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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Foreign and domestic institutional investors have “dominated” the purchase of prime Sydney industrial assets over the past six months to October, according to the latest report from Colliers International.
GPT, GIC of Singapore, Goodman, Charter Hall, Dexus and Aviva all purchased assets over this  period.
“Secure, long-term leases and competitive yields that prime grade assets offer have driven risk-averse institutional buyers back into the market,” notes Colliers International.
At the same, “consolidation and cost-reduction strategies has seen tenants seek out quality facilities that assist the performance of their businesses”.
Institutional investor acquisitions over the past six months have included Goodman’s acquisition of 105-111 Vanessa Street, <a target="_blank" href="/news">Kingsgrove</a>, measuring 33,200 square metres, the only prime-grade investment sale to take place to date in 2012 within the south Sydney industrial market. The $48.5 million sale reflected a capital value of $1,960 per square metre, making it the biggest industrial purchase over the past six months. GIC of Singapore secured the second biggest purchase of this period, paying $28 million ($1,325 per square metre per annum) for 94-106 Lenore Lane in <a target="_blank" href="/news">Erskine Park</a> on yield of 8.15%. The 21,000-square-metre facility was leased to DB Schenker, one of the world’s leading integrated logistics services providers, in April on a seven-year lease. The vendor was Dexus.
The report notes strong ongoing demand for prime-grade facilities “tightening availability”, with prime-grade rents having increased by as much as 5% in some markets over the past six months.
There is currently around 232,200 square metres of industrial space under construction across Sydney, with only 6,000 square metres more than halfway through the construction process.
Despite the success of a number of speculative developments over the past 12 months, there are a limited number of speculative projects due for completion over the remainder of 2012.
However, there is a strong pipeline of projects planned for the next development phase with 219,500 square metres of projects having already received development approval and 181,000 square metres being tendered for construction.
The most expensive industrial market to rent in Sydney is the northern market (in an arc from <a target="_blank" href="/news">North Sydney</a> to <a target="_blank" href="/news">Hornsby</a>), where prime net face rents range from $160 to $190 per square metre per annum, with prime yields ranging from 8% to 8.75% and secondary yields ranging from 9.5% to 11%.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/11/colliersnov14.gif" title="Click to enlarge"><img src="/images/stories/2012/11/colliersnov14thumb.gif"></a>
However, Colliers International notes that stock, on or off market for sale, does not meet institutional investor requirement of a prime asset with a long weighted average lease expiry (WALE).
As a result of the market bottoming out, a number of opportunistic buyers look to acquire secondary grade assets at yields higher than 10%.
These sales include 114-120 Old Pittwater Road, <a target="_blank" href="/news">Brookvale</a>, a secondary-grade asset was purchased by Primewest for $40.5 million, representing a market yield of 10.53%.
“These buyers are looking to take on the leasing risk, re-lease, reposition and sell the asset within a three to five year time frame," notes Colliers International.
The largest industrial pre-commitment over the past six months was Super Retail Group agreeing to lease a 45,000-square-metre prime-grade facility at Lenore Drive, Erskine Park with a lease term of 15 years.
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Local and foreign institutional investors swoop for prime Sydney industrial assets

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The common perception of first-home buyers as 20-somethings may need to be reconsidered, with a new survey showing a declining trend in first-home buyers aged 29 and under and a rising proportion of buyers aged 40 and over.
A Mortgage Choice online survey of 1,000 Australians who plan to buy their first home in the next two years found that the greatest proportion of first-home buyers (41%) are aged between 30 and 39, compared with 39% aged 18 to 29.
The proportion of prospective first-home buyers aged 40 and over was 20%, or one in five.
These results build on earlier online polls that show a trend of first-home buyers choosing to purchase when they are older and a marked decline in younger buyers.
The Mortgage Choice 2011 recent first-home owner survey found that the majority of first-home buyers (55%) were aged between 18 and 29, this itself a fall from a 2010 survey when 63% of respondents were in this age bracket.
The 2011 survey also found that 34% of recent first-home buyers were aged between 30 and 39, and only 11% were aged 40 and over.
Mortgage Choice spokesperson Belinda Williamson says the results of the survey show that “more first-home buyers are saving for longer and purchasing later in life, perhaps when they are in a better financial position”.
Other findings of the 2012 survey tie in with the shift towards older first-home buyers, with the average period to save for a deposit increasing from 1.8 years in the 2011 survey to two years in 2012.
It also found that job security concerns have increased notably since 2011, with 18% of 2012 respondents claiming it to be their biggest concern, compared with 11% last year.
Conversely, fewer buyers are concerned about rising house prices (22% this year compared with 31% in 2011) and even fewer are concerned about the impact of interest rates on their ability to purchase their first home (8% this year compared with 14% in 2011).
“While many of the economic indicators such as rate cuts, lower house prices and improved affordability might suggest now is a good time to buy, people are still nervous about their ability to sustain employment,” says Williamson.
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First-home buyers increasingly ageing into their 30s and one in five even aged 40 and over: Mortgage Choice 

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Consumer confidence soared to its highest level in more than a year-and-a-half in November but a cash rate cut is still likely on December 4, says Westpac chief economist Bill Evans.
The Westpac Melbourne Institute Index of Consumer Sentiment increased by 5.2% in November from 99.2 in October to 104.3 in November - its highest level since April 2011 when the cash rate was 4.75%.
The sub-index measuring whether now is a good time to purchase a dwelling remained unchanged, but at its highest reading since September 2009 of 139.8 (the index average is 122.5) following a jump of 9.6% last month.
Evans says despite no change over November to this sub-index, it is “still clearly signalling a boost to confidence around the housing market”.
“Even those folks who hold a mortgage increased their overall confidence reading by 2.9% despite the likely disappointment from the Reserve Bank’s decision,” says Evans.
Respondents were surveyed between November 5 and November 11 so “largely captured the impact on confidence impact on confidence of the Reserve Bank’s decision”.
However the index is up just 0.9% on a year ago following the first 25 basis point cut from the Reserve Bank on November 2 last year.
<img src="/images/stories/2012/11/sentimentnov14.gif">
“In effect, the subsequent 125 basis points of rate cuts have only really now been successful in holding the index at that level which we reached in November last year,” says Evans.
He says the best policy for the RBA would be to cut the cash rate again on December 4.
“With private rates still comfortably above those levels of recent easing cycles it would be unfortunate if the RBA becomes over optimistic to the first sign that its policies are gaining traction.
“The Australian economy is facing uncertainty around the mining sector and with contractionary fiscal policy and a punishingly high Australian dollar, we need further rate cuts to help build on these early signs that lower rates are having an impact on households’ confidence," says Evans.
All components of the index increased in November with the biggest sub-index rise being for “family finances vs a year ago”, which lifted 11% to 91.8 above the historical average of 90 indicating an improved level of financial comfort among households.
However, confidence fell sharply by 5.2% in Western Australia, “the dominant resources state” and also fell by 8.7%, in South Australia “where ongoing disappointment around the cancellation of the Olympic Dam project may be a factor”.
“In contrast to this, confidence surged 14.2% in New South Wales where mining activity is less significant and, arguably, prospects are brightest for the property market,” says Evans.
According to Evans, the more likely explanation for the strong uplift in November is that “households are becoming more comfortable with the global outlook and are finally responding to the series of rate cuts”.
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Consumer confidence soars to highest level since April 2011 but December rate cut still likely: Westpac

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The Singapore-listed Hotel Grand Central has emerged as a contender to buy the Crest Hotel in Sydney’s Kings Cross.
The group owns and operates 11 four-star and 4 ½-star Hotel Grand Chancellor properties in Australia and New Zealand.
The vendor, Australand Property Group, has the hotel in its books at $70 million, but industry sources reportedly told The Australian Financial Review that bids are about $62 million.
Another hotel group reportedly showing interest in the hotel, now run as a Mercure hotel by Accor under a management agreement, has been pinpointed as Chinese group HP Leisure.
It has been listed through John Musca and Mark Durran of Jones Lang LaSalle Hotels.
Hotel Grand Central expanded its hotel property interests into Australia and New Zealand in the early 1990s.
In Australasia the hotel network is branded Hotel Grand Chancellor.
Australand paid $63 million in 2007 when bought from the owner of the Coogee Bay Hotel, Chris Cheung, who acquired the property at the corner of Victoria Street and Darlinghurst Road from developers Allen Linz and Eduard Litver.
Its among <a href="https://www.propertyobserver.com.au/leisure/mercure-hotel-d*lux-budget-hotel-and-diamant-hotel-listed-for-sale-in-kings-cross/2012101656915" target="_blank">three hotels straddling the glittering lights of Kings Cross </a>to have been listed for sale, including Mercure Hotel, the D*Lux and the Diamant Hotel.
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jchancellor-FAypfDUnLy

Asian interest eyes Crest Hotel Kings Cross listing

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Three common mistakes are made by those who promote regional properties as a superior investment to Australian capital city properties.
1 .  Recency bias towards downside risk
Throughout history the greatest oversight of investors has been to assume that what has happened over recent times will continue to occur. Human nature dictates that we build a frame of references around our past experiences and project them into the future. Investment history is awash with examples, from tulip mania (1637) to Black Tuesday (1929) to the tech stock bubble (2002).
While the debt binge tide continues to lift all Australian property boats, some regional properties will continue to perform. All tides turn, however, and this is precisely why regional property is risky.
Australians are fortunate. Fuelled by a surge in mining investment, we’ve not experienced recession since Keating’s infamous “recession we had to have” of 1991-92 following the collapse of the Soviet Union. Interest rates are receding to 50-year-lows, and we’re close to effective full employment.
While high interest rates and high unemployment have long been perceived to be idle threats in Australia, investors who fail to heed history will eventually be caught out. If the US economy averts its fiscal cliff and China’s GDP growth powers along then Australia’s implied yield curve will cease to be an ugly inverted asymptote and even our dovish Reserve Bank board will ratchet up the cash rate.
The demographics of affluent suburbs and regional areas are markedly different in Australia. Cheaper, outlying households are heavily reliant on linear salary income and become prone to mortgage stress when the cost of debt capital is increased, which causes regional property prices to drop. Prime-location households tend to have substantial equity, diverse income streams and greater capacity to ride out elevated interest rates for their duration.
2. Long-term real growth in regional properties is poor
A second error that promoters of Australian regional property make is confusing periods of high inflation or credit growth with real value growth. No question, with skilful timing it’s possible to find a cheap property where prices increase over the short term. Over the long term, however, real capital growth in regional properties is poor, which clearly accounts for why the cheap regional property of yesterday remains cheap today, and yields remain high.
A standard rental combined with lacklustre growth results in a high yield, for a yield is simply a spot percentage calculated at any given point in time. A standard rental combined with outstanding long-term growth results in lower yields.
Be clear about this: property "growth" cannot continue to be fuelled by ever-greater mortgage debt in perpetuity. Australia had persistent inflation throughout two decades in the 1970s and 1980s, devaluing associated mortgage debt, and spiralling credit growth in the 1990s inflated property prices. But real growth was often negligible as those who elected to sell and re-buy property discovered.
 
<hr class="system-pagebreak">
 
Ultimately, sustainable growth can only be sourced from productive enterprise and value being created. Three decades ago in Australia this simply meant ripping an ever-greater volume of minerals out of our weeping planet, with 75% of our stock market’s value being resources-based. Today only a quarter of the market’s value is founded upon resources. Instead, wealth is created through technological ingenuity and intellectual expertise, particularly in financial services.
Sustainable property price growth needs real wages growth and growing demand. Speculating in remote areas, outlying cities such as Cairns or tourism-dependent regions where real wages growth is negligible carries a material risk premium.
3. The yield trap and stunted upside potential
The third mistake I see in the markets every day: mum-and-dad investors and pundits who aren’t from a financial background confusing yield and income, and thus falling into the insidious yield trap. Yield can be a devastatingly misleading indicator as to investment performance.
The "strongest" stock yields are in exporting companies who bravely maintain dividend payments in the face of the crippling appreciation of the Aussie dollar, but with market caps that have been crucified.
Similarly, in Australian property yields are highest in regional properties, where real capital growth has been dire. 
The yield trap
Chasing yields can be very costly for investors. In Australia in 1990 you could have invested for the long haul in ‘safe’ term deposits (around 12% yield, but a diabolical long-term performance), listed property trusts (around 10% yield; mediocre performance) or the ‘risky’ industrials index (around 6% yield, massive outperformance, both in terms of income and growth).
Yes, in property investment, yield is important, but you must be able to source sustainable long-term capital growth. All properties might perform when times are good, but when times are bad – and recessions do recur in a cyclical economy – it pays to be holding properties for which there is the highest demand located in capital cities.
The yield trap in property
Observe what happened overseas where recession hit. UK regional property prices dropped by a quarter through the financial crisis and negative equity abounds, even years later. How cheap is regional property in the US, Ireland or Spain today? Quality inner suburbs of London and major capitals, however, continue to be powered to fresh heights by domestic and international capital.
I know of Aussies who bought three-bedroom flats in Mayfair and the prestigious W1 postcode in the 1980s – ostensibly “low-yield properties”. Indeed, yields remain low today but the rental income is vast – £125,000 to £350,000. Capital growth has been phenomenal with prices measured in millions, though few such properties change hands – why would you ever offload such a cash cow?
Sure, you can wax lyrical about rental yields in Australia’s regions. But frankly, who cares about spot percentage yields when you can have staggering long-term outperformance from properties with wealth-creating growth and income?
When the Australian dollar depreciates and investors from Asia re-enter our property markets, will they research obscure regional areas, or will they flock to capital cities?
In Australian real estate, continual high demand which can ride out recessionary times is vital, not the obsession with an abstract yield calculation. As immigrants continue to flood to the capitals, investment grade residential property in land-locked city suburbs will continue to be a wonderful investment for the risk-averse over the long term.
<img src="/images/stories/2012/12/wargentbook.jpg" style="margin: 5px; float: left;">
Pete Wargent holds a range of finance and property qualifications and is the author of <a target="_blank" href="https://petewargent.blogspot.com.au/">Get a Financial Grip – a simple plan for financial freedom.</a>
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Three reasons you should invest in a capital city property rather than regional area: Pete Wargent

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Hotels and resorts operate in a very competitive tourist accommodation market, with a variety of accommodation styles and quality available at a range of prices points to suit particular needs. Over the past five years, the industry has contended with weak global economic conditions and increased competition from the serviced apartments industry.

The hotels and resorts industry suffered large revenue declines in 2008-09 and 2009-10, when the global financial crisis wrought havoc on consumer sentiment and business confidence. For this reason, industry revenue is estimated to decline by an annualised 0.4% over the five years through 2012-13, to total $5.77 billion.
The hotels and resorts industry has responded well in the years since the financial crisis and has posted revenue gains in each of the past two years. Many hotel and resort operators reacted to the adverse economic conditions by cutting room rates and offering additional perks and services as part of packaged deals. While average takings per room remain low by historic standards, the industry's occupancy rate has reached a historic high of 72%. On the back of the high occupancy rate, particularly in city markets, revenue is expected to increase by 1.6% in 2012-13.
In 2012-13, the industry is estimated to employ 66,800 people, down substantially over the past five years. The fall in employment numbers has been a result of hotel and resort operators seeking to cut costs in response to the global financial crisis. More employees have moved into part-time or casual positions as operators have sought to cut fixed costs. In the five years though 2012-13, the industry has slashed $36.1 million in wage costs.
<img src="/images/stories/2012/11/ibisnov8.jpg">
Domestic tourism has been weak over the past five years as Australians have taken advantage of cheap flights to Asia and a favourable exchange rate. Australians are spending 8.6% less on domestic holidays in 2012 than they did 10 years ago. However, the tourism slack has been picked up by international arrivals, especially from Asian countries like China. This has been the main contributor to the industry's growth over the past decade.
<img src="/images/stories/2012/11/ibisnov81.jpg">
The hotels and resorts industry is well positioned to take advantage of the tourism market's paradigm shift towards more Asian travellers. Industry revenue is expected to increase by an annualised 1.8% over the next five years, to total $6.31 billion in 2017-18.
 
<hr class="system-pagebreak">
<img src="/images/stories/2012/11/ibisnov82.jpg">
Hotels and resorts in the industry can be segmented via star ratings, which are dependent on the quality of rooms, facilities and services. These star ratings are assessed by the national AAA organisation through the various state motoring organisations, such as NRMA, RACV, RACQ, RAASA, RACWA and RACT. Classification depends on the standard of both facilities and services provided by hotels and resorts.
Overall, the majority of the industry's rooms are in the high-end range of four stars or greater. Four-star and five-star rooms are estimated to account for 56.9% of industry revenue and make up 79% of total hotel rooms in 2012-13. The largest segment in the industry is four-star rooms, which are estimated to account for 34.6% of the market, followed by five-star rooms with 22.3% of the market.
Most hotel operators derive over 30% of their revenue from sources other than accommodation, mainly from the sale of meals and beverages at their restaurants. Some of Australia's major hotels are attached to entertainment complexes that aim to provide guests with the complete on-site experience – for these types of hotels, room tariff revenue almost becomes secondary to non-room revenue.
Other revenue streams include the sale of in-room food and beverages, management fees and charges, interest and the hiring out of function rooms for conventions and meetings. Total estimated revenue derived from conventions and meetings (which includes meals and liquor provided at these receptions) is estimated to make up 9% of total revenue.
<h3>Major players</h3>
<ul>
<li>AAPC Limited (27.6%)</li>
<li>IHG Hotels Management (Australia) Pty Limited (9.6%)</li>
<li>Amalgamated Holdings Limited (9.2%)</li>
<li>Hilton International Australia Pty Limited (4.0%).</li>
</ul>
<h3>Industry outlook</h3>
The industry is expected to perform modestly over the next five years, constrained by a shaky global and domestic economic environment. While international tourist numbers are expected to increase, the European debt crisis, British recession and a slowdown in parts of Asia will continue to plague Australia's main tourism markets. To some extent, domestic tourism will remain at the mercy of exchange rate movements; the Australian dollar – which has been the nail in the industry's coffin over the past two years – is often unpredictable, but is expected to remain at high levels for at least the short term. IBISWorld forecasts that while revenue volatility will continue in the short term, revenue will increase by an annualised 1.8% over the next five years, to total $6.31 billion in 2017-18.
Karen Dobie is general manager Australia of <a target="_blank" href="https://www.ibisworld.com.au/">IBISWorld</a>
To purchase IBISWorld’s full, 37-page report on Australia’s Hotel and Resort Industry, <a rel="nofollow" href="https://www.ibisworld.com.au/industry/default.aspx?indid=1811">click here</a>. 
This story originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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Australian hotels and resorts to benefit from increased tourist numbers

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Women’s fashion identity Amanda Morgan has listed her Walter Burley Griffin-designed home in Toorak.
The property at <a href="https://www.propertyobserver.com.au/https://www.thehomepage.com.au/property/residential/16a-glyndebourne-avenue-toorak/637511?utm_medium=email&amp;utm_campaign=RealEstateNews+Tuesday+13+November+2012&amp;utm_content=RealEstateNews+Tuesday+13+November+2012+Version+A+CID_604a870d06001272bf917665c8b1700d&amp;utm_source=Email%20marketing%20software&amp;utm_term=The%20home%20will%20be%20auctioned%20at%201pm%20on%20Saturday%2024th%20November%20by%20R%20T%20Edgar%20Boroondara" target="_blank">16a Glyndebourne Avenue, Toorak</a>, is known as Salter house after Stanley Salter, who commissioned the property in 1922. It was featured in The Australian Home Beautiful in 1927.
It goes to November 24 auction<a href="https://www.propertyobserver.com.au/https://www.thehomepage.com.au/property/residential/16a-glyndebourne-avenue-toorak/637511?utm_medium=email&amp;utm_campaign=RealEstateNews+Tuesday+13+November+2012&amp;utm_content=RealEstateNews+Tuesday+13+November+2012+Version+A+CID_604a870d06001272bf917665c8b1700d&amp;utm_source=Email%20marketing%20software&amp;utm_term=The%20home%20will%20be%20auctioned%20at%201pm%20on%20Saturday%2024th%20November%20by%20R%20T%20Edgar%20Boroondara" target="_blank"> </a> through R T Edgar Boroondara agent Simon Derham. It last traded at $1,082,500 in 2006. It's now a three-bedroom, three-bathroom house with bluestone terraces with heated waterfall saltwater pool/spa and luxuriant garden deck.
Morgan has owned several fashion franchises, along with being involved with well-known women’s fashion establishments Melrose in Brighton and Dominex in Toorak.
The house on its 642-square-metre block is being marketed as showing Walter Burley Griffin’s <a href="https://nla.gov.au/nla.pic-vn3919897" target="_blank">architectural simplicity </a>while incorporating many of his subtle innovations to take advantage of the home’s natural surroundings.
The heart of the project was arguably its internal courtyard, which architecture commentators described as a gesture adapted from his Prairie House experiments 20 years prior.
It comes with his “knitlock” brick method of construction, which has made his commissions known around the world.
Knitlock was patented in 1917, with a company headquartered at Griffin's Melbourne office formed to market it.
Walter Burley Griffin first settled in Sydney, forming a brief partnership with J Burcham Clamp, who had sought out a friendship with the Griffins in Chicago in about 1913.
However, the partnership was dissolved in 1915 when it became necessary for Griffin to move to Melbourne, as the Federal Capital Office, of which he was director, was in Melbourne.
Griffin rented an office on the seventh floor of 395 Collins Street.
His initial plans to build his patented knitlock construction met resistance from Malvern Council, which was slow to be convinced as to the suitability of the material for a home in the wealthy suburb of Toorak.
The council's procrastination delayed construction, so the Griffin Society records reveal  instead the Griffins sold the land in Kooyong Road to William R. Paling, who in turn commissioned Griffin to design his two-storey house in knitlock.
The Palings' neighbour was a <a href="/news">Toorak </a>property investor who became one of Griffin's best Melbourne clients. Mary Williams commissioned the rental flats Langi at the corner of Toorak and Lansell roads, Toorak.
Griffin's design for Stanley Salter led to designs of knitlock houses for Stanley's brother, Foster Salter in <a href="/news">Brighton</a>, and his brother-in-law, Alfred Ewins in <a href="/news">Ballarat</a>, although neither was built.
Other knitlock houses were built in <a href="/news">Canterbury </a>(1921), <a href="/news">Black Rock</a> (1923), <a href="/news">Surrey Hills </a>(1923), <a href="/news">Heidelberg</a> (1924) and <a href="/news">Woodend </a>(1929).
Knitlock was based on cheap manufacture, lightness and compactness for minimising transport, and on standard units assembled without hand fitting, cutting, bedding or plastering for speedy erection.
Much of the renovation was undertaken by Barbara Hocking, who recollected on its listing once that Griffin's original cottage in the mid-196os was terribly dilapidated.
"In those days it was normal to just tear houses like that down," Hocking recollected.
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Salter House, Walter Burley Griffin's knitlock-designed Toorak home, listed

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Sydney’s Pitt Street mall has dropped from fourth to fifth place in the latest list of the world’s most valuable retail destinations, according to analysis by Cushman &amp; Wakefield.
The 2012 report has found that rents on Pitt Street mall have remained unchanged at US$952 per square foot over the past year, with the location suffering from not having enough landmark building on the strip to attract higher rents.
In local currency, rent on Pitt Street mall are around $10,000 per square metre, more than double the $5,000 per square metre on nearby, but far less fashionable George Street.
The report says it is more expensive to rent space on Brisbane’s Queens Street mall ($5,000 per square metre) than on Bourke Street in Melbourne ($4,500 per square metre).
The world’s 10 most expensive retail locations in each country (2012)
<table border="0" cellspacing="0" cellpadding="0" style="width: 470px;"><tbody>
<tr>
<td width="47" valign="top">
Rank 2012
</td>
<td width="47" valign="top">
Rank 2011
</td>
<td width="104" valign="top">
Country
</td>
<td width="76" valign="top">
City
</td>
<td width="142" valign="top">
Street
</td>
<td width="66" valign="top">
US$/sq ft/year
</td>
<td width="100" valign="top">
% change
local measure
</td>
</tr>
<tr>
<td width="47" valign="bottom">
1
</td>
<td width="47" valign="bottom">
2
</td>
<td width="104" valign="bottom">
Hong Kong (China)
</td>
<td width="76" valign="bottom">
Hong Kong
</td>
<td width="142" valign="bottom">
Causeway Bay
</td>
<td width="66" valign="bottom">
2,630
</td>
<td width="100" valign="bottom">
34.9
</td>
</tr>
<tr>
<td width="47" valign="bottom">
2
</td>
<td width="47" valign="bottom">
1
</td>
<td width="104" valign="bottom">
USA
</td>
<td width="76" valign="bottom">
New York
</td>
<td width="142" valign="bottom">
Fifth Avenue
</td>
<td width="66" valign="bottom">
2,500
</td>
<td width="100" valign="bottom">
11.1
</td>
</tr>
<tr>
<td width="47" valign="bottom">
3
</td>
<td width="47" valign="bottom">
5
</td>
<td width="104" valign="bottom">
France
</td>
<td width="76" valign="bottom">
Paris
</td>
<td width="142" valign="bottom">
Avenue des Champs-Élysées
</td>
<td width="66" valign="bottom">
1,129
</td>
<td width="100" valign="bottom">
30.0
</td>
</tr>
<tr>
<td width="47" valign="bottom">
4
</td>
<td width="47" valign="bottom">
3
</td>
<td width="104" valign="bottom">
Japan
</td>
<td width="76" valign="bottom">
Tokyo
</td>
<td width="142" valign="bottom">
Ginza
</td>
<td width="66" valign="bottom">
1,057
</td>
<td width="100" valign="bottom">
0.0
</td>
</tr>
<tr>
<td width="47" valign="bottom">
5
</td>
<td width="47" valign="bottom">
4
</td>
<td width="104" valign="bottom">
Australia
</td>
<td width="76" valign="bottom">
Sydney
</td>
<td width="142" valign="bottom">
Pitt Street Mall
</td>
<td width="66" valign="bottom">
952
</td>
<td width="100" valign="bottom">
0.0
</td>
</tr>
<tr>
<td width="47" valign="bottom">
6
</td>
<td width="47" valign="bottom">
6
</td>
<td width="104" valign="bottom">
UK
</td>
<td width="76" valign="bottom">
London
</td>
<td width="142" valign="bottom">
New Bond Street
</td>
<td width="66" valign="bottom">
936
</td>
<td width="100" valign="bottom">
3.1
</td>
</tr>
<tr>
<td width="47" valign="bottom">
7
</td>
<td width="47" valign="bottom">
8
</td>
<td width="104" valign="bottom">
Switzerland
</td>
<td width="76" valign="bottom">
Zurich
</td>
<td width="142" valign="bottom">
Bahnhofstrasse
</td>
<td width="66" valign="bottom">
854
</td>
<td width="100" valign="bottom">
8.7
</td>
</tr>
<tr>
<td width="47" valign="bottom">
8
</td>
<td width="47" valign="bottom">
7
</td>
<td width="104" valign="bottom">
Italy
</td>
<td width="76" valign="bottom">
Milan
</td>
<td width="142" valign="bottom">
Via Montenapoleone
</td>
<td width="66" valign="bottom">
825
</td>
<td width="100" valign="bottom">
2.9
</td>
</tr>
<tr>
<td width="47" valign="bottom">
9
</td>
<td width="47" valign="bottom">
9
</td>
<td width="104" valign="bottom">
South Korea
</td>
<td width="76" valign="bottom">
Seoul
</td>
<td width="142" valign="bottom">
Myeongdong
</td>
<td width="66" valign="bottom">
686
</td>
<td width="100" valign="bottom">
16.0
</td>
</tr>
<tr>
<td width="47" valign="bottom">
10
</td>
<td width="47" valign="bottom">
10
</td>
<td width="104" valign="bottom">
Germany
</td>
<td width="76" valign="bottom">
Munich
</td>
<td width="142" valign="bottom">
Kaufingerstraße
</td>
<td width="66" valign="bottom">
495
</td>
<td width="100" valign="bottom">
6.1
</td>
</tr>
</tbody></table>
Source: Cushman &amp; Wakefield 
 
The report notes that luxury retailers in Australia are largely located in Sydney along Pitt Street mall, Westfield Sydney Shopping Centre, George Street and Martin Place.
“There is, however, a noticeable disparity between the rents paid by luxury and mass-market retailers. Luxury brands are attracted by properties which stand out – for example a landmark building or location.
“Despite a number being located on Pitt Street, they are often situated a block away from the main strip, allowing them to build their own identity and also pay more moderate rents,” says Cushman &amp; Wakefield.
Hong Kong’s Causeway Bay has replaced New York’s Fifth Avenue as the most expensive retail location for the first time in 11 years.
Causeway Bay retail property values have increased 35% over the past year, while Fifth Avenue values have managed only 11.1% growth.
Of the 326 prime locations in 62 countries surveyed for the report, a total of 147 had rent rises. 
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Sydney’s Pitt Street mall drops to fifth most valuable retail strip: Cushman & Wakefield

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Last Saturday a great piece of blue-chip real estate went under the hammer in <city><place>Melbourne,</place></city> but most of the market was completely unaware. The majority of people think if it’s blue chip it must be expensive; however blue chip really means an asset that has constant demand and price stability regardless of the price point.
Which property?  <a href="https://www.realestate.com.au/property-apartment-vic-armadale-111894799" target="_blank">15/7 Sutherland Road, Armadale</a>.
This property was nothing flash. It was one-bedroom apartment in a very tired condition, some might say dilapidated, but it did appeal to many buyers in the market. While the crowd was not huge the auction was very competitive with six bidders competing before it finally sold for $375,000.
You can <a href="https://www.facebook.com/photo.php?v=307643982681553" target="_blank">watch auction highlights here</a>.
This is not a one-off result in this street, as in June this year another one-bedroom apartment at <street><address>
<a href="https://www.realestate.com.au/property-apartment-vic-armadale-110572281" target="_blank">12/48 Sutherland Road</a>, </address></street><a href="/news">Armadale</a>, sold at auction for $386,000.
When we dig a bit further we find these types of properties have not only held their own but have excelled in a sluggish market. In August last year a one-bedroom apartment in the exact same block<a href="https://www.realestate.com.au/property-apartment-vic-armadale-107574513" target="_blank"> at no 48</a> that was similar in every way – top floor, car parking, same floor plan and in good condition – sold for $345,000. The investor who secured this property last year has experience a 9% gain in 12 months.
This example illustrates the fact that even in a market where property values are falling some are still growing.
Many people view the median growth rate as a definitive indicator of what the market is doing. However while the median growth is a good indicator of long-term trends it fails as a useful tool when selecting an individual asset. This is because the median represents the midpoint of growth rates over a series of properties. Logic suggests that half the properties in the market will out perform the median while the other half will under-perform.


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One of the reasons these apartments have held their own is because of the underlying characteristics of <a href="/news">Armadale</a>. According to the 2011 census 53% of properties in Armadale are owner-occupied and 60% of these owner-occupiers have no debt on their home at all. In a suburb where the median value of a house is around $1.5 million that is a lot of equity.
Further, investors control 44% of all property in Armadale, and while most of these owners may have debt on their property, it is inexpensive debt to carry because rental income and negative gearing offset the cost
This balance of cashed-up home owners and investors means there is more likely to be consistent demand in this market.
On the supply side we find level of new stock coming onto the market is restricted by a scarcity of land and onerous town planning regulations. The 2011 census shows a modest 2% growth in dwellings in Armadale over the last five years.
This compares with areas such as <a href="/news">Port Melbourne</a>, where town-planning laws encourage development, which had 6% growth. While <a href="/news">Point Cook</a>, where land is in abundant supply, had an increase in private dwellings from 4,962 in 2006 to 11,525 in 2011, a massive 132% jump.
The upshot is these one-bedroom apartments have benefited from being in a suburb that has strong, consistent demand from both home buyers and investors in addition to restrictions in supply. These properties were also affordable and in a location that provides a great lifestyle.
The property market is driven by many factors including affordability, lifestyle, location and investment potential. When a property ticks all these boxes and is in limited supply it is more likely to be blue chip regardless of its price point.
Mark Armstrong is a director of <a target="_blank" href="https://www.ipropertyplan.com.au/">iProperty Plan</a>, which provides independent analysis and tailored advice to investors and home buyers.
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marmstrong-sd3emVLPPb

Seek out the blue-chip Melbourne property investment suburb. And at under $400,000 it's not expensive: Mark Armstrong

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CBRE has sold more than half of the apartments in new Lenland complex The Castlereagh Sydney, which hit the market two weeks ago.
Thus far some 26 of the 50 one-,  two- and three-bedroom apartments have sold.
Located on the corner of Castlereagh and Bathurst streets, the upper floors of the 15-storey Tony Owen-designed building have distinctive bronze-coloured louvres.
<img src="/images/stories/2012/11/castlereagh1.jpg">
Some upper floors overlooks the iconic Hyde Park.
Owen has designed two other apartment buildings in the Sydney CBD: the Ceerose Hyde Park prestige dress circle development, and Eliza in Elizabeth Street, which has an expected completion date of mid-2013.
<img src="/images/stories/2012/11/castlereagh2.jpg">
The 22 one-bedroom apartments in the Castlereagh start from $560,000, with sizes between 50 to 60 square metres.
Its 26 two-bedroom apartments have a starting price of $820,000 and range from 82 to 90 square metres.
There are only two three-bedroom apartments, which have 111 square metres of space and start from $1.25 million.
<img src="/images/stories/2012/11/castlereagh3.jpg">
The Eliza apartment complex has 83-square-metre two-bedroom apartments costing $1.7 million.
RP Data indicates the median sale price for a unit in the Sydney CBD is $530,000. This is 0.5% lower than it was a year ago.
The median rental price is $650 a week, with an indicative gross rental yield of 6.4%.


<hr class="system-pagebreak">
The ground level of The Castlereagh Sydney complex will be a lively retail precinct of restaurants, cafes and designer shops.
The upper levels have bronze-coloured louvres, which were designed to control sun and privacy and create an animated urban façade.
An atrium is located in the centre of the building, acting as a ventilation shaft as it draws out hot air.
Apartments located on the third level will have winter gardens, and the higher levels will have balconies.
Each apartment will have hardwood floors, European kitchen appliances and floor to ceiling windows.
“Residents of The Castlereagh Sydney will enjoy a privileged lifestyle on the edge of Hyde Park, surrounded by world-class restaurants, fashion boutiques, shopping and facilities,” said Ben Stewart of CBRE.
“As well as owner-occupiers, the apartments will appeal to astute investors seeking to take advantage of the CBD’s lure with tenants.”
The marketing agents noted The Castlereagh Sydney will offer low strata levies as there are no costly communal facilities.
CBRE forecasts them to be $382 quarterly for one-bedroom apartments, $585 for two-bedroom apartments and $798 for a three-bedroom apartment, per quarter.
There is no car parking offered on site to apartments buyers.
“The Castlereagh Sydney is in the heart of the city so we deemed expensive in-house facilities unnecessary,” said James Chryssafis, Managing Director of Integrated Project Services, which is overseeing the project for Lenland Property Development.
The existing 1925 building, Bathurst House  was bought by Lenland for $15.45 million in 2010. It sold in 2006 at $14.25 million. Lenland's managing director Harvard Shen sais the company had previously undertaken residential development on Sydney's north shore at Killara and St Ives.
The building - close to the NSW Fire Brigade HQ -will be demolished next March with construction to start in May.
The Castlereagh Sydney - which had an estimated $16 million construction cost in its City of Sydney development application - is expected to be completed by late 2014.
Of the 26 early sales, only a few have been to investors, with others including CBD workers as well as empty nesters.
The display suite is at 209 Castlereagh Street.
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