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?

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A luxury Kew property will be a test of Melbourne’s top-end market this weekend.
For those who want to have a harmless punt, there's now a tipping website, <a target="_blank" href="https://www.propertytycoon.com.au/">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.
One of the five Melbourne properties going to auction this week in round nine of the competition is 3 Raven Street, Kew, one out of the box with pure luxury at every turn. The auction this Saturday will be a test for the top end of the Melbourne market.
The five-bedroom, four-bathroom house was designed by award-winning team of architects Michael Larionoff, Brendan Gonzales of BCG Constructions and Jack Merlo Landscaping. The property is a massive 57 squares (530 square metres) and is perfect for the car lover, with a six-car garage.
To say the property is unique is an understatement, and this makes it very hard to put a value on it. Walter Dodich from Marshall White has been quoting the property at $3 million plus, but the buyers will determine if it is worth that or more.
<img src="/images/stories/2012/08/ravenst.jpg">
If you think you know what it will sell for place a tip at <a target="_blank" href="https://www.propertytycoon.com.au/" rel="nofollow">Property Tycoon</a>.
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Melbourne auction tipping

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The Sydney 2000 Olympics coincided with “a golden era” for real estate in the city. It also raised the profile of Australia to the global audience for the Games and the capacity of Sydney to organise and run what was lauded at the time as “the best Olympic Games to date”.
The event gave Sydneysiders great pride in hosting international visitors and global viewers. It set new standards for the value of the broadcasting revenue and contributed to the increased “value” of the Games to host countries. Furthermore, it created an army of volunteers who contributed enormously to the success of the event. For the period of the Games the trains even ran on time!
In terms of real estate, Sydney’s financial sector was expanding rapidly with the growth of the banking, listed property trust, insurance and professional services sectors. Following the city being awarded the Games in the early 1990s, while unrelated to the win, there was substantial commercial development in the CBD leading up to the Olympics.
Furthermore, there was strong population growth, largely through migration from other states or overseas immigration in response to, and anticipation of, the economic activity in the city and the associated increased awareness of Sydney through global publicity. This led to buoyant residential development, both urban infill and greenfield.
Homebush Bay was selected as the principal sporting precinct, including the athletes’ village, which enabled the remediation and development of an otherwise isolated and contaminated major landholding within the city. The development of the sporting facilities, broadcasting centre, athletes’ village and associated facilities maintained a construction “boom” in the city.
Unfortunately, the site’s master planning, including the public transport infrastructure, was not commercially based, particularly in terms of the post-Olympic legacy. There was more focus on building architectural monuments than considering the post-Olympic integration of the precinct with the broader metropolitan area. While there has been some valuable infill development within the precinct that assists in the activation of an otherwise brick-paved “oasis”, the limited consideration of a commercial strategy, combined with the management of the precinct by government, has constrained the mixed–use development opportunities.
Nevertheless, there has been substantial real estate development outside of the precinct by the private sector, which has been assisted by the Olympics raising the profile of this area in Sydney. The private sector is far more agile and commercial than the state government can be in this development process.
Like many Olympic Games host cities, Sydney continues to pay for the facilities provided in terms of an operating deficit for the Homebush Bay precinct. However, Sydney is fortunate to have the economic capacity to absorb this post-Olympic legacy. The greater issue for Sydney is the limited use of the facilities developed for the Games, which is both a function of the somewhat isolated nature of the facilities, limited accessibility and minimal activation within the precinct in terms of permanent restaurants and entertainment. This is gradually being addressed through the location of sporting teams within the facilities and commercial, associated retail and residential development within the precinct.
There is no doubt that the scale of the Olympic Games can be city changing, particularly in terms of improved infrastructure and public domain in host city CBDs and around the associated sporting facilities. However, there needs to be more consideration of the post-Olympic legacy in terms of contribution to the city. The Olympic Games are typically a “blip” in the lifespan of a city that must work for generations to come. The impact on real estate is minimal.
Wayne Redman is regional director of structured transactions and advisory services at <a target="_blank" href="https://www.cbre.com/EN/Pages/Home.aspx">CBRE</a>. This article originally appeared on <a target="_blank" href="https://olympicsrecord.blogspot.co.uk/">https://olympicsrecord.blogspot.co.uk/</a>
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What hosting the Olympics meant for Sydney's property market

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Developers of apartment projects in Sydney are offering handouts and concessions to encourage off-the-plan purchases from first-home buyers and investors following badly timed changes to NSW government handouts announced in the June budget.
At the time these changes were introduced Meriton boss Harry Triguboff lamented that they would kill off investors “while still not giving birth to the first-home buyers”.
In June NSW Treasurer Mike Baird announced a doubling of the existing first-home owners’ grant from $7,000 to $15,000 and also increased the threshold from $600,000 to $650,000.
However the grant only applies to those buying a new home and only kicks in on October 1.
It provided first-home buyers with up to $35,240 in government handouts when the $15,000 is added to up to $20,240 available in stamp duty concessions available for a 15-month period under the existing First Home-New Home scheme.
This scheme provides exemptions on transfer duty on new homes valued up to $550,000 (a maximum exemption of $20,240) and concessions on transfer duty for new homes valued between $550,000 and $650,000.
A first-home buyer purchasing an apartment valued at $550,000 before October 1 would be eligible to receive $27,240 – but would be eligible for $35,240 under the doubled first-home owners' grant handout.
Baird also introduced reduced incentives for investors and other non-first-home buyers, kicking in on July 1.
Since July 1 investors and other non-first-home buyers can apply for a $5,000 grant for new homes whether purchased off the plan or newly built, with a value up to $650,000. This replaced the previous far more generous NSW home builders' bonus scheme, which provided potential stamp duty saving of $22,490.
Here are six developers currently offering concessions on certain apartment projects:
$8,000 handout from CPM Realty for Ore Apartments
This developer is offering to top up the existing $7,000 first-home buyer grant to $15,000 for those who purchase off the plan in its <a href="https://www.oreapartments.com.au/#/home">Ore Apartments project on Amelia Street in Waterloo</a>. One-bedroom apartments start from $495,000 and two-bedrooms from $599,000.
<img width="470" src="/images/stories/2012/08/smh3.jpg">
Secure for $5,000 now and still get $15,000 grant on October 1 at Clemton Park Village - Australand
Australand is offering first-home buyers the opportunity to purchase <a href="https://www.cpvillage.com.au/index.php" target="_blank">two-bedroom apartments in its Clemton Park Village near Campsie</a>, 13 kilometres west of the CBD, with a deposit of $5,000 and delay exchanging of contracts to October 1 to receive the full $15,000 first-home-owners' grant. Two-bedroom apartments are priced from $498,000
<img src="/images/stories/2012/08/smh2.jpg" width="470">
No stamp duty offer from Becton on Divercity till end of August
To encourage investors who may have waivered following the July 1 changes, developer Becton is offering to pay the stamp duty on all one-bedroom apartments purchased in its <a href="https://www.divercitywaterloo.com.au/" target="_blank">Divercity project in Waterloo until the end of August</a>. Prices start from $445,000.
<img width="470" src="/images/stories/2012/08/smh1.jpg">
No stamp duty offer from TMG till end of August on Genesis apartments
Similarly, developer TMG is offering to pay the stamp duty on all one-bedroom apartments in its <a href="https://www.roseberypark.com.au/project/" target="_blank">Genesis apartments in Rosebery Park</a>, six kilometres from the CBD, until the end of August. Prices start from $483,000.
<img width="470" src="/images/stories/2012/08/smh4.jpg">
Developer to pay stamp duty and $8,000 grant gap to first-home buyers at Allure in Dee Why
Qiantang Investment Group (QIG) and Joy City Property Development are charging no stamp duty on their <a href="https://www.beachsideliving.com.au/developer" target="_blank">joint apartment project Allure in Dee Why</a> on Sydney's northern beaches for first-home buyers that make purchases under $550,000. In addition they will also ensure first-home buyers get the full $15,000 government handout by paying the extra $8,000 on settlement. Two-bedroom apartments start from just under $550,000.
Developer to pay  $8,000 grant gap to first-home buyers at Australian Towers II
Developers Ecove and SOPA (Sydney Olympic Park Authority) are offering to match the extra $8,000 that first-home buyers will receive from October 1 as part of the $15,000 handout in its <a href="https://livelifemore.com.au/">25-storey tower – ATII – in Sydney Olympic Park</a> in Parramatta. The incentive applies to first-home buyers only. One bedroom apartments start from $450,000 and two-bedrooms from $585,000.
A Sun Herald report that Link in Zetland, being developed by Tripod International and being marketed by Ian Bennett from Colliers International, was incentivising first-home buyers or investors with a special August offer has been dismissed as inaccurate.
Bennett says the developer is offering its standard $5,000 to exchange on Link apartments, with the remaining 10% deposit required within 14 days.
 
 
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Incentives on offer as Waterloo developers battle government timelines to entice buyers

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Lend Lease is offering a 10% interest rate on purchase deposits for August buyers at its Studio 9 development in Richmond.
The rate is almost twice the best cash rate on offer by banks.
<img src="/images/stories/2012/06/studio91.jpg">
The current apartment offerings are priced from  about $455,000 to $1.85 million with the stage one apartments due for completion by late 2013 to early 2014.
A buyer who signs a contract to buy a $455,000 one-bedroom apartment with a $45,500 deposit would by the start of 2014 have earned approximately $6,800 while the deposit was accruing interest.
A two-bedroom, one-bathroom apartment at $655,000 with a $65,500 deposit will earn the buyer approximately $9,800 in interest.
A two-bedroom, two-bathroom apartment at $735,000 with a deposit of $73,500 would earn approximately $11,000 in interest.
Previously at Studio 9, buyers were offered interest rates on their deposits in line with cash rates offered by banks.
Typically interest from deposits would go to the developer. A Lend Lease spokesperson says the move does happen occasionally. 
"From time to time, we offer the interest on the deposit at whatever the normal bank rates are that are received in our solicitors trust account."
The current deal ends on August 30, with no caps on buyer numbers.
The Studio 9 development is being built on the former Channel 9 studios on Bendigo Street in Richmond.
The project consists of four stages of townhouses and apartments.
<img src="/images/stories/2012/06/studio93.jpg">
<a target="_blank" href="https://www.studioninerichmond.com.au/">The master-planned community</a> will pay homage to its iconic industrial and broadcast past. The site is a former piano factory, then Heinz canning factory, then broadcast studio.
Lend Lease says once contracts are unconditionally exchanged the purchaser is unable to withdraw from the contract for sale.
REIV’s Robert Larocca says many off-the-plan buyers don't expect any interest on their deposit.
“I think it’s an innovative reaction. It’s something that will help encourage a few more buyers that are sitting on the edge.”
“Off-the-plan buyers generally wouldn’t expect interest, it’s not standard.
"One of the issues for purchasers buying off the plan is they're worried about how long it it will take. They usually won’t earn any interest on their deposit . This marketing would be dealing with that concern."
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Studio 9 Richmond offering buyers a 10% annual return on deposits while awaiting construction

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<div id="profile_stats" style="font-family: Georgia, 'Times New Roman', serif; font-size: 12px;">
CEO, Merivale
Born in: Sydney
Friends: <a href="https://www.thepowerindex.com.au/megaphones/alan-jones" style="text-decoration: none; color: #000000;">Alan Jones</a>
Home Town: Sydney
</div>
Every time multimillionaire bar owner and restaurateur Justin Hemmes pops up in the media, labels like "playboy", "bar tsar", "nightclub tycoon", or (our personal favourite) "mega-bucks bar magnate" often appear before his name.
"I'm getting too old to be a playboy," Hemmes tells The Power Index during our hour-long interview in his plush office overlooking the Ivy precinct on Sydney's George Street. Next to his conference table sits a flamboyant silver crown given to him by his singer pal Jay Kay after it appeared on the front of a Jamiroquai album.
"I think they are just tags that don't go away. I need to come up with something new." Hemmes pauses to think for a second. "Master magician?" he whispers manically.
Not exactly how you’d expect the head of a $500 million food and drink empire to respond. But Hemmes is a master at waving his expensive wand and conjuring up adult Disneylands for Sydneysiders to play in.
Justin’s parents, John and Merivale Hemmes, started Merivale as a fashion house before moving in to property. Under Justin’s leadership it’s morphed into a property and hospitality powerhouse, with over 30 bars, pubs and restaurants that dominate the social pages of Sin City.
"I don’t think there is anybody else in Australia who controls so many restaurants, and so many restaurants at such a high standard," says The Australian’s restaurant reviewer John Lethlean. "If you accept the premise that restaurant control is a level of power, he has a lot of power."
Hemmes argues that it’s the customers who hold the power: "The hospitality industry is a service industry and we try and serve people what they want," he says. "I don't think you can be powerful if you're a servant, it's a contradiction of terms."
If weight equalled influence, Hemmes would be in trouble. He looks on the younger side of his 40 years thanks to his height and skinny frame. All golden skin, styled hair and expensive smile, he’s the living embodiment of Sydney.
And perhaps Hemmes’ greatest power lies in knowing exactly what Sydney wants. "It's not just food," says Hemmes. "It's the environment where you're eating, it's the style of food, how you're eating, also beverages, music, ambiance, design."
All of his venues subscribe to this vision. There’s Ivy, the Palm Springs-inspired play house where the beautiful people come to be fabulous. There’s est., the three-hatted restaurant that serves up modern Australian food in a contemporary setting. There’s Felix, the classic French bistro with a wall of European wines. The list goes on and on.
"The influence of the Merivale group on Sydney's dining and drinking scene is massive, no doubt about that. They've got the golden touch," says wine writer Max Allen.
But even a Midas touch can bring with it a dark underbelly. In 2009 a female customer alleged that she was raped in the bathroom at the Ivy Pool Club (the accused was acquitted after a trial in March this year). Last year a driver employed by Merivale was caught by police with a bag of cocaine in the company’s Rolls Royce Phantom.
Merivale’s private security company Our Security has been embroiled in several scandals, including an incident last year where a 19-year-old patron was restrained face down on the ground and beaten in the street, before bouncers shoved a security vest into his mouth and took him into the Ivy basement and beat him further. The attack resulted in Hemmes backing a NSW government plan for police to monitor nightclub guards.
With publicity often spelling trouble for Hemmes, perhaps it’s no surprise he is reluctant to give interviews. He clearly squirms when asked about anything vaguely personal or controversial (The Power Index: "How do you regard the way the media reports on you and your business?" Hemmes: "does it matter?"). He later adds: "I'm not one to talk about myself, that's why this is unusual".
All of this may seem odd for a man who has made a motza teaching Sydney to party. And yet as soon as the recorder is switched off and the notepad banished to a bag, Hemmes morphs into the consummate host.
As he tours The Power Index around the Ivy and Establishment complexes, female staffers beam at him and male workers desperately seek to shake his hand. An Irish fan stops us to ask for a photo. Hemmes happily obliges. Sydney's cool set may roll their eyes at Merivale opening a new venue every five minutes, but what other bar owner gets this celebrity treatment?
It’s a slick operation. Merivale has in-house workmen who work 24/7, and Hemmes says his favourite part of his work is brainstorming ideas and executing them. That passion becomes obvious when he bounces around the construction site of new dining addition Mr Wong, which when we visit is frantically being finished so it can open in 10 days.
Hemmes names his least favourite part of his work as dealing with his obsessive-compulsive nature and staff who don’t share his perfectionism. Within a minute of walking into his prohibition era style bar Palmer &amp; Co -- he also claims he hates "themed bars" but this sepia-toned speak easy seems pretty damn kitcsh, right down to the staff in flapper outfits and the live jazz singer -- Hemmes is noting problems.
The biggest: a spotlight at the Charcuterie bar isn’t shining on the merchandise correctly. Hemmes whispers into a manager’s ear and staff move frantically.
Once Hemmes has a margarita in hand, his manner softens. He’ s quick to whip out his iPhone to show The Power Index videos of his dog and photos of his silkie chickens (two of whom are named White Russian and Black Russian, of course) that live in his tennis court turned chicken coop.
He goes on to talk about swimming with whales outside his beach house and the time he went diving with great white sharks. He also speaks fondly of his parents and shares his hopes to home school his hypothetical future children. He names Alan Jones as a close mentor, branding the broadcasting trailblazer "the most incredible man I know".
Two hours, three margaritas, one corned beef sandwich and a trip to the airport care of Hemmes' personal driver later (no bags of cocaine spotted), it was official: The Power Index had been Hemmes-ed.
 
This article originally appeared on <a href="https://www.thepowerindex.com.au/" target="_blank">The Power Index.</a>
 
For more on Sydney's present and future, download our free eBook <a href="https://www.propertyobserver.com.au/ebooks/free-ebook-sydney-embracing-the-world-of-tomorrow" target="_blank">Sydney: Embracing the World of Tomorrow</a>
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Bar tsar Justin Hemmes dreaming up Sydney's sexiest food and drink spots

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The receivers of failed fund manager and lender Provident Capital are seeking managers for two of its frozen mortgage funds and have also announced that an “informal” information session will be held for debenture holders on August 13.
Phil Carter, Tony Sims and Marcus Ayres from PPB Advisory, who were appointed on July 3 following a Federal Court order, have placed an advertisement in the Australian Financial Review calling for indicative offers to be the responsible entity and manager of the Provident Capital Monthly Income Fund and the Provident Capital High Yield Fund.
There are around 520 unitholders for both the monthly income and high yield funds, which collectively hold around $32 million of funds under management.
Indicative offers are due by August 21.
This advertisment is part of expression-of-interest campaigns for the sale of part of Provident's assets and business launched by PPB Advisory since its appointment.
PPB Advisory has also announced that an information session for all debenture holders will be held at 10.30am at the Wesley Conference Centre at 220 Pitt Street in Sydney on Monday, August 13.
Victorian debenture holders can attend a telecast of the meeting at the Rydges Hotel, 186 Exhibition Street in Melbourne; Queensland debenture holders can attend  at the Christie Conference Centre Caribbean Room at 320 Adelaide Street in Brisbane; South Australian debentures holders can attend at the Hilton Hotel Victoria Room at 233 Victoria Square in Adelaide (10am South Australian time).
For those debenture holders in Perth, a meeting will be held at the Hilton Hotel Swan Room at 14 Mill Street (8.30am Perth time).
The receivers have stressed this is an "informal information session only".  
"No binding resolutions on the debenture holders will be passed and attendance or non-attendance will not impact your rights or claims as a debenture holder in any way."
As many as 3,500, mainly small investors have about $130 million invested in debentures with Provident Capital.
The receivers have also commenced developing asset management strategies for each non-performing loan and commenced investigation into the affairs of the company and what claims may be available  against third parties.
Around 85% of Provident loans were six months or more in arrears, according to its most recent financial booklet prior to its collapse.
The receivers are currently preparing an application to the Federal Court to confirm the methodology proposed to pay future distributions, but have warned of a shortfall on the principal amount owing to debenture holders and have determined that it would be “inappropriate for any future distributions to include an interest component”.
“Subject to the Court’s approval, to ensure all debenture holders are treated equally, all future  distributions to debenture holders during the Receivership will be made on a pro-rata basis in reduction of the face value of debentures,” say the receivers.
Property Observer has heard from borrowers who have complained that prior to the collapse of the lender, they had received little communication about even basic things such as the size of their debt, while being charged tens of thousands of dollars in roll-over fees.
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Provident receivers set August date for information session and seeks managers for two mortgage funds

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What a special day it was yesterday, a real contrast for me.
I attended my Uncle Phil’s funeral and saw two Aussie women win Gold at the Olympics.
My morning started by watching the awesome efforts of both Sally Pearson and Anna Meares, who won Olympic Gold medals for Australia.
I listened with a tear in my eye as Sally Pearson (100m hurdles) told the camera and everyone around the world, what she had said to herself before her race.
“I want this, it has to be mine...it can’t go any other way...”
These powerful words brought her take the gold. She had already won it in her mind.
Then I heard the story about Anna (sprint cyclist) who in 2008 fractured her neck, dislocated her shoulder and tore ligaments and tendons when she crashed her bike at 65 kilometres per hour.  She was 2mm away from needing life support to breath for the rest of her life.  Here she was today winning gold (beating the Brits, too!).
What struck me about these two women was focus and determination.
Back to my morning. Once I had the kids sorted, I headed off to Uncle Phil’s funeral in Sutherland in Sydney’s south.  I arrived to find the funeral parlour filled with lots of different people: old family friends, air force colleagues and Qantas pilots.  Uncle Phil had served his country in the RAAF then worked as a commercial pilot for many years.  The stories told at his funeral of his tough upbringing in Queensland, unwavering support for the Cronulla Sharks (that’s commitment!) and successful career and family life was touching. Uncle Phil had achieved a lot in his 90 years of life, the word they described him as was “steadfast”.
The inspiration that I received today was amazing, the theme I was seeing for the day was:
Focus, determination and steadfastness
In the morning, I was jumping up and down and full of pride as I watched our awesome Aussie women win gold medals at the Olympics.
Then, later in the day, I found myself reflecting on what has been an equally awesome achievement of my uncle, who I most remember for being pretty hard nosed and strict on us kids, but he was obviously focused, determined and steadfast in order for him to achieve what he did in his life.
My take-out of today is:
<ol>
<li>We can really achieve great things in our life, no matter our circumstances. </li>
<li>All we need to do is focus on our goals and commit to achieving them and stay steadfast. </li>
</ol>
When I started investing in property 12 years ago, my motivation was my family’s future (and still is).  I was pregnant with my first son and realised after reading a life-changing book that if we didn’t take responsibility for our future then we’d end up at the mercy of others (government pensions).
So instead of kicking back and relaxing while pregnant, I studied and sat in lecture halls while my ankles swelled.
Then I worked two jobs so that I could be in a position to borrow enough money to invest and pay my half of our home mortgage. I purchased my first investment property at seven months pregnant and sold it when my son was three months old, netting $120,000.  That was my first property investment experience, and I was hooked.
Not long after my son was born, I also started my own business. My husband worked full time.  As we raised our son and then had another, I grew my business to what is now a very successful property development project management business.
This has not been easy by any means. I’ve stayed steadfast during times when it would have been easy to give up.  I’ve been determined to change our situation and thus our future as quickly as possible.  I knew I couldn’t afford to wait until the kids are older; I needed to increase the momentum, using the time during growth spurts and starting school to invest in property.
I haven’t missed anything vitally important, but I had vitally improved our retirement prospects.
I’ve focused on my goals and 12 years later, I’m achieving great things.  Maybe not as magnificent as those women who won gold, or my Uncle Phil’s, but things I’m incredibly proud of.
Jo Chivers is director of <a href="https://www.propertybloom.com.au/">Property Bloom</a>, which manages property development.</body></html>

jochivers-wq5Bp59R5a

Focused and steadfast in property investment

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Just the six reported property sales at more than $2 million this week, according to RP Data, with <a href="https://www.propertyobserver.com.au/new-south-wales/paddington-bears-the-mantle-of-sydney-s-weekend-top-auction-seller/2012080555868">a four-bedroom $3.25 million Paddington property taking the top spot</a>.
Second place was claimed by a Hawthorn house, Warwoona, set on the top of Scotch Hill with 1,133-square-metre gardens. The house's provenance includes both 1890s and 1920s origins.
{yoogallery src=[images/stories/2012/08/aug8edward]}
In third place was a two-bedroom house in the Melbourne suburb of Kew (pictured above). The Edward Street house was the single-level house designed in the 1960s for Nobel Prize-winning virologist Sir Macfarlane "Mac" Burnet.
It was described by Jellis Craig selling agent Chloe Quinn as "beautifully modernised," but it is likely to be demolished.
Jellis Craig director Alastair Craig says the property was bought for its land, attracting keen offers from three bidders.
The 600-square-metre holding within the Sackville estate set a land value record when last sold 14 years ago. Property Observer understands it last sold in 1998 for $560,000.
The weekend price represented about $3,666 a square metre, which Craig speculates could be a new record.
Burnet was awarded the Nobel Prize for medicine in 1960 for his work concering immune response. He was a founding member of the Australian Academy of Science and was its president from 1965 to 1969.  
Three of the top 10 sales this week were in New South Wales, with Victoria accounting for four and one each in the ACT, Northern Territory and South Australia.
1. <a href="https://www.myrp.com.au/n/52-gordon-street-paddington-nsw-2021/myrp-490?propertyId=5267229">52 Gordon Street, Paddington, NSW, 2021</a>, four-bedroom house, sold at auction on August 4 by McGrath Estate Agents for $3.25 million
2. <a target="_blank" href="https://www.myrp.com.au/n/9-wellesley-road-hawthorn-vic-3122/myrp-490?propertyId=11196387">9 Wellesley Road, Hawthorn, VIC, 3122 </a>four-bedroom house sold at auction on August 4 by Marshall White for $2.51 million
3. <a href="https://www.myrp.com.au/n/13-edward-street-kew-vic-3101/myrp-490?propertyId=11351411">13 Edward Street, Kew, VIC, 3101</a>, two-bedroom house, sold at auction on August 4 by Jellis Craig for $2.2 million
4. 187 O'Sullivan Road, Bellevue Hill, NSW, 2023, four-bedroom house, sold at auction on July 31 by Di Jones Real Estate for $2.2 million
5. <a href="https://www.myrp.com.au/n/2-nicholson-street-hawthorn-east-vic-3123/myrp-490?propertyId=11200840">2 Nicholson Street, Hawthorn East, VIC, 3123</a>, three-bedroom house, sold at auction on August 4 by Kay &amp; Burton Hawthorn for $2.125 million
6. <a href="https://www.myrp.com.au/n/18-clive-road-hawthorn-east-vic-3123/myrp-490?propertyId=11198808">18 Clive Road, Hawthorn East, VIC, 3123</a>, three-bedroom house, sold at auction on August 4 by Kay &amp; Burton Hawthorn for $2.005 million
7. <a href="https://www.myrp.com.au/n/13-scarborough-street-red-hill-act-2603/myrp-490?propertyId=1136695">13 Scarborough Street, Red Hill, ACT, 2603</a>, six-bedroom house, sold at auction on August 4 by McGrath Estate Agents for $1.88 million
8. <a href="https://www.myrp.com.au/n/5-cooper-street-double-bay-nsw-2028/myrp-490?propertyId=2116903">5 Cooper Street, Double Bay, NSW, 2028</a>, three-bedroom house, sold at auction on July 31 by Bradfield Cleary Real Estate for $1.82 million
9. <a href="https://www.myrp.com.au/n/13-conigrave-street-fannie-bay-nt-0820/myrp-490?propertyId=1198802">13 Conigrave Street, Fannie Bay, NT, 820</a>, four-bedroom house, sold prior to auction on August 4 by Colliers International Darwin for $1.82 million
10. <a href="https://www.myrp.com.au/n/47-third-avenue-saint-peters-sa-5069/myrp-490?propertyId=10444537">47 Third Avenue, St Peters, SA, 5069</a>, four-bedroom house, sold at auction on August 4 by Toop &amp; Toop Norwood for $1.765 million
 
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Kew 1960s Macfarlane Burnet home set for demolition after $2.2 million weekend auction

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Nearly 11,000 square metres of A-grade commercial space at the base of the twin-tower Oracle development in Broadbeach on the Gold Coast has been listed for recievership sale, with the market estimating a sale  around $50 million.
The listing of the commercial space comes as a new report by the Property Council of Australia finds that the office vacancy rate on Broadbeach tightened noticeably over the first six month of the year from 16.8% to 11.1%,  well below the 21.5% vacancy rate for the Gold Coast office market as a whole.
This time last year, the Broadbeach vacancy rate was 30.3%.
The office and retail precinct of The Oracle comprises four detached buildings known as Oracle North, Oracle South, Oracle East and Oracle West, centrally serviced by Oracle Boulevard and bounded by Charles and Elizabeth Avenues and Surf Parade.
<img src="/images/stories/2012/08/oracle.jpg">
The commercial precinct forms the base of the troubled residential development which comprises 507 luxury apartments across two towers.
The A-grade office component, comprising 6,731 square metres of net lettable area over two levels, is fully leased with 22 separate tenancies, including leases to Gold Coast Tourism, listed housing developer Villa World and radio station operator Southern Cross Austereo.
The retail space has 4,005 square metres of net lettable area, with leases to fashion retailers Mimco and Witchery, as well as restaurant chains Max Brenner, Bavarian Bier Café, Crust Pizza, Guzman Y Gomez and Mecca Bah.
The commercial precinct is being sold by Mark Witheriff and Rem Rafter of CBRE through than expressions-of-interest campaign targeting both national and international markets, including Asia, where it will be promoted via a roadshow.
The 100% A-grade office occupancy rate at The Oracle contrasts starkly with the overall state of the Gold Coast office market, which has the highest office vacancy rate in Australia, according to the latest Property Council report for the first six months of 2012.
The Gold Coast office vacancy rate tightened marginally in the first six months of the year from 22% to 21.5%.
However, it is still more than double that of the Brisbane fringe market (8.5%) and Brisbane CBD (7.9%).
And it remains well above the next worst performing fringe market – the Sydney fringe market of Chatswood, where the vacancy rate eased from 10.7% to 13.7%
“A total of 4,292 square metres was added [on the Gold Coast] over this period, which was almost balanced out by withdrawals of 3,453 square metres and absorption of 2,723 square metres,” says Queensland executive director of the Property Council of Australia Kathy MacDermott.
“All grades, except for B-grade, experienced slight vacancy decreases over this period.”
“With only 1,723 square metres due to come online in the second half of 2012, this should provide the market with further room for absorption.”
Prospective buyers of the Oracle will take note that the Property Council report recorded vacancies tightening noticeably in Broadbeach over the six-month period from 16.8% to 11.1%, significantly lower than the 30.3% vacancy rate recorded at the same time last year.
This was in contrast to other office locations.
“The Southport and Robina-Varsity Lakes markets experienced little change, with decreases of 0.7 and 1 percentage points, respectively,” says MacDermott.
“Both Bundall and Surfers Paradise saw vacancy increases, with Bundall up by 0.8% to 32.1%, its highest level in more than 19 years.
“The Surfers Paradise vacancy rate increased by 1.6 percentage points over the six months, to reach a staggering 28.5%.”
“While certain markets across the Gold Coast remain depressed, Broadbeach is edging towards healthy vacancy levels. As work on major projects such as the Commonwealth Games and the Gold Coast Rapid Transit increases, this will help the market will begin its gradual recovery,” she says.
Witheriff calls the Oracle “one of the most vibrant mixed-use developments in Australia and a proven drawcard for quality commercial and retail tenants”.
“The strong cashflow supported by the national and international tenants with long-term leases has made this world-class precinct a proven performer even in a challenging market,” he says.
The $850 million Oracle project was developed by South Sky Investments, a subsidiary of  Niecon, part of the Nikiforides Group.
It has been in the hands of receivers KordaMentha since December 2010 after the Nikiforides family's Niecon business ran into trouble when a financier withdrew from the project.
A sales campaign to sell the remaining apartments within the two towers commenced in December last year.
Sales have picked up recently, led by interest from local buyers. Gold Coast residents have bought $20 million worth of the 505 apartments.
Peppers Retreat, Resorts and Hotels has been given letting rights to Tower 1, which has been renamed Peppers Broadbeach.
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Oracle commercial precinct on Broadbeach listed with $50 million hopes, with Gold Coast office vacancy rate at 21.5%

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It took Johnson Controls a year to remove, retrofit and replace each of the Empire State Building’s 6,514 double-hung, dual-pane windows – 26,056 panes of glass in total. It was all part of a three-year project that has made the 1930s-era skyscraper – arguably the most famous in the world – among the most energy efficient buildings in the world as well.
The revamp also cut the 102-storey building’s energy bill by around US$2.5 million a year, meaning the US$13 million retrofit will pay itself off in only three years.
But it was a major challenge, given the building’s age and heritage status for Johnson Controls, a huge US-multinational specialising in retrofiting commercial buildings.
Johnson Controls has a long history in Australia and has also been responsible for retrofitting major building spaces in Australia, including the Gateway Plaza and Tower overlooking the Sydney Opera House and Harbour Bridge.
Other Australian projects include retrofitting of 83,000 square metres of property owned by the Victorian Department of Treasury &amp; Finance to reduce energy use by 33%, water use by 8% and greenhouse gas emissions by 9,400 tons annually.
But the Manhattan landmark was arguable the company's greatest green challenge.
<img src="/images/stories/2012/08/empirestate3.jpg">
“The Empire State Building is a historical landmark so you can’t change the look,” Clay Nesler, vice president of global energy and sustainability for Johnson Controls, tells Property Observer.
This meant Johnson Controls had to use the existing unpainted red window frames, dating back to the Empire State's construction in 1931.
The windows were never meant to be red, but because the building was constructed at the height of The Great Depression they were never painted (to save costs) and the original primer colour remains today as a distinctive part of the look of the skyscraper.
To better insulate the building, contractors had to insert an extra spacer into each window and fill this with an inert gas.
“Every day 75 windows came down and 75 new ones went up – it took us a year just to the do the windows,” Nesler says
The process paid off, with the insulation provided by the new window design removing the need to undertake a costly retrofit of the 1931 air-conditioning “chiller” plant in the building.
Replacing the windows was one of eight energy-efficiency improvement measures implemented by Johnson Controls in a project that kicked off in 2008.
Johnson Controls also implemented a new tenant energy management system, which allows every tenant in the building to monitor (via an online system) the amount of energy they are using over any period of time and compare their energy use to other tenants.
“So accounting firms can compare themselves with other accounting firms in the building,” says Neslor.
The success of the Empire State Building project comes as Johnson Controls releases the results of its latest Efficiency Indicator (EEI) survey showing that plans for green building certification in Australia grew about 50% last year.
According to the 253 Australian facility managers, building executives and owners surveyed, more than a quarter (27%) plan to pursue green certification on new construction projects and 41% plan to certify existing buildings.
 
<hr class="system-pagebreak">
 
Nesler says the results show that energy management is growing in importance for Australian building executives with 79% describing energy management as very or extremely important to their organisations, up from 63% in 2011.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/es.gif"><img src="/images/stories/2012/08/esthumb.gif"></a>
Source: Johnson Controls
It also found that just over half (52%) of Australian respondents have invested in energy efficiency in the past year, and 35% have invested in renewable energy – both below the global averages (63% and 36% respectively).
Another interesting local result was that Australia, alongside the UK, was the only market in which respondents cited asset value as a top-three motivator for efficiency behind energy cost savings and government and utility incentives or rebates.
According to the survey, Australia’s top three energy efficiency measures adopted in the past 12 months included: lighting improvements (67%), water efficiency improvements (57%), and heating, ventilation, and air conditioning (HVAC) improvements (50%).
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