High-profile apartment defect cases have changed the way many NSW buyers approach purchasing, putting greater scrutiny on building quality, strata records and the parties behind a development before a contract is signed.

The industry buyers are assessing today, however, is also different from the one in which cases such as Opal Tower and Mascot Towers emerged.

NSW has introduced a series of regulatory measures aimed at strengthening oversight of apartment construction, including Building Commission NSW, the Residential Apartment Buildings Act 2020 and the Strata Building Bond and Inspections Scheme. Under the latter, developers are required to lodge a bond, with independent inspections forming part of the process for identifying defects in new strata developments.

Those changes provide another layer of protection, but they haven't removed the importance of buyer due diligence.

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For purchasers considering an apartment, that means looking beyond the residence itself. Building and strata history, strata reports, the track record of the builder and developer, the condition of common property and any known or planned expenditure by the owners corporation can all form part of assessing a building before purchase.

Whether the development is already complete can also materially change what can be assessed.

An off-the-plan purchaser is necessarily buying before the finished product exists. A completed apartment, by comparison, can be walked through before contracts are signed, allowing the purchaser to see the finishes, common areas and broader building as they have actually been delivered rather than relying solely on plans and renders.

It also removes exposure to some of the uncertainties that exist between an off-the-plan purchase and completion, including construction delays, cost pressures and builder insolvency during the delivery period.

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<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a> National Sales Director Ben Hamblett said that greater focus on tangible evidence is increasingly evident among apartment purchasers.

“The biggest shift we're seeing is buyers wanting proof, not promises,” Hamblett said.

“That's exactly why we deal in completed stock - you can inspect the building before you commit - and why we've backed every purchase with a cash bond against special levies.”

At <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> in Parramatta, that emphasis on a completed, inspectable product is already in place.

The 413-apartment, 46-level tower at 12 Phillip Street is being marketed by Projects by Equitifund, allowing prospective purchasers to inspect the residences, common areas and resident facilities before committing.

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The Lennox also introduces another layer to the due-diligence conversation through Strata Surety.

The vendor-funded arrangement provides purchasers with a cash-backed bond held in their own solicitor's trust account from settlement. According to Equitifund, the bond covers any special levy raised during the applicable cover period and is provided at no cost to the purchaser.

Special levies can create an unexpected cost for apartment owners where an owners corporation needs funding beyond its existing strata contributions. Under NSW strata law, a special levy requires approval by owners at a general meeting.

Equitifund Executive Chairman Greg Huxley said Strata Surety was designed to provide something more concrete than reassurance about that potential exposure.

“Buyers have every right to ask hard questions about strata risk - the industry has given them plenty of reasons to,” Huxley said.

“Our answer isn't a reassurance, it's a bond. Strata Surety puts real money behind that confidence, held by the buyer's own solicitor, not by us.”

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For The Lennox, its completed status also means purchasers can assess not only the apartment itself, but a building that has already been occupied and operating for several years.

Completed in 2021, the $300 million development, designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, comprises one, two, three and four-bedroom apartments, with open-plan living areas extending to private balconies. Interiors incorporate engineered timber flooring, stone benchtops and integrated appliances, while many upper-level residences have views across the river and surrounding district.

Its established amenity can similarly be inspected in operation. Resident facilities include the Watermark precinct with a 20-metre pool, outdoor terrace, barbecue areas, gym, fitness studio and conference room, while ground-floor retail addresses the river walk and surrounding public space.

The Lennox is also home to the Southern Hemisphere's first fully robotic residential car park, which has now operated for several years. Its nine-level basement combines three conventional parking levels with six automated levels, accommodating 327 vehicles using technology from German firm Lödige Industries.

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The riverfront address puts The Lennox close to much of central <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a>'s existing infrastructure, including Parramatta Station, Westfield Parramatta, Parramatta Park, and the Church Street dining precinct.

The remaining apartments form part of a limited release secured by Equitifund, following the sale of the majority of residences before and shortly after completion.

The regulatory environment around NSW apartment construction has changed considerably since the defect cases that reshaped public discussion around the sector. For purchasers, however, regulation is only one part of the equation. The ability to investigate a building's history, review its strata position and, where possible, inspect what has actually been delivered remains central to making an informed apartment purchase.

At The Lennox, its completed status provides that opportunity before contracts are signed, while Strata Surety adds a financial backstop against special levies beyond the protections already provided under NSW strata law.

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Joel Robinson

Buying with confidence: What NSW apartment buyers should check beyond the defect headlines

Too often, heritage buildings become the podium for a contemporary tower. At <a href="https://www.apartments.com.au/new-apartments/623-collins-607-623-collins-street-melbourne-vic-3000">623 Collins</a>, <a>Sterling Global</a> challenged its design team to reverse that process.

The brief to <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> was deliberately simple: "Don't design around the heritage. Design from it." It became the philosophy behind a project that draws inspiration not only from two landmark heritage buildings, but from Collins Street itself, a street layered with architectural history and civic significance.

That philosophy has shaped one of <a href="https://www.apartments.com.au/developments/melbourne-vic-3000">Melbourne</a> CBD's most considered residential projects, where the 1924 State Savings Bank and neighbouring Batman's Hill Hotel have become the architectural foundation for 623 Collins rather than remnants preserved beneath a new development.

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Rather than approaching the site as a blank canvas, <a href="https://www.apartments.com.au/developers/sterling-global">Sterling Global</a> saw the existing buildings as the beginning of the story.

"Sites like this rarely become available," the developer said.

"623 Collins wasn't simply an opportunity to develop a prominent CBD site. It was an opportunity to restore and reimagine one of Melbourne's important heritage landmarks while contributing to the continued evolution of Collins Street. For us, the existing buildings weren't constraints. They were the beginning of the story."

Instead of mimicking the ornate heritage architecture, Plus Studio studied the proportions, rhythm and craftsmanship of the original buildings before translating those characteristics into a contemporary 42-storey tower.

[smartcode_project:default project_id=145324 project_image_fid=372748]

"The brief challenged us to create a contemporary landmark that respected Melbourne's architectural history without becoming nostalgic," Plus Studio said.

"Rather than mimicking heritage, we sought to understand its proportions, rhythm and material language before translating those qualities into a distinctly contemporary architectural expression."

The practice says the State Savings Bank and Batman's Hill Hotel became the project's primary source of inspiration, allowing the heritage buildings and contemporary architecture to exist "in conversation rather than contrast." Generous planted terraces further soften the transition between old and new, creating elevated green spaces while reinforcing the dialogue between the restored podium and the contemporary tower.

That dialogue continues throughout the interiors, where Melbourne designer Fiona Lynch developed a material palette inspired by the idea of alchemy, balancing contrasting materials that reference both the Neo-Grec detailing of the original bank and contemporary urban living. The result is a series of spaces that feel timeless rather than trend-driven.

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The project will deliver 316 residences across four collections, Heirloom, Signature, Reserve and the Penthouse Collection, with each responding differently to its position within the building, from the restored heritage podium through to the upper levels of the tower. The Heirloom Residences retain defining heritage elements including original heritage windows, generous proportions and high ceilings, while the tower introduces contemporary homes with expansive layouts and elevated views.

Amenities have likewise been designed to support long-term city living rather than short-stay convenience. Residents will have access to concierge services, wellness facilities including a pool, cold plunge, sauna, steam room and gym, alongside private lounges, entertaining spaces and dedicated resident clubs.

Sterling Global says that approach is resonating with buyers seeking permanence rather than novelty.

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According to the sales team, purchasers are looking for enduring architecture, generous floorplans, heritage character and long-term value, with many commenting that 623 Collins "doesn't feel like another apartment development" because of the way the architecture has been curated around the site's history.

Situated on the prominent corner of Collins and Spencer streets, the project occupies one of Melbourne's most recognisable gateway sites, marking the western entrance to the city's best-known street. For Sterling Global, it also reflects a broader shift in city-making.

"Rather than maximising development yield, the project embraces adaptive reuse as a design philosophy, allowing heritage to inform architecture, interiors and the overall resident experience," the developer said.

"The result is a building that feels uniquely connected to Melbourne."

[smartcode_project_cta:default project_id=145324]

How Sterling Global designed 623 Collins from Melbourne's history

Avant Townhomes is adding to Ivanhoe’s family-sized housing options with <a href="https://www.apartments.com.au/new-townhouses/three-82-ivanhoe-382-upper-heidelberg-road-ivanhoe-vic-3079">Three 82</a>, a collection of just 16 four-bedroom townhomes on Upper Heidelberg Road.

The <a href="https://www.apartments.com.au/developers/intrapac-property">Intrapac Property</a> townhome division has taken a contemporary approach to the traditional family home, pairing larger floorplans with the lower-maintenance format of a townhouse.

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Designed by <a href="https://www.apartments.com.au/architects/arcadia-studio">Arcadia</a>, with landscaping by Landsite, the homes feature generous open-plan living and dining areas that connect directly to outdoor spaces, with layouts also designed to maximise natural light and privacy.

Natural stone is used throughout the interiors, including in kitchens that pair stone surfaces with bespoke cabinetry, considered storage and SMEG appliances.

The four-bedroom layouts include built-in wardrobes and a main bedroom with its own ensuite, while family bathrooms service the additional bedrooms. Each home also includes a lock-up double garage and intercom entry.

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Energy efficiency has been incorporated into the design through solar panels, double glazing and reverse-cycle heating and cooling, with the homes targeting 7-star energy ratings.

Rather than incorporating extensive communal facilities, Three 82 has been conceived around private residential amenity, with the 16-home scale keeping the focus on individual homes and their own indoor and outdoor spaces.

The development is located at 382 Upper Heidelberg Road, around one kilometre from Ivanhoe Village's cafés and retail and a short drive from Eaglemont Station and Ivanhoe Station.

[smartcode_project:default project_id=152069 project_image_fid=374393]

Several of Ivanhoe's established schools are also nearby, including Ivanhoe Girls' Grammar and Ivanhoe Grammar School. The address also provides access to the suburb's parklands and the wider Yarra River corridor.

<a href="https://www.apartments.com.au/project-marketer/nelson-alexander">Nelson Alexander</a> has been appointed to handle sales.

Construction is underway and progressing well, with Three 82 currently tracking toward completion in Q2 2027.

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Three 82 brings boutique four-bedroom townhome collection to Ivanhoe

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

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<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

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A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

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The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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

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

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“As if…”
As someone previously employed in the mining sector, I’ve spent far too much of the past 13 years writing annual reports and ASX stock market releases for listed companies, and if there’s one thing you learn very quickly as a Group FC it’s that you're often the only person who understands the company financials (and often you're one of very few people who appears to even care).
This is one of the many reasons people invest in stocks so badly, for if you don’t fully understand the detailed financials, how on earth can you know what a company is worth?
Opaquely, some companies report “normalised earnings” almost every year, which sceptics now refer to as “as if earnings” as in: “Here are our earnings as if we didn’t have our loss-making operations…”
From writing stock exchange releases I also know only too well that if you manipulate statistics (especially from small sample sizes) hard enough and often enough, you can prove just about anything by "torturing the figures until they confess".
Nowhere are statistics manipulated harder or tortured more often than in residential real estate. Always challenge what you are told, and remember this key rule of investment…
“If something looks too good to be true, it probably is”
A fine case in point was the February Labour Force data released last week which showed that the Australian economy seemingly added an unbelievable 71,500 jobs in a month.
That statistic is definitely too good to be true, but it nevertheless raised the ire of Hotspotting’s Terry Ryder:
“They [economists] told us the jobless rate would rise, with only 10,000 new jobs created. The outcome was 70,000 new jobs created and the jobless rate steady at 5.4%. Do we get our money back? Or an apology at least?”
<a target="_blank" href="https://petewargent.blogspot.com/2013/03/stunning-employment-figures-confound">If you understand how</a> the samples are collated, rotated and extrapolated, you would know that forecasting jobs growth accurately month-on-month is impossible.
The February numbers were too good to be true and next month’s figures will be correspondingly weaker.
Real estate myths
It’s been a busy week for Ryder with him again taking aim at investors in capital city properties:
“The fossils of real estate are creatures known as Mythosaurus. They’re the relics who cling to ancient folklore such as “the inner-city suburbs provide the best growth” and “Sydney’s good suburbs are the strongest in the nation”. The factor that all myths have in common is that they are unsupported by research evidence. But Mythosaurus does not concern him or herself with inconveniences like statistics.”
Instead, Ryder <a target="_blank" href="https://www.propertyobserver.com.au/queensland/infrastructure-creates-jobs-and-capital-growth-terry-ryder/2013031859926">tips Bowen in Queensland</a> in spite of its 17-18% vacancy rate, puts <a target="_blank" href="https://www.propertyobserver.com.au/hotspots/change-is-the-only-constant-in-real-estate-terry-ryder/2013032059952?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=upperright">Cairns</a> back on the watchlist after its <a target="_blank" href="https://realestatetalk.com.au/kevin-turner-interviews-margaret-lomas-about-the-worst-advice-shed-ever-been-given/">desperately miserable run</a> and went on to highlight that: “Port Augusta has a median house price of $175,000, despite <a target="_blank" href="https://www.propertyobserver.com.au/south-australia/south-australia-is-becoming-a-globally-significant-resources-state-terry-ryder/2013031359827">annual growth averaging 12% over the past 10 years.</a>“
Naturally enough Ryder has picked out a town with outstanding growth, but...whoa! "Growth" of 12% per annum and houses still only cost $175,000? 12%!
Mr Mythosaurus may not like to concern himself with the inconvenience of statistics, but he may wish to look a little more closely at that.
Why don’t we all invest in small towns like Port Augusta? Firstly, because of gearing into an illiquid asset in these times of elevated household leverage as property owners across Europe and the US have discovered to their cost.
And secondly, because quoting median suburb “growth” figures over a carefully selected timeframe is a commonly employed spruik, for as experienced investors well know "growth" can be distorted by a range of factors.
How to calculate ACTUAL capital growth
Go back a reasonable period of time of, say, 20 years to 1993, a time horizon which incorporates the greatest boom in the history of Australian household debt and property values, and <a target="_blank" href="https://www.onthehouse.com.au/">see what houses in Port Augusta were selling for</a> in that year, which was typically between $40,000 and $80,000 (with an outlying few selling for significantly more).
With your dusted-off compound interest tables to hand you'll discover that the implied growth over 20 years for most houses appears to track remarkably consistently at around 6% per annum or sometimes a little below. Interestingly the cheapest properties in their growth infancy tended to fare the best, perhaps partly due to the ability of owners to add value through improvements - the premium properties which sold for as much as $150,000 or more two decades ago by and large have shown diabolical growth. 
Sure there are some outliers and some properties displayed woeful growth at times, but one assumes that as an investor you would have avoided these. 6% p.a. is materially lower capital growth than an experienced investor in the closest major city market of Melbourne would have expected to achieve over a corresponding time period, and it is also lower than the returns you would have expected from an equivalently resources-focused city such as Perth.
Now you might say that 6% is solid enough capital growth, and you’d be absolutely right.Remember though, that in the preceding days of higher inflation interest rates tumbled from an eye-watering 17.50% in 1990 to just 4.75% in 1993 and the result of this structural shift was the greatest leveraging up by households in Australia’s history.
<img alt="wargentmarch25one" height="383" width="470" src="/images/stories/2013/03/wargentmarch25one.gif">
The RBA <a target="_blank" href="https://www.rba.gov.au/speeches/2013/sp-ag-140313">warned Australians last week that this borrowing bonanza plateaued in 2006</a> and its like will not be seen again. In fact, if you have owned a property in Port Augusta since 2008, you would be aware that many houses have declined in price since that time, doubtless not helped by BHP's shelving of its proposed Olympic Dam expansion.
<img alt="wargentmarch25two" height="416" width="470" src="/images/stories/2013/03/wargentmarch25two.gif">
 
 
 
<hr class="system-pagebreak">
 
Actual capital growth in capital cities In recent years, prices in some capital cities have increased (Melbourne, Sydney, Canberra) but have been weak in cities such as Adelaide and Brisbane. Of course, median price growth in capital cities gets distorted too, with the average capital growth dragged down by the dross and the remote under-performers, but investors in quality properties reasonably close to the centres of the cities aim for far higher actual capital growth over the long term than is generally attained in the regions.
<img alt="wargentmarch25three" height="382" width="470" src="/images/stories/2013/03/wargentmarch25three.gif">
Can Mr Mythosaurus give you an example of actual capital growth in the closest major metropolis to Port Augusta? Well, here's just one example of many: we've just seen a villa unit in <a href="/news">Camberwell</a> (9km to the east of Melbourne's CBD) sell for $585,000 - it last changed hands in the same condition in July 2000 for $186,000 - a comfortably compounding growth of ~9.25% per annum over nearly 13 years since it was last sold. No data distortion there, purely a huge demand in that suburb for a quality medium-density property.
How does median price growth become so distorted?
Through 2011 and 2012 I went on the road for 15 months and travelled to virtually every significant town and city in Australia. If you stroll around Port Augusta what you find is a significant number of newer houses on titles which last changed hands between 1997 and 2003 for somewhere between $8,000 and $30,000. You don’t need me to tell you that a house bought for well under $10,000 in 2003 (which is now worth more than $220,000) wouldn't have resembled Kirribilli House when acquired, and it has not simply magically appreciated to more than 22 times its previous value.
It's exactly the same principle as empty plots of land selling in Port Augusta for just $6,000 in 2004 the titles of which are valued today at more than $220,000...that's "growth" of more than 92% per annum because they have now been built on.
Such gross distortions in suburb median prices commonly represent developers paying land value (or land value less demolition value) for an old house in order to improve the site with a new property. The result is an abnormally depressed median price in the years the old houses are bought followed by an outrageous spike in the following years when newer or greatly improved houses hit the market.
<img alt="wargentmarch25four" height="364" width="470" src="/images/stories/2013/03/wargentmarch25four.jpg">
<a imageanchor="1" href="https://2.bp.blogspot.com/-5dCfy3woc00/UUluihURngI/AAAAAAAAI2g/NA9kXCLzEJw/s1600/APM+Port+Augusta.jpg"></a>
Source: APM
Suburb life cycles
This is all fairly typical of the life cycle of a small town or a fringe suburb where land values are extremely low and a building boost can massively distort median prices in the short term.
Extremely cheap properties in the infancy of growth can certainly experience a “catch-up phase”, and if population and employment growth ignite the initial flame then the median price can produce a fairly consistent growth trend in existing homes as wages increase.
However, a boost in new builds can also subsequently disguise a significant lull in median prices. As land is released to facilitate new accommodation existing homes may plateau in price and stagnate or decline as those moving in are attracted to the newer builds.
Thus consistently outperforming growth in actual house prices can only be expected if land is not released or zoning approvals are not granted to accommodate the increasing population.
Future median price growth will be lower
Although it is mentioned inappropriately rarely (or never) by promoters of real estate, leveraging up into an illiquid asset if you don’t know what you are doing is risky.
All of this is not to say that you can’t do OK by investing in a small town if you pick the right one and buy a good property, but merely to highlight two things.
Firstly, quoted suburb median price growth can be misleading and it is certainly no guarantee of future returns.
And secondly, given that the Reserve has a targeted CPI range of just 2-3%, absent an unlikely return to the days of rampant inflation median future capital growth in property must be lower than that experienced in the past.
Property prices in Australia are high and if you use debt to speculate in the wrong asset type you could experience severe financial loss.
Pete Wargent holds a range of finance and property qualifications and is the author of <a rel="nofollow" href="https://petewargent.blogspot.com.au/" target="_blank">Get a Financial Grip – a simple plan for financial fr</a><a rel="nofollow" href="https://petewargent.blogspot.com.au/" target="_blank">eedom.</a>
 
 
 
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pwargent-M4siyDbqQY

If something looks too good to be true, challenge it: Pete Wargent

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Weekend auction clearance rates held steady in Sydney and Melbourne despite its super Saturday status with $865 million in residential sales.
<a href="/news">Sydney</a> recorded yet another high clearance rate with a 70.5% success rate, based on the initial Saturday results.
"The Sydney Super Saturday produced a strong 70.5% clearance rate despite high listing numbers," Dr Andrew Wilson, from Australian Property Monitors said.
Australian Property Monitors (APM) reported $300 million in sales from 485 auction results.
They had expected around 682 auctions to be held, so some 200 further results need to be added before any final tally.
It was the sixth consecutive week with the Saturday night provisional tally standing at around 70% or higher.
However on most of those week's, the additionally collected results from late filing agents, took the final figure below, so that in the last weekend results, for March 16, was actually 68.7% rather than the initially reported remarkably good 75%.
The expensive apartment sold in Sydney over the weekend was a three-bedroom apartment at <a target="_blank" href="https://www.propertyobserver.com.au/auctions/chinese-developer-buys-%24455-million-the-residence-sydney-in-top-weekend-unit-sale/2013032460044?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">The Residence in Darlinghurst</a>, overlooking Hyde Park, which sold for $4.55 million.
<a href="/news">Melbourne</a>'s clearance rate was 68% this weekend compared to 68% last weekend. There were $565 million in sales.
"Today's result demonstrates the underlying strength of the market currently as the outcome is consistent with this year's trend and the volume of auctions is higher than seen since mid December 2010," Enzo Raimondo, the REIV chief executive said.
There were 1047 auctions reported to the REIV today, with 712 selling and 335 being passed in, 215 of those on a vendor bid.
<a href="https://www.propertyobserver.com.au/auctions/kew-edges-elsternwick-with-weekend-top-sale-with-brighton-by-passed/2013032460046?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">Moyvane</a>, a $5.1 million <a style="font-size: 14.545454025268555px;" target="_blank" href="/news">Kew</a> property was the weekend's top sale.
The REIV are expecting 1160 results to be the full tally.
 
 
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jchancellor-FAypfDUnLy

With $865 million in sales, Super Saturday residential auction success as results hold steady in Sydney and Melbourne

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Limited expansion of the Australian banking sector relative to other first world countries post-GFC protects it from further possible corrections, says RBA assistant governor Malcolm Edey.
Speaking in Melbourne on Friday, Edey noted that there were "certainly elements of bubble-like behaviour in the few years leading up to the <a target="_blank" href="https://www.propertyobserver.com.au/trends/australia-escaped-the-gfc-through-saving-and-hard-work-not-luck-mark-bouris/2012081956097">GFC</a>" and seen in some countries where the financial sector became too big relative to the size of its economy.
But this had not occured in Australia, where the banking sector funds more than 90% of <a target="_blank" href="https://www.propertyobserver.com.au/news/westpac-lead-the-big-banks-below-5-on-nfixed-home-loans/2013020659208">home loans</a> and where more than 80% of the mortgage market is held by the big four banks.
Edey gave as an example a number of countries decimated by the collapse of their banking sectors (and where property markets collapsed as well) notably, Ireland, where the the total assets of the Irish banking system peaked in 2009 at a ratio of nine times its annual GDP as well as Iceland, where the ratio peaked at seven times its GDP and to a lesser extent, but still above historical norms, the UK, where the peak was around a ratio of five to one, and in France at a ratio of four to one.
"In Australia the banking sector did expand relative to the economy, but it remains significantly smaller than many others. On the rough metric of banking assets to GDP, Australia's ratio is about two, which is well within the international range and well below those in the euro area, the UK and Japan," he said.
"So to the extent that any generalised financial overhang exists, it is less likely to be a problem here than elsewhere.
"That said, attitudes to risk and debt accumulation in the Australian household sector have clearly changed. Saving rates are up, the appetite for new debt is down, and attitudes to both the level and composition of household saving have become more conservative," said Edey.
He presented the following chart, which shows the modest size of the Australian banking sector relative to other countries, but also that corrections have occured in some of the worst-hit economies of Ireland and Iceland.
<img alt="rbamarch25one" height="397" width="470" src="/images/stories/2013/03/rbamarch25one.gif">
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lschlesinger-FZcF9M3vE6

Australia's "small" banking sector protects it from risk of bubble corrections: RBA

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Hengyi Australia, the mainland Chinese developer which is developing The William, has signed a significant deal with The Wyndham Hotel Group, the world's largest hotel chain.
<div>The Wyndham Hotel Group has bought 87 apartments at The William, which it will manage as serviced apartments.</div>
<div>
The William, which is situated at 199 William Street opposite the Supreme Court, is a 23-level, architecturally designed, 7-star rated building.
Offering a range of one, two and three-bedroom apartments, <a href="https://www.199william.com.au/" target="_blank">The William</a> will also offer serviced apartment accommodation on four of its 23 levels.
The Wyndham Hotel Group is the world’s largest hotel enterprise with 609,600 rooms in 66 countries and owns 15 hotel brands.
<a href="https://www.propertyobserver.com.au/companies/hengyi-australia" target="_blank">Hengyi</a> director Jeff Wang said The William was inspired by glamorous, hotel-style city living. Its future residents will enjoy a 24-hour concierge service as well as luxury amenities such as a rooftop swimming pool and barbecue area, gymnasium, library and theatre.
“Being a residential development among commercial and office space, The William will change the culture and the landscape,” Min Wang, chairwoman of Hengyi said of the project.
“We are certain that the inclusion of Wyndham hotels will be a dynamic new demographic to the northwest of <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/victoria/tallest-building-in-southern-hemisphere-approved-for-melbourne/2013031759915" target="_blank">Melbourne’s CBD</a>.”
The William development is well under way by Built Construction, and is expected to be completed by August 2014.
</div>
The William apartments are set within the conversion of the former Telstra building, which became vacant in 1994 and was infamously known as a “ghost building”.
Min Wang saw the potential it offered and scooped it up for $45 million in early 2011.
Wang chose property as her first venture into the Australian market.
“It was a risk, but it has paid off,” says Wang, who has sold more than 75% of the 480 apartments spread over its two towers.
“By redeveloping this iconic Melbourne building into a contemporary classic for inner-city residents, we are taking a very sustainable and cost-effective approach,” says Hengyi’s Danielle Ashworth.
“Being a residential development among commercial and office space, The William will change the culture, it will change the landscape,” says Wang.
One-bedroom apartments range in size from 45 square metres to 55 square metres and range from $359,000 to $470,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/02/william1.jpg" alt="william1" width="470" height="265">
Two-bedroom apartments range from 58 square metres to 75 square metres and cost between $405,000 and $620,000.
Three-bedroom apartments range up to 80 square metres and start from $750,000.
The project was launched exclusively to Singapore investors several months ago.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/02/william2.jpg" alt="william2" width="470" height="265">
The developers also offer offshore buyers a rental guarantee, and the developer will pay for any legal costs.
 
<hr class="system-pagebreak">
As some Australian developers struggle to secure finance to commence projects and are often reliant on locking in adequate pre-sales before banks will lend any money to them, Asian developers are increasingly looking to the Australian market.
“The Australian property market is more mature than China’s, its laws are clearer, and business dealings are simple and direct,” says Wang.
“I have travelled a lot and seen a lot of other cities, but there was something more relaxed about Melbourne, and I felt so easily connected to it.”
It is no surprise that Wang chose Melbourne, after it was touted the world’s most livable city.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/02/william3.jpg" alt="william3" width="470" height="265">
The developers of The William list three reasons why they chose to invest in Melbourne.
Firstly, Melbourne is the fastest-growing city in Australia. This population growth, especially in the CBD, is driven by the growth in overseas migration and international students.
The population of the Melbourne CBD has grown over the past five years at a rate of 13.9% per annum.
This population growth will mean a significant and growing shortage in dwellings, and with a vacancy rate of 2.4%, rents are growing faster than inflation, which is good news for investors.
Golden Hills property group acts as the middleman for offshore investors and local investors for The William.
A spokesperson from Golden Hills told Property Observer that Asian buyers look to Melbourne for investment properties as it has a strong offering of universities.
Many Asian buyers have the mindset that it is worthwhile to invest in a property where their children can live while they attend Australian university for the duration of their degrees. The investment property also acts as a home away from home for the investor.
Golden Hills says that inner-city localities throughout Asia are viewed as better assets than middle-ring or outer suburbs, and therefore the same logic applies in Melbourne.
Some local market watchers have described the amount of Asian investment in Australian CBDs as a “frenzy”.
Associate professor in environment and planning at RMIT Michael Buxton told The Age recently that foreign developers were participating in a frenzy that threatened the viability of Melbourne’s apartment market.
He suggested a one-bedroom apartment of just 55 square metres would be common in overseas cities like Hong Kong, but new for Melbourne.
This view was rejected by Victorian Planning Minister Matthew Guy, who said Buxton was targeting these developers based on their ethnicity.
The old Telstra building was constructed in 1966 for the Postmaster-General’s Department, and in 1975 Telecom Australia – later Telstra – became the owner.
Telstra remained the main tenant until moving out in 1994 to an office complex on Exhibition and Lonsdale streets.
The empty shell was bought by Singaporean billionaire Tay Tee Peng for $12 million, who then spent a further $10 million to refurbish it but struggled to attract successful tenants.
The William is designed by Bruce Henderson Architects, with interior designs by Carr Design Group.
For more on the allure of Australian property to Asian buyers, <a href="https://www.propertyobserver.com.au/ebooks/free-ebook-australias-allure-for-asian-residential-property-investment" target="_blank">download our free eBook. </a>The eBook is also available for<a href="https://www.propertyobserver.com.au/ebooks/australias-allure-for-asian-residential-property-investment-free-ebook" target="_blank"> free download in Chinese.</a>
For great tips on buying off the plan, download Property Observer’s free ebook – <a href="https://propertyobserver.us2.list-manage.com/track/click?u=24bd0766a834290948593f5aa&amp;id=14e9848476&amp;e=7a53fc6dd9" target="_blank" rel="nofollow">14 tips for buying off the plan: The 2013 guide for investors and owner-occupiers.</a>
 
 
 
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Wyndham welcoming at The William in Hengyi Australia's first venture

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A Gold Coast-based mortgage debenture fund that raised money from small investors and lent it on to residential and commercial developments including the $1 billion Maddison Estate project promoted by celebrity gardener Jamie Durie, two Olympians and a Kelly Slater wave pool company is now in the control of administrators.
The directors of property developer and fund manager LM Investment Management (LMIM) have placed the company in the hands of voluntary <a href="https://www.propertyobserver.com.au/industry-news/administrators-find-%24108-million-black-hole-in-wickham-securities/2013013059033" target="_blank">administrators</a> warning investors it is in “imminent jeopardy of being unable to meet creditor obligations” in a statement which has since been removed from the website.
John Park and Ginette Muller of FTI Consulting were appointed voluntary administrators.
One of its mortgage funds has as its flagship investment project the 800-lot <a target="_blank" href="https://www.maddisonestate.com.au/">Maddison Estate on the Gold Coast,</a> which was set to feature parks and gardens designed by celebrity gardener Jamie Durie, who also fronts the development's marketing website.
The Gold Coast Bulletin reported in January that tree clearing and demolition on the site had been completed with civil construction work set to begin bringing forward the release of 29 lots.
It was designed to eventually cater for 3,500 residents with a mix of townhouses and apartments as well as shops and restaurants.
Land is advertised for sale starting from $205,100 with house and land packages starting from around $430,000 for a four-bedroom on a 320 square metre block.
Home builders assigned to the project are <a href="https://www.propertyobserver.com.au/land/metricon-australia-s-largest-home-builder-for-second-year-running-hia/2012092656811" target="_blank">Metricon</a>, Clarendon Homes, Plantation Homes and Ausbuild.
The project was promoted with other celebrity endorsements including a Sam Riley swim school, a Natalie Cook beach volleyball centre and a Kelly Slater-designed continuous-wave pool.
A creditors meeting is set for April 2 at Sofitel Gold Coast Broadbeach with the administrator expected to investigate the value of the fund's property loans including it's exposure to Maddison Estate.
 
<img src="/images/stories/2013/03/lmimmarch25one.jpg" width="470" height="304" alt="lmimmarch25one">
In barely readable small print at the bottom of the website it says: "Delivered on behalf of investors in the LM Managed Performance Fund" with a link to the LMIM website.
The LMIM website says the fund aims to deliver returns of between 3% and 5% above Central Bank rates - returns of between 6% and 8%.
Investors in the fund have a 60% exposure to Maddison Heights through a $234 million second mortgage with a smaller first mortgage to Suncorp.
The first 29 lots had a September 2013 completion target.
The Prodap report for the fourth quarter of 2012 recorded just 23 vacant land sales in Pimpama with Gold Coast land sales at <a target="_blank" href="https://www.propertyobserver.com.au/land/stockland-exposed-as-gold-coast-house-and-land-activity-falls-to-worst-level-in-30-year-low-prodap/2013020659196">30 year lows.</a>
The site was purchased for $89 million prior to the GFC, when the market was at its peak.
LMIM joins a growing list of mortgage funds that have run into financial trouble including <a href="/news">Victorian-based Banksia</a> (in October) and <a href="https://www.propertyobserver.com.au/residential/provident-capital-receivers-terminate-two-mortgage-funds-with-poor-initial-returns-for-investors/2012121758532" target="_blank">Provident Capital </a>(in July).
Managing director Peter Drank said (in a statement since removed from the website) that LMIM had “responded appropriately to the circumstances it faced” following Trilogy, a property focused fund management group based in Brisbane, taking control of  its LM Wholesale First Mortgage Fund in November last year.
“We have been on the receiving end of Trilogy’s relentless ten month campaign of alarming and misleading statements to our domestic and international advisers and investors. This has impacted the liquidity of our funds, and therefore investors’ interests," said Drake in a statement since removed from the website.
“This campaign has been magnified by the additional impact of the strong Aussie dollar (particularly against Sterling), resulting in excess margin requirements for the funds very recently.”
 
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“Had we not acted, this perfect storm of impacts meant we may have been unable to meet our obligations, and hence the appointment.”
“The funds will continue to be managed in accordance with their governing documents and the applicable Corporations Act and Trustee Law. The FTI team will be working with LM’s senior investment personnel to optimise outcomes for all stakeholders.
“The ultimate aim of the voluntary administrator is to manage and resolve a solution over a period of time," said Drake.
A further statement on the website that the "proactive approach by the board to officially bring in independent financial advice across the company and the funds" has also been removed with FTI Consulting taking control of the business, reported Fairfax.
In March, the ABC's Four Corners program reported that investors, many of them pensioners had lost around $15 billion over the past five years by investing management investment funds offering high returns.
LMIM operates a number of closed mortgage funds with money from investors invested in a portfolio of Australian registered first mortgages over commercial, residential, industrial, retail and vacant land.
Investments in LMIM mortgage were marketed extensively via financial planners.
The ABC reported that LMIM had borrowed $250 million to fund the Pimpama development with a very large second mortgage making up 62.5% the assets of the LM Managed Performance Fund, which has grown to more than $240 million.
“FTI Consulting will conduct a review of the business and all of the LM funds and will update unit holders as a matter of priority,” said voluntary administrators John Park and Ginette Muller.
LMIM claimed to have $3 billion in funds under management with investors in 73 countries, according to the Gold Coast Bulletin.
Property Observer requested a copy of the LM First Mortgage Income Fund financial report on its website, but received replies saying that it was “experiencing a higher than usual number of queries.”
A second email said: “LM has appointed a Voluntary Administrator.  Until such time as the Administrator has conducted their initial investigation, we are unable to provide you with a copy of this report.” 
 
 
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Jamie Durie's garden designs wilt as Gold Coast mortgage fund manager LM Investment Management placed in voluntary administration

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At a recent speaking engagement a member of the audience asked me a question. He had recently received $50,000 (he didn’t tell me how) and wanted to know what he should do with it.
When it comes to money, we’re used to hearing “I don't have enough”, but what about the people who do have some money? What should they be doing with it? What are their options?
If you were handed $50,000 today, what would you do with it?
In my opinion, you should always pay off debt as your number one priority.
Start with your 'bad debt' – credit cards, high interest loans and store finance cards.
This kind of debt can be costing you between 15% and 25% per annum on your outstanding balance.
An average working person’s consumer credit facilities could be costing hundreds each month in interest charges, while the capital amount remains, creating a payment for next month.
Once you’ve attended to the high interest consumer <a href="/news">debt</a>, look to your 'good debt' such as a mortgage.
Putting lump sums into your mortgage can significantly speed the pay-out of the loan, savings you tens of thousands of dollars over the years you carry this debt (look at any online calculator). It’s also tax effective in that most people pay no capital gains tax on their primary residence when they sell.
Once debt is tamed, you should look at using a lump sum to make a return. This starts with an assessment of your risk profile given your life stage.
A good option right now is shares – they are on the rise after several years of poor performance. However, the share market is volatile, so you need to be in a position to roll with the ups and downs, which means being invested for the medium-to long term. Stick to shares in businesses that are stable and consistent rather than speculative companies that may or may not succeed.
A second option, especially for younger people in employment, is to put it towards a deposit on a <a target="_blank" href="/news">property</a>.
So long as you can afford to service the loan, there are benefits to buying a house: you can live in it, you can rent it out and if you buy well you should enjoy capital gains as it increases in value. It would be a great first investment.
Even though property is less risky than shares it’s always a long-term investment so be prepared to hold on for 7-10 years.
And don't forget super. The tax benefits of superannuation are significant, but remember it will be locked away, unable to be used until retirement.
You should strive to have some money in cash in case of an emergency, but also in an account that makes a return above inflation (e.g. high interest savings accounts, active cash funds).
Lastly, always remember that a lump sum of money must work for you: it should be returning growth or income, so you build something for the future; or it should be reducing what debt you have now.
Either way, a windfall is not something that should go to waste.
Mark Bouris is executive chairman of <a href="https://www.ybr.com.au/" rel="nofollow" target="_blank">Yellow Brick Road</a>, a financial services company offering home loans, financial planning, accounting and tax, and insurance.
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A windfall is not something that should go to waste: Mark Bouris

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Economists are unanimous that the Reserve Bank will leave the cash rate unchanged on April 2.
All 27 economists polled by Bloomberg expect the cash rate to remain unchanged at 3%.
The odds of a May rate cut also look slim with 18 out of 27 expecting no change on May 7.
NAB chief economist Alan Oster is the only major bank economist tipping a rate cut on May 7.
The polling was carried out on March 15.
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All economists agree on no April cash rate cut: Bloomberg

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The auction of 1/21 Hampden Rd Armadale got off to a slow start and the property looked like it would be passed in at $950,000. But the rain failed to dampen the competition as four bidders finally declared their hand and the property sold for $1.21 million.
In Sydney there were no doubt a few Boags beers drunk last Saturday night as the family of the famous brewer sold the family home well in excess of the reserve. Prior to the auction the property was expected to sell for around $1.25 million but multiple bidders pushed the price to $1.415 million.
This week the downsizing baby boomers will be out in force when the perfect retirement property goes to auction. <a target="_blank" href="https://www.realestate.com.au/property-house-vic-hawthorn-113159479">1/15 Lisson Grove, Hawthorn</a> has the all-important master bedroom with ensuite on the ground floor and comprises a further two bedrooms and double lock-up garage.
The property (pictured below) is expected to sell in excess of $900,000 but don’t be surprised if it well and truly goes over $1 million.
<img alt="tippingmarch22one" height="349" width="470" src="/images/stories/2013/03/tippingmarch22one.jpg">
In Sydney, <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-newtown-113170791">87 Campbell Street, Newtown</a> (pictured below) is a tricky one to put a price on. It is a unique property with very few comparable sales to help determine the value. The warehouse conversion has been designed to accommodate a separate business and residence.
Agent Michael Glynn from McGrath Real Estate is looking for buyers with more than $1.7 million to spend.
<img alt="tippingmarch22two" height="311" width="470" src="/images/stories/2013/03/tippingmarch22two.jpg">
There's now a website, <a style="font-size: 14px;" rel="nofollow" target="_blank" href="https://mail.privatemedia.com.au/owa/redir.aspx?C=KgoIydkbbkqcxEmtHCpjYzenKRip4s8ILx-ixDagf2W2XMdG8J7GWA4FzDXhsR5a7S8fbUw_Jbw.&amp;URL=http%3a%2f%2fwww.propertytycoon.com.au%2f">www.propertytycoon.com.au</a>, where punters can guess five auction results in Melbourne and Sydney, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener. This season <a style="font-size: 14px;" href="https://www.propertytycoon.com.au/join-league/S7S123C487R8OOQF" target="_blank" rel="nofollow">Property Observer readers have their own competition, which you can access here</a><a href="https://www.propertytycoon.com.au/join-league/S7S123C487R8OOQF" rel="nofollow">.</a> The winner of the overall competition will win $1,000.
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Unique Newton warehouse could crack $1.7m in Property Tycoon auction tipping

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Labor Party favourite, the Art Deco-inspired <a target="_blank" href="https://www.hotelkurrajong.com.au/HomePage.aspx">Hotel Kurrajong </a>in Canberra’s Parliamentary precinct,  has sold at auction for $7.65 million to Toga Hotels and the NRMA.
The hotel, which has one of its rooms named after Australia’s 16th Prime Minister, Ben Chifley, will retain its name and art deco elegance, Toga Hotels has confirmed.
Now heritage listed, the building situated only one kilometre from Capital Hill was constructed in 1926 and designed by the Commonwealth’s chief architect, John Smith Murdoch, also responsible for designing Parliament House and the Hotel Canberra (now the Park Hyatt).
It stands at 8 National Circuit in Barton.
The sales campaign was led by Michael Heather and Paul Powderly of Collier Internation on behalf of the ACT government's Land Development Agency (LDA).
Faced with closure in the Great Depression, the hotel managed to endure under manageress Isabelle Southwell, and over the years has retained most of its historical architectural features, despite being modernised in 1964 and entirely refurbished in 1995.
The property which sits on a 16,426 square metre block provides 117 rooms with both executive and budget rooms available and additionally comes with a brassiere style restaurant, bar and several conference and function rooms.
As one of the first hotels built to accommodate government staff and officials transferring from Melbourne to Canberra for the new federal parliament, Kurrajong quickly became the hotel of choice for the Australian Labor Party (ALP).
One of the most notable guests was Australia’s 16th Prime Minister, Ben Chifley who preferred to reside at Kurrajong rather than The Lodge during his four year tenure in government. The hotel remained his primary place of residence up until his death in 1951 from a heart attack and the room now known as the Chifley room, has become a major drawcard for guests.
Briefly closing down in 1976 and 1978 due to declining patronage the hotel served as offices for parliamentary staff until the ACT Government secured a 50-year lease re-opening it in 1995 as a four star boutique hotel.
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Former Labor Party favourite the Hotel Kurrajong sells for $7.65 million

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The big four banks – Commonwealth Bank, Westpac, NAB and ANZ – have more room to move on mortgage rates then their regional banking rivals, a new paper published by the RBA suggests.
The paper prepared as part of the RBA’s March quarter bulletin highlights a tougher funding environment for regional banks compared with the major banks – though overall funding costs have eased across the sector as interest rates have fallen.
“For the regional banks, the evidence suggests that the overall increase in funding costs since the onset of the global financial crisis has been larger than the increase in funding costs experienced by the major banks,” write Benn Robertson and Anthony Rush in their paper Developments in Banks’ Funding Costs and Lending Rates.
Both work in the RBA's Domestic Markets Department.
“A large portion of this increase has been driven by the substantial shift in the composition of regional banks’ funding liabilities away from securitisation and towards relatively more expensive deposit funding, as well as an increase in the cost of their deposits and wholesale debt funding," they write.
Robertson and Rush also report that new mortgage customers were been able to get greater discounts last year compared with existing borrowers.
“During 2012, the average interest rate on outstanding variable-rate housing loans rose by about 40 basis points relative to the cash rate. This increase is consistent with the overall increase in banks’ funding costs
“By contrast, the average interest rate on new variable-rate housing loans increased by around 35 basis points relative to the cash rate, reflecting a small increase in the average size of discounts offered by banks to new customers, as competition for mortgage lending remained strong throughout the year.”
The paper reports that the absolute cost of issuing both secured and unsecured long-term wholesale debt has fallen over the past year, largely reflecting the decline in benchmark rates.
“In early 2013, spreads on the major banks’ unsecured bonds fell to their lowest level since late 2009.
The paper also reveals that all banks in Australia have increased their reliance on deposits.
However, the regional banks still require around 10% of their funding from securitisation – though down from the more than 25% allocation pre-GFC.
“The increase in the share of funding sourced from deposits over recent years has occurred across all types of banks in Australia.
“This trend has been most pronounced for the regional and other smaller Australian-owned banks, with their share of funding sourced from deposit liabilities doubling since 2007.
“Prior to the global financial crisis, these institutions used securitisation more heavily as a form of funding.
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