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

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

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

How Sterling Global designed 623 Collins from Melbourne's history

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

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

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

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

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

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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

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

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A “distracted” Rudy Giuliani, the former high-profile New York mayor, has told attendees at the Property Council of Australia annual congress in Sydney today of the role cities play as public relations ambassadors for their country.
Guiliani was the keynote speaker at the conference, with delegates paying up to $3,000 to hear him speak.
"Our cities are the public relations for our country," Guiliani said, according to tweets from those who heard him speak at the congress.
Guiliani was addressing the congress on how policy develoment and leadership can transform cities.
He said he had transformed New York City through long-term planning and decision making.
He added that the homelessness was a reflection of how a city respected its people.
Guiliani was mayor of New York from 1994 to 2001 and said at a press conference ahead of his address that he was “somewhat distracted” by what was going in his home country, his city and region following the devastation of Hurricane Sandy.
He also said that while it would be expensive to rebuild areas devastated by the storm, it would help the local economy.
“The devastation of the storm has been catastrophic,” he told Channel 10.
“Whenever I was mayor or just a private citizen the real loss was human life.
“Unfortunately there was significant loss of human life.”
Guiliani says property damage and the loss of profit because business and the stock exchange has closed can all be made up, but not human life.
But he stressed that New Yorkers are resilient and had already “been through so much” – referring to the September 11 tragedy.
“Twice as many people live in Lower Manhattan today then did before September 11,” Guiliani said, citing a statistic mentioned often by current New York mayor Michael Bloomberg.
This has been the case, he says, despite there being 15 known threats to attack New York since September 11, including a recent plot to blow up the Federal Reserve building in Lower Manhattan.
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Our cities do the PR work for our country: Former New York mayor Rudy Giuliani

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Listed property trust Charter Hall has received development approval to build a 12-storey office tower in Docklands in the last available office development site in the Etihad Stadium precinct.
The 685 La Trobe Street project is a joint venture with Flagship Property Holdings, with marketing of the office and retail space commencing in May this year.
Charter Hall paid $5 million to acquire a 50% interest in the development as part of an agreement with Flagship to jointly undertake the development of the project once a substantial leasing pre-commitment has been secured.
The 37,000-square-metre A-grade office building will feature 3,300 square metre floor plates, the largest of any readily available office building in Docklands.
Around 1,100 square metres of ground floor space has been designated for retail use.
The office building, which will feature a textured glass facade, has been designed by architects Bates Smart, the firm behind Fairfax’s Media House headquarters on Spencer Street in <a target="_blank" href="/news">Docklands</a>.
The building has been designed to meet five-star Green Star and five- star NABERS energy ratings and comprises 137 car spaces and a dedicated mezzanine for 250 bicycles.
It will link up with Southern Cross train station via the Etihad Stadium Concourse, as well as having a tram stop at its doorstep on La Trobe Street.
Its signature feature is its butterfly-shaped design, which creates two landscaped plazas, two wings of office space and a large central hub space that unites the building.
A double-height entrance lobby on La Trobe Street will have a sculpted blackbutt timber ceiling, flanked on either side by a vaulted ceiling that leads to the terrazzo tiled lift lobbies.
Construction of the project is due to begin mid-next year once a substantial leasing pre-commitment has been secured with a completion date of 2015 pencilled in.
The leasing of space in the building is being marketed by Nicholas Farley, head of Victorian leasing for Savills. 
"As the last office development to be built in the Stadium Precinct, it offers the best northern light, the best transport access and it’s close to everything,” says Chris Chapple, head of development services at Charter Hall.
Steve Wise, director of Flagship Property Holdings says 685 La Trobe Street reflects the “very best of commercial design that creates flexible work environments with great amenity for the people that will work there”.
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 Charter Hall’s Docklands office tower near Etihad Stadium wins development approval

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Internationally acclaimed photographer Ken Duncan has secured exhibition space at 500 Collins Street for a flagship art gallery, in hopes of tapping into the strong core retail market in the Melbourne CBD.
The core Melbourne CBD market has a vacancy rate of 2.4% according to a recent Knight Frank retail report, with just 39 out of 1,604 shops recorded vacant in July this year.
His new art gallery will sit opposite the distinctive Venetian Gothic facade of the Rialto Intercontinental Hotel.
“Melburnians are well known for their love of art, and we have many staunch fans here. We believe our clients are going to love this new Collins Street location, and we will launch the new gallery in November with a Meet the Artists weekend,” says Duncan.
The five-year leasing deal was negotiated by CBRE’s Max Cookes and Zelman Ainsworth.
Duncan’s gallery will occupy a 120-square metre spot and will pay an estimated $1,000 per square metre rent per annum.
Ainsworth says Duncan’s new flagship Collins Street gallery will add value to the already established tenancy mix on the western end of Collins Street.
“In Sydney we are near the stock exchange and often the traders come in and sit in front of the prints and pretend they’re in the middle of the outback because I think they are stressed out,” Duncan said in an interview with The Age.
“Our galleries end up like sanctuaries, they come in and go bush. Where we need to be is Collins Street.”
Cookes says CBRE’s retail leasing team had concluded nine of the last 10 retail-leasing deals on Collins Street between King and William streets.
Ainsworth said the increasing level of rents achieved at this end of Collins Street over the past 24 months demonstrated the strong demand from quality retailers wanting to secure a presence in this heritage pocket of Collins Street.
Duncan is famous for his landscape photography and was awarded a Medal of the Order of Australia by the Australian government in 2009 for his services to landscape photography.
Duncan has also been honoured by the Photo Imaging Council of Australia with its highest award, The Gold Tripod.
Duncan prefers the panoramic format for images, saying it’s the way we see.
Collins Street will be Duncan’s second Melbourne gallery, with another located in Docklands.
Duncan also has a store in Sydney and one in Erina Heights on the New South Wales central coast.
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Photographer Ken Duncan rents gallery space on Melbourne's Collins Street 

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September RBA housing credit figures have emphasised the point made by both Commonwealth Bank chief Ian Narev and RBA deputy governor Philip Lowe that lower interest rates are not encouraging borrowers to take on more housing debt.
Housing credit increased by just 0.4% over September, following an increase of 0.3% over August to be up  4.7% over the year to September.
This set new low for annual mortgage growth for RBA records going back to 1976.
The previous low was an annual growth rate of 4.8% in August 2012.
Since the RBA started cutting the cash rate in November last year annualised mortgage lending growth has fallen from 5.6% to 4.7%.
Putting this into context, between 2000 and 2004 – during the last housing boom – annual mortgage lending growth averaged between 15% and 22%.
The RBA figures show low credit growth in other sectors as well indicating business and consumer caution and an unwillingness to take on more debt.
Other personal credit (such as credit cards and personal loans) increased by 0.2% over September, after decreasing by 0.3% over August.
Over the year to September, other personal credit decreased by 0.9%.
Business credit increased by 0.3% over September, after decreasing by 0.1% over August.
Speaking at the Commonwealth Bank AGM yesterday, <a href="https://www.propertyobserver.com.au/news/rate-cuts-wont-stimulate-housing-market-whether-passed-on-in-full-or-not-cba-chief-executive-ian-narev/2012103057535" target="_blank">Ian Narev</a> said interest rate reductions were being used to “accelerate repayment of debt”.
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Mortgage growth falls to new historic lows as borrower caution rules over lower interest rates: RBA figures

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A second consecutive monthly rise in dwelling approvals in September has further dampened expectations of a rate cut on Melbourne Cup day.
The number of dwellings approved for construction rose 7.8% to 13,338 in September 2012 in seasonally adjusted terms, according to the latest ABS data. This was the second consecutive month they have risen following a 6.4% rise in August. Dwelling approvals fell 21.2% in July.
Dwelling approvals are a leading future indicator of housing activity and the increases in August and September will raise RBA concerns about low interest rates creating a housing bubble.
Approvals for private sector houses rose 1.2% in September to 7,484 led by Western Australia (4.7%), Victoria (3.3%), South Australia (1.7%) and New South Wales (1.3%).
However they fell in Queensland (-3.6%).
Over the year to September, approvals for houses are down 1.8%.
Unit approvals increased by 17.9% in September to 5,772.
The value of total building approved rose 3.2% in September, in seasonally adjusted terms, and has risen for 2 months.
The value of residential building rose 12.5% while non-residential building fell 12.3%.
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Dwelling approvals rise 7.8% in September and dampen Melbourne Cup cash rate cut prospects

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Big four bank NAB has reported a 22% drop in full year profits but very strong growth in mortgage lending despite soft metropolitan housing markets and low demand for housing credit.
Statutory net profits for the year to September decreased by $1.1 billion or 21.8% to $4.1 billion while cash earnings fell by $27 million or 0.5% to $5.4 billion reflecting “ongoing challenges” in the restructuring of its UK banking business.
However, mortgage lending increased by 9.9% over the financial year – 1.6% higher than system growth - with NAB picking up 30 basis points in mortgage market share (up from 14.5% to 14.8%) as its Australian mortgage book increased from $130 billion to $143 billion over the course of the financial year.
Cash earnings from NAB’s personal banking division increased by $113 million or 12.1% to $1.0 billion with the bank reporting that its “differentiated customer proposition continued to deliver market share gains in both housing lending and household deposits in a highly competitive market”.
NAB has maintained its promise of having the lowest standard variable home loan rate of the Big Four banks over the past three years.
NAB group chief executive Cameron Clyne says personal banking had a “particularly strong year delivering increased returns, higher market share in mortgages and household deposits, and the highest bank customer satisfaction score of the four major Australian banks ever recorded in the Roy Morgan survey”.
However mortgage lending has become less profitable with NAB’s net interest margin decreasing by 16 basis points compared to September 2011 due to "funding and deposit cost pressures and changes in product mix".
The bank regained two basis points on its net interest margins in the second half of the financial year (March to September) “reflecting mortgage repricing”.
The report notes the ongoing subdued lending environment and cautious behaviour of households, who remain focused on repaying down debt.
“The slowing in housing credit to a record low reflects the easing in lending to owner occupiers,” says NAB in its full year results release.
“Loan approval numbers have recently stabilised at a low level as the volume of lending has been held back by the weakness in key metropolitan housing markets.
NAB expects mortgage lending to accelerate further over the next two years to “around 8% year-on-year by late 2014”.
In its review of group performance, NAB reports that “Australia has been one of the best performing advanced economies over the last five years”.
However, it notes that challenges remain including the impact of the stronger Australian dollar due to the mining boom on employment and activity in the manufacturing and tourism industries and in the regions reliant on those sectors.
“Caution in the household sector, reflected in the higher savings ratio and weak credit appetite, is the other major challenge.
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NAB full year profits slump but mortgage growth up 10% despite soft metro housing markets

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The Couran Cove resort at South Stradbroke Island, which had a development cost of $150 million, is set to change hands with its reputed price less than $10 million.
Queensland property industry sources told the Gold Coast Bulletin that a sales contract had become unconditional.
It even pinpointed the unconfirmed buyer as Brisbane businessman Craig Dowling, a director of Indian-owned Adani Mining, who became a director of Couran Cove Holdings, a company registered only last month with Couran Cove Island Resort as its business address, according to the news report.
The 151-hectare site, which closed in June last year, has 358 accommodation units – hotel suites, villas, cabins, and marine lodges – of which 158 are unsold.
There is also approval for a further 212 units and a yacht club.
The resort has two restaurants, conference venues, function rooms, two gyms, running track, pool, waterfront building, surf club, jetties and 102 marina berths.
It was developed by US billionaire philanthropist Chuck Feeney via InterPacific Resorts (Australia), who opened it in 1998.
Feeney has invested some $300 million and after the resort made an $85.9 million annual loss, InterPacific and four associated companies went into in voluntary liquidation.
In the sales campaign David Devine's Metro Property Development took out a conditional contract but walked away earlier this year before the final signature was required.
More recently Colliers International undertook negotiations with the underbidder being an Asian hedge fund.
Colliers agent Darrell Irwin declined to comment to the Bulletin.
Ferrier Hodgson liquidator Will Colwell has indicated a final payout to creditors could be declared on December 10.Ferrier Hodgson told Property Observer today there was no comment on the media report.
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jchancellor-FAypfDUnLy

Couran Cove sale nears after false start

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Homes selling for more than their reserve and quoted price at auction does occur – in fact, it is what most vendors hope for – but it cannot always be described as underquoting.
The legal definition of underquoting is quite different, and those who seek to point out instances of alleged unlawful activity should take the time to understand the law first.
The Australian Consumer Law requires that all business people – including real estate agents – not engage in conduct that misleads or deceives or is likely to do so.
This general statutory obligation is allied to specific requirements imposed on Victorian estate agents by the Estate Agents Act to not over-quote to sellers or under-quote to buyers the estimate selling price of properties they are employed to sell. The act also makes it clear what is meant by the term “estimated selling price”, and this is critical information for all those who comment publicly on this matter.
The estimated selling price is “the amount the agent believes, on the basis of his or her experience, skills and knowledge, that a willing but not anxious buyer would pay” for the property in question. The estimated selling price can be a single figure or a price range.
If a price range is used, the agent must believe the estimated selling price is likely to fall within it. The range cannot be more than 10% of the amount of its lower limit. An estate agent must provide a vendor with the estimated selling price and include it in the sale authority the vendor signs.
The act goes further. It prohibits an estate agent making a statement in marketing material, advertisements, or even when talking to people, in which he or she indicates the selling price is less than the estimated single figure selling price or in the case of a price range, is less than the lower end of the range. For example: if the agent has provided an estimated selling price to the vendor of $500,000 to $550,000 he or she cannot advertise the property using a range of $490,000 to $530,000.
In practical terms, this means an agent can’t use a quoted price that is below what he or she believes (as expressed by the estimated selling price given to the vendor) the home will sell for.
 
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The Australian Consumer Law’s prohibition on misleading and deceptive conduct obliges an estate agent to keep an advertised estimated selling price or price range under review during a sale campaign and to align it with a vendor’s actual selling price requirements, as may be necessary.
If during a campaign an offer or enquiry is received at a price above single figure estimated selling price or above the lower limit or upper limit of a price range an estate agent is advertising, and the vendor indicates he or she want something more, the estimated single figure selling price or price range as advertised must be adjusted in line with the vendor’s current expectations.
For example: if the price range is advertised at $500,000 to $550,000 and an enquiry is received at $510,000 in response to which the vendor indicates he requires an offer of at least $520,000 before he will consider selling, the range will have to be adjusted so the lower limit is advertised as  $520,000, to avoid misleading or deceiving the public about the selling price.
The act also requires that the real estate agent provide proof to the director of Consumer Affairs about how they arrived at the estimated selling price, if the director requests it
In drafting this law, the Victorian Parliament made an effort to be very clear that the estimated selling price and the vendor’s reserve or asking price do not need to be the same – the agent has his or her view about what the home may sell for, and that can be totally different from what the vendor wants. And this, of course, can be totally different to what the market is prepared to pay.
As a result, it is impossible for commentators to conduct or provide “research” about the extent of “underquoting”, because they do not know what estimated selling price the agent has provided to the vendor. As the act explicitly says that ”nothing …. requires the estimated selling price and the seller's reserve price to be the same amount”, commentators also can’t prove underquoting by comparing the sale price with the reserve.
Maybe all that sort of “research” can prove is that the market sets the selling price, not the advertisement.
Finally, it’s worth reminding <a href="https://www.propertyobserver.com.au/residential/sale-prices-edge-87-above-estimates-of-melbourne-agents-underquoting-at-october-auctions/2012102957500">those alleging underquoting</a> that there is one agency that does know what the extent of underquoting actually is: Consumer Affairs Victoria. It was recently reported (AFR 27/10/12) that CAV had received 15 complaints about underquoting in 2011–12. Over the same time there were around 70,000 home sales in Melbourne alone.
A cursory glance at the Consumer Affairs website shows that in the past 12 months there have been no instances of real estate agents being required to sign enforceable undertakings because they underquoted, and only two court actions against agents in which they were found guilty of underquoting.
This shows that while homes may sell for more than quoted or expected, Victorian real estate agents do have an excellent record of compliance with the law against underquoting.
Robert Larocca is policy and public affairs manager at the<a href="https://www.reiv.com.au/" target="_blank"> Real Estate Institute of Victoria.</a>
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Melbourne real estate agents not underquoting

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Dayleford’s iconic Chocolate Mill has been listed for sale with an asking price of $1,295,000.
The two-bedroom residence has been bundled with the award-winning chocolate business, which has received reviews from Getaway, Postcards, Gourmet Traveller and Country Style.
The residence is worth $850,000 and the business worth $445,000.
Located seven kilometres north for <a href="/news">Daylesford</a>, the residence is split across two levels.
The ground floor of the main building plays host to the manufacturing kitchen and the retail shop as well as a café, second kitchen, staffroom and a workshop.
The top floor is a private residence with two bedrooms, a large kitchen with timber bench tops, an open-plan living/dining area and a four-metre high curved wood ceiling.
The Chocolate Mill trades seven days per week and has 15 fully trained staff.
A four-week training period will be provided to the new owners with an option to extend.
The Chocolate Mill is being sold by Gerry Morelli from Klemms Business Brokers.
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Daylesford's Chocolate Mill to tempt a new owner

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An 1878-built hotel in Portland, Victoria, has been listed for sale with $1.29 million hopes.
{yoogallery src=[images/stories/2012/09/oct2portland]}
Annesley House was originally built as the residence and surgery of Dr Brewer, then chief medical officer and mayor of Portland.
The two-bedroom residence consists of seven furnished apartments, which have been run as self-contained holiday accommodation by vendor Mark Robinson, who bought the property in 2004.
The two-storey brick structure was designed by architect Daniel Nicholson. Heritage documents say the building is an interesting example of a substantial 19th-century townhouse design in an Italianate style.
Brewer passed the building on to the Wadmore sisters in the early 1900s. They converted the mansion into a guesthouse. In the 1940s the building passed onto a Mrs Luers, the daughter of a local politician and poet. She continued to run the building as a guest house until the current owners bought it in 2004.
When it was built the Portland Guardian reported it was “one of the finest that a private gentleman in a country district need desire”.
Inside pictures of Annesley House on page 2 
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Robinson has undertaken significant restoration of the property, including remodelling the original kitchen, while keeping many of its original features and furnishings, including a bell to summon the servants.
{yoogallery src=[images/stories/2012/09/oct2portland2]}
Current rates at the hotel start at $155 per night.
Portland Bay was named in December 1800 when Lieutenant James Grant on the Lady Nelson sighted it for the first time and named it after a Secretary of State, the Duke of Portland.
It was set up as whaling station and trading port in the early 1830s, but it soon attracted pastoralists as the fertile nature of the land was discovered.
Eventually the sheltered bay became a permanent township, with the government commencing the set out of a new township in 1840.
As the Victorian goldfields became overcrowded ships were diverted to Portland, with the first immigrant ships sailing directly from Great Britain in Portland in 1852.
The 1,344-square-metre property includes proprietor's rooms and off-street parking and garages.
It is being sold by Mike Barrett from Charles Stewart Warrnambool.
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