High-profile apartment defect cases have changed the way many NSW buyers approach purchasing, putting greater scrutiny on building quality, strata records and the parties behind a development before a contract is signed.

The industry buyers are assessing today, however, is also different from the one in which cases such as Opal Tower and Mascot Towers emerged.

NSW has introduced a series of regulatory measures aimed at strengthening oversight of apartment construction, including Building Commission NSW, the Residential Apartment Buildings Act 2020 and the Strata Building Bond and Inspections Scheme. Under the latter, developers are required to lodge a bond, with independent inspections forming part of the process for identifying defects in new strata developments.

Those changes provide another layer of protection, but they haven't removed the importance of buyer due diligence.

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For purchasers considering an apartment, that means looking beyond the residence itself. Building and strata history, strata reports, the track record of the builder and developer, the condition of common property and any known or planned expenditure by the owners corporation can all form part of assessing a building before purchase.

Whether the development is already complete can also materially change what can be assessed.

An off-the-plan purchaser is necessarily buying before the finished product exists. A completed apartment, by comparison, can be walked through before contracts are signed, allowing the purchaser to see the finishes, common areas and broader building as they have actually been delivered rather than relying solely on plans and renders.

It also removes exposure to some of the uncertainties that exist between an off-the-plan purchase and completion, including construction delays, cost pressures and builder insolvency during the delivery period.

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<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a> National Sales Director Ben Hamblett said that greater focus on tangible evidence is increasingly evident among apartment purchasers.

“The biggest shift we're seeing is buyers wanting proof, not promises,” Hamblett said.

“That's exactly why we deal in completed stock - you can inspect the building before you commit - and why we've backed every purchase with a cash bond against special levies.”

At <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> in Parramatta, that emphasis on a completed, inspectable product is already in place.

The 413-apartment, 46-level tower at 12 Phillip Street is being marketed by Projects by Equitifund, allowing prospective purchasers to inspect the residences, common areas and resident facilities before committing.

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The Lennox also introduces another layer to the due-diligence conversation through Strata Surety.

The vendor-funded arrangement provides purchasers with a cash-backed bond held in their own solicitor's trust account from settlement. According to Equitifund, the bond covers any special levy raised during the applicable cover period and is provided at no cost to the purchaser.

Special levies can create an unexpected cost for apartment owners where an owners corporation needs funding beyond its existing strata contributions. Under NSW strata law, a special levy requires approval by owners at a general meeting.

Equitifund Executive Chairman Greg Huxley said Strata Surety was designed to provide something more concrete than reassurance about that potential exposure.

“Buyers have every right to ask hard questions about strata risk - the industry has given them plenty of reasons to,” Huxley said.

“Our answer isn't a reassurance, it's a bond. Strata Surety puts real money behind that confidence, held by the buyer's own solicitor, not by us.”

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For The Lennox, its completed status also means purchasers can assess not only the apartment itself, but a building that has already been occupied and operating for several years.

Completed in 2021, the $300 million development, designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, comprises one, two, three and four-bedroom apartments, with open-plan living areas extending to private balconies. Interiors incorporate engineered timber flooring, stone benchtops and integrated appliances, while many upper-level residences have views across the river and surrounding district.

Its established amenity can similarly be inspected in operation. Resident facilities include the Watermark precinct with a 20-metre pool, outdoor terrace, barbecue areas, gym, fitness studio and conference room, while ground-floor retail addresses the river walk and surrounding public space.

The Lennox is also home to the Southern Hemisphere's first fully robotic residential car park, which has now operated for several years. Its nine-level basement combines three conventional parking levels with six automated levels, accommodating 327 vehicles using technology from German firm Lödige Industries.

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The riverfront address puts The Lennox close to much of central <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a>'s existing infrastructure, including Parramatta Station, Westfield Parramatta, Parramatta Park, and the Church Street dining precinct.

The remaining apartments form part of a limited release secured by Equitifund, following the sale of the majority of residences before and shortly after completion.

The regulatory environment around NSW apartment construction has changed considerably since the defect cases that reshaped public discussion around the sector. For purchasers, however, regulation is only one part of the equation. The ability to investigate a building's history, review its strata position and, where possible, inspect what has actually been delivered remains central to making an informed apartment purchase.

At The Lennox, its completed status provides that opportunity before contracts are signed, while Strata Surety adds a financial backstop against special levies beyond the protections already provided under NSW strata law.

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Joel Robinson

Buying with confidence: What NSW apartment buyers should check beyond the defect headlines

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.

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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.

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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]

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.

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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.

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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.

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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.

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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.

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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

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

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A new scheme, to be seen from 1 July this year, will provide the long-term unemployed with an added incentive to get a job. The government will pay for removalists' fees, bond and rent for those who relocate to get work.
A total $157 million of funding will be in part for this scheme, which is available to those aged 18 to 30 years, if they stay in a job for 24 months. They will receive $2,500 for staying in work for 12 months, and a $4,000 bonus for working for two years. A further $40 million is offered to those needed to relocate for a job.
This will see up to $6,000 to be available to those who move to a regional area, and $3,000 for those relocating to a city. Families could receive another $3,000. In total, unemployed parents with children could receive up to $9,000 in funding.
These payments will be to assist with rent, relocation costs such as removalists, and their bond. They will need to collect the receipts and have them for reimbursement.
Last Thursday, Minister for Employment, Eric Abetz, said that greater incentives needed to be provided, despite total employment rising.
These incentives included a Job Commitment Bonus, of up to $6,500, as mentioned above, that encourages long-term unemployed Australians to find a job, a Seniors Employment Incentive payment of up to $3,250, and the Tasmanian Jobs Programme which provides an incentive to businesses to employ job seekers who have been out of work for six months or more.
“Whilst employment figures can fluctuate from month to month, the growth in employment is welcome,” Abetz said of the latest numbers.
<blockquote>
The level of assistance is an increase on past schemes, however is now different between metro and regional areas, and offers extra to families.
</blockquote>
The Social Security Legislation Amendment (Increased Employment Participation) Bill 2014 also notes that in order to be eligible, the workers will need to have been receiving Newstart Allowance or Youth Allowance Other (not as an apprentice or full time student) for 12 months. They need to remain in work and off benefits for a minimum period of 12 months.
The bonus will be awarded even if the individual is in multiple jobs, rather than one continuous, provided they stay off of benefits. Self-employment qualifies, but other work is excluded, including work in the sex industry.
All the bonuses are tax free.
The 'Relocation Assistance to Take Up a Job' programme is the replacement for 'Move 2 Work', which expires on 30 June 2014.
The level of assistance looks to increase overall, however is now different between metro and regional areas, and offers the excess to families, which it did not before.
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Unemployed? Government will cover rent, bond and removalist if you relocate for work

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Rental growth has been flat in most areas over the first quarter of 2014 while property prices have surged, leading to lower yields on investment properties, according to RP Data.
Units in Hobart made the biggest rental gains in the quarter, rising by 4.7% to $280 a week.
Rent for units in Melbourne, Brisbane and Sydney also increased slightly over the quarter, by 1.4%, 1.3% and 1% respectively.
Adelaide was the only capital city in which detached houses made rental gains. The median rent for a detached house in Adelaide increased by a 1.5% to $345 in the quarter.
Rents in the other capital cities were flat or declined in the quarter, dampening rental results for the 12 month period.
Darwin units were the strongest performers of capital city properties for the 12 months to the end of March, with rents rising 5.8% to a weekly median of $550. Rents on Sydney units gained 4.3% to reach a median of $490 a week.
Rent for detached houses in Melbourne and units in Brisbane also made reasonable gains over the 12 months to March, appreciating 2.7% and 2.6% respectively.
Perth and Canberra were the weakest capital city markets over the 12 months to March.
Rents for houses in Perth fell 2%, while rents for units dropped by 4.3%.
Detached houses in Canberra achieved 5.8% less rent, and the median rent for units fell 4.7%.
“With home value growth comparatively strong we are seeing a deterioration of rental yields in most capital cities,” RP Data analyst Cameron Kusher said in a statement.
“We expect that rental growth is likely to continue at moderate levels over the coming year, due largely to the climbing demand for housing which is highlighted by escalating sales transactions nationally.”
Over the year to the end of March, house prices in Sydney rose by 16.41% and units gained 12.17%, according to the RP Data-Rismark Daily Home Value Index: Monthly Values.
In Melbourne, house prices rose by 11.94%, while unit prices appreciated by 8.95%, the index showed.
RP Data Quarterly Rental Review to end March 2014
 <img src="/images/2014/04/14/zoe%20april%2014%20one.png" alt="">
Source: RP Data
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Rental growth flat while property prices surge: RP Data

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Delisted AFL premiership player Darren Jolly and his wife Deanne are the mystery couple on the next series of The Block, the office block conversion currently underway in High Street, Prahran.
The Sunday Herald Sun, normally compliant with the Channel 9 demands for embargoed Block secrecy, broke the revelation on the weekend, having earlier alluded to a retired sportstar being a contestant.
Last month the couple sold <a href="https://www.realestate.com.au/property-house-vic-surrey+hills-116232795" target="_blank">their self-renovated Edwardian era Surrey Hills</a> home ahead of the scheduled auction.
It was renovated by the ruckman on days off and after training, along with designs by his fashionista wife.
Last year Jolly completed his building and construction certificate four at night school. The couple paid $1.35 million in 2010.
It was joked among his then Collingwood AFL teammates of his growing interest in renovation and property development
But it was actually Heath Shaw, the former Magpies defender now at GWS, who suggested that he wouldn't mind taking on a spot on The Block.
"I would really enjoy that and I know Darren Jolly is into his home renovations, I could get big Dazza and do all the co-ordination stuff and he could do the building,'' Shaw said in the lead-up to the listing of his then recently completed Kew East home.
Paul Richards, <a href="/news/off-field-top-marks-for-retired-ruck-man-darren-jolly-in-renovated-surrey-hills-cottage">the Bekdon Richards listing agent</a>, described the Jolly's three bedroom cottage renovation as one of the best he’d seen in 13 years in real estate.
Their 1910 house on 450 square metres had period features including high ceilings, stained glass and original fireplaces as well as for contemporary comforts such as refrigerated cooling and ducted heating. 
Just two doors along - another three bedroom 1910 cottage on 410 square metres last sold at $1.1 million in 2007 - sold ahead of its scheduled March auction too. Both recent sale prices have been undisclosed.
<a href="/news">The current Surrey Hills median house price sits at a record $1.28 million</a>, according to RP Data.
There was a $2.15 million sale of a renovated five bedroom cottage on 845 square metres set the street record last November.
The former Collingwood, Sydney and Melbourne ruckman, a two-time premiership player and reluctant 2013 AFL retiree, is St Kilda's part-time ruck coach.
A silly rumour prank that the ruckman was set to to play with the Bonbeach side during 2014, is seemingly set to come to fruition this Friday.
After hearing the rumour, the Bonbeach Sharks president Reece Murphy phoned Jolly who both started to think about it.
At this stage, Jolly has agreed to play only one game with Bonbeach - on Good Friday, when the Sharks host reigning premiers EdiAsp, according to the local paper, the Frankston Standard Leader.
Presumably The Block cameras will be there to cover it, confidentially.
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Former AFL ruckman Darren Jolly sells Surrey Hills and joins The Block Prahran

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Recently released data from the Australian Bureau of Statistics (ABS) shows that as at June 2013, the rate of population growth in Australia’s capital cities was significantly greater than that of regional markets.
Perth topped the charts as the city to consistently record the fastest rate of population growth with 395,000 new persons moving to Perth between 2006 and 2013. However in raw number terms, the increase in population has been much greater in Melbourne and in Sydney.
Between 1991 and 2013 Sydney added an additional 1,084,169 residents, Melbourne 1,153,248, Brisbane 826,621, Adelaide 198,141 and Perth 746,243.
As at June 2013, ABS reported that almost two out of every five Australian’s (39.4%) lived in either Sydney or Melbourne, however, the proportion of Australian’s living in Sydney or Melbourne fell slightly from 1991 (39.7%). This is largely due to a rising prominence of Brisbane and Perth as population centres.
In 1991, 21.3% of Australian’s lived in Sydney, 18.5% in Melbourne, 8.2% in Brisbane and 7.1% in Perth. By 2013, 20.6% of Australian’s lived in Sydney, 18.8% in Melbourne, 9.7% in Brisbane and 8.5% in Perth. Despite the declining prominence of Sydney, the proportion of Australian’s living within our four largest cities has increased from 55.0% in 1991 to 57.6% currently.
<img src="/images/2014/04/10/kusher-april-10-foru.gif" alt="">
The rising prominence of Brisbane and Perth as population centres has really emerged over recent years. Obviously the resources sector boom has driven this to some extent with escalating demand for professionals working and associated with this sector.
Darwin was the only other capital city to record an increase in its overall proportion of the national population over the period, shifting from 0.5% in 1991 to 0.6% in 2013.
Adelaide recorded the largest decline in its proportion of population over the period across the capital cities, falling from 6.3% of the national population in 1991 to 5.6% in 2013.
Sydney and Melbourne continued to be the most significant population centres however; Melbourne is catching Sydney quite quickly. In 1991, 3,672,914 persons lived in Sydney and 3,194,707 in Melbourne, a gap of 478,207 persons. By 2013, the gap had reduced to 409,128 persons.
During the same period, regional Queensland was the only regional market to record a greater increase in population than within the capital city. Over the period, Brisbane's population increased by a total of 826,621 persons compared to an 869,231 increase in Regional Queensland’s population.
The surge in population across Regional Queensland is linked to the growth in those markets directly adjacent to Brisbane, Gold Coast and Sunshine Coast.
Regional Queensland’s population has increased due to the ‘sea change’ phenomenon which has seen significant migration and development along the state’s coastal communities.
Over the year, the ABS reported that Australia's population increased by 1.8% with capital city regions recording population growth of 2.1% over the year compared to a 1.2% annual increase in regional population.
<img src="/images/2014/04/10/kusher-april-10-three.gif" alt="">
From 1995 onwards, capital city populations have consistently increased at a faster rate than those in regional areas. In June 1991, 64.6% of all Australian’s lived within a capital city and by June 2013 the proportion had risen to 66%.
Almost two thirds (66.3%) of all Australian’s live within a capital city, up from 64.6% in 1991.
Based on the ABS results, Australian’s are showing an ongoing preference to live in capital cities rather than regional markets. This is largely due to job security found in the cities.
With home values rising at a much faster rate in Sydney and in Melbourne than in other capital cities it will be interesting to see over the coming years if we see an outflow of population from Sydney and Melbourne to other more affordable capital city housing markets such as Brisbane and Adelaide.
Of course a key driver of any shift away from Sydney and Melbourne will be providing well-paid jobs and a high quality of life while ensuring that housing remains relatively more affordable than it is within Sydney and Melbourne.
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Capital cities' job security remains attraction for population growth

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I had the good fortune to meet two investors from Dallas, Texas last week - visiting in part, to survey the Australian real estate terrain and in return, provide a unique opportunity to glimpse the madness of it all through foreign eyes.
A cursory look through the press paints a colourful picture for our visiting observers.  Obviously, the spectacular rise in Sydney’s valuations has come under incredible scrutiny over the past 12 months or so. 
Like any upswing in the property cycle, it’s been exacerbated by a mix of forces, culminating in a shortage of effective supply against a bull run of speculation, which all agree has an inevitable end by date and no doubt subsequent correction when the tide changes (‘when’ being the operative word.)
The latest stats from RP Data’s capital city Home Value Index for the first quarter of the 2014 have evidenced “a near record level of growth throughout the month of March” rising in excess of 2% coupled with an “ongoing escalation in housing finance commitments”.
Sydney dwelling values are now reportedly 15.8% higher than their previous peak, some distance from Melbourne, which shows a more ‘subdued’ 4.7% ‘post peak’ increase (movements, which in industry speak are neatly termed a ‘recovery’.)
In response, the RBA, are like a read blowing in the wind, employing the same old wooden tools they’ve always relied upon as they warn investors in their latest <a href="https://www.rba.gov.au/publications/fsr/2014/mar/pdf/0314.pdf" target="_blank">Financial Stability Review</a>, - (like <a href="https://www.rba.gov.au/publications/fsr/2013/mar/html/bus-house-bal-sheet" target="_blank">last year’s</a> review, when stating how “undesirable” it would be “if households were to exhibit less prudent behaviour than they have over the past few years”) - that the:
“Cyclical upswing... cannot continue indefinitely” and any ease in lending rates holds the “potential to encourage speculative activity in the housing market”.
Community service groups hurriedly rush to Canberra, flagging a wealth inequality crisis, presenting yet another shandy of submissions to the rinse and repeat sequel of the last Senate inquiry into housing affordability,
And as Barclay’s Chief Economist <a href="https://www.smh.com.au/business/the-economy/australias-house-prices-flashing-red-debt-to-income-ratio-at-record-levels-20140404-362bz">Keiran Davies</a> sounds the alarm, reporting household debt to disposable income has hit a record “177% peak”, the public outcry against foreign investment bidding up prices has prompted the Coalition’s conservative version - reminiscent of Kevin Rudd’s 2010 <a href="https://news.domain.com.au/domain/home-investor-centre/blogs/domain-investor-centre-blog/what-housing-policy-20120621-20pcl" target="_blank">‘1-800-I-SAW-AN-ASIAN-AT-AN-AUCTION’ </a>debacle - to assess <a href="https://www.dailytelegraph.com.au/news/nsw/fears-chinese-investors-are-pricing-firsthome-buyers-out-of-the-market-will-be-investigated-by-parliament/story-fni0cx12-1226855755918">“what is happening on the ground”</a> and stave off the growing concerns that seem to indicate rules are not being adhered to.
The analysis my two new friends from Texas would hear from economists in response to the above backdrop is equally schizophrenic.
Whilst the Governor of the RBA <a href="https://www.theaustralian.com.au/business/economics/fitch-affirms-rating-warns-over-property-boom/story-e6frg926-1226874747119" target="_blank">Glenn Stevens is telling audiences</a> that a modest overheating in housing markets could have “long-term negative consequences for economic growth.”  AMP’s chief economist <a href="https://www.ampcapital.com.au/article-detail?alias=/olivers-insights/April-2014/Australian-housing-to-the-rescue-%E2%80%93-but-is-it-too-h" target="_blank">Dr Shane Oliver</a> is assuring the “normative” response to low interest rates producing a sharp surge in established house (land) prices, is “great news for the economy!”
According to Oliver, housing may show an “overvaluation criteria for a bubble,” but, we’re not in one yet, otherwise “property spruikers [would be] out in a big way” or “buyers rushing in for fear of missing out!”
Obviously Dr Oliver has not been attending many auctions or property seminars of late – otherwise he’d have plenty of evidence of the above practices (at least in the two biggest capitals.)  They’re all but engraved into Australian culture.
Notwithstanding, <a href="https://www.smh.com.au/business/the-economy/housing-bubble-fears-property-prices-could-fall-10-to-20-per-cent-20140331-35sg7" target="_blank">Christopher Joye</a> is back to the task of boosting his readership figures, evidencing the quite the opposite - warning overvalued prices could see “unprecedented 10 to 20% losses across the board” when/if the market 'normalises'.
Grave concerns indeed, albeit, it whistles the same tune as most industry commentary regarding affordability, with anxieties only going so far as to ensure an already inflated platform can be sustained (through prudent lending, of course) without open and strong advocacy into the policies that would stop these cyclical peaks and corrections, which result in numerous crash predictions, inevitable pain for new home buyers, a real wealth inequality crisis – for what seems to be for no more than generating publicity, whilst maintaining the status quo. 
“Build more houses!”
Unfortunately, the assumption – both here, and overseas – remains, that the only way to make houses more affordable, is to increase the supply of new dwellings.
Building more accommodation seems like an easy prescriptive cure, with supply verses demand being a well-tested economic model – that is, until it comes to the land market.
We can’t seem to deliver this supply at normative prices for the locational price/distance trade off.
Speculative activity, further promoted by a constipated planning system, has resulted in ever increasing land values, on ever decreasing lot sizes.
Analysis by RP Data shows vacant land prices over the past 20 years, have lifted from a median rate of $76.47 per square metre, to $507.70 per square metre, as of the end of 2013. Whilst the average ‘lot’ size has dropped from 700 square metres, to 500 square metres – and in some states, less than 400 square metres over the same period.
Obviously reforms to the planning process would greatly assist, however contrary to common belief, it would not alone provide a cure.
To truly restore housing back to fair value, we would have to remove the level of speculation manufactured into the structural design of our housing market and this is one side of policy reform Government has repeatedly refused to address.
Speculation
To be clear, an increase in the natural price of land, is an expected result when economies are improving due - for example - to capital investment in infrastructure, as is the case in Australia currently, with Tony Abbot’s desire to be knighted the ‘Infrastructure Prime Minister.’
Infrastructure intensifies the use and demand for land as the population grows, assisting job creation and collaboration between individuals.
Therefore, taken alone, rising values should be a ‘good’ thing for our country – (and economy) – or at least they would be, if the gains truly benefitted the community.
Any manufactured improvement to a location’s public amenities, gifts a beneficial trade-off to the owner, who receives a windfall in remuneration as the resulting economic impact boosts productivity.   
This increase in values is what economist’s term 'economic rent', although expressed rather misleadingly in popular vocabulary as capital growth.
To clarify – capital infers something that can be reproduced through productive activity, however we know from housing data, that the true gain in house prices is really collected in the rising cost of land, which takes up a 4.1 trillion dollar share of our 5.02 trillion dollar housing market.
 <img src="/images/2014/04/11/cashmore-april-11-two.jpg" alt="">
Land cannot be reproduced because it can’t be moved, it’s fixed in supply, and therefore any financial benefit derived from improving the surrounding facilities, is merely soaked into the ground.
This is why land banking is <a href="https://propertyupdate.com.au/land-banking-the-property-development-strategy-of-the-pros/">promoted</a> within the industry as a popular investment strategy – although to be clear, it’s not investment at all.
Investment implies the creation of wealth, whereas speculating is a zero-sum game; the wealth is not created, the landowner does nothing – and for the homeowners in Australia, lucky enough to be situated close to the best seats in town, it’s a generous tax-free unearned windfall.
Unwontedly or not, land bankers who hold their underutilised plot in lieu of capital gains, are free loaders on the economy and building activity does not respond to demand, but is only boosted when values are assessed to be on an upward trajectory.
Policies such as negative gearing, depreciation, capital gain exemptions, the encouragement to acquire properties and gear against them in self managed super funds, as well as the use of the family home as a wealth reserve for retirement, enforces speculation into the foundational makeup of our property market.
Land cycles
But I’m not informing Australian’s of anything they don’t already know.  People have become acclimatised to property being expensive, and our housing has become expensive because its value is derived from its accumulated and speculated future capital gains - correctly termed economic rent.
According statistics, home buyers typically move every 10 years or so. The price they are prepared to pay, is balanced against the price they expect to achieve, minus expenses – and in all my years assisting buyers, (barring the odd downsizer) I have never met a single one who calculated otherwise.
This is why property cycles – this is what promotes speculation. 
The banking sector, which has a monopoly on this process (after all, how many can purchase a property without a mortgage?) increases the volatility of this cycle markedly, however banks, lending, money (credit) creation, lack of regulation does not cause the cycle, (or stop the cycle).  Speculation does. 
We had land booms and busts before the evolution of our modern banking system – and without a change to the structural makeup of our housing market, we’ll continue to have them.
Lending restrictions can mitigate risk, but due to the vested interests of banking system, it will not remove it to the degree needed to stop the cyclical impacts.
Easy Earnings
Notwithstanding, for those home owners and investors who purchased over the last decade or so, making money through buying, holding and acquiring property (land) has been a far more effective in accumulating wealth by way of earning income and channelling it it into productive activities.
The BRW rich list is littered with examples, and for those who are not involved in the business of property, land is where they invest their dollars.
Of course, for the first home buyer on a single wage priced out – the mantra resumes that we just need to build more dwellings, the process of which contains just as much speculative activity in its design (including how we fund for infrastructure) so as to exacerbate the problem.
But how does it look to our Texan friends?
Well let’s just say, they’re not rushing to move here.
Texas is one of the top locations for interstate migration in America.
As with Australia, the economy has been super charged by way of a commodity boom, but unlike Australia, industries such as tech, manufacturing and business services are thriving and hiring in droves. 
The expansive list my new Texan friend’s reeled off, highlighting the number of companies moving their central operations into the state (rather than ‘offshore’ as they do here) is impressive, and when I asked how much they would spend purchasing a ‘home’ I was told that “three times annual earnings” would buy the best in town, which was summed up by the comment “like the house my parent’s own”.
Most of the units and condos in Texas are rentals – owned by large investment funds for example, and used as a hedge against inflation and source of positive cash flow.
There are less family sized rentals (detached dwellings) albeit, because housing is affordable, there is also less demand.
Devoting earnings to building a property investment portfolio isn’t a consideration for most Texan residents.
The state didn’t experience a housing bust, because it didn’t experience a housing <a href="https://www.newgeography.com/content/001680-how-texas-avoided-great-recession" target="_blank">boom</a>. 
 <img src="/images/2014/04/11/cashmore-april-11-one.jpg" alt="">
The subprime crisis didn’t hit, because speculation was removed. 
This was in part due to liberal and well funded supply policy, which ensures housing is built on demand and essential infrastructure funded by way of a deductable municipal utility district tax, administered by residents, funded by a bond, and payed back proportionally over a lengthy period of time.  
The additional key however in what’s been termed the “Texas miracle” is low taxes on productivity, lack of state income tax and a good regulatory environment, offset by higher than average property tax.
It’s not perfect – Texas does not remove other taxes, such as sales tax, which has a destructive impact on commerce – and property is taxed as well as land (where as ideally, in a truly productive environment, only the unimproved value of land – the economic rent – should be subject to a tax, which is far easier to accurately assess than the total capital improved value). However it makes the point. 
Whilst Texas boosts and attracts productivity with lower taxes, discouraging speculation in the areas that destroy it, Australia leans to the opposite.
We’re not immune to real estate crashes and there is plenty of evidence to prove their increased severity when prices are allowed to escalate. But, the best way to mitigate the risk and protect against volatility, is to encourage the industries that advantage the working population most (manufacturing for example) and take the air out of those that advantage land speculators the most. 
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catherinecashmore-6LXia3pPQj

Looking at our housing market through foreign eyes

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The St Kilda champion Nick Riewoldt didn't jag a buyer when his contemporary South Melbourne townhouse home went to weekend auction, but sold shortly after at an undisclosed price.
Their was definite latent buying interest, but with hands in their pockets, the only bid was the $1.6 million vendor bid.
Melbourne agents secured a healthy 72.3% weekend clearance rate, according to Australian Property Monitors, against a revised 71.7% tally for the previous weekend.
The sold Riewoldt property was listed through Marshall White agent Michael Paproth who expected more than $1.6 million at the auction which was attended by Nick's father Joe.
<img src="/images/2014/04/14/riewoldt%20april%2014.jpg" alt="">
Photo: Nick Reiwoldt's South Melbourne townhouse goes to weekend auction.
It cost around $1.2 million in 2009, in the project undertaken by Linara Property Developments.
Building began in 2007 with 32 three-storey town houses on the corner of Cecil and Dorcas streets, the suburb's largest housing development in decades was constructed on the site of an old service station and some Uniting Church land. 
The town houses were spread over four blocks, with one facing Dorcas Street, another Cecil Street and two internal blocks. There were 16 townhouse designs, with five-metre or six-metre frontages and floor plans ranging from 195 square metres to 335 square metres. All within walking distance of South Melbourne Market and the Melbourne Sports and Aquatic Centre and about a minute's walk to the South Melbourne light-rail station.
The Mrocki developer family have also undertaken The Victoria on Beaconsfield project, Maxx at St Kilda in a joint venture, and Linx in Prahran. Linara Projects Group was founded by brothers Leon and Harry Mrocki since coming from trade backgrounds having developed more than 1000 apartments in Melbourne during the past 20 years.
Marketed as a substantial contemporary residence, <a href="/news/st-kilda-champion-nick-riewoldt-lists-leafy-contemporary-south-melbourne-home">the Riewoldt abode</a> comes with downstairs bedroom with en suite, that would work as a home office.
There are three further bedrooms on the first floor including the main bedroom featuring balcony, retreat zone and double shower en suite.
The top floor living/dining areas has polished floors that flow to a balcony with city views.
<a href="https://www.youtube.com/watch?v=mlbANSD1Sko" target="_blank">It comes with video</a> marketing campaign.
{qtube vid:=mlbANSD1Sko}
The nine year Saints captain, who is married to Catherine Heard, has apparently bought the large Brighton family home by private treaty in late February.
It was among 1,261 weekend offerings in Melbourne with an $870 million worth of stock, including around $640 million in houses set to be offered under the hammer and $230 million worth of apartments.
Australian Property Monitors research assistant Neil Tan advised that this weekend's offerings was some 142% higher than the same weekend last year. 
Melbourne's 1,277 auctions this Saturday was its fourth weekend above 1,000 this year with about 450 units and 810 houses for scheduled auction.
Melbourne's median weekend for house prices was $737,000 and the median unit price was $520,000, based on the initial 994 initial results.
That's much higher than the typical $568,000 Melbourne median for houses and the median for typical $420,000 Melbourne units.
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jchancellor-FAypfDUnLy

Nick Riewoldt sells but after awaiting $1.6 million plus offers as South Melbourne abode passed in

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Causing waves in Sydney's gay community, LGBTIQ icon Midnight Shift in Darlinghurst, at 85 to 91 Oxford Street, is up for sale, with two retail shops - up to 95 Oxford Street. The longest running Oxford Street hotel, with 31 years under its belt, has been a loved part of the street's culture for many years, but it appears its days may be numbered.
Samesame.com.au suggest that the closure may be due to a lack of business, with opening nights reduced from seven to four nights this month, but reassured that the venue is open for business as usual until the sale date. Midnight Shift began charging for shows in 2011, but has still been referred to as a "must attend" venue. The downstairs bar has remained free, but charges were increased to head to Upstairs Shift.
<img src="/images/bar.png" alt="">
<img src="/images/bar2.png" alt="">
The reduction of nights open was said to be due to changes in liquor legislation and the impact of a five-year freeze on the CBD entertainment precinct, the promotions manage for the venue, Leigh Harder, said in March.
While some have taken to Facebook lamenting the loss of an icon, it does provide a good chance for an opportunistic business and party-minded new owner to grab one of Oxford Street's renowned venues with 28 metre frontage.
<img src="/images/decor.png" alt="">
<img src="/images/pokey.png" alt="">
On approximately 849 square metres and being offered with vacant possession tenure, the colourful <a href="https://www.realcommercial.com.au/property-land+development-nsw-darlinghurst-501111067" target="_blank">Real Commercial listing was put up today</a>.
The listing notes that it is within "one of Australia's premier entertainment and retail precincts on the edge of Sydney," and that "Valuable hotel license and entitlements that can be purchased with the sale".
It has dual street access.
93 Oxford Street, which appears to be included in the listing, is Liquor on Oxford, which was sold in 2008 with a first level office lease to Midnight Shift on a 5+5 year lease commencing in September 2008 and a 5+5 year retail lease to House of Fetish from August 2008. The other shop appears to be a Pad Thai (pictured below) at present. According to RP Data, the November 2008 sale for 85-91 Oxford Street was for $8,250,000, settling in December. Before that it had been sold in 1994 for $3,300,000, with one other previously recorded sale - in 1992 for $2,900,000.
<img src="/images/pad%20thai.png" alt="">
Expressions of interest are closing 21st May 2014 after its listing today. Disco dancing, a stage and everything theatrical, Midnight Shift has been home to many a memorable night, including colourful Strip Karaoke, that will see some mourning its sale.
<img src="/images/theatre.png" alt="">
It is being advertised through Oxford Commercial, and sits between the Lick-Her Shop and House of Fetish.
It is currently owned by Arunta Investments after the 2008 sale, previously with the Midnight Shift title being in the hands of long-time owner Tim Berry, in a <a href="https://www.propertyobserver.com.au/https://www.starobserver.com.au/news/local-news/new-south-wales-news/berry-sells-midnight-shift/30033" target="_blank">somewhat bitter situation reported on by the</a> Star Observer back in 2010.
“Weighing the pros and cons of that, Tim decided that it was probably time that [Arunta executive director] Mark Madar gets the place and experiences for himself what it takes to run a pub," they reported Berry's partner Clarence Cruz as saying.
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Oxford Street, Sydney's oldest gay hotel venue up for sale

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The majority of one bedroom apartment and penthouse stock at the 37 storey Opus Tower has been sold or is under reservation, presumably going to offshore buyers prior to the tower's Australian launch on May 29. Only 31 two bedroom apartments and 40 premium residences remain, with prices starting at $665,000.
The property, which was heavily marketed in Hong Kong and mainland China, comprises 246 residences, including one and two bedroom apartments and penthouses. Marketing efforts include a cross promotional deal with Qantas, where registrants were entered into a draw to win 1 million Qantas Points, and the opportunity to earn 1 point per $1 spent on property purchases in the tower. Opus Tower is not the first off-the-plan property to be promoted through Qantas points by LK Properties, who <a href="/news/melbourne-off-the-plan-units-sell-with-bonus-qantas-frequent-flyer-points">launched the Qantas deal mid last year</a>.
Construction has been approved after four years of delays. 
Plans for the residential tower first emerged in 2010 after Tapil Pty Ltd obtained a planning permit for redevelopment at 57-61 City Road, Southbank for 246 apartments, two retail premises, three offices and parking for associated cars (see below).
<img src="/images/2014/04/11/planning%20details.png" width="460" height="264">
Planning details from the City of Melbourne, 2010
However, after submitting plans for the building, Tapil ran into a series of roadblocks over minimum boundary setbacks on the building's east and west borders. Amended plans were submitted to the City of Melbourne, who were ordered to approve the amended plans by the Victorian Civil and Administrative Council in April 2011.
Tapil then listed the 912 square metre site with planning permits through Lemon Baxter in May 2011.
<img src="/images/2014/04/11/jr-arpil-11-tear-out.jpg" alt="">
57-61 City Road's listing through Lemon Baxter. Source: The Age
It was then listed again in <a href="https://www.colliers.com.au/News/News-details.aspx?NewsId=%7b030DCF51-D335-40A5-BDC7-ED719E20B588%7d" target="_blank">September 2011</a> through Colliers International. Reportedly, the site sold for $11.9 million last year with final plans greenlit in late February 2014.
Opus Tower will be located at 57-61 City Road, Southbank, near the Eureka Tower, fronting onto Fawkner Street and City Road. Designed by Artisan Architects, the tower will have a white, black and gold façade with textured concrete and metal components. There will be a ground floor retail precinct, and internal features will include curved, gold chained walls in the building’s lobby.
Larry Kestelman’s LK Property Group is currently accepting registrations from Australian for pre-release access to the project’s two bedroom residences. The apartments, marketed by Amity Real Estate, will offer floor to ceiling windows, timber flooring and Essastone benchtops in the kitchens. In May developers will launch the remaining stock to local buyers, including a premium selection of 40 residences in the tower. 
<img src="/images/2014/04/11/600_floorplanT06.png" alt="">
Floor plan for penthouse option A at Opus Tower, Melbourne.
<img src="/images/2014/04/11/2.jpg" alt="">
Floor plan for two bedroom apartment Opus Tower, Melbourne.
 
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jrichardson-uRX5hFdKfN

Majority of stock sold prior to local launch of Southbank's Opus Tower development

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GUEST OBSERVATION
According to news reports it looks like the ban on price guides for properties up for auction in Queensland will go ahead when Parliament sits in May - with one minor amendment.
Vendors and selling agents will still be able to categorise the property in a price bracket for buyers searching on real estate websites. 
How will it affect the auction climate in Queensland?  Not much - auctions aren't as popular there and price guides have always been frowned upon.  But the debate has captured the attention of the major players in Sydney and Melbourne where auctions are the sales method of choice for many. A change such as this in these markets would dramatically alter the real estate landscape and make auctions less popular - a result many in the industry don't want despite the flaws in the current process. 
<blockquote>
Underquoting is a cruel, misleading and deceptive practice that needs to be stamped out for good.
</blockquote>
This is why I believe so many industry players have been so outspoken against the proposed changes. Their main claim has been that "buyers want pricing information". Yes, they are on the right track - buyers do want pricing information - however, they have left off the most important words in that statement which I believe to be "honest and transparent". 
The Queensland government's position can be summed up as "no price guides are better than phoney ones", and I have to agree.
Underquoting, or bait advertising as it’s also known, is a cruel, misleading and deceptive practice that needs to be stamped out for good.  
However, I believe the Queensland government is set to miss the mark here. They have the opportunity to make a real change for the better with the eyes of Australia's real estate industry watching.
Instead what is proposed is a half measure that doesn't really address the lack of transparency issue.
Naturally I much prefer my idea of making it mandatory to publish auction reserve prices seven days prior to auction as I've outlined in <a href="https://www.epspropertysearch.com.au/go/eps/blog/bringing-down-the-hammer-on-dodgy-auction-price-guides" target="_self">previous blogs</a>.  I believe my proposed changes would achieve a much better outcome for both the buyers and sellers.  Further my proposed changes would more than likely make auctions more popular with buyers due to this transparency.  If they are more popular with buyers they will be more popular with sellers, so everybody wins. 
In just a few weeks my <a href="https://www.change.org/en-AU/petitions/the-honourable-stuart-ayres-mp-nsw-government-make-it-compulsory-to-advertise-auction-reserve-prices-to-stamp-out-underquoting-and-dummy-bidding" target="_blank">‘publish auction reserve prices’</a> petition has had hundreds of comments supporting the idea, but I believe it needs more support before the Minister is likely to look at the proposal - if you haven't already please take three minutes to read it and support it if you agree.   
Please let anyone you know who has recently purchased a property or who is currently searching for one know about it so they can also have their say! 
Patrick Bright is the founder of Sydney-based buyer’s agency <a href="https://%20www.epspropertysearch.com.au/" target="_blank" rel="nofollow">EPS Property Search</a>.
Patrick is the author of four best-selling real estate books known as “The Insider’s Guide to Buying Real Estate Series.”
This article first appeared on <a href="https://www.epspropertysearch.com.au/" rel="nofollow">www.epspropertysearch.com.au</a>.
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pbright-aNtgvRfvJN

Queensland's price guide bans don't go far enough, what we need is real transparency

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Shanghai-based Greenland Group are behind <a href="https://www.greenlandcentre.com.au" target="_blank">Greenland Centre</a>, the tallest residential tower in Sydney and their first foray into the heart of the CBD, and they are set to launch their second stage tomorrow with expected significant Chinese interest.
It seems Chinese buyers are, unsurprisingly, being actively marketed to - with the entire site, at a click of a button, translatable to Chinese, and a similar tower, Wuhan Greenland Centre, under construction in Wuhan, China, from the same developer. Marketing efforts are expected to be rolled out in Shanghai, Singapore and Hong Kong. In fact, Wuhan's building has also been reported overseas as likely to be the third tallest building in China, and the fourth tallest in the world at around 600 metres, making them no stranger to heading skyward.
<img src="/images/2014/04/11/greenland-april-11-one.jpg" alt="">
Above: Screenshot of the Greenland Centre Sydney website, translated into Chinese
The $680 million development’s Stage 2 will see 200 apartments and penthouses released to the market, adding to the <a href="/expert-insights/buying/greenland-centre-launches-second-sales-stage">300 released and sold in Stage 1 in a sellout</a>.
Greenland Centre, at 115 Bathurst Street, looks to include new technology to re-use the existing structure and rejuvenate the building, with a design from BVN Donovan Hill and Woods Bagot.
It includes views to the ocean, mountains, across the Harbour and Hyde Park.
There will also be commercial and retail spaces at the site, as well as a boutique hotel with a swimming pool, roof terrace and concierge. The tower residents will also be able to use the roof terrace.
The public launch of Stage 2 is today, 12 April, with the entire development set for completion in late-2017.
Half of the apartments will have parking spaces.
In Stage 2 it’s yet to be confirmed how many of each type of property will be available, but the range will include one-, two- and three-bedroom apartments, studios and penthouses.
Studios range from $595,000 upwards, with an unconfirmed internal size. One-bedroom apartments, from 38 to 66 square metres, also range from $595,000 upwards. Two-bedroom apartments, from 70 to 91 square metres, the prices are set to be from $1.1 million, and three-bedroom apartments, at 105 to 144 square metres, will be from $2.175 million.
An opportunity to buy the highest penthouse in the area, with the entire building estimated to be 235 metres tall, may just be on the tickets tomorrow in what will prove to be a coveted position. However, you'll need to pay dearly for the property. Penthouse prices, despite the Saturday launch date, are still to be confirmed, estimated at up to $10 million each. In the Stage 1 release, Bloomberg reported that the most expensive sale was a three-bedroom unit on the 55th floor for $3.7 million, that sold to a Chinese buyer living in Australia. Whether they have citizenship was not mentioned. Sub-penthouses are also available.
Next to the site, 339 Pitt Street, the former Sydney Water head office site, is also slated to be turned into a hotel, according to<a href="https://development.cityofsydney.nsw.gov.au/Datasource/DANotifications/1128322_049.pdf" target="_blank"> the Preliminary Construction Management Plan</a>. It is on the state heritage council register of NSW, and the plans suggest "adaptive reuse" of the building and remedial work to the facade. Building works are suggested to maintain hours from 7am to 7pm Monday to Friday and 7am to 5pm on Saturdays.
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