Family-owned builder and developer <a href="https://www.apartments.com.au/developers/omaya">Omaya</a> is bringing its 27-storey The Maybelle development to market, with the 229-apartment tower rising alongside Ismay Reserve near North Strathfield.

<a href="https://www.apartments.com.au/new-apartments/the-maybelle-21-parramatta-road-homebush-nsw-2140">The Maybelle</a> will comprise one, two and three-bedroom apartments, with its height providing elevated outlooks towards the Sydney skyline and Harbour Bridge, while other residences will look across neighbouring Ismay Reserve.

Designed by <a href="https://www.apartments.com.au/architects/squillace-architects">Squillace Architects</a>, the tower combines its parkside setting with proximity to the established retail, dining and transport amenity around North Strathfield.

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Residences will feature open-plan living spaces and a choice of two interior schemes, while communal amenity is spread across two elevated levels of the building.

Level 8 will be home to the Garden Pavilion, a full-floor resident space incorporating communal entertaining and breakout areas, seating and recreation spaces. Further up the tower, a landscaped Sky Terrace on Level 14 will provide another communal area with panoramic views towards the Harbour Bridge and Sydney skyline.

At ground level, the development sits directly alongside Ismay Reserve, where lawns, walking paths, children's play areas, picnic spaces and recreational facilities extend the green space available immediately around the project.

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The Maybelle is also within walking distance of North Strathfield and the Bakehouse Quarter, which provides a mix of cafés, restaurants, shops and everyday services.

Existing rail and bus services provide connections across Sydney, while the future North Strathfield Metro and access to the M4 will add to the transport options available around the precinct. Walking and cycling routes also extend via Powells Creek towards Sydney Olympic Park and its sporting, entertainment and parkland precincts.

Families are also well positioned for access to a broad selection of established schools and education options across Strathfield and the surrounding Inner West.

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Omaya has operated in Sydney for more than 35 years, managing projects from acquisition and design through to construction and delivery. The family-owned company is both developer and builder of The Maybelle.

Apartments start from $560,000, with the development protected by 10-year Latent Defects Insurance.

Construction is well underway, with completion expected by the end of 2026 and move-in anticipated from Q1 2027.

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Joel Robinson

The Maybelle brings 27-storey parkside tower to market near North Strathfield

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.

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

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.

[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.

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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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The total number of private sector house approvals rose 1.5% in trend terms in May, according to the latest ABS building approvals data.
This contributed to the 1.0% increase in the total number of dwelling units approved.
On a seasonally-adjusted basis, private sector house approvals rose 2.5% to 8,113 dwellings to be up 11.6% for the year.
"The number of approvals to build new homes is currently above the decade average and actually 4% stronger than the 5-year average," notes CommSec economist Savanth Sebastian.
<img src="/images/stories/2013/larry_uploads/abs_buildign_approvals.jpg" width="256" height="266" alt="abs_buildign_approvals">
Source: ABS
Unit approvals fell 9.8% to 5,156 to be down 24.5% for the year.
Yesterday, the HIA earmarked a solid recovery in the residential building sector when it reported that new home sales ncreased by 1.6% in May, taking monthly sales back to their highest level in 18 months.
The ABS figures show that dwelling approvals increased in May in the Australian Capital Territory (4.1%), Tasmania (3.6%), Western Australia (2.7%), South Australia (1.8%), Victoria (1.2%) and New South Wales (0.8%) but decreased in the Northern Territory (-4.9%) and Queensland (-0.5%) in trend terms. In trend terms, approvals for private sector houses increased for the six consecutive month in May.
Of the states and territories, New South Wales (2.6%), Victoria (2.3%) and South Australia (2.2%) experienced the largest rises in private sector house approvals.  The trend value of total building approved rose 1.9% in May and has risen for 16 months. The value of residential building was flat while non-residential building rose 4.1%. This media release focuses on movements in the trend as seasonally adjusted month to month movements can be highly volatile and are not necessarily indicative of the underlying behaviour in approvals data.
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Private sector house approvals trend up 1.5% in May: ABS

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Yesterday, around lunchtime, the Australian dollar fell more than one cent to 90.6 cents after RBA governor Glenn Stevens let it slip that the decision to leave the cash rate on hold at 2.75% was a close-call.
The expectation among nearly all economists was that the decision to leave rates on hold was a relatively straightforward one - for once.
Instead Stevens said, as part of unscripted opening remarks at a Brisbane luncheon, that the RBA board had “deliberated for a very long time and then elected to sit with the cash rate unchanged”.
The official transcript on the RBA website has Stevens as saying:
“I don't propose to comment about yesterday's (July 2) decision in particular, or to send any particular messages about the next decision.”
Fairfax business and economics commentator Malcolm Maiden speculates that the “feverish market reaction” driven by a newsflash sent out by Bloomberg about Stevens' unscripted remarks reveals that overseas investors, who have invested without currency hedges, are very nervous about the dollar falling.
The unscripted comments made by Stevens could perhaps have been interpreted by overseas investors as meaning that it won’t take much for the RBA to cut the cash rate, which would send the Australian dollar falling even further.
But as Maiden points out, while the fall in the Australian dollar was triggered by “cash rate speculation” the very fact that it has fallen may work against the RBA needing to actually cut the cash rate when it next meets in August.
This link was clearly spelled out by HSBC chief economist Paul Bloxham at the end of May when he said  that the recent depreciation of the dollar has had the effect of adding to 0.1% to Australia’s GDP – “which is around the same as the estimated effect of a 25 basis point rate cut”.
So it is more than likely that Stevens, a clearly very prudent man, knew exactly what he was doing when he made his off the cuff remarks, that is:
Push down the dollar without a rate cut and leave further room for the RBA to move should global economic conditions deteriorate and force its hand.
A quick glance through the official transcript of the speech shows that Stevens made mention of the exchange rate on no less than 16 occasions.
A lower Australian dollar is vital to supporting the Australian economy’s transition from resource investment to non-mining sectors such as manufacturing, retail, tourism and real estate.
“It is no secret that I, for one, have been surprised that the foreign exchange market has taken as long as it has to reflect the fact that the terms of trade peaked some time ago – nearly two years ago, in fact," said Stevens.
“In the end, though, market-based exchange rates do eventually adjust – and usually in a less disruptive way than those that are maintained artificially.
“A flexible exchange rate is an important part of adjustment over all phases of the cycle and it remains a major advantage that we have one. If the economy ‘needs’ a lower exchange rate, it will probably get it,” Stevens said.
Yesterday, he appeared to give it more than just a gentle nudge in the right direction.
It has since emerged via the Reserve Bank's deputy governor Philip Lowe that governor Glenn Stevens was actually making a "light-hearted remark" when he quipped that the board had deliberated for a very long time on its interest rates decision.
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The Aussie dollar dive may have been part of Glenn Stevens' RBA script, not lower mortgage rates

<html><body>{module Do you agree with RBA governor Glenn Stevens that Australia remains a “lucky country” because the GFC slowed down household borrowing and prevented Australia from becoming financially over extended?}</body></html>

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Do you agree with RBA governor Glenn Stevens that Australia remains a “lucky country”?

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The number of Sydney properties listed for sale has fallen by almost a quarter in the space of a year with stock levels approaching four-year lows, according to new figures for June compiled by SQM Research. 
There were 23,707 properties listed for sale in Sydney in June, 14.6% less than in May (27,761) and 23.1% less than the more than 30,000 properties listed for sale the same time last year. 
All capital cities recorded expected declines in residential stock in line with the winter slowdown, but Sydney was the only capital city to record a double digit monthly decline and larger annual fall. 
A lack of listings could put further pressure on Sydney property prices given the impetus to buy due to low interest rates.
"We're not quite there yet in terms of stock on market, but we are approaching that period of late 2009, early 2010 when Sydney real estate prices were growing at  an annual rate of around 15%," SQM Research director Louis Christopher tells Property Observer.
"Vendors are now increasingly in control of the market and this will  put upward pressure on real estate prices.
In September last year, SQM Resarch forecast growth in Sydney house prices  in 2013 of between 5% to 9%.
"We are approaching the upper point of that range and 2014 could be a year when capital growth is even higher than that," says Christopher.
He attributes to the large drop in Sydney listings to not a lot of new listings coming to market as well as old stock now being absorbed because prices are rising to meet vendors' expectations.
According to the SQM Research Asking Price Index, asking prices for Sydney houses have risen 7.3% over the past 12 months to June 30 while asking prices for units are up 5.8%.
RP Data-Rismark records a 6.3% rise in Sydney house prices over the past 12 months.
BIS Shrapnel expects <a target="_blank" href="https://www.propertyobserver.com.au/residential/surging-sydney-to-lead-uneven-recovery-in-residential-property-market-over-next-three-years-bis-shrapnel/2013063062842">Sydney to be the strongest housing market </a>over the next three years with a 19% gain.
<img alt="SQM_research" height="170" width="470" src="/images/stories/2013/larry_uploads/SQM_research.jpg">
Source: SQM Research
Whilere there are less than 24,000 Sydney properties now listed for sale, Melbourne has nearly double the number of properties for sale, more than 46,000 properties for sale, while the much smaller Brisbane market also has more properties listed for sale than Sydney with just under 27,000. 
“I believe that overall, the national housing market still remains well supplied with current listings, however Sydney is turning out to be a clear exception,” says Christopher. 
“When you consider the long term chart, Sydney is approaching the 2009 lows and this fits with other measurements indicating a strengthening housing market for that capital city.” 
Behind Sydney, the next biggest monthly decline was Canberra (down 8.3%) while the biggest annual decline was Melbourne (down 8.7%) followed closely by Perth (8%). 
Nationally the level of residential property fell by 5.3% over June to a total of 358,882.
Year on year, residential listings are down 5.4%.
“Whilst the majority of capital city monthly decreases can be attributed to seasonal influences and the fact that we came through five weekends in May to four weekends during June, Sydney’s monthly decline of -14.6% in stock appears to have gone beyond these attributes, as we begin to witness stock levels for this capital city that match those seen in 2009,” says SQM Research in its analysis of the data.
“This being the case - combined with Sydney recording a -23.1% yearly decrease in stock, SQM Research believes that we may now be approaching a point where there is a shortage of residential sale listings in the Sydney Market.”
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Residential properties listed for sale in Sydney down 23.1% in a year adding further pressure to house prices: SQM

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Rich Dad, Poor Dad author Robert T. Kiyosaki has some sage advice for investors: keep your emotions in check if you want to be successful.
<a target="_blank" href="https://twitter.com/theRealKiyosaki"><img alt="tweetofthedayjuly4one" height="68" width="470" src="/images/stories/2013/07/tweetofthedayjuly4one.jpg"></a>
The American author and investor, who has 624,000 Twitter followers, regularly posts his ideas about investing on his <a target="_blank" href="https://twitter.com/theRealKiyosaki">Twitter page</a>.
"If you want to be a rich person, or become a richer person, don’t let the poor person inside of you do your talking," read another recent tweet.
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Robert T. Kiyosaki says investors need to keep their emotions in check

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Globe-trotting Australian economist Steve Keen has gone on Russian television to warn that first-home owner grants and other government housing schemes are a "help to sell" for vendors, create housing bubbles and make housing more unaffordable for new entrants.
"They drag people into the market who otherwise would not be able to get in," <a href="/news">he said on the Keiser Report on English language Russian news channel RT</a>.
“When the Australian government doubled and trebled the scheme (through the first-home owner boost which ran from October 2008 to December 2009) house prices went up 8% and 12% per annum.

“[That is] 12% more unaffordable. If you can’t control it becomes a poisoned chalice."
{qtube vid:=5dRdfEHMXjY}
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Housing grants a help to sell not a help to buy: Steve Keen

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Costco is set to open up it’s <img alt="7one" height="40" width="30" src="/images/stories/2013/07/7one.jpg">th store in Australia in Sydney's Marsden Park.
The US retailer is buying into Sydney Business Park joining IKEA, Bunnings and Masters at the Richmond Road site.
Cotco has secured a 59,830 square metre site (pictured below).
<img alt="costcojuly4one" height="313" width="470" src="/images/stories/2013/07/costcojuly4one.jpg">
<img alt="costcojuly4two" height="329" width="470" src="/images/stories/2013/07/costcojuly4two.jpg">
The Marsden Park Development is 551 hectares rezoned in 2010.
Costco has opened three stores,  <img alt="houserules1" height="37" width="30" src="/images/stories/2013/07/houserules1.jpg"> at Melbourne’s Docklands in 2009, <img alt="houserules2" height="32" width="30" src="/images/stories/2013/07/houserules2.jpg">at Auburn in NSW and <img alt="houserules3" height="39" width="30" src="/images/stories/2013/07/houserules3.jpg"> at Canberra Airport.
There are a further three to be opened in <img src="/images/stories/2013/07/houserules4.jpg" width="30" height="38" alt="houserules4"> Ringwood (VIC), <img src="/images/stories/2013/07/houserules5.jpg" width="30" height="40" alt="houserules5"> Cross Roads (NSW) and <img src="/images/stories/2013/07/houserules6.jpg" width="30" height="38" alt="houserules6">North Lakes (QLD), in the coming year.
The Marsden Park precinct will undergo a $102 million upgrade, where the NSW state government will fund the majority of the capital needed for the upgrade.
According to the NSW state government Planning and Infrastructure webpage, the preinct  has the potential to provide 10,000 jobs and 1,200 homes for the growing northwest of Sydney.
Once the site is developed 70 hectares of commercial land will be present, along with 40 hectares of bulky good retailing, 206 hectares of industrial land and 63 hectares of conservation land and open space along with housing nearby the development to accommodate the population.
The site is located 40 kilometres northwest of Sydney's CBD.
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Costco is set to open up its seventh store in Australia in Sydney's Marsden Park

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Economist and property bear Steve Keen says housing grants are a “poisoned chalice” that inflate house prices leaving first-home buyers worse off, not better off.
<a target="_blank" href="https://www.propertyobserver.com.au/trends/housing-grants-a-help-to-sell-not-a-help-to-buy-steve-keen/2013070362962?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=realitytv">Speaking from Paris</a>, Keen said government housing schemes “drag people into the market who otherwise would not be able to get in" in an interview on the Keiser Report, a program on Russian English language news channel RT.
“What it does is increase the supply of buyers," said Keen.
“It’s a 'help to sell' not a 'help to buy' because those who are flogging their properties suddenly get a whole bunch of people with money in their pockets."
His comments were made in the wake of UK chancellor George Osborne’s heavily criticised ‘Help to Buy’ scheme, which provides state mortgage subsidies.
Keen said he agreed with the likes of the IMF and outgoing governor of the Bank of England, Mervyn King that Osborne's scheme is a bad idea.
Keen referred to the Australian experience of the government introducing first-home owner grants in an effort to bring more people into the housing market, which created housing bubbles each time such schemes were introduced, made housing more unaffordable and made buyers “worse off not better off”.
“When the Australian government doubled and trebled the scheme (through the first-home owner boost which ran from October 2008 to December 2009) house prices went up 8% and 12% per annum.
“[That is] 12% more unaffordable. If you can’t control it becomes a poisoned chalice."
Keen said governments sponsoring asset price bubbles to make themselves look like good economic managers was a “perennial theme” in Australia dating right back to when Bob Hawke came to power.
“One of the first schemes he introduced in the 1980s was a first home owners grant of a few thousand dollars, which started a little mini-bubble in housing
“After the 1987 stock market crash they did it again with a much larger amount of money that also started a huge bubble.
Prices rose 20% and 30% and then they fell 20% and 30% on the other side of it.
“In 2000 it was brought back and then doubled by John Howard in 2001. Eeach time they did it, it pumped up house prices even more.
“Housing grants have become part of furniture in Australia," he added.
By comparison, before the government began introducing these schemes, Keen says average house price increases were "one half of one percent" compared to consumer price increase over a year.
After the first scheme was introduced by Hawke, the average was 4% growth per year he said.
Keen also returned to his most controversial 2008 prediction about house prices falling 40%.
“House prices were falling when I made my call that they would fall 40% over 10 to 15 years.
“That’s when the government doubled and trebled the first-home owners scheme, which I renamed the first-home owners 'vendors' scheme.
“That restarted the bubble and they kept it going until mid-2010 when house prices started to fall again.”
“House prices fall much more slowly than the stock market. They don’t have the total crash.
“The biggest crash was in the US where house price did fall about 40% over four years.
“What I had in mind for Australia was the Japanese case of a slow bleed, where prices have fallen 70% over 20 years.”
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Housing grants a “poisoned chalice” that create bubbles and leave buyers worse off: Steve Keen

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Another big public land sale is whetting the appetites of developers with the 24 hectare former Bradmill site in Yarraville going to market with an expected price tag of $100 million.
Six kilometres from the CBD, the Yarraville Gardens redevelopment has approval for 1500 townhouses and apartments. Also on the drawing board is a 10,000 sq metre neighbourhood shopping centre, possibly with a Coles or Woollies, a library and 400 car parks.
The site (pictured below) could be home for up to 7000 people.
<img alt="yarravillejuly4one" height="296" width="470" src="/images/stories/2013/07/yarravillejuly4one.jpg">
CBRE director Mark Wizel is marketing the property internationally for the Melbourne based family business DeGroup.
“The rarity of 60 acres of residential zoned land six kilometres from the Melbourne CBD simply cannot be understated,” Wizel said.
“There is little doubt that, while off-shore Asian developers are the most active buying group for large inner city sites with residential potential, Yarraville Gardens is  expected to generate significant interest from the domestic private and institutional development market.”
Large numbers of Asian developers have already made a beeline for the Melbourne CBD and city fringe, with Wizel saying larger groups - especially from Malaysia and Singapore – are now after similarly sited townhouse and apartment projects.
“Offshore developers and local institutional developers are seeing the consistent population growth of Melbourne and adjusting their strategies accordingly,” Wizel said.
Local councils and the state government are also proactively planning for population growth, he said.
The pending sale of Yarraville Gardens follows other big deals in Melbourne, including the sale of the Amcor site ($120 million), the former Age site in the CBD ($75 million) and Nigel Satterley’s acquisition of a major parcel of land in Point Cook ($100 million).
Yarraville Gardens owner Colin DeLutis says interest in the site is strong. “We’ve been approached many times over the past five years, and we think now is the right time for a formal sale campaign.”
While Coles and Woolworths are possible anchor tenants, Delutis said a major supermarket had not been decided yet. However, he confirmed that his company would develop a shopping centre on the business zoned land with a view to retaining ownership of the centre.
The proposed mixed use residential and business development is south of Francis Street and west of McIvor Reserve. It’s surrounded by 28 hectares of parklands and is close to Yarraville station and the popular Yarraville village.
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Another $100 million-plus residential land sale pending at Yarraville Gardens

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Another great forward indicator with regard to the future health of the residential market – and in particular new housing construction – is employment growth.  
Now, I used to ‘full-time’ employment growth.  There seems to be a disconnect between working full-time and housing demand.  I think it has more to do with workplace transformation than, say, looser mortgage arrangements.  Today about a third of the Australian workforce are casually employed, with another 30% working part-time.  
Anyway, just as too many column centimetres are devoted to burbles about median prices (and worse still, which index is more incorrect), when it comes to property markets, too much attention is given to unemployment, rather than the creation of jobs.  
A recent analysis of employment figures tells us quite a lot about the possible future direction of the residential market.  
Australia
Overall, 124,000 new jobs were created across Australia over the last 12 months (year-ending May 2013).  Australia, over the past five years, created about 165,000 new jobs every year.  During 2011/12 Australia created 140,000 new jobs.  So things, job-wise, would appear to be slowing down.  
Again, as discussed in recent Missives, interest rates need to fall further.  Given the start of the structural decline in coal; iron ore peaking and our rising population growth, we need to create many more jobs than we currently are.  Creating a long-term policy platform (not politics) to get us back to, at least, our five-year average would be a start.  
New South Wales
Only one state is leaping ahead when it comes to employment growth.  And it is having a large, positive impact on its real estate market.  
And the winner is New South Wales.  
New South Wales created just under 70,000 new jobs last year.
Importantly, NSW’s recent job creation is way ahead of its five year average, suggesting, improving residential market conditions ahead.  
Also rans
Four other states are creating jobs – Western Australia with 15,000 new jobs since May last year, along with Victoria, Queensland and South Australia each coming in with about 13,000 new jobs apiece.  
New job creation has all but stopped now in Canberra and the Northern Territory.  Tasmania is losing jobs (minus 1,300).  
Whilst Victoria’s recent employment growth is encouraging, it is way down on the longer-term trend (50,000 per annum as a five-year average).  The Victorian housing market’s downturn will most likely, assuming it can continue to create new jobs, now take a softer landing that may otherwise have been the case.  
South Australia’s residential market might be the big surprise over the next 12 to 18 months.  My SA chart of job creation shows consistent improvement since the beginning of the year.  Keep in mind, SA saw no new job creation during 2011/12.  Things in SA look like they could change for the better.  
Western Australia; Darwin and Canberra all look like they may be peaking, it terms of residential activity.  Past trends would suggest that WA might even go through a market correction unless job creation moves upwards again.  During 2011/12, WA saw 48,500 new jobs and the state’s five year average is 32,600 full-time new jobs each year.  
But maybe WA, like Queensland, given they are both ‘resource’ states, overshot in recent years, and the amount of new work is correcting back to more normal levels?  
Queensland
The theory strongly suggests that Queensland’s residential markets should be recovering, but until we start seeing a steady increase in work, the Sunshine State’s residential outlook will remain lacklustre.  
Investors need to be very careful about what they buy in Queensland.  Anything off-centre might not perform as spruiked.  Whilst I think Queensland’s tide will rise (and this is not a veiled attempt at humour) and maybe quite quickly during 2014 and beyond, a rising tide, this cycle, may not float all ships.  
Queensland’s new housing market also remains lacklustre.  
See, mining (resources) creates wealth in Australia and new housing construction distributes it (and therefore helps to keep much of this wealth in the country).  The distribution system works in other states/territories but is broken in Queensland.  
For example, Queensland started just 29,000 new dwellings last year (year ending April 2013); whilst Victoria, over the same time period, built 51,000 new homes.  NSW – the traditional basket case when it comes to new housing construction – created 39,000 new dwellings last year.  All three states are growing – in terms of civil population – at about the same rates i.e. 80,000 new permanent residents per annum.  
Queensland now should be creating about 40,000 or 25% more, new dwellings each year.  Queensland must increase its new housing starts, and very quickly, in order to start creating more new jobs.  The coal mining slowdown makes this even more pressing.  
No stamp-duty on new off-plan sales across Queensland is now imperative – not a budgetary choice.    
Michael Matusik is the founder of <a href="https://www.matusik.com.au/" target="_blank">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.  Read <a href="https://www.matusikmissive.com.au/" target="_blank">Michael’s Blog</a> or follow him on <a href="https://www.facebook.com/ThinkMatusik?fref=ts" target="_blank">Facebook</a> and <a target="_blank" href="https://www.twitter.com/michaelmatusik">Twitter</a> or connect via <a href="https://www.linkedin.com/in/michaelmatusik">LinkedIn</a>
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