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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Would you? Could you? Perhaps you have already ...
Falsify your address just to get your little ray of sunshine into the family’s school of choice, that is.
Some parents do it; others scheme about it and those secondary schools in their sights – such as McKinnon, Balwyn and Canterbury Girls' – put strategies in place to make sure it doesn’t happen (often).
The pressure on some high-achieving parents to get children into schools of choice leads them to drastic measures. Some are said to fudge their addresses by bribing relatives, others change their mobile phone billing data, some wealthy parents buy a second property – with no intention of living there – just so they can have a postal address for school documents. Others make false statutory declarations – or rent properties for six months and then leave them vacant.
It seems nothing is too much trouble when a place in a class in the best school is on the line.
Getting in on the front foot, McKinnon Secondary College says it "strongly advises prospective parents to contact the college before securing a leased property, or purchasing a property, to discuss enrolment options."
It’s a serious issue with strict criteria, such as the <a href="https://www.mckinnonsc.vic.edu.au/the-mckinnon-zone/" target="_blank">boundaries designated by McKinnon Secondary College</a> (pictured below).
<img src="/images/stories/2014/01/21/mckinnon-jan-21-one.jpg" alt="mckinnon-jan-21-one" height="458" width="470">
Source: McKinnon Secondary College
Only houses on the inside of boundary roads are deemed to be in-zone. If the zone is amended, the school says it will signal changes on its website and in the local press.
Enrolling students must live with their parents. Staying with a relative or friend does not qualify a student as a "resident". And guardianship is not a criterion for enrolment unless supported by relevant papers endorsed by the Family Court of Australia.
Balwyn High School says its expectation is that a family will remain permanent residents within the zone for the duration of their child’s education. It says it cannot guarantee a child’s continuing enrolment if their residential status changes during that time.
It has been a long-term requirement that new enrolments sign a residency declaration stating the family’s intention to remain permanent residents in the zone as long as their child is enrolled there.
The purchase of property in certain areas to guarantee entry is taking its toll on some schools who simply cannot find a place for them. Balwyn High School says it is "constantly liaising" with the Department of Education and Early Childhood Development regarding its "acute accommodation problem". It says it is investigating the possible placement of new students into other government schools as a means of alleviating its "accommodation crisis".
But Victorian Education Department spokesman Liam Carter said there was no review and no state government policy in place to prevent parents falsifying information for school enrolments. "It’s not much of an issue in Victoria as most schools take students from out of their zones anyway," he said. "Only a few schools have specific zones and they manage the issue themselves."
As an aside, he said he had heard of one principal who would go around to addresses he was sceptical of and check that a certain student did, in fact, live there. This is verified by an entry on the McKinnon Secondary College website stating: ‘’ Documentary proof of residence is required, and applicants may be personally visited without warning to verify habitation claims.’’
That’s one way to check. Other ways include providing evidence of the purchase of a property in the zone or a property lease from a licensed real estate agent for at least 12 months. The property and lease must be under the parent's name. Copies of a driver's license, utility bills – all in the parents’ names - are other items asked for as proof of address.
Article continues on next page. Please click below.
 
<hr class="system-pagebreak">
School zoning is also a dividing feature in the UK where a Parent Power survey, commissioned by education charity Sutton Trust, found a third of professional parents deliberately moved to an area with good schools, while one in five moved to the catchment area of a specific school.
The claims were made in the Mail Online which found that one-in-20 parents could afford to buy a second home just to use the address when applying for enrolment. This was more than double the 2% among parents in general.
Around 6% – double the average – admitted using a relative’s address on application forms. And one in 10 said they had started going to church to get their child into a faith school compared with one in 16 among parents in general.
And one in 20 – 5% - said they bought a second home to use the address when applying for a place at a specific school. This is more than double the 2% among parents in general.
Hocking Stuart Bentleigh’s Fran Harkin said property was "definitely more expensive" in the McKinnon school zone which reflects the fact that parents will pay more for the privilege of sending their children there. Salesman Anton Zhouk said anecdotal evidence was that some parents bought second properties in the zone for a legitimate address to present to the school regarding their child’s enrolment.
"You hear of it going on but, of course, it’s never talked about," he said. "Some buy land - without a house on it - just to qualify."
"The zoning requirements have a marked effect on prices," Zhouk confirmed. "Centre Road divides the zone and properties on the ‘right’ side may cost $150,000 more. It’s certainly a good selling point."
Melissa Ryan, of Hodges Bentleigh, said "very specific buyers, such as the Chinese, come to Australia to give their offspring a quality education" and this has a big effect on school zone land prices.
"They want their children to stand out amongst the rest and an Australian education has cache. So, in order to get their children into a good school, they will pay extra for it."
Ryan said the value of the Aussie dollar played a part in their strategy. "When the dollar was high Chinese buyers left the market, so that houses in the school zone were selling for less than those outside. Now, with the dollar low, they are back in."
The return of the Chinese is certainly affecting prices, with Ryan saying they were "even outbidding developers" on property where the minimum to buy in is around $1 million. "Over the past two years – when the dollar was high - this has not been the case."
Agent sbelieve that buyers of Asian origin – who make up 80%-90% of buyers in the area – are especially keen to send their children to select schools. Many can afford to pay cash for their new homes.
Ryan said the McKinnon/Bentleigh market was strong. "This time of year people buy cars and houses. Anything that is still on the market is being snapped up quickly."
John Pollard, of Woodards Bentleigh, said school-catchment zones "had a huge pull" on buyers and put a 10% premium on sale prices. "And it is usually the starting point of the marketing campaign."
Pollard said planning ahead could pay dividends. He said a Chinese couple from Thomastown with a pre-school age daughter recently bought a rundown property in McKinnon – in the school zone, of course – planning to rent it out until their daughter is ready for year 7, when they will move in.
NSW schools are equally strict about their enrolment criteria. Popular Willoughby Girls’ High School in the inner north lists ‘residential proximity’ as the main criterion for entry, with proof of a student's address to include originals of different documents, such as a council rates notice or residential lease and electricity bills with their parents’ names.
The school lists nearby suburbs in priority order according to their distance from the school, which is defined as a straight line point to point from the school to the nearest point on the suburb boundary. Parents can access a <a href="https://www.wghs.nsw.edu.au/WGHS/assets/File/Residential%20Proximity%202%5b1%5d(1).pdf" target="_blank">residential proximity</a> map to see how far they are from the school.
Artarmon Public School – a few minutes away on Sydney's lower north shore – is reportedly the fifth-best primary school in the state. And that’s a sound reason for parents to buy in the suburb, says Jason Georges, of Ray White Willoughby. "There are only a limited number of streets in the catchment and property there is always in demand, with three bedroom houses usually going for around a million dollars."
Killara High School – like all NSW public schools – has enrolment criteria insisting that children are designated to a particular school based on the permanent residential address of their primary caregiver.
It has to - as one of the few non-selective public schools to rank in the top 100 high schools in the state it has massive enrolment pressures.
The president of the Parents and Citizens Association, David Jordan, told Fairfax newspapers that growing housing density was putting huge pressures on the school. "You're getting a massive increase in population in the area but there's no money going into infrastructure in the schools. Basically, the school was designed for about 900 students. It's over 1500 now. We just can't afford to have out-of-area kids."
In 2002, only about half the students at Killara came from the local area. Now it is nine out of 10, he said.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
 
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staylor-63KgDrKwoY

School zones: How far would you go to get into the best schools?

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Hi Margaret,
I am from Sydney and I have a property that is one acre, well it's around 4,375 square metres. 
Originally it was all farm land, but there's been a new development and now I have one of the only acres left. Now have homes all around me and my land has roads at the back and front of me.
I don't think there is much else that I can do to my acre. I would like to subdivide it and I need to do it the right way so I don't make any costly errors. 
I gave spoken with local council and the lot sizes I am allowed to do is 550 square metres. 
If you could push me in the right direction I would really be grateful.
Thanks, 
Shane
 
Hi Shane
It sounds like you have your one acre available to subdivide into around eight lots, depending upon what your council will allow. That should be fairly straightforward, though not without cost.
You must be aware that all councils will have different rules, regulations and processes even though they all fall under the one state government planning department rules.  It's important that you know and understand all of the requirements before you get started.
You should start by going to your local council website and looking up the town plan.  Here you will find the minimum lot size according to the incline of the land, and you can work out how many you can do.
After this it would be wise to contract a local town planner who should be able to have the required surveys, site and engineering plans drawn up for you.  While there is a cost involved in having a town planner involved, it can save you a lot of time and effort and often the risk of getting rejected after you've spent a lot of money.  Town planners usually know the rules intimately, and many have previously worked for council, so they are in the best position to develop a proposal with the greatest chances of success.
You will incur a large amount of cost before you even get to the point where these could be sold. These include, but are not limited to: roads (if required), drainage and sewerage, connection of services, access driveways, cutting and levelling, retaining walls, tree removal and more.  On top of this will be planner fees, council contributions, application fees, drafting fees, engineers costs and surveys.  You will need to fund all of these costs yourself, as until the final approval is in place and a 'construction certificate' is issued, you won't be able to sell them. 
My advice is to make very sure that someone has adequately estimated these costs and that you can afford to meet them before you get started, or you may find yourself in a situation where you run out of money before you are done.
Another option is to either sell to a developer before you even begin, or do the initial work in designing the subdivision but place the acre on the market as a 'pre DA approved' lot. This may then get you a bit more money if you can show the potential subdivision allowed.
Regards,
Margaret
Margaret Lomas is a best-selling author and writes and hosts the popular 'Property Success With Margaret Lomas' and heads up the panel on 'Your Money, Your Call', both on Sky News.
She is the founder of <a href="https://destiny.com.au/dotnetnuke/en-au/home.aspx" target="_blank" rel="nofollow">Destiny</a>.
Have a property question? <a href="mailto:askmargaret@propertyobserver.com.au" target="_blank">Ask Margaret!</a>
 
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mlomas-KC9MUPZ6Ca

I want to subdivide but how do I avoid costly mistakes?

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House prices have been rising.  But the rises are not uniform across the country.  The current recovery is against a period of relative weakness in house prices.
The housing market in Australia is quite cyclical, influenced by broad economic factors and in particular the cost and availability of money.  Low interest rates and easier credit access could drive the current cycle too high.
At present, price <a href="https://matusikmissive.com.au/2013/12/18/2014-outlook/" target="_blank">levels</a> (outside of Sydney, Melbourne and to some degree Perth) whilst above those in the US and Europe, are at the upper end, not beyond, the range of price to income ratios for developed countries.  At present, arrears rates on housing loans remain relatively low in Australia.
<img alt="matusik-jan-21-one-small" height="349" width="470" src="/images/stories/2014/01/21/matusik-jan-21-one-small.gif">
<img alt="matusik-jan-21-two-small" height="310" width="470" src="/images/stories/2014/01/21/matusik-jan-21-two-small.gif">
<a href="https://matusikmissive.com.au/wp-content/uploads/2014/01/House-prices-1-PNG.png"></a>
<a href="https://matusikmissive.com.au/wp-content/uploads/2014/01/house-price-2-PNG.png"></a>
The two graphics show that:
<ul>
<li>
House prices are cyclical.  Gains made now and into 2014 and 2015, could be eroded if prices grow too fast over the next 12 to 18 months.  Some of the current price forecasts (15% to 20% for 2014 alone)  will mean, if they eventuate, a potentially big slide in prices come late 2015 and beyond.  There is really little wriggle room for house prices to move.  Something in the order of 5% to 8% over the next 12 to 18 months is, for mine, much more viable.   Again for mine, if price growth exceeds, say, 10% this year, then budget on price falls post mid-2015.
</li>
</ul>
<ul>
<li>
Not all capitals are enjoying the rush.  Some haven't seen any improvement really in house prices yet.  Everything is Sydney, Melbourne and Perth and some locations (like every other cycle) will miss out.  I cannot see Hobart, Adelaide, Canberra or even Darwin enjoying much house price growth this year.  In contrast, South East Queensland is in the box seat.  Perth is likely to slow.  I also think that Sydney and Melbourne will see price growth this year, but they are already 'over cooked'.  Both markets can expect a correction - and maybe big ones - in late 2015.
</li>
</ul>
<ul>
<li>
With stubborn, high unemployment, full-time job losses and benign inflation - and despite its inflationary impact on house prices - interest rates need to fall further.  The collateral damage will be an overheated house price cycle.  This is why house prices cycle.
</li>
<li>
What will stop this current cycle is any rise in interest rates and an increase in mortgage defaults (which will lead to tighter lending practices).  Care must be taken not to borrow too much.
</li>
</ul>
Michael Matusik is the founder of <a rel="nofollow" target="_blank" href="https://www.matusik.com.au/" style="font-size: 14px;">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.
Read <a rel="nofollow" target="_blank" href="https://www.matusikmissive.com.au/">Michael’s Blog</a> or follow him on <a rel="nofollow" target="_blank" href="https://www.facebook.com/ThinkMatusik?fref=ts">Facebook</a> and <a rel="nofollow" target="_blank" href="https://www.twitter.com/michaelmatusik">Twitter</a> or connect via <a rel="nofollow" href="https://www.linkedin.com/in/michaelmatusik">LinkedIn</a>.
 
 
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michaelmatusik-49YzLvdmNv

Overheated markets set to see a 2015 correction

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Western Australia has once again topped the states when it comes to driving the nation’s economic growth, despite the downturn in the mining boom.
The Northern Territory has <a target="_parent" href="https://www.smartcompany.com.au/finance/34215-wa-continues-to-lead-but-the-rest-of-australia-is-catching-up-state-of-the-states-report">leap-frogged the Australian Capital Territory</a> into second place, according to the latest CommSec State of the States report, further demonstrating the strength of the mining states.
Queensland and the ACT tied in third place, while New South Wales and Victoria also tied in fourth.
A significant gap then separates these states and South Australia, while Tasmania continues to lag behind the rest of the nation.
While WA is still on top, it came out first in only one of the eight criteria, compared to five categories in April 2012. However, it did manage to come second in a further six categories.
CommSec economist Savanth Sebastian told SmartCompany overall the resources states are strengthening.
“WA was front and centre in terms of growth. The income flow is now filtering through the economy and retail spending was particularly strong,” he says.
“The Northern Territory and Queensland were healthy in terms of business investment and this has been supported by lower interest rates, fostering a turnaround in the economies of these states.”
The NT’s main strengths include construction work, retail trade and dwelling starts, however it came in last place in the housing finance category.
“The resource states will dominate going forward in terms of an income boom. The mining boom isn’t tapering to the extent that it was once thought and even though it will taper the property boom will support the economy,” Sebastian says.
The ACT slipped to third place because of a loss of momentum in business investment, however it continues to perform well in the population growth criteria.
Sebastian says the biggest driver of the 2014 growth story will be the housing sector.
“Victoria remains about six to nine months behind what we’re seeing in NSW in the property market,” he says.
Tasmania came in last on all indicators, except housing finance where it placed sixth.
Sebastian says its main weakness is a stagnant population and a high unemployment rate, although all hope is not lost.
“In Tasmania the weaker currency will be beneficial in a broader sense. When you see a lift in housing activity, particularly when housing affordability is strong in the region, it can support a turnaround, so we could see some other sectors start to get some support,” he says.
CommSec predicts in 2014 growth in all states and territories should start to lift as consumers and businesses show a sustained level of optimism.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
 
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yredrup-o4Anfe78KF

Resource states still fueling economic growth, while Tasmania continues to lag

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As 2014 progresses it will become increasingly clear that oversupply is a bigger issue than shortage in Australian property markets.  
It may also become apparent that the greatest threat of a future market downturn will not come from the mythical price bubble concocted by journalists who don't care too much about accuracy or balance but from an emerging serious oversupply in some markets.  
For some years the notion of a dwelling shortage, often described as "a chronic housing shortage crisis", has been promoted by some organisations and individuals pushing vested interests.  
That notion has never been supported by any factual data nor by the behaviour of markets, but it hasn't stopped newspapers from treating it as a fact because it was a cheap and easy headline.
Most market outcomes in recent times have made nonsense of the shortage claims. The fact that four of the past six years have been periods in which prices on average have fallen is inconsistent with the idea of a chronic shortage so bad it has been often called a crisis.  
So too has the lack of rental growth in most of our major cities. In the past couple of years only Darwin and Perth have delivered major rental growth.  
Darwin has been perhaps the only capital city to which the term "housing shortage" could be accurately applied in recent years. When the Ichthys gas project brought thousands of new workers into this rather small city, and supply-demand imbalance worsened and rents rose sharply. Darwin has by far the highest residential rents in capital city Australia.  
The rental growth in Darwin, and in resources-related centres such as Port Hedland, demonstrates what happens when there truly is a shortage of dwellings relative to demand.  
Where there is no rental growth, you can safely conclude that there is no dwelling shortage.  
According to the latest Rental Report from Australian Property Monitors, Darwin remains the only state or territory capital city with any realistic claims to a shortage - and even there the rate of rental growth has dissipated considerably.  
In the past year, there has been no growth in Sydney's median house rent and only moderate growth in the unit median.  
Melbourne recorded no change in unit rents and just 4% growth in house rents. Rents in Canberra fell, both for houses and rents, largely because the city has the opposite of a dwelling shortage.  
Brisbane showed no growth in apartment rents, because it has a growing over-supply, and house rents increased just 2.6% in 12 months.  
The previous rental growth in Perth has come to a halt, as shown by the 5% decline in the median unit rent in the December quarter. In Melbourne, the median unit rent fell 3% in the December quarter. Both cities have significant surpluses in their apartment markets, especially in Melbourne where the inner-city over-supply is already serious but will get worse and may create a market crash in the future.  
But don't be surprised if you continue to spot market commentators, particularly economists, talking about "the housing shortage". This furphy has been aired so often it's regarded as fact by those who are poorly-informed about real estate issues - a description which covers most Australian economists.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">hotspotting.com.au</a> and you can contact Terry via <a href="https://mailto:%20ryder@hotspotting.com.au" target="_blank">email</a> or on <a href="https://www.twitter.com/hotspotting" target="_blank" style="font-size: 14px;">Twitter</a>.
 
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terryryder-YECXbqmri2

Oversupply a far greater issue than a dwelling shortage

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Instead of productive advocacy into improving the housing market so it’s equitable for all - we’re left once again battling a ‘Looney Tunes’ debate over whether housing is, or isn’t affordable.  
I’m know I’m not alone in feeling an immense amount of frustration at the circular debate amongst commentators in the mainstream media, that surrounds our first home buyer demographic, and the question of affordability.  
Last week, the November 2013 housing finance data was released showing continued strong demand in the mortgage market, with owner-occupier commitments 15.3% higher than they were a year ago - their highest level since December 2009.  
Unsurprisingly, demand from investors continues to increase, rising 1.5% in November, and up by 35% over the course of the year - the highest level on record - whilst on the other hand, first home buyers remain at record lows, with a recorded market share of just 12.3%.  
Whichever side of the coin you sit, “first home buyers” like “housing bubbles” make a good headline. Therefore, instead of productive advocacy into improving the housing market so it’s equitable for all - we’re left once again battling a ‘Looney Tunes’ debate over whether housing is, or isn’t affordable.  
Denialists  
For those in denial all sorts of excuses are found – the most common of which is the accusation that first home buyers are just spoilt and picky – or as was sent to me in email last week by a fellow contributor on Property Observer - “you just have to save hard and start with a flat – isn't that how it's always been?”  
Well to some extent yes – when there’s a budget, compromises need to be made. But how it’s always been? No.  
Whilst in the late 1990’s a typical first home buyer’s budget would have secured a modest family home, in a reasonably facilitated suburb, for three times median income. Today you’d be hard pushed to find accommodation on the fringes of our capital cities for a similar expense.  
30 years ago the land component of a house and land package represented 20% of the total cost – today it is more like 60%.  
40 years ago, housing policy ensured land was ‘readily available at fair prices,’ with commonwealth funding provided for essential infrastructure. Today land prices have soared; unduly inflated constrictive <a target="_blank" href="https://www.macrobusiness.com.au/2013/11/urban-zoning-and-affordable-housing-are-opposites/">urban zoning policy</a>, with infrastructure prices, loaded onto the upfront cost.  
Furthermore, a CIE study commissioned by the HIA, demonstrated how imposed taxes on developments, when added together, come to 39% of the marketed house and land price.  
By the time you add “necessary” energy and safety standards, coupled with the cost of labour on top of already inflated land values, developers find it increasingly difficult to provide ‘affordable’ accommodation whilst still making a profit.  
Glenn Stephens, Governor of the RBA, summed it up best in 2011, when, he addressed a Parliamentary Committee and exclaimed how he could “not understand why a country as big as Australia seemingly had a shortage of land” and could therefore not provide ‘cheap’ housing.  
We don’t have a shortage of land – we have poor housing policy driven by vested interests to keep inner city land prices high.  I cannot find any other reasonable explanation.  
Asking first home buyers to purchase into a market where, capital city house prices have been artificially inflated, from three times median income to nine times, should not leave us scratching our heads wondering why they don’t feel OK about it. It’s perfectly understandable.  
Who is a first home buyer?
 
According to the ABS, the average age of a first homebuyer is between “31-33 years,” and due to high entry costs, “partnering often precedes home purchase” (the majority of which already have children).  
Therefore unsurprisingly, only a relatively small proportion (19%) make up single households, and outside of those who pit themselves against stronger financial arm of the investment sector, to purchase an apartment, the options we’re currently providing our first homebuyers, fall dismally short of where that main demand centres – demand which often calls for more than tiny apartment which will last no longer than a year or so before an upgrade is necessary.  
The data must be wrong…numbers can’t be this low?  
Others challenge the data, with various <a target="_blank" href="/news">claims</a> that first home buyer numbers are only ‘significantly’ reduced, because a percentage are ‘slipping through the net,’ perhaps entering ownership as ‘investors’ or – due to dated brokering software – not being entered as first timers, unless applying for a state based grant or incentive.  
On the latter point, I did speak to the ABS department of financial statistics directly about the notion that ‘significant’ numbers are missing, and further investigation is underway which I’ll follow up at a later date.  
Albeit, currently they deny the implication, claiming it doesn't accord with APRA's instructions to lenders when collecting statistics - which stresses that a first home buyer, must be one in which “none of the borrowing parties has previously borrowed housing finance for owner occupation” – making no distinction between an investor, or one who does, or does not, apply for the grant.  
Therefore, outside of colloquial evidence, the above ABS statistics are the most accurate ‘current’ indicator we have of a downward trend in first home buyer numbers – and for most ‘reasonable’ minds it should come as no surprise, considering we’re in an environment where the entry cost to obtain ownership is further impeded by rising prices, transaction taxes, and an uptick in unemployment raising concerns over job security.  
 
<hr class="system-pagebreak">
Housing is ‘affordable’ because mortgage rates say so  
As <a target="_blank" href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-01-15/janda-the-illusion-of-housing-affordability/5200706">Michael Janda</a> pointed out in his excellent report last week - housing affordability should not be confused with mortgage serviceability.  
Mortgage rates are set up with different structures, dependant on circumstance, and subject to interest rate changes influenced by the macro environment.  
<ul>
<li>
They do not take into account the up front cost of a home and expenses incurred from associated utility costs.
</li>
</ul>
<ul>
<li>
They do not question rising rental prices, falling vacancy rates, wage growth, unemployment figures, or changes in household demographics and structure.
</li>
</ul>
<ul>
<li>
They make no distinction between the cost of building a home and the underlying value of land, or analyse constraints in supply, or make mention of the limited options available for low or single income households and families.
</li>
</ul>
  To assume on interest rates alone that housing is ‘affordable’ is lazy reporting and generally only applicable to existing owners.  
Those who fail to make the above distinction commonly come from the standpoint of vested interest – or entered ownership at the beginning of the lending boom (in the early 2000s or before,) and have benefitted considerably from a rapid period of inflation – which unsurprisingly enough, includes most of our politicians.  
Housing is affordable because data from other countries says so  
Neither is it complementary to compare ourselves to international terrains which – having been through somewhat harder lessons than our own – are also battling to induce first home buyers out from underneath their ‘rental’ blankets.  
Yet this is what Stephen Koukoulas <a target="_blank" href="https://www.businessspectator.com.au/article/2013/10/15/property/first-home-buyers-are-not-locked-out">attempted to do last week</a>  when he ‘favourably’ compared Australia to Norway, Canada, Sweden and New Zealand.  
All of these markets have suffered from large increases in levels of private debt whilst at the same time limits were placed on supply.  
In Norway, Sweden and New Zealand, central banks have recently employed capital constraints in an effort to moderate demand, and Canada, with a household debt to income ratio of 163.7%, is being watched closely, as investors and economists start to voice alarm.  
Letting house prices escalate, funded by a colossal amount of private mortgage debt, can be a dangerous game.  
As I pointed out <a target="_blank" href="https://catherinecashmore.com.au/wp/?p=431">last week</a> - in the USA prior to the sub-prime crisis, the median income in California was not enough to afford the average Californian home, or even a starter home.  Once the financial crisis hit, rapidly falling prices quickly eroded any equity homebuyers had achieved.  
Whilst on the other hand, states such as Texas, where house prices did not deviate from three times median income, values fell by only -2.5% (from the peak of 2007 to the trough of 2011,) and the state suffered far fewer foreclosures.  
The renters that Terry Ryder rudely labelled ‘<a href="https://www.propertyobserver.com.au/news/the-worst-writer-on-property-is-from-generation-rent/whine-terry-ryder/2014010867118">generation whine’</a>   
Renters, on the other hand, have not benefited directly from low interest rates. Roughly 33% of Australia’s housing market is made up of tenants and since, 2006, rises in the median cost of rental accommodation have outpaced both wage growth and inflation.  
In Sydney, where supply is particularly constrained, APM recorded a 5.4% yearly increase to the median rental price, and according to a new report compiled by the Northern Territory Council of Social Service (NTCOSS,) the average cost of rental housing in Darwin has risen by 7.9%.  
Before we get into a further debate over whether or not rents are ‘affordable,’ it’s worth turning to a previous report from the now disbanded <a target="_blank" href="https://web.archive.org/web/20130513194056/http:/nhsc.org.au/">National Housing Supply Council</a> to highlight the real impact demand side policies like negative gearing have, when coupled with a gradual erosion of supply.  
Reports highlight that the increase of rental accommodation in the private sector has not outweighed the decline in social housing – and from the stock added, most have rents outside of the affordable threshold for lower income households.  
To assesse this the NHSC broke income groups into deciles, and demonstrated of the affordable private accommodation available’ supply is quickly soaked up, leaving 60% of income groups, paying more than 30% of their income on rent, and 25% pay more than 50% of their income on rent.  
In conclusion
 
Gains from high land prices, do not trickle down they flow up. This is what the ‘National Housing Supply Council’ was trying to emphasise in their reports, and what I went to great pains to point out <a target="_blank" href="https://catherinecashmore.com.au/wp/?p=431">last week</a> in trying to answer the questions over what exactly a ‘housing shortage’ means.  
Our market is not just about buyers, it’s about renters too - and our governments are elected to ensure that the price of land is not unduly inflated by either the monopoly of this resource, or undue restrictions placed on its development.  
Worrying still – the arguments over affordability encourage us to lose sight of the real issue – which is not localised to the first home buyer sector, but the general crowding out of low income residents across all demographics – some of which drift in and out of ownership.  
Reform is never easy, but there is a way to break the cycle and ensure land is fully utilized for the purpose intended, without prices blowing out to levels that can only be sustained through keeping interest rates low, or household debt high.  
One way is through freeing the barriers hampering the type and supply of accommodation offered, and the other is through imposing a broad based tax on the underlying value land – of which I went into more detail <a target="_blank" href="https://www.macrobusiness.com.au/2013/11/land-tax-must-kill-negative-gearing-stamp-duty/">here</a>.  
The focus of attack should be not those individuals who have advantaged from the system, but on the law that allows the system to operate – and in response, the commentary should not focus on defending what is plainly obvious, but advocating the policies we need to fix it, and ensure our house and land market is equitable for all.
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition.
 
 
 
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catherinecashmore-6LXia3pPQj

'Looney Tunes' debate taking the mickey out of housing affordability

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The National Australia Bank has lowered its four-year fixed home loan package rate by 0.2 per cent to 5.44 per cent.
It is the lowest point since September 1993.
The NAB has also cut its three-year fixed home loan by 0.05 per cent to 5.14 per cent, signalling a renewed intensification of the battle between the banks.
"We know that now is the time people are looking to get their finances in order as they plan for the year ahead, especially­ those looking to buy their first home,'' NAB personal banking boss Gavin Slater­ ­said.
NAB kicked-off a war for customers on Valentines Day 2011, when it declared it was "breaking up'' with the rest of the Big Four.
It has since had the lowest or equal lowest standard variable interest rate of the big four banks. 
“One of the things that we have consistently said is that we are absolutely committed to remaining competitive," Antony Cahill, National Australia Bank’s executive general manager in charge of lending and deposits, told the Weekend Australian Financial Review.
“Whilst we haven’t set it in stone that we are absolutely going to remain there [the lowest standard variable rate, I think you can remain confident that we will be competitive.”
 
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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jchancellor-FAypfDUnLy

NAB fixed four year rate cut to 1993 levels

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Situated at the eastern “Paris” end of Collins Street, the Sheraton Melbourne Hotel will open its doors in late March.
The 31 storey hotel will have 174 rooms, featuring wireless internet, interactive LED Smart televisions and modern marble bathrooms. The building will also include the Little Collins St Kitchen, a bistro-style restaurant, and the Terrace Bar, a roof-top venue overlooking Little Collins Street.
Other features include a spa with five treatment rooms, a heated lap pool and a gymnasium which will offer Sheraton’s own branded fitness program. Reservations are now open, with the Sheraton Melbourne Hotel currently offering a special opening rate starting from $260 per night for guest rooms and from $750 per night for suites.<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au"> </a>
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
 
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jrichardson-uRX5hFdKfN

March opening for Sheraton Melbourne Hotel

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According to the latest report released by financial comparison website finder.com.au, the proportion that first home buyer loans make up of total loans is at an all-time low.
Drawing on data from the ABS, the report notes that first home buyer loans now make up just 12.5% of all loans financed in November 2013, down 3% from the same month in 2012.
Finder’s report attributes the drop of 1,054 first home buyer loans in the 12 month period to the volume of capital now required to purchase a first home.
According to Michelle Hutchison, a money expert at finder.com.au, the upfront costs associated with financing a home are putting off first home buyers.
“For a 5% deposit and purchasing an established home at the median dwelling price, the upfront cost is up to double the size of the deposit, according to <a href="https://www.finder.com.au/">finder.com.au</a> research,” said Mrs Hutchison.
The website calculated that when purchasing home at the national median dwelling price of $484,563, where stamp duty concessions are exempt, a first home buyer could expect that with a 5% deposit of $24,228, they would also be required to pay $22,000-$50,000 for stamp duty and lenders mortgage insurance, plus about $1,000 in home loan fees.
Data from the ABS shows that the average loan size to a first home buyer in November 2013 was $298,000, $10,000 greater than it was in November 2012.
Tracking long term trends, ABS figures also show that the household incomes of first home buyers has trended upwards over the last two decades; in 1995, the average weekly household income of a first home buyer was $1,307, while in 2010 it was $2,006 (both in 2009-10 dollars).
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
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Proportion of first home buyer loans down: Finders

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Music industry magazine Pollstar has just named Perth Arena at number 22 on its Top 200 Arena Venues for ticket sales in 2013.
<img src="/images/stories/2014/01/20/perth-arena-jan-20-ohne.jpg" width="470" height="214" alt="perth-arena-jan-20-ohne">
The result puts Perth Arena (pictured above) ahead of New York’s Madison Square Gardens and London’s Wembley Arena, and got Property Observer thinking – what are the world’s most iconic music venues?
The National Centre for Performing Arts, Beijing, China
<a href="https://www.chncpa.org/ens/"><img src="/images/stories/2014/01/20/beijing_jan_20.jpg" width="470" height="212" alt="beijing_jan_20"></a>
The <a href="https://www.chncpa.org/ens/" target="_blank">National Centre for Performing Arts</a> hosts Beijing and foreign operas, dramatic performances and recitals. The spectacular glass and titanium structure is surrounded by an artificial lake.
Colloquially dubbed “the Egg”, this huge opera house sits 5,452 people across its three halls. The Paul Andreu-designed venue has attracted a good deal of controversy due to its immense cost – construction set back the Chinese government by 3.2 billion CNY (approximately $600 million AUD).
Sydney Opera House, Sydney, Australia
<img src="/images/stories/2014/01/20/sydney-opera-house.jpg" width="470" height="193" alt="sydney-opera-house"> 
 
Our most iconic building is known throughout the world for its distinctive look. Danish architect Jørn Utzon beat 232 other entrants in a competition to design the Opera House in 1955. The construction and design process was plagued with problems and delays, and the venue was officially opened in 1973.
The Sydney Opera House comprises several performance spaces, including the Joan Sutherland Theatre.
The Cavern Club, Liverpool, UK
<a href="https://www.cavernclub.org/"><img src="/images/stories/2014/01/20/Cavern-club.jpg" width="470" height="353" alt="Cavern-club"></a>
 
Sometimes it’s not size that makes an iconic venue. <a href="https://www.cavernclub.org/" target="_blank">The Cavern Club</a>, true to its name, is a tiny space which lays claim to being the site where The Beatles first made their mark on the UK. Then known as The Quarrymen, the band were admonished by the management during their first performance for playing rock n’ roll, which was at that time banned at the venue. Nevertheless, the Beatles continued to perform there and made the club famous throughout Europe.
Since then, Elton John, the Rolling Stones, and The Who all have performed at the Cavern Club.
Red Rocks Ampitheatre, Denver, USA
 
<a href="https://www.redrocksonline.com/"><img src="/images/stories/2014/01/20/800px-RedRocksAMP.png" width="470" height="312" alt="800px-RedRocksAMP"></a>
 
The Beatles, Jimi Hendrix and Bruce Springsteen have all played there – and with beautiful views for the 9,450-strong audiences, it’s not hard to see why. Located in the Red Rocks mountain park, west of Denver, the naturally formed amphitheatre is a favourite of musicians for its natural setting and spectacular acoustics.
Last year, <a href="https://www.redrocksonline.com/" target="_blank">Red Rocks</a> was named America’s best amphitheatre by Rolling Stone magazine.
Carnegie Hall, New York, USA
<a href="https://www.carnegiehall.org/"><img src="/images/stories/2014/01/20/Carnegie-hall-isaac-stern.jpg" width="470" height="353" alt="Carnegie-hall-isaac-stern"></a>
Arguably one of the most famous concert halls in the world, Manhattan’s <a href="https://www.carnegiehall.org/" target="_blank">Carnegie Hall</a> has a prestigious pedigree. Since it opened in 1891, the venue has hosted the premier performances of works by composers such as George Gershwin, Igor Stravinsky and Sergei Rachmaninoff. Carnegie Hall hasn’t only entertained fans of classical music – Duke Ellington, Woody Guthrie and Jay Z have also performance in the venue.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
 
 
 
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