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

<html><body>Despite Australian Taxation Office figures showing significant growth over the five years to the end of June 2012, SMSF Professionals' Association of Australia (SPAA) director of technical and professional standards, Graeme Colley said that there is little suggestion it has been "exponential or irresponsible". SMSF borrowings increased from 1.1% per year in 2008 to 3.7% in 2012, the ATO statistics reveal, however Colley said that it must be remembered that this is just 3.7% of the entire SMSF pool of more than $500 billion. “This hardly suggests that trustees are borrowing without giving it due consideration," said Colley. When looking at it in dollar terms, he notes that the average amount borrowed in 2008 was $122,000, while the average amount borrowed in 2012 was $357,000. “SPAA’s understanding of the current situation is that borrowing has not increased significantly since 2012 and remains a very small proportion of the total value of loans made by banks and other financial institutions," he said. “The lending criteria placed on superannuation funds that borrow for limited recourse borrowing arrangements is more stringent than loans taken out by individuals for residential property and commercial property – a fact often overlooked.” He also noted that the borrowings are not just for property assets, but also any asset class permitted under superannuation legislation. <a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a></body></html>

jduke-EHk3XBmHkn

SMSF average borrowing at $357,000, but not "irresponsible": SPAA

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The latest housing finance data released by the Australian Bureau of Statistics has found that new home building loans in November 2013 remained strong, with the Housing Industry Association (HIA) noting that it is a positive for the home building activity.
Despite this positive number, with owner occupier loans for new dwelling construction increasing by 2.3%, loans for the purchase of new dwellings fell by 4.3% over the month.
“Overall, this means that the number of loans to owner occupiers for new dwellings was flat during November but the further gain to construction loans is a positive for new home building activity in early 2014,” said HIA’s senior economist, Shane Garrett.
“Lending for new homes is up substantially on a year ago and the strong state of the market is also captured by the 1.2 per cent rise in loans for existing home purchase during November,” Garrett said.
“The value of loans to investors rose by 1.5 per cent during November and this is consistent with the new mood of confidence in Australia’s housing market.”
Over the month, owner occupier loans increased by 0.6% in trend terms, and with total lending for housing growth being steady, it is of much disappointment to some that first home buyers remained at a record low in the latest release.
The Real Estate Institute of Australia particularly emphasized this point, with president Peter Bushby noting the overall increases seen in New South Wales, Tasmania, Queensland and Western Australia.
“The proportion of first home buyers in the number of owner-occupied housing finance commitments fell to 2.3% compared to the October figure of 12.6% and is the lowest figure since data began to be collected in July 1991. It is far lower than the long-run average proportion of 19.9%, despite eight interest rate cuts since November 2011,” said Bushby, urging the government to review first home buyer support.
Tasmania was the stand out with a 2.4% overall increase from a low base, while the ACT dropped the most, by 1.4%.
Premier Lara Giddings is confident with this number, noting that the property sector is improving.
“Low interest rates and the Tasmanian Jobs Package seen owner-occupied home loans rise for nine consecutive months and grow faster than every other state in the country,” Giddings said.
“ABS figures also show a steady pick up in the number of first home buyers, which has been supported by the Government’s $30,000 First Home Builder’s Boost.”
Currently, the state’s treasury figures show that there have been 23 successful applications for the $30,000 boost since its November increase, and that there are more applications being processed.
“The full $30,000 First Home Builders Boost is available until the end of 2014, even after the $7000 First Home Owner’s Grant for existing homes expires at the end of June 2014,” she said.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Housing finance data a mixed bag 

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Savvy investors know that much of the money in property is made on the "way in" to the deal - that is, when you purchase. Buying for a discount also provides you a buffer in future should you be required to sell. Part of doing well is knowing how to negotiate carefully with the real estate agent or vendor so that you can secure yourself the best deal. While auctions can be a different environment, some of these negotiation skills will be useful.
Many experts will explain that it's largely about coming up with your "ending" figure, or the amount you are willing to pay, and then working from a "starting" figure to this point. For instance, if you are buying a property that you want to spend $700,000 on, and the vendor is asking $720,000, it might just be worth offering $680,000 and staggering upwards. Starting low will also ensure that the expectations of the vendor, particularly in a soft market, are brought down to the level where you want them to be.
The tricks to ensuring this will work are the following:
1) Know your market inside out
If you don't know what the property is worth, you run the risk of overpaying from the get go. If you don't know whether the market is hot and demand is going crazy for the type of home you are looking at, you also run the risk of irritating a vendor who will just go to the next buyer - who may be willing to pay more than you. Make sure you negotiate harder in softer markets where buyer interest is at a low, rather than playing hard ball in hot and fast moving areas where you'll be wanting to be just as quick with offers. Be realistic about the market. You may want to have a look at statistics such as vendor discounting and days on market to get an idea of what type of an area you are buying into. For suburb specific data, see our free data section.
2) Know how much you can afford
Don't be offering blind. Have finance pre-approval and a good idea about what you are able to borrow, as well as a clear understanding of your personal capacity to buy. Don't leave yourself in an uncomfortable spot while negotiating due to a lack of preparation. You can also use this to your advantage - by telling the real estate agent that finance will only allow you to borrow up to a certain amount, they are less likely to push you to prices you do not want to go to (remember that you do not have to tell them your true borrowing capacity).
3) Don't put all your cards on the table
If you're willing to go a little higher, but have a feeling the vendor is close to breaking point, then make sure you don't give any further suggestion to the real estate agent that you'd be willing to spend that extra $20,000 or so. You may also want to push the "This is as much as I can possibly spend" line, as well as falling back of the finance suggestion above. A good example of this was from the couple in our recent <a href="https://www.propertyobserver.com.au/auctions/day-in-the-life-of-an-auctioneer/2013120466796" target="_blank">Day In The Life Of an auctioneer</a>, where we see them play pretty hard to not increase their offer by saying "This is our final amount". Note how skilfully the agent coaxes them into revealing their hand, and how he presents the vendors thoughts in a positive way. Befriending silence and not rushing to fill it can be an important skill that you'll want to make the most of as well - do not be coaxed into letting yourself reveal important details.
{qtube vid:=wt6PdCNBPmU&amp;feature=youtu.be}
Look at about 3.17 onwards for when the negotiations begin.
4) Do not assume that price is everything to everyone
You might be able to knock down the price by offering different terms and conditions. Desperate vendors might be willing to take a lower amount provided they can have a longer or shorter settlement or similar. Find out what is important to the vendor - and find out as much about them as possible. Sometimes Googling or doing an RP Data search on the property can be revealing. However, remember that just because the property has been on the market for a long time, it doesn't necessarily mean that the vendor is desperate - sometimes the exact opposite can apply. Get to know your vendor's "cards" as best possible, including whether the property's price has already been discounted and how much they actually want for it. Observer <a href="https://www.propertyobserver.com.au/residential/sweeten-the-deal-by-negotiating-terms-of-purchase/2013121166912" target="_blank">Jo Chivers previously looked at negotiating the Terms of Purchase</a> to secure yourself more access and a better deal. Don't forget that you can offer multiple offers at once with different terms and conditions attached to each - for instance, you may provide their asking price but with strict terms and conditions favourable to you, while offering less for the settlement period that they want.
5) Provide reasons for lower offers
If you think that you can offer less than a property is expected to sell for and get a positive response, you'd be wrong. Sometimes justification is a powerful thing. Use comparables that you think fit your case better than those presented by the agent (which are almost guaranteed to be comparables in the favour of the vendor) and remember to use your handy building and pest inspection - anything that needs to be fixed can arguably come off of the price you pay (for instance, wHeregroup's Todd Hunter has told Property Observer that he uses details such as gardening that needs to be done, taps that need to be fixed and similar to present his case for a discount or to get the property in a better condition when he does purchase).
6) Put time limits on your offers
This can make you seem serious about the offer, and also means they are encouraged to make a decision as soon as possible. 48 hours would be a good starting point. Also add a cheque to the offer - show them that they can easily have the property sold with the simple act of accepting. Similarly, time your offers carefully and use the response from the real estate agent as a guideline on how to act next. If the agent isn't chasing you for the next offer, then you may need to face the consideration that there are potentially other buyers willing to pay more. You might want to play this same approach and ensure you have other properties of interest to you.
7) Have the team behind you to act fast
If another offer falls through and they come to you with a time limit themselves, you'll want to have a solicitor and a team who can turnaround the paperwork as quickly as possible. Cultivate your investment network so you can act as quickly as possible. This will also enable you to put the first offer onto a lot of properties.
Remember that you need to assess the situation carefully - while some buyers like to throw a negative or disinterested light onto the property they want, it can cause real estate agents to assume you are not serious about your intention to buy. They may take the easy route with another buyer. Other advice that is up for debate is contacting the seller yourself, or asking to meet the seller. For confident, competent property buyers this may be a powerful step, however those who are uncertain may be leading themselves astray.
Neil Jenman also shared his <a href="https://www.propertyobserver.com.au/trends/the-10-ways-to-negotiate-a-better-deal-in-property-neil-jenman/2012122058603" target="_blank">top 10 ways to negotiate a better deal</a>.  
What techniques have you used to negotiate the price that you want? What has and hasn't worked in the past?
 
YOU MIGHT ALSO BE INTERESTED IN: This <a href="https://www.propertyobserver.com.au/commercial/negotiating-the-best-deal-in-commercial-property-transactions-chris-lang-commprop/2013060461918" target="_blank">guide on negotiation for a commercial property</a> by Chris Lang 
<a href="mailto:jduke@propertyobserver.com.au" target="_blank"></a><a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
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How to: Negotiate the property price you want

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Nominations are open for the New South Wales and Australian Capital Territory urban development industry, so if you know a business who has excellence in property then it may just be time to suggest them.
This 20th year of awards from the Urban Development Institute of Australia (UDIA) NSW looks to showcase companies that push the boundaries in the categories of innovation, affordability, sustainability and premium-quality construction.
UDIA NSW chief executive Stephen Albin said thast last year projects such as Crown Group's Top Ryde City Living, and the Gowings and State Theatre Restoration took out awards.
“This year, judging by the quality of projects that are coming online in areas such as Western Sydney, Canberra, Newcastle and the Illawarra, we expect to attract an interesting and diverse range on candidates that showcase best-practice in their respective fields," he said.
Currently there are 13 categories open, including concept design, government leadership for urban development, design and innovation, masterplanned development, sustainable development and affordable development.
Developers, councils, government agencies, consultants, contractors and markets are <a target="_blank" href="/news">encouraged to enter by March 14</a>.
jduke@propertyobserver.com.au
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Property awards for Excellence open with UDIA

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With variations across the globe in the way property is measured it can be undoubtedly difficult for anyone trying to get a grip on the property market.
However, difficulties caused by these variations are expected to become a “thing of the past” as a new global standard will be implemented later in 2014.
Research from Jones Lang LaSalle has found that, depending on the method used, a property’s floor area’s measurement can see results deviating by up to 24%.
The International Property Standards Coalition, who have proposed the new standard, are looking to ensure consistency in the measuring of property assets.
Currently, in parts of the Middle East the floor measurements can also include “hypothetical areas”, while in India floor measurements can include off-site carparks and common areas, and over in the United States some property is measured by air conditioned space used.
“The international standard is the first of its kind and will provide a common language for measuring offices across international markets, creating certainty for real estate professionals including investors, lenders, agents, valuers and occupiers,” said Kaye Herald, managing director for the Royal Institution of Chartered Surveyors Asia Pacific.
“It is about creating a more transparent marketplace, enhancing public trust, increasing consistency in the reporting of property size, and building investor confidence.”
“A property can be listed as 5,000 square feet, but unless it is clear how that measurement was arrived at, it is difficult to know for sure that you are comparing apples with apples,” Herald said.
“Under one standard a property might be 5,000 square feet and under another 3,500 square feet. The fact is you can never be 100 per cent sure what you are going to get.”
A public consultation on the new standard was launched today, which marks the start of a three month consultation period closing in April, which calls for sector practitioners and stakeholders to comment.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Global standards to measure commercial property to be introduced

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It’s a well spruiked ‘fact’ that Australia has a ‘housing shortage.’ I frame the word in italics because of the general misunderstanding that surrounds the concept.
People imagine a shortage of housing at an aggregate level, to mean not enough homes to meet the demands of an active buying market, and whilst this may be evident in various tightly held localities - in popular school zones for example - the evidence used to substantiate a national housing ‘shortage’ means nothing of the sort.
Last week the ABS released its dwelling approvals data for the month of November 2013, showing a modest fall of 1.5%, which follows a similar decline of 1.6% in October.
On a ‘trend’ basis, the overall direction of dwelling investments is positive - some 22% higher over the year - the highest level since September 1994. However, as <a href="https://www.businessspectator.com.au/article/2014/1/10/economy/dwelling-housing-growth-misguided">Callam Pickering</a> correctly asserts in Business Spectator, on a population-adjusted basis, approvals are, at best, weak.
For example, between 1947 and 1961, housing stock increased by 50% -compared to a 41% increase in Australia’s population, and between 1961 and 1976 there was a further increase of 46%, compared to a 33% increase in Australia’s population.
This was a continuing pattern until the early 1990s, after which the growth in dwellings started to slow, and since 2007; the former has outpaced the latter.
Did a shortage cause the rise in house/land prices?
1996 was the point at which land prices started to rise, and from 2001 onwards they skyrocketed. Whilst it’s hard to draw an exact correlation between the fall in stock and a rise in prices, supply, when produced, must be suited to need - being both affordable and well serviced with infrastructure. Get the ingredients wrong and a surplus can quickly amass. Therefore, it would be wrong to assume a shortage of effective supply means a shortage of ‘roof space’ – it doesn’t.
However, when evidence shows a gradual reduction of demand for new dwellings, during a period in which population growth and a resilient economy should have dictated otherwise, coupled with land values that have grown from three times the median income in the early 1990s, to their current six to nine times the median income in 2013 (dependant on location of course) alarm bells should be ringing in the offices of our housing ministers.
So what does the term ‘housing shortage’ mean and can it prevent a housing bubble? 
 
Read more over page
 
 
 
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Obviously, there cannot be more households than homes, and whilst, in the private sector, homes can only be constructed if there is demand from the consumer market, it is important to understand what a housing ‘shortage’ actually means.
Firstly, it covers total housing system, both private and public, therefore, it should not be used – as it so often is – as evidence Australia can’t suffer a significant downfall in prices, or produce a ‘bubble.’ It certainly can.
In fact, it should be fairly obvious that the effects of a housing crash are far more severe in areas where high levels of private debt have been used to service inflated home values, due to a shortage of affordable home buyer supply, coupled with heightened speculative activity - as is the case in the most populated areas of Australia.
To be clear - it’s not a shortage of homes that prevents a housing crash, but a shortage of buyers – buyers unwilling, or unable, to service high household debt due to broader economic conditions.
There are plenty of international examples of this - most recently in the USA, in states such as California and Los Angeles. Both areas had a ‘critical housing shortage’ in the early 2000s, with speculative demand and lack of affordable supply disproportionately inflating values in the lead up to the sub-prime crisis.
When the (unforeseen) bubble burst, rapidly falling prices quickly eroded any equity homebuyers had achieved, and for those with non-recourse loans, where the mortgage balance greatly exceeded value, there was little incentive to avoid foreclosure.
On the other hand, states such as <a href="https://www.dallasfed.org/assets/documents/research/swe/2013/swe1303b.pdf">Texas</a> where, despite rapid population growth, had structured housing and supply policy to maintain prices at no more than 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.
What was the role of the National Housing Supply Council and was it needed?
When Rudd established the National Housing Supply Council in May of 2008, just prior to the last Senate enquiry into housing affordability in June of the same year, it should have been a step in the right direction, however the council’s role was broadly misunderstood by many main stream commentators who often failed to read the reports in full.
(For those interested, thanks to the <a href="https://tunswblog.blogspot.com.au/">Brown Couch</a> blog, <a href="https://web.archive.org/web/20130513194422/http:/nhsc.org.au/faqs/">here's</a> a link to the archived website)
The council was given the role to assess the difference between supply and ‘underlying demand’ - in other words, the amount of extra housing needed per annum over the past decade, ‘if’ (using ABS data) Australia had continued to produce enough homes for a rapidly growing population of home buyers and renters, based on existing household composition figures.
Whilst the findings showed a dramatic shortfall of 228,000 dwellings (as of 30 June 2011) the figure was hotly debated and in many cases, concerns were justified. However, in the council’s defence, it should be noted that planning for population growth is not an easy task, it’s predictive in nature and makes many assumptions along the way.
Whether you agree or disagree with the methodology or the resulting recommendations contained within the report, it’s essential we undertake some type of detailed analysis, if only to chart demographic changes and readdress growing community needs.
This is no different to studies conducted in other countries suffering similar concerns. For example – the latest UK data shows 221,000 additional households are formed in England annually, yet only 108,000 homes were built in the year to September 2013.
If the goal is affordability - a vital part of which is supply side policy - we must address the reasons ‘why?’ Only in doing so, can we have a valid base for discussion on housing policy initiatives within the political arena.
However, supply wasn’t the NHSC’s only area of concern, it also instructed to produce a comprehensive evaluation of Australia’s affordability problems which included the status of those impacted most – homeless, renters, first homebuyers, low wage families, and tenants in the public and social housing system.
 
Read more over page
 
 
 
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For example, reports showed utility costs such as electricity, gas, water, and sewerage, have been increasing at more than 10 per cent per annum. They gave a good statistical overview to show a dramatic shortfall of affordable rental accommodation for low-income families – (details of which I’ll examine in another column) and clear evidence that our housing crisis is embedded within the fact that we don’t produce enough affordable and feasible options for low-income households across the sector – both public and private.
Despite this, the Abbot government - with the rather weak excuse that its role is ‘no longer needed’ - recently disbanded the NHSC along with their website and archived findings, and in doing so, have made it quite clear that affordable housing is not part of their political agenda.
Why do we have a shortage of affordable supply?
Issues surrounding housing affordability are at a peak predominantly because town planners, along with state and federal governments, have failed to adequately cater to the demands and needs of a rapidly increasing population.
If you didn’t know better, you’d be forgiven thinking there’s been a “vested” conspiracy to keep inner-city inflation high, with everything possible done to prevent a fall in established house prices by way of generous tax incentives for investors favouring old over new – or intermittent policies to inflate the prices of new housing by way of Mickey Mouse incentives.
Infrastructure sparse fringe land prices are inflated due to ‘false scarcity’ imposed by constrictive <a href="https://www.macrobusiness.com.au/2013/11/urban-zoning-and-affordable-housing-are-opposites/">urban zoning policy</a>.
However, it hasn’t always been this way - in the post-war population boom, the Commonwealth ‘State Housing agreement’ was concentrated on building rental accommodation and affordable housing for low-income families.
Under the Whitlam Government, land commissions were set up in each state and territory, and in agreement with the commonwealth, were instructed to ensure land and housing was ‘readily available at fair prices,’ with commonwealth funding provided for essential infrastructure.
However, in the 1990’s (the point at which demand for new housing started to diminish and prices began to balloon,) the game plan changed, key infrastructure agencies once corporatised were required to show “a return on investment.”
Stricter zoning regulations were imposed in the name of, ‘urban consolidation,’ land values increased, and larger developers needing to maximise profit, carefully controlled the timing of newly released plots in response to consumer demand (land banking).
I know sprawl is not a popular word with many Australian’s – however it should be understood, that to create affordable supply in inner city brownfield land, is extremely difficult when land values – already high – prompt the chase of profit over community need.
Hence why we have so many poorly constructed high-rise monstrosities, with 2 bedroom apartments, offering little more than 60sqm in floor area, with high vacancy rates (in excess of 10% in some cases) and banks unwilling to take a gamble and provide first home buyers with finance due to fears of oversupply. This is why they are generally marketed to investors fooled (by rental guarantees) into thinking they can get a positive yield.
Further more, they do nothing to produce affordable accommodation for our largest demographic of buyers, families with children who require 3 bedrooms and some resemblance of a private outdoor area. If anything, this is an appalling and inappropriate waste of valuable inner city land.
In the NHSC’s final report in 2012/2013 it stressed “Underpinning much of this work will be the understanding that tackling the housing shortage is not simply about increasing the number of homes being built; it is also important to build a diverse range of dwellings. Producing the right mix of homes contributes to developing sustainable communities that work for the population at large.”
As I’ve said previously – it’s not about creating endless sprawl, it’s about building communities and this can only be achieved with investment into infrastructure supported by long term funding measures, which include consideration of bond financing and a more equitable tax system that assists the cause.
The subject deserves deeper analysis, but the above touches on some of the issues that should be debated and acted upon. And it can only be hoped, that any future senate enquiry into housing affordability, endeavours to do so.
 
<hr>
 
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition.
 
 
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The ‘housing shortage’ debate – Do we have one?: Catherine Cashmore

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Professional women often earn good money and make their own decisions about spending, saving, investing and protecting their wealth. But some marry, or enter a defacto relationship, and relinquish some financial control along the way.
This loss of control usually creeps up, insidiously and unintentionally, over many years. Then one day – if they're lucky -- they wake up and realise they've become dependent on their partner managing the family funds. Even where a woman is earning as much or more than her partner, it can happen. It's one thing to earn money; it's another thing entirely to manage it effectively.
By not staying actively involved with what happens to your money, over time you place yourself in an incredibly vulnerable position.
If disaster strikes -- your partner is killed or becomes disabled and is unable to make decisions -- or if you decide to divorce, you will have no option but to take the reins once more, and it will make the world of difference if you have the know-how to do so easily.
Nobody likes to admit that they've taken a back seat on the family finances, especially well-educated and highly intelligent women – but this sort of thing happens to the best of us, as author of the best-seller Money, A Memoir: Women, Emotions, and Cash Liz Perle discovered.
She moved to Singapore with her husband and their four-year-old son, where her husband announced, shortly after they arrived, that he longer wanted to be married. Despite having forged a successful career as a publisher and editor, Perle found that at some point she had handed over financial control to her husband.
With very little idea on how to manage money and control her financial future, she learned the hard way that because she had not kept herself informed on the money front, starting over was incredibly scary and more stressful than she ever could have imagined.
For all Women's Agenda readers, here's a short quiz to assess if you have a handle on your finances:
<ul>
<li>Do you know exactly how much money you owe and to whom?</li>
<li>Do you know when you're going to pay off this debt and what the repayment plan is?</li>
<li>Do you know how much you have in your superannuation?</li>
<li>Do you know how much you need to save by retirement age to live the lifestyle you would like to?</li>
<li>Do you know how your superannuation is invested? You may need to think back to the box you ticked when you set up your account.</li>
<li>Do you know what insurances you have, with whom and how much you're insured for?</li>
<li>Do you take active involvement in reviewing your insurances every year?</li>
<li>Do you have full access to the family bank accounts and mortgages?</li>
<li>Do you know how all your family money is invested – what money is in shares, property and other investments?</li>
<li>Do you know where you'd like to be financially in the next year, the next five years, ten years and twenty years?</li>
<li>Do you have a plan to get there?</li>
</ul>
If you answered no to more than three of these questions, it might be wise to take the time to understand your own finances.
The famous poem Desiderata advises us to, "Keep interested in your own career, however humble; it is a real possession in the changing fortunes of time."
I would add to this: don't just keep interested in your career and in earning the money, also keep interested in how you manage those hard-earned dollars.
The bottom line is that women need to be vigilant in taking an active interest in their finances and not defer to their partner – no matter how strong the relationship, because we just never know what tomorrow holds.
Remember, it's your life so if you're uncertain or feel that you lack knowledge, then take responsibility and educate yourself – read up, take a course, speak to a professional.
Above all, insist on being equally involved with all money matters in your relationship -- don't ever rest on your laurels and let your partner do it all.
*Claire Esmond is an Authorised Representative of AMP Financial Planning Pty Ltd, ABN 89 051 208 327, AFS Licence No. 232706.
Any advice given is general only and has not taken into account your objectives, financial situation or needs. Because of this, before acting on any advice, you should consult a financial planner to consider how appropriate the advice is to your objectives, financial situation and needs.
This article was originally published on <a target="_blank" href="https://www.womensagenda.com.au">Women's Agenda.</a> 
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Marry, move in -– but never give up financial independence

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For people considering getting into business for themselves, especially in the New Year, franchising is one option many will likely investigate.
Franchise businesses make a sizeable contribution to Australia’s economy, turning over around $131 billion in revenue annually, according to the Franchise Council of Australia.
It says there are around 73,000 franchise businesses in Australia that employ around 400,000 people.
General manager Kym De Britt says franchising has grown at a better rate than other small businesses, citing a PricewaterhouseCoopers report that says franchises have seen average annual revenue growth of 10% recently.
“That generally comes because when things are tough, franchise systems have better support and marketing systems to help franchisees sustain the difficult times better,” he says.
De Britt tells StartupSmart that the main attraction for people getting into franchising is for the support.
“Rather than just taking that big step of going into business for themselves, they have a level of support behind them.”
Franchisees receive training in how to run the business and have someone to go to if there are problems, De Britt says.
“It’s working for yourself but taking on an established system and having support.”
But he warns that franchising is not for everyone and that it may not suit people who want to “do it for themselves”.
“For those kinds of people, franchising is not the right way to go because at the end of the day you have to follow the model because it’s been proven,” De Britt says.
He also recommends anyone considering a franchise to get legal and financial advice and to understand that it can’t be considered a means to semi-retirement.
So what types of franchises are most likely to see growth in 2014?
De Britt says people can get a sense for what business areas will be successful by looking at the media for trends, but here are his picks for areas to consider:
<h3>Aged care services</h3>
Aged care is growing because of Australia’s ageing population, De Britt says.
A recent Productivity Commission report says that the number of people aged 75 years and more is expected to rise by 4 million from 2012 to 2060, increasing from about 6.4% of the population to 14.4%.
“Demand is going up for services for aged people,” De Britt says.
<h3>Courier services</h3>
Growth in online retail spending has also seen growth in demand for services to deliver people’s purchases.
According to the National Australia Bank’s Online Retail Sales Index, Australians spent $14.4 billion online in the 12 months to October, equivalent to 6.4% of traditional retail spending.
“The boom area there is the courier business,” De Britt says.
“They’re all actually struggling to keep up with the demand at the moment.”
<h3>Health</h3>
With Australia ranked among the fattest in the world, health services that aim to address the issue will remain popular.
De Britt says the fitness industry, and particularly personal trainers, are likely to continue to thrive.
A report by market researcher IBISWorld says the personal trainer industry turns over $390 million a year and has seen annual growth of 11% between 2009 and 2014.
Work life balance/home services
De Britt says as workers seek to develop a better work/life balance, they’re outsourcing tasks such as home cleaning, gardening and pool cleaning.
<h3>Food retail</h3>
Food, and particularly fast food, is a mainstay of the franchise industry.
“They’re always going to be very popular,” De Britt says.
He says two trends that have swept through food franchising are Mexican food outlets and frozen yoghurt.
Mexican food is big in the US and Australia generally tends to follow the trends there while yoghurt is seen as a healthy alternative to other snacks, De Britt says.
He says he recently attended a conference in Dubai and the “two big kids on the block were yoghurt and Mexican food”.
 
<hr>
 
This article originally appeared on <a target="_blank" href="https://www.startupsmart.com.au">Startup Smart</a>.
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The top franchise trends in Australia for 2014

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Are formal dining rooms requisite in new build homes?
That's the discussion topic this Australia Day weekend around our barbecues, our property commentators Jonathan Chancellor and Margie suggest. He says no, she says yes to their continuation.
HE SAYS <img height="225" width="150" src="/images/stories/2013/09/06/jc-silhouette-5.jpg" alt="jc-silhouette-5" style="float: right;">
Formal dining rooms are almost a thing of the past  - gone with the nightly whole of family dinners and the special Sunday roasts around the formal table.
But Margie's deep love of the formal dining room makes her the perfect dinner party guest for the uncompromising historian, Dr James Broadbent, reminising about the days of our pioneer settlers over cucumber sandwiches at his intact 1809 home, The Cottage, Mulgoa.
Perhaps recalling the shipment by William Charles Wentworth in 1845 of his imposing Gothic oak sideboard for the dining room at Vaucluse House.
The darkened formal dining rooms date back to those London-originating pattern books for Australian domestic use that started to fall from favour around the time we released they didn't come with the requisite verandah.
Australian homes now embrace openness and light, although the need and success of a formal dining room can depend on its size of the house and location.
I'd suggest Bishopscourt in Darling Point will always need one, for instance, no matter who becomes its next owner.   
<img height="627" width="470" src="/images/stories/2014/01/24/he-said-jan-24-one.jpg" alt="he-said-jan-24-one">
The dining room at Bishopscourt, Darling Point.
But it's now all about the pursuit of function over form these days with the vast Vaucluse house (pictured below) recently completed by Andrew Ipkendanz the current scene stopper. <a target="_blank" href="/news">It is up for sale through Alison Coopes</a>.
Its open-plan kitchen, living and dining area, looking squarely down the harbour, is ideal for relaxed Australian-style dining, however the lack of any formal dining room in the Carrara Road home has been described by some as an "idiosyncrasy."
{yoogallery src=[images/stories/2014/01/23/vau1]}
Indeed its absence could be a sales sticking point, one prestige agent has suggested.
“There’s a type of buyer who will say that having a formal dining room is a requirement they’re not prepared to compromise on. It’s a gamble,” Christie’s agent Ken Jacobs says.
Ipkendanz acknowledged in a recent Australian Financial Review article the no fomal dining room decision was a “big departure” from the norm, but having lived and built in locations around the world as far spread as Brazil, Italy, France’s St-Jean-Cap-Ferrat and London, he was adamant the home had been built the way a home located in Sydney, Australia, should be.
{yoogallery src=[images/stories/2014/01/23/vau2]}
“I just don’t think people in this environment need a formal dining room. We’ve got a kitchen table that is five metres long and a huge outdoor terrace. I know when they use the home they’ll realise the kitchen and living space is so magnificent, it’s the only place they’ll want to be,” he said.
Of course there is a vast caterer's kitchen carefully planned to be close to the dining table, yet out of sight.
<img height="225" width="150" src="/images/stories/2013/09/06/mb-silhouette-4.jpg" alt="mb-silhouette-4" style="float: left;">SHE SAID
I have a penchant for formal dining rooms. But I agree with Jonathan, a formal dining room in a home depends on its size of the house and location.
For instance, big beach houses typically don’t need a formal dining room – an open-plan kitchen and spacious dining zone is much better suited to a modern beach house.
Formal dining rooms suit large modern suburban homes and those in rural lifestyle areas, like the Southern Highlands and Mount Macedon. Sitting down to dinner with family and friends in a room specifically designed for eating and entertaining (and separate to the kitchen) is not only enjoyable, but also provides a sense of style and occasion.
With contemporary residences, a formal dining room doesn’t need to have four walls - it can open from the formal sitting area, or indeed flow onto a large outdoor terrace.
But I can’t imagine owning a Toorak or Bellevue Hill mansion and not having a formal dining room.
Certainly formal dinners are a traditional social obligatory among owners of large homes on Sydney’s upper North Shore, which is the domain of the NSDP (North Shore Dinner Party). In this neck of the woods, where good restaurants are few and far between, couples emulate Martha Stewart (or Nigella Lawson before her recent divorce) by hosting friends at carefully planned three or four course dinners in the formal dining rooms of their homes.
Currently for sale in Pymble Road, Pymble are a series of four new residences - <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-pymble-115039631">two with formal dining rooms (82A and 82B) and two (82C and 82D) without</a>. Each measuring about 350 square metres internally, these large Pymble homes are for sale at $2.8 to $2.9 million through Jenny Zhang of Century 21 West Pacific.
Granted however with smaller new houses, formal dining rooms don’t feature.
Home World’s website provides pictures, descriptions and floorplans for a wide range of new open plan residences including Masterton Homes’ double-storey <a target="_blank" href="https://www.homeworld.com.au/homes/merlot-elite">Merlot Elite</a>. Gone is the formal dining room, and in with the new norm including the downstairs home cinema and the upstairs lounge room.
{yoogallery src=[images/stories/2014/01/24/mer]}
As the Home World website says the Merlot offers the ultimate, imaginative use of space providing separate areas and zones which tick all the boxes required for family living; home theatre, secluded study, open-plan living and kitchen flowing onto al fresco dining and entertaining and a fantastic family bedroom and living upper floor area.
Over the years, I’ve seen a wide array of formal dining rooms, mostly in grand mansions and penthouses on the north shore and in the eastern suburbs.
Among the most impressive were the Joye's dining room at <a target="_blank" href="/news">Barford, Bellevue Hill</a>. The <a target="_blank" href="/news">Princeton penthouse</a>, Double Bay – decked out by doyen Leslie Walford - was also special. I simply adored the dining room formality of this mansion while visiting Bali recently (pictured below), away from the coast amid paddy fields. And of course the one in the as yet unsold <a target="_blank" href="https://www.propertyobserver.com.au/news/bishopscourt-darling-point-for-sale-for-probable-%2425-million-plus-hopes/2013090264719">Bishopscourt in Darling Point </a>where I snapped jonathan recently! 
<img height="352" width="470" src="/images/stories/2014/01/24/she-said-jan-24-two.jpg" alt="she-said-jan-24-two">
news@propertyobserver.com.au
 
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Do Australian homes need the formal dining room? He Said/She Said

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A decision to allow director of Westpoint Realty Pty Ltd, Norman Phillip Carey, to renew a certificate allowing him to practice as a real estate agent has been overturned by the commissioner for consumer protection.
The director of Westpoint, currently in liquidation, Carey faced a unanimous judgement by the Court of Appeal yesterday morning, January 9, that set aside a previous State Administrative Tribunal ruling that had allowed him not to lose his triennial certificate.
Western Australian law required real estate agents to hold a current triennial certificate, renewed every three years, so this decision means that Carey cannot operate as a real estate agent.
In February 2011, Carey was found guilty at the Perth Magistrates Court on five charges of breaching the Fair Trading Act. This was in relation to the sale of a residential property development in 2005 in Riverdale.
Purchasers had been misled by the company, through its agents, around units in the Regent Apartments. They had been falsley informed that there were indefinite delays due to planning issues, which caused contracts of sale to be terminated.
The units had then been re-sold at a higher price shortly thereafter.
The Supreme Court dismissed an appeal by Mr Carey in January 2012 and the Court of Appeal dismissed a second appeal in August 2013; upholding the Magistrates Court decision and conviction.
In February 2012, the commissioner had initially decided not to renew Carey's certificate. This was on the grounds that he was not a "fit and proper person and of good character and repute" the Department of Commerce notes.
In December 2012, the State Administrative Tribunal reversed this decision and granted him the certificate.
Now, in January 2013, the initial decision has been reinstated under the Court of Appeal. He cannot operate in Western Australia.
In July 2011, Property Observer reported about former Westpoint directors <a target="_blank" href="https://www.propertyobserver.com.au/news/asic-brings-charges-against-wespoint-duo/2011070150678">Carey and Graeme Rundle, of Perth, being taken to court on two criminal charges each brought by ASIC</a> regarding Warnbro Fair Shopping Centre and adjoining land as well as a transfer of the option to purchase WFSC to Bowesco Pty Ltd, a Carey family trustee company.
The charges were then dropped by ASIC after an important document was located. In May of 2013, Carey had <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/westpoint-founder-norm-carey-to-sue-asic-after-charges-dropped-westpoint/2013052061436">said he would sue ASIC over the charges</a> and seek payment of damages.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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