Melbourne developer <a href="https://www.apartments.com.au/developers/pdg-corporation">PDG</a> has unveiled its vision for the former Water Tank Site in Ivanhoe, which would see it transformed into a thriving residential neighbourhood, complete with a 2000 sqm public park.&nbsp;

Delivered in partnership with <a href="https://www.apartments.com.au/developers/development-victoria">Development Victoria</a>, the proposal would transform the prominent corner of Bell Street and Upper Heidelberg Road into a connected community comprising two residential buildings, generous public open space and shared amenities.&nbsp;

The vision includes 287 one, two and three-bedroom apartments, with a minimum of 10 per cent allocated to affordable housing, alongside a 2,000-square-metre publicly accessible park featuring a children's playground, activity lawn, indigenous planting, timber climbing logs, seating areas and a rock gathering circle.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a>, the proposal draws on the site's industrial heritage, using a robust architectural language that references the former water tank through expressive structural elements and durable, self-finished materials.&nbsp;

Extensive landscaping has been woven throughout the development, creating a living landscape that strengthens connections to nature while responding sensitively to the surrounding neighbourhood. Two residential buildings ranging from three to 12 storeys are linked by a landscaped forecourt, creating a welcoming arrival experience and improving pedestrian connections through the site.&nbsp;

Residents would also enjoy more than 1,000 square metres of communal open space, including barbecue and dining facilities, vegetable gardens, landscaped seating pavilions and a dedicated coworking space.&nbsp;

PDG Founder and Managing Director Vince Giuliano said the vision reflected an opportunity to transform one of Ivanhoe's most recognisable sites into a place that balanced housing, community and landscape.&nbsp;

"This is an opportunity to reimagine an important site and create a neighbourhood that delivers lasting benefits for Ivanhoe," Giuliano said.&nbsp;

"We're creating much more than new homes. The vision brings together affordable housing, quality architecture, meaningful public open space and shared places that encourage people to connect, while respecting the site's history and its place within the local community."&nbsp;

Development Victoria’s Executive General Manager Precincts, Niall Cunningham, said the application is an important step for the government-owned site.&nbsp;

“This is about delivering more homes in a well-connected location, along with public open space that the Ivanhoe community will benefit from for years to come,” Cunningham said.&nbsp;

PDG was selected as development partner in late 2025 following a competitive tender process.&nbsp;

A planning submission for the project is currently being progressed through the Victorian Government's Development Facilitation Program, with positive early engagement from both Banyule Council and the Department of Transport and Planning.

Joel Robinson

PDG unveils plans to transform landmark Ivanhoe Water Tank Site

Shane Wilkinson's <a href="https://www.apartments.com.au/developers/pace-development-group">Pace Development Group</a> has lodged plans for a major residential precinct on the former Presentation College site in Windsor, with an eight-building masterplan ultimately rising to 10 storeys.

The proposal at <a href="https://www.apartments.com.au/new-apartments/167-dandenong-road-windsor-vic-3181">167–187 Dandenong Road</a> spans a substantial 19,027 sqm site and is being progressed across six stages, with the first residential stages comprising 170 homes across four buildings designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>.

Stage Two will deliver the bulk of the initial housing, with Building A comprising 81 apartments and Building B 49 apartments, both rising to six storeys.

Stage Three will deliver a further 40 homes. The heritage Nagel Building, identified as Building C, will be converted to 12 dwellings, while a new five-storey Building D will comprise 28 apartments at the Hornby Street and Dandenong Road corner.

The 170 homes across Stages Two and Three will include a mix of one, two and three-bedroom apartments, including townhouse-style dwellings.<img alt="First look: Pace plans landscaped housing precinct on former Windsor school site" data-entity-type="file" data-entity-uuid="83c56e3e-dfb9-4e12-b172-c3f18513ec32" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_9.png?VersionId=xRcRpSZsxX.UX_NDDGcRZktw7HVrzx7u" />

&nbsp;

The longer-term masterplan points to considerably greater density across the site.

Indicative plans show Building E accommodating around 80 dwellings across up to 10 storeys, while Building F is earmarked for around 120 dwellings and also up to 10 storeys. Building G is planned to range between four and 10 storeys, however its apartment yield is yet to be determined. That means the masterplan currently identifies at least 370 dwellings across Buildings A to F before any apartments within Building G are counted.

Across the 1.9-hectare site, that represents an indicative density of at least 194 dwellings per hectare, with the final figure to increase once the yield of Building G is established.

Pace is pursuing the project through the Victorian Government's Development Facilitation Program, with Urbis lodging a combined Section 96A planning scheme amendment and planning application on behalf of the developer, which secured the site earlier this year.

The application seeks detailed approval for Stages One, Two and Three, alongside approval of the broader masterplan framework that will guide the later residential stages. Stage One will see an existing heritage building adaptively reused for a wellness and fitness-related facility, while the broader precinct will retain several significant heritage buildings and established trees as part of the redevelopment.

A minimum 10 per cent affordable housing contribution is proposed across both the initial residential stages and the later masterplan stages, delivered through a discounted rental model.

The project comes immediately after a major change to the site's planning controls.

The site was rezoned to the Housing Choice and Transport Zone through Planning Scheme Amendment GC285, gazetted on July 22, 2026, and now sits within the inner catchment of the Windsor Station precinct under the State Government's Train and Tram Zone Activity Centres Program.

While the new controls identify large sites within the inner catchment for buildings of up to six storeys, Pace's masterplan pushes height to 10 storeys in parts of the site, with the taller buildings concentrated toward the centre and along the Sandringham railway corridor.

Lower-scale built form is proposed toward the site's more sensitive residential and heritage edges, with Buildings A and B generally stepping from three storeys at their interfaces to six storeys at upper levels.

Cera Stribley's masterplan breaks the development into a collection of separate buildings rather than a continuous built form, with landscaped spaces, new pedestrian links and a new publicly accessible road forming part of the precinct.

The planning report says the development will create new pedestrian connections to Elm Place and along the railway corridor, as well as a new publicly accessible road linking Elm Place with Dandenong Road. The proposed buildings will occupy around 54 per cent of the site, leaving a substantial portion available for landscaping, communal areas and permeable surfaces.

Urbis said the scale of the project reflected the site's strategic location close to Windsor Station, tram services and the Chapel Street Activity Centre, with the former school campus identified as a significant opportunity to increase housing supply on an underutilised inner-Melbourne site.

&nbsp;

First look: Pace plans landscaped housing precinct on former Windsor school site

<a href="https://www.apartments.com.au/developers/jl-place">JL PLACE</a>'s Veil Brighton is approaching its final months of construction, with the nine-townhouse development at 17 Rooding Street expected to complete in December 2026.

The milestone is bringing the boutique project closer to becoming a finished part of the <a href="https://www.apartments.com.au/developments/brighton-vic-3186">Brighton</a> streetscape, with much of Brighton's everyday amenity within a short walk.

Palace Cinema, Coles Supermarket and North Brighton Station are all around five minutes on foot from <a href="https://www.apartments.com.au/new-townhouses/veil-brighton-17-rooding-street-brighton-vic-3186">Veil</a>, alongside numerous cafés, restaurants and bars. The station provides a direct rail connection toward Melbourne's CBD, while Bay Street and the wider Brighton retail and dining network add to the range of services accessible without relying on a car for every trip.

"The location was fundamental to the project. Brighton is an established suburb where many buyers already have strong connections to the area and want to remain close to the people, places and amenities that form part of their everyday life," the developer said.

"Veil sits in a highly walkable part of Brighton, with a Walk Score of 90/100."

For buyers looking to right-size within Bayside, that level of walkability adds to the appeal of a more manageable way of living. Everyday shopping, dining, entertainment and public transport can be accessed without relying on the car for every trip, while residents remain connected to the places and routines that make Brighton familiar. It allows buyers to simplify day-to-day life without giving up the convenience, amenity and connections they already value.

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As completion approaches, the architecture, landscaping and material palette are progressively becoming visible on site, giving prospective purchasers a clearer view of the finished development beyond its plans and renders.

Veil comprises nine townhouses, predominantly three-bedroom homes with between 2.5 and 3.5 bathrooms, two car spaces and, depending on the residence, study areas and private outdoor space. Selected homes include a bedroom on the ground floor.

Veil occupies a middle ground between detached housing and apartment living, retaining private gardens, storage and secure parking within a more manageable residential format.

<a href="https://www.apartments.com.au/architects/schmidt-pang-architects">Schmidt &amp; Pang</a> designed the architecture around natural light, ventilation, privacy and practical use of space. From Rooding Street, the façade has been composed to read as a cohesive residential building rather than nine individual townhouses, with landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick Landscape Architects</a> integrated throughout the site.

Inside, natural stone, oak flooring, integrated joinery and brushed nickel finishes establish a restrained material palette, while kitchens include Miele appliances and substantial storage such as pantries. Walk-in robes and dedicated study spaces have also been incorporated across the collection.

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The project team said the planning of the homes has been informed by how the spaces function for both daily routines and larger gatherings.

"Our new homes owners at Veil have enjoyed the attention to detail in creating efficient layouts that use every space well. Hosting Christmas lunch and large family gatherings is an ease when care is taken to consider how people really live and entertain."

Private landscaped gardens extend the living spaces outdoors, while secure basement parking and bicycle parking are provided below. The homes have also been designed to achieve a 7-star energy rating, supported by double glazing, high-quality insulation, natural ventilation, LED lighting, water tanks and water-efficient fittings. Each residence is backed by a 10-year building guarantee.

Veil is being built by <a href="https://www.apartments.com.au/builders/jeniton">Jeniton</a>.&nbsp;Limited-time stamp duty savings are also currently available on selected purchases at Veil, adding another consideration as the project moves toward completion.

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Veil Brighton nears completion in one of the suburb's most walkable pockets

<a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a> has recorded 134 sales worth just over $400 million in two months of pre-release activity at The Riversdale, as the developer brings its $750 million South Brisbane riverfront project to the broader market.

The sales represent more than 60 per cent of the project's 213 apartments, with Mosaic reporting the majority of purchasers have been local owner-occupiers and downsizers.

<a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale</a> will rise 39 storeys from its north-facing site at 91 Montague Road, delivering a mix of two, three and four-bedroom apartments alongside a collection of Mosaic's premium Masterpiece Series Sky Homes.

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The early buyer response comes ahead of the wider evolution of the northern end of Montague Road, where The Riversdale will be one of the first major residential projects delivered within an emerging riverfront precinct.

Directly adjoining the development is a planned 7.1-hectare mixed-use precinct, set to introduce new residences, parkland and public realm along the river's edge. The Riversdale's position directly on the Brisbane River gives it a relationship with the waterfront that Mosaic says cannot be replicated by future buildings within the precinct.

The site is also the result of a years-long pursuit by Mosaic. The developer first earmarked the <a href="https://www.apartments.com.au/developments/south-brisbane-qld-4101">South Brisbane</a> property in 2018, reflecting what Founder and Managing Director Brook Monahan has described as a deliberately patient approach to acquiring development sites.

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"We aren't opportunistic," Monahan previously told Apartments.com.au.

"Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau Proberts</a>, The Riversdale has been shaped around the qualities of the riverfront site, with apartments oriented to capture northern light and uninterrupted Brisbane River views.

Generous floorplans and expansive balconies extend the living spaces towards the river, while natural materials and a restrained interior palette have been selected with longevity in mind.

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Residents will have access to a level of amenity more commonly associated with world-class hotels and private members' clubs, with almost 3,000 sqm dedicated to wellness, connection, recreation and everyday convenience.

At ground level is a business lounge, private meeting rooms and dedicated workspaces. Mid-tower is a wellness sanctuary featuring magnesium hot and cold plunge pools, sauna, steam room, infrared therapy facilities, a Pilates and yoga studio, and a commercial-grade gymnasium.

Crowning The Riversdale is a rooftop featuring a 35-metre swimming pool with lap lane and spa, outdoor dining and seating terraces, firepit lounges and views of the city, river and Mount Coot-tha.

A private members' club-inspired retreat offers private dining rooms, a whisky lounge, media rooms and immersive entertainment experiences. Completing the amenity offering are two hotel-style guest suites and a resident-exclusive electric vehicle fleet and car-share program.

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The Riversdale sits at the northern end of Montague Road between South Bank and West End, around 1.3 kilometres from the Brisbane CBD, providing access to the city's major cultural, dining and recreation precincts.

It becomes Mosaic's largest Brisbane project to date and adds to a pipeline already under construction across the city.

In Brisbane, the developer is currently delivering The Bedford and The Carter at Kangaroo Point, both of which are approaching sell-out, with a further four projects being delivered on the Gold Coast. Mosaic has completed more than $2 billion in projects since 2012 and has a further development pipeline exceeding $2 billion across South East Queensland.

Early works are underway at The Riversdale, which will be delivered by Mosaic's in-house construction division. Completion is anticipated in late 2029, with remaining apartments priced from $1.98 million.

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Mosaic records more than $400m in two months at South Brisbane's The Riversdale

Lender, fund manager and apartment developer Princeton has completed <a href="https://www.apartments.com.au/buildings/marque-rockdale-602-608-princes-highway-rockdale-nsw-2216">Marque Rockdale</a>, the first new apartment development in South Sydney to provide its owners with a 10-year Latent Defects Insurance policy, the most comprehensive insurance available for a new apartment building.

The policy has been a key consideration for prospective purchasers of the 58 one-, two-, and three-bedroom apartments, strategically located between&nbsp;Rockdale Plaza and Rockdale Station.&nbsp;

Buyers have also been drawn to the fact that it is one of few new apartment developments delivered in the suburb in the last 10 years, and the only one located on Princes Highway to be set well back from the street to reduce noise. There's also a communal rooftop, a rarity in the suburb, complete barbecue facilities, landscaped seating areas, a children's play zone and herb gardens.

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Ray White Projects’ Matt Otway said buyer enquiry reflected the increasingly diverse and cosmopolitan population that has made Rockdale home.

“We’re seeing strong interest from a broad mix of buyers, including young professionals and people who have rented in Rockdale and the surrounding suburbs and now see Marque as an opportunity to buy a brand-new apartment in an area they already know,” Otway said.

“Proximity to the CBD and Sydney Airport is another key advantage particularly for buyers working in these locations who want the added convenience of living close by.”

Investors have also been attracted to the project, with rental yields of more than five per cent, which is considered a strong result for the Sydney market.

[smartcode_project:default project_id=136442 project_image_fid=374090]

Adding another layer to the buyer proposition is Marque's 10-year Latent Defects Insurance policy from Resilience Insurance, making it the only new apartment development in Rockdale to offer the cover.

The policy protects apartment owners against major structural and waterproofing defects for 10 years following completion, giving Marque purchasers cover until early 2036 at no additional cost.

The likelihood of defects emerging has also been mitigated through the Technical Inspection Service (TIS), which saw independent experts inspect the building at various stages throughout construction to identify potential issues during the build, rather than after the fact.

SDSS, which provided the TIS, consistently ranked the construction quality at Marque, undertaken by iCIRT-rated builder Coplex, among the best across its extensive portfolio of projects.

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Otway said the LDI had become a major drawcard for buyers, particularly given Rockdale has seen relatively little new apartment development over the past decade.

"Rockdale hasn't had a lot of new apartment buildings in the last decade, and has never had a project with 10-year defect insurance," Otway said.

"Marque presents a truly rare opportunity at an affordable price point, so well connected to the Sydney CBD."

One-bedroom apartments at Marque start from $735,000.

[smartcode_project_cta:default project_id=136442]

Marque Rockdale completes as South Sydney’s first apartments backed by 10-year defect insurance

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.

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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.

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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.

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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.

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Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

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

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

Ellen Walker

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

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

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

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Australia Post may yet have to pay more than a peppercorn for its 999 lease over its historic North Melbourne premises. 
The "ridiculous" lease - as dubbed by city councillor Stephen Mayne - was revealed when the City Melbourne included a list of its current commercial leases in its draft 2013-14 budget.
Signed in 1882, Australia Post has paid no rent on the premises in more than 131 years, being only required to pay ‘one peppercorn if demanded’ as the original Victorian-era contract prescribes. 
The <a href="/news">1882 contract has no provision for a review of the rent</a>, which only expires in 2881. 
However, a spokesperson for the Melbourne City Council says that as part of the master planning for the future of the North Melbourne Town Hall Arts House, it intends to “commence discussions with Australia Post in the near future”. 
The original lease was signed following a grant of 2500 pounds paid “from the consolidated revenue of the colony to the mayor and councillors of the Town of Hotham in North Melbourne in order to erect a Town Hall, Court House, and Post and Telegraph office”. 
"The yearly rental was ‘one peppercorn if demanded’. There was no provision to review," reads the original agreement. 
The term “peppercorn rent” derives from such Victorian-era rental agreements, referring to a nominal payment necessary for the creation of a legally-binding contract. 
“The original lease covered additional areas, which are now shops leased by the City of Melbourne to tenants and Arts House spaces at the rear of the building," said a spokesperson for the City of Melbourne.
"These were surrendered when the Court House and lock-up on the site ceased being used for those purposes – per the condition of the original lease. 
"The Post Office does not have a right to sublet the shop for another purpose and should they vacate they would have to surrender the premises to the City of Melbourne." 
Councillor Stephen Mayne, who chairs the City of Melbourne’s finance and governance portfolio, says while the council is “not in the business of breaking commercial leases” the agreement is “absolutely ridiculous”. 
He said it would be good if Australia Post voluntarily agreed to look at options. 
“If an alternative venue for a post office could be found on Errol Street, it would certainly free up the old North Melbourne Town hall for greater community use.
“I did raise the issue socially with the new chairman of Australia Post, John Stanhope, at a recent Jazz Festival function and joked that we’d give him a 500 year extension for $100,000. 
“The renegotiation issue has not been formally raised with Australia Post but it is good to have these sorts of deals out in the open for public discussion,” he added.
 
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Australia Post's 999 year “peppercorn” lease in North Melbourne may yet be reviewed

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Small investor interest in Bankstown strata offices in Sydney's outer west growth corrider is rising according to Jared Harris, sales and leasing executive at Commercial Property Group.
"We have seen in the last quarter a lot more inquiry for investments in the sub $1 million dollar mark," he tells Property Observer.
"The majority of the inquiry is coming from mum and dad investors looking for opportunities for their self-managed super funds.
Last month the Bankstown-based commercial agency negotiated the sale of a 296 square metre office in the NAB building occupied by the Department of Housing at above 8.4% net return.
The sale price was $818,000 with the office currently rented for $69,535 per annum net plus GST.
A smaller 173 square metre office sold for $645,000, renting at $51,000 and returning around 7.9% net.
"We have another 334 square metres occupied by the same tenant that is due to settle at the end of the month at around the same rate of $3,500 per square metre.
"The building has a history of having little or no vacancy.
The success of these sales is sparking further listings in the building with three adjoining lots totalling <a href="https://www.commercial.net.au/sales/30,31-32-410-Chapel-Road-BANKSTOWN/1975163.aspx?pt=1&amp;s=578" target="_blank">284 square metres also now up for sale asking $994,000</a>.
Harris says he has also received a spike in inquiry for an office in the NAB building that is offered with vacant possession.
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SMSF demand for high-yielding Bankstown strata offices rising

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The Gowings and State Theatre Buildings restoration and hotel conversion has received an award for best Urban Renewal from The Urban Development Institute of Australia (UDIA).
As part of the UDIA NSW Austral Bricks Awards for Excellence, the project was deemed by judges as an “outstanding example of the adaptive reuse and conservation of two underutilised State heritage-listed buildings.”
<img alt="gowings-aug-7-one" height="194" width="470" src="/images/stories/2013/08/gowings-aug-7-one.jpg">
It was noted that despite encountering a range of construction difficulties to complete the intended 196 room hotel, restaurant and day spa, Woodhead Architects managed to overcome the obstacles and keep the operating theatre functional throughout the $55 million redevelopment.
The Gowings building, once regarded as one of the most prominent and famous stores in Sydney, eventually closed and  was purchased in 2006 for $68 million by the neighbouring, Amalgamated Holdings Limited, who have owned the art deco style State Theatre since it was built in 1929.  
The judges further added that the renewal of the iconic buildings ensured their ongoing survival and provided luxury tourist accommodation to the market and enhance the character of the CBD.

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Gowings and State Theatre restoration wins UDIA best Urban Renewal award

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The RBA lowered interest rates yesterday to a record 2.5% and this will no doubt send the banking world into a hyper competitive frenzy as each lender competes for market share.  
Banks love it when borrowers lock in their debt because it means they are tied to them for a fixed period so fixed rate loans will hot bed of competition in the coming months.  
When the banks promote their loan products the focus is almost entirely on the headline rate but you really need to look through these numbers and determine the right loan for you.  
All the major banks have very competitive fixed rate loans at the moment with the three-year rates ranging from 4.99% to 5.19%. While it is great to have certainty over your interest payments you also need to consider the rate you pay once the fixed term ends.  
In some cases the interest rate at the end of the loan term will revert to the standard variable. While other packages will provide with an ongoing discount of up to 1% off the standard variable for the life of the loan. 
Although you will be in a position to renegotiate your loan at the end of the fixed term many people are busy and neglect this part of their strategy. It is not in the banks interest to let you know you are being ripped off so make sure you negotiate your discount before you lock in your loan.  
One of the most competitive three year fixed rate loans at the moment has a headline interest rate of 4.82%. While this looks very enticing on the surface it does come with restrictions.
First you are only able to lock in 50% of the loan amount and the other half must stay variable. With this loan you may get some benefit from the lower fixed rate component but then lose this with a higher variable component.  
Also the gearing on this loan offering is limited to 75% of the property value. For first homebuyers or borrowers with a small amount of equity this loan will not be suitable.    
While locking in you debt will provide you with some level of comfort, paying off your debt should be the ultimate focus.  
Some loans do not allow you to make any additional repayments over and above the interest repayments. This means you will be running on the spot and not paying off any principle during the fixed term period.  
Many banks allow you to pay off some principle each year but this is usually capped at $5,000 to $10,000. However, at least you will be chipping away at the loan and reducing the amount of interest you pay.  
Further no fixed rate loans allow you to harness the benefits of an offset account which reduces you loan amount on a daily basis depending on how much money you have in your day to day banking account. It maybe a better option to lock in part of your loan on a fixed rate and leave the other variable. This will allow you to use an offset account and make unlimited repayments.  
Mark Armstrong is a director of <a href="https://www.ipropertyplan.com.au/">iProperty Plan</a>, which provides independent analysis and tailored advice to investors and home buyers.  
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Is it the right time to lock in a fixed interest rate on your home loan?

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Increases in materials and labour costs are largely being absorbed by competitive tendering with builders pricing at low or even zero margins, according to the latest Review of Australian Construction Market Conditions report by buidling industry management consultants WT Partnership.
The graph below shows there has been little increase in tender prices submitted by builders despite costs rising. 
<img alt="CONSTRUCTION_CHARTS1" src="/images/stories/2013/larry_uploads/CONSTRUCTION_CHARTS1.jpg" width="470" height="420">
However, according to the report authors, with increases in the cost of building rising, "it is only a matter of time until the fierce tender price cutting seen over recent years relents or more contractors hit the wall".
"With the exception of South Australia and Tasmania, each of our offices expects that tender pricing will continue at competitive levels for the immediate future and that cost pressures will eventually come to bear next year and into 2015 when escalation in tender pricing will be trending at levels of around 3% to 4%, " says WT Partnership.
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Construction tender pricing not rising despite costs increasing for builders: Chart of the week

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The redevelopment of the former Yorkshire Brewery in Collingwood has been given the green light to commence construction after months of amending the proposed plans.
Located on Robert Street, the 4,500-square-metre historic site will be redeveloped into three residential towers featuring 350 apartments.
The towers range in height from 17 storeys, 14 storeys and 10 storeys.
<img src="/images/stories/2013/07/NUMBERS/collingwood-aug-7-one.jpg" width="470" height="675" alt="collingwood-aug-7-one">
The $200 million project by SMA Projects will include $6.7 million of heritage works and restoration on the historic brew tower, cellar building, silos and stables.
Development manager of SMA Projects Robert Murphy says the southern end of Collingwood has long been forgotten about.
<img src="/images/stories/2013/07/NUMBERS/collingwood-aug-7-two.jpg" width="470" height="624" alt="collingwood-aug-7-two">
“We see this as a strategic redevelopment site, with clear community benefits in the restoration of these heritage buildings and activation of a long derelict site,” says Murphy.
Studio apartments are 43 square metres and one-bedroom apartments range in size from 48 square metres to 65 square metres.
Two-bedroom apartments range in size from 64 square metres to 99 squares metre and three-bedroom apartments are 110 square metres.
A preliminary assessment expects one-bedroom apartments to be priced from $395,000 and two bedrooms from $480,000.
The development will also include 18 two-storey townhouses at ground level ranging in size from 87 square metres to 109 square metres.
Two separate one-bedroom residences will act as a hotel for visiting guests, with a nominal fee to cover housekeeping and maintenance.
Residents will be able to book short term stays in the serviced apartments to accommodate visiting friends and family when needed.
<img src="/images/stories/2013/08/collingwood-aug-7-five.jpg" width="470" height="313" alt="collingwood-aug-7-five">
Designed by Hayball Architects, the development will feature timber, exposed brick and concrete materials as a reference to the sites industrial heritage.
“It was our intent to deliver buildings that harnessed and respected the genius loci and history of the site,” says Tom Jordan, managing director of Hayball.
“There are heritage buildings of state significance to work with, so we set out to both reference and compliment these,” says Jordan.
The historic brew tower will be at the center of the project, as well as a 480-square-metre piazza with a wine bar, convenience store and deli.
Residents will also have access to a rooftop terrace, gym and formal dining room.
<img alt="collingwood-aug-7-six" height="332" width="470" src="/images/stories/2013/08/collingwood-aug-7-six.jpg">
The development is yet to be released but SMA Projects told Property Observer it has received an overwhelming response from the local area with people already registering their interest. 
The Yorkshire Brewery was designed by architect James Wood in 1880 and was the tallest building in Australia for 10 years.
It was purchased in 1909 by Carlton and United Breweries and ceased operating in the 1950s.
The median apartment price in <a href="/news">Collingwood</a> is $520,000, a 12.5% change in the past five years, according to RP Data.
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Collingwood's historic Yorkshire Brewery residential redevelopment gets green light

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Colonial First State Global Asset Management (CFSGAM) is a subsidiary of the Commonwealth Bank (CBA) and manages more than $140 billion in funds including $20 billion in listed property funds. 
The two listed funds are CFS Retail Property Trust (CFX) and Commonwealth Property Office Fund (CPA). 
CBA has proposed that the management rights of CFX and CPA be internalised and that wholesale property funds and shopping centre management rights of CFSGAM be purchased by CFX. 
Provided the payment for the management rights is not excessive, the internalisation proposal should succeed. 
The Gandel Group, which owns 15.5% of CFX and has first right over the stake in CFX owned by CBA (and owns of half of Chadstone Shopping Centre), presumably will be supportive. 
Internalisation is a positive for CFX as is estimated it will improve earnings by 2% to  2.5% because of the size of the platform and the potential cost savings generated. 
Costs savings through internalisation would also increase earnings by between 2% to 2.5% for CPA. 
The most important driver behind the proposed exit of the CFSGAM property business by CBA is the increased capital requirements for holding equity investments under Basel III. 
More demanding capital requirements are being imposed by APRA on equity investments by banks. 
Internalisation of management and sale of the investments in CFX and CPA by CBA will prospectively enhance return on equity of the bank albeit marginally. 
CFSGAM manages $20 billion in property assets across Australia and New Zealand, including 44 shopping centres and 38 office buildings. 
Seventy percent of the assets are in three listed vehicles being CFX, CPA and the Kiwi Income Property Trust which is listed in New Zealand. 
The Australian listed funds are: 
<ul>
<li>CFX which specialise in retail property and has assets of $8.4 billion, a development pipeline of $1.3 billion and market capitalisation of $4.8billion. 
</li>
</ul>
<ul>
<li>CPA, which specialise in office property and has assets of $3.7 billion and market capitalisation of $2.7 billion. 
</li>
</ul>
CFSGAM also manages unlisted property funds and assets. 
It is proposed by CBA that these management rights be sold to CFX.  The funds and assets are: 
<ul>
<li>CFSGAM property retail partnership which is an unlisted fund with $1.2bn in retail asset and four investors, including CPPIB and the Future Fund. 
</li>
</ul>
<ul>
<li>Private Property Syndicate which is an unlisted diversified fund with $550 million in assets. 
</li>
</ul>
<ul>
<li>The DPIF Office and Industrial Funds which are in wind-down. 
</li>
</ul>
<ul>
<li>Co-owned assets managed on behalf of third parties valued at $2.7 billion. 
</li>
</ul>
Sale of the management rights for the unlisted funds and assets to CFX introduces a clear conflict for the CFX management team. 
It also raises the question whether investors in these unlisted property funds would countenance a shift of management into a listed entity where alignment of interest will be uncertain. 
Principal focus of management of a listed property trust will be increasing net operating income, measured six monthly, where increasing assets and funds under management will be factors driving performance.  This contrasts with the focus of unlisted property investors seeking long term total returns on assets. 
If CFX proceeds with acquisition of the management rights for unlisted property funds and assets it would be detrimental for unitholders as the lack of management alignment with investors would place at risk the continuing retention of the management rights of the funds. 
Soon after CBA announced the plans for listed trusts, Dexus brought a 14.9% of stake in CPA, raising speculation about a full takeover. 
CPA and CFX will be susceptible to takeover in the belief that new management will be more successful because of greater skills or economies of scale.  Certainly the share prices will be underpinned. 
Approval of internalisation of management of the listed CBA vehicles is expected and will enhance earnings provided the price is reasonable.  CFX at current price yields 6.8%.  CPA yields 5.6% on a 75% payout ratio.  Both represent fair value with prospects of growth in distribution. 
A hostile takeover offer for CPA after internalisation of management is a real possibility. 
CFX in contrast is less certain until there is clarity regarding the purchase of unlisted property trust and asset management rights.  If they are not acquired by CFX then the prospect of a takeover offer at the current prices will strengthen.
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The implications for the Commonwealth Bank bringing its property trusts in-house

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Mutual lenders ME Bank and Heritage Bank have announced they will pass on the RBA's 25 basis point rate cut in full to their mortgage holders. 
ME Bank's standard variable rate drops from 5.63% p.a. to 5.38% p.a on August 23.
The rate cut ensures members of eligible super funds and unions will have access to mortgage rates currently more than 50 basis points lower than that of the nearest major bank.
Heritage’s standard variable interest rate will be reduced to 5.64% from August 16.
Heritage chief executive John Minz said passing on the 0.25 percentage point cut maintained Heritage’s competitive advantage against the big banks.  “In the current economic circumstances, cutting our rates is the right thing to do, both for our mortgage customers and for the economy as a whole.. “With the Federal election date now set and with interest rates at these record lows, the ingredients are there for a surge in economic activity in coming months, which will benefit the whole country. “As a customer-owned bank, we always strive to provide the most competitive interest rates we can," he says. 
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ME Bank and Heritage Bank pass on rate cut in full

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In a surprise move, Westpac has announced it will reduce its standard variable mortgage rate by 28 basis points  to 5.98% per annum.
The new rate takes effect from 19 August 2013.
It is the first lender to pass on more than the 25 basis points cut from the cash rate by the RBA today.
Both Commonwealth Bank and NAB have announced they will pass on the full rate cut, but with different start dates.
ANZ will only make its independent interest rate announcement on Friday, but is likely to pass on the full rate cut if not more - ANZ passed on 27 basis points in May.
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="205">
Lender
</td>
<td valign="top" width="205">
New standard variable rate
</td>
<td valign="top" width="205">
Effective date
</td>
</tr>
<tr>
<td valign="top" width="205">
NAB
</td>
<td valign="top" width="205">
5.88%
</td>
<td valign="top" width="205">
August 12
</td>
</tr>
<tr>
<td valign="top" width="205">
Commonwealth Bank
</td>
<td valign="top" width="205">
5.90%
</td>
<td valign="top" width="205">
August 14
</td>
</tr>
<tr>
<td valign="top" width="205">
Westpac
</td>
<td valign="top" width="205">
5.98%
</td>
<td valign="top" width="205">
August 19
</td>
</tr>
<tr>
<td valign="top" width="205">
ANZ
</td>
<td valign="top" width="205">
6.13%
</td>
<td valign="top" width="205">
Friday August 9 announcement
</td>
</tr>
</tbody></table>
ING Direct will also pass on the full rate cut as will Yellow Brick Road as has Heritage Bank.
Westpac's mortgage rate will reduce to 5.28% from August 19 for those entitled to a package rate discount of 5.28%.
The new rate takes Westpac’s home loan rates to their lowest level since October 2009.
Since November 2011, Westpac has cut its standard variable mortgage rate by 1.88 percentage points of 200 cut by the RBA from the cash rate.
<a href="https://homeloans.propertyobserver.com.au/home-loans/?utm_source=Property+Observer+List&amp;utm_campaign=76e226e607-June_21_1_29_2013&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-76e226e607-245347537" target="_blank"><img src="/images/stories/2013/08/homeloancomparison.jpg" width="399" height="110" alt="homeloancomparison"></a>
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Westpac passes on 28 basis points to borrowers from August 19

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The short statement accompanying the RBA's decision to cut the cash rate to 2.5% is "less dovish" but still leaves room for further rate cuts, says HSBC Australia and New Zealand chief economist Paul Bloxham.
He notes that the RBA "did not explicitly indicate that the inflation outlook provided 'scope' for further easing from here, as previous statements had done".
"They did, however, still suggest that the Australian dollar was a bit too high for them to be comfortable.
"Markets are currently pricing in a further cut this year.
"While this is possible, we are of the view that today's cut could be the last for this easing phase, as the lower Australian dollar is doing a lot of the work for the RBA already and is also an upside risk to the inflation outlook.
"With a federal election now due to occur on September 7, it seems highly unlikely that the RBA would cut rates next month (4 days before the election) - meaning the next likely opportunity is October or November.
Between now and October/November we have a local Federal election, on September 7, and there are significant global developments that may have a bearing ont he Australian dollar in particular.
"Further weakness in the Australian dollar may obviate the need for another rate cut, as it would be supportive of growth,"says Bloxham.
<a target="_blank" href="https://homeloans.propertyobserver.com.au/home-loans/?utm_source=Property+Observer+List&amp;utm_campaign=76e226e607-June_21_1_29_2013&amp;utm_medium=email&amp;utm_term=0_a523fbfccb-76e226e607-245347537"><img alt="homeloancomparison" height="110" width="399" src="/images/stories/2013/08/homeloancomparison.jpg"></a>
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