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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The Gold Coast’s population could rise by 135,000 people over the next 10 years. Past trends suggest this means that between 50,000 and 55,000 new dwellings will need to be built over this 10-year period.
Also (and despite the recent 2011 Census babble – a topic for a future missive), it is unlikely that there will be any meaningful change in the composition of the household structure on the Gold Coast over the next decade. For example, the proportion of couple households without children is projected to increase from 30% today to just 31% by 2021. Similar minor shifts are forecast across all Gold Coast household types. This is largely because three quarters of the population growth on the coast comes from migration and most migrants to the region are young.
Also, the rate of natural increase (ie. births over deaths) has more than doubled across the Gold Coast over the last 10 years. In the early 2000s, natural increase accounted for just 10% of the population growth across the coast. Last year its contribution rose to 25%. This significant increase in births is likely to boost demand for new and affordable detached housing on the Gold Coast in coming years.
Official statistics also suggest that two of the largest growth segments on the Gold Coast over the next decade will be those aged between 25 and 40 years of age and those aged in their late 60s to early 80s. Many, in both demographic growth groups, will be financially constrained.
The younger segment will be looking to buy their first home, and the older group to potentially downsize. Affordable housing options will have the most appeal. Both groups are expected to take a 25% market share of the population growth projected across the Gold Coast over the next decade.
Some recent new housing trends:
<ul>
<li>Just over half (53%) of the new dwelling approvals over the past seven years across the Gold Coast have been for detached houses. Yet over the last two years, detached housing market share has increased to over 60%.</li>
</ul>
<ul>
<li>Close to two-thirds of the “other dwellings” approved across the Gold Coast, again over the last seven years, have been multi-storey apartments, and most were either in Surfers Paradise or in Southport. Many target the short-term tourist market. Just one-third were townhouses. Townhouses are much more affordable than apartments and are typically built for permanent residents. In previous decades (the 1980s and 1990s), most (over 60%) of the attached product approved on the Gold Coast was townhouses. This provided an affordable housing option, which is currently missing on the Gold Coast.</li>
</ul>
<ul>
<li>Two-thirds of the detached houses approved on the Gold Coast are on allotments sized between 450 and 800 square metres. Just under half are still on land between 600 and 800 square metres in size.</li>
</ul>
<ul>
<li>Over the last nine years (calendar 2002 to 2010), there have been 30,500 residential lot approvals (including building units and community title schemes) across the Gold Coast. Over three-quarters (77%) of these have been approved in larger developments with over 50 or more dwellings. Just one-in-six (16%) have been in projects containing between 21 and 50 dwellings and just 6% in projects holding fewer than 20 dwellings.</li>
</ul>
<ul>
<li>Fewer new dwellings, including attached product, are actually being accommodated in “infill” areas across the Gold Coast. Three years’ worth of data now exists in that regard and it shows that in 2008, 72% of the total new dwellings approved on the Gold Coast were within the city’s existing urban area. During 2009 this proportion fell to 57% and during 2010 it was just 51%.</li>
</ul>
Further observations
The existing demographic make-up of the Gold Coast, and in particular its emerging shape, strongly suggests the need for more detached housing. In addition, there are not enough alternate – and more affordable – housing types being supplied onto the Gold Coast market. These alternate housing types include not only townhouses, but terrace homes, “plexes” and in some cases, suburban-based apartment product.
Current trends suggest that the Gold Coast will not be able to accommodate the projected population growth within its existing urban area.
Most of the new development across the Gold Coast takes place within large developments. Increasingly, such large-scale developments cannot be accommodated in “infill” situations. Fragmented ownership plus, now, the rise of NIMBYism, has limited the number of economic development opportunities within the Gold Coast’s existing urban area. Higher purchase costs, smaller dwelling sizes and buyer/end-user profiles are also making new “infill” development less suited to most Gold Coast residents.
The Gold Coast needs to increase its supply of affordable new housing. This needs to be supplied in locations where permanent residents can afford to buy or rent. This can, increasingly, only be achieved outside of the existing urban area and on green-field or broad hectare sites within the urban footprint and in well-serviced locations.
In the immediate and short-term, the market will not bear the entrenched approach, which focuses much of this attention on delivering attached unit dwellings in close proximity to the coast. A better approach would allow for current market conditions (and emerging demand) by leaving open the possibility of more detached housing-based developments.
The irony is that the Gold Coast is actually one of the most undersupplied housing markets in Australia. What is supplied has very little demand, and way too much of it is focused around lifestyle and the discretionary spend. Not enough supply is focused on real life.
The Gold Coast needs to start thinking like a capital rather than a tourist destination or sea change location.
Michael Matusik is the founder of <a target="_blank" rel="nofollow" href="https://www.matusik.com.au">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.  Readers can follow <a target="_blank" rel="nofollow" href="https://www.matusikmissive.wordpress.com">Michael's blog</a> or follow him on <a target="_blank" rel="nofollow" href="https://www.twitter.com/michaelmatusik">Twitter</a> – five tweets a day, some of which are on the property market.
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The Gold Coast needs to think like a capital rather than a tourist city: Michael Matusik

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Buyers still hold the balance of power when it comes to buying homes according to the May quarter update to the Commonwealth Bank-RP Data Home Buyer’s Index (HBI) with Sydney still rated as a buyers market while Melbourne is rated as balanced.
While conditions favour buyers, the latest index shows a modest improvement over the past quarter as the volume of stock available has eased. The index sits just below 100 – indicating a balanced market – having dipped in favour of buyers since the start of the year.
Queensland and Tasmania are rated as extreme buyers’ markets – as they rated in the February index – with conditions “well and truly skewed towards the buyer”.
Brisbane is a more balanced market than its corresponding state market, rated one notch down as a buyers’ market.
However, Hobart matches Tasmania as an extreme buyers’ market – the only combined state and capital city market to be heavily skewed in favour of buyers.
No state or capital city market is rated as a sellers’ market, with Victoria the only state market where conditions have improved in favour of sellers – going from a buyers’ market to a balanced market, matching Melbourne, which is also rated a buyers' market.
The other balanced markets are Canberra and the ACT with Sydney, Adelaide and Perth rated as buyers' markets.
Darwin is the only capital city where conditions have improved in favour or sellers – also going from a going from a buyers’ market to a balanced market.
The report notes that total advertised stock levels continue to outweigh the number of home loans funded, “suggesting buyers should have a reasonable amount of leverage when it comes to negotiating on the purchase of a home”.
While Queensland and Tasmania market conditions well and truly favour buyers, “at the other end of the spectrum Victoria and the Australian Capital Territory are experiencing more balanced market conditions with vendors and buyers relatively evenly matched”.
“At a capital city level conditions typically indicate that the market is in favour of the buyer. Again, Melbourne and Canberra are the outliers along with Darwin, with conditions proving to be balanced.”
Commentary on the state capital city markets is:
Sydney (Buyer’s market): Sydney's selling conditions have improved slightly over the last quarter, however buyers remain better positioned in negotiations than vendors. Given these conditions vendors will likely have to set more competitive prices in order to attract purchaser interest.
Melbourne (Balanced market): Market conditions across Melbourne are relatively balanced with the number of homes available for sale broadly in line with buyer demand over the past quarter. Conditions still slightly favour buyers rather than sellers and vendors will need to keep this in mind when trying to sell their home.
Brisbane (Buyer’s market): The ratio of supply to demand in Brisbane has not changed over the quarter with conditions continuing to favour buyers, with the amount of housing supply outstripping the number of buyers that are active in the current market. Buyers remain in a strong negotiation position and vendors will need to be realistic about their price expectations.
Adelaide (Buyer’s market): Housing market conditions across Adelaide continue to favour buyers rather than sellers, however there has been a noticeable improvement in selling conditions over the past quarter. Those people looking to buy homes in Adelaide hold a slightly superior position in negotiations to those looking to sell in the current market.
Perth (Buyer’s market): Prospective home buyers in Perth remain in the driver’s seat, with the number of homes for sale still outweighing effective demand. The Index suggests that buyers are enjoying a stronger position when it comes to settling on the purchase price, however conditions for sellers have shown modest improvement over the past quarter. Sellers will still need to be realistic in their price expectations in order to make a sale.
Hobart (Extreme Buyer’s market): The index for Hobart shows market conditions remain well and truly in favour of the buyer and have shown only a slight improvement over the past quarter. These conditions suggest increased scope for price negotiation in the current market. Effective supply is continuing to outweigh effective demand which is likely to result in a superior negotiation position for buyers.
Darwin (Balanced market): Conditions across the Darwin housing market have improved in favour of the seller over the last quarter and now show a market that is reasonably balanced. Should vendors hope to successfully sell their property they will still need to set their price appropriate to the current market in order to attract buyer interest.
Canberra (Balanced market): Across Canberra, buyer demand and the supply of housing available for sale is relatively evenly balanced with conditions slightly favouring the seller. Over the past quarter there has been very little change in selling conditions. The current HBI reading shows a balanced market with buyers and sellers evenly matched.
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Queensland and Tasmania the most extreme buyers’ market, with conditions balanced in Victoria and the ACT: CBA-RP Data

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This 10-seat formal theatre room is part of a five-bedroom Dalkeith home, <a target="_parent" href="https://www.realestate.com.au/property-house-wa-dalkeith-109542401">The Manhattan</a>.
The house comes with a communications centre, separate casual and forming dining areas, a formal library and a full wet bar.
The brand new home was built by multi-award winning Zorzi Builders, who believe modern homes have at least one key theme dictating the design.
To some it is generalised as "entertainment", of either a resort feel with various bodies of water and lush landscaping, a "food lovers" paradise of kitchens and alfresco dining, or dedicated spaces for the enjoyment of music and film. Or, combinations of these elements and more.
Zorzi believes home theatres have replaced the television and radio sitting atop a piece of furniture in the lounge rooms of old.
The property has $10 million-plus hopes through Libby Bridge at Area Team Real Estate Subiaco.
<img src="/images/stories/2012/07/hometheatre2.jpg" width="470">
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Popcorn and property: Australia's third best home cinema in Perth Zorzi-built home

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Shopping centre landlord GPT is backing its portfolio of regional shopping centres to continue to perform strongly, despite the threat posed to vacancies and rental revenue from online retailing, according to a report by credit rating agency Moody’s
<a href="https://www.propertyobserver.com.au/news/westfield-gpt-best-placed-to-deal-with-online-threat-but-still-facing-concerns-over-vacancies-and-rental-growth-moodys/2012073055780">The Moody’s report warned that online shopping and the high Australian dollar</a> could impact on vacancy rates and inflation-adjusted rental increases for retail REITS including GPT and Westfield.
Responding to the Moody’s report, Mark Fookes, GPT’s head of investment management, says the company “believes in the future of retail as a strong investment class”.
“We are confident our retail portfolio will continue to deliver solid income growth as GPT continues to actively evolve the tenant mix, invest in complimentary technology, and focus on enhancing the customer experience,” he says.
“GPT believes quality regional shopping centres which dominate their trade area will continue to outperform other retail asset classes.
“Quality regional centres provide the benefits of strong tenant demand; tenant diversification; a broader retail offer including entertainment and leisure; and flexibility to evolve the retail offer and enhance the customer experience.
GPT has a 60% of its property investments in the retail space, including the Highpoint shopping centre in Melbourne’s west, the 10th biggest mall in Australia and currently being expanding.
Fookes also highlighted that 95% of GPT’s retail portfolio is made up of regional shopping centres, one of the highest proportions of its peers.
Moody’s expects regional centres to show greater resilience than sub-regional and neighbourhood centres, particularly those that “provide a broad range of offerings, including entertainment, restaurants and services, are more likely to be able to continue to attract tenants than smaller and more narrowly defined centres”.
“In addition [to our high exposure to regional shopping centres], 86% of our retail portfolio income is underpinned by structured rental increases of 4.5% in 2012,” Fookes says.
Westfield declined to comment on the Moody's report, deferring to its interim results, which will be released on August 16.
GPT will release its full results on August 27.
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GPT confident retail property portfolio will continue to deliver strong returns and rental growth

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Australia doesn’t rank badly on a global scale when it comes to market transparency. In detailed surveys conducted by Jones Lang LaSalle, we consistently rank in the top three from 81 assessed markets across America, Europe, Asia Pacific, the Middle East and North Africa.
For those interested, the survey covers performance measurement, market fundamentals, listed vehicles, regulatory and legal environments and most importantly, ethical standards among professionals hired to transact business. As Jones Lang LaSalle correctly stress on their website, rising levels of transparency are essential in terms of attracting both local and foreign investment.
As stated in their report, they “take the view that a highly transparent market is not only fairly free from corruption, it also has readily available information and operates in a fair and consistent manner”.
However, if you took this on face value without further investigation, you could have been fooled – along with many others – that pre-GFC America contained a healthy real estate environment. In 2006 for example (at the sparky end of the boom) the US ranked only second in their index – one step behind Australia. It clearly shows that “transparency” is not the sole answer to stability, nor is it an adequate measure of a “fair and consistent” atmosphere.
Despite Australia’s high ranking, there’s ample room for improvement. Our property market’s estimated value is in excess of $4.5 trillion, with the measure of household debt to disposable income sitting around 150%. In light of this, there have been calls for an increased level of “independent” government administered regulation over the whole industry. However, it’s important to understand it’s not a lack of regulation that has locked increasing numbers out of home ownership; rather it can be directly attributed to bad regulation and poor government policy (FHOG, negative gearing and so forth).
For the average Joe on the street, sourcing accurate sales data is generally only available at a cost. Statistics can only give broad indications of market sentiment providing you also take into account various external factors which can distort the data. Market research is important, however it never accounts for individual circumstance and neither is it sight for the blind. There are always risks associated with any investment; however property isn’t an item just to be traded like stocks and shares. It’s a vital commodity essential for our very survival – something that’s often forgotten by the broader offshoots of the industry – and with this in mind, we need to keep a “moral” head when discussing an “amoral” property market.
Attributed to the increasing costs of home ownership, there’s been a need to create a kind of property welfare system for those who are unable to afford the luxury. Governments have historically grappled with the question of providing safe and secure shelter for their rising populous – the answer unfortunately has too often resided in the provision of easier access to debt. The latest scheme comes from the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2012-07-26/no-deposit-home-loans-offered-election-campaign/4156198?section=nt">NT Government</a> who have devised a plan for first home buyers to borrow up to $750,000 with no deposit or mortgage insurance applicable. Even Santa can’t offer such a deal. Once again, we’re enticing vunerable prospective first time buyers to overpay and over extend their borrowing capacity.
In Australia, the limited areas of habitable land have ensured most are forced to situate close to the major capitals. In essence, Australia’s population are trying to squeeze into cities on the same par as London with prices to match – it’s unsustainable – (hence why levels of ownership are now falling).
In the UK and Europe, the emergence of satellite towns linked by rail networks and major transport routes has dispersed the population over the available regional land mass. Schools, town centres, factories, small businesses followed and, for a time comparatively affordable options shone a light for the urban sprawl. I’ve written previously regarding Australia’s determination (intentional or otherwise) to keep its population contained in tight donut circles surrounding the major capitals and failing to invest in the necessary infrastructure to provide alternative regional options. The success – or rather lack thereof – has in part lead to our so-called “housing shortage” and stubborn 5% national vacancy rates. In short, we have plenty of “roof space”, but a severe lack of “affordable” roof space.
This has resulted in an intense squeeze around existing transport arterials and ageing rail networks, along with accusations of “NIMMYism” for owners who entered the market early, and are vainly trying to protect their assets and neighbourhood landscapes, which inspired them to take out their large mortgages initially.
There’s no balance to the question of affordability, however one thing is evident – the tremendous cost of accommodation (rental or otherwise) is an impending tower of doom for future home owners and renters alike. Unless we address it from the ground up, bandaged systems made up of incentives and grants – which inflate, rather than stabilise the market – along with poor modes of development, simply sets a proportion of Australia’s population up for an almighty fall, when our “luck” runs out.
In the US, the key to the rising bubble of property debt was to keep interest rates low, ensure the job market remained stable and increase vehicles of lending forever buoyed on by the excitement of capital gains (dreams of future wealth)… sound familiar?
The formula was perceived “safe”, however encouragement of overinvestment in the property market (high leveraging) for a broad proportion of the population not only broke the rules of “risk management”, but failed to encourage a properly administered diversification of asset management. Property can be a great investment as part of a balanced portfolio, providing its primary purpose is never ignored and providing debt is managed.
The evolution of their poorly regulated financial system, which propped up a broken model of illusionary wealth, has resulted in meteoric demise, crashing the price of housing and plunging a large proportion of America’s population into comparative poverty.
The US may yet work its way into a new financial system based on safer and less greedy foundations, however, in the meantime, residents struggle with negative equity, thrown out of housing they can no longer afford, yet housing that no longer holds value to the financial institutions who were prepared to fund the acquisition in the first place. The housing sits empty while the homeless seek shelter – a bizarre situation.
Bob Carr may have been “untactful” in his commentary on the US, however his out of context statement was in part correct. The perception of America being in decline has been reiterated from many corners – why deny it? They’re not without hope, but as with Australia, they’re without strong leadership. There’s a long road ahead and hard lessons to learn for our friends in the US – lessons we must take heed of.
In an ideal world we could perhaps come to a new understanding of wealth – wealth not driven by greed, but rather by need. A world which does not constantly push us to buy and trade items of status; but teaches us to respect and save for items of necessity. A world that provides – or more importantly saves – for the needs of all – rather than panders to the greedy side of human nature. Most importantly, a world with a system of finance allowed to fail when greed takes hold so the hard lessons are learnt. Rather than being propped up by government policy, tax payer dollars and the never ending creation of complex financial structures which permit it to evolve to monstrous proportions, which places a broad proportion of the population with no choice but to borrow a life time’s worth of debt for the sake of shelter. We’re not winning – we’re burdening our future generations with insurmountable mountains of debt.
If we only regard property as a commodity to be bought and sold for profit, rather than taking a broader, more rational approach to the larger question of affordability, then relying on our ruling powers – whose motivations have a vested interest in maintaining the vote of some 1.1 million negatively geared property investors – to create increasing methods of regulation on the industry as a whole, we won’t solve the problem of a slow demise in ownership and increasing levels of mortgage stress.
Surveys conducted in the US at the start of the financial crisis, demonstrate the tremendous reliance the majority had in complex financial systems governing powers had not only allowed, but also regulated. Pyramids of intricate financial structures you’d need a master’s degree to understand. All were based on “assumed” prospective wealth. All claimed to act in the best interests of the client. Few people questioned the wisdom of borrowing outside of their means – refinancing every three years to keep the “honeymoon” going. Less questioned the future prospects of their investment. They were allowed to do it by way of Government policy and regulation, therefore it inspired the perceived quality of safety
There’s a kind of foolish assumption that there’s nothing safer than bricks and mortar. In the US, if the buyer defaults, they walk away, however they can’t take the house with them; in the eyes of the lender, they could simply recover any outstanding debt by selling the house and riding on a boom of ever increasing debt. Consequently, it’s now possible to purchase properties in the US which were once priced in excess of $400,000 for as little as $1000. The fall has been hard – but have we learnt?
Some have suggested labelling everything data providers publish as constituting financial advice, thereby holding them liable for the consequence of poor individual choices resulting from a narrow “uneducated” reading of the data. However, this heralds a very real risk of shutting the lips of providers and financial commentators all together, which would effectively silence a free and open flow of information. This is vital if we want to keep channels of transparency open and not locked behind closed doors. Rather we need the requirement of “fee for service” models across the whole property and finance industry to reduce conflicts of interest.
Rather, the real key to the stability in a democratic society which encourages competition in the market place, doesn’t just come from good’ regulation, it requires self regulation, which in turn cannot evolve without a strong foundation of quality education – education many adults have grown up lacking.
From my own experience, by the time most first home buyers think about purchasing they’re in their mid- to late-30s, have been looking for around 12 months (or more) and know little regarding the sales transaction process, let alone the principals of good long term planning. Some come with no conception they even need a solicitor, and few have basic knowledge of what a pre-approval really means.
They look upon sales agents with suspicion, imagine they all earn in excess of $100,000 – with most failing to understand that the sales agent works on behalf of the vendor. Being encouraged to pay over and above the listed price range is not a sales agent “making you pay too much” it’s the sales agent doing what they’ve been engaged to do.
Basic lessons in property transaction, the Australian sales process, and principals of saving and budgeting won’t come from The Block, Escape to the Country, Location, Location, Location or Grand Designs, which all sell “the dream” while sheltering viewers from the bleak reality. It’s commendable that the government has slowly introduced financial literacy into schools as part of the national curriculum; however it doesn’t go far enough.
Without exception, property is the most expensive acquisition most will make in a life time – financial literacy models need to cover more than simply spending and saving, they need to cover evaluation and transaction in the property industry, as well as the principles of diversification.
Estimating the current level of literacy is hard at the best of times. However, in <a href="https://www.anz.com/resources/3/9/392786004d2fa9b6bc40bc766a918285/ANZ-MediaRelease-20081008.pdf">the ANZ Survey of Adult Financial Literacy</a> the ABS were cited as saying: “More than half the Australian population aged 15 to 74 lacked the literacy and numeracy skills necessary to meet the complex demands of everyday life and work in the emerging knowledge-based economy”.
That’s a frightening statistic and flags a call of arms to do more than cover the basics.
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition. 
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Why we need to be teaching the basics of property acquisition in schools: Catherine Cashmore

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Interest rate cuts in May and June have failed to translate into a rise in mortgage lending, according to private credit data released by the RBA today, with mortgage growth still at record lows.
Housing credit increased by 0.3% over June, following an increase of 0.3% over May – despite 75 basis points being cut from the cash rate over the two months (50 basis points in May and 25 basis points in June) taking the cash rate from 4.25% to 3.5%.
Loans to owner occupiers grew by just 0.2% over June - the smallest increase in lending to this sector for RBA records going back to 1990 while investor mortgage growth was higher at 0.5% for the month.
Over the year to June, housing credit rose by 5.1% - the lowest annualised rate of growth dating back to 1977.
Total credit provided to the private sector by financial intermediaries rose by 0.3% over June 2012, after rising by 0.5% over May. Over the year to June, total credit rose by 4.4%.
The June reading was below the median of 0.4% growth forecast by economists polled by Bloomberg last week.
Other personal credit decreased by 0.2% over June, after increasing by 0.1% over May. Over the year to June, other personal credit decreased by 1.5%.
Business credit increased by 0.5% over June, after growing by 0.8% over May. Over the year to June, business credit increased by 4.4%.
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No interest rate bounce as mortgage lending up just 0.3% in June

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The number of dwellings approved for construction fell 2.5% in June in seasonally adjusted terms, according to latest ABS estimates, following a rise of 27% in the previous month.
Economists polled by Bloomberg last week had forecast a much bigger 15% month-on-month fall in building approvals in June.
Nevertheless, the results will disappoint the residential construction sector.
The biggest monthly fall in dwelling approvals in June was recorded in Victoria (-14.6%).
There were, however, strong gains in the mining states with Western Australian approvals up 28.9% followed by Queensland (18.0%)
Smaller gains were also recorded in Tasmania (9.2%), New South Wales (7.7%) and South Australia (4.1%) in seasonally adjusted terms.
The detached housing sector remained weak.
Approvals for private sector houses fell 1.1% in June and are down 9.1% year-on-year with the monthly fall led by  New South Wales (-4.5%) and Victoria (-3.3%) but rose in Queensland (5.3%), Western Australia (4.4%) and South Australia (0.4%).
The value of total building approved fell 9.8% in June, in seasonally adjusted terms, after rising for 2 months. The value of residential building rose 0.2% while non-residential building fell 22.3%.
The Housing Industry Association noted the approvals update was a "reasonable result at face value."
The HIA chief economist, Harley Dale said the decline of 2.5% in total seasonally adjusted building approvals in June 2012 looked "modest" in the context of the 27% jump which occurred the previous month."
"Furthermore, the headline result reflects the sharp decline now underway in Victoria, with building approvals increasing in June in every other state and territory," said Harley Dale.
"Building approvals increased in the June 2012 quarter and this improvement is driven by a relatively healthy rebound in ‘other dwellings’," said Harley Dale. "The concerning factor is that this recovery masks on-going deterioration in the core detached house segment of the new home building market."
"Housing starts are back at recessionary levels in 2012 and the pain of that situation for tens of thousands of businesses around the country is unfortunately plain to see," Harley Dale said.
"It is vital to see evidence of a broad-based recovery in building approvals and that is simply not the case at present," said Harley Dale. "Detached house approvals fell by 6.2% in the June 2012 quarter and by 10.2% last financial year to reach their lowest level in over a decade. The trend decline in detached house approvals now extends to 30 consecutive months."
"That situation makes the case for government investment in new housing and reform of the excessive and inefficient levels of taxation on the sector all the more compelling," added Harley Dale.
 
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Building approvals fall 2.5% in June led by big drop in Victoria: ABS

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Things have moved on since a Shakespearean character in King Henry VI advocated "the first thing we do, let's kill all the lawyers". These days the prime imperative is to get rid of all the economists. I can't think of another profession so guilty of earning money on false pretences. Newspapers fill up large chunks of daily space with the predictions of people whose track records are quite appalling. The outlandishly inaccurate forecasts of the nation's most talentless profession are made worse by the suspicion that many commentators don't really believe what they're saying. Their objective is to generate media sound bytes. Something sensationally negative usually does the trick. Truth is optional. I still have the forecasts of economists about interest rates last year ringing in my ears. If they'd been right, Australia would have had multiple rate rises in 2011. The year ended without a single rise, but instead, two rate cuts. Never in the history of human conduct has so much been wrongly predicted by so many, for the benefit of so few. The weekly pattern of economic reportage is this: economists publish their tips about the upcoming release of data by the ABS; the bureau announces the latest figures on unemployment or economic growth or building approvals; and then economists fill up news pages with their exclamations of surprise, if not disbelief, at how different the official figures were from their predictions. Economics is indeed the art of explaining tomorrow why the predictions they made yesterday didn't come true today. The short explanation is: they haven't the faintest idea what's going on. The greatest mystery in Australian media is why journalists continue to give credibility to talking heads who constantly blunder. The bottom line is that newspapers don't give a damn, as long as there's a pithy quote and a cheap headline in it. So the chattering economist who got it horribly wrong last week can line up in front of cameras again this week to deliver another burst of misinformation. Accuracy is not only optional, it's downright inconvenient. <a href="https://www.propertyobserver.com.au/hotspots/tourism-helps-broken-hill-shed-its-one-horse-mining-town-investment-status-as-deloitte-s-questions-mining-boom-longevity/2012072255635">One of the greatest offenders is Deloitte Access Economics</a>, whose talking heads apparently believe there's no such thing as bad publicity. A major metropolitan newspaper this week described the firm as "Australia's leading private-sector budget forecaster". Despite my cynicism about economists, I had no idea the state of economic analysis in Australia was this bad. If DAE is the best, we're doomed. The firm's head media junkie Chris Richardson, the pin-up boy for economists who cherish getting it wrong in a spectacularly noisy fashion, will be remembered for his January 2009 media grab that "the budget is buggered". This was part of the firm's promotional effort for its Quarterly Business Outlook, which predicted Australia would fall into recession in 2009. The economic boom, it said, would "unwind scarily fast", corporate profits would halve and hundreds of thousands would lose their jobs. "Batten down the hatches," it declared. "This is not just a recession. This is the sharpest deceleration Australia's economy has ever seen." Oh dear. You'd think anyone who had got it so wrong would be a bit gun-shy about microphones and cameras thereafter. Hell no. This is about corporate profile, not credibility. And this week the firm delivered another prediction about the budget and the national economy. Naturally, its bold declaration that the budget surplus has evaporated and the mining boom had only two more years to run was regurgitated without hesitation by an adoring media. "The strong bit of Australia's two-speed economy won't stay strong for more than another two years or so,'" DAE confidently misinformed us. If you want proof that the exercise is more about headlines than economics, the reference to a "two-speed economy" is all you need. No serious expert attempting genuine analysis would resort to this cheap creation of a shallow media. As for the so-called boom in the resources sector running out in two years, I'm willing to predict it will this be with us when my grandchildren are my age.
Terry Ryder is the founder of <a rel="nofollow" href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a> and can be <a rel="nofollow" href="https://www.twitter.com/hotspotting" target="_blank">followed on Twitter</a>.
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Why listening to the so-called economic “experts” is a futile exercise

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Today's Business Spectator CEO Pulse survey puts the matter beyond doubt: Australia's chief executives do not like the Fair Work Act one bit.
They think it's bad for their businesses, they think it's bad for their industries and they especially think it's bad for the country. What's more, two-thirds of them think Fair Work Australia is doing a worse job than its predecessor, the Fair Pay Commission, because it's bureaucratic, inefficient and, worst of all, biased.
Do the nation's business leaders think the Rudd/Gillard system of workplace relations has anything going for it at all? Well, er, 3% of them think it has made things better.
The latest quarterly survey of Australian CEOs carried out by GA Research*, contains a devastating critique of the Fair Work Act and a rebuttal of the government's argument that the legislation improves productivity and is supported by business. It doesn't, and it's not.
The main problem, nominated by 54% of respondents, is that the Act sets up tension between wages and productivity. Other issues that need to be resolved are provisions around industrial action, collective bargaining and unfair dismissal – basically all the important things.
A lot of CEOs said that the new regime sets up an adversarial relationship between the unions and business, and is based around conflict. Some said that costs had increased and that they were dealing with more disputes and others said that the losses to productivity were hampering their ability to compete internationally.
To be fair, there were some positive comments. One CEO told our surveyors that there was "greater clarity and simplification via modern awards", while another praised Fair Work Australia: "Overall, Fair Work has presided over a necessarily complex area competently."
But Australia's CEOs have given the system a resounding thumbs down, with 82% saying it's bad for Australia, 60% concluding it's bad for their industry, and 51% that it's bad for their own company.
The interesting difference between those three figures lies in varying numbers of CEOs who think it has no impact at all: from 45% for the individual businesses to 9% for the nation. There was no change in the percentage that thought it was good, which was 3% for all categories.
Unsurprisingly, perhaps, the CEO collective now gives the Labor government 2.8 out of 10 for managing the economy. When we started these surveys in February 2010 the score was 5.4 out of 10, almost double today's score.
The decline in the government's standing has been remarkably steady, apart from a few months after Julia Gillard took over as prime minister and again just after the Future Jobs Forum was held late last year, accompanied as it was by a brief flurry of optimism that there would some action to help businesses lift employment.
Another interesting trend in the survey is around what's keeping them awake at night: achieving top line growth has now clearly replaced "sourcing and retaining skilled staff" as the key issue for CEOs. Even though unemployment is still low, CEOs are now much more worried about growing sales than finding staff.
Broadly, optimism about both the economy as a whole and individual businesses has fallen a long way versus this time last year: from 72% feeling somewhat or strongly optimistic about their own business to 56% now.
As for optimism about the Australian economy as a whole, that's down from 51% a year ago to 28% now, and no one is "strongly optimistic" at all – the whole 28% is now just "somewhat optimistic".
This is not good. CEOs are, by their nature, optimistic creatures because they spend their lives selling hope to their staff and their customers. That nearly a half of them are pessimistic about the nation's prospects, and a fifth of them are gloomy about their own companies is kind of shocking.
* Research design and analysis for the CEO Pulse was conducted by GA Research and fieldwork by AFS. The sample comprised n=96 CEOs of organisations with an Australian turnover of $100 million or more who opted to participate in a five minute survey conducted over the phone or online between July 17 and July 29, 2012.
This article first appeared on <a href="https://www.businessspectator.com.au/" rel="nofollow">Business Spectator</a>.
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Fair Work anger at the heart of CEO pessimism: Kohler

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It surprises me that some people are still suggesting Australians should invest in US real estate.
The US economy is still grim, as outlined in the <a href="https://business.financialpost.com/2012/07/09/11-ugly-facts-about-the-u-s-economy-david-rosenberg/">Financial Post</a> by Gluskin-Sheff chief economist David Rosenberg in a recent article.
Sure, the US economy is improving and jobs are being created, but the tepid 80,000 jobs the economy added (10,000 below already low expectations) slammed stock markets and sent the price of oil into a nosedive.
But the real devil, as they say, is in the details, and there was no shortage of disturbing details in this report.
Here’s Rosenberg’s list of “cracks in the jobs market”:
1. The jobless rate has topped 8% for 41 consecutive months, a post-World War record.
2. Only half of the jobs lost in the recession have been regained. Normally at this stage of the cycle – even in the most acute jobless recoveries – employment would now be back to all time highs, says Rosenberg.
3. More than one in four households have at least one member looking for a job – that’s another record.
4. 5.4 million Americans who are still looking for a job have been out of work for more than a year.
5. More than 8-million Americans are working part time because they can’t get a full-time job
6. Self-employment has risen 242,000 since March. “We are becoming a nation of freelancers and consultants in this era of corporate downsizing.”
7. More workers have signed up for federal disability benefits than new jobs have been created since the end of the recession in June 2009.
8.  The number of people who have vanished from the workforce altogether has surged 7.3 million over the past three years.
9. The current labour force participation rate of 63.8% is below the rate at the end of the recession – a record low for a post-recession recovery.
10. Household income is 5.3% lower now than it was when this “alleged” recovery began.
11. Food stamps are surging to record levels, up 32% since 2009.
Rosenberg’s conclusion?
“The labour market is broken and needs fixing; clarity over the fiscal policy outlook, a coherent energy policy and tax reform that provides incentives to save and invest as opposed to conspicuous consumption would be a good start.”
I’ve given my thoughts on investing in US property in previous blogs which you can <a href="https://propertyupdate.com.au/category/property-investment/property-investment-usa/">read here</a>.
Steer clear.
Source: <a href="https://business.financialpost.com/2012/07/09/11-ugly-facts-about-the-u-s-economy-david-rosenberg/">Financial Post</a>.
Michael Yardney is the director of <a rel="nofollow" href="https://www.metropole.com.au/">Metropole Property Investment Strategists</a> , a best-selling author and one of Australia's leading experts in wealth creation through property. He also writes the <a rel="nofollow" href="https://www.propertyupdate.com.au/">Property Investment Update</a> blog.
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