Too often, heritage buildings become the podium for a contemporary tower. At <a href="https://www.apartments.com.au/new-apartments/623-collins-607-623-collins-street-melbourne-vic-3000">623 Collins</a>, <a>Sterling Global</a> challenged its design team to reverse that process.

The brief to <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> was deliberately simple: "Don't design around the heritage. Design from it." It became the philosophy behind a project that draws inspiration not only from two landmark heritage buildings, but from Collins Street itself, a street layered with architectural history and civic significance.

That philosophy has shaped one of <a href="https://www.apartments.com.au/developments/melbourne-vic-3000">Melbourne</a> CBD's most considered residential projects, where the 1924 State Savings Bank and neighbouring Batman's Hill Hotel have become the architectural foundation for 623 Collins rather than remnants preserved beneath a new development.

[smartcode_project:default project_id=145324 project_image_fid=372749]

Rather than approaching the site as a blank canvas, <a href="https://www.apartments.com.au/developers/sterling-global">Sterling Global</a> saw the existing buildings as the beginning of the story.

"Sites like this rarely become available," the developer said.

"623 Collins wasn't simply an opportunity to develop a prominent CBD site. It was an opportunity to restore and reimagine one of Melbourne's important heritage landmarks while contributing to the continued evolution of Collins Street. For us, the existing buildings weren't constraints. They were the beginning of the story."

Instead of mimicking the ornate heritage architecture, Plus Studio studied the proportions, rhythm and craftsmanship of the original buildings before translating those characteristics into a contemporary 42-storey tower.

[smartcode_project:default project_id=145324 project_image_fid=372748]

"The brief challenged us to create a contemporary landmark that respected Melbourne's architectural history without becoming nostalgic," Plus Studio said.

"Rather than mimicking heritage, we sought to understand its proportions, rhythm and material language before translating those qualities into a distinctly contemporary architectural expression."

The practice says the State Savings Bank and Batman's Hill Hotel became the project's primary source of inspiration, allowing the heritage buildings and contemporary architecture to exist "in conversation rather than contrast." Generous planted terraces further soften the transition between old and new, creating elevated green spaces while reinforcing the dialogue between the restored podium and the contemporary tower.

That dialogue continues throughout the interiors, where Melbourne designer Fiona Lynch developed a material palette inspired by the idea of alchemy, balancing contrasting materials that reference both the Neo-Grec detailing of the original bank and contemporary urban living. The result is a series of spaces that feel timeless rather than trend-driven.

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The project will deliver 316 residences across four collections, Heirloom, Signature, Reserve and the Penthouse Collection, with each responding differently to its position within the building, from the restored heritage podium through to the upper levels of the tower. The Heirloom Residences retain defining heritage elements including original heritage windows, generous proportions and high ceilings, while the tower introduces contemporary homes with expansive layouts and elevated views.

Amenities have likewise been designed to support long-term city living rather than short-stay convenience. Residents will have access to concierge services, wellness facilities including a pool, cold plunge, sauna, steam room and gym, alongside private lounges, entertaining spaces and dedicated resident clubs.

Sterling Global says that approach is resonating with buyers seeking permanence rather than novelty.

[smartcode_project:default project_id=145324 project_image_fid=354347]

According to the sales team, purchasers are looking for enduring architecture, generous floorplans, heritage character and long-term value, with many commenting that 623 Collins "doesn't feel like another apartment development" because of the way the architecture has been curated around the site's history.

Situated on the prominent corner of Collins and Spencer streets, the project occupies one of Melbourne's most recognisable gateway sites, marking the western entrance to the city's best-known street. For Sterling Global, it also reflects a broader shift in city-making.

"Rather than maximising development yield, the project embraces adaptive reuse as a design philosophy, allowing heritage to inform architecture, interiors and the overall resident experience," the developer said.

"The result is a building that feels uniquely connected to Melbourne."

[smartcode_project_cta:default project_id=145324]

Joel Robinson

How Sterling Global designed 623 Collins from Melbourne's history

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]

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.

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<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

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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I’ve been asked to write an answer to the question, “Which is better – an apartment or house?”
It’s one of the most common queries buyers ask - especially in light of what seems to be an inexhaustible high-density apartment boom, taking place in Sydney and Melbourne in particular.
In New South Wales alone, the latest data from the ABS shows apartment approvals near a record high, numbering 25,517 units in the year to February 2014 - a 69% share of total figures. Country wide, approvals of both units and apartments now sits at its highest level in <a href="https://www.macrobusiness.com.au/2014/04/australias-supply-side-squeeze-continues/" target="_blank">history</a>.
In Sydney in particular, the news is deemed ‘positive’ – assumed to put downward pressure on both rents and prices. But contrary to popular belief, additional supply of property does not always equate to lower prices.
For decades, the city’s supply has been hampered by stringent planning requirements, allowing big developers with a greater financial capacity to hold the upper hand. Consequently, a larger proportion of developers currently active in CBDs gain their funding offshore (which, according to some analysts, is expected to reach near 100% in Melbourne by 2016). 
<img src="/images/2014/04/28/cashmore-april-28.jpg" alt=""> 
In NSW, the shortage of stock required to cater to the needs of a market, which currently consists of over 50% investors in central areas, has resulted in a spike in prices, which has diverged considerably from other states.
Sydney is booming, and the real estate agents are busy making hay. However, it’s hard to term these dwellings as affordable – or for that matter, desirable.  They are not built for home buyers - they’re temporary pit-stops for renters who need to stay centrally located.
Groups such as Charter Keck Cramer estimate up to 90% of the apartments released in Melbourne’s central regions since 2009 have been sold to investors – albeit, it doesn’t make them good investments.
Complexities of construction
In order to maximise yield, they typically have a floor size of around 60-70 square metres (for a two bedroom dwelling) – compromising natural light and storage space along the way.
Furthermore, the challenge of keeping apartment prices low is complicated by zoning regulations, rendering some neighbourhoods immune from dense development, whilst others have been given the green light.  
This further limits the tight concentration of land where construction can occur and from a micro perspective, escalates already inflated land values for the sites deemed suitable.
The developers are not altogether to blame. Getting planning and building approval for an apartment block is a costly venture, requiring 100% debt cover and often resulting in a period of years from concept to ‘lock up’ (a six year period not being unusual).
The complexities include levies for funding of communal facilities (such as underground parking, street lighting and so forth), which understandably contributes significantly to the cost of the product and often a lengthy period to resolve protests from existing residents, who understandably fear the social and economic impact causing a downward valuation on their own wealth fund for retirement.
To obtain the necessary funding, larger percentages are marketed to overseas buyers using vastly inflated commissions.
High owner corporation fees to fund the required security features, lighting in corridors, lifts, lifestyle amenities (such as a gym or roof top garden for example) equate to at least a few thousand a year.
Some developments offer rental guarantees, promising a return not possible once it’s expired. And should the developer encounter financial difficulties during this period, there is no government legalisation backing up any promise of payment.
Good investments?
To give some idea - the floor plan below was taken from a building just north of Melbourne’s CBD, which was purchased off the plan in 2012 for $580,000, and sold some 18 months later for $476,000.
 <img src="/images/2014/04/28/cashmore%20april%2028%20two.png" alt="">
A sample floor plan for a two bedroom off the plan apartment.
Another in the block was promised a rental return some $50 a week higher than it achieved on the open market, examples such as this leave most local investors hoping tax concessions will help compensate their losses.  
Having worked in a rental apartment previously, I can anecdotally confirm turnover in this type of development is high - with renters generally preferring lowrise to highrise - and despite common belief that renters are poverty stricken ‘wanna be’ home owners, the demographic that live in apartments (typically young, childless, working couples) have aspirations that often exceed what’s currently on offer.  Therefore, whether we’re increasing supply for the ‘needs’ of the rental sector in central localities on a micro level is questionable.  
Melbourne’s Southbank has vacancy rates often topping 8%, which also falls in line with data obtained from Prosper Australia’s recent speculative vacancy report, which analyses water usage to assess residential vacancies across the metropolitan region over a 12 month period – the methodology of which is explained in detail <a href="https://www.prosper.org.au/2013/11/01/speculative-vacancies-in-melbourne-2013-report/" target="_blank">here.</a>
The research shows 7.9% of accommodation in the suburb uses no water at all, and over 22% less than 50 litres per day (a statistic which may be influenced to a limited extent, by some being serviced apartments).  Needless to say, periods of vacancy which put downward pressure on yields, is not what most investors have in mind when acquiring a property – yet an increasing number are doing so in their SMSFs and are acutely reliant on cash-flow.
Article continues on next page. Please click below.
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Buying close to the city a better option?
All of the above, works on the assumption that most people like to live close to the city and whilst this may apply to residents in their early years, who delight in the hub and bub of an inner city lifestyle - including student renters who need to locate close to nearby university campuses - there isn’t much evidence that the rest of us are prepared to give up space to live in the type of accommodation constructed.
Indeed, the idea that demographically we’re becoming a nation of downsizers is somewhat mythological, but it doesn’t stop the flow of regular articles suggesting we’re all becoming a nation of happy strata dwellers. Once again, it’s often another excuse by property commentators (including buyer advocates specialising in apartment sales –often not openly obvious when you cruise their websites) to promote this option over others. 
Whilst we’re likely to see a trend toward apartment living due to lack of feasible alternatives, it’s been shown the elderly overwhelmingly downsize to medium density accommodation, thereby avoiding highrise developments altogether. Younger generations in their 20s and 30s have a greater propensity towards high density living, with the proportion increasing; however, figures still only peak around 14% at the age of 27 and the trend across all age groups is marginal, with only one in 20 choosing this form of accommodation nationwide (as of the 2011 census).
Obviously, most local home buyers prefer houses to apartments – and for the highrise price tag of a two bedroom flat, there’s far more bang for buck in established accommodation that doesn’t come with the additional risk of a view being built-out, queues to exit the car park, and 150 immediate neighbours traversing through various stages of their housing ‘career’.
At 44%, the typical Aussie home still has three bedrooms and the stats show only one or two residents occupy the majority, with a big increase in the number of four-bedroom homes, which now make up almost a third of our total housing stock. 
The single person household is no longer the fastest rising demographic. In the five-year period to 2011, lone person households had dropped from 24.4% to 24.3%, while group households (shared accommodation) jumped from 3.9% to 4.1%.  Whether the trend continues will become apparent in time.
In the rental demographic, this is likely due to reasons of affordability – renting a one bedroom inner-suburban apartment can often be more costly than an older three or four bedroom detached dwelling a few suburbs out. Therefore, it makes sense to share and this trend is mirrored in international markets – such as the UK and Canada, which produce similar data in their own census breakdowns.
Most of the first home buyers who cross my path also follow the above pattern.  Rarely do they opt for a one bedroom apartment – unless they’re restricted to a particular suburb. Most opt to move outwards and purchase something larger and if given the option, would rather rent until they’re able to afford a suitable property for their five- to seven-year time needs. 
Affordability constraints driving buyers away from city areas
Extra supply for the buy to let market should not be diminished, and it’s not my intention to do so.  However, there’s a broader need to establish quality accommodation for a larger proportion of home buyers who will accept townhouse living if locating inner city, but reject high density developments. And contrary to popular belief, it is possible to accommodate an equal number of residents in medium density dwellings without building to the skies.
Movements such as <a href="https://www.policyexchange.org.uk/images/publications/create%20streets.pdf" target="_blank">Create Streets</a> in the UK are at the forefront of pushing low rise initiatives, and Robert Dalziel – the London-based architect for Rational House, who visited nine cities around the world, including Mexico City, Shanghai and Berlin, has comprehensively examined how high-density can be made agreeable for a broad demographic of home buyers.  More information can be found in his book –commissioned and published the Royal Institute of British Architects: entitled <a href="https://www.propertyobserver.com.au/https://www.amazon.com/House-In-The-City-Architecture/dp/1859464521" target="_blank">A House in the City — Home Truths in Urban Architecture.</a>
Therefore, the major part of Victoria’s growth (mirrored in other states) has been evidenced in fringe localities such as Wyndham, Melton and Whittlesea. And one thing we’re not short of in Melbourne (and for that matter most other states,) is land.  Albeit, as I’ve written previously - regulatory constraints in outer suburban localities have increased land prices disproportionally, making the entry point for such developments effectively double what it should be. 
To demonstrate, following correspondence with Wendell Cox, author of the <a href="https://www.demographia.com/" target="_blank">Annual Demongraphica Housing Affordability Report</a> in reaction to a recent piece I <a href="https://catherinecashmore.com.au/wp/?p=494" target="_blank">wrote</a> outlining differences in international markets, Cox constructed a nice little chart which cuts through the usual measures used to convince readers that ‘housing has never been more affordable’, with an overwhelming focus on mortgage serviceability rates alone.
Instead, it demonstrates the speculative nature shaping the property cycle, which affects not only established house prices, but building activity as lot sizes reduce, whilst land prices per square metre, outpace income growth considerably.  (Something, which only a broad based land tax coupled with changes to supply policy will solve.)
<img src="/images/2014/04/28/cashmore-april-28-two.jpg" alt=""> 
Source: Demographia
Cox points out that ‘urban containment’ – contrary to the political rhetoric – does not result in cheaper prices.  However, to date, every reform put in place to release more land and build an abundance of accommodation, has resulted in higher prices per square metre both here and similarly in the UK and USA.
What to do?
Back to the question at hand – quite evidently, purchasing a new off the plan flat in either Sydney or Melbourne is not going to grant a windfall in economic rent (capital gains).  
You’ll often read commentators dictating that apartments perform better in their median data than house prices – and whilst it may be the case over the short term, it has not been proven over the long-term. In fact, over a long time frame, median detached house prices have outperformed unit prices and there are sound fundamental reasons why this may continue.
Broadly speaking, as a “set and forget”, providing you’re careful with the pre-purchase due diligence (strata reports - ensuring its not a stratum or company share title, which can cause issues in terms of financing and attracting future demand - fees, size, price, zoning, position, facilities, and so forth) apartments generally attract a higher yield, are low maintenance, and when issues with the building do occur, they are typically handled by the owners’ corporation and/or property manager.
Purchasing land offers more options – (subject to feasibility) - allowing extension, subdivision, back garden granny flats and so forth - our largest demographic of buyer are families and therefore land is still the golden nugget for most accommodation seekers.
No matter what kind of buyer you are – at some point you’re going to want to sell the home and move on, therefore acquiring an option that maximises consistent demand is critical in any equation.
Albeit, with the apartment choice being either an aged block in need of maintenance or new and subject to over supply. Or in terms of a house – budget restrictions only allowing a compact block in a fringe development in which landowners have control over how they ‘drip feed’ supply onto the market, I quite often advise purchasers to consider an alternative option. 
And, for that piece of advice, you’ll have to contact me direct.
You can contact Catherine via <a href="mailto:cc.cashmore@gmail.com" target="_blank">email </a>or <a href="https://twitter.com/ccashmore_buyer" target="_blank">Twitter</a>.
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catherinecashmore-6LXia3pPQj

Which is a better investment – an apartment or a house?

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The median national house price was up 2% for the March quarter and 11.3% over the year, with Melbourne and Sydney remaining the clear market leaders for price growth according to the latest House Price report from Australian Property Monitors (APM).
Price growth rates slowed across all capital cities for the March quarter, with no growth in Perth’s median house price and APM recording falling prices in Hobart, Darwin and Canberra.
The biggest quarterly increase in median price was seen in Sydney, up 3.1% to a median house price of $669,845 for March. However, these results were markedly softer than those recorded in the previous quarter. Median house price recorded in the city for the December quarter was at 5.1%.
APM senior economist Andrew Wilson commented that Sydney’s median house price showed its lowest rate of quarterly growth since March 2013.
“The Sydney house price boom has faded fast as all capital city housing markets recorded waning house price growth over the March quarter,” noted Wilson, who cited affordability barriers in the city’s market resulting from underperforming local economies.
“Other capital city markets have recorded, at best, modest growth which clearly reflects the disparity of the multi-speed recovery profile of the current growth cycle.”
The <a href="https://www.realestate.com.au/property-house-nsw-punchbowl-115014075" target="_blank">three bedroom Punchbowl home</a> pictured below sold for $690,000 last month. 
<img src="/images/2014/04/23/main%205.jpg" width="460" height="345">
The second biggest jump recorded by APM was in Melbourne, where the median price for March was $540,747, up 2.8% for the quarter.
APM’s results for the quarter are more conservative than those posted by RP Data, which recorded a 4.8% median house price increase over the March quarter for Sydney and a 5.8% increase in Melbourne.
Data from APM shows that Sydney’s house market has seen a 16.9% year on year increase in median price, while Melbourne’s median house price is up 11.7% from March 2013.
The greatest drop in median house prices was seen in Canberra, where median house price was recorded at $566,863, down 2.6% for the quarter. Canberra was also the only capital city market that saw a year on year decline, with the median house price falling 1.6% from March last year.
This <a href="https://www.realestate.com.au/property-house-act-mckellar-116248543" target="_blank">three bedroom house</a> on 776 square metres of land in Canberra’s Belconen district sold for $565,000 in March. 
<img src="/images/2014/04/23/image9.jpg" width="460" height="345">
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jrichardson-uRX5hFdKfN

Melbourne price growth the second strongest capital city, with softening Sydney prices: APM

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A Hurstville Hungry Jacks premises sold for $6.65 million at auction last week.
It reflected a yield of around 2% for the Forest Road premises. 
The vendor’s reserve was $3.15 million according to William Gunning from Gunning Commercial.
Strong buyer interest from local buyers and mainland Chinese investors meant the Hurstville retail market was strong with yields sometimes under 5%.
Late last year the Huaxing Supermarket premises at 198 Forest Road fetched $2.23 million when sold to L &amp; J Zhang Pty Ltd. The premises are 209 square metres.
The last big sale was $11.65 million last June when 124 Forest Road was sold to Shanghai Lihua Hurstville Pty Ltd by Smart Giant (Aust) Pty Ltd.
In 2012 the refurbished two-storey retail strip property leased to NAB sold for $9.013 million equating to a yield of 5.85%.
The bank branch sits on a 418-square-metre site at 252 Forest Road.
On the office front, earlier this year Centuria sold a 4,800 square metre commercial office building at 8 Woodville Street, Hurstville for $17.35 million ($3,615/m²), reflecting a yield of 8.3%.
It last sold for $13.38 million in 2008 when bought from Immer (169) Pty Ltd. 
The office market is being watched closely as the NSW Office of State Revenue is moving from Hurstville to Parramatta premises.
The decision was part of the push which will see more than 3,000 public servants head west under the proposal of then Premier and Minister for Western Sydney Barry O’Farrell “decade of decentralisation” policy.
The Office of Environment and Heritage is also moving Hurstville to Parramatta.
The Australian Taxation Office’s announced last year that it would close its Hurstville office in early 2015, with the relocation or loss of about 500 jobs.
Gunning have listed an investment opportunity in a central location in the shopping strip and commercial precinct .
The 227-229 Forest Road building comprises four levels – with the upper three commercial space. 
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The property has multiple tenancies, and a rental income of $1,011,812 gross. The building size is 1,776 square metres.
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jchancellor-FAypfDUnLy

Retail investors hungry for Hurstville despite office market unrest

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Sydney's median house price sits at a record $782,973 after the moderating 2014 March quarter price growth, according to one of the property data companies, Australian Property Monitors. 
The record house price median was <a href="/expert-insights/buying/sydney-march-quarter-price-moderation-but-still-far-stronger-than-every-other-capital-city-apm">up 16.9% over the past year to $782,973</a>.
So Property Observer went looking for what house buyers got at around this price. 
Here's our baker's dozen.
<ol>
<li>The nearest to the city was a Surry Hills terrace that fetched $780,000 in an off market sale. The 575 Riley Street terrace on a 127 square metre block had last sold at $400,000 in June 2000. There was 90 square metres living space including three bedrooms in the 1900 built terrace. </li>
<li>
At Kirrawee, $783,000 secured 36 Wylie Street (pictured below), an 1980 built three bedroom house on a 569 square metre block. <a href="https://www.realestate.com.au/property-house-nsw-kirrawee-115790767" target="_blank" style="line-height: 1.3em;">The house</a>, with 126 square metres of living space, previously sold at $679,950 in October 2012. <img src="/images/2014/04/28/kirrawee%20april%2028%20one.jpg" alt=""> 
</li>
<li>
The private treaty vendors at 13 Carmel Close, Baulkham Hills (pictured below) had been looking for $770,000 plus since last November, and took a $780,000 offer in January for the four bedroom 1990 built house through <a href="https://raywhitebaulkhamhills.com.au/nsw/baulkham-hills/1054973/" target="_blank" style="line-height: 1.3em;">Ray White</a>. Set on a large 746 square metre cul de sac parcel of land in a sought after pocket of Crestwood, it was marketed as close to reputable schools, reserves and public transport. <img src="/images/2014/04/28/baulkham%20hills%20apirl%2028%20one.jpg" alt=""> 
</li>
<li>
A one bedroom Enmore semi sold for $780,000, the smallest offering at around the Sydney median house price. The<a href="https://www.realestate.com.au/property-house-nsw-enmore-115458171" target="_blank" style="line-height: 1.3em;"> 29 Gladstone Street</a> (pictured below) offering had previously traded at $600,000 in November 2009. There was 60 square metres living space on the 100 square metre block. The vendors had tried to get $708,000 in early 2011. <img src="/images/2014/04/28/enmore%20april%2028%20one.jpg" alt=""> 
</li>
<li>
There was a nicely <a href="https://www.realestate.com.au/property-terrace-nsw-newtown-115968539" target="_blank" style="line-height: 1.3em;">renovated one bedroom Newtown semi sale</a> at $780,000 through Callagher Real Estate. The 57 Kent Street (pictured below) sale got just 50 square metres living space, the smallest Property Observer came across. It sat on an 89 square metre block. <img src="/images/2014/04/28/newtown%20april%2028%20one.jpg" alt=""> 
</li>
<li>
The $780,000 offer through Century 21 Liverpool for a five bedroom, three bathroom Voyager Point house secured the equal biggest number of bedrooms that Property Observer found. The <a href="https://www.realestate.com.au/property-house-nsw-voyager+point-115709123" target="_blank" style="line-height: 1.3em;">2A Pelorus Avenue house</a> (pictured below) had failed to sell at November auction. It was built in 2001 on its 673 square metre block with 320 square metres of living space. It last sold at $615,000 in January 2012. <img src="/images/2014/04/28/voyager%20point%20apirl%2028%20one.jpg" alt=""> 
</li>
<li>
A five bedroom 1998 Prestons house that sold at $780,000 had a special staircase. <a href="https://www.propertyobserver.com.au/https://www.wiseberry.com.au/property/165030970" target="_blank" style="line-height: 1.3em;">It was marketed by Wiseberry agent Oscar Montes de Oca</a> as a luxury offering. The 6 Mildura Place property (pictured below) came with pool too. Its cinema screen was a tad problematic. Its last sale was $560,000 in June 2009. <img src="/images/2014/04/28/prestons%20april%2028%20one.jpg" alt=""> 
</li>
<li>
There was a $784,600 sale at The Ponds, one of Sydney's newest suburbs through Century 21 Rouse Hill. The four bedroom, two bathroom house at <a href="https://www.realestate.com.au/property-house-nsw-the+ponds-115875739" target="_blank">21 Viceroy Avenue</a> (pictured below) came with media room with 84’’ fixed cinema screen. <img src="/images/2014/04/28/the%20ponds%20apirl%2028%20one.jpg" alt=""> 
</li>
<li>A Tempe semi which was listed with $660,000 plus hopes fetched $780,000. It was two bedrooms at 112 Tempe Road. It last sold at $598,000 in May 2010. The 86 square metre space included attic bedroom. <a href="https://www.realestate.com.au/property-house-nsw-tempe-115904435" target="_blank">The 278 square metre block</a> (pictured below) had enough space for veggie garden. <img src="/images/2014/04/28/temple%20april%2028%20one.jpg" alt=""> </li>
<li>
On the well established upper north shore, a 1970s brick house at Wahronga sold in February at $785,000 through McConnell Bourn ahead of its scheduled March auction. The four bedroom home with 144 square metres living space sits on the largest block Property Observer came across, 1,119 square metres <a href="https://www.realestateview.com.au/Real-Estate/10-cooper-crescent-wahroonga/Property-Details-sold-residential-6674307" target="_blank">at 10 Cooper Crescent</a> (pictured below). It had previously sold at $315,000 in 1996 and 1991. <img src="/images/2014/04/28/wahroonga%20paril%2028%20one.jpg" alt=""> 
</li>
<li>
The property needing the most work was 24 London Street, Enmore (pictured below) which was offered by the NSW Public Trustee. <a href="https://www.realestate.com.au/property-house-nsw-enmore-116002687" target="_blank" style="line-height: 1.3em;">It sold at March auction for $780,000</a> through Laing &amp; Simmons Newtown agent Namir Mikha who had been giving a $650,000 plus pre-auction price guidance on the two bedroom house. <img src="/images/2014/04/28/enmore%20april%2028%20two.jpg" alt=""> 
</li>
<li>
Investors secured the $785,000 purchase of 25 Kirkham Road, Auburn. <a href="https://www.rent.com.au/property-house-auburn-2144-924272" target="_blank" style="line-height: 1.3em;">The three bedroom is available for rent at $570 a week</a>. 
</li>
<li>
Interesting that investors have a high presence on the list with this one at Edensor Park rented out at $650 a week after it was bought for $780,000. And <a href="https://www.realestate.com.au/property-house-nsw-edensor+park-115834415" target="_blank" style="line-height: 1.3em;">14 Keesing Street</a> (pictured below) is another five bedder, which has been another strong feature of the list. <img src="/images/2014/04/28/edensor%20park%20april%2028%20one.jpg" alt=""> 
</li>
</ol>
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What buyers actually get for Sydney’s record $782,973 median house price

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GUEST OBSERVATION
Despite what you may think, that is not a rhetorical question.
The <a href="https://www.smartcompany.com.au/finance/tax/41486-ato-data-matching-targets-online-selling">Australian Tax Office</a> is a large federal government agency that comprises about 15% of the Australian Public Service, and has around 24,000 people in more than 60 locations around Australia. It’s a large organisation by any measure. Reinventing any entity that large is no mean feat – and it won't happen quickly.
Some may question why a country of 23 million people needs a tax agency that large. Well, our tax system is complex (way too much so), and the ATO has many taxes to administer. However, while the size itself of the ATO is one thing, how it operates is a whole other issue.
Tax Commissioner Chris Jordan is looking at how the ATO can reinvent itself to make it simpler and easier for people to comply with their tax obligations and to make the ATO a more responsive and “user-friendly” agency. These are not platitudes from the Commissioner; he means it.
In a recent speech, the Commissioner said that with the Coalition government's "open for business" mantra, the push for productivity increases and de-regulation, the ATO must be able to show improvements in efficiency and reductions in red tape. Jordan said he has promised government he will do everything he can "to improve the tax and super experience in Australia – making it simpler and easier to comply". He said he has also promised to change the culture of the ATO and is required to report back to the Assistant Treasurer regularly on that front.
The Commissioner said that building trust in tax administrations was critical to the success of tax systems.
Jordan said that when he was asked to take on the role, he was aware of feedback that despite best intentions, the ATO had become isolated from some of its key stakeholders and segments of the community. Jordan said he knew that trust and confidence needed to be lifted and he was asked to work on relationships with government, other agencies, and, SMEs will be glad to hear, the business community.
The Commissioner said his "fundamental belief is that in order to deliver to government, the ATO must use its power legitimately, build trust in its judgment and demonstrate fairness and integrity". He said the ATO has to design and operate a system for the majority of taxpayers who do the right thing,rather than for the few who don't [Commissioner's emphasis]. Jordan said the ATO was asking itself "how do we design the system so that it suits the 95%, rather than a system designed for 5%?"
The Commissioner said the ATO’s answer to this complex situation is to reinvent itself, transform how it goes about its core business, and make it a contemporary and service-oriented organisation. He acknowledged that reinventing the ATO is a long-term journey — recognising that building trust in a tax administration is not a simple or quick effort.
Jordan said the ATO has to build on the positives of its culture like commitment to its role, to service and taxpayers, integrity and ethics, but, in a frank assessment, he said the ATO also has to “acknowledge the negative aspects of our culture like risk aversion, righteousness, silo mentality and bureaucracy”. SMEs and their advisers would certainly agree.
Jordan said the ATO's approach to accountability needs to change – "to be simpler, clearer and connected to reward and consequence". He said the ATO's measures "have to include views from others and be related to effectiveness and outcomes…We must put a much greater emphasis on how others judge our performance."
Integrity is about character, Jordan said. In terms of the ATO and the tax system, he said  it is about doing the right things consistently by all of the ATO’s stakeholders (e.g. government, business, taxpayers generally) — “safeguarding and future-proofing the system on behalf of the Australian community and dealing with taxpayers in a way that is fair and right in the long run”.
The Commissioner said these thoughts have helped shape the ATO’s strategic directions.
Recognising that time is money for all businesses, Jordan said the ATO is focusing on early discussions between the taxpayer and relevant tax officers responsible for making decisions. These early, face-to-face talks, he said, aim to get to the core issues more quickly and short-circuit unproductive paper wars between the parties. SMEs will no doubt be delighted if the paper war can be won!
The ATO is also seeking to bring to a sensible close unnecessarily long running cases and audits — “recognising when we reach the point of diminishing returns or an impasse”, the Commissioner explained. Of course, if agreement or settlement cannot be reached, the courts will need to decide. In a refreshing stance, the Commissioner said that continuing dialogue for five years or more is not productive, prevents closure and damages trust.
The ATO is at the centre of the tax world in Australia. It deals with millions of taxpayers and their tax issues every day. Overshadowing all of that is the tax law. The Commissioner said it is important to him that the ATO is able to influence law design. He said the ATO has the advantage of seeing what works and doesn’t in practice and can use those insights to advise Treasury. The ATO’s new Integrated Tax Design Unit seeks to ensure requests to Treasury are prioritised and presented from a whole-of-system perspective. Jordan said there is limited capacity to change law and the ATO is looking at other ways to resolve issues.
Seeking the community’s perspective through consultation – knowing what problems exist and their ideas for possible solutions is, in the Commissioner’s view, vital in order for the ATO to provide the right advice to Treasury.
SMEs and businesses generally have avenues to make their views known, for example as I explained in my recent article about the Inspector-General of Taxation’s new work program. And the ATO itself is asking small business owners to join its new small business consultation panel to help boost the ATO’s small business expertise. In addition, the government has asked the Board of Taxation to identify features of the tax system that are hindering SMEs.
There is a lot happening at the ATO and in the tax system. The Commissioner says he is “going to do what I can to make improvements to the tax and super experience by reinventing the ATO”.
“I want the ATO to be trusted and respected…where people choose to comply and we make it as painless as we can. In the end, I want confidence in the ATO and the tax system so that there is conscious willing participation, hopefully higher than the current 95%.”
Can the ATO reinvent itself? The sceptics may have doubts, but the Commissioner is clearly serious and appears intent on giving it “a red hot go”. He has already got some runs on the board, so watch this space.
Terry Hayes is the editor-in-chief of tax news reporting at <a href="https://www.thomsonreuters.com.au/" target="_blank">Thomson Reuters</a>, a leading Australian provider of tax, accounting and legal information solutions.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany.</a>
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thayes-XhNcNKLNWa

Can the ATO reinvent itself? The push for a more “user-friendly” tax agency

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Druids House, the office block at 302 Pitt Street, is set to become a hotel.
It follows its late 2013 purchase by Melbourne property developer brothers, Dean and Jonty Rzechta for around $10 million.
It had previously traded in 2004 for $5 million to G Capital Holdings, associated with Bill Gertos, when offloaded by the Grand Lodge of the United Ancient Order of Druids.
<a href="https://development.cityofsydney.nsw.gov.au/Datasource/DANotifications/1145200_022.pdf" target="_blank">The application before Sydney City Council is for the adaptive re-use as 136 room hotel</a>.
The application seeks a 10 storey addition to the six storey 1909 building set on 520 square metres between Bathurst and Liverpool Streets.
<img src="/images/2014/04/24/sydney-april-24-two.jpg" alt="">
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A 500mm setback is proposed to levels six, seven and eight then levels 9-15 will be setback six metres from the street frontage. 
There had previously been off the plan marketing of residential units with prices from $425,000 for studio apartments, for a 10 months period beginning late 2010 that accompanied plans for a 17 storey apartment block.
It was marketed as an "extremely rare developer release, pre-DA opportunity."
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There is no heritage listing with the Lodge Room on level four the only strong reminder of the Druids’ occupation of the building. It is proposed to be removed, but there will be retention of the façade and windows, most of which date from 1927. 
Druids House was built as a five-storey 1909 factory for the Welsbach Light Company, known then as Welsbach House. 
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The Welsbach Lighting Company which was founded by Carl Auer von Welsbach, a chemist who is famous for inventing the gas mantle and the metal filament for light bulbs. 
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It was a fully-equipped factory in Sydney owned by the company, which had until then been operating in Australia by carrying out various stages of its manufacturing in England. But having German origins, the company was declared an enemy in 1914 and its occupation of the building ended.
In 1927, 302 Pitt Street was altered for use by its new owners, the United Ancient Order of Druids, a fraternal society founded in London in 1781.The Australian contingent of Druids had been active since the 1850s and another Druids House was established in Melbourne in 1927 at 407 Swanston Street. 
<img src="/images/2014/04/24/sydney-april-24-one.jpg" alt="">
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At the time of the 1928 opening ceremony, the United Ancient Order of Druids had approximately 240,500 members and was playing an active role as a Friendly Society in Sydney.
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Druids House in Sydney was opened in 1928, with the Sydney Morning Herald reporting that the opening ceremony was attended by the assistant treasurer, Mr S. Stevens.
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The plans have been prepared by Scott Carver with an estimated $22 million cost for the company, Ninety Four Street.
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The last plans date back to 2011 when <a href="https://www.skyscrapercity.com/showthread.php?t=1336071" target="_blank">a 17 storey residential building was approved</a>, then in 1997 when Peter Skerrett held an option to buy 302 Pitt Street with residential prospects.
The current plans are likely to attract opposition from residents of the neighbouring Princeton complex.
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Druids House on Pitt Street set to become 15 storey Sydney hotel

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Collingwood captain Scott Pendlebury has yet to sell his former Albert Park abode (pictured above), after it was passed in at weekend auction on a $1.5 million vendor bid.
<a href="https://www.greghockingrealestate.com.au/real-estate/property/717835/for-sale/house/vic/albert-park-3206/23-boyd-street/" target="_blank">The unfurnished three bedroom house </a>was among the 330 auctions across 158 suburbs on the Anzac Day weekend where the highest sale was 14 Hannaslea Street, Box Hill (pictured below) at $1.36 million.
<img src="/images/2014/04/28/BOX%20HILLE%20APRIL%2028%20ONE.jpg" alt="">
Pendlebury purchased the double-fronted Victorian house at 23 Boyd Street in late 2011 for $1.3 million, as he moved from <a href="/news/vic/scott-pendlebury-secures-newport-cottage-offer">Newport</a>.
On initial results, the REIV reported a clearance rate of 69%, the same rate as this weekend last year. It was 70% on the pre-Easter Saturday this year.
There were 242 auctions reported to the REIV taking the total this year to nearly 7,500 homes sold by auction with an average clearance rate of 71%. 
Next weekend the REIV expects about 830 auctions, Enzo Raimondo the REIV chief said. Then 10/11 May with 670 auctions and 17/18 May with 650 auctions.
The busiest auction locations were Epping (eight auctions), Carnegie (five auctions), and Rye (five auctions).
The number of auctions this week was lower than the 10-year average of 517 auctions per week in April due to the timing of Anzac Day. 
The REIV has noted clearance rates have trended lower since the beginning of the year although the number of transactions so far this year is about four percent higher than his time last year.
With his fiancee Alex Davis, Scott Pendlebury is now looking to buy something larger, possibly in much the same neighbourhood.
Pendlebury attended the recent no-bid auction on Nelson Road, South Melbourne (pictured below), a double-fronted five bedroom, three level Edwardian that was renovated a couple of years ago by architect Dean Lewis with interiors designed by Kerry Phelan. It has been listed with as yet unrealised $4.5 million hopes.
<img src="/images/2014/04/15/south%20melbourne%20april%2015.jpg" alt="">
Pendlebury's current three bedroom home has another bedroom in a self-contained studio at the rear.
John Holdsworth, of Greg Hocking Holdsworth, was quoting $1.5 million plus in the auction guidance on the prize corner holding with central living/dining space featuring dado panelling. 
In the meantime the narrower two bedroom cottage diagonally opposite <a href="https://www.realestate.com.au/property-house-vic-albert+park-116700439" target="_blank">has popped for May 10 auction</a>.
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Scott Pendlebury's off field Albert Park Anzac Day weekend offering passed in

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Unnamed property experts declared Fitzroy "the next Toorak" in weekend Fairfax Media silliness.
It was off the back of house price growth on Melbourne's north outpacing the south by 9.7% in the past five years.
"It is now more expensive to buy a home in Fitzroy than Windsor and Prahran," according to the news report.
But of course, Windsor and Prahran aren't Toorak.
The city's most expensive suburb remains Toorak, with a median house price of $2,430,000 in the March quarter – down from $2,875,000 in the December quarter. 
However, it was still above second place which was East Melbourne's $2,242,000 with a handful of mansion sales, and Kew in third place, with a $1,944,000 median, up from $1,700,000.
Fitzroy North's median house was $1,135,000.
And it's poorer cousin Fitzroy had a $1.08 million house median.
And anyway looking at the list, Parkville seems to outrank the near suburbs from the other side of Nicholson Street.
<table style="width: 460px;"><tbody><tr>
<td>TOORAK  EAST MELBOURNE*  KEW  BRIGHTON  MALVERN*  CANTERBURY*  BALWYN  ARMADALE*  MIDDLE PARK*  HAWTHORN EAST*  SURREY HILLS  CAMBERWELL  PORTSEA*  IVANHOE EAST*  HAWTHORN  ALBERT PARK*  PARKVILLE*  SOUTH YARRA*  SOUTH MELBOURNE*  SANDRINGHAM*  CAULFIELD NORTH*  ELWOOD*  GLEN IRIS  HAMPTON  MONT ALBERT*  BALWYN NORTH  BRIGHTON EAST  KEW EAST*  ELSTERNWICK*  BLACK ROCK*  BEAUMARIS  ALPHINGTON*  ASHBURTON*  MCKINNON*  MALVERN EAST  FITZROY NORTH*  ST KILDA EAST*  ORMOND*  ST KILDA*  CAULFIELD SOUTH*  PORT MELBOURNE  FITZROY*  BOX HILL*  PRAHRAN  BENTLEIGH  FAIRFIELD*  MONT ALBERT NORTH*  WINDSOR*  PARK ORCHARDS*  TEMPLESTOWE  CARLTON*  CARLTON NORTH*</td>
<td>$2,430,000  $2,242,500  $1,944,000  $1,915,500  $1,908,750  $1,804,000  $1,740,000  $1,670,000  $1,670,000  $1,669,250  $1,551,000  $1,525,000  $1,520,000  $1,516,250  $1,505,000  $1,487,500  $1,467,500  $1,455,000  $1,335,000  $1,320,000  $1,317,500  $1,310,000  $1,310,000  $1,307,500  $1,305,000  $1,301,500  $1,301,000  $1,270,000  $1,268,500  $1,240,000  $1,220,000  $1,208,000  $1,175,000  $1,155,000  $1,146,000  $1,135,000  $1,127,500  $1,110,000  $1,110,000  $1,095,000  $1,085,000  $1,080,000  $1,065,000  $1,060,500  $1,050,000  $1,050,000  $1,047,500  $1,047,500  $1,045,000  $1,033,000  $1,027,500  $1,005,000</td>
</tr></tbody></table>
Source: REIV
(*fewer than 30 sales)
The nine reasons Fitzroy/Fitzroy North will not be the next Toorak.
<ol>
<li>
The celebrity chef <a href="/news/chef-george-calombaris-sells-fitzroy-north-pad-as-he-upgrades-toorak-mansions">George Calombaris sold out of Fitzroy North</a> recently to upgrade Toorak residences to a $4.75 million French Provincial family residence with picture book windows overlooking Paul Bangay gardens. 
</li>
<li>The queues over summer outside the Messina gelato shop on Smith Street are too long. Best send the butler from the air-conditioned Toorak mansion to collect the salted caramel take-away tub. </li>
<li>
Clifton Hill holds first rights to the title as it was described back in the 1880s as the "Toorak of Collingwood". 
</li>
<li>
Fitzroy only had two salons, Unico and Redroom, on the recent <a href="https://www.theurbanlist.com/melbourne/a-list/where-get-melbourne-s-best-blow-dry" target="_blank" style="line-height: 1.3em;">The Urban List</a> of Melbourne's best blow dry. Toorak, and neighbouring South Yarra, had six entrants among the 16 salons. 
</li>
<li>The 3,200 Toorak houses have an average 640 square metre block size. Fitzroy North's 3,500 houses come with a 240 square metre average. Fitzroy's 2,300 houses sit on an even smaller 165 square metre average square metre holding. </li>
<li>
The typical Fitzroy fare is plant-based Latin cuisine highlighted by the Smith &amp; Daughters menu of pazole, paella, chorizo, ceviche and croquettes. There apparently isn't a single animal product on the premises.  
</li>
<li>
The top sale in the Fitzroy district has been $4.2 million since the 2012 sale of the charming <a href="/news/fitzroy-north-tops-sales-with-strathfield-seizing-sydneys-highest-result-for-second-consecutive-weekend">Walkley</a> set in 740 square metres of beautifully landscaped grounds on Alfred Crescent. Toorak has had around 250 sales above $4.2 million, topping out at <a href="/news/nigel-austin-the-cotton-on-retailer-chain-founder-the-one-towers-road-toorak-buyer">$21.5 when the Cotton On boss Nigel Austin bought last year</a>.  
</li>
<li>Around 40% plus of Fitzroy/Fitzroy North houses are semis or terraces compared to just 15% in Toorak. </li>
<li>Toorak is dominated by owner occupiers, with investors holding around 50% of stock in the Fitzroy precinct.</li>
</ol>
The pity was the captivating, though now amended, headline in The Age, "Million-dollar suburbs smash north-south divide", alluded to something significant occurring within the systemic divide, but then disappointed, I'd suggest in delivery.
And it has since come to light, from at least one of the unnamed experts, that they actually agree Fitzroy won't be Toorak. They were told "Fitzroy North becoming the Toorak of the north". What was reported was different.
Aerial photo of Fitzroy courtesy of Wikipedia/Creative Commons.
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The nine reasons Fitzroy will not be the next Toorak

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The professional matchmaker Yvonne Allen has sold her three-level inner city Melbourne pad for $1.3 million.
Allen, founder of Yvonne Allen &amp; Associates, and her partner Stephen Hopley, a former director of Macquarie who is now on the board of oil company MEO Australia, bought the three-level apartment at 10/130 Flinders Street in 2007 for $695,000.
The couple then commissioned architect Victoria Hamer to renovate <a href="https://www.melbourneboutiqueproperty.com/index.cfm?pagecall=property&amp;propertyID=2624823" target="_blank">the four bedroom apartment in the 1885 building</a>.
The Italian High Renaissance revival warehouse stood as the tallest in Flinders Street after being designed by W.H.Ellerker.
The converted warehouse has had nine residential apartments since 1993.
It sold through Gina Donazzan, of Melbourne Boutique Property, who was quoting $1.1 million-plus.
It features a private rooftop terrace with views towards Government House. Its open-plan living area comes with seven metre ceilings, exposed red brick walls, parquetry floors and original french doors.
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Matchmaker Yvonne Allen sells Melbourne warehouse penthouse

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The Sydney house price growth momentum might have actually faded in the March quarter, but it still retains the mantle of highest price growth with weak performances among many of the other capital city housing markets.
Some 6196 properties were reported as sold at auction so far this year in Sydney totalling $6.78 billion with an average $1,094,000 sale price.
But Australian Property Monitors has Sydney house and unit prices recording their lowest rates of growth since March last year.
Sydney’s median house price increased by 3.1% over the March quarter and although this is a solid result, it is nonetheless well down from the December quarter rate of 5.1%. The Sydney unit market also faded over March with prices increasing by 2.6% - again short of the 3.7% recorded during the three months to December 2013. 
Dr Andrew Wilson, the senior economist at APM, noted despite the declining trend in prices growth, Sydney was the best performer of the state capitals over the March quarter. 
Sydney's record house price was up 16.9% over the past year to $782,973 with the median unit price also at a record of $547,053.
Melbourne's median house price increased by 2.8% over the quarter to be 11.7% higher annually, exceeding $600,000 for the first time at $604,110.
Melbourne unit median increased by just 0.2% in the March quarter to $419,702. 
Dr Wilson noted Brisbane's rate of growth was a modest 0.9%, with Brisbane house prices increasing now for the seven consecutive quarter, though its median house price remains just below its previous June 2010 price peak. Annuall Brisbane house prices increased by 6.0% while unit prices increased by just 0.5%.
Adelaide’s modest housing market revival continued with the median house price increasing by 1.3% over the quarter, contributing to an increase of 4.1% for the year. Adelaide unit prices, however, fell by 1.2% over the quarter.
At $611,410, Perth’s median house price remained flat over the March quarter but this was up 8.4% over the year. Perth unit prices were down by 1.4% over the quarter, though its median unit prices were up by 5.4% annually.
Dr Wilson said the Canberra housing market remained subdued with the median house price falling by 2.6%over the March quarter and its median unit price up by just 0.2%.
Hobart house prices weakened over the March quarter falling by 2.5% with prices however increasing by 3.2% over the year.
Darwin’s median house price fell by 1.6% over the March quarter - the city’s weakest quarterly performance since June 2012. Darwin unit prices, however, increased by 2.1%.  House prices are now 3.9% higher than a year ago with unit prices up by 2.7%.
APM March quarter data put the national median house price at $614,348, up 2% over the quarter, the lowest rate of quarterly growth recorded in the past year and nearly half of that recorded in the December quarter. 
Dr Andrew Wilson, the senior economist at APM, said the varying capital city results reflected the disparity of the multi-speed recovery profile of the current growth cycle.
The national median unit price increased by 1.3% over the three months to March, again the weakest quarterly result for a year. 
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