<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.

[smartcode_project:default project_id=7877 project_image_fid=355754]

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.

[smartcode_project:default project_id=7877 project_image_fid=355852]

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.

[smartcode_project_cta:default project_id=7877]

Joel Robinson

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.

[smartcode_project:default project_id=151614 project_image_fid=371872]

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.

[smartcode_project:default project_id=151614 project_image_fid=372083]

"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.

[smartcode_project:default project_id=151614 project_image_fid=371890]

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.

[smartcode_project:default project_id=151614 project_image_fid=371877]

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.

[smartcode_project_cta:default project_id=151614]

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.

[smartcode_project:default project_id=136442 project_image_fid=374084]

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.

[smartcode_project:default project_id=136442 project_image_fid=374088]

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 developer <a href="https://www.apartments.com.au/developers/odus">ODUS Property Group</a> is continuing to expand its local Gold Coast development pipeline, filing plans for a new 40-storey tower in the Southport CBD.

Odus, which bought two luxury Main Beach projects, now La Mer and Le Reve, to make its move into the booming Gold Coast apartment market, has secured its third site. But it is tweaking the plans for a previously proposed 50-storey skyscraper, now seeking to deliver 40 storeys.

The project, dubbed <a href="https://www.apartments.com.au/new-apartments/80-marine-parade-74-80-marine-parade-southport-qld-4215">80 Marine Parade</a>, sits on a prime&nbsp;2,032 sqm amalgamated corner site at 74–80 Marine Parade and 4 Welch Street, across the road from the Gold Coast Aquatic Centre. It will have unobstructed, never-to-be-built-out views to the east given its position opposite the Broadbwater Parklands.&nbsp;

The plans are for 316 apartments, ground-floor retail, and resort-style resident amenities. The project sits within Precinct 1 (Central Business District) of the Southport Priority Development Area, where high-density residential and commercial development is actively encouraged.

BGD, ran by Bayden Goddard and the architecture firm behind Le Reve, has revised the original concept plans, substantially reworking the built form. Basement parking has been replaced by an expanded podium designed to improve functionality while reducing the tower's overall visual impact.&nbsp;&nbsp;

<img alt="First look: Odus Property Group plots landmark 40-storey tower for Southport's Broadwater gateway" data-entity-type="file" data-entity-uuid="0f13d065-2cf5-45ec-aa17-1a03754d93d8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Southport%20da%202.png?VersionId=.9QS2n7kBc_U3PyaI247uOyNSXIqnXSE" />

The tower rises above the eight-storey landscaped podium with a distinctive architectural language defined by sweeping arches, integrated greenery, bronze-toned glazing, and a sculptural rooftop crown.

The development will comprise 104 one-bedroom apartments, 208 two-bedroom apartments, and four four-bedroom penthouses across levels 9 to 36. Apartments are designed to accommodate both permanent residents and short-term accommodation within the same building.

A double-height lobby and reception will anchor the ground floor alongside a 23 sqm food and drink outlet, activating the Marine Parade frontage.

Parking will be accommodated within the podium, providing 288 vehicle spaces and 74 bicycle spaces, accessed from Welch Street.

<img alt="First look: Odus Property Group plots landmark 40-storey tower for Southport's Broadwater gateway" data-entity-type="file" data-entity-uuid="d7528b91-2c47-4094-98b3-5eecbacc0041" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Southport%20da%20podium.png?VersionId=efF5oWs4T9PDvxJwJEDHu5kSQ5eE3IBy" />

Residents will have access to an extensive suite of amenities spread across multiple levels. A podium recreation deck will include a swimming pool, spas, sauna, steam room, cinema, residents' lounge and children's games room, while a second wellness level near the top of the building will feature a gym, co-working spaces, reading room, dining areas and communal kitchen. Extensive podium landscaping wraps the building to soften the built form and strengthen its interface with the surrounding streetscape.

The planning report notes the project responds directly to Southport's ongoing urban transformation.

"Consistent with much of Southport, the surrounding area is undergoing significant transition, with many older low-rise developments progressively being redeveloped for higher-intensity urban outcomes, as envisaged within Precinct 1."

It also states that the proposal "will contribute to a defined and legible eastern gateway to the Southport CBD, reinforcing the area's high-density urban character while maintaining a strong visual connection to the adjoining public open space network."

<img alt="First look: Odus Property Group plots landmark 40-storey tower for Southport's Broadwater gateway" data-entity-type="file" data-entity-uuid="0b9fdebd-4b35-400b-a287-6bd1cdbcdb1b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Southport%20da.png?VersionId=4LG35XR5mfir7jvG2TShtQx.utMLYBxu" />

Located opposite the Broadwater Parklands, the site enjoys immediate access to the Gold Coast Aquatic Centre, Australia Fair Shopping Centre, TAFE Queensland Southport campus, the G:link light rail corridor and Southport's established commercial precinct. The location places future residents within one of the Gold Coast's fastest-evolving mixed-use centres, where numerous high-rise residential projects are reshaping the CBD skyline.

Odus is headed by development professionals Byron Sakha, Jarrod Younan and Sebastian Younan. The Younans also head family-owned builder Nazero Constructions, established in the 1960s.

They are currently delivering La Mer, 24 luxury apartments on Main Beach Parade, and Le&nbsp;Rêve, on the same street but on the prized beachfront side of the sought-after strip.

ODUS plans landmark 40-storey tower for Southport's Broadwater gateway

A boutique collection of just 10 residences could become the catalyst for the next phase of renewal along the southern end of Surfers Paradise Boulevard, with new plans laid for a mixed-use tower designed to transform a long-vacant site.

The proposal for <a href="https://www.apartments.com.au/new-apartments/3098-surfers-paradise-boulevard-surfers-paradise-qld-4217">3098 Surfers Paradise Boulevard</a> has been conceived as more than a standalone residential project. Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the development aims to spark the revitalisation of what the design team describes as the "South Boulevard" precinct, creating an active streetscape with retail uses at ground level beneath a collection of full-floor luxury residences.

The application, by PR Property Holdings, an entity directed by the Brisbane-based Ryan and Petrovic families, seeks approval for a 17-storey, 62.2-metre mixed-use development on a compact 427 sqm site between Surfers Paradise Boulevard and Appel Street.

The project will comprise just 10 apartments, including eight full-floor residences and two duplex apartments, positioned above a two-level retail podium. Three podium parking levels will accommodate 26 vehicle spaces, while a recreation deck is proposed on Level 4.

<img alt="First look: PR Property Holdings plans boutique apartment tower to kickstart Surfers Paradise's 'South Boulevard' revival" data-entity-type="file" data-entity-uuid="46cfa37d-5051-4449-8d8e-6724f8ca0d59" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_8.png?VersionId=e7UkeV1eTZAC2lXhdq72E3jpUbwiFD2t" />

Rather than pursuing apartment volume, the proposal focuses on large-format homes with a slender tower form intended to maximise outlooks while limiting visual bulk.

BDA Architecture said the proposal has been designed to become an urban renewal catalyst for the precinct.

"The ambition of 3098 Surfer's Paradise is that it provides the catalyst for incremental infill redevelopment and upgrade of what is coined the 'South Boulevarde' of Surfers Paradise which connects to the beating heart of Cavill Avenue."

The architects added: "An incremental approach to development that provides quality ground plane interface, human scale design, integrated subtropical landscape and semipublic permeable frontage can over time entirely upgrade a precinct."

The architecture adopts soft curves, articulated balconies and a slender tower profile rising from a human-scaled podium. The design report describes the project as delivering "bespoke residences of enduring distinction, sculpted with precision and quiet sophistication," with a focus on timeless coastal architecture.

The application also includes retail tenancies addressing Surfers Paradise Boulevard, reinforcing the site's role as an active mixed-use destination rather than a purely residential address. The planning report states the combination of the podium, landscaping and active frontage is intended to strengthen the pedestrian experience while contributing to the evolving character of the boulevard.

The site occupies a prominent position in the southern section of Surfers Paradise, directly opposite the G:link light rail corridor and within walking distance of Surfers Paradise Beach, Cavill Avenue, the Nerang River and Bruce Bishop Car Park. It is currently vacant, having previously accommodated a single-storey commercial building that was demolished in 2022. The planning report notes the surrounding area is characterised by a mix of commercial buildings and residential towers, with unlimited building height provisions applying under the Centre Zone.

The proposal also replaces an earlier 2022 approval for a restaurant and bar on the site, instead introducing a permanent mixed-use development that combines retail activation with boutique residential living.

Boutique apartment tower to "kickstart" Surfers Paradise's 'South Boulevard' revival

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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

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

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Following the decision among other east coast states, the Victorian first-home owner grant will increase from $7000 to $10,000 for newly constructed homes.
It takes effect from July 1, which will lead to a probable pause in the purchase of new houses and apartment over the next two months.
But there will be a rush - possibly even an unhealthy frenzy - from those first timers desirous of buying established homes as they will no longer receive the existing $7000 first home grant from July.
But all first-home buyers will benefit from fast-tracked stamp duty savings, which will increase from 30% to 40% on homes valued up to $600,000, six months ahead of schedule. It is part of the Liberal government's pre-election pledged to reduce stamp duty by 50% over four years with the final 10% reduction scheduled for September 2014.
The combination of a $10,000 First Home Owner Grant and stamp-duty cut means a $16,500 saving on a $400,000 new property.
"The average price of a newly constructed first home is about $400,000," Victorian Treasurer Michael O'Brien said yesterday.
Michael O'Brien forecast the decision would help create more jobs in the housing sector. The Victorian budget on May 7 will be the first under the new Premier Denis Napthine.
"Targeting the grant to newly constructed homes - whether in regional Victoria, Melbourne's growth corridors or new CBD apartments - will stimulate the economy and create jobs in the construction sector," Mr O'Brien said.
But Melbourne buyers agent Frank Valentic says it was "bad news" given the 80% of first home buyers who buy established property will no longer get $7000 grant from July 2013.
Mr O'Brien said ending the first home grant for established houses brought Victoria into line with other states.
The Herald Sun reported the Master Builders Association of Victoria executive director Brian Welch saying increasing the grants would encourage people to consider building sooner.
"The industry's been in decline for the last couple of years, so this will give us a welcome boost," he said.
But the Real Estate Institute of Victoria's chief executive Enzo Raimondo says the changes mean those purchasing existing homes will be subsidising a discount for those buying newly constructed homes.
"History has shown first home buyers generally buy established [homes]," Mr Raimondo told the ABC.
"They generally want to buy close to where they work, and in Melbourne that's inner and middle suburbs, so this is going to make it a bit more difficult for first-home buyers of established properties in Melbourne."
The Victorian decision follows NSW where first home buyers have gone awol, leaving the O'Farrell Government with a budget savings windfall given the dramatically reduced take-up of new home acquistion by first time buyers.
Victorian first home buyers have been relatively steady over the past year with established home purchasers. Last month there were 1714 Victorian recipients securing $11.99 million in grants for established homes. There were 1652 in March last year.
For new home acquisitions there were 856 recipients in Victoria securing $5.99 in grants last March compared with 814 securing $5.69 million in grants in March 2013. 
The NSW $7 000 first home owner grant for established properties ended on 30 September 2012. The scheme established to assist first home owners instead to purchase or build a new home offers a $15 000 grant from 1 October 2012.
The FHOG (New Homes) grant will reduce to $10,000 on 1 January 2014.
But alarmingly NSW first home grants recipients have fallen from 2631 securing $18.77 million in March 2012, to this March when there was a record low 624 recipients securing $6.77 million.
Queensland closed its $7000 basic grant scheme last October, replacing it with a $15,000 grant for new homes. With just 217 grants recorded in the December quarter, the government website argues it will take several months before the impact of the Great Start Grant (previously known as the first home owner construction grant) can be clearly assessed, allowing for the lag between signing a contract and construction to build a home.
There had been a typical 4500 recipients in prior December quarters.
Latest State Government figures show that in the six months to March 28, there were just 805 first-home owners who received a $15,000 helping hand.
Launched in October 2012 as the First Home Owners Construction Grant, the funds are now only available to build or buy a new house, townhouse or apartment valued at less than $750,000.
It replaced the decade-old First Home Owners Grant, which had been available for the purchase of new or existing properties in Queensland.
The Brisbane Courier Mail recently reported the Real Estate Institute of Queensland CEO Anton Kardash said the Government had pulled the wrong lever as he had predicted.
"They persisted, and unfortunately the data is coming back as we predicted - and that is people are not transitioning to buying new homes with these grants.''
The REIQ suggested new homes are usually too expensive for first-time buyers and are often in outlying suburbs where young people do not necessarily want to live.
 
 
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Victorian first home buyers grant jumps from $7000 to $10,000 but only for new houses and apartments

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The sale of three adjoining terraces on the exclusive St Vincent Place in Albert Park has yielded $12,278,000 over the past three weekends, a 21.5% jump on their sale in-one-line five years ago.
The most recent sale was $4,008,000 yesterday.
The highest priced three-bedroom terrace fetched $4.3 million on April 13 comprising a 492-square-metre block and with no bathroom, is a renovator's opportunity.
{yoogallery src=[images/stories/2013/04/april16stvincent]}
Another had fetched $3.97 million.
The three recent sales should not be interpreted as prices haveing risen by 21% as there would have been a limited number of buyers when offered in one line, so the prices are not necessarily comparable.
The offerings was originally part of a three-terrace property owned by the Loreto Sisters, who bought them in 1969.
They sold them in 2008 when acquired by Fiona Olney-Fraser, wife of corporate raider Darren Olney-Fraser, for $10.1 million, who then split the property up into three empty shells.
The sister's departure in mid-2008 marked an end to over 100 years of involvement in the South Melbourne/Albert Park parish by the Catholic religious order.
Having arrived in Australia in 1875, the Loreto Sisters’ work began in 1888 in a small school in a rented house in Merton Crescent called Mononia. 
By the end of 1889 the sisters were looking for another site and land was purchased in Albert Road. While the three storey convent and school was being built, the Sisters lived at 51 Cantebury Road, Albert Park.
The Albert Road Convent and school opened in late 1890 and in 1906 the Central Catholic Training College was opened on the same site.  Both continued until 1924 when most of the students and Sisters moved to establish Loreto Mandeville Hall Toorak. 
The triple fronted property, Loreto House, at 73 -77 St Vincent Place, was bought by the Loreto Sisters in 1969 having previously been a Christian Brothers Boys' Hostel which closed in 1967. The houses were redesigned to make them appropriate as province office, residence and novitiate accommodation.
A recent Catholic Religious Australia survey revealed the total number of nuns of all orders in dramatic decrease  since the mid-1970s, and almost 70%since their peak in the mid-60s.
There were 4765 nuns in Australia last year compared with 12,619 in 1976 and a peak of 14,622 in 1966. In 1901, there were 3622.
Westpac took control of the Olney-Fraser properties in 2010.
The bank made $2,178,000 more than the last combined purchase price.
Buyers agent Mal James said the most recent sale of 77 St Vincent Place, Albert Park was considered to be the weakest of the properties in terms of its orientation and its condition, but it sold under the hammer - again with five bidders - for $4,008,000, surprising many experts. 
<a target="_blank" href="https://www.cayzer.com.au/index.cfm?pn=1&amp;start=1&amp;propertytype=residential&amp;firstsearch=true&amp;contentid=0&amp;listings_maximumpropertyimages=1&amp;contenttypeid=0&amp;usersortid=5&amp;pagecall=listings&amp;justlisteddays=7&amp;propertyaction=sale&amp;suburb_id=136701&amp;formtype=residential">Listing agent Michael Szulc of Cayzer Real Estate Albert Park</a> told Property Observer there were mutiple bidders at all of the auctions along with an audience of around 200.
Szulc says the sales provided an opportunity for those wanting to turn the property into their dream home.
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/75_st_vincent_place_albert_park_vic_3206/9183480">75 St Vincent Place, Albert Park, VIC, 3206</a>, three-bedroom house, sold at auction on April 13 by Cayzer Real Estate Albert Park for $4.3 million.
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/73_st_vincent_place_albert_park_vic_3206/9183476">73 St Vincent Place, Albert Park, VIC, 3206</a>, three-bedroom house, sold at auction on April 20 by Cayzer Real Estate Albert Park for $3.97 million
The last terrace <a target="_blank" href="https://www.cayzer.com.au/index.cfm?pagecall=property&amp;propertyid=2299862&amp;menuItemID=">77 St Vincent Place</a> was auctioned Saturday April 27 selling at $4,008,000 through Cayzer Real Estate Albert Park which sold after 39 bids.
Mal James of James Buyer Advocates has previously ranked St Vincents Place as equal second as Melbourne's highest land value street at approximately $6,000 per square metre - not far behind Brighton's absolute waterfront streets of $9,000 per square metre.
James says the successful buyers will face a renovation bill of between $2 million to $3 million depending on their wishes.
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Unrenovated premium Albert Park terraces yield 21% higher than 2008, with three consecutive weekend offerings

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Auctioneer Damien Cooley of Cooley Auctions knows unrenovated properties are popular offerings.
It was evident when a <a href="https://www.realestate.com.au/property-house-nsw-erskineville-113445419" target="_blank">three-bedroom home on John Street in Erskinville</a> sold under the weekend auction hammer at $770,000 having been offered with a price guide of $600,000.
It was sold through Braden Walters of True Property who issued 64 contracts for the Saturday auction and had over 190 groups through in the four weeks it was on the market.
Some 35 parties registered. 
Cooley tweeted:
<div class="stream-item-header" style="color: #333333; font-family: 'Helvetica Neue', Arial, sans-serif; font-size: 14px; line-height: 18px;"><a class="account-group js-account-group js-action-profile js-user-profile-link js-nav" href="https://twitter.com/damiencooley" data-user-id="303743974" style="color: #999999; text-decoration: none;">Damien Cooley ?<s style="text-decoration: none; color: #bbbbbb;">@</s>damiencooley</a></div>
<a href="https://twitter.com/CooleyAuctions" class="twitter-atreply pretty-link" dir="ltr" style="color: #0084b4; text-decoration: none;"><s style="text-decoration: none; color: #66b5d2;">@</s>CooleyAuctions</a> <a href="https://twitter.com/BradenWalters" class="twitter-atreply pretty-link" dir="ltr" style="color: #0084b4; text-decoration: none;"><s style="text-decoration: none; color: #66b5d2;">@</s>bradenwalters</a> <a href="https://twitter.com/TrueProperty" class="twitter-atreply pretty-link" dir="ltr" style="color: #0084b4; text-decoration: none;"><s style="text-decoration: none; color: #66b5d2;">@</s>trueproperty</a> big result for an unliveable home 185sqm no pkg. 200k over res!
The 180-square-metre property offers a 6.05-metre frontage and a large rear yard.
It last sold in 1989 for $165,000 empty for the last eight years and has tree roots pushing the floorboards up.
"The opportunity value is what makes it so attractive to buyers, the fact that people can just completely redo something withought having to keep anything," Walters told Property Observer before the auction.
"The sale will absolutely smash the reserve," Walters accurately forecast.
Walters says a minimum of $100,000 will need to be spent on doing a basic renovation.
RP Data gives the suburb's median as $792,500, up 2.9% over the past year. There were four sale on the street last year ranging between $735,000 and $1,135,000.
Cooley Auctions clearance rate was 78% selling 31 out of 40 listings over the day.
Laura Tunstall, the Channel 9 reporter, described the Erskineville sale as setting "a record price for an unliveable house in Sydney's inner west."
She tweeted: 
<div class="stream-item-header" style="color: #333333; font-family: 'Helvetica Neue', Arial, sans-serif; font-size: 14px; line-height: 18px;"><a class="account-group js-account-group js-action-profile js-user-profile-link js-nav" href="https://twitter.com/9NewsSyd" data-user-id="171802941" style="color: #999999; text-decoration: none;">Nine News Sydney ?<s style="text-decoration: none; color: #bbbbbb;">@</s>9NewsSyd</a></div>
A rundown house in Sydney's inner-west set a new record when it went under the hammer today <a href="https://twitter.com/LauraTunstall9" class="twitter-atreply pretty-link" dir="ltr" style="color: #0084b4; text-decoration: none;"><s style="text-decoration: none; color: #66b5d2;">@</s>LauraTunstall9</a> <a href="https://twitter.com/search?q=%239NEWSat6&amp;src=hash" data-query-source="hashtag_click" class="twitter-hashtag pretty-link js-nav" dir="ltr" style="color: #0084b4; text-decoration: none;"><s style="text-decoration: none; color: #66b5d2;">#</s>9NEWSat6</a>.
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Near median $770,000 Erskineville sale through @BradenWalters and @damiencooley as 35 buyers turn up for renovator's delight

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An overwhelming majority of economists still expect the RBA to leave the cash rate unchanged at 3% on May 7, according to the latest Bloomberg survey.
Following <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/economy/inflation-up-lower-than-expected-04-in-march-quarter-with-rise-in-new-dwelling-purchases-noted/2013042460702?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">Wednesday's subdued March quarter inflation</a> reading, 20 out of 27 economists expect no change in the cash rate.
This compared with 24 out of 28 who tipped no rate cut a week ago.
All the major bank economists agree there will be no rate cut in May.
Expectations of a June rate cut are stronger with 13 out of 27 tipping a 25 basis point rate cut and one economist (Richard Gibb from Macquarie Group) tipping a cash rate setting of 2.5%. The remainder expect no change.
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lschlesinger-FZcF9M3vE6

Majority of economists still say no rate cut on May 7

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The New Zealand family company behind the Oyster Bay wine brand, Delegat's has purchased the assets of Barossa Valley Estate for $24.7 million.
<a target="_blank" href="https://www.propertyobserver.com.au/south-australia/woolies-pursues-in-house-wine-production-prospects-in-the-barossa-valley/2013022759617">Woolworths along with Chinese investors</a> were pinpointed as possible buyers when the BVE, South Australia holding was listed after its receivership earlier this year.
Its assets include a modern 5000 tonne winery and a 41 hectare vineyard along with assigned grape grower contracts.
The company see BVE as a complementary fit to its established cool climate Oyster Bay business enabling Delegat's access to the Barossa Valley Shiraz market.
It sold through Sam Davies, partner of BVE receiver McGrathNicol with settlement expected in June.
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Kiwi Delegat's Group buys Barossa Valley Estate vineyard for $24.7 million

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The film producer turned passionate property developer Rebel Penfold-Russell has secured the first sale within  six prestige apartments in her North Bondi development, Coast.
The near-beachfront apartments each come with $5.5 million plus asking prices.
The $5.5 million first sale was a ground floor three bedroom apartment which had 187 square metres internal plus 125 square metres external space on title of the Ramsgate Avenue offering through <a target="_blank" href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-north-bondi-nsw-2026/177809">McGrath</a>. There are now just three remaining for sale given Penfold-Russell's desire to keep two.
{yoogallery src=[images/stories/2013/04/april26coast]}
Property Observer understands the initial ground floor apartment was bought by a local buyer.
Coast, on the Ben Buckler North Bondi headland, has been recently completed, the first new apartment project in 40 years on the iconic Ben Buckler Bondi Headland.
<img src="/images/stories/2013/02/coastapril29three.jpg" width="470" height="612" alt="coastapril29three">
The three-bedroom-plus apartments are set over the four-level complex to a SJB Architects design.
<img alt="bondifeb28one" height="257" width="470" src="/images/stories/2013/02/bondifeb28one.jpg">
<img height="255" width="470" src="/images/stories/2013/02/bondifeb28two.jpg" alt="bondifeb28two">
The block cost $6.05 million in 2007 in addition to the initial holding that cost $3.85 million in 2004.
<img height="256" width="470" src="/images/stories/2013/02/bondifeb28four.jpg" alt="bondifeb28four">
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Rebel Penfold-Russell secures first sale in the Coast, North Bondi deluxe development

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The Westfield Group has announced that Stephen Johns and Professor Fred Hilmer AO have indicated that they will not seek re-election at the upcoming annual general meeting to be held May 29. The combined time spent at Westfield by the two totals 65 years.
The chairman, Frank Lowy AC, paid tribute to the outstanding service provided by both directors to the group.
“Both Stephen and Fred have been key figures on the Westfield Board for more than 20 years. They have served the group through a phase of continued growth and have been instrumental in the success of the group over a long period. Their experience, wisdom and collegiate approach will be greatly missed.
I look forward to acknowledging the contributions made by both Stephen and Fred at the May AGM.”
Stephen Johns joined the group in 1970. For more than 30 years, he served the Group with great distinction in various executive capacities culminating in his appointment in 1985 as group finance director, a position he held until 2002. Mr Johns continued to serve the group as a non-executive Director following his retirement as an executive and has made a significant contribution to the Board and its Committees, serving as chair of the risk management committee and as a member of the audit committee.
Fred Hilmer joined the group as a non-executive director in 1991 and since that time has served as deputy chairman, lead independent director and ahairman of the audit and remuneration committees.
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Fred Hilmer and Stephen Johns to depart Westfield board

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Dexus Property Group and its Wholesale Property Fund have jointly acquired the under-construction 480 Queen Street office tower from Grocon at an estimated cost of $543.9 million on completion.

Each entity will hold 50% of the asset.
The 31-level premium-grade office development spans 55,561 square metres of office space located in Brisbane’s Golden Triangle, with dual access via Queen Street to the south-east and from Adelaide Street to the north-west.
It will be one of the few premium office towers in the Brisbane CBD to offer large office spaces of up to 2,800 square metres, and is expected to appeal to the high-end corporate tenant market.
The initial yield from occupants is estimated to be 7.25% on completion, based on current pre-commitments and that income guarantees are met.

Already 40% of office space has been pre-committed to future tenants including mining giant BHP Billiton and law firm Herbert Smith Freehills and with its 6 star, Green Star environmental rating, the building is expected to further attract interest from KPMG, NAB and the Commonwealth Bank.  

Construction on the tower has already commenced and is expected to be completed by February 2016.

Dexus’s office portfolio weighting is expected to increase by 1% to 79% following the acquisition with its weighting to the Brisbane CBD office market to be 11.6%.
"Despite mixed short-term fundamentals in the Brisbane office market, we remain confident in the overall metrics for quality, well located properties such as 480 Queen Street which provides premium grade office space with superior specifications and is ideally located in Brisbane’s Golden Triangle," says Kevin George, Dexus's exeuctive general manager of office &amp; industrial.
“Income guarantees expiring around September 2018 will provide security against any near-term uncertainty within the Brisbane market."
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Dexus buys Brisbane office at 480 Queen Street for $543.9 million 

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This week as I climbed a mountainous sand dune for the twentieth time in two hours with my legs burning, I found myself reflecting on property development.
I know, that may sound sick but I needed some distraction; it's school holidays and the kids and I were in the largest living coastal desert in the Southern Hemisphere. It was hot and I was tired.
The Worimi Conservation Lands or Stockton Bright Sand Dunes as they are known are part of beautiful Port Stephens in the Hunter Region of NSW.
As my five-year-old whizzed down the dune at breakneck speed, I glanced down to see yet another load of Chinese and Korean tourists spill from the four wheel drive bus. The tourists scurried up the dune; perched themselves on narrow boards and then launched down the dune. Cameras and phones clicked to catch the moment and reels of laughter rang out with chatter in languages I didn’t understand. Everyone was having fun.
The next day we boarded our dolphin watch cruise only to see the launch next to us load with literally hundreds of Asian tourists. As we searched the clear waters for dolphin, I chatted to the captain, I was interested to hear about the impact that particularly Chinese tourists were having on the NSW multimillion dollar tourist economy. And I was interested to see how this would trickle down to the Hunter Region's property market.
After years of relying on the coal mining in the Hunter to support our property markets, I could see a very real and different industry emerging right before my sunglass-covered eyes.  Tourism... Chinese tourism. So I did a bit of research and of course the NSW government are onto this potentially massive industry.
From my very brief research, a few Google searches and chatting to the people running the tours I took the kids on over the past few days, I learnt that most of the Asian visitors are day trippers, booked before they leave home on bus tours from Sydney that take them to various Hunter Region locations. They go to the vineyards and the Hunter Valley Gardens in Pokolbin, they go to Nelson Bay and do a dolphin cruise and have lunch before heading back to Sydney and stopping to ride the giant sand dunes on their way.
In the past twelve months, NSW had the largest share of Chinese visitors to Australia, as well as the largest share of Chinese visitor expenditure. Between July 2011 and June 2012, visitors from China to NSW increased by more than 15% to 335,500.
During the same period, NSW received more than 60% of all Chinese visitors to Australia, compared to Victoria at 51% and Queensland at 43%.
Within NSW, Sydney is their number one destination and the Hunter has so much potential to lure these tourists and cash in on their expenditure.
"Not only do the Chinese want our coal and iron but our sun, our smiles, our sights, our wine, food, our education services and our attractions,'' the former managing director of the Australian Tourism Export Council (ATEC), Matthew Hingerty said a few years ago.
Destination NSW reports that China has the potential to <a href="/news">contribute more than $17.4 billion to the NSW economy</a> over the period 2012-20 and be directly responsible for 13,900 jobs.
So how will this translate to the property markets around NSW and particularly the Hunter Region of NSW? I think it can only be positive, tourism is a growing industry that is creating jobs. I look forward to watching this emerging market that will impact on the local economies of the areas we develop in.
Jo Chivers is director of <a style="font-size: 14px;" rel="nofollow" target="_blank" href="https://www.propertybloom.com.au/" title="Property Bloom">Property Bloom</a>, which manages property development.
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Chinese tourism to boost NSW Hunter Region: Jo Chivers

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A recent Victorian Supreme Court decision in favour of a Melbourne apartment owner that operates serviced apartments in a Docklands residential building has been slammed by the Sydney-based Owners Corporation Network (OCN).
Stephen Goddard, a Sydney strata lawyer and chair of the OCN, told Property Observer allowing apartment owners to turn their residential units into hotels rooms or serviced apartments would “degrade property values” and result in strata fees rising due to higher maintenance costs.
It follows the Victorian Supreme Court overturning an earlier ruling by the Building Appeals Board that prevented Paul Salter from operating his Docklands Executive Apartments at the 350-unit Watergate tower.
Salter had lost an appeal to the Building Appeals Board in March this year after he received building notices in April 2011 with respect to three apartments being used as short term serviced apartments that were ruled to have contravened the Building Code of Australia.
The City of Melbourne was a defendant alongside the Building Appeals Board in its legal dispute with Salter.
The court ruled that the decision of the Building Appeals Board must be quashed and the appeals made by Salter be remitted for re-hearing and determination in accordance with law.
Goddard says the OCN is “completely behind the City of Melbourne”.
“It’s neither good public policy nor in the public interest to convert residential apartments into boarding houses or hotels on common property rates," he says.
“We are surprised and disappointed at decision of the Supreme Court of Victoria.”
Goddard says the decision will have national ramifications with the potential for parts of Docklands to start looking like the Gold Coast.
He says short-term letting of apartments is also a problem in Sydney, citing one example of a buck’s night in an apartment building, where windows were broken and the swimming pool had to be drained to remove all the glass.
“The allowing of checkerboard short term tenancies results in the overall degrading of amenities and capital values and will result in increases in levies.
“It’s short term profiteering but with a long-term cost," he says.
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