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.

[smartcode_project:default project_id=152069 project_image_fid=374394]

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.

[smartcode_project:default project_id=152069 project_image_fid=374399]

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.

[smartcode_project_cta:default project_id=152069]

Joel Robinson

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.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<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.

[smartcode_project:default project_id=95289 project_image_fid=366769]

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.

[smartcode_project:default project_id=95289 project_image_fid=366762]

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

Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.

At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.

The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.

Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.

[smartcode_project:default project_id=13181 project_image_fid=348530]

For Fortis, that combination of location and scale was what made the site unique.

"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.

"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."

Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.

"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.

"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."

[smartcode_project:default project_id=13181 project_image_fid=348533]

The emphasis on walkability has also resonated with buyers.

Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.

Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.

"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.

"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."

[smartcode_project:default project_id=13181 project_image_fid=348549]

The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.

Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.

"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.

"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."

Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;

Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;

Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.

[smartcode_project_cta:default project_id=13181]

Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

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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Yesterday’s Missive found an undersupply of detached houses for sale in Sydney (2%), regional NT (2%), Darwin (3%) and Perth (3%).
<a target="_blank" href="https://www.propertyobserver.com.au/residential/sydney-darwin-and-perth-house-markets-undersupplied-but-regional-areas-oversupplied-michael-matusik/2012092556802">Detached housing markets at equilibrium are</a>:  Adelaide (4%), Brisbane (4%), Melbourne (4%), Hobart (5%) and regional NSW (6%).
The oversupplied detached housing markets are: regional WA (especially the <a target="_blank" href="/news">Margaret River</a> area) (14%), regional Victoria (9%), regional Queensland (including the Gold and Sunshine coasts and Cairns) (8%), regional SA (7%) and the rest of Tassie (well, Launceston) (7%).
But where are the stand-out post codes? And where are the shockers – the spots where housing supply has increased, and sometimes by lots?
The current top 10 improvers were all from Victoria, Queensland and WA. The two outer-Melbourne suburbs of <a target="_blank" href="/news">Werribee South</a> and <a target="_blank" href="/news">Wyndham Vale</a> had the biggest drops in housing stock for sale, although it’s worth pointing out there’s plenty more on offer very nearby – similar outer-Melbourne suburbs dominate the losers list, in fact some of them are right next door.
<img src="/images/stories/2012/09/matusept26.gif">
<a target="_blank" href="/news">Portland </a>in regional Victoria is worth a mention – it’s had a whopping 71% drop in the number of houses for sale over the year, with just 110 currently on the market. Portland’s main industry is – you guessed it – its busy port.
Queensland’s biggest drops in housing stock were <a target="_blank" href="/news">Yeppoon </a>near <a href="/news">Rockhampton</a>, <a href="/news">Coolum </a>on the Sunny Coast (down 31% to 618) and <a href="/news">Hervey Bay</a>. On the Gold Coast, <a href="/news">Paradise Point</a> and <a href="/news">Broadbeach</a> both have around 200 fewer houses for sale than this time last year – another tiny piece of good news for the struggling Goldie.
<a href="/news">Willetton</a>, a suburb in Perth (down 33% to 428 houses for sale), and <a href="/news">Mandurah </a>further south of the capital round out WA’s share of the top 10, with both WA locations also dropping about 200 houses each off the sales list.
The bottom 10 list is dominated by the outer suburbs of Melbourne, where houses for sale seem to be a dime a dozen. These are the spots that have experienced the highest jumps – leaps if you like – in the numbers of houses for sale. <a href="/news">Clyde North </a>in Melbourne’s southern outskirts has recorded a dramatic 213% rise (1,342 houses on the market); <a target="_blank" href="/news">Taylors Hill</a> out in the north-west has seen a 130% spike (to 1,158), while nearby <a target="_blank" href="/news">Rockbank </a>has leaped up by a staggering 295%. Seven of the top 10 losers are on the outskirts of Melbourne; the eighth Victorian entry is <a target="_blank" href="/news">Bairnsdale</a>, a small city in Gippsland.
The other two biggest losers are <a target="_blank" href="/news">Wurdong Heights</a>, a new development south of Gladstone in Queensland where demand from mining workers is quite high, and <a target="_blank" href="/news">Woorree</a> east of Geraldton in WA – also a mining area, where new homes, in the past at least, have been resold – and quite quickly.  Mining-related retrenchments, however, might slow down sales in the future.
PS - Thanks again to <a href="https://www.sqmresearch.com.au/">SQM Research</a> for access to its latest stock for sale Excel spreadsheets. Michael Matusik is the founder of <a target="_blank" href="https://www.matusik.com.au/">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.  Read <a target="_blank" href="https://www.matusikmissive.com.au/" title="blocked::https://www.matusikmissive.wordpress.com /">Michael's blog</a>or follow him on <a target="_blank" href="https://www.twitter.com/michaelmatusik">Twitter</a> or connect via <a href="https://www.linkedin.com/in/michaelmatusik">LinkedIn</a>.
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michaelmatusik-49YzLvdmNv

The stand-out and shocker postcodes for detached housing supply

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There were 802 residential property sales in Perth for the week ending September 26, up 23% on the same week last year, according to the Real Estate Institute of Western Australia. The most actively traded suburb was Subiaco, with 18 sales.
REIWA says the number of listings, 10,048, is the lowest since 2010.
<img src="/images/stories/2012/09/reiwasept27.jpg">
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Perth residential property listings at two-year low: REIWA

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The popular Horizons Resort on Lake Jindabyne, NSW, has been listed for sale.
Ian Dore of Resort Brokers Australia has been appointed to sell the four-star tourist accommodation resort, which is priced at $2,995,000.
The large resort has 120 self-contained residential apartments, three separate conference rooms catering up to 250 people, as well as a tented function room. 
The holiday destination also includes a restaurant, bistro and bar, as well as a heated indoor swimming pool, gym, tennis court and undercover parking for visitors and employees. 
<img width="470" src="/images/stories/2012/09/horizons.jpg">
The first stage of the resort was built in 1995 and the final stage completed in 2000. The resort was owner-operated by the original developer. In 2002, management and leasing agreements were sold to an independent operator until 2011, when a protracted court case gave 100% control back to the original owner, who has since put the commercial property up for sale. 
The greatest demand for the resort is during the winter ski season, from June to September, with an occupancy rate of 90%.
It is also a destination during the summer period for weddings, conferences and events. It has an annual occupancy rate of 47%.
The 120 apartments include studios, deluxe studios and two-storey split apartments for the executive studios.
The price for one night for a studio apartment during the winter season is $250, with a deluxe studio at $300 and the executive studio valued at $450. 
During the summer season, excluding the holiday period of Christmas and New Year's, the cost for one night in a studio is $125, a deluxe studio for $150 and an executive studio for $275.
The 12 staff members are currently employed for the full year, with numerous casuals working during the winter ski season.
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Horizons Resort at Lake Jindabyne, NSW, listed for $2,995,000

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The “renaissance” in demand for rental accommodation in Perth from workers servicing the mining industry in the state is expected to trigger a recovery in the housing market, according to ANZ’s latest property outlook report.
Mining investment is also expected to boost the already strong Darwin housing market, while the report expresses concerns about the impact of failed mining projects in South Australia on confidence in the state’s housing market.
In the other mining state, Queensland, ANZ expects only those regional property markets directly linked to the mining boom - such as Gladstone - to feel the benefits.
The report, compiled by ANZ economists led by head of property research Paul Braddick, says that the WA housing market has yet to reap the benefits of the mining investment boom, with the weakness in house prices “only recently looked to be easing”.
“In contrast, the Perth rental market is experiencing a renaissance, with strong demand for labour driving an increase in transitory population (including fly-in-fly-out workers) and adding pressure to the existing rental stock.
“Rental vacancy rates have tightened to three-year lows, adding sharp upward pressure to rents.
<img src="/images/stories/2012/09/mininganz.gif">
“The resultant improvement in rental yields should trigger a recovery in the Perth housing market, particularly from first-home buyers and investors, and drive house prices higher in the second half of 2012,” says ANZ.
Its property outlook report also looks favourably on the Northern Territory, calling Darwin the “bright spot in an otherwise sluggish market nationally”, boosted by the initial construction phase of the $34 billion Ichthys LNG project, which it says has driven an “extremely sharp 230% increase in business investment in year-ended terms”
“The ramping up of the Ichthys project will generate significant demand for labour, leading to a pick-up in net overseas and net interstate migration over the next couple of years.”
Despite both South Australia and Queensland having mining exposure, the outlook is less certain for these two states.
“Cancellations and delays of a number of large uncommitted mining and energy projects [in South Australia], including the proposed Olympic Dam expansion and the Clinton project, have weighed on general business confidence and housing market confidence,” says ANZ.
In Queensland, ANZ says conditions in the housing market remain "highly variable across regions, reflecting the diverse economic conditions in the state. Gladstone house prices, for example, have risen a sharp 18% over the past year due to strong population growth as a result of a number of mega-LNG projects that are being constructed in the area.”
"In contrast, the Gold Coast and Sunshine Coast have witnessed further falls in house prices, as a result of sluggish conditions in their local economies. Brisbane house prices have fallen by 5.4% over the past year and remain 12% below their peak."
ANZ expects mining investment to expand to a record $60 billion in 2011 and is projected to more than double in the fiscal year ahead.
“Nonetheless, the fruits of the boom will be spread unevenly across states and sectors, with Western Australia, the Northern Territory and Queensland the major beneficiaries.
“The two-speed nature of the Australian economy will be exacerbated by tightening fiscal policy and continued strength in the Australian dollar, which will maintain competitive pressures on the manufacturing and tourism industries and weigh on retail and financial services.
“Without receiving a direct boost from resource investment, economic activity in south eastern states is expected to slow markedly.”
To find out what the mining boom will mean for property investors and where the investment hotspots are likely to be, sign up for <a href="/news">Property Observer’s free webinar with hotspotting.com.au’s Terry Ryder on Tuesday, October 2 at 12.30pm</a>
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Rental demand 'renaissance' from mine workers to push up Perth property prices: ANZ

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The resource-dependent CBD office markets of Brisbane and Perth are becoming larger and more relevant investment destinations, with their cumulative value surging from 16% to nearly 26% of the national CBD office market in the past decade, according to research by Jones Lang LaSalle (JLL).
Both capital cities have benefited from demand for office space from companies tied to the mining boom, with JLL calculating that in value terms the two CBD markets have risen from $8.7 billion (16%) in 2001 to $29.3 billion in 2012.
At the same time the Sydney CBD market, which is more dependent on demand for office space from financial services, banking and professional services companies, represents less of the $114 billion national pie.
The market value of Sydney has increased from $27.8 billion in 2001 to $48.3 billion in the middle of 2012, but proportionally Sydney’s share of capital stock by value has declined from 51.2% in 2001 to 42.3% in mid-2012.
In keeping with this shift in investment value towards Brisbane and Perth, JLL believes investors should consider weighting their portfolios to reflect the national market.
Click to enlarge
<a href="/images/stories/2012/09/jllsept27.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/09/jllsept27thumb.gif"></a>
John Talbot, managing director of investments and advisory at JLL, says investors have taken note of the increased scale and depth of the Brisbane and Perth markets and are looking to acquire product to help re-weight their portfolios.
The figures are included in a new JLL report authored by Talbot, which finds that nationally office markets have recorded strong capital value growth in the past decade following a steep drop following the early 1990s recession.


<hr class="system-pagebreak">
Jones Lang LaSalle says that between 1994 and 2011, the average growth in capital stock by value was 7.8% per annum and assesses the market value of the six CBD office markets (Sydney, Melbourne, Brisbane, Perth, Adelaide and Canberra) at $114.0 billion in mid-2012.
In 1994 the combined value of CBD office markets was $30.6 billion following a 53% fall in capital values between 1989 and 1993 due to the early 1990s recessions.
The report explores the issue of applying the value-weighted asset allocation strategy used in equity markets, where an investor would invest in a portfolio of stocks weighted by the overall market capitalisation, to a commercial property portfolio.
Under this asset allocation strategy, an investor changes his or her individual stock or sector allocations based on movements of individual stocks relative to the overall market capitalisation.
“This strategy is only one of a number of allocation strategies that can be adopted by a fund manager. However, we think there is a case for using a value-weighted asset allocation strategy for commercial property when you consider the performance of the market over time,” says Andrew Ballantyne, head of capital markets research at JLL.
JLL analysis shows that the share of capital stock by value across Australian CBD office markets has historically shown a close relationship, with each state’s share of economic output.
“Therefore, investors should consider their future weighting to the Perth and Brisbane office markets, as projections are that both state’s share of national output will increase by 2021.  WA is expected to account for 15.6% of Australia’s output in 2021 – 1 percentage point higher than in 2011. Meanwhile, Queensland’s share of national output will rise by 2.8 percentage points to 22% in 2021.
“The value-weighted asset allocation strategy can have some limitations in terms of diversification and while we don’t advocated this strategy being following slavishly, it does provide a useful reference point for investors benchmarking the performance of their portfolio against the market,” says  Ballantyne.
However the report does warn that there are limitations to this investment strategy when applied to commercial property investment.
“Commercial property is an illiquid asset class with high transaction costs.
“Furthermore, the lot size of individual assets ensures that the allocation of even very large portfolios can be significantly impacted by acquisitions or disposals.”
Talbot says investors will be reluctant to make changes to their asset allocations to reflect historical performance.
“Whilst pricing looks attractive across CBD office markets, an investor has to assess the underlying drivers of income in each individual asset and the potential for growth. At the same time, divergent economic growth rates across the states will create opportunities and risks investors as they seek their optimal portfolio weighting," says Talbot.
He concludes by saying that the value-weighted asset allocation strategy should not be followed “slavishly”, but provides a “useful reference point for investors benchmarking the performance of their portfolio against the market”.
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Perth and Brisbane CBD office markets surge in investment value as Sydney falls: Jones Lang LaSalle

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There is no simple policy response to lifting a major sector of the economy, housing, out of its current doldrums.
Financial stimulus packages such as increasing the value of first-home owners’ grants and stamp duty concessions do work. However, as welcome and necessary as these fiscal stimulus policy measures are, they need to be complemented by other monetary policy and regulatory reforms to overcome the challenges in the post-GFC deleveraging environment.
 
The new housing market is well known for its cyclical behaviour but the current cycle, impacted in recent times by the GFC, has highlighted the systemic problems of housing supply, housing affordability and the need for fundamental reform.
 
The here and now
Residential building is going through a worrying and long weak phase during which industry activity, in real terms, has essentially tracked sideways for close to nine years now. The short-term outlook remains poor despite the RBA’s cumulative rate cuts of 1.25 percentage points over the past 12 months, and residential building is set to weaken further during the remainder of 2012 and into 2013.
Master Builders’ surveys as well anecdotes from house builders point to poor sentiment affecting purchasing decisions. Households remain sensitive to global woes, job insecurity and flat to falling house prices.
‘Hangovers’ from the global financial crisis created an increased propensity to save and reduce debt. This trend appears long lasting.  Confidence remains fragile. Although leading indicators of new home building are finally showing some – albeit nascent – signs of improvement, activity continues to languish around the bottom of the cycle.
Actual work done is expected to weaken further in the short term. Sales and enquiries are drying up, and profitability is under severe pressure. So it is no surprise that builders say they are looking to reduce employees and contractors.
Further RBA rate cuts are warranted, although the banks must fully pass on these rate reductions to home owners and not simply bolster their profits. Reviewing home loan eligibility requirements would also assist.
Forward indicators should improve during the latter part of 2012 and early 2013, with an improvement in work done beginning to flow through in 2013-14.  Nonetheless, the upswing will be from a low base. Dwelling starts declined by 11.5% to less than 140,000 dwelling units in 2011-12, after a 5% decline the previous year.
 
<hr class="system-pagebreak">
 
Understanding the problems
 
A much better understanding of the underlying, structural or systematic problems is needed if there is to be any meaningful response to stimulate a sustainable recovery in the new housing market.
The first key challenge is to redress the undersupply of new housing by building more. This would, in turn, work to address the second key challenge, housing affordability.
Lack of supply, first and foremost
Economic analysis points to a substantial and increasing under supply of housing in Australia. Projections from the federal government’s National Housing Supply Council point to a current shortfall of 228,000 dwellings. Based on current policy settings, the council believes it will increase to 370,000 dwellings in 2016 and potentially 663,000 dwellings by 2031.
Federal government programs to improve the supply of affordable housing have been worthwhile, but do not address the fundamental constraints driving the broader supply problems.
The affordability issue just won’t go away
 
Even if a cyclical pick-up in demand works to underpin a recovery in Australia’s new housing sector, the nation will still have a serious underlying problem in terms of housing affordability.  Without a coordinated national policy response by all three levels of government, the problem will only worsen.
Global economic uncertainty has contributed to the current sluggish housing market conditions but is masking the true extent of the housing challenge.  Housing affordability remains problematic for many in the Australian community, in particular first-home buyers looking to gain a foothold in the housing market.
The decline in established house prices experienced in the immediate aftermath of the GFC (falling 5% in 2008-09) and the more recent falls coinciding with the ongoing sovereign debt crises in Europe and the United States (down 6% in the past two years) are not sustainable or politically desirable solutions to the longer-term structural challenges of housing affordability.
 
<hr class="system-pagebreak">
Policy needs to focus on supply-side impediments
The short-term focus of governments often ignores longer term structural economic and social policy ramifications.  Reforms are required on both the supply and demand side of the market.
Demand-side drivers of house prices influencing housing affordability include: income, taxation, mortgage interest rates, employment and unemployment, consumer confidence, attitudes to household leverage (debt), population growth, the incidence and pattern of household formation, labour market and social changes, patterns of urbanisation, and changes in housing quality.
Supply-side drivers of house prices include: building and planning regulations, availability of adequate land supply, taxes and charges imposed on the housing supply chain, and labour market policies, practices and regulations.
Government failures must be corrected
The primary challenge for the federal, state, territory and local governments is to develop and implement a set of nationally co-ordinated policy settings to remove the supply-side impediments in the Australian housing market.
Immediate priorities must revolve around remedying government failure in areas such as regulation and regulatory processes – land supply and development approvals, as well as taxes and charges affecting residential housing supply and transfer.
Governments must reduce developer charges and taxes such as stamp duties, speed up development applications and increase land supply. These key measures would go a long way towards solving both housing undersupply and poor affordability.
Action to remove the barriers to housing supply would also assist in underpinning economic growth and jobs.
Master Builders Australia’s blueprint for reform
 
The federal, state, territory and local governments must act collectively through a radically reformed housing affordability agenda under the auspices of the Council of Australian Government.  This reform agenda must include accountability for delivering housing supply and housing affordability policy outcomes.
Master Builders wants to see the setting of competitive benchmarks for the respective state, territory and local government jurisdictions. Under these benchmarks, the federal government commits to pay competitive, efficiency payments to the best-performing state, territory and local governments delivering superior outcomes against rigorous and transparent performance criteria.
Key performance metrics can include: adequate supply of imminently ‘releasable’ land, streamlined building approvals processes, agreed ‘master plans’ covering urban and regional infrastructure plans and urban consolidation, adherence to the Building Code of Australia, and removal of state and local government variations, and reforms to infrastructure (also known as ‘developer’) charges.
A plea for action
Australia desperately needs a long and strong phase of residential building. We have been underbuilding for nearly a decade.
The well-documented supply-side impediments and inefficiencies need to be addressed urgently, or a pick-up in housing demand will simply run into these constraints. This will force up new house prices, making established houses more attractive and forcing people to chase existing stock – thereby sowing the seeds for the end of the new house building upturn.
Surely this should be enough incentive for governments to work together to agree on a set of reforms to address key issues such as the length and complexity of the planning process, issues related to the provision and funding of infrastructure, and other challenges related to infill development.
If successfully resolved, this would ensure new residential building and the industry that provides it, is able to effectively respond to changes in housing demand.
In the recent past, governments have made some small progress in addressing these concerns, but there is a long way to go if we are to fix supply-side rigidities that bedevil the nation’s housing and residential building markets.
Peter Jones is chief economist for <a target="_blank" href="https://www.masterbuilders.com.au/">Master Builders Australia.</a>
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A multi-faceted approach needed to fix new housing sector

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High land prices have all but killed the Australian housing industry.
Lower housing starts has led to lower GST revenues (house construction attracts full GST), and lower stamp duty receipts are crippling state budgets and cruelling the chances of low and middle income earners to get a start in the housing market.
What has caused this slump in housing starts? Land prices.
Raw land for new housing developments should be close to its agricultural value – in other words, around $10,000 per hectare. But land released for residential development fetches up to $1 million per hectare – 100 times the agricultural price.
Government land management agencies and private land developers may well argue a lot of land has been released for residential development, but clearly it is not enough.
Only when urban growth boundaries are removed will we know a piece of land’s true value. It will then be a trade-off between price and distance. People may be prepared to travel another 10 or 15 minutes by car (10 to 20 kilometres) to get a cheaper block.
To highlight the “‘X’ years supply of land available” argument, I heard a state bureaucrat say recently that the government had released enough land for 15 years’ supply. I raised my hand and asked “15 years’ supply – at what price?” He didn’t know what I meant. I said “at $200,000 a block it may well take 15 years to sell. So why don’t you double the price and then you’ll have 30 years’ supply?”
These points highlight the fact that, as with most central planning, housing planning is based on a fundamental flaw – that price does not matter. But as we know, price does matter. Imagine the demand for housing if land was $100,000 per block cheaper. Think LCD, LED and plasma TVs over the past five years.
Australia does not have, and never has had, a housing affordability problem, it has a land affordability problem. The cost of building a new house has hardly moved in 20 years. Land prices however have skyrocketed. By restricting the amount of land available on the urban fringes of our cities, state governments have sent the price of entry-level housing through the roof.
The reasons state governments give for these restrictions all centre on urban planning. They have persisted with their policies of urban densification (squeezing more and more people into existing suburbs), an idea that has failed all over the world.
 
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Whether it’s traffic congestion, air pollution, the destruction of bio-diversity or the unsustainable pressure on electricity, water, sewage or stormwater infrastructure, urban densification has been a disaster. The evidence is overwhelming; urban densification is not good for the environment, it does not save water, it does not lead to a reduction in motor vehicle use, it does not result in nicer neighbourhoods, it does not stem the loss of agricultural land, it does not save on infrastructure costs for government and, worst of all, it puts home ownership out of the reach of those on low and middle incomes.
State governments use urban planning laws to restrict the amount of fringe land available and then drip feed it through their land management agencies to a land- starved housing industry at inflated prices. Hmmm. After a change of state government a few years ago, a former cabinet minister was asked why her government didn’t release more land to kick-start the housing industry. She replied: “We needed the money.” So much for urban planning.
And of course land developers with massive land banks on their books urge state governments to maintain the scarcity to maintain the ‘value’ of the developers’ inventory. Developers would be better off if they supported the removal of urban growth boundaries and allowed more broadacre land to come onto the market, which they could buy at greatly reduced prices. With land prices significantly lower than they are today it wouldn’t take long for the industry to recover. Until land prices fall, there will be no recovery.
The Australian housing industry is building 40,000 fewer homes a year than it should be. That’s more than $10 billion worth of work a year the industry is missing out on. That’s a lot of bricks, concrete, timber, tiles, steel and, of course, labour.
Governments and industry associations have known for years this was coming but just played footsies with each other – read US economist George Stigler’s book Regulatory Capture to understand how and why this happens.
Australia’s economy has been seriously distorted due to a massive over-investment in household debt. We have a housing industry on its knees. Getting all this back into alignment with reality will take time, but it is a realignment that is necessary.
We cannot continue to deny the next generation a home of their own merely to satisfy the indulgences of urban planners and state government treasury officials.
Bob Day AO is managing director of national home builder <a href="https://www.homeaustralia.com.au/" target="_blank">Home Australia</a>
This article originally appeared on <a href="https://www.businessspectator.com.au/" target="_blank">Business Spectator.</a>
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High land prices are killing the housing construction industry: Bob Day

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Australian houses prices are booming following recent RBA cash rate cuts, Rismark economist and Australian Financial Review columnist Christopher Joye has noted today.
Click to enlarge
<a href="/images/stories/2012/09/joyesept26.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/09/joyesept26thumb.gif"></a>
<a target="_blank" href="https://twitter.com/cjoye"><img src="/images/stories/2012/09/joyesept26tweet.jpg"></a>
The chart has RP Data tracking house prices to September 26.
It shows that Sydney dwelling prices are up a "stunning" 3.4% since June 1 while Australia-wide dwelling prices have surged 2.7% in the last four months.
"But the biggest winner is Melbourne," says Joye on his Aussie Macro Moments blog. "Melbourne dwelling prices are up an amazing 3.8% since 1 June. And, yes, I am afraid Steve Keen got it wrong again: Aussie house prices have officially risen in 2012!"
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House prices booming after RBA cash rate cuts, says Christopher Joye: Tweet of the day

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The eastern suburbs of Sydney and the inner-city areas of Melbourne – both high to middle-income havens – are showing signs of cracking. As we discussed recently, while most of the <a target="_blank" href="https://www.propertyobserver.com.au/economy/australia-s-middle-income-time-bomb-real-estate-agents-included-will-take-unemployment-to-above-6-gottliebsen/2012091756629">escalating middle-income unemployment is hidden</a>, some clear surface signs are emerging.
Sydney's eastern suburbs has one of the highest proportion of people employed in the finance and professional services sectors in the country – around 80% of households. Research by Brian Redican and Macquarie Bank shows that in this white-collar middle-class ghetto unemployment is rising rapidly while participation in the labour force has fallen sharply – down from 70.9% two years ago to 67.8%.
In late 2011, unemployment along the lower north shore of Sydney had not recorded the same deterioration as the eastern suburbs. But now it is following the same trend.
Last year, while there was rising unemployment in Sydney's affluent areas, it was not obvious in Melbourne. But in the last six months unemployment in the inner suburbs of Melbourne has risen, although it is still substantially below the level reached in 2009-10.
<img src="/images/stories/2012/09/gottsept26.gif">
<img src="/images/stories/2012/09/gottsept261.gif">
Other states do not have the same clearly defined demography.
And so those retrenched last year appear to have started to show up in unemployment. The ex-middle income avalanche will follow next year.
Nevertheless, those that have escaped the axe and remain part of middle-income Australia are starting to feel more confident. In addition, very often couples are helped because only one partner has lost their job.
An important part of middle-income Australia is the small business community. Large areas, particularly in manufacturing and construction, are bleeding. Retail is holding up remarkably well.
<img src="/images/stories/2012/09/gottsept262.gif">
<img src="/images/stories/2012/09/gottsept264.gif">


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<img src="/images/stories/2012/09/gottsept265.gif">
<img src="/images/stories/2012/09/gottsept266.gif">
For many years Morgan Research has been critical of the ABS labour calculation figures. Morgan figures use a different basis of calculation. In recent months Morgan has suddenly been picking up the middle Australia unemployed and the margin between Morgan unemployment estimates and the statistician has blown out.
 
<img src="/images/stories/2012/09/gottsept267.gif">
In time the statistician will catch up.
In theory, the suffering by those in middle-income Australia should help the Coalition. But once you are no longer earning a "middle income" a whole new dynamic develops.
You have seen what state governments have done and you fear that the Coalition will do the same thing should it gain power in Canberra. That will make it even harder for you to gain employment.
Whereas while you were still employed you might have been a Coalition supporter, now in self-interest you may be voting for Julia Gillard.
This article first appeared on <a target="_blank" href="https://www.businessspectator.com.au/" rel="nofollow">Business Spectator</a>.
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Unemployment on the rise in Melbourne and Sydney prestige suburbs: Gottliebsen

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The procession of mortgage lenders cutting fixed rates has continued, with Suncorp Bank reducing its three-year fixed home loan to 5.48% per annum effective today.
The bank now offers the lowest three-year fixed home loan of both the major banks and the regional banks.
Yesterday <a href="/news">St George cut its three-year fixed home loan to 5.49%</a> under its Advantage Package offering. 
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="242">
 
</td>
<td valign="top" width="242">
 Three-year fixed
</td>
</tr>
<tr>
<td valign="top" width="242">
1. Suncorp Bank
</td>
<td valign="top" width="242">
5.48%
</td>
</tr>
<tr>
<td valign="top" width="242">
2. Bankwest
</td>
<td valign="top" width="242">
5.54%
</td>
</tr>
<tr>
<td valign="top" width="242">
3. BOQ
</td>
<td valign="top" width="242">
5.55%
</td>
</tr>
<tr>
<td valign="top" width="242">
4. St George
</td>
<td valign="top" width="242">
5.49%
</td>
</tr>
<tr>
<td valign="top" width="242">
5. CBA, Westpac and NAB
</td>
<td valign="top" width="242">
5.74%
</td>
</tr>
<tr>
<td valign="top" width="242">
6. ANZ
</td>
<td valign="top" width="242">
5.79%
</td>
</tr>
<tr>
<td valign="top" width="242">
7. Bendigo
</td>
<td valign="top" width="242">
5.94%
</td>
</tr>
</tbody></table>
“The advantage of the Suncorp Bank three-year fixed-rate is that it can be taken as part of a package or as a standalone rate, unlike other offers that only allow discounted rates as part of a package,” says Suncorp Bank’s  Steven Heavey.
“The benefit of a fixed-rate loan is that you know exactly how much you have to repay each fortnight or month and can budget accordingly. This feature can be especially beneficial for first home owners as they adjust to having a mortgage.
“One disadvantage, however, is the loss of flexibility. For example, you generally can’t make additional repayments on fixed loans.
“If you want to hedge your bets, consider partially fixing your loan and keeping the rest at a variable rate,” he says.
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