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

Joel Robinson

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

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

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

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

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

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

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

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

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

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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A private investor has paid $3,686 per square metre for a 434-square-metre whole office floor in the Melbourne CBD as a new report from Urbis shows strong demand from smaller investors for strata office space.
The investor paid $1.6 million for level five in 171 La Trobe Street, a Fender Katsalidis-designed 14-level office building in a deal negotiated by Savills directors Nick Peden and Clinton Baxter.
The sale set a new record for the building.
The previous record was $3,248 per square metre achieved in 2007 when a single floor sold for $1.41 million – the last time a floor has changed hands.
The Fender Katsalidis building stands on the corner of Russell and La Trobe streets, and according to Nick Peden, is widely regarded as the best strata office building in Melbourne.
Expectations were in excess of $1.5 million.
The floor space is leased to the existing owner-occupier until January 2013.
The building comprises 10 office floors – each individually owned – as well as two two-storey penthouses with projecting balconies, a ground-floor showroom on La Trobe Street and a 12-space lower ground floor car park.
It was constructed by builder LU Simon in 1991 and picked up a merit award from the Royal Australian Institute of Architects upon completion.
In 1995 it was subdivided into 13 units and in the early 2000s the 10 office floors were sold off individually.
The site was bought in two parcels for $3.4 million between March and September 1988. The lots were divided between the owners through entitlements in equity in September 1995.
In June Savills manager of office leasing Mark Bolis leased level eight in the building at $490 per square metre gross.
Peden and Baxter say the space attracted a great deal of interest from both investors and owner-occupiers keen to enter a market with such historically strong fundamentals.
“Clearly there remains some anxiety about world economies and at such times investors primarily, but also owner-occupiers with an eye to the future, seek out assets that will show both rental growth and capital appreciation over time and the Melbourne market has demonstrated its ability to do that time and again,” says Peden.
The 171 La Trobe Street office floor sale follows soon after a 410 square metre office floor in a new mixed-use development in Hawthorn (6 kilometres east of the Melbourne CBD) is believed to have changed hands after auction for around $2.375 million.
The strata space, level 6 at 523 Burwood Road, included a 38 square metre terrace and 12 secure car parks, was marketed by Hamish Burgess and Ben Baines, of Colliers International.
It had pre-auction expectations of around $2.45 million with a five year lease to Drive Projects from June this year.
According to a recent report by Urbis, Docklands could soon rival Melbourne’s historical office hot spot, Collins Street, with the Docklands precinct particularly sought after by small businesses in search of modern strata space in new buildings.
Roger Scrivener, Urbis director and author of the Melbourne Strata Office Market report, says the Melbourne strata market is now a well-established component within the overall investment office market.
The Urbis report found the Melbourne CBD strata office market is now well established and mature, with some 130 strata sales being recorded each year on average over the last decade.
“There are some 1,800 strata units within the Melbourne CBD, with an average sales turnover approaching 130 units per annum – this represents 7% of total stock,” Scrivener says
The Urbis report found three of the five new strata CBD office developments constructed since 2007 were within Docklands, though notably none had a Collins Street address.
These included:
<ul>
<li>Aquavista at 401 Docklands Drive, Docklands (205 units, built 2007)</li>
<li> Site One at 757 Bourke Street, Docklands (53 office units, built 2007)</li>
<li>Q2 at 2 Queen Street, Melbourne (120 units, built 2008)</li>
<li>Life Lab at 198 Harbour Esplanade, Docklands (94 units, built 2008)</li>
<li>373 King Street, Melbourne (30 units, built 2009).</li>
</ul>
Daniel Wolman, Colliers International executive of CBD sales, says commercial strata investments are generating strong interest from what would traditionally be residential investors, motivated by almost double the net yield returns.
“Commercial strata price points are within reach of most real estate investors,” he says
Wolman says he has noticed a distinct increase in demand for strata space in Docklands.
“We are seeing a continued growth in demand for good quality, purpose-built strata office facilities in sound locations and with strong sustainability features.
“Docklands ticks all the boxes in this respect, and a growing number of tenants, investors and developers are jumping on the bandwagon.”
According to Wolman, the Docklands precinct has the potential to become a hotspot for businesses in the market for flexible, modern strata office space.
“The continued strong growth in white-collar employment that we are seeing in Victoria creates employment opportunities not only for medium and large organisations but also for small, fledgling businesses,” he says
He says existing office facilities for those businesses seeking smaller office space is poor, with a clear market demand for modern facilities that meet the demands of current office working practices.
Only one strata office project is under construction or actively proposed in Docklands – Lifestyle Working Collins Street at 838 Collins Street.
Wolman says there has been an overwhelmingly positive response for this development.
“Strata occupants look for several key features in new premises,” he says.
“Proximity to other office buildings is of significance, particularly as the majority of occupiers of strata office suites depend on the occupants of larger office buildings as their primary client base.
“Accessibility is also a crucial factor. Despite the continuing trend towards public transport, occupiers of strata office suites still require good private vehicle accessibility and parking facilities.
“And, as with the broader office market, the amenity of nearby retail, restaurant, bar and entertainment facilities is important to the strata office market,” Wolman says.
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Investor pays $3,686 per square metre for whole floor in Fender Katsalidis Melbourne office block  

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ASIC has cancelled the credit licences of two Sydney mortgage broking firms and has permanently banned the director of one of them from engaging in credit activities.
Mortgage brokers require an ASIC credit licence or be licensed as a credit representative under an ASIC licence-holder to assist with arranging mortgages and other credit products.
ASIC permanently banned Almaza Souzie Boutros, of Merrylands in western Sydney, from engaging in credit activities after being convicted of a serious fraud offence. ASIC also cancelled the Australian credit licence issued to Option 1 Mortgage Pty Ltd (Option 1 Mortgage), of which Boutros is a director, on the grounds that Option 1 is in liquidation. Boutros' conduct as a director of Option 1 Mortgage resulted in a conviction for fraud in April 2012.
Fairfield Local Court ordered her to pay compensation and placed her on a good behaviour bond for a period of 18 months. Boutros and Option 1 Mortgage have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.
ASIC also cancelled the Australian credit licence of Dean Mooney Pty Ltd, a Sydney-based finance broking firm, after it was found it failed to hold membership of an approved external dispute resolution scheme (EDR).
Under the National Consumer Credit Protection Act 2009, credit licensees are required to be members of an ASIC-approved EDR scheme.
ASIC can suspend or cancel an Australian Credit Licence if the licensee is not a member of an approved EDR scheme.  Dean Mooney Pty Ltd was granted a licence to engage in credit activities, including the provision of mortgages, on January 17 last year. On October 12, 2011, Dean Mooney Pty Ltd's EDR membership was cancelled by the Financial Ombudsman Service Limited (FOS), one of the two EDR schemes approved by ASIC.
The membership was cancelled by FOS due to non-payment of membership fees.
Dean Mooney Pty Ltd did not hold membership with the Credit Ombudsman Service Limited, the only other ASIC-approved EDR scheme. Commenting on the decision, ASIC commissioner Peter Kell said, “EDR schemes provide consumers with alternatives to legal proceedings in respect of resolving complaints with their credit service providers, therefore, when a credit licensee fails to maintain membership in such a scheme, ASIC will act to protect consumers by cancelling the entity’s credit licence”. Dean Mooney Pty Ltd has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision. The Australian credit licence was cancelled with the effective date of July 2, 2012.
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ASIC cancels credit licences of Sydney mortgage brokers Option 1 Mortgage and Dean Mooney Pty Ltd

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Perth house prices fell 4.26% in the June quarter to a median of $467,000 – the lowest median price since March 2009, according to the latest figures from Residex.
The WA capital was the worst-performing detached housing market over the past three months, just ahead of Hobart, where prices fell 4.15% to a median of $357,000.
Click to enlarge
<a href="/images/stories/2012/07/residexjuly18.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/07/residexjuly18thumb.gif"></a>
Source: Residex
Residex CEO John Edwards says the Perth result was a “surprise” as there was nothing dramatic to point to quarterly drop of more than 4%.
He tells Property Observer the interest rate cuts in May and June may have played a role in undermining confidence in Perth, where borrowers are less sensitive (in a positive way) to interest rate cuts.
According to Residex, Perth home owners have the second highest amount of after-tax income ($1,025), behind Canberra ($1,262) and thus are less concerned about adjustments to interest rates.
Perth house prices picked up in March but fell by 1.8% in May and by 1.8% in June, when the RBA cut rates by 50 basis points and 25 basis points.
Edwards says the two rate cuts may have “spooked” a market where affordability is not as much of an issue as in the other markets.
“In markets where house prices are overly unaffordable, rate cuts impact in positive ways, but the ABS census 2011 numbers showed that affordability is nowhere near as bad as we thought it was it – and Perth is one of the most affordable market,” he says.
Sydney house prices were virtually flat (down 0.18%) to a median of $666,500, with Australia’s largest housing market outperforming the national market, which recorded a modest 0.7% fall over the quarter to a median of $423,000.
The strongest-performing capital city housing market by far over the quarter was Darwin, with house prices up 7.13% to a median of $511,500.
Darwin also registered a 2.19% gain in house prices for the year to June – the only capital city to record a price gain over the 12 month period.
Melbourne house prices fell 1.31% to a median of $555,500 while the Brisbane median house price fell 3.75% to a median of $412,500.
Over the past 12 months to the end of June Hobart is the weakest-performing capital city housing market, with a fall of 7.48%, followed by Brisbane (- 6.49%) and Melbourne (- 6.41%).
Perth house prices have fallen 1.72% over the year to June, but any decline in capital value has been more than offset by rental returns, which Residex says are up more than 15% in Perth.
Melbourne and Brisbane recorded rental growth of 6.58% for the year to June, with Sydney managing rental growth of 3.7% to a median weekly rent of $560.
Edwards says the outlook for Melbourne is for very limited house price growth and rental growth.
“Perth will pick up in the medium term, and we expect quite good rates of growth with moderate rental increases,” he says.
Edwards describes Sydney, alongside Perth, as a “fragile” market in terms of confidence.
However it is a balanced market in terms of stock levels, and a lack of building activity will see it head into a situation of having a housing shortage.
Melbourne, on the other hand, “is massively oversupplied,” Edwards says.
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Perth house prices at three-year low after ‘surprise’ 4.26% fall in June quarter: Residex

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Western Australia is the only housing market where optimists outweigh pessimists, according to a survey of members of the First National Real Estate network.

A third of the more than 400 First National estate agents expect WA house prices to rise over the next six months, compared with 17% who expect them to fall.

Half expect WA prices to be flat over the next six months.

Queensland has the next highest number of optimists – 26% of agents – but they are just shaded by pessimists (27%), with 47% expecting no change in prices.

Just under a quarter (22%) of agents are optimistic that prices will rise in NSW/ACT, compared with 23% of agents who are pessimistic. The majority (55%) expect no price change.

Tellingly, no agents expect house prices to rise in Victoria, Tasmania and South Australia.

Nationally, pessimists (16%) outweigh the optimists (28%), with the majority expecting house prices to remain flat.
House price expectations
Click to enlarge
<a href="/images/stories/2012/07/prdjuly18.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/07/prdjuly18thumb.jpg"></a>
The picture is similar for units, although a small percentage of agents (6%) expect Melbourne unit prices to rise.

The outlook is strongest for Perth (33% of agents optimistic), followed by NSW/ACT (20%) and Queensland (16%).

Unit price expectations
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/07/firstnatjuly18.gif"><img src="/images/stories/2012/07/firstnatjuly18thumb.gif"></a>
Commenting on the findings of the survey, Ray Ellis, chief executive of First National Real Estate, says there is an “overall sense of optimism among our members that the current prime buying conditions will stimulate activity in the property market in the coming six months”. 

“There are many positive signs already that the market has turned a corner in some areas, however, any recovery will be slow and gradual.”

According to Ellis, NSW prices fell during the GFC, but are now in an ideal position to bounce back quite quickly.

“However, interest rates, buyer confidence levels, the global economy and lower levels of new listings will be the key influencing factors for the state over the next six months.

An improvement is also expected in Queensland, with this market driven by interest rates, confidence, the wider economy and job security.

“As will the Western Australia property market, which will also benefit from the onset of planned infrastructure projects and better buying conditions,” says Ellis.

“In South Australia, the market should begin to rise, after steadying in the first half of the year and sales activity is already strengthening.

“Tasmania and Victoria are the states where recovery could take a little longer. Tasmania's market is still suffering with low levels of confidence in the state's economy. Rising unemployment levels is leading to a higher number of properties coming onto the market,” says Ellis.

“Victoria's property market held up quite well during the GFC, so it has to experience some decline as the market plays catch up with the rest of the country, although some parts of Victoria are already stabilising and are primed to turn at any moment.”

According to the survey, the strongest growth will come from the upgrader and investor sectors, for all states except Western Australia, where first-home buyers are expected to be in the best position to capitalise on bargain properties.

However, Ellis says weak consumer sentiment and nervousness around job security may keep the housing market soft and any recovery slow and gradual.

“Healthy supply rates run at about 200,000 homes for sale at any given time and Australia currently has 301,414 homes for sale,” Ellis says. 

“Even a 1% or 2% drop in interest rates is unlikely to make an impact on their saleability unless it is combined with sharp market pricing and aggressive marketing.”
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WA best placed for housing market recovery, Victoria the worst: First National survey

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Our kids are now all back in school.  It happens every school holidays: the traffic drops dramatically when schools are out and becomes almost unbearable when they return.  The first half of the year is also much worse – well, that’s my observation anyway – than the second part.
Recent posts by Alan Davies of <a target="_blank" href="https://blogs.crikey.com.au/theurbanist/">The Urbanist</a> have uncovered some interesting statistics when it comes to how our children get to and from school.
When it comes to primary students, 70% of our little tackers get driven to and from school.  It is good to see that just over 20% walk.  The balance (7%) either catch some form of public transport or cycle.  One would expect such.
Secondary students, in contrast, are a much more lethargic bunch.  Just under half of our teenagers get driven to school.  True, fewer get home that way, but still up to half get a lift with mum or dad in the mornings.  About 18% actually walk to/from school and fewer than 5% cycle.  One in three catches public transport.
Looking back 20-odd years ago shows a different pattern, with close to half of our high school students catching public transport back in the late 1980s.  One in 10 rode a bike; close to one in five walked and just 30% got a lift.
It is very likely that the rise in car ownership, two-income households being more the norm and some well published child-related crimes, especially in Queensland, have all had an impact on this trend.
But also – and I have two teenage daughters and we are as guilty as the next family – we are surely mollycoddling our teenagers way too much.
I had to take several modes of transport to get to and from school – plus walk through thick snow without shoes – when I was growing up in western Sydney.  Did my parents refuse to take me to school?  Well, there were stricter rules in their house than ours, but there was no way I was going to miss out on the “goss” on the bus or train – and besides, where else did you chat up girls, collect fags – cigarettes of course – copy each other’s homework, set up dates, make out and see which party you were going to crash on the weekend?
This is what being a teenager is all about.  And yes, you got into several scrapes, but mostly sense prevailed and lessons were learnt.
I believe that many of our kids today want more freedom – which includes getting to and from school – but we as parents are way too controlling.  We seem to relent as the year goes by; hence the drop off in school-related car travel at the back end of the year.
Most of Australia’s major urban spaces are trying to deal with increasing traffic congestion.  The solutions aren’t always about building more roads or implementing new public transport systems.  More discussion needs to be centred on changing behaviour.
Our teenagers – in the main – should not be driven to and from school.  More should catch public transport, walk and cycle to and from school.  If that means more police on the beat, then so be it.  This would be much cheaper than building another by-pass, tunnel or widening our arterial roads.
School times should also be offset against peak-travel times or staggered across our cities.  I have spoken to many teachers and parents about such and in every case this suggestion gets a positive reply, plus a bit of a surprise as to why this hasn’t been brought up as a solution before.  It isn’t that insightful – just plain logic.
But when it comes to government, why implement a simple and very cost-effective solution when a much more complicated and expensive alternative exists?
Changing the way teenagers travel to and from school isn’t a panacea for solving our urban traffic issues, but it is just one way to maybe improve the status quo without spending lots of money.  The public purse isn’t big enough these days to go for the ultimate solution.  We need get the most out of what we already have.
Oh, and before I go, there is a strong connection between residential prices and being within close commuting distance to a good secondary school.  According to ANU economist Andrew Leigh, a five-point rise in a school’s UAI score (equivalent to TER or ENTER in other states) leads to a $13,000 increase in house prices in the catchment area.  Similar research in the UK and the US has suggested good schools boost house prices by between 3% and 5%.
Our qualitative research with family groups has found that proximity to a good school is a higher priority than, say, having a city view or being close to major open space.  Our research has also found that homes within a half kilometre radius of a public secondary school grew by about 3% more per annum when compared to the wider city average.  A higher multiplier was found when looking at private secondary schools, which had close to twice the rate of growth when compared with the city-wide average.
Michael Matusik is the founder of <a target="_blank" href="https://www.matusik.com.au/">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.  Read <a target="_blank" href="https://www.matusikmissive.wordpress.com%20/" title="blocked::https://www.matusikmissive.wordpress.com /">Michael's blog</a> or follow him on <a target="_blank" href="https://www.twitter.com/michaelmatusik">Twitter</a> or connect via <a href="https://www.linkedin.com/in/michaelmatusik">LinkedIn</a>.
Photograph courtesy of <a target="_blank" href="https://www.flickr.com/">Flickr</a>.
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michaelmatusik-49YzLvdmNv

The impact lazy teenagers have on traffic, the econony and house prices – or why you should not drive your kids to school

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Sydney continues to be Australia’s most expensive city in which to rent or buy a home.
Housing affordability has hit a crisis point. In Sydney it now costs 9.2 times the median household income to purchase a home, while 20 years ago it cost five times the median income.
While Melbourne’s median house price is around $529,000, Sydney’s has grown to a whopping $641,000. This has flowed through to the rental market, with the median weekly asking rent for a house in Sydney now at a high of $500, while Melbourne is around $350.
One of the main reasons Sydney’s housing market has hit crisis point is a lack of housing supply.
Over the past five years, Melbourne dwelling approvals totaled 182,026 while Sydney’s lagged behind at 97,884.
In 2010, the total shortfall of housing as estimated by the National Housing Supply Council was 73,700, with projections that this shortfall would continue to grow rapidly, eventually reaching 190,000 by 2020.
The McKell Institute recently made a submission to a New South Wales government discussion paper that will inform the development of a new Sydney Metropolitan Strategy.
In our submission, we exposed that over the last five years only two of Sydney’s 10 regions met their housing targets as set by the previous Metropolitan Strategy. 
This has resulted in a Sydney-wide deficit of over 46,000 homes since 2006, based on the previous Metropolitan Strategy targets.
One of the key reasons for this under-delivery is the increase in narrow minded, self-interested individuals who oppose the building of any new homes in their suburbs.
Not in My Backyard (NIMBY) resistance to new housing is stifling Sydney’s ability to provide the number of homes the city needs and further exacerbating Sydney’s housing affordability crisis. 
The current planning system in New South Wales has placed too much emphasis on mitigating the local impacts of new housing development and less on the state and regional importance of providing homes for people. 
The McKell Institute proposes a detailed action plan to ensure Sydney begins to boost the supply and affordability of homes in Sydney. 
The McKell Institute action plan proposes: 
The return of the Sydney terrace - The proliferation of terrace and semi-detached housing in Sydney will significantly increase density, while providing a form of housing that residents seek. The Institute has identified 41 middle-ring suburbs ripe for a terrace revolution, whereby existing quarter-acre blocks with one home could be knocked down and developed into three new terrace homes. 
Dual occupancies - From the mid 1990s, restrictive policies effectively banned this form of development. The McKell plan would see those restrictions lifted. 
Code-assessable approach to development and binding timeframes – Developments that conform to the relevant statutory plan should be allowed to proceed immediately, and binding timeframes should be in place to prevent lengthy delays for all development proposals. 
One plan to rule them all - The metropolitan strategy should have legal weight and take precedence over the local plans of NIMBY-inclined councils. 
Transport-oriented development - A renewed focus is needed on constructing high-density housing around Sydney’s railways stations and transport hubs. 
In recent years Sydney has failed to deliver the housing people seek at a cost they can afford. 
The McKell Institute’s action plan provides a roadmap to meet the housing needs of the majority, not the self-interests of the few, and allow Sydney to reach its full potential in the years ahead. 
The institute’s full submission can be found <a target="_blank" href="https://mckellinstitute.org.au/wp-content/uploads/2012/07/McKell-Institute-submission-to-Sydney-over-the-next-20-years.pdf">here</a>.
Peter Bentley is executive director of the McKell Institute
For more on Sydney's current market and where it is headed, download our free eBook <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-sydney-embracing-the-world-of-tomorrow">Sydney: Embracing the world of tomorrow. </a> 
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Government should ignore the self-interested NIMBYs and fix Sydney's affordability crisis: Peter Bentley

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Harry Triguboff’s Meriton has spent $48.5 million to buy the controversial Lewisham Estates development site through Colliers agent Ray Younes.
It’s a lucrative site with the amended potential for between 377 and 430 units given its proximity of the Lewisham railway station, the light rail route due in 2014, bus routes and public Ray Younespedestrian and cycle pathways.
Triguboff has boasted he'd beaten Frasers Property, Toga, Crown Group and Ralan to win the tender. Charlie Demian of the Demian Group paid $8.5 million for the site in 2005.
<img src="/images/stories/2012/07/triguboffcartoon2.jpg">
(Source Marrickville Greens circa 2009)
It was in 2009 when Marrickville Council resolved to prepare a masterplan for the land known as the McGill Street precinct. The initial application was for 524 units in high-rise towers of up to 14 storeys. All were vigourously opposed by the <a href="https://marrickvillegreens.wordpress.com/issue/lewisham-part-3a-development/" target="_blank">Marrickville Greens</a>, the No Lewisham Towers Residents Action Committee, and the Summer Hill Action group with its Labor Party political context warranting publication of a story on the <a href="https://www.crikey.com.au/2009/05/11/nsw-stand-off-between-tebbutt-and-keneally/" target="_blank">Crikey </a>website written by Alex Mitchell.
<img src="/images/stories/2012/07/lewisham.jpg">
An amended development application was referred by ministerial delegation to the NSW Planning Assessment Commission last September seeking seven buildings between four and 10 storeys, which was approved in March after modifications including seeing its publicly accessible open space being increased from 1,300 square metres to 3,097 square metres.  
Earlier this year <a href="https://smh.domain.com.au/real-estate-news/inaccurate-images-anger-residents-20120220-1tjox" target="_blank">the SMH reported the Demian Group was ordered by the Department of Planning to redo the images</a> that were publicly exhibited for the project after questions were raised over their accuracy.
The $150 million project has a maximum 38,896 square metres gross floor area. It will come with two basement levels of car parking, but no supermarket as initially sought. There will be a cafe. The maximum overall floor space ratio will be 3.15:1.
The precinct is bounded by Old Canterbury Road to the east and south, Hawthorne Canal and the Rozelle Goods Line to the west and Longport Street to the north.
The site had been earmarked by the NSW Planning Department as suitable for genuine transport-oriented redevelopment, one of several nodes around the city earmarked for additional density development.
Marrickville Council suggested to the PAC there was a need for all three current applications; 78-90 Old Canterbury Road, Lewisham; the Allied Mills site in the Ashfield LGA; and the Sydney Light Rail Extension, to be assessed in a coordinated manner to realise the cumulative impacts of the developments.
The council also suggested the applicant's environment assessment report commented that the site was not flood prone without any investigation or analysis.
The site is not currently zoned as flood prone land as Council has not undertaken a flood study of the Hawthorn Canal Catchment, but the council seems it “very likely” that the site is at risk of flooding as the Hawthorne Canal runs adjacent to the site west of the railway line.
The initial plans for the Lewisham project raised the ire of the local community during the public consultation period because of its height, its density and the potential impact on local traffic, stemmed around nine buildings of up to 14 storeys. The campaigners at the Marrickville Greens produced an emotive artists' sketch (pictured above) which depicted the scheme when it was envisaged as 14 storeys and supermarket.
Meriton has been long mooted as the buyer of the site at 78-90 Old Canterbury Road, Lewisham, subject to rezoning. Meriton intend to now proceed with securing the final development approvals with the Tony Owen Partners' concept (pictured below) for the 13,000-square-metres former Packsite site. It is likely to market the off the plan apartments in late 2012. 
<img src="/images/stories/2012/07/lewisham2.jpg">
Council town planners had previously described the initial concept proposal as a "dog of a development" especially as it in an area dominated by single-storey homes.
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Harry Triguboff's Meriton buys Lewisham Estates development site for $48.5 million

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At the time of any crisis there is an almost inevitable reaction that overshoots the need for caution. Without doubt, times are now tough – and investment decisions difficult – but importantly such difficulty is not unprecedented given historic cyclicality of property markets. 
Commercial real estate markets in Australia are still highly influenced by domestic factors. The strength of fundamentals has been undermined by global events, but they remain more favourable than in almost all other developed countries with characteristics of low inflation, declining interest rates, robust population growth and modest unemployment. 
Most importantly to property markets, commercial accommodation is in shortage given the limited new supply that has been delivered since the late 2000s due to the initial round of impacts following the 2008 GFC. 
Carefully selected retail, commercial and industrial properties provide regular compounding rental growth and capital return to the combined effect of internal rates of return within the range of 8% to 12% per annum. This overall return does not anticipate strong capital growth in the short term given the constraints imposed by the prevailing economic circumstances, which highlights the need for a longer-term property investment strategy. 
Scott Keck is executive chairman at<a target="_blank" href="https://www.charterkc.com.au/"> Charter Keck Cramer</a>
For more advice on<a target="_blank" href="http://propertyobserver.com.au/ebooks/investing-in-property-in-times-of-turmoil-free-ebook"> investing in property following times of turmoil, download our free eBook.</a>
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Consider investing in select commercial real estate assets over the long term

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A tenant can make or break a landlord’s experience of owning a rental property. 
Finding good tenants and keeping them happy is one of the best investments a landlord can make. 
Sourcing good tenants is one of the most important tasks for landlords who manage their own investment properties. 
By ensuring they have a positive experience while living at your property, they may be more likely to pay their rent on time, stay in your property longer and treat it as if it were their own. 
Here are some tips to find and hold on to great tenants: 
Think about the type of tenant you want to attract 
Keeping a good tenant happy begins before you’ve even purchased your rental property. 
When choosing a property to invest in, think about the tenant demographic you want to attract, for example a family, sole tenant or couple, and choose a home that is likely to appeal to them.
Properties that are close to good schools, shops and public transport are likely to be well sought after and may give you a larger pool of prospective tenants from which to choose. 
Keep up appearances 
No one wants to live in a property that has stained carpets and marked walls. A home that is poorly presented by the landlord may deter good tenants from applying to rent your property in the first instance, and be poorly cared for by the successful tenant. 
Similarly, a property that requires as little maintenance as possible will make life much easier for both tenants and landlords as it will minimise the effort and cost involved in the upkeep of the home once the tenant has moved in. 
Presenting a clean, tidy, low-maintenance and well cared for property will encourage tenants to treat the property as if it were their own. 
Generate interest 
In order to generate interest in the lease of your property, landlords may be required to place advertisements in newspapers, on various real estate websites and on online noticeboards. The advertisement should include information about the property, when open inspections are scheduled for, and the lease application deadline.
It is a good idea to arrange open inspections at times that would be convenient to the type of tenant you want to attract. 
For example, if you would like to attract young professionals, arrange the open inspection after working hours so it is easy for people to attend. 
At the open inspection, ensure you talk with as many potential tenants as possible so you can put faces to names when processing lease applications later on. 
Screen tenants 
After the lease application deadline has closed, landlords will be required to screen potential tenants. 
The first step is to contact the employer of your preferred tenant to confirm that the information they have provided regarding their position, length of employment and salary is correct. 
It is also important to contact their previous landlord to discuss any issues that arose during their last tenancy, as well as the personal referees listed in their application. 
If an applicant is applying for his or her first lease and has no previous record of renting, speaking with responsible adults such as school teachers may suffice. 
If you are a member of a specific real estate industry association, you may have access to a tenant database which you can also use to search the names of your shortlisted potential tenants to find out whether there are any recorded issues with previous leases. 
Attend to maintenance issues promptly 
Once you have selected your tenant and they have moved into the property, ensure you make every effort to attend to any maintenance issues promptly. 
It can be quite frustrating for tenants if their requests for repairs go unanswered, and if they aren’t getting the attention they deserve they may begin to question their commitment to your property and become more careless with it. 
Injury or loss resulting from a safety hazard that has not been attended to might also give rise to a costly legal liability claim. 
Responding to maintenance issues in a timely manner signals to your tenant that you care about the property and value their concern for its condition. This can contribute to creating a positive renting experience for your tenant. 
Even if you do find good tenants, it is important to not take them for granted and rely on them to make sure nothing goes wrong. 
Even the best tenant can accidentally damage a property or lose his or her job and be unable to pay rent. 
Every landlord should have a tailored landlord insurance policy that covers both malicious and accidental damage, legal liability and loss of rental income. 
Landlords can also enhance risk management by appointing a property manager. 
The time and effort that property managers can save landlords as well as the experience and knowledge they provide can be well worth the cost for their services. 
A property manager can also help to find tenants, ensure the correct paperwork is in place, assist landlords to form a professional relationship with their tenant, collect the rent, conduct property inspections and liaise with the tenant on behalf of the landlord. 
Carolyn Majda is insurance manager at landlord insurance specialist <a href="https://terrischeer.com.au/" target="_blank">Terri Scheer Insurance.</a>
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How to find and hold good tenants

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The next rate cuts are now likely to be delayed until the December quarter, says Westpac chief economist Bill Evans, following the release of  July RBA minutes.
Evans had previously forecast the cash rate to be cut by 25 basis points in August and September with a final rate cut in the December quarter. 
However, he remains of the view that rates will come down by a further 75 basis points to a low of 2.75% by February/March next year "These minutes have provided a more detailed picture of the current attitude of the Reserve Bank Board than we saw in the Governor's statement on July 3. However the message is the same. That is that the Board is in a 'wait and see' mode which seems likely to be sustained for some months," Evan says. "Our view is that with interest rates, as described by the Governor as "a little below medium term averages" the case is already there that policy needs to be more stimulatory.
"However that relies upon our forward view of likely deteriorating prospects in the labour market (unemployment rate up to 5.75% by year's end); underlying inflation dipping slightly below the 2% to 3% target range; and the international outlook remaining fragile.
"Apart from interest rates other determinants of financial conditions are contractionary with fiscal policy tightening and the Australian dollar appreciating despite weakness in commodity prices. Funding pressures on the Australian banks due to strong competition in the domestic deposit market and wide spreads in the wholesale markets continue to pressure the banks. "As a result of all these factors we remain of the view that the overnight cash rate will eventually come down by 75bps to a low of 2.75%. However, due to the Board's current policy disposition it is necessary to push out the timing of the first cut from August until the fourth quarter of 2012 where we expect two cuts in October/November and December. Even lower rates are likely to be needed in the first quarter of 2013 with the final cut of 25bps coming in February/March."
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