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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After a long period of falling dwelling values, Brisbane's property market is showing signs of a turnaround, according to Australian Property Monitors.
"Brisbane has at last give positive indications of turning the corner from what has been a prolonged period of falling house prices," says APM.
"This is despite an underperforming local economy with unemployment rates persistently above 6% due in large part to state government job cuts."
APM predicts that investors will return to Brisbane in 2013 and forecasts house prices in Brisbane to rise from 3% to 5% in the new year. 
"Established inner and middle-suburban housing markets will continue to attract value buyers. High listings in the outer suburbs, particularly to the north, will however continue to place a lid on prices growth in those regions.
"The inner-city apartment market looks particularly promising with Hamilton and New Farm set to continue their renewal and expansion."
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/12/apmdec18.gif" title="Click to enlarge"><img src="/images/stories/2012/12/apmdec18thumb.gif"></a>
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/12/apmdec131.gif" title="Click to enlarge"><img src="/images/stories/2012/12/apmdec132.gif"></a>
<img src="/images/stories/2012/12/apmdec182.gif">
Source: APM
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cknowlton-QnEa6ntUYP

Brisbane property market turning the corner: APM

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A tentative recovery in the housing market remains on course with the RBA deciding to cut the cash rate “on balance” due to concerns about the softening job market and to provide support to the non-mining sectors of the economy as the investment peak approaches.
The minutes indicate the inflation outlook provides scope for further rate cuts if needed, with a “small decline in the growth of wages, which was consistent with the softening in the labour market seen over the past year”.
The minutes also suggest an easing bias remains in the minds of RBA board members, with the comment that “forward-looking labour market indicators had generally declined recently, suggesting that employment growth would remain modest in the months ahead”.
A statement about lending rates “now clearly below their medium-term averages” but remaining above the levels reached in 2009 also suggests an easing bias.
As with the November minutes, the December minutes make a number of positive observations about the housing market.
“Forward-looking indicators of residential construction over recent months, including building approvals, continued to point to a modest recovery in that sector over the period ahead,” say the December minutes.
“This was likely to be supported by the pick-up in dwelling prices, sales activity and rental yields over recent months. In addition, loan approvals had moved a little higher since the middle of the year.”
The RBA also notes “tentative signs that dwelling investment was turning up, but the outlook for non-mining investment overall in the year ahead remained subdued”.
The November minutes noted tentative signs of recovery in the property market with the RBA board noting that “new dwelling prices had picked up unexpectedly” and that there had been a “softening in the inflation of rents in the [September] quarter”. The board also said that there were “tentative indications that housing activity may be reaching a turning point”.
“Over recent months, the number of private residential building approvals had increased, as had dwelling prices, and auction clearance rates in Sydney and Melbourne had continued to rise,” said the RBA board.
The December minutes show that softer labour market conditions and concerns about the outlook for non-resource investment where the primary reasons for the December rate cut.
“At this meeting, the information on labour costs and softening labour market conditions suggested that the inflation outlook still afforded the board some scope to provide additional support to demand.
“Further confirmation that the peak in resource sector investment was near, and that the short-term outlook for non-resource investment remained subdued, indicated that there was a case for the board to provide that support. The Board considered whether to respond to this case in the near term or wait for further information. On balance, members saw merit in reducing the cash rate at this meeting,” say the December minutes.
 
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lschlesinger-FZcF9M3vE6

RBA sticks with theme of tentative residential recovery with mining and job worries spurring December rate cut

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While I am of the belief that owning an investment property should be a long-term commitment, there may be times when a rental property needs to be sold, and those circumstances may include up and coming retirement, reducing debt, marriage separation and death – just to name a few. 
Selling a rental property can be a dramatically different experience to selling your family home. Not only do you need to think about your wants as the owner, but you must also strongly consider the tenants throughout the whole process. Yes, I know the tenants don’t own the property but you must remember it’s their home and when you sell a rental property, with tenants in it, you are selling their home. 
Of course, you may decide to sell the property between tenancies. There are arguments for and against putting an investment property up for sale when it is vacant: 
The pros of marketing a vacant property for sale include:
<ul>
<li>The property can be spotlessly clean at all times</li>
<li>There are no restrictions on showing prospective buyers through the property at any time</li>
<li>There is no concern for the next owner that they are inheriting bad tenants. </li>
</ul>
The pros of marketing a tenanted property (with good tenants) include:
<ul>
<li>The prospective owner knows the potential rental return in advance</li>
<li>The new owner has a rental income from the day he takes ownership</li>
<li>The property looks more comfortable and “homely”. </li>
</ul>
Good tenants can definitely add value to your property. But even the best tenants will be slightly concerned when you put their home up for sale. So I make one simple recommendation to assist everyone, and that is to make sure communication remains at the highest level possible. Over the years I have seen many things go pear-shaped, with a sales campaign of a rental property, and the worst way to start the campaign is to erect a For Sale board at the property before you let the tenants know. 
Can you imagine coming home from work one night and finding a For Sale board up on your home when you know nothing about it? Now I know that a sales agent would never do that to an owner-occupied property, yet it happens time and time again with rental properties. And I really don’t understand why. 
STEPS FOR A SUCCESSFUL SALES CAMPAIGN
We have managed many sales campaigns for our property owners over the years. A result of this experience is that I have come up with a series of steps that, if followed, will help you in your campaign. So let’s run through the steps which I believe are beneficial for all parties. 
1. The owner will normally make contact with the property  manager or the agency and ask for a market valuation. It’s important to ascertain what the purpose of the valuation is for:
<ul>
<li>Are the owners looking to sell the property?</li>
<li>Are they refinancing the property for other reasons, such as to purchase another investment?</li>
<li>Or is there some other reason – are they weighing up their options? </li>
</ul>
An owner will rarely just ask for a market valuation for the sake of it, generally there is an underlying reason, so ask lots of questions and find out their motivation. 
2. If the owners are asking for the market valuation because it is their intention to sell the investment property, then the next step is to make contact with the tenant to inspect the property. 
3. During this inspection take the time to have a chat with the tenants. You never know, perhaps they are interested in purchasing the property. 
4. During this appointment it’s imperative that you work on establishing some rapport with the tenants to gain their confidence that you will work hard to avoid inconveniencing them any more than is absolutely necessary. 
5. The owner/property manager and sales agent must decide what type of sales campaign they will be running. Will it be sold at auction or by private sale? The tenant should be informed of this decision and also given the timeframes for the campaign. 
6. Will there be set open times every weekend? On Saturday and Sunday? How many Open for Inspections will be conducted each week? Again the tenants need to be involved with these decisions. 
7. What happens if the property is slow to sell? How long will you keep the property on the market for?
Keeping a house ‘spick and span’ at the best of times can be hard work, let alone through a sales campaign. So it’s a good idea to provide the tenant with a ‘thank you’ or incentive during the campaign. Maybe some movie tickets so that they can take the family out during an inspection. 
Or even consider a reduction in rent over this period to compensate them or allow them to: 
<ul>
<li>Pay for a house cleaner once a week</li>
<li>Or for a gardener or pool man once a fortnight</li>
<li>Have fresh flowers around the house during open for inspections.</li>
</ul>
 
<hr class="system-pagebreak">
TROUBLE-SHOOTING
Let’s look at a couple of areas where things can sometimes go wrong… There have been occasions when the selling agent has not realised that a chattel within the property belonged to the tenants and therefore when it came time for the tenant to vacate, they also removed the chattel. If this occurs after settlement it could create an opportunity for a compensation claim to be made against the selling agent and/or vendor. 
The chattels people have been caught out on include window coverings – such as curtains – air conditioning units, portable spas and additions made to the garden, such as trees and plants. So if you are selling your investment property, make sure the selling agent establishes a good working relationship with your property manager and/or tenants and is able to clarify what chattels belong to the tenants. This will prevent such confusions potentially costing you money. 
Another more common area where things can go so wrong with the selling of the property is usually when there is conflict or a lack of a good working relationship between the salesperson and tenant. 
A good property manager may be the saviour here as they can generally work with both parties to come to an agreement that works for both the tenant and salesperson. 
They could get both parties to accept setting open times once or twice a week, instead of expecting the tenant to take telephone calls every day asking for an inspection. Providing the tenant with an outline of the marketing campaign in advance can also greatly assist. 
This avoids the chance of the tenants scheduling their twin sons’ seventh birthday party at that same time as an open for inspection! A little preplanning can save some major “oops” in the future. 
SETTLEMENT OF A RENTAL PROPERTY WHEN TENANTS NEED TO VACATE
 
Earlier in the chapter we mentioned the two scenarios: selling your investment property with tenants still living in the property and selling the property when it is empty. Of course, not all buyers of a rental property will want to continue to rent the property out. The new owners may choose to live in the property themselves and here is where complexities come into play. 
In the property world you will hear the expressions ‘rent and profits’ and 'vacant posession'. Rent and profits is when there is a tenancy in place and the purchaser of the rental property receives rent from their settlement date. If the new owner retains the same property manager then there is minimum inconvenience for the tenants who just continue paying the manager the rent in the same way as before. Should the management of the property change, tenants will have to be advised of to whom to pay the rent. It is not necessary for a new tenancy agreement to be prepared or signed at this stage unless the lease has expired or is coming up for expiry. It is also not necessary for a new condition report to be prepared – the original report remains in use until the tenancy comes to an end. 
Before settlement takes place, it’s important for the property manager to speak to or even meet the new purchaser in person if this is an option. It’s at this stage that a new management authority is prepared which will be effective as of the date of settlement. An owner’s instruction document should also be completed to ensure you have clear and concise instructions on how the owner wishes the property to be managed. 
Then, upon confirmation of settlement, all of the purchaser’s details must be added to the property manager’s software program. 
It’s a valuable exercise, a few days prior to settlement, to ensure you have checked that there are no outstanding matters relating to the property, such as maintenance. Are there any accounts still requiring payment by the vendor (the previous owner) such as an electricians’ or plumbing invoice? 
With tenanted properties, you may need to ask your owner who is completing the rental adjustment. This calculation ensures the vendor receives all the rent money up until the settlement date and the purchaser receives monies after that date. 
This can often be overlooked as some solicitors and/or conveyancers assume the rental adjustment will be completed by the current property manager. Make sure you find out who is doing it – it will save you potential headaches after settlement takes place. 
Don’t forget to let the tenant(s) know once settlement takes place. A simple letter is enough to confirm the change in ownership. 
A thank you may also be a nice gesture. 
I find it funny that sales agents provide gifts to the vendor and purchaser once the property has settled, yet the tenant, who may have made that property sparkle throughout the sales campaign, is completely forgotten. Why is that?
 
<hr class="system-pagebreak">
 
Pre-settlement inspections
With all property sales, there is the option to complete a pre-settlement inspection prior to the settlement date. It’s ideal to complete this inspection 7 to 10 days prior to settlement. This allows the purchaser to ensure the property is as per the original inspection. 
I would also recommend giving the tenants a good few days’ notice of this pending inspection.
Once settlement takes place, don’t forget to cancel the owner’s landlord insurance policy and activate a new policy. In many cases, the original owner will receive a refund for the unused portion of the policy. 
Vacant possession
Vacant possession is just as it suggests – the property is vacant at settlement. This means that if tenants were still living in the property during the sales campaign they must have left by the date of settlement. 
Over the years I have seen salespeople sign contracts with a purchaser, ticking the vacant possession option and then they have completely overlooked or (perhaps) ignored the fact that there was a fixed tenancy agreement in place. 
Or the one I love the most (note my sarcasm) is when the property is sold with vacant possession on a 60-day settlement, yet legislation requires the tenant be provided with a minimum of 65 days’ notice in order to have them vacate. 
Now I don’t know about you, but no matter how hard I try to make that one work the maths just doesn’t add up. An easy fix is to extend the settlement date. But what if the purchaser has another settlement lined up and needs to settle both properties on the same day? 
This error by the salesperson can ultimately result in:
<ul>
<li>The sale falling over</li>
<li>The purchaser seeking damages from the vendor for compensation for failure to settle on time</li>
<li>The vendor seeking those said damages and perhaps more from the selling agent.</li>
</ul>
So stay alert and watch out for this because it happens all the time.
<img src="/images/stories/2012/11/simple.jpg" style="margin: 5px; float: left;">
 
 
Leah Calnan is the director of <a target="_blank" href="https://www.metropm.com.au/" title="Metro Property Management homepage">Metro Property Management</a> in Victoria and is the chairwoman of the REIV Property Management Chapter.
Leah is the author of<a target="_blank" href="https://majorstreet.com.au/simple-and-successful-property-management/"> Simple and Successful Property Management</a>, published by Major Street. This is an excerpt.
 
 
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leahcalnan-pwE6GD6KY9

The seven key steps to selling a rental property: Leah Calnan

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The receivers of failed non-bank lender Provident Capital have terminated two high-interest mortgage funds after failing to find suitable new managers.
The two funds are the Provident Capital Monthly Income Fund and the Provident Capital High Yield Fund.
Investors in these two funds will receive initial distributions of between 30 cents and 50 cents for every dollar invested as the receivers seek to sell the properties financed with high-interest loans.
PPB Advisory receivers Marcus Ayres, Anthony Sims and Philip Carter had sought tenders to manage the two funds but in both cases the process did not result in a “suitable change of responsible entity proposal being identified”.
Investors in the high yield fund were due to be paid an interim distribution of 50 cents per unit by December 13 while investors in the monthly income fund were due to be paid a distribution of 30 cents for each $1 unit held.
As of November 30, the high-yield fund had cash of $409,859 which will be utilised to pay the first wind-up distribution of approximately $358,000 to unitholders while the monthly income fund had cash of $9,328,724, which, together with upcoming loan discharges of $1,032,646, will be utilised to pay the first wind-up distribution of approximately $9,460,000 to unitholders.
The monthly income fund has a total of 57 loans worth a total of $22.3 million with 10 loans in a arrears worth $4.4 million.
Provident Capital acted as a lender of last resort on risky development, charging very high interest rates and fees.
The majority of loans in the monthly income fund had annual interest rates of between 10% and 12.5% while a high proportion of borrowers - 15 loans worth $6.6 million - had interest rates in excess of 12.5%.
Of the 57 loans worth a total of $22.3 million, 10 loans are in a arrears worth $4.4 million.
The high-yield fund has three loans – two for residential purposes and for an industrial property – totalling $300,000 all with double-digit interest rates.
The receivers have warned <a href="https://www.propertyobserver.com.au/residential/poor-return-likely-for-provident-capital-debenture-holders-as-%245m-dividend-payments-investigated/2012120558316">Provident Capital debenture holders</a> to expect a maximum of 35¢ back for every dollar they invested in the failed non-bank lender and mortgage fund manager.
Small investors, many of them pensioners and mum-and-dad investors have $96 million invested collectively in the fixed-interest debenture fund.
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Provident Capital receivers terminate two mortgage funds with poor initial returns for investors

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National Australia Bank will lease the former Cartier shop on Exhibition Street in the Melbourne CBD, relocating from a more expensive location at the Paris-end of Collins Street.
The bank will pay $1550 a square metre net for the new premises at 100 Exhibition Street having previously occupied premises at 71 Collins Street.
The new 10-year lease was negotiated by Savills’ director of retail leasing Michael Di Carlo alongside colleague, Jeremy Marmur.
The shop became available after luxury watch retailer Cartier relocated to a bigger and better-located store at 101 Collins Street.
Di Carlo said NAB had required a more modern fit-out which offered superior customer access and exposure.
The lessor was a private investor.
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NAB takes up former Cartier retail space on Exhibition Street at $1,550 per square metre

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Australia’s elder statesman of apartment development, Harry Triguboff, has no plans to retire as he prepares for his 50th year in the property market and says bricks and mortar remains the soundest form of investment.
The Meriton boss, who turns 80 next year, says he has dabbled in the stock market, but says it is very unpredictable.
“I still believe that bricks and mortar are the strongest investment,” he tells the inaugural edition of StrataCall magazine, an offshoot of the <a target="_blank" href="https://www.stratalive.com.au/">stratalive.com.au </a>website.
“Investing in property is simpler, safer and far more straightforward and logical."
Triguboff says now is “a perfect time" for first homeowners and investors to purchase property and describes the decision as “really a very easy equation’.
2013 is likely to be a busy year for Harry Tribugoff and Meriton following its <a href="https://www.propertyobserver.com.au/developments/debtless-meriton-halts-sydney-apartment-site-buying-spree-as-it-seeks-to-sell-700-older-apartments-harry-triguboff/2012110157564">acquisition of six sites across Sydney</a> this year at a combined cost in excess of $200 million.
The sites have the capacity for 2,000 apartments worth around $1.3 billion.
Meriton remains debt free, but Triguboff says this is not a good thing, though he sympathises with other developers who have struggled to manage their debts due to the economic downturn.
“Trying to grow too fast and carry huge debt is OK when the banks are not nervous; but once they start pulling in the purse strings, it takes very little for the whole deck of cards to come tumbling down,” he says.
Were Meriton to carry some debt, Triguboff says this would be a good sign that development approvals are going through, land is becoming available and Meriton is in a position to build.
“If you ever hear I am carrying debt, it will be very good news for the property market,” he says.
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Stick to bricks and mortar: Harry Triguboff’s advice to investors as he prepares for a busy 50th year in property game

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Apartment construction now provides the impetus for much of the growth in construction and will be an important driver of the economic in 2013, which can also be linked to the demand for development sites.
And so against this background let's continue our conversation with one of my associates, <a target="_blank" href="https://www.propertyobserver.com.au/developments/what-is-the-best-location-for-a-residential-development-peter-chittenden/2012121058377">Shane Dargue, from Colliers International, Melbourne.</a>
By looking at some current trends that are starting to show up in the Melbourne CBD and in Sydney we can gauge how headline demand impacts the wider market for development sites.
As might be expected, it’s an area that demographics will always influence and where trends are not always universal because varied pockets of demand are driven by particular local conditions, which Shane refers to here.
“Across the inner-ring suburbs, we see that because of the mixed demographics associated with these areas, which are common to all capital city markets, development sites have the potential to be very desirable, because it is usually possible for the end project to deliver a good cross section of apartments. If the mix matches market expectations then these sites have a lower risk-profile and as such attract ongoing support.”
Shane also believes that Melbourne’s CBD market is now partly driven by international factors, while land values by direct comparison to Sydney’s CBD residential market remain competitive.
“For two years running in 2011 and 2012 Melbourne has rated as the world's most livable city by the Economist Intelligence Unit, heading a list of 140 cities worldwide. This combined with strong growth predictions, (Melbourne is set to over take Sydney as Australia’s major city by 2020) means that foreign investors are taking a keen interest. Investors in particular from Asia and the USA are attracted by these positives and the government stated intent to promote and support Melbourne’s CBD as a 24/7 location, which makes it even more attractive to offshore buyers.
“As a result the CBD residential market is now being driven by foreign investors and despite a predicted spike in supply in 2015 there is still opportunity as Melbourne’s population continues to grow. Because the CBD market is driven less by local demand by comparison with the inner-ring and outer suburbs this reflects in the demand for development sites.
“We also need to keep in mind that any development site purchased today would not deliver end product for three to five years depending upon its scale and individual circumstances.”
 
<hr class="system-pagebreak">
 
It is also worth noting that Melbourne’s layout creates more growth opportunities and thanks to recent planning changes it’s now becoming a much more streamlined process. Despite this, there is some cross flow of activity between Melbourne and Sydney now several major developers are active in both cities, Sydney’s reputation as a more expensive location remains intact, and both still face hurdles when it comes to infrastructure.
Looking beyond the CBD I was keen to ask Shane if he felt that there were particular pockets of demand for development sites which are more likely to emerge in 2013, and so fuel stronger project delivery.
“In Melbourne the demand for development sites across the inner-ring locations will be boosted by the Victorian government’s new planning regulations. These zoning reforms will encourage more development, because the current policy is very prescriptive and now there will be much more room for mixed-use sites and there is demand for those locations.”
While Shane’s comments relate mainly to Melbourne, I also think that in Sydney and Brisbane there is the potential to see more demand across similar inner-ring locations. They are universally popular with buyers, and funding is easier, these sites are what Shane describes as more digestible and again local demographics are driving demand.
However planning will remain a key issue no matter where sites are located, and as Mark Percy from Cbus raised in his recent interview for Project Agenda, planning and in particular delays are an industry wide concern, no matter if we are dealing with very large or smaller developments, planning has a common impact.
Referring back to Shane’s comments the changes to zoning in Melbourne have the potential to be very positive. Beyond my own views and the comments from Shane and Mark Percy, the need for planning reforms highlight a much wider economic impact and the need to stimulate and sustain growth.
When we look at the demand for development sites, not matter the location, it is clear that progressive planning has a big impact. It is also possible to achieve a balance with community needs and expectations, while meeting the demands of changing demographics.
At the start of this topic I made mention of the fact that all development sites are complex by nature, Shane has helped highlight some key issues and now we look at a general view of where site values might be heading in the immediate future and Shane continues.
“ Given the complexities involved and some that have already highlighted, unconditionally it is necessary to look at values against the varied conditions in our three markets, CBD, inner-ring and Greenfield outer ring locations.
“However I also think it is possible to ascribe some key factors that still act to influence all of the markets, and these include: demand which will be lifestyle driven (demographics), government policy in particular as that relates to planning and funding which for some markets in particular the CBD currently highlights foreign investment.
“My remarks here also have to be framed as general comments, I am looking to signpost some broad trends for the immediate future, it’s not about discussing detailed site values as such.
“In our zone ‘A' for CBD apartments we are looking at a starting point of $50,000 per apartment, but when you take into account all of the factors we have been discussing this can be as high at $110,000 per apartment and in Sydney more $150,000 per apartment.
“Values in Melbourne are being driven by the factors we talked about earlier the CBD is moving to being a fully fledged 24/7 effervescent city, and so attracting more residential interest. There is ample room for this to happen and again this will encourage more international investment. I also have to say that much the same applies to Sydney the goals are similar, but here we are making good headway.
“Across the inner-ring suburbs vales in this area will be driven by many key factors, some of which are more local, headed by lifestyle, the diversity of product, a wider base of developers and the all important planning initiatives. One such initiative is Footscray in western Melbourne, which is projected to grow by 175,000 people over the next decade. Inner ring development sites are also more closely aligned, more sensitive to the state of the general housing market.
“ When it comes to values in the outer-ring Greenfield locations we see that because of a less active housing market and increased supply, that the demand for medium and high density sites is down. One key reason is that sites in these areas are much bigger if buyer confidence wanes, so does the appeal of building apartments or town homes. However as a price sensitive market that can quickly change if product is supplied at very competitive prices.”
Over the next two weeks we will continue to cover off this chat with Shane, expanding upon key factors such as planning and funding while also looking at marketing sites, and the demand trends for sites in major urban renewal projects.
Peter Chittenden is managing director for residential of <a href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx" rel="nofollow" target="_blank">Colliers International.</a>
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pchittenden-eLqUUC8TWW

Demographics key to choosing residential development sites

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ANZ is forecasting the Reserve Bank to cut the cash rate by a further 100 basis points over the course of 2013 to a rate of just 2%.
This would be the lowest the cash rate has been by some margin based on <a href="/news">RBA data going back to 1959</a>. The previous low, based on RBA proxy data (official cash rate settings began in August 1990) was 2.89% in January 1960.
Last week <a target="_blank" href="https://www.propertyobserver.com.au/residential/residential-property-prices-to-rise-5-in-2013-but-shares-a-better-bet-than-property-shane-oliver/2012121258437">AMP Capital chief economist Shane Oliver</a> forecast the cash rate to fall 2.5% in the first half of 2013, but said it could fall below 2% if there is slower than expected recovery in the non-mining sectors of the economy such as housing and retailing.
"Due to the further sharp weakening in mining business conditions in recent months, the tepid improvement in the non-mining sector, the deterioration in job advertising trends and the strong Australian dollar, we now expect a further 1 percentage point cut in the cash rate over the course of 2013," says ANZ as part of Australian Monthly Chartbook released today.
"This will help limit the prospective rise in the unemployment rate that job advertising is signalling. If realised, such rate moves will provide significant further support to the non-mining sectors, including the housing market."
In the latest chartbook, ANZ says the key issue for markets and policy makers is whether the weakest sectors of the economy (e.g. retail,housing, manufacturing and non-residential investment) strengthen sufficiently to offset the anticipated slowing in mining investment.
"The RBA’s two monetary easings in recent months, suggests the central bank wants some further insurance on this front. The related policy question is what further should (and can) be done if non-mining activity does not strengthen sufficiently. Backing away from the delivery of a budget surplus would be a start, while the RBA could consider moves to offset some of the negative effects of the strong flow of capital into Australia, thereby taking some pressure off the high Australian dollar," says ANZ.
The bank also notes that the RBA recently downgraded its mining investment forecast for 2012-13 to a little above 8% of GDP from around 9% of GDP.
"While this downgrade was substantial, the latest capex data suggest this forecast is now a ‘best case’ scenario with the 'low' CAPEX estimate around half a percentage point of GDP lower.
"This creates therisk that mining investment may now peak at an even lower level than previously forecast by the RBA,meaning that non-mining activity needs to pick up more sharply than before to maintain reasonable growth."
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Cash rate to fall 100 basis points to 2% in 2013: ANZ

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It’s no secret that people use brands as a means of identification, but the demand for branded residences is growing, according to a report by Knight Frank. 
Hotels and residences associated with brands or well-known designers are around a third more valuable, the report says.
By creating branded residences, developers can offer individuality and exclusivity to its residences.
“We see our projects as creating new villages, the idea is that you are no longer born into a village, you move to it,” says John Hitchcox, chairman and co-founder of luxury developer Yoo.
“They are buying into a lifestyle that will enable them to meet like-minded people.”
“These developments are like new villages in a sense. That’s the fundamental essence of our projects,” says Hitchcox. 
Since 1999, yoo has been working with international developers on a large number of residential, hotel and commercial projects throughout Asia, Australia, Europe, Africa,
North and South America and the Middle East, responsible for the branding and design of more than 10,000 homes in 37 cities.
Not only are buyers attracted by good design, sometimes the most important factor for many is the trust associated with buying into a known brand.
Knight Frank reports that identifying with a known brand gives confidence in the delivery of the development and its ongoing management.
Branded developments sit at the most competitive and innovative edge of the market, where developers attempt to reinvent the concept of a residential development by fusing the best of hotel and other services into a residential template.
It’s this innovation that attracts buyers who are looking to buy into the latest trends, Liam Bailey, the Knight Frank head of residential research said.
Another benefit of branded residences is the incorporation of hotel-style services for security and privacy. 
Knight Frank say the service and facility standards have risen in hotels and therefore demand for similar standards in branded residences has followed suit.
Hitchcox says activity and interest in India has been huge with branded developments.
“The Indian market has been very receptive to the concept of branding and links with celebrities,” he says.
Branded developments by Yoo include Barkli Park and Barkli Virgin House in Moscow.
During July and August 2012 Knight Frank assessed like-for-like pricing for 26 branded developments in 17 global locations, together with 79 comparable prime non-branded developments where the price evidence was strong enough to be able to confirm typical values on a per square foot basis.
Australia was not one of the locations.

Their analysis - allowing for differences in development location, unit sizes and specification - confirmed that, for each location branded developments outperformed non-branded developments.

The results confirm that branded developments are priced at a premium to non-branded developments with an average 31% uplift, although the rate of uplift ranges from 5.7% in Jakarta to over 50% in several locations.
Dubai achieved the highest uplift per square foot with an average of 58.5%.

Dubai is home to the fashion branded Palazzo Versace residence, which achieved an uplift of 120% against the unfinished D1 apartments.

Berlin achieved the second highest uplift of 57% per square foot and Capetown achieved an uplift of 51.8%.

The lowest uplift was achieved in Jakarta with an uplift of 5.7% when compared to non-branded developments.

Kuala Lumper achieved 35.7% price uplift per square foot and Kong Kong achieved 19.1% uplift.

Bangalore achieved 27.4% uplift and Pune achieved 38.9% uplift.

Bangkok achieved 21.4% and Beijing achieved 26.7% uplift.

Moscow achieved 23.7% uplift and Shanghai achieved 33.5% uplift.

New York is in the lower spectrum with an uplift of 12.4% and Miami achieved 19.6% uplift.

Puerto Rico is in the higher spectrum achieving an uplift of 45% per square foot.

London had an uplift of 11.3% and Madrid had an uplift of 22.4%.

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ntrotman-Et3xWpamVh

What's in a name? Brand developments yield higher prices: Knight Frank

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An 11.8% annual rise in rents and a 9.9% annual increase in occupancy costs has propelled the Perth CBD into the top 20 most expensive office rental markets in the world, according to the September quarter semi-annual global office report from CBRE.
Perth ranked 20th most expensive prime office market to rent space, with an average rent per square metre cost of $850 and total occupancy costs of $1,003.
Rents and occupancy costs in the Perth CBD have soared on the back of demand for office space from businesses with the ties to the mining investment boom.
The Property Council of Australia <a href="https://www.propertyobserver.com.au/office/perth-and-brisbane-dominate-record-demand-for-cbd-office-in-first-six-months-of-2012-property-council-report/2012080155827">recorded a vacancy rate of 4.2% in the Perth CBD</a> in July, down from 7.8% in July 2011, with the city managing a net absorption rate of 115,000 square metres over the first six months of the year – nearly half the national net absorption rate of 243,000 square metres.
Sydney remains Australia’s most expensive prime CBD office market, ranking 14th on the CBRE list, one position up from six months ago. Prime Sydney rents have hardly moved over the past year (up 0.8%) at $1,048 per square metre, while occupancy costs have risen by 1.3% to total average occupancy cost of $1,232 per square metre.
Brisbane ranked 30th on the global list, one up from its ranking at the end of March, with a total occupancy cost of $818, up 1.7%, with rents up 1.3%.
Melbourne ($637 per square metre total occupancy cost) does not feature in the top 50, with the list headed by Hong Kong followed by Central London’s West End, Tokyo, Beijing and New Dehli.
San Francisco, which ranked 26th most expensive office rental market in the world, experienced the largest year-over-year increase, at 36.4%, of the 133 markets monitored by CBRE, driven by its “hot technology sector”.
Top 50 Most Expensive Office Markets as of September 30, 2012
 
<table width="463" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td nowrap width="47" valign="bottom">
Rank
</td>
<td nowrap width="287" valign="bottom">
Market
</td>
<td nowrap width="129" valign="bottom">
Occ. Cost (US$)
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom"></td>
<td nowrap width="287" valign="bottom"></td>
<td nowrap width="129" valign="bottom"></td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
1
</td>
<td nowrap width="287" valign="bottom">
Hong Kong (Central), Hong Kong
</td>
<td width="129" valign="bottom">
246.30
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
2
</td>
<td nowrap width="287" valign="bottom">
London - Central (West End), United Kingdom
</td>
<td width="129" valign="bottom">
219.81
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
3
</td>
<td nowrap width="287" valign="bottom">
Tokyo (Marunouchi Otemachi), Japan
</td>
<td width="129" valign="bottom">
197.27
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
4
</td>
<td nowrap width="287" valign="bottom">
Beijing (CBD), China
</td>
<td width="129" valign="bottom">
184.95
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
5
</td>
<td nowrap width="287" valign="bottom">
New Delhi (Connaught Place - CBD), India
</td>
<td width="129" valign="bottom">
183.30
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
6
</td>
<td nowrap width="287" valign="bottom">
Beijing (Finance Street), China
</td>
<td width="129" valign="bottom">
179.57
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
7
</td>
<td nowrap width="287" valign="bottom">
Hong Kong (West Kowloon), Hong Kong
</td>
<td width="129" valign="bottom">
174.13
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
8
</td>
<td nowrap width="287" valign="bottom">
Moscow, Russian Federation
</td>
<td width="129" valign="bottom">
172.82
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
9
</td>
<td nowrap width="287" valign="bottom">
London - Central (City), United Kingdom
</td>
<td width="129" valign="bottom">
131.76
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
10
</td>
<td nowrap width="287" valign="bottom">
São Paulo, Brazil
</td>
<td width="129" valign="bottom">
130.07
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
11
</td>
<td nowrap width="287" valign="bottom">
Mumbai (Bandra Kurla Complex), India
</td>
<td width="129" valign="bottom">
122.19
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
12
</td>
<td nowrap width="287" valign="bottom">
Rio de Janeiro, Brazil
</td>
<td width="129" valign="bottom">
121.40
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
13
</td>
<td nowrap width="287" valign="bottom">
Paris Ile-de-France, France
</td>
<td width="129" valign="bottom">
119.78
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
14
</td>
<td nowrap width="287" valign="bottom">
Sydney, Australia
</td>
<td width="129" valign="bottom">
119.04
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
15
</td>
<td nowrap width="287" valign="bottom">
Shanghai (Pudong), China
</td>
<td nowrap width="129" valign="bottom">
116.36
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
16
</td>
<td nowrap width="287" valign="bottom">
New York (Midtown Manhattan), U.S.
</td>
<td width="129" valign="bottom">
114.30
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
17
</td>
<td nowrap width="287" valign="bottom">
Shanghai (Puxi), China
</td>
<td width="129" valign="bottom">
108.25
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
18
</td>
<td nowrap width="287" valign="bottom">
Geneva, Switzerland
</td>
<td width="129" valign="bottom">
105.28
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
19
</td>
<td nowrap width="287" valign="bottom">
Singapore, Singapore
</td>
<td nowrap width="129" valign="bottom">
104.66
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
20
</td>
<td nowrap width="287" valign="bottom">
Perth, Australia
</td>
<td width="129" valign="bottom">
96.91
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
21
</td>
<td nowrap width="287" valign="bottom">
Caracas, Venezuela
</td>
<td width="129" valign="bottom">
95.68
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
22
</td>
<td nowrap width="287" valign="bottom">
Washington, DC (Downtown), U.S.
</td>
<td nowrap width="129" valign="bottom">
94.51
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
23
</td>
<td nowrap width="287" valign="bottom">
Dubai, United Arab Emirates
</td>
<td width="129" valign="bottom">
92.56
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
24
</td>
<td nowrap width="287" valign="bottom">
Seoul (CBD), South Korea
</td>
<td width="129" valign="bottom">
91.28
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
25
</td>
<td nowrap width="287" valign="bottom">
Mumbai (Nariman Point - CBD), India
</td>
<td width="129" valign="bottom">
90.80
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
26
</td>
<td nowrap width="287" valign="bottom">
San Francisco (Downtown), U.S.
</td>
<td width="129" valign="bottom">
90.00
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
27
</td>
<td nowrap width="287" valign="bottom">
Zurich, Switzerland
</td>
<td nowrap width="129" valign="bottom">
87.98
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
28
</td>
<td nowrap width="287" valign="bottom">
Boston (Downtown), U.S.
</td>
<td width="129" valign="bottom">
87.50
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
29
</td>
<td nowrap width="287" valign="bottom">
Istanbul, Turkey
</td>
<td width="129" valign="bottom">
82.78
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
30
</td>
<td nowrap width="287" valign="bottom">
Brisbane, Australia
</td>
<td width="129" valign="bottom">
79.04
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
31
</td>
<td nowrap width="287" valign="bottom">
Luxembourg City, Luxembourg
</td>
<td width="129" valign="bottom">
77.94
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
32
</td>
<td nowrap width="287" valign="bottom">
Los Angeles (Suburban), U.S.
</td>
<td width="129" valign="bottom">
76.84
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
33
</td>
<td nowrap width="287" valign="bottom">
Stockholm, Sweden
</td>
<td width="129" valign="bottom">
76.35
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
34
</td>
<td nowrap width="287" valign="bottom">
New York (Downtown Manhattan), U.S.
</td>
<td width="129" valign="bottom">
74.93
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
35
</td>
<td nowrap width="287" valign="bottom">
Seoul (Yeouido), South Korea
</td>
<td width="129" valign="bottom">
74.27
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
36
</td>
<td nowrap width="287" valign="bottom">
Milan, Italy
</td>
<td width="129" valign="bottom">
74.21
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
37
</td>
<td nowrap width="287" valign="bottom">
Guangzhou, China
</td>
<td nowrap width="129" valign="bottom">
72.88
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
38
</td>
<td nowrap width="287" valign="bottom">
Bogota, Colombia
</td>
<td width="129" valign="bottom">
70.76
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
39
</td>
<td nowrap width="287" valign="bottom">
Calgary (Downtown), Canada
</td>
<td width="129" valign="bottom">
70.59
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
40
</td>
<td nowrap width="287" valign="bottom">
Aberdeen, United Kingdom
</td>
<td nowrap width="129" valign="bottom">
70.20
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
41
</td>
<td nowrap width="287" valign="bottom">
Manchester, United Kingdom
</td>
<td width="129" valign="bottom">
69.80
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
42
</td>
<td nowrap width="287" valign="bottom">
Edinburgh, United Kingdom
</td>
<td width="129" valign="bottom">
69.02
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
43
</td>
<td nowrap width="287" valign="bottom">
Taipei, Taiwan
</td>
<td width="129" valign="bottom">
68.57
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
44
</td>
<td nowrap width="287" valign="bottom">
Birmingham, United Kingdom
</td>
<td nowrap width="129" valign="bottom">
68.36
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
45
</td>
<td nowrap width="287" valign="bottom">
Toronto (Downtown), Canada
</td>
<td width="129" valign="bottom">
68.00
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
46
</td>
<td nowrap width="287" valign="bottom">
Vancouver (Downtown), Canada
</td>
<td nowrap width="129" valign="bottom">
67.20
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
47
</td>
<td nowrap width="287" valign="bottom">
Frankfurt am Main, Germany
</td>
<td width="129" valign="bottom">
66.31
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
48
</td>
<td nowrap width="287" valign="bottom">
Bristol, United Kingdom
</td>
<td width="129" valign="bottom">
65.10
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
49
</td>
<td nowrap width="287" valign="bottom">
Oslo, Norway
</td>
<td width="129" valign="bottom">
64.91
</td>
</tr>
<tr>
<td nowrap width="47" valign="bottom">
50
</td>
<td nowrap width="287" valign="bottom">
Glasgow, United Kingdom
</td>
<td width="129" valign="bottom">
64.31
</td>
</tr>
</tbody></table>
Source: CBRE Global Research and Consulting

<hr class="system-pagebreak">
The latest semi-annual prime office occupancy costs survey reveals the dominance of the Asia-Pacific region in the top 10 most expensive business locations worldwide continued, led by Hong Kong-Central – the world’s most expensive market - and five other Asian markets.
Despite economic headwinds, occupancy costs increased by an average of 2.1% worldwide over the past year, led by the Americas, with a 5.2% annual increase and Asia-Pacific with a 2.6% increase. Europe, the Middle East and Africa continued to be hindered by economic recession in much of Europe and recorded a 0.4% decrease in prime occupancy costs. Prime office occupancy costs increased in 74 markets, decreased in 37 office markets and had no change in 22 markets.
“The global office market recovery cooled over the past year, hampered by the ongoing European debt crisis, a deceleration of growth in emerging markets and ubiquitous  uncertainty created by the ‘fiscal cliff’ in the US," says Dr Raymond Torto, CBRE’s global chief economist. “However, tight market conditions, strong demand for high quality space and low levels of new construction continue to drive up occupancy costs in many prime office markets across the globe.”
 CBRE tracks occupancy costs for prime office space in 133 markets around the globe.
Of the top 50 most expensive markets, 19 are in EMEA (Europe, Middle East and Africa), 18 are in Asia-Pacific and 13 in the Americas.
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