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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A reverse mortgage is tailored for older Australians (generally 60 years old and over) who want to tap into some of the equity they have built up in their homes to fund their retirement.
They are a relatively new phenomenon in Australia and a small part of the market with around 42,000 of these loans now outstanding as of December 2011. The average loan amount is $78,000.
There are both advantages and disadvantages to taking out a reverse mortgage that you need to be aware of, as well as alternatives to consider such as <a href="https://www.health.gov.au/internet/main/publishing.nsf/content/ageing-publicat-qcoa-16info.htm" target="_blank">accommodation bond loans </a>and <a href="https://www.moneysmart.gov.au/superannuation-and-retirement/income-sources-in-retirement/home-equity-release/home-reversion-schemes" target="_blank">home reversion schemes</a>.
 
<img src="/images/stories/2012/11/1.gif">
A reverse mortgage allows you to borrow money using the equity you have built up in your home. An advantage is that it payments can be a lump sum, a regular income stream, a line of credit or a combination of these options.
<hr>
 
<img src="/images/stories/2012/11/2.gif">
A disadvantage is that you will generally pay a high interest rate for a reverse mortgage loan than a "normal" loan. With interest charged at a higher rate a small reverse mortgage can balloon into a huge debt. A $50,000 loan borrowed at a rate of 10% at age 60 will have increased to $232,000 by age 75 and $1,041,000 by the time you turn 90.
<hr>
 
<img src="/images/stories/2012/11/3.gif">
An advantage is that government legislation introduced this year protects home owners from ending up in a position of negative equity – owing more than their home is worth on all new reverse mortgage contracts.  When the reverse mortgage contract ends and your home is sold, the lender will receive the proceeds of the sale and you cannot be held liable for any debt in excess of this.
<hr>
 
<img src="/images/stories/2012/11/4.gif">
A potential disadvantage of a reverse mortgage is that if you are the sole owner and someone lives with you, that person may not be able to stay in the house when you die.
<hr>
 
<img src="/images/stories/2012/11/5.gif">
<a href="https://www.sequal.com.au/component/option,com_sobi2/Itemid,55/" target="_blank">Industry body SEQUAL</a> is now well established to weed out shonky operators. You should only deal with a lender that is a member of SEQUAL. All members of SEQUAL operate an ASIC-approved conflict resolution procedure, and pledge to address customer concerns in a timely manner.
 
<hr>
 
<img src="/images/stories/2012/11/6.gif">
A disadvantage is that a reverse mortgage may affect your pension eligibility. Find out what the impact will be by talking to the Department of Human Services' <a href="https://www.humanservices.gov.au/customer/services/centrelink/financial-information-service" target="_blank" title="Financial Information Service">Financial Information Service</a>.
 
<hr>
 
<img src="/images/stories/2012/11/7.gif">
Another benefit of SEQUAL is that you can choose to use an accredited equity lease consultant to arrange your reverse mortgage. Search by state using the <a href="https://www.sequal.com.au/component/option,com_sobi2/Itemid,55/" target="_blank">SEQUAL register</a>. If you are using a mortgage broker or financial planner, check to make sure they hold appropriate ASIC licenses. ASIC advises that you should always get independent legal advice before taking out a reverse mortgage.
 
<hr>
 
 
<img src="/images/stories/2012/11/8.gif">
A potential disadvantage of a reverse mortgage could be that you need your lender's permission to sell, lease, vacate or renovate your home or have someone move in with you. You should make sure you fully understand the terms of the loan. Again, independent legal and financial advice is necessary.
 
<hr>
 
<img src="/images/stories/2012/11/9.gif">
ASIC's MoneySmart consumer website provides this<a href="https://www.moneysmart.gov.au/tools-and-resources/calculators-and-tools/reverse-mortgage-calculator" target="_blank"> handy calculator</a> to work out how your debt builds up over time and how much of your home will you own. It also allows you to see how changes in interest rates and house prices will affect the equity in your home.
 
<hr>
 
<img src="/images/stories/2012/11/10.gif">
An advantage of a reverse mortgage is that you can restrict your borrowing to as little as $10,000, with some lenders keeping your exposure low and having less of an impact on your future financial position.
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po-LsXgBTHBmX

The 10 must-know facts about the advantages and disadvantages of reverse mortgages loans

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Slow retail sales growth over the past year has produced a difficult retail trading environment. Retailer margins are being pressured as low turnover growth and fixed rental increases raise occupancy costs, however retail A-REITs are forecasting nominal distribution yield growth of up to 4% in 2013.
Retail sales growth remains positive overall at 2.6% per annum, although this is significantly below its long-term average of 6.2% per annum.
Department stores and household goods retailers are being particularly affected. Online sales now represent approximately 5.5% of total retail sales and are growing at around 20% per annum.
To date, this has not represented a substantial threat to high-quality shopping centres, and many retail A-REIT managers have adopted strategies to incorporate the effects of online retailing such as purchase collection centres and enhanced personal mobile device technology. The recent failure of the Click Frenzy online sale will have done little to enhance the reputation of the technology to the unconvinced.
Measures of annual turnover growth in the retail A-REITs have generally improved over the year to September 2012, however remain below long term averages at around 1% to 2%.
Fixed rental increases embedded in existing leases are reflected in average rental growth of around 2% to 3% across the retail A-REIT sector.
This contrasts with releasing and new leasing activity which shows reductions in rent of between 1.5% and 3%. Lease incentives, often in the form of contribution to fit out, range up to 20% for five-year terms for some shopping centres, particularly those with a high discretionary retail element or those which do not dominate their catchment areas.
While regional shopping centre vacancies have increased from 0.6% to 1.2% over the past two years, the average vacancy in the retail A-REITs is 0.5% demonstrating the value of active professional management.
The retail A-REITs have been active in capital management, portfolio development, acquisition and disposal in order to maintain and enhance the quality of their portfolios:
<ul>
<li>Westfield Retail Trust and Westfield Group have recently undertaken a complex asset swap and restructure of seven Australian shopping centre assets held in joint venture with AMP Capital; </li>
<li>CFS Retail Property Trust is developing Emporium, a shopping centre in the Melbourne CBD. Emporium is stage two of a project alongside the refurbished Myer building which is expected to cost in the order of $740 million;</li>
<li>Charter Hall Retail REIT has recently raised $100 million to fully equity-fund the acquisition of three sub-regional shopping centres at a 2% premium to net tangible assets (NTA); and</li>
<li>The listing of Woolworths’ proposed new Shopping Centres Australasia Property Group on the Australian Securities Exchange will increase the liquidity and diversity of retail A-REITs. The total value of the retail property portfolio will be in the order of $1.4 billion.</li>
</ul>
Retail A-REITs provide investors with an exposure to quality retail real estate portfolios and management expertise. The Shopping Centres Australasia Property Group is likely to yield an income return higher than the retail sub-sector, depending on its final share price. The additional development return potential from the Westfield transaction should increase its distribution return. Westfield Retail Trust’s share buy-back will improve its NTA. The subsector should benefit from this acquisition and development activity and result in some share price growth despite the below trend retail trading environment. Fixed rental increases at rent reviews will largely offset rent reductions at lease renewal while cost efficiencies and low interest rates will cushion slow retail sales growth for retail A-REITs.
Mark Wist is senior asset consultant at <a href="https://www.atchison.com.au/" title="Atchison Consultants" target="_blank" rel="nofollow">Atchison Consultants</a>.
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markwist-Vaq6S8Xoby

Retail A-REITs grow despite economic environment

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Christmas has come early to Melbourne this year – the Baillieu government has opened up a Melbourne sack of goodies and granted the promise of a new suburb in the wilderness of Werribee “East”.  In case you think it’s going to end up like one of those other outer-suburban zones, lacking the adequate infrastructure to support the 17,000 new residents, don’t worry!  Planning Minister Matthew Guy has promised 50,000 jobs and around $10 billion worth of investment into providing a “new freeway interchange, residential areas, and industry hubs”.
The idea is to move jobs out of the city – keeping them “local” – and a sterling idea it is.  All agree that we simply can’t keep everything centralised forever.
Families with children are Melbourne’s biggest buying demographic – they need houses (not apartments) gardens, green areas and local schools.  They need community facilities, a local doctor on hand, good public transport systems and nearby shopping centres – and they need it all at an “affordable” price range.  Could Werribee East be an answer, I wonder?
The Victorian government has got a lot on its plate at the moment.  Aside from Werribee East, it is in the process of developing the new Fishermans Bend precinct  – our new “high-rise” metropolis, which Guy assures will be more successful than the soulless <a href="/news">Docklands</a>, which apparently is still only “half completed”.
The initial rush of investors who bought into the Docklands developments when they were spruiked on the open market some 10 or so years ago were left sitting on a pot of negative equity and expired “rental guarantees”.  The suburb still maintains a high vacancy rate (currently 8.3%, according to SQM) and as a suburb lacking in family community facilities (schools, churches, and so forth) it only attracts a narrow demographic of professional couples and office workers, which is one key reason the location lacks “soul”.
The worrying part of Docklands was the way it was initially marketed.
Purchasers bought in buoyed by the promise of a new 220-hectare site made up of: “luxury waterfront living, cafes, restaurants, a state-of-the-art stadium, a high technology park, and many other attractions”.
Financial and property advisers pocketed healthy fees from developers who paid them to push unwitting local and foreign investors into speedy purchases.
It’s not an uncommon practice – many still work under the guise of giving “independent” property investment advice principally marketing off-the-plan and new units – the key difference being, if you’re not paying for the information, someone else is – usually the developer.  Hence why ASIC is currently ringing the <a href="/news">alarm bells</a> over a new rush of property acquisitions as part of self-managed super fund accounts which all but promise to ‘underperform.’
I don’t have to go into the details of why high-rise developments make poor investments – I have written enough in the past to make it abundantly clear.  As the City of Melbourne aptly described on its website back in 2011, most of proposed new blocks are “relatively small one- and two-bedroom apartments largely targeted at the student market and owned by investors”.
And judging from the high vacancy rate, they are doing little to provide affordable accommodation for the home buying or rental demographic.  However, in Guy’s own words, high rise is apparently good for the city, as “taller buildings ... are a symbol of a growing nation, a strong economy, and they do have the ability to define a city".
Of this there is no doubt – however, as with many tall buildings, the lights may be on, but all too often no one is home.
 
<hr class="system-pagebreak">
 
Back to “Werribee East”, and the government states it will use the revenue from land sales to build the promised infrastructure.
No doubt this will be achieved via hefty development overlays that disproportionally inflate the underlying cost of the land for home buyers.  The success of the plan requires attracting a substantial round of investment into the area initially, and if history is the judge, by the time it gets to individual lot sales, it will be done via a range of incentives that will encourage home buyers to relocate buoyed up on promises that read like a holiday brochure of McMansion delights.
There is absolutely nothing wrong with the main thrust to the suburb – designed through a “vision” of residents working close to home with ample accessibility to their local town centre and community services (thereby avoiding a two-plus-hour commute in nose-to-nose traffic on inadequate road networks for an eight-hour slog in Melbourne town).
Nothing wrong at all – except, of course, it’s all been promised before.
In a report earlier this year issues such as respiratory problems, abuse of alcohol, depression and various other mental and physical diseases were highlighted as common problems in poorly designed “fringe” housing estates lacking in community facilities – facilities that were often sketched in on the initial “master plans” but failed to achieve the necessary funding to realise their potential.
Currently our outer-suburban new estates are amongst the fastest-growing suburbs in Australia. Areas such as <a target="_blank" href="/news">Wyndham </a>City and <a target="_blank" href="/news">Whittlesea North</a> in Victoria, along with <a target="_blank" href="/news">Ipswich</a> in Queensland, <a target="_blank" href="/news">Camden</a> in Sydney, and <a target="_blank" href="/news">Wanneroo </a>in Western Australia are just a few of the fringe localities that are all outperforming in the population stakes.
<a target="_blank" href="/news">Point Cook</a>, a suburb of Wyndham, was promised to be a “a thriving neighbourhood ... just 22 kilometres from Melbourne” with “convenient access to established schools, shopping, recreational facilities and public transport.”
However, fast forward to 2012 and Bill Forrest, director of advocacy with the Wyndham City Council, is now reporting ''They [the state government] have not kept up with schools, they have not kept up with arterial roads, more than 50T of Point Cook is more than 400 metres from a bus stop.''
Surely it would be a better investment to fix one suburb’s infrastructure woes before promising the same delights for “Werribee East?”
 
<hr class="system-pagebreak">
 
According to reports, Werribee East will have new bus connections but no rail. Why would they need it? After all, as Matthew Guy comments, the idea is for everyone to have local jobs – so no need to travel into the city.
It will take years – if not decades – to attract significant investment to achieve the local employment dream for 17,000 new residents.
Furthermore, unless you want a gated community of residents without the diversification of young professionals who work in the city, a fast train link directly to Melbourne would be the one ingredient to attract additional demand overnight while the “local” job plan was evolving.
Furthermore, a train link to Melbourne opens up the freedom to attend football matches and experience inner-city day and nightlife and ensures outer-suburban home buyers remain connected to the wider Melbourne community.
Bus doesn’t work – it’s slower than taking the car and not a viable alternative unless it’s got the word “school” written in front of it.
Unfulfilled promises are a frustratingly common feature of politics. You would never get away with it in a business – the concept of which follows the premise of “promise less, deliver more”.
No so with our state governments – how many out there possess old Melways editions full of dotted lines where proposed train lines and roads had been promised?
Some of Melbourne’s non-existent train lines were initially mooted as far back as the 1890s – and following numerous feasibility reports that amount to millions of arguably wasted dollars, we may as well just watch re-runs of Thomas the Tank Engine for a little solace.
Possibility the biggest bone of Melbourne’s contention is lack of a direct rain link to Tullamarine airport, which – if reports in this week’s newspapers are anything to go by – is already planning a $500 million third runway.
However, once again, the proposed “east-west” runway has been ‘dotted’ in the Melways for over 10 years and if/when it does get built, passengers will disembark from the 900 km/h A380 only to be ushered into a queue to catch the local bus into the world’s most liveable city.
Apparently, a direct train link to Tullamarine is currently in the feasibility stage, and a proposed train link Melbourne’s Avalon airport is currently seeking a reported $250 million to reach fruition. Add this to the $30 billion required for Fishermans Bend, the $10 billion to “complete” Docklands, and the $10 billion for our new western “wilderness” capital – coupled with Victoria’s current economic outlook, which is suffering from a fall in construction and the high Aussie dollar – and any vision of thriving new neighbourhoods should probably be more correctly termed pipe dreams.
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition.
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catherinecashmore-6LXia3pPQj

New Melbourne suburbs come with big promises, but will the infrastructure eventuate? 

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The repeatedly graffitied, vandalised, run-down Moree fibro cost $15,000 in June, and five months later it's been sold at $74,500.
After the $15,000 renovation,  property investor Engelo Rumora had put the property back on the market for $80,000, offered with the tenants paying $180 a week.
It recently sold through <a target="_blank" href="https://www.homehound.com.au/6+cooee+street+moree+nsw+2400/">Petta Melbourne from Artesian Real Estate</a>.
<img src="/images/stories/2012/11/cheapflicker.jpg">
"A total make-over has seen this property transformed from ordinary into extraordinary," her marketing said.
Rumora said his initial low purchase price was due to persistence and a little luck. The property had been on <a target="_blank" href="https://www.propertydealfinder.com.au/">Nathan Birch's Property Dealfinder site</a>.
"Originally I saw it on the market advertised for $80,000 and it needed a bit of work but I made some enquiries anyway," he told the September edition of the API magazine.
"Turned out the owner planned to renovate and do some work.
"A few months later it had dropped to $60,000 so I checked in with the agent again and made an offer to buy the renovated property for $35,000, and we started negotiations."
<img src="/images/stories/2012/11/cheapkitchen.jpg">
During negotiations the four-bedroom house was broken into and vandalised, at which point insurance money became involved. 
"I checked in again after a few weeks and the vendor was supposed to be getting an insurance payout … but the agent said he was having problems with the insurance company.
"That day I offered to take it off his hands for $15,000 cash. And he agreed."
According to Rumora, $15,000 was enough to get it back into shape.
"I don't install $10,000 kitchens and granite benchtops — this isn't Vaucluse. I stuck an $800 Bunnings kitchen in there and went down the budget route."
Rumora also opted for interior all-over spray-paint to slash the budget. A spray gun got the place painted for about $3,000.
"Normally painting a home is expensive because of the labour. You've got a different colour on the ceiling, the walls and the woodwork and that takes time. We covered the windows and floors and sprayed the lot," he said.
"Making around $40,000 profit is pretty sexy numbers," he said.
Property Observer ascertains its lastest price roughly matches its $70,000 sale price in 2007. It had sold at $10,080 in 1969. 
Rumora lists his other success stories <a target="_blank" href="https://www.engelorumora.com/">on his website</a>, where he recently announced he was taking his endeavours overseas to the USA.
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jchancellor-FAypfDUnLy

Australia's cheapest reno house resells at $74,500 – five months after its $15,000 purchase

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Beneath the smoke-stacks and giant mining pits, a Mount Isa retail complex in the centre of the mining town featuring a Blockbuster, Subway and Pizza Hut is expected to fetch around $3 million when it goes to auction on December 12.
A sale at this price would represent a yield to investors of around 10%
Mount Isa is a remote north-west investment hotspot with rents having risen 22% over the past two years driven by demand for temporary accommodation from mining employees, according to a <a target="_blank" href="https://www.propertyobserver.com.au/queensland/rents-and-house-prices-rise-in-mount-isa-due-to-demand-from-mining-employees/2012110557629">recent report by PRDnationwide.</a>
There are five properties up for sale in one line on a site measuring 2,250 square metres at 17-19 Simpson Street in the centre of Mount Isa.
The other two premises are tenanted by lunch and juice bar Something Zesty and four-wheel drive accessory business, TJM.
The retail complex is being marketed by Raoul Holderhead and Pat Kelly of Burgess Rawson alongside Nellie Smithurst from Jays Real Estate and will be auctioned at Crown Casino Melbourne on December 12.
Holderhead tells Property Observer likely buyers include Melbourne investors, local Mount Isa investors and far North Queensland investors.
All five properties are leased for five years with fixed 3% annual rent increases plus renewal options.
Combined the five leases bring in annual net rent of $328,000.
Mount Isa is around 900 kilometres inland from Townsville and 1,800 north west of Brisbane. The main mine operator and the town’s biggest employer is Xstrata which operates an underground copper mine and underground zinc-lead-silver mine – among the biggest underground mines in the world.
The population of Mount Isa is 33,000.
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lschlesinger-FZcF9M3vE6

Mount Isa retail complex expected to sell on 10% yield at auction

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Confession time: I'm a big fan of Jessica Irvine.
I've read her stuff for years in the SMH and Fairfax and have almost always found myself nodding furiously in agreement. I love her brand of accessible, econo-political insight. It's rare for an economist to effectively deconstruct big issues for the masses, and rarer still to offer common sense solutions. That she regularly does both, is a real testament to her talent and value as a writer.
Recently she moved to News Ltd and now commands a much larger audience. Her column is syndicated out through the Sunday dailies such as the Sunday Herald Sun, The Sunday Telegraph, and Sunday Brisbane Courier Mail.
It's a pity then, that so many people would have read <a target="_blank" href="https://www.news.com.au/national/brokers-advice-costly-for-buyers/story-fndo4bst-1226523336091" title="Jessica Irvine Mortgage Brokers">her howler of a column today. </a>It’s a real shocker.
Her attack on mortgage brokers might make for a nice headline, but it’s riddled with factual inaccuracies and omissions. It’s not even a real story – everyone knows that brokers are paid commissions by the lenders and that this is how it’s (mostly) kept as a free service to consumers. Borrowers themselves use brokers for convenience, product knowledge, and access to many lenders so they can more easily get a better rate and save on interest. Several iconic household brands such as <a target="_blank" href="https://www.aussie.com.au/" title="Aussie">Aussie</a> and <a target="_blank" href="https://www.mortgagechoice.com.au/" title="Mortgage Choice">Mortgage Choice</a> have been built on this premise. It’s not news.
But most damning of all, is her total failure to understand the crucial role brokers play in keeping some semblance of competition in our bank-dominated mortgage market. More on this in a moment.
First, the errors. Early in her piece she claims that:
"Brokers are failing to adequately disclose the commissions they receive from lenders when they sign up borrowers for a loan.”
Really? What’s the basis for this assertion? Because I can’t find one in her column. It also ignores the reality of <a target="_blank" href="https://www.comlaw.gov.au/Details/C2012C00083" title="NCCP">the government’s recent efforts to legislate against this concern (among others).</a> In 2009, they introduced the National Consumer Credit Protection (NCCP) act, and substantially lifted requirements for broker disclosure on commissions. If, as she claims, brokers are not disclosing, then the bigger story would be the failure of government policy. Strange then, that we do not hear about this.
In fact, it’s impossible for any authorised credit representative (broker) not to disclose exactly how much they’re getting paid (unless they’re deliberately breaking the law). The main document for this is the “Credit Proposal Disclosure” form, but there’s also the “Credit Guide” and the commissions are disclosed again the lender’s loan offer contract.
That’s lot of disclosure in any one’s book.
Jessica makes the point that brokers aren’t required to disclose the commission rates of every-single-lender, only a short list, so there is potential for brokers to recommend lenders that pay a higher commission. Technically this is true. And no doubt, some brokers (a very, very small minority I would say) might abuse this. However, the law again requires that brokers offer borrowers a choice of lenders and rates, and the practicality of the process is that most brokers have software that compares hundreds of mortgage products right in front of the client.
 
<hr class="system-pagebreak">
 
Now, her omissions.
Jessica proclaims the laudable information and convenience of online comparison sites such as<a target="_blank" href="https://www.iselect.com.au/" title="iSelect"> iSelect</a> and <a target="_blank" href="https://www.ratecity.com.au/" title="Rate City">Rate City</a>, in stark contrast to mortgage brokers who are apparently compromised by commissions and “conflict of interest”. It’s true, these sites have many great qualities and pose a real threat to brokers –<a target="_blank" href="https://www.theadviser.com.au/breaking-news/7957-online-labelled-the-next-big-threat" title="Online threat to mortgage brokers">something I’ve been banging on about for a while now</a>. But she’s left out a crucial detail here: these sites also receive income from banks and lenders for introductions to potential borrowers. Here are the terms from the RateCity site:
“We make money by generating qualified leads for financial institutions. A lead is generated when our users visit a financial institution's website via a link from the RateCity website. If you visit a bank's website via RateCity, we may get paid either for that click itself, or more likely, for you "doing something" with the institution - for example, opening an account, or completing an application form on the bank's website.”
How is this different from what mortgage brokers do? In the case of iSelect, they're actually an online broker!
Here’s a quote from their site:
“iSelect receives payment of commissions from participating lenders (via our aggregation partner, Australian Finance Group Limited, ABN 86 148 217 181 ('AFG') for mortgage products sold via the services referred to on this website. You are not required to pay iSelect for the use of the website.”
This is not to knock either organisation, simply to highlight the sloppy journalism in Jessica’s article. These are very serious omissions that in my view, serve her readers poorly. One can only hope they were the result of a zealous sub-editor, not lazy research.
Finally, brokers are not just commission-earning machines.
Mortgage brokers have been called many things over the years, but <a target="_blank" href="https://www.news.com.au/opinion/borrowers-beware-you-must-shop-around-for-the-best-value-home-loan/story-fnfhswl8-1226523426843" title="Washing machine mortgage brokers">Jessica’s comparison to “washing machine sales people” is a new low.</a> I know many brokers, who, with 30 years plus banking experience, a Certificate IV, a Diploma of Mortgage Broking, and hundreds of very satisfied clients would be insulted at the analogy, but this is beside the point.
The real point is that the comparison is erroneous. In trying to illustrate that a mortgage is a commodity item sold just like a washing machine, she has seriously erred. For a start, a mortgage is a much more complex product, with deep financial and emotional implications for the consumer. This is a comparison only an economist could love. But most importantly, her analysis ignores the fundamental issue of mortgage market dynamics.
In the fragile eco-system that is the Australian mortgage market, brokers play a vital role in keeping the flame of competition alive. Yes, they originate nearly half of all mortgages, but for non-bank lenders the figure would be closer to 95%. They are the main (sometimes only) distribution channel for non-bank lenders and regional banks,  who over the last twenty years have helped cut the interest margins big banks charge their customers from 4% to well under 2%. This competition from non-banks lenders has been an immeasurable win for consumers, but it simply would not have been possible without a mortgage broker distribution channel.
In fact, brokers were so good at delivering consumers a better deal from lenders outside the big four banks that by 2007 non-bank lender had 20 per cent of the mortgage market. Thanks to the GFC, and <a target="_blank" href="https://www.openforum.com.au/content/mortgage-exit-fees-why-abolishing-them-will-hurt-industry-kill-competition-and-enrage-consum" title="Mortgage exit fees">some cack-handed government policy</a>, just five short years later the big four banks now once again control around 90 per cent market share. Is this good for consumers?
Some journalists complain when the banks jack up their rates. But banks are only able to do this because competition has diminished. What would happen if commissions, and therefore, brokers disappeared entirely? Would banks pass on the cost saving to consumers in the form of lower rates? We know the answer. Brokers are a bulwark for consumers against complete bank dominance. If, or when, broker market share declines as a result of rising volumes to bank proprietary online channels, it's likely we'll see their rate margins return to the higher levels of the bad old days.
Like any industry, mortgage brokers are not perfect. And yes there are some genuine issues with commission-based incentives; Jessica rightly highlights bonus volumes as an area of concern. However, the industry has come a long way, is now fully-regulated with a high degree of compliance, and continues to serve the interest of consumers well. One day the online channel may take over and brokers might become extinct. But in the meantime, busy, stressed Aussies will continue to enjoy the convenience, choice, and interest savings that mortgage brokers provide, regardless of the twaddle good journalists even sometimes publish.
Darren Moffatt is owner and director of the mortgage broker business <a target="_blank" href="https://www.seniorsfirst.com.au/" title="Seniors First">Seniors First</a>. He is also CEO of <a href="https://www.housenet.com.au" target="_blank">Housenet.com.au </a>
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Mortgage brokers are not washing machine salesmen: Darren Moffatt

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The former ANZ Banking Group deputy chief executive Bob Edgar has called for tougher laws governing the non-bank lending sector following the collapse of Banksia and Provident Capital.
Edgar said it was “surely no accident” that Banksia chose to include the word “bank” in its name.
“Anything that has the word ‘bank’ in it or uses the word ‘bank’ in a prominent fashion is effectively purporting something about itself,” said Edgar in an interview with the Australian Financial Review.
Edgar says it is the responsibility of prudential regulator APRA to get the laws changed to prevent Banksia using such a name.
Banksia collapsed in October owing 3,000 small investors a combined $650 million while Provident Capital collapsed in July owing investors over $100 million.
Both Banksia and Provident Capital’s debenture funds come with no government guarantees.
ASIC announced on October 31 the setting up of an internal taskforce to look at the failure of Banksia and regulation of the wider Australian unlisted debenture sector.
Edgar, who is now the chairman of Centro Retail Australia after a 25 year career at ANZ, also had a go at federal treasurer Wayne Swan for urging borrowers to seek an alternative to their bank following interest rate decisions.
“The political process has to accept some of the blame that it has encouraged people to believe they are not getting a fair and reasonable risk- adjusted return from the banking sector and they should look elsewhere," he said.
Edgar also called on the major banks to take a “higher profile on corporate matters through leadership and much more engagement with politicians”.
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Rules governing non-banks need to be tightened: Bob Edgar

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The popularity of home renovation reality shows like The Block and The Renovators has encouraged more Australians to undertake their own renovations putting them at risk of deadly diseases caused by exposure to asbestos fibres, according to Asbestos Diseases Foundation of Australia (ADFA).
The ADFA is warning of a third wave of victims and their families as part of  Asbestos Awareness Week, which is running with the slogan:  “Don’t play Renovation Roulette!”
The first wave was those working in mining and manufacturing exposed to raw fibres followed by workers who used asbestos products in the workplace (the second wave).
According to the ADFA, the case of women suffering from mesothelioma (an incurable asbestos-related cancer), are rising with the ADFA expecting these to spike over the next 40 years unless “Australians start taking seriously the dangers of asbestos when renovating or maintaining their homes”.
“With DIY renovations increasing partly due to the popularity of home renovation and lifestyle television programs and magazines, those thinking about renovating or home maintenance must visit asbestosawareness.com.au to learn where asbestos can be found in the home and how best to manage it,” says professor Nico van Zandwijk, director of ADFA.
The ADFA believes reality renovation shows have a moral obligation to include "substantial warnings” about asbestos for viewers and claims they have let viewers down by not having warnings.
Viewers of hit series The Block were warned by presenter Scott Cam of the dangers of asbestos in <a target="_blank" href="https://homes.ninemsn.com.au/theblock/updates/8457681/scott-cam-asbestos-and-the-block">this video</a>.
“Asbestos is an absolute killer and if you're thinking of renovating, make sure you get your place checked out by professionals," Cam said "If you do find something, make sure those professionals remove it."
Channel 10’s <a target="_blank" href="https://therenovatorstv.com.au/start-renovating.htm">The Renovators</a> did not appear to have any prominent asbestos warnings on its website.
The ADFA’s asbestos concerns have been echoed by Archicentre, the building design, inspection and advice service of The Australian Institute of Architects, which is also warning of the deadly dangers of lead paint
David Hallett, from Archicentre said the real risk of exposure to asbestos fibres and dust occurs with the demolition, drilling or cutting of products containing asbestos and in the case of lead paint the burning, sanding or stripping of paint can produce dangerous toxins.
"Tens of thousands of renovations take place every year often with families living in the home during the renovation placing people at danger unless the renovation is carried out safely,” says Hallett.
"It is vital for everyone to understand that once you disturb asbestos there are extreme health risks involved for home owners and their families in relation to the diseases which can be caused by asbestos fibres."
"Anyone undertaking renovations and living in their home at the same time with their children needs to be well informed about the dangers and extremely careful about how asbestos and lead paint is managed by contractors who may be carrying out the renovation works."
Inhalation of asbestos fibres can cause serious illnessesincluding malignant lung cancer, mesothelioma, and asbestosis
Most homes built in Australian between 1945 and 1987 would have been constructed using asbestos as insulation in the roof.
A complete ban on asbestos-containing material in Australia was introduced in 1991.
According to the ADFA, if asbestos is left undisturbed, it generally does not pose a health risk.
However a study of mesothelioma cases carried out by Western Australian Mesothelioma Register (from 1960 to 2008) showed that over a four year period (2005 and 2008), 8.4% of all men and 35.7% of all women diagnosed with mesothelioma were home renovators with renovations and maintenance being the main cause of the disease in women.
The study also noted that the most prevalent non-occupational exposure of people occurred during simple home renovations, with mesothelioma patients reporting having drilled or sanded asbestos cement walls, lifted linoleum floors and used asbestos cement sheeting to build sheds and fences, laundries and simple extensions, often with exposure limited to a single activity.
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Popularity of home renovation reality television shows creating deadly asbestos health risk: ADFA

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The production of residential lots on the outskirts of Melbourne is forecast to fall 27% annually over the next few years as demand remains subdued, according to a new report by BIS Shrapnel.
The research firm is forecasting annual lot production to fall from an average of 16,917 lots annually from 2007 to 2012 to just 12,340 between 2012 and 2017.
A 22% decline is anticipated for outer Adelaide, with average lot production of 2,962 lots between 2007 and 2012 falling to 2,320 over the next five years.
Recent and Forecast Lot Production
<table width="370" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" nowrap width="139">
City/region
</td>
<td valign="top" colspan="2" nowrap width="230">
Average lots produced annually
</td>
</tr>
<tr>
<td valign="top" nowrap width="139"></td>
<td valign="top" nowrap width="125">
2007-2012
</td>
<td valign="top" nowrap width="105">
2012-2017 forecast
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Outer Sydney
</td>
<td valign="top" nowrap width="125">
2,809
</td>
<td valign="top" nowrap width="105">
5,870
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Outer Melbourne
</td>
<td valign="top" nowrap width="125">
16,917
</td>
<td valign="top" nowrap width="105">
12,340
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Outer Brisbane
</td>
<td valign="top" nowrap width="125">
5,372
</td>
<td valign="top" nowrap width="105">
5,560
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Gold Coast
</td>
<td valign="top" nowrap width="125">
1,494
</td>
<td valign="top" nowrap width="105">
2,280
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Sunshine Coast
</td>
<td valign="top" nowrap width="125">
1,652
</td>
<td valign="top" nowrap width="105">
1,820
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Outer Adelaide
</td>
<td valign="top" nowrap width="125">
2,962
</td>
<td valign="top" nowrap width="105">
2,320
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Outer Perth  (includes Mandurah)
</td>
<td valign="top" nowrap width="125">
7,633
</td>
<td valign="top" nowrap width="105">
11,280
</td>
</tr>
</tbody></table>
 Source: BIS Shrapnel
The forecast comes as Melbourne house-and-land developers continue to offer incentives in an effort to encourage buyers, despite <a target="_blank" href="https://www.propertyobserver.com.au/land/price-melbourne-land-at-its-true-value-and-buyers-will-come-australand/2012102357384">warnings from the likes of Australand's Rob Pradolin </a>that these only distort the market and can create financing problems for buyers.
“These two markets experienced the strongest residential rebound after the global financial crisis (GFC), and the consequent combination of high levels of land production and solid land price growth has meant that there is little pressure on the demand for new houses and land,” says report series author and senior manager Angie Zigomanis.
Victorian residential developers have also lost the added sweetener of the $13,000 new home bonus, which was available to first-home buyers and ended in June. According to BIS Shrapnel, the bonus has pulled forward demand.
In its annual report, developer Peet– which has 19% of its land bank in Victoria – notes that the Victorian residential market “weakened sharply” during the year, with the result that it has “restrained capital expenditure on some key Victorian projects”.
Peet has deferred development in two large, company-owned projects in Victoria until there are signs of improvement and also notes that Victorian buyers have had difficulty securing finance with the market having reached “the top of its cycle”.
“The declines in lot production in the Melbourne and Adelaide markets reflect activity falling from unsustainable record levels, while the weakness in the other cities were the result of excess supply, weak underlying demand, and constrained affordability after land prices had peaked in earlier years,” says Zigomanis.
“These issues are now starting to wash through, with the recent declines in interest rates expected to be the trigger for a pick-up in demand into 2013.
“Conversely, the factors that drove the downturns in the other cities now exist in Melbourne and Adelaide and it will be their turn for demand for land to experience a period of weakness,” he says.
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Demand for residential land to remain subdued on Melbourne and Adelaide fringes till 2017: BIS Shrapnel

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