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.

Joel Robinson

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

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

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?

<html><body>
Self-managed super funds and smaller commercial investors punting on a recovery in the Noosa property market could have an opportunity, with a number of shops on the Noosa retail strip listed for sale around the $2 million mark and under in a market that has been dormant for the past two years.
Currently tenanted, the retail properties are offering yields of around 7% and 8% with the potential for capital gains should the market start improving.
The heavily tourism-dependent Sunshine Coast and Gold Coast markets have struggled in the last few years, having not received the flow-on benefits of the mining boom and have been hurt by the high Australian dollar.
However, Paul Butler, director of Ray White Commercial Noosa, says he is seeing an increase in confidence from buyers for properties with good lease covenants.
“Super funds are becoming particularly active as buyers look for stable returns outside of the stock market,” Butler tells Property Observer.
“Retail leasing is gaining some momentum again after a prolonged period of limited activity,” he adds.
Butler says food outlets and coffee shops have been the strong achievers in the current market.
Last month, Colliers International agents Nick Dowling and Brad Moore marketed 27/40 Hastings Street, with 65 square metres of retail space with an additional exclusive-use outdoor area of 51 square metres, currently occupied by fashion store Venetian Laundry. RP Data records show it sold for $1.57 million.
Dowling says that while there are a number of assets on the market in Hastings Street at present, retail sales activity on the strip had been non-existent for at least the past two years.
“Hastings Street is the epicentre of the world renowned Noosa Heads and comprises a mix-use environment primarily made up of three-storey resorts with ground floor retail tenancies,” he says.
Other recent sales on Hastings Street include a mixed-use development at 11 Hastings Street measuring 949 square metres, incorporating La Vida restaurant on the ground floor and guest accommodation and office spaces on the second floor, which sold for $10.8 million in July. Office space from 66 square metres to 167 square metres is available for lease at 11 Hastings Street at $450 per square metre.
Further down Hastings Street at number 18, a medical suite measuring 58 square metres changed hands for $370,000. It las sold for $561,000 in January 2005.
 
<hr class="system-pagebreak">
 
In April last year a 50-square-metre shop at 14 Sunshine Beach Road at Noosa Heads sold for $270,000 on a yield of around 8%.
On the high-end shopping strip of Hastings Street at Noosa Heads shop five in the French Quarter mixed-used precinct at 62 Hastings Street (pictured below) is up for sale by private treaty with an asking price of $1.65 million.
<img src="/images/stories/2012/08/hastingsshop.jpg">
The shop generates rental income of around $115,900 per annum – a yield of around 7%.
It is currently tenanted by retailer Poeta – incorporating the businesses of Gordon Herford master jeweller and the artistic works of Belinda Herford – on a new five-year lease until 2016.
Other retailers in the “The French Quarter” include Quicksilver Surfwear and Tom Offermann Real Estate.
The property is being sold by Tracey Ryan and Paul Forrest from Ray White Commercial Noosa.
A cheaper investment with exposure to Noosa shoppers is three-level strata building on Thomas Street in Noosaville (pictured below), including the premises of take-away joint Burger Bar, which is listed for sale with a price tag of $775,000.
<img src="/images/stories/2012/08/hastingsshop2.jpg">
The two-storey unit is situated within the “The Islander Resort” a low-rise holiday unit complex comprising 51 residential apartments and 15 retail shops with two street frontages to Gympie Terrace and Thomas Street at Noosaville.
According to the investor memorandum, Thomas Street is regarded as one of the prime “eat streets” locations in Noosaville and services the surrounding residential and tourist resorts.
The shop measures 39 square metres, with the property currently bringing in gross income of around $55,000, translating into a yield of around 7%.
Above the shop is a two-level, two-bedroom apartment.
The owner has the opportunity to receive dual incomes form both the residential and commercial aspects of the property.
The shop is up for sale by private treaty and is being sold by David Brinkley, a commercial property consultant  from Ray White Commercial Noosa.
Also in Noosaville, Paul Butler and Paul Forrest from Ray Commercial Noosa are selling a 340-square-metre first-floor medical/ professional suite with lift access on Gibson Road by private treaty (pictured below).
<img src="/images/stories/2012/08/hastingsshop3.jpg">
The property adjoins 24-hour gym Jetts Fitness and has an asking price of $1.16 million.
It is currently tenanted until April 2013 with a five-year renewal option returning rent of $93,500 per annum and representing a net yield of around 8%.
According to the investment report, the strata office is in an area that “has in the past experienced strong capital growth”.
The strata office is opposite the Noosa Village Shopping Centre and within the Gibson Road retail precinct, which is home to Harvey Norman and various homeware and electrical retailers.
Other retail assets for sale nearby include a bar/bistro and three shops on one title include this property on Duke Street, with strong leasing already in place.
<img src="/images/stories/2012/08/noosashop.jpg" width="470">
</body></html>

lschlesinger-FZcF9M3vE6

Opportunities for smaller investors with Noosa shops and suites from $800,000 to $2 million

<html><body>
Was it the Greek tragedian Sophocles who said “no enemy is worse than bad advice”? If he’d lived in the 21st century, he’d no doubt be aiming his words at media reports from the property or finance industries. He may have followed his words with “no bad advice is worse than ‘expensive’ bad advice”. Because in both these industries, the consequence of bad advice costs exactly that – a good deal of expense.
It has the power to make or break an individual - the latter it will do quickly, the former it will do slowly – but undoubtedly, a bad mistake made on bad financial or property advice alone is not easily, or painlessly, undone.
Both industries are hard to control and even if the current level of regulation increased, it would be difficult to restrict what can and can’t be published in the media altogether. The best option seems to be by way of education – teaching readers to “read between the lines”.
It starts with a broader understanding of the base motivation lying behind the authorship – although in the age of digital media, ideally it should start in school.  This aside – the reader should question everything, because currently the landscape of hype is littered with misinformation.
Like other professionals in the industry, I’m contacted weekly regarding submissions to various property magazines and websites.  Sometimes I’m given the freedom to write on a subject of choice, other times I’m asked to comment on current newsworthy items.  However, I made a personal commitment some time ago to remove the “party line” from my articles and write from an independent viewpoint – a viewpoint not always shared, or welcomed, by those I work with.
This past week, a request came from what many would assume to be a respected property investment magazine wanting to beef up the content on its website. As with many property outlets, the publication sent out a mass e-mail requesting material from “area specialists” in return for some free promotion.  Obviously the idea is not just to attract readers but more importantly advertisers – the more content, the greater the number of hits.
In this instance, the publication wanted information on “hotspots” – where the market’s heading, which areas would outperform, and so forth. Obviously if you ask selling agents to identify a hotspot for the sake of free promotion, they’re going to spruik the suburb they specialise in. The advice is not independent or unbiased, and the word “expert” should come with a large disclaimer attached. If they sell in Doreen, Victoria for example, they’re hardly going to advise a purchase in East St Kilda! However, it’s fair to suggest a broad spectrum of readers will be influenced by the data.
The information carried in local and national newspapers holds the potential to portray a more balanced viewpoint.  However, unless the reader has foundation of understanding about the subject, misconceptions can easily occur.
This leads me to a brief mention of a report a few days ago in the <a target="_blank" href="https://www.news.com.au/realestate/news/property-values-double-in-10-years/story-fndba8uq-1226441495370">Herald Sun</a> claiming “house prices” had risen some 125% in Melbourne over the past 10 years. Before vendors dance around in glee, it’s important to draw a distinction between the terms “house prices” and “median values”.
The term “house prices” suggests every property and every vendor has experienced the windfall, however we know this isn’t the case.  Common sense alone dictates that areas close to city centres and major transport hubs, where the available residential land has been used and the population continues to increase, has inevitably underpinned established property prices over the last decade. Therefore, the vendors who purchased carefully a decade ago would no doubt have attracted healthy growth – growth that could be in excess of 125% in some cases.
However, there are plenty of vendors who wouldn’t have benefitted from a 125% windfall. They may have purchased the first roll out of apartments in Melbourne’s Docklands for example, or in outer suburbs. They may not have taken due care with the type of property, price paid, or buyer demographic in the near vicinity when choosing.
Property prices rise and fall, as they do with any other asset.
Another report, <a target="_blank" href="https://au.news.yahoo.com/thewest/a/-/wa/14456028/property-experts-blame-the-gfc-for-dud-forecasts/">“Property experts blame the GFC for dud forecasts”</a>, demonstrates the foolhardy nature of trusting respected analysts without a good deal of due diligence or risk management. In this instance, the article points out how previous rather bullish forecasts regarding the outlook for Perth’s growing prospects pre GFC were a little more than off the mark.
It’s true, few could have predicted the “X factor” event – but it also highlights how a complex the arena has become and importantly, how wary any investor should be prior to accepting predictive report (especially considering eruptions from the international landscape play an increasing role in consumer sentiment).
However, it’s not just pre-GFC reports that get it wrong – a post-GFC “off the mark” example can be viewed <a target="_blank" href="https://www.realestnews.com/html/ep130_6">here</a> – BIS Shrapnel predicted in a report in 2009 that house prices in Melbourne, Sydney and Adelaide would increase up to 22% over the following three years. Or read <a target="_blank" href="https://www.news.com.au/money/property/sydney-property-prices-set-to-double/story-e6frfmd0-1225843302974">here</a> – data providers in 2009 predicting 7.6% growth per annum in Sydney over the next decade.
Granted, we still have a while to go before we can calculate the accuracy contained in some of the above information, however all are based on median house prices, which as previously mentioned have little relevance for individual property prices.
With overall sales turnover still lagging behind that of previous years, any rise in median value is only representative of the particular composition of “good” properties selling.  Buy well and you may sell well and get an average 7.5% per growth per annum.  One the other hand, purchase into one of the high-rise blocks currently under construction and based on the level of supply alone, you’ll probably get the opposite.
This aside, reading reports on future hotspots is all well and good.  However, they tend to feed the concept that money can be made from property short term.  It’s important to balance the message with an understanding of the motivation – good or bad – lurking behind the words. This aside – boom markets (hotspots) have a habit of “correcting” rather sharply.  The risks are always greater if due diligence isn’t taken initially. Be warned!
I don’t expect anyone to think politicians can be trusted on the face of the information they provide.  Even the most innocent of minds will be educated in this regard. 
<a target="_blank" href="https://www.geelongadvertiser.com.au/article/2012/08/03/341851_news">The market in Geelong, Victoria, was expected to remain flat with minimal growth over the past 12 months</a>. But it turns out, when it comes to council rates, property prices are soaring!
According to the latest rate assessments, values in Geelong have increased 10.2% over a two-year period.
<a target="_blank" href="https://www.news.com.au/realestate/investing/geelong-houses-jump-10-per-cent-in-two-years/story-fndbarft-1226444485811">“The property value increase, a jump of 10.2% over two years, follows an 11.2% increase in values during 2008-10.”</a>
The lessons gleaned from all of the above should ring clear – it’s only through careful researching and an element of self-education that you can really buffer against a risky environment. Don’t blindly accept the advice of a “property expert” or journalist, any more than you’d trust that of a politician without investigating the reliability of the data they provide or motivation behind the sales pitch.
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition.
 
</body></html>

catherinecashmore-6LXia3pPQj

Read between the lines to get the most out of property investment advice

<html><body>
A record 35% of all housing loans written in the last financial year – the 12 months since Treasurer Wayne Swan introduced the ban on mortgage exit fees – were for borrowers refinancing their existing mortgages, rather than buying or building new property, according to ABS housing finance data going back to 1975.
The figures also show that over this period the value of refinanced home loans rose 17% and accounted for all growth in mortgage lending over the 12 months period.
The exit fee ban, which was introduced on July 1 last year and applies to variable interest home loans taken up from this date, has made it easier for borrowers to switch lenders without copping mortgage exit fees in some cases as high as $7,000.
A spokesman for the Swan’s office told The Age's Tim Colebatch, who crunched the data, that the figures indicated there was now increased competition in the banking sector, with people “taking advantage of our ban on mortgage exit fees”.
''This has put more power in the hands of Australian families; they can walk down the street to another lender if their current bank isn't looking after them.''
In contrast to the rise in refinancing, loans to buy established properties fell by almost $1 billion, while loans for new construction were up just $24 million compared with the previous 12-month period.
While APRA figures show that the major banks are still the dominant force in mortgage lending, with 86% of the market over the past year, their market share has contracted, with smaller Australian banks and wholesale lenders increasing their share.
Four years ago the major banks had 75% of the market but dramatically increased their share, with the Commonwealth Bank taking over Bankwest and Westpac buying St George.
July figures compiled by mortgage aggregator AFG, which writes one in 10 home loans in Australia, show that 37% of loans arranged by its brokers were refinanced mortgages, with a sharp rise in loans refinanced through non-major bank lenders from 22.9% to 26.7% of all loans – the highest proportion in seven months.
Over July major banks’ market share of refinanced mortgages arranged by AFG brokers fell from 77.1% to 73.3%
The major banks overall share of total loans arranged by AFG has fallen from 82% to 77.6% over the past 12 months to July.
{module What do you intend to do given the current interest rate fluctuations?}
{module Have you changed lenders in the last six years?}
</body></html>

Refinancing reaches record level in year since exit fees ban: ABS

<html><body>
Conveyancers are absolutely integral to facilitating any type of property transaction, yet most people are somewhat in the dark about their role.
Conveyancers are very much the quiet achievers in the property industry but are absolutely integral to facilitating every type of property transaction.
Many people, including some in the property industry, don’t necessarily understand the full extent of what we do. For example, many buyers and sellers aren’t aware that they can choose their own conveyancer in a property transaction.
A good conveyancer can hold a property transaction together – they are an important resource for the buyers and sellers, but also for real estate agents and mortgage brokers.
The role of a conveyancer
Conveyancers are responsible for the legal and statutory processes involved with the transfer of ownership of real estate from one person or entity to another. The preparation, execution, verification and lodgement of numerous legal documents are important elements of conveyancing.
Your conveyancer is very much a key part of your advisory team, in addition to your real estate agent and mortgage broker, and should be involved with the purchase or sale of your property from the outset.
A good conveyancer will assist you in many ways whether selling or buying – this includes reviewing the contract and offering independent advice, advising on the information provided in statutory disclosure statements, searching within government departments and local authorities for matters affecting the property, and preparing the legal documentation.
Some of their duties include responsibility for attending to payment of stamp duty on the transfer of the property on behalf of the client, coordinating and attending settlement with the client's financial institution, advising a client when settlement is completed and notifying the state’s water utility, the  local council and any affected strata or community managers of change of ownership.
A good conveyancer can also assist you with various other transactions such as leases, sales of business and land divisions, to name a few.
Your right to choose
As a key member of your selling or buying advisory team, it’s important to know that you have the right to choose your own conveyancer to help facilitate this process, in the same way as it’s your decision which real estate agent or mortgage broker you use.
As a result, it’s important that you make a well researched and informed decision. While there’s merit in considering the recommendations of others, don’t feel pressured to use them, but do your own research and make your own choice. Remember, it is your choice.
Chances are you’re going to be involved in a property transaction more than once in your life, so look to work with a conveyancer who you feel comfortable with and who you would happily use again in the future.
It’s also very important that you do not choose the conveyancer that the other party to the transaction is using. While some might suggest that it saves time, effort and money for the same conveyancer to act for both, it has the potential to create issues should a conflict of interest arise in your transaction.
Your conveyancer is ‘in your corner’ to help advocate for and protect your interests. If they are also acting for the other party there is the very real potential for them to be compromised if there is a problem with the transaction.
What to look for
When looking for a conveyancer to assist in you there’s merit in talking with two or three in the first instance to help you make your decision.
Look for a conveyancer who is a member of the Australian Institute of Conveyancers and is a certified practising conveyancer, this means he or she maintains a certain level of ongoing professional development and has a certain level of qualifications and experience. It means the conveyancer is up-to-date with changing legislative requirements and industry standards.
A conveyancer who has a certain level of longevity working in the local real estate market and knowledge of and experience in a broad range of property transactions is also a good candidate for your business.
Ask about the likely fees and charges (although don’t choose a conveyancer that is simply the cheapest), how long settlement is likely to take and how the conveyancer will communicate with you throughout the process.
It’s important that you brief your chosen conveyancer on anything that may impact on the transaction or delay settlement, such as financial issues or a short timeframe, so he or she can factor this into process. 
Most importantly, remember it is always best to speak to your conveyancer from the outset of any property transaction. The earlier your conveyancer is involved, they more likely he or she is to be able to identify any problems or issues and address these. 
Penny Erskine is a qualified conveyancer and marketing manager at Adelaide conveyancing firm <a href="https://www.conveyancingmatters.com.au/index.php">Conveyancing Matters</a>.
</body></html>

perskine-BHZgNi29JU

A good conveyancer can hold a property transaction together: Penny Erskine

<html><body>
Mortgage broker Loan Market has recorded a six-percentage-point (0r 19%) fall in enquiries from first-home buyers in July compared with June.
This decline may confirm what some market commentators have suggested: that the ending of generous first-home buyer schemes in four states and territories artificially pulled forward demand and could result in a  decline in first-home buyer numbers in the months that follow.
Official ABS figures show that first-home buyers accounted for 18.3% of total owner-occupier housing finance commitments in June, the highest level in five months and up from 17.8% in May.
First-home buyers made up 29% of Loan Market enquiries in July – down from 35% in June, a 19% drop.
The drop in first-home buyer inquiries was replaced by interest from upgraders, with Loan Market recording a 13% increase in mortgage inquiries from those looking to move up the property ladder.
Owner-occupier property purchasers or upgraders in July accounted for 50% of Loan Market’s total enquiries nationwide, compared with 44% in June.
Investors accounted for 8% of enquiries, followed by refinancers on 6% and business loan enquiries on 3%.
Victoria, South Australia and the ACT all ended first-home buyer incentive schemes at the end of June, while NSW first-home-buyers must wait until October 1 for a more generous first-home buyers scheme to kick-in.
NSW first-home buyer activity could pick up again from October 1 – but only in new or off-the-plan purchases, with a <a target="_blank" href="https://www.propertyobserver.com.au/developments/incentives-on-offer-as-waterloo-developers-battle-government-timelines-to-entice-buyers/2012080955910">number of  NSW developers trying to encourage more first-home buyers with incentives of their own.</a>
“It’s no surprise that this drop off in first home buyer activity has coincided with a number of incentive schemes for this segment of the market being wound up by some state and territory governments at the end of the 2011-12 financial year,” says Loan Market spokesperson Paul Smith.
 “But although we have seen a modest drop off in enquiries from first-time buyers, there has been an increase in people looking to upgrade in the current market.
“This is no doubt a reaction to the RBA lowering official interest rates in May and June this year to bring the cash rate down to 3.5%.”
Despite the ending of the state and territory incentives, Smith says the federal government’s $7,000 first-home buyers’ grant, which has been in place for more than a decade, continues to be offered nationwide.
It ends in NSW on October 1, replaced with the first-home owner grant (new home) scheme – only available to first-home buyers purchasing a new home.
Smith says the Queensland government’s decision to reinstate its transfer duty home concession scheme from July 1 also helped attract more upgraders.
</body></html>

'No surprise' as first-home buyer enquiries down 19% in July: Loan Market

<html><body>
Auctioneer Damien Cooley had a busy and very successful weekend.
He achieved a 100% clearance rate on 10 auctions on Saturday.
<a href="https://twitter.com/damiencooley" target="_blank"><img src="/images/stories/2012/08/cooleytweets.jpg"></a>
On Sunday, he completed the Sydney City to Surf  in just over an hour
Cooley’s next big challenge will be the <a href="https://www.propertyobserver.com.au/auctions/southern-highlands-burrawang-cafe-reverse-auction-not-the-first-but-still-stirring-up-debate/2012072055673" target="_parent">reverse auction of the historic Burrawang Cafe and Bower Cottage in the Southern Highlands on August 26</a>.
</body></html>

Tweet of the weekend: Sydney auctioneer Damien Cooley has a run of good fortune

<html><body>
The decision by the RBA to start reducing interest rates in November last year has added “ballast” to a housing market that was “starting to list quite badly”, according to Westpac senior economist Matthew Hassan.
Writing in Westpac’s August Market Insights report, Hassan points to a number of signs that “after a shaky start, Australia’s housing markets are now showing more convincing signs of stabilising”.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/westpacaug13.gif"><img src="/images/stories/2012/08/westpacaug13thumb.gif"></a>
He says the 125-basis-point cut from the cash rate since November last year has eased the pressure on those servicing existing mortgages, while affordability is near decade-best levels for prospective buyers.
“With rates now on the ‘easy’ side of neutral, the pressure is easing on the mortgage belt – mortgage arrears appear to have peaked and, on the basis of interest rates and incomes at least, should start to track lower from here.
“Housing affordability is also greatly improved with would-be buyers enjoying the most conducive mix of prices, interest rates and incomes since 2003 (excluding the ‘ultra-low’ rate settings in 2009),” says Hassan.
Consumer attitudes are also changing, with Hassan pointing to the results of the Westpac-Melbourne Institute Consumer Sentiment survey “showing consumers starting to warm to real estate again”, setting the scene for a housing market recovery.
“Views on whether now is a good time to buy a dwelling (a sub-index of the Westpac-Melbourne Institute Consumer Sentiment survey) are now at relatively upbeat levels that have led upturns in the past.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/westpacaug132.gif"><img src="/images/stories/2012/08/westpacaug132thumb.gif"></a>
“Fears of house price declines are also subsiding with a notable uptick in the proportion nominating ‘real estate’ as the wisest place for savings, a tentative sign of renewed investor interest," he says.
“Sentiment is an important catalyst for generating a sustained upturn.”
However, Hassan warns of “significant headwinds to a housing recovery in Australia”.
He says the most powerful headwind to a housing recovery is household deleveraging.
“Despite five years of restraint, household debt levels remain near historic highs. Housing upturns usually go hand in hand with rising household leverage.
“This does not preclude a recovery – the rebound in 2009-10 showed housing can still have an up-cycle – but it does mean any recovery that does eventuate will be harder to sustain.
Hassan expects that when the market recovers, "trend price growth" will be below 5% per annum.
He also warns that while sentiment is positive on housing, “sentiment remains much weaker on other aspects crucial to the home buying decision: job loss fears remain very high and consumers’ financial attitudes are still firmly fixed on conservative/defensive risk-averse and debt-averse behaviour”.
“With labour markets and the global financial system likely to remain unsettled in 2012, these factors will continue to deter many potential buyers – both owner-occupiers and investors,” he adds.
As a result, Hassan expects the current housing cycle to show a “much bumpier, more gradual transition from stabilisation to a recovery that is likely to be relatively lacklustre by historical standards”.
But the overall picture is of markets “clearly stabilising” with all price measures recording a moderation in declines with most up slightly for the year to date, says Hassan.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/westpacaug133.gif"><img src="/images/stories/2012/08/westpacaug133thumb.gif"></a>
Other positive indicators, he says are:
<ul>
<li> “Annual price inflation across ‘all dwelling’ measures ranges from –2.7% to –1.1% with annualised six month growth rates of between –1.2% and +1.9%. </li>
</ul>
<ul>
<li>“Auction markets are telling a similar story with clearance rates up about 7 percentage points from their February lows. </li>
</ul>
<ul>
<li>“Housing loan approvals have also moved off recent lows for both owner-occupiers and investors and dwelling approvals have snapped out of what was looking like a disturbing drop-off between August and April.</li>
</ul>
Hassan notes that some of these readings may be being skewed by state government policy changes.
“The NSW, Victoria, Queensland and South Australia state governments all made significant changes to bonus and concession schemes for first home buyers and/or those building new dwellings.
“Several of these were introduced around June/July and would have encouraged buyers and builders to bring forward activity into the first half of the year.
“As such recent finance and dwelling approvals may be overstating strength a little and price measures may also have been impacted (skewed lower during ‘pull forward’ periods with a statistical ‘bounce’ as this effect drops out)."
</body></html>

RBA cash rate cuts provide “ballast” to "badly listing" housing market: Westpac’s Matthew Hassan

<html><body>
Australia dropped from third to fourth most popular commercial property investment destination in the second quarter of 2012, according to the latest Asia Pacific Capital Markets report from CBRE.
Investors snapped up close to $2.5 billion in Australian commercial assets, slightly higher than the first quarter of the year, but offshore investor sentiment dampened due to concerns over the doubling of the withholding tax from 7.5% to 15%.
The tax rate – charged on returns paid to overseas investors of managed investment trusts, many of which hold commercial property assets – increased from 7.5% to 15% on July 1.
Trusts that exclusively hold property built after July 1, 2012 and that meet high energy rating standards (five-star green star or 5.5 star NABERS) are taxed at 10%.
According to CBRE, China was the top investment destination in the Asia-Pacific region in the second quarter of 2012, attracting $4.5 billion of the $17.9 billion in commercial property assets snapped up by investors (both local and offshore) over the quarter – a 54% increase on the first quarter for the Asia-Pacific region.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/cbreaug131.gif"><img src="/images/stories/2012/08/cbreaug131thumb.gif"></a>
According to the report, authored by CBRE’s head of Asia-Pacific research director Nick Axford, investor sentiment towards Australian commercial property deteriorated in the June quarter as offshore investors were forced to take into account the higher tax rate in their pricing to achieve the same returns.
But he expects the market to be more active in the second half of the year “given the volume of foreign money on the sidelines”.
Axford says most foreign groups are still attracted to the Australian markets given the high yields that are still available.
The report shows that Australia’s prime office markets have higher office yields relative to other parts of Asia-Pacific.
Sydney’s prime office yield is 6.43%, with Melbourne offering a return of 6.85%, Brisbane 7.56% and Perth 7.88%. This compares with smaller returns in Beijing (4.75%), Shanghai (4.25%), Tokyo (3.5%), Singapore (3.92%) and Hong Kong (2.5%).
Sydney, Melbourne, Perth and Brisbane are all offering retail yields in excess of 8%, compared to 4.6% in Hong Kong, 7.2% in Shanghai, 5.5% in Tokyo and 4.8% in Singapore.
For the year to June, Australia has been the third most popular commercial property investment destination, behind Japan and China, but ahead of Hong Kong and Singapore.
Australia has also been the most popular destination for investor outside of the Asia-Pacific region with the chart below showing that local investors were the biggest buyers of commercial property in all major investment markets.
CBRE’s figures taken into account office, retail, industrial and mixed-use property priced at US$10 billion and above.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/cbreaug132.gif"><img src="/images/stories/2012/08/cbreaug132thumb.gif"></a>
CBRE says the 54% regional increase was underpinned by a rebound in cross-border investment activity as well as due to a rise in transactions worth US$250 million and above, most of which had been under prolonged negotiation.
“Sentiment in Asia-Pacific was mixed in the second quarter, with many investors mindful of the eurozone debt crisis, however private investors remained in buying mode and there was a significant increase in cross border investment activity,” says Axford.
“Western property funds were particularly active and Asia Pacific investors continued to be net buyers in the cross-border arena.”
The CBRE data shows that investment activity picked up in most markets, with the largest increases recorded in China, Taiwan, Singapore and New Zealand.
“Barring any dramatic negative developments in the United States and eurozone, we expect real estate investment activity to remain steady in the second half of 2012,” Axford says.
“Domestic investors will continue to dominate in their home markets although overseas core investors are likely to step up their activity, with Australia and Japan being the major focus.
“That being said, the availability of prime assets will remain tight across the region and investors are expected to take longer to reach decisions given the sizable gap in price expectations between buyers and sellers.”
The CBRE report highlights that office property remained the subject of strong interest in the second quarter, particularly in Australia and Japan, and comprised 47% of total investment turnover.
“The past 12 months has seen a rise in investment demand for retail assets in China and Hong Kong, whilst the high yields currently available in the industrial sector continue to attract investors.”
</body></html>

Higher commercial yields to encourage offshore investment in Australia in second half of year despite withholding tax fears: CBRE

<html><body>
Prudential regulator APRA has written to lenders warning them they must accurately report overdue loans to borrowers who have been granted hardship concessions.
The regulator is concerned that lenders have been relaxing their reporting standards in relation to these loans, which can paint a distorted picture of the performance of a lender's loan book.
APRA executive general managers Keith Chapman and Brandon Khoo wrote to banks on August 8 saying there had been instances where lenders were “re-ageing arrears on loans granted such concessions in order to prevent the triggering of collections processes”.
Re-aging refers a to a lender increasing the term of a loan agreement when the borrower has missed one or more payments and changes the account from “delinquent" to “current”.
If a significant number of loans are re-aged, it can make a lender’s loan portfolio appear of higher quality than it actually is.
The letter, seen by the Australian Financial Review, adds that while this practice may be “reasonable from an operational perspective, it can obscure prudent internal and regulatory reporting of past-due and impaired loans”.
The strict approach adopted by APRA comes as banks are required to hold higher reserves of cash under global banking rules, which conflict with consumer rules designed to help borrowers who fall into arrears due loss of a job, illness or other hardship.
In Australia, banks can accommodate these hardships by reducing the interest rate, providing a “holiday” from loan repayments, lengthening the loan maturity, or offering full or partial deferral of interest for a temporary period.
APRA rules require that lenders have a full understanding of its the risk profile of the loans that are re-aged, with the risks appropriately reflected in internal management reporting, provisioning and capital adequacy calculations.
A loan is considered “past due” when at least 90 calendar days have elapsed since the due date of the last required payment.
“These loans may be restored to performing status for APRA reporting purposes once sufficient payments have been made such that the amount owed is less than 90 days’ worth of payments; and past-due loans that are not well secured must be reported as impaired,” APRA said in its letter to lenders.
</body></html>

Lenders must more accurately report mortgage delinquency data: APRA

<html><body>
The old real estate mantra of “the worst house in the best street” stood tall this weekend.
For those who want to have a harmless punt, there's now a tipping website, <a href="https://www.propertytycoon.com.au/" target="_blank">www.propertytycoon.com.au</a>, where punters can guess auction five results in Melbourne and Sydney, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
<img src="/images/stories/2012/08/ravenst.jpg">
In Melbourne the stunning house at 13 Raven Street, Kew (pictured above), failed to ignite the buyers' interest when it was passed in on a vendor bid of $3 million. In the current market buyers are looking for an upside in their investment, but the developers had milked out every drop of value in this property. The property sits on only 350 square metres of land and had been developed to an inch of its life.
In contrast 15 Waratah Street, Haberfield, in Sydney sits on over 700 square metres of land and was so highly sought after one buyer could not wait for the auction and paid $200,000 above the $1.9 million-plus quote. While it is not the worst house in the street, it is dated and offers the buyer some potential to add value.
<img src="/images/stories/2012/08/waratah.jpg">
These results show that regardless of the strength of the property market savvy buyers are always looking for value. In this case value was found in a house with potential on a good plot of dirt!
</body></html>

Latest Expert Insights

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

Guides

Editor's Picks

Guides

Developments

New apartments

New townhouses

News

Latest Expert Insights

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

Guides

Editor's Picks

Receive the latest news stories to your inbox

Guides

Developments

New apartments

New townhouses

News