citylink Operations Maintenance building.
It is capable of accommodating six residential skyscrapers, with Banco securing permission in 2001 for five mid-rise office buildings. 
Some $400 million of Southbank land sales have taken place in the past year, including a site abutting the West Gate Freeway off-ramp, sold for $7.5 million last week.
It was the 65 Haig Street site of just over 1000 square metres which had potential for a 33 level high-rise.
Longtime Southbank developer Central Equity acquired the 54 Kavanagh Street site for $27 million in May.
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Lloyd Williams joins the latest apartment development push at Southbank

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GUEST OBSERVATION
Purchasing your first home is a great achievement, but do you feel like you are in over your head? 
Buying your first home won’t necessarily happen overnight. So, to help keep you on the right track, we gathered the top apps that covers everything from government grants and home loans to finding the perfect property.
<ol>
<li>
<a href="https://itunes.apple.com/au/app/house-hunter/id445304335?mt=8" target="_blank" style="line-height: 1.3em;">House hunter </a>Buying a property is full of new procedures that can be extremely confusing if you are new to the property market. The House Hunter app is a great tool for first home buyers as it can make the process easier and quicker. Some of the useful features include: track and compare and unlimited number of houses, a scoring method to help identify which house suit your needs, list of information of each property including ‘must-haves’ and ‘missing’, a mortgage calculator and a Quick Notes feature to save time and typing when putting in information about a property.  
</li>
<li>
<a href="https://itunes.apple.com/au/app/sro-mobile/id390079760?mt=8" target="_blank">SRO Mobile </a>Are you buying your first property in Victoria? Then this app will be extremely useful. The State Revenue Office of Victoria app helps first home buyers assess what Victorian grants they are eligible for. The Land Transfer Duty calculator is also available with this app. 
</li>
<li>
<a href="https://itunes.apple.com/au/app/tapmortgage-australia-mortgage/id402187202?mt=8" target="_blank" style="line-height: 1.3em;">tapMortgage </a>Do the terms stamp duty, transfer fees, first home concessions and mortgages make your head spin? Then take a look at the tapMortgage app to help clear the air. This app has a range of calculators for the items above as well for total interest paid, total savings for weekly or fortnightly repayments compared to monthly repayments as well as the savings you would make based on any extra repayments.  tapMortgage can help give you an indication of how much you can afford. 
</li>
<li>
<a href="https://itunes.apple.com/us/app/myofi/id660150695?mt=8" target="_blank" style="line-height: 1.3em;">MyOFI </a>Open inspections are a large part of house hunting, but can be time consuming.  MyOFI is a great way to organise and speed up your open for inspection schedule. Being one step ahead of other potential buyers in the market can make all the difference.  All you need to do is sign up, enter your contact information and property search requirements and the app will give you an individual QR code. You can then give this to the real estate agent at every open house instead of filling out your information, saving you time. This app also allows you to log all of your inspections to help you keep track. It will store the photos, address and agent’s details as well as any notes you wish to include yourself. 
</li>
<li>
<a href="https://itunes.apple.com/au/app/savings-goals/id507466769?mt=8" target="_blank" style="line-height: 1.3em;">Savings Goals </a>Are you struggling to save for a 20% deposit? Saving 20% of the purchase price or more cannot only help give you a more competitive interest rate, but it can also keep other costs to a minimum, such as Lender’s Mortgage Insurance.  With this app, you simply enter a target amount and a target date and this app will give you a suggested schedule and will also track your progress. It will let you know how close you are to your target date, what proportion of your target you’ve saved and whether you are ahead or behind schedule. What’s even better is that you can create as many savings goals as you like.  Saving for a large deposit can be extremely advantageous when it comes to applying for a home loan, so the more you can save, the better. 
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<a href="https://itunes.apple.com/au/app/state-custodians-approve-me/id574346429?mt=8" target="_blank" style="line-height: 1.3em;">Approve Me </a>This app is great for those looking to obtain a home loan. You are able to select the product most suited to your requirements as well as see the current interest rates. You are also able to calculate if you can afford the home loan repayments and even obtain an instant online pre-approval. This would be extremely useful if you are out house hunting as you will have an idea of how much you will be able to afford.
</li>
</ol>
Gavin Smith is director and general manager of <a href="https://www.statecustodians.com.au." target="_blank">State Custodians</a> and has over 20 years’ experience in leadership roles within the banking services sector.
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Six handy apps for first home buyers

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Agent step quoting is a contentious part of our industry: It’s how selling agents nudge buyers up the staircase towards a price their clients are hoping for.
Done badly it can make buyers feel cheated and manipulated and invite accusations of under-quoting. Done well it’s a legitimate haggling process agents use to get a buyer and a seller to meet at a price point they’re both comfortable with.
We usually only hear of step quoting when it’s done badly as it highlights the low-skilled, unethical agents almost immediately. When highly skilled agents use step quoting successfully it goes unnoticed except through careful examination at a later date. Yet within the inner-east and bayside million-dollar-plus markets it is a particularly common practiced black or noble art depending on your point of view.
How does it work? Well at the top of the stairs in step quoting you have a seller, a mum or dad just like you and they think their home is worth $4 million. At the bottom of the stairs in step quoting is you, the buyer and you think the home is worth early three’s, but your dream price is $2.95 million – you don’t want to admit to a 3 in front of it at this stage.
Both you and the seller are interested in the transaction because the seller feels it’s time to move on and you hoping it’s time to move in.
You’ve seen the home in an ad and you’ve rolled up to the first open for inspection. The selling agent at the door says $3.2 million plus when you ask the “how much” question, while not in any way looking interested under your recently purchased “anti-agent” dark sunglasses.
“Mmmmm, $3.2 million – a bit more than the $2.95 million” you thought it was worth and maybe you will have to concede it’s going to have a 3 in front of it. You’ve moved a step to step two – not that painful.
But hold on, wasn’t that $3.2 million quote underquoting by the agent? Hasn’t the agent committed an offence by quoting at this stage a price much lower than they said the property may sell for?
Let’s press rewind for a minute.
OK Mal, how can the owner realistically think the home is worth $4 million? Trust me, this for many is not a dream figure, this is a cast in stone, almost religious belief and it comes from one of four sources: the agent told her, her mate told her, another agent told her or the tea-leaves told her – but she believes right now her home is worth $4 million when quite possibly in this falling market the home is considered low $3 millions by most serious buyers and even the agent currently trying to sell the home.
How come? Time lag and the well-known leap of faith valuing technique. Ten weeks ago the owner met with a number of agents – some competent, some not so competent and some downright rascals, and the average of what the seller was told seemed to be $3,400,000 to on a really good day $3.7 million. One rascal agent did say $4.3 million, but the two other competent agents said mid-$3 millions. With each of the two “mid $3m’s quote” competent agents the seller asked “do you think I can get more, could I get $4 million” Each agent, who still wanted to get the job replied “it’s possible but unlikely”. Luckily for the seller one of the competent agents was engaged, even though he was not the highest in value estimate.
That was 10 weeks ago, this is now.
The vendor, who is now getting more emotional, is convinced more than ever that the news of the world doesn’t apply to her – when in fact it does and her $4 million was always $3.7 million on a good day – yet the market has dropped 10% in 10 weeks and her home is now worth $3.4 million – on a good day with plenty of bidders. The selling agent doesn’t know yet if the home will have plenty of bidders as this is the first open for inspection and so being professional and with an obligation to the seller’s interest first and foremost they are quoting $3.2 million plus. You tell me – is he dealing morally, legally or ethically?
The first open actually went pretty well and the selling agent put seven names onto their list. As one of my favourite agents and master of the step quote once explained, there are three lists: the door list (everybody who goes through is on that), then there is the engaged list and finally there is the buyers list.
But that’s another story, back to the steps and step quoting. It’s week two and you notice in the papers the home is quoted at $3.4 million plus. “Mmmm,” you think, “they must have interest”. Well, they may and quite possibly they may not. Think about it – the $3.4 million-plus quote would have gone in before the first open to meet printing deadlines, the new quote is not a response to the first open for inspection(OFI) but part of a well-planned step quoting process.
Article continues on next page. Please click below.
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You are back at the second OFI and you ask about the quote – of course in a manner behind your “anti-agent” dark sunglasses so as the agent knows you’re not interested.
A reply comes either “that was a printing mistake” (one of my favourites if the campaign hasn’t leaped out of the blocks in the first week) or “yes, we’ve had a lot or interest and so we put the quote up”.
At this point a number of things have happened – you the buyer have made it onto the second list – the engaged list – as you are a “repeat inspector”. Second time round you really like this home and you, the buyer, have now gone to Step 4 begrudgingly. Step 1 was your dream price $2.95 million and you blew past Step 2 ($3 million) and Step 3 ($3.2 million) and your teetering around Step 4 ($3.4 million).
Meanwhile back at the ranch the selling agent is also doing all he can to pull the vendor back down from the top step of $4 million – talking about clearance rates, and falling prices and global recessions. The vendor won’t budge. “You said I could get $4 million,” she says.
Week 3 and you are back at another open for inspection – you are now being considered a serious prospect. But the price has gone up again: “We have had some interest at around $3.7 million. How do you feel about that? “ the agent asks you.
Actually you feel sick, but behind your special “anti-agent” sunglasses you trot out, “Mmmm,  guess that puts me out” You think $3.7 million, OMG. What – I’m not paying over $3.6 million”, and so welcome you’ve arrived at Step 5 in the step quoting process.
The agent has deliberately not asked the vendor for a reserve as he is aware of what she “may” want and also aware of the law. Meanwhile the agent is pummelling the seller with reports of how the serious buyers have either fainted or been abusive when they hinted at a price of $3.5 to $3.6 million.
So come auction day; you the buyer are at Step 5 with a lean and our vendor is at Step 7 with a lean.
The home is naturally passed in and the selling agent runs up and down the stairs until a result either happens or the vendor sticks to her guns, and the home is listed for private sale the following week.
So, has the agent acted unethically or illegally?
He would have if he had told the seller that she could get “$4 million, no worries, I promise, maybe even $5 million”, and then once he had “bought the job” given the buyers a quote of $3 million at every open for inspection and never made any effort to work (explain to) the buyer or the seller along the steps.
Such agents are unethical and lazy and unfortunately they are too plentiful in supply through deliberate training or poor supervision.
But are agents who work to bring the buyer up to maximise the vendor’s price, and the vendor down towards what the market will pay, which ultimately achieves what the vendor wants (a sale), doing their job ethically and professionally? In these cases it’s a fine line, but if you are a buyer that moves up the steps and you have been informed along the way then well, are these quality agents not just doing their job very well?
Why you as a buyer may need some professional help? In this market what happens if you are the only buyer on the engaged and buyers list since the first quote of $3.2 million plus?
You mightn’t like being run up the step quoting stair, but that’s how the property market works, and the highly skilled selling agent’s job is to get the best price for his or her client, who, by the way, is not you.
Mal James is principal of<a href="https://www.jamesbuyeradvocates.com.au/" target="_blank" title="James Buyer Advocates"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
This article was first published on Property Observer in September 2011.
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Here's how the auction process really works: A buyer's guide to step quoting

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Recent reports from economic forecaster BIS Shrapnel have brought some strong counter arguments to a couple of real estate’s biggest furphies.
It has disputed claims that “the boom is over” and it has presented views which contradict the general party line from the property industry that there’s a chronic housing shortage.
The “boom is over” stories were prompted primarily by figures for May from RP Data, which indicated some price decline – the third time in the past eight months that the same source has prompted claims of impending downturn, only to be submerged by later figures showing further growth.
What odds that the June figures will show resurgence, thereby rendering those earlier predictions redundant?
As Louis Christopher of SQM Research commented recently, people and organisations making outlandish claims for publicity reasons generally rely on “the community’s collective amnesia” to cover their tracks.
BIS Shrapnel said it believed the<a href="/expert-insights/buying/sydney-slowdown-fears-premature-15-unit-growth-tipped-over-next-two-years-bis-shrapnel"> “boom is over” claims to be rather premature for Sydney</a>, with the apartment market in particularly to remain strong.
The forecaster’s latest report, looking at price growth up to 2017, sees price growth eventually tapering off in some cities, with an oversupply of dwellings a major contributor.
That’s a useful observation, in the light of constant claims from the building and development sector about a “chronic housing shortage crisis”.
Claims from political entities like the Housing Industry Association and the Urban Development Institute of Australia about a serious shortage, never supported by any definitive data, are always followed in the next breath by a wish list of actions demanded from government, all of them highly beneficial to builders and developers.
It’s easy to believe that some organisation concoct convenient “research” to support an argument that governments need to make life cosy for developers – release lots of land, speed up approvals, reduce infrastructure charges and eliminate unwelcome taxes – all motivated, you understand, by a desire to provide cheap homes to needy people.
As I’ve often remarked, the biggest noise in real estate is the voice of vested interest.
Recently the UDIA in NSW was shallow enough to urge government not to provide assistance to first home buyers because it would unleash unsustainable demand that the industry couldn’t meet because of the chronic shortage.
The UDIA wants us to believe its members are standing on the sidelines, desperate to provide new homes to a clamouring public, but rendered impotent because developers don’t own any land on which to build, because none is available. It’s laughable but that’s the line they keep running.
The evidence is that the biggest issue in real estate is not shortage, but the opposite.
Many of our inner-city markets have oversupplies of apartments, led by Melbourne where the situation is serious and destined to get worse. There are legitimate concerns about Brisbane, Canberra, Perth and Darwin.
Sydney doesn’t have an apartment oversupply yet, but within two to three years it’s likely to have a big one.
Most of the boom markets which sprung up around resources related towns and regional cities are now in marked decline, caused by over-building by developers. In that category are Gladstone, Mackay, Emerald, the Bowen Basin coal towns, several Surat Basin towns, the Hunter region of NSW and several mining towns in Western Australia.
The Gold Coast has just emerged from five terrible years caused by oversupply and now, just as growth returns, <a href="/expert-insights/investing/gold-coast-enters-growth-phase-but-is-it-really-a-good-place-to-invest">is working hard on generating the next big apartment glut</a>.
The BIS Shrapnel report which forecasts price movements in major city markets over the next three years, sees Melbourne prices eventually going backwards, largely because of the oversupply I mentioned earlier.
It sees similar problems in other major cities, although not so much for Sydney and Brisbane.
You can contact Terry via <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> or on <a href="https://www.twitter.com/hotspotting" target="_blank">Twitter</a>.
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