Avant Townhomes is adding to Ivanhoe’s family-sized housing options with <a href="https://www.apartments.com.au/new-townhouses/three-82-ivanhoe-382-upper-heidelberg-road-ivanhoe-vic-3079">Three 82</a>, a collection of just 16 four-bedroom townhomes on Upper Heidelberg Road.

The <a href="https://www.apartments.com.au/developers/intrapac-property">Intrapac Property</a> townhome division has taken a contemporary approach to the traditional family home, pairing larger floorplans with the lower-maintenance format of a townhouse.

[smartcode_project:default project_id=152069 project_image_fid=374394]

Designed by <a href="https://www.apartments.com.au/architects/arcadia-studio">Arcadia</a>, with landscaping by Landsite, the homes feature generous open-plan living and dining areas that connect directly to outdoor spaces, with layouts also designed to maximise natural light and privacy.

Natural stone is used throughout the interiors, including in kitchens that pair stone surfaces with bespoke cabinetry, considered storage and SMEG appliances.

The four-bedroom layouts include built-in wardrobes and a main bedroom with its own ensuite, while family bathrooms service the additional bedrooms. Each home also includes a lock-up double garage and intercom entry.

[smartcode_project:default project_id=152069 project_image_fid=374399]

Energy efficiency has been incorporated into the design through solar panels, double glazing and reverse-cycle heating and cooling, with the homes targeting 7-star energy ratings.

Rather than incorporating extensive communal facilities, Three 82 has been conceived around private residential amenity, with the 16-home scale keeping the focus on individual homes and their own indoor and outdoor spaces.

The development is located at 382 Upper Heidelberg Road, around one kilometre from Ivanhoe Village's cafés and retail and a short drive from Eaglemont Station and Ivanhoe Station.

[smartcode_project:default project_id=152069 project_image_fid=374393]

Several of Ivanhoe's established schools are also nearby, including Ivanhoe Girls' Grammar and Ivanhoe Grammar School. The address also provides access to the suburb's parklands and the wider Yarra River corridor.

<a href="https://www.apartments.com.au/project-marketer/nelson-alexander">Nelson Alexander</a> has been appointed to handle sales.

Construction is underway and progressing well, with Three 82 currently tracking toward completion in Q2 2027.

[smartcode_project_cta:default project_id=152069]

Joel Robinson

Three 82 brings boutique four-bedroom townhome collection to Ivanhoe

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.

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

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?

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

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A Great Ocean Road Icon, the Lorne Theatre will go up for auction tomorrow with vendors expecting bids over $2.5 million.
The site of many a first date, the art deco era Lorne Theatre was built in 1937 as tourism expanded following the extension of the Great Ocean Road to the seaside town. Tomorrow’s auction will mark the first time the building has been offered since it was purchased by the current vendors in the late 1960s.
The sale has some worried that the seaside town of Lorne will lose the historical landmark. According to The Geelong Advertiser, a public meeting was called to consult with Heritage Victoria over potential development on the site. The cinema’s lease is due to finish in 2016.
While selling agent Shaun Venables of Burgess Rawson says that the theatre has received interest from developers, but that many are keeping the theatre’s historical value in mind.
“Most of the developers we’ve spoken to are sympathetic to the theatre’s current use – they’re considering redevelopment, rather than development.
“It’s a 530 seat theatre, which has been full once in the last 25 years. Given the building’s height and corner situation, there’s a great opportunity to utilise the building and make a big difference to the strip.”
The Lorne Theatre is one of the few single screen theatres left in Australia. The heritage listed theatre is known for the quality of its acoustics, thanks to the poor amplification available in the 1930s. It underwent an upgrade last year and now has a state of the art digital projection and sound system.
The 715 square metre corner site with 56 square metres of dual frontage onto the Great Ocean Road is advertised as drawing $78,180 in yearly rent. 
The Lorne Theatre at 76 Mountjoy Parade will be sold <a href="https://melbourne.burgessrawson.com.au/3P0787" target="_blank">in a portfolio auction at Melbourne’s Crown tomorrow</a>. It is being sold through Venables and Raoul Holderhead of Burgess Rawson and Michael Coutts and Ian Stewart of Great Ocean Road Real Estate Lorne.
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jrichardson-uRX5hFdKfN

Iconic Lorne Theatre up for auction tomorrow with $2.5 million plus hopes

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GUEST OBSERVATION
The great Australian dream to own a house has long been underwritten by the great Australian housing subsidy. Whether you are a <a href="https://www.housing.nsw.gov.au/Living+in+Public+Housing/" target="_blank">public</a> or <a href="https://www.communityhousing.org.au/" target="_blank">social</a> housing tenant, a private renter or a homeowner, chances are your house was subsidised through a <a href="https://www.housing.nsw.gov.au/Living+in+Public+Housing/Rent+and+Other+Charges/" target="_blank">rental subsidy</a>, <a href="https://www.firsthome.gov.au/" target="_blank">housing grant</a> or <a href="https://www.ato.gov.au/Individuals/Income-and-deductions/In-detail/Investments,-including-rental-properties/Rental-properties-2012-13/?page=16" target="_blank">taxation credit</a>. On budget night there will be housing winners and losers, but it’s worth remembering we all live in subsidised housing.
Public housing subsidies
<a href="https://www.ncoa.gov.au/" target="_blank">The National Commission of Audit</a> urged the Commonwealth to limit its involvement in public and social housing by providing rent assistance to income support recipients.
If treasurer Joe Hockey followed through with these recommendations public housing tenants would have to pay market rent for their housing after receiving rent assistance. This would undermine the central purpose of public housing as a form of affordable housing tenure that provides very low-income people with housing at below market rates, often as a percentage of their income.
Providing rent assistance to people to contribute to market rate rental properties would be bad news for housing equity. The frail and elderly, those with carer responsibilities or complex medical needs, or very low-income Australians in public or social housing would be hit hardest.
Private housing subsidies
Private housing subsidies are like chocolate, we know that we should use them in moderation but we just cannot cut back. We often pretend they are not subsidies at all. AMP’s <a href="https://m.afr.com/p/national/big_talk_small_acts_on_bn_budget_AkRrPW2xaygUjpIodRK8IK" target="_blank">chief economist</a> Shane Oliver says “changes to negative gearing or the CGT exemption on the family home would be seen as ‘unAustralian’”.
<a href="https://grattan.edu.au/" target="_blank">Grattan Institute</a> data suggests that more than 90% of private housing subsidies go to property owners over private renters (see figure below). This includes the roughly A$30 billion capital gains tax benefit for owner-occupiers and the A$7 billion negative gearing benefit for landlords each year.
<img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/48230/width668/rycjyqqy-1399860931.jpg" alt="">
Report: Renovating Housing Policy Grattan Institute
Often taxation concessions – the <a href="https://www.dss.gov.au/our-responsibilities/housing-support/programs-services/national-rental-affordability-scheme" target="_blank">National Rental Affordability Scheme</a> (NRAS) excluded – do not generate new housing stock. They all, with the addition of the first homebuyers grant, drive up property prices. This is good for homeowners and developers. It is bad for first homebuyers and private renters. The removal of housing subsidies that operate below or offset market rents would be catastrophic for the most disadvantaged people in Australian cities.
While the Commission of Audit was largely <a href="https://www.smh.com.au/federal-politics/political-opinion/tax-the-flaw-at-the-heart-of-the-national-commission-of-audit-20140501-zr2oy" target="_blank">silent</a> on private housing taxation subsidies, under its recommendations <a href="https://tunswblog.blogspot.com.au/2014/05/what-commission-of-audit-says-about" target="_blank">NRAS would go too</a>. NRAS was designed to encourage private investors to provide affordable rental housing. Associate Professor <a href="https://theconversation.com/rental-affordability-scheme-fears-are-misplaced-24338" target="_blank">Michael Darcy</a> argues:
"NRAS is also a tax benefit, but it provides a fixed rebate of around A$10,000 a year for ten years. Investors can claim the rebate so long as a property is rented through an approved non-profit housing manager at 20% below the market rate. Potential tenants are means tested. In this way NRAS sought to keep investors in the affordable sector for the longer term."
Post-budget affordable housing?
The forecast is grim for housing affordability in many Australian cities. According to <a href="/expert-insights/buying/sydney-now-has-170-suburbs-with-1-million-median-house-price-apm">Australian Property Monitors</a>, of Sydney’s approximately 600 suburbs 170 now have A$1 million median house prices. This constitutes an increase of about 47 suburbs in six months.
In Melbourne “<a href="/expert-insights/buying/investors-up-first-home-buyers-down-in-the-melbourne-market">the numbers of first home buyers have shrunk to record lows</a> ” as more first home buyers remain in rental accommodation or live with family members.
There is scope for innovation with public, non-government and private sector housing models and taxation policy. The National Rental Affordability Scheme is certainly not perfect, but at least it provides additional housing stock that operates below market rates.
As the details of the budget come in, the great Australian housing subsidies will be revealed. But Hockey has indicated he will take most of the <a href="https://www.smh.com.au/federal-politics/political-opinion/tax-the-flaw-at-the-heart-of-the-national-commission-of-audit-20140501-zr2oy" target="_blank">tax reforms to the next election</a>. Any move toward greater housing equity would require a significant recalibration of public and private housing subsidies and taxation reforms.
When housing subsidies are revealed on budget night, remember, we will always need housing options that operate outside the market for the poorest and most disadvantaged Australians.
Dallas Rogers is Research Fellow - Urban Research Centre at University of Western Sydney.<a href="https://theconversation.com/institutions/university-of-western-sydney"></a>
Dallas Rogers does not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article, and has no relevant affiliations.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. 
Photo courtesy of Steve Davidson/Flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>.
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drogers-JvoVgMGDGm

At budget time, remember we all live in subsidised housing

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GUEST OBSERVATION
The Abbott government is preparing to give Sydney’s WestConnex road project a <a href="https://news.smh.com.au/breaking-news-national/westconnex-to-get-2bn-in-budget-20140508-37wzp" target="_blank">A$2 billion boost</a> in this week’s federal budget, part of a broader $10 billion <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-05-08/government-to-detail-road-funding-and-detention-centre-closures/5437748" target="_blank">infrastructure package</a> aimed at boosting productivity and private sector investment.
Congestion in Sydney continues to escalate with gridlock on roads impacting passenger and freight logistics. The persistence of this situation reflects poorly on project selection and asset management processes, along with distortions that have arisen from poor interactions between the Commonwealth and the states.
Reform is urgently needed where there is less focus on ribbon cutting and more use of well-targeted “pinch point” interventions.
For example, removing congestion and bottlenecks from existing infrastructure along with shifting a small amount of demand from the peak to the shoulder period can often have superior productivity impacts compared with building expensive greenfield assets.
The school holiday effect on roads is an example of this point, when there are better traffic flows when less than 5% of traffic is absent in the peak. Surely there must be a way to win the community’s confidence that we can make the peak hour work better by shaping demand through means other than just pricing. Changing school opening times and retail operating hours could be a starting point.
Thinking beyond roads
While NSW has a strong case to build more new infrastructure like WestConnex and North Connex; it must use these once in a lifetime opportunities to do much more than build a new road.
The reality is the Sydney of today and yesterday is simply too “land hungry” to be sustainable into the 22nd century.
The appetite for land, unchecked with proper pricing signals for the provision of infrastructure has seen an un-virtuous cycle demanding ever more capital and diminishing return.
Many Sydney-siders have sought relief from escalating land prices on the city fringes, and have done so without the benefit of any genuine choice on where else they could live. Spacious residences on the fringe compare poorly in their mind to the expensive “compact” living of the inner areas.
Important projects like WestConnex can be a catalyst for triggering a new wave of innovative investment, that is, if we consider WestConnex the road project and WestConnex the urban revitalisation project.
A critical question that needs to be answered is how much extra housing and urban revitalising can and should we expect from WestConnex?
Despite the best intentions of those tasked with delivering WestConnex the public documentation suggests that the A$11.5 billion price tag will only deliver 25,000 new strategically located residences for Sydney over 20 years.
Sydney requires at least 800,000 new residences by 2050.
Given that WestConnex is developing such a valuable artery for the city, can it do more?
The first step will require governance model that breaks down traditional administrative silos and enables integrated land use and transport planning to occur.
Productivity matters
The objective of lifting state productivity has been missing from project planning in the past, making it difficult for governments to be purposeful and consistent in their infrastructure decisions in recent decades.
To accommodate the extra three million people by mid-century in NSW, the stock of transport infrastructure will need to either expand by 60% or its productivity must lift by a similar magnitude.
Obviously, it will be some combination of the two.
But anyone flying into Sydney can see that there is not a lot of room for new roads and rail systems. So productivity is going to matter a great deal.
To that end the regulatory system requires reform, as it must provide the right price signals and incentives to make the best use of existing infrastructure. This means a willingness to allow prices to reflect full cost recovery for the infrastructure provided.
Tolls are an option, but a toll should always be a fee for a defined level of service, and the community has the right to expect choice in the services available. The problem is that infrastructure often fails this test to the detriment of business and community confidence.
Tolls need to be justified
It is notable that the M1, M2, M4 and M5 toll roads in Sydney all originally demonstrated great benefit to commuters with faster travel time. But the reality is that now each of these toll roads has a peak hour exceeding 10 hours per day; slow speed and uncertain travel time is the norm.
To address this situation, state and federal infrastructure agencies need to enshrine customer service benchmarks that govern lifetime performance of major assets and networks. Government and the private sector concession holders will then require a framework to sustain them together.
Citizens living in our global cities expect globally competitive transit times during the peak hour. But the reality is Sydney has an average commute speed in peak hour that is 17% lower than London, at just 50km/h, and Melbourne is only marginally better.
Given Sydney and Melbourne are small cities by comparison to London, this is a concerning signal about the health of the road transport system.
Using tolls to help fund transport infrastructure is reasonable but without service benchmarks such as minimum speed guarantees in the peak then commuters are not assured of value for money; a toll becomes just another tax.
Tolls and user charges are not a panacea without fundamental institutional reform. Infrastructure must perform a service to the community that is relevant and compelling in order to justify a user charge in the first place. This is one of the missing ingredients to a successful infrastructure future.
Garry Bowditch is CEO, SMART Infrastructure Facility at University of Wollongong.
Garry Bowditch does not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article, and has no relevant affiliations.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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gbowditch-XhQ427ncp8

The budget will be big on infrastructure, but we need more than just roads

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Cameron Kusher of RP Data drew the ire of a few pundits recently as he highlighted a number of points as to <a href="/expert-insights/buying/slight-fall-in-number-of-negatively-geared-property-investors">why negative gearing won't be abolished</a>.
There are four main points which advocates put forward in favour of abolishing negative gearing:
<ol>
<li>
Rents wouldn't rise Nobody knows for certain whether this is actually true. But let's face it, the inevitable hand of self-interest means that if negative gearing rules were quarantined landlords would probably take the opportunity to at least try it on by jacking up their rental charges (cf. the colossal 57% increase in rents in Sydney last time the rules were tweaked, 1985-1987). Let's suppose for the sake of argument that rents stayed flat.... 
</li>
<li>
Government would save billions This was one of Kusher's main points:  "The government only owns and rents out 4.1% of the housing stock. Conversely dwelling approvals data shows that a very small proportion of new housing approvals are granted to the public sector." Common sense dictates that if the government scraps the prevailing negative gearing legislation it would have to step up its public housing expenditure. "If negative gearing was to be removed the government would likely have to play more of a role in constructing new homes and managing a portfolio of properties. On balance, they probably play see that foregoing almost $8 billion in taxation revenue is more cost effective than developing and managing a greater proportion of housing stock." <img src="https://3.bp.blogspot.com/-HfOBu6rlp88/U24XeBqSg0I/AAAAAAAANGY/mV9lzdx4Ksg/s1600/camkusher.jpg"> So much for all the billions in tax savings: the biggest furphy of the lot. Indeed, according to contemporary commentary the principal reason that negative gearing rules were reintroduced in the first place in 1987 was the spiralling waiting list for public housing, particularly in New South Wales where numbers increased alarmingly by nearly 40% to 140,000. Again, let's suppose that the government recovered in full the foregone funds from its negative gearing subsidies and a grandfathering or quarantining of the prevailing rules proved to be fiscally neutral. 
</li>
<li>
Renters would buy up the properties sold Kusher again: <img src="https://3.bp.blogspot.com/-_nBJi-3W908/U24KdlkeXuI/AAAAAAAANGI/Wmf9ohsWcg8/s1600/CKusss.jpg"> This is obviously true. If property investors sell their properties, are renters who have not been able to buy previously really going to be in a position to suddenly step in and buy them? That seems unlikely, unless renters already had pre-existing deposits and closing costs ready to roll. But again, let's suppose that investors sold their properties and renters somehow did find the deposits and the appropriate financing to buy up the surplus stock with no associated decline in lending standards (also unlikely).  This is where the housing affordability arguments become circular and contradictory... Higher home ownership rates? On the one hand, people say "we should be like Germany with its stable housing market where most people rent" and on the other they argue "renters should be able to buy into the property market". One or the other argument might make sense, but I can't see how they both can. Certain economists believe that artificially pumping up home ownership rates beyond their natural levels promotes boom/bust cycles.  Look at countries where home ownership rates are artificially high, such as Singapore, where dwelling prices are up by 60% since 2009. Hardly a model for affordable housing, and rents are preposterously high in the city too (at least, they have certainly seemed to me to be when I've visited friends in the city - I'm happy to stand corrected on this point if it's incorrect on a city-wide basis). Britain too experimented with making home ownership a part of the very fabric of society through Maggie Thatcher's selling off of council houses, pushing UK home ownership rates to exceptionally high levels of around 70% by the end of the century. This all seemed to be a tremendous success when house prices were booming in the 1980s (and again in the 1990s and first half of the 2000s) with the stakeholder economy benefiting from an unprecedented boom in credit and wildly exaggerated wealth effect. However, it's commonly acknowledged that the UK housing market has also been one of the most manic-depressive boom/bust markets in the world ever since ownership rates increased. Meanwhile, ownership rates until recently appeared to be in the process of heading all the way back down to from whence they came...until, that is, the government stepped in with its Help to Buy and Funding for Lending wheezes - the cycle repeats... 
</li>
<li>Negative gearing doesn't increase supply</li>
</ol>
This point is logical enough, since negatively geared properties are mostly comprised of existing housing stock.
<div>Let's disregard all of the above factors which are precluding the negative gearing rules from being quarantined.</div>
Suppose for a moment that:
(a) the negative gearing rules are quarantined or grandfathered out;
(b) a large number of property investors sell their properties;
(c) renters buy up the surplus stock increasing home ownership rates to 70%+;
(d) rents don't rise;
(e) a decline in lending standards doesn't lead to a mass of defaults when interest rates rise;
(f) no boom/bust market ensues; and
(g) dwelling prices fall by, say, 20% (which presumably is the main underlying point of this entire debate after all).
Ongoing supply? 
As I <a href="https://petewargent.blogspot.com.au/search?q=construction+costs" target="_blank">looked at here</a>, our major residential developers in Australia are not generating strong margins. Far from it in fact.
So if dwelling prices are to fall, who is going to build the new housing stock? 
If you think developers are going to do anything other than maximise shareholder returns, as indeed they are compelled to do, then you likely also believe in tooth fairies.
The Reserve Bank itself highlighted the reason why margins on multistorey apartment block residential developments are so slender: construction costs on infill sites are too high for it to be otherwise.
<img src="https://2.bp.blogspot.com/-g-Oo-rk32eU/UyzA8AHYD4I/AAAAAAAAL_o/UftvW2FtvtA/s1600/CC.gif">
This chart shows why a long drawn out fall in apartment prices in Sydney was never feasible since it would have quickly taken the price per dwelling below its equivalent replacement cost.
Land developer Stockland's (SGP) underlying profit in FY13 was hampered by weak housing conditions, with that financial period encompassing the period from 1 July 2012 when sentiment was  still in the process of picking up.  Stockland's (SGP) residentiual division recorded an EBIT margin of 19.9% in FY2013.
<img src="https://1.bp.blogspot.com/-HLTcTuf2p2A/Uyz4daslyXI/AAAAAAAAMAM/OZEeDiagq_k/s1600/stockland+resi.jpg"> The Mirvac Group (MGR) managed to improve group gross margins on its residential developments to just 22% from a desperately poor 18% in the prior year.
 <img src="https://4.bp.blogspot.com/-jAnKNC6uhSY/Uyz3uhTUatI/AAAAAAAAMAA/bqbqdKWpz8w/s400/Mirvac+margins.jpg">
<div>Lend Lease might yet prove to be the biggest basket case of the lot, the group reportedly struggling to turn a decent worthwhile ROI on some of its resi developments even at today's higher dwelling prices.</div>
<div> </div>
<div>Lend Lease's (LLC) entire Australian geographical segment is recording EBITDA of only $500-$600 million and NPAT of around only $400-$500 million from colossal annual revenue streams of  $7.5 billion plus.</div>
<div> </div>
<div> <img src="https://2.bp.blogspot.com/-DE-MRz3KKWI/Uyz5EFxBebI/AAAAAAAAMAo/hRJtqfrVRQs/s400/LL.jpg">
</div>
<div> </div>
<div>I'm sure that $7.734 billion top line figure is keeping a few execs living in the manner to which they have become accustomed, but those kind of net margins are hardly likely to see shareholders sending the champagne corks flying.</div>
Even back up at a PE of above 14, the share price is still at only at around half of its former glory.
<img src="https://chartbigchart.gtm.idmanagedsolutions.com/custom/etrade-australia/chart.asp?symb=LLC&amp;time=10yr&amp;freq=1dy&amp;type=1&amp;compidx=aaaa%3a0&amp;uf=0&amp;ma=2&amp;maval=25&amp;lf=268435456&amp;style=2061&amp;size=1&amp;comp=">
Lend Lease's FY14 H1 results for its Australian geographical segment have disappointed as development and construction profits have once again slipped back.
<div>
<img src="https://1.bp.blogspot.com/-TkgUgqpwV68/Uyz6QeInzXI/AAAAAAAAMA0/h1MHVaibJqE/s1600/LLAustralia.jpg"> </div>
<div> </div>
<div>Implications</div>
If you're not familiar with accounting convention, what this means simply is that if dwelling prices fall, developers ain't barely going to be making a profit even before financing charges, and it will almost immediately be a case of 'see you later new dwelling supply'.
Say, for the sake of argument dwelling prices fall by 20%.
You can be more or less certain that absent new subsidies, major developers would instantly put any new planned projects on ice until upwards price pressure returned. In case it's still not clear why, this table explains the basic maths:
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="205">
<div> </div>
</td>
<td valign="top" width="48">
<div align="center">FY13 </div>
</td>
<td valign="top" width="47">
<div align="center">FY??</div>
</td>
</tr>
<tr>
<td valign="top" width="205">
<div>Turnover</div>
</td>
<td valign="top" width="48">
<div align="center">100</div>
</td>
<td valign="top" width="47">
<div align="center">80</div>
</td>
</tr>
<tr>
<td valign="top" width="205">
<div>COS</div>
</td>
<td valign="top" width="48">
<div align="center">(80)</div>
</td>
<td valign="top" width="47">
<div align="center">(80)</div>
</td>
</tr>
<tr>
<td valign="top" width="205">
<div>EBIT margin</div>
</td>
<td valign="top" width="48">
<div align="center">20</div>
</td>
<td valign="top" width="47">
<div align="center">-</div>
</td>
</tr>
</tbody></table>
In our cities with booming population growth this would be disastrous for renters. 
<div>Even in the event of interest rates remaining at their lowest levels in a generation, developers would soon have zero incentive to build since if dwelling prices are sliding, since they'd only be breaking even before financing charges were booked. </div>
There would be no corp tax to pay since there wouldn't even be a net profit upon which to raise tax, so the government would be getting zinged on its own revenues there too...and zinged again would they be on stamp duty foregone as the supply of new dwellings evaporated.
So much for all the billions in tax savings. As for the capital gains tax take, which forms a part of the individual income tax assessment: when prices are falling...oops there goes another revenue stream
So <a href="https://www.stockland.com.au/assets/crs2013/financial-report-2013.pdf" target="_blank">when Stockland discussed in 2013</a> "the prolonged downturn in the Australian residential land market" as adversely impacting results, they aren't being facetious.
They are simply noting what is plainly the case for developers in their resi divisions - there ain't barely no money in it, which is why it has taken a significant upturn in Sydney's prices to see dwelling approvals at last begin to flow through, after a woeful lull across the past decade.
Conclusion
If dwelling prices fall over any meaningful period of time in a city such as Sydney, we would quickly see supply dry up and with a population growing at 80,000 plus per annum we'll be back into chronic undersupply territory in just a few short years.
This is why negative gearing rules probably won't be quarantined or grandfathered out.
And this also why, if affordable housing is considered to be a genuine target, the government would probably need to look at tackling supply through subsidies as I posted about <a href="/expert-insights/buying/how-to-fix-australias-affordable-housing-problem">here</a>, while at the same time easing demand through considering other property tax reform and not the NG rules.
As I've noted before though, I'm sceptical as to whether there is any real desire to make housing more affordable from those in power.
You can visit <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) or Pete's <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blog</a>.
His new book '<a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>' is out now.
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pwargent-M4siyDbqQY

If negative gearing is quarantined cities like Sydney will be facing chronic undersupply

<html><body>
I am not an economist and after the release of the federal government’s Commission of Audit report this is a fact for which I am somewhat grateful.
Having stated my position on the economics involved, some of the Commission of Audit’s 86 recommendations could, it appears, from all of the commentary potentially re-shape Australia. It could re-shape many aspects of society and many aspects of Federalism, which seems a shame really given that only last year, Canberra, the seat of Federalism, celebrated its 100th birthday – just as well it’s not this year.
Part of the intention of the report was to spark a conversation about what sort of society we want to be, in particular over the next 50 years or so. And it appears that conversation has got off to a flying start. When you search ‘Commission of Audit Australia’ on Google there are already some 280,000,000 references.
I have found myself asking the very specific question of how will the report impact the residential housing market? How will the report influence buyers and developers now and over the next few years?
It might be foolhardy to venture into this territory while the report is still so new, but I want to join the conversation, and because the report will reach into so many areas of our social structure I think the conversation is urgent.
A Shift in Demographics
Over the years the market has had to live and adjust to some big issues, like the introduction of universal superannuation guarantee levy (1992), the GST (July 2000), the 9/11 attack on New York and Washington (2001) and the GFC (2007/2008).
However even these big events did not have some of the potential impacts on the very structure of government and beyond that the wider demographic of the Australian population, and it is in the potential demographic changes that a much wider topic opens up for discussion relative to housing and the development market.
And while some changes are not due until mid century, I stop today and think how in just over two decades the arrival of the superannuation guarantee levy is now, thanks in part to the growth of SMSFs, central to many aspects of the residential housing market.
And some seven years later we are still in part dealing with the GFC and so it does not take a crystal ball to appreciate that change can be both long-term and to a degree painful.
Shifts in Demand Shifts in Confidence
Post the audit report in Sydney this weekend auction clearance rates were reported at some 77%, that’s down a little on some recent weekend results, but still slightly higher than the last few months. However after the delivery of the federal budget on 13 May the combined impact on consumer confidence will come into sharp focus over the next few months.
Consumer confidence in Australia increased to 99.73 in April of 2014 from 99.46 in March of 2014 but has been on a falling trend over the last six months.
While the level of consumer confidence is a closely watched measure of the economy, shifts in demographics are far more subtle and until now have been less in focus.
It’s somewhat remarkable how the impact of the baby boomer generation has now started to consume the government’s attention, despite the fact that this age bracket was always going to cause pressure points as it moves out of work and into retirement, and the property market has been feeling the presence of the ‘boomers’ for some years now.
Demographic Touch Points to Watch
The proposed change to the retirement age, has grabbed a lot of attention because it has the potential to impact the entire population. This change could have varied and possibly unexpected effects on the housing market; delayed retirement could impact the demand for downsize opportunities, it could also force more people to consider selling sooner to fund the gap between their retirement and ability to collect the pension and linking the family home to any sort of pension means this would be a big change.
The family home would move into a different light and how a future inheritance is impacted could change the housing ambitions of many younger people. While changes to the cost of education could re-shape the sometimes already fragile prospects of first time buyers, as they have to fund a degree well into their careers. This could also lead to a lowering of employment prospects and impact the earning power and relevance of the middle class in the housing market.
While the audit did not directly comment on tax issues, there is an ongoing debate about the GST – an increase could impact the market, but if there is also a change in the relationship between the Commonwealth and the States, then we could see greater mobility and demographic changes across state boundaries.
Infrastructure and Privatisation
One clear result of the audit will be greater pressure for all governments to venture into a wholesale period of privatisation. This may well deliver some greater opportunities for the property development industry, and the potential sale of the Defence Housing Authority would be a very competitive process.
However the real test will be an assurance that a real improvement in infrastructure must result, if it does not, or if projects are badly delivered this could impact the continued recovery in the housing market.
This is a conversation set to take a lot of time and effort, and so I wanted to remind myself of what an audit of this kind sets out to achieve; "A systematic check or assessement, especially of the efficiency or the effectiveness of an organization." 
While demographics: "The characterises of a human population, especially the size, growth, density, distribution and statistics regarding birth, marriage, disease and death." 
With the audit touching upon so many key social issues, the flow onto demographics is certain and the housing market may well be impacted, at first indirectly by a possible drop in confidence, but in the long term more directly as demographics, incomes and taxes change.
The audit looks like the first step in an extended agenda of economic reform, and while there may be some unpopular fiscal measures taken in next week’s budget, it does appear that interest rates are set to remain low. Because any increase would boost the dollar and possibly shake consumer sentiment so for the immediate future property will remain attractive due to the long run of low rates.
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pchittenden-eLqUUC8TWW

How will the Commission of Audit affect the residential housing market?

<html><body>
I’d rather be a seller than a buyer in Sydney in 2014. That’s my general response to a frequently-asked question: is it too late to buy in Sydney?
The time to buy in Sydney to achieve maximum gain from the recent recovery was late in 2012. Most of the Sydney locations I was recommending back then have experienced capital growth between 15% and 20% in the past 12 months. That won’t be repeated in the next year, although there will be further growth.
Some commentators have sought media profile by making the absurd statement that “the property boom is over”.
It has a similar ring to the declaration in mid-2013 that “the resources boom is over”. A year later we still have projects worth around $250 billion under construction, with major new ones (like the $9 billion Roy Hill mine and Galilee Basin projects totalling $30 billion) just getting under way, but if it makes a headline no one seems to care too much about balance or accuracy.
The claim that the “the property boom is over” is equally flimsy and made for the same shallow reason: short-term publicity and the truth be damned.
Sydney’s boom is unlikely to retain the heights of 2013 but growth continues. Melbourne is yet to reach the levels of Sydney. Brisbane and Adelaide are just getting started and are likely to feature among the growth leaders by the end of the year. Perth still has momentum and Hobart, following the election of a new state government, is set for its best year in a long time.
The thing about Sydney is that it’s a very big city, with 700-plus suburbs. There are many locations with activity created by local reasons, rather than city-wide momentum. There will be ongoing growth in specific locations for specific reasons, most of them related to transport infrastructure.
There will investment opportunities from the Badgerys Creek airport, once definitive information about flight paths and infrastructure location is known. The North West Rail Link is advancing, with impacts on real estate along its route to Rouse Hill. Ditto the South West Rail Link. WestConnex will be another game-changer, impacting suburbs such as Westmead.
So the secret to finding further growth in Sydney is to <a href="/expert-insights/investing/follow-the-infrastructure-trail-to-find-future-growth-suburbs">follow the infrastructure trail</a>.
Beyond that, investors can profit by looking outside Sydney to regional New South Wales. When capital cities boom, there is often a ripple effect out to the regions. Two cities not far from Sydney, and advancing for local reasons also, are Wollongong and Newcastle.
Wollongong has defied predictions that it would lapse into recession following economic reversals such as downsizing by Bluescope Steel. One hysterical headline suggested property values would fall 50%. But the Illawarra is the latest example of a regional community fighting back from adverse circumstances. A lot of infrastructure and property development money is pumping into Wollongong and real estate markets are rising.
Others to watch include Dubbo, Tamworth and Gunnedah, as well as Newcastle - which continues to be one of Australia’s most under-rated cities and property markets.
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>.
Image courtesy of Wikipedia/Creative Commons.
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terryryder-YECXbqmri2

Too late to buy Sydney - try Wollongong or Dubbo, Tamworth and Gunnedah, and Newcastle

<html><body>
The preliminary auction clearance rate of 67.4% was recorded this week across capital cities compared to 62.3% last week and 65.6% this time last year.
<img src="/images/2014/05/12/larocca%20may%2012%20one.jpg" alt="">
Volumes have been lower this week as the market heads into a traditionally quieter time in winter.
The higher clearance rate is largely a factor of a stronger Sydney market where a preliminary clearance rate 76.1% was recorded compared to 71.4% last week.
<img src="/images/2014/05/12/larocca%20may%2012%20two.jpg" alt="">
The higher national clearance rate does not represent a significant shift in the market and is broadly in line with the trend this year, particularly with the results prior to Easter and Anzac Day.
In Melbourne a preliminary clearance rate of 63.4% was recorded compared to 61.9% last week. Last week’s Melbourne clearance rate was the lowest since late 2012 and is running counter to the established trend through the last year and also reflects moderating growth in property values.
<img src="/images/2014/05/12/larocca%20may%2012%20three.jpg" alt="">
In Brisbane a preliminary clearance rate of 54.8% was recorded compared to 42.4% last week. Adelaide recorded a clearance rate of 60.5% compared to 62.7% last week.
In Canberra a clearance rate of 58.8% was recorded and in Perth there was one auction sale from eight results. In Tasmania there was two sales from three results.
<img src="/images/2014/05/12/larocca%20may%2012%20four.jpg" alt="">
<img src="/images/2014/05/12/larocca%20may%2012%20five.jpg" alt="">
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rlarocca-zWhvjay44N

Auctions volumes trending lower: RP Data's national auction market wrap

<html><body>
After a surge in values over the first quarter of this year, April's housing market results have shown a marked slowdown in capital gains with dwelling values only 0.3% higher over the month.
{qtube vid:=PUKNMNdvuhc}
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tlawless-5VLUrbAk9s

Video: April marks slowdown in dwelling growth

<html><body>
The historic Mount Macedon estate, Alton was passed in on a $5 million vendor bid at its weekend auction.
The property known for its botanic gardens, was offered by vendors mining executive Eduard Eshuys and his wife, Marjorie who restored its 1870s-built Venetian Gothic house.
Gardens make up four hectares of<a href="https://www.alton-mountmacedon.com" target="_blank"> the 10.5-hectare holding</a>.
It also has a small farm and an 1870s-built Venetian Gothic home, known as the gingerbread house.
Established by Sir George Verdon, at various times Victoria’s treasurer and Agent General, it was subsequently owned by Judge Hood and then by George Nicholas, the co-founder of ASPRO, this property has been always been prominent in the minds of Victorians.
The Eshuys' bought the estate in 1997 from Coles Myer-owned ­company Silver Meadows.
Its listing agent Jock Langley of Abercromby, who had the property in conjunction with Lindsay Hill Real Estate, Mount Macedon, had been issuing price guidance that other sales in the area had averaged about $380,000 per acre.
The property at 239 Alton Road, Mount Macedon, Alton was marketed as among the finest hill station estates. The hill stations concept comes from are high-altitude towns in India used, especially by European colonialists, as a place of refuge from the summer heat.
The garden includes 24 National Trust recognised trees.
The road's last sale was $3.25 million when the seven hectare estate, the 1870s <a href="https://www.realestate.com.au/property-house-vic-mount+macedon-112416011" target="_blank">Duncraggan</a> sold last June.
The highest sale for the district was when Fosters brewery group secured $8.17 million in 2005 when the Gribbles Group director, Wallace Cameron bought the 8.8 hectare Sefton estate at Mount Macedon.
Built by <a href="https://adb.anu.edu.au/biography/baillieu-william-lawrence-willie-5099" target="_blank">William (Willie) Lawrence Baillieu as a summer retreat early in the century</a>, the property included a nine-tee golf course, tennis court and croquet lawn.
It was offered at $12 million without success in 2010. 
It has an <a href="https://www.slv.vic.gov.au/pictoria/gid/slv-pic-aab45596" target="_blank">English garden</a> influenced by noted Royal Botanic Gardens directors Baron von Mueller and W. R. Guilfoyle.
<a href="https://www.fionabarkerdesign.com.au/folio/residential/sefton/" target="_blank">The Sefton interiors were done by Fiona Barker Design</a>.
Mount Macedon's first $1 million plus acreage sold in the late 1980s.
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jchancellor-FAypfDUnLy

Alton, 1870s Mount Macedon garden estate passed in

<html><body>
The Northern Territory government has <a href="/expert-insights/investing/northern-territory-s-fhog-directed-to-new-builds-only-from-2015">abolished its first home owners grant for established homes</a>, extending the grant only to new dwellings from January 2015.
While announcing the changes, Treasurer David Tollner acknowledged that first home owners grants have added upwards pressure on housing prices. The government cited economist Saul Eslake’s <a href="/news/the-senates-inquiry-into-affordable-housing-six-submissions">submission to a Senate inquiry into affordable housing</a>. Eslake criticised the grant, saying that when applied to established homes, it "served to simply to exacerbate the already substantial imbalance between the underlying demand for housing and the supply of it."
According to Tollner, the unintended inflationary effects of the first home owners grant were a factor in the government’s decision to abolish the grant for established homes.
"That’s why the Territory government will direct the first home owners grant solely towards the construction or purchase of new homes from next year," said Tollner.
"By targeting the first home owners grant towards the purchase of newly built homes, the grant is more likely to contribute to growth in housing supply and employment in the construction sector."
The Territory government will maintain the payment for first home owners of established homes for eight months.
"...ultimately, we want this grant to encourage the construction of new homes, create more jobs in the residential construction sector and improving housing affordability by increasing housing stock." Tollner said.
"This is a far better result than merely creating a churn in existing dwellings that is widely accepted as having an inflationary effect on the cost of housing."
Eslake is not the first industry figure to criticise the first home owners grant. Writing on the grant last year, <a href="/expert-insights/investing/slow-demise-of-first-home-owner-grant-schemes-monique-sasson-wakelin">observer Monique Sasson commented</a>:
"The scheme is meant to make property more affordable for first home buyers. Unfortunately, experience shows that the grants don’t achieve this end.  Instead, the nominal increase in purchasing power it delivers to first home buyers transmits directly into higher prices for the properties they hope to buy.
"The real beneficiaries are the vendors of properties that first timers buy."
The Northern Territory follows Victoria, New South Wales, Queensland and the Australian Capital Territory in its removal of the first home owners grant for established properties.
 
 
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