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 RBA minutes only refer to <a target="_blank" href="https://www.propertyobserver.com.au/https://www.rba.gov.au/monetary-policy/rba-board-minutes/2012/03072012">one set of house price index data</a>, explicitly highlighting the "up-tick" in prices recorded by RP Data-Rismark's daily index prior to the RBA's last board meeting on July 3: "In contrast, indicators suggested that the housing market remained subdued. Dwelling activity was likely to have fallen further in recent months and indicators generally suggested that activity would remain relatively weak in the near term. Notwithstanding an apparent tick-up in June, dwelling prices were around 6 per cent lower than in early 2011, with the largest falls in Melbourne and Brisbane. Household credit continued to grow at around the pace of the past year (broadly in line with incomes). Interest rates on housing loans were around 50 basis points below their 15-year average." It is a subtlety, but what is most profound in the paragraph above is that Australia's central bank is describing movements in house prices over the month of June only three days after the month has ended! This is a transformational world away from the house price technology that existed several years ago, whereby quarterly, as opposed to daily, data was reported with a multi-month lag. Even today APM and the ABS report their quarterly data with a one-month lag. To be clear, while the RP Data-Rismark index is the only price data highlighted in the RBA's minutes, the central bank prudently reviews information from both APM and RP Data-Rismark, and still includes the ABS index data in the Statement on Monetary Policy.  Rismark and RP Data have a great deal of respect for Dr Andrew Wilson and the Fairfax-owned APM, which report a useful "stratified median price index" based on the pioneering <a target="_blank" href="https://ideas.repec.org/p/rba/rbardp/rdp2006-04">Prasad and Richards methodology</a>. Rismark and RP Data compute this stratified median index internally, in addition to our old adjacent-period monthly hedonic, and simple medians.  It should also be said that it was in part the RBA that inspired Rismark and RP Data to invest many millions of dollars into the research and development of complex regression-based monthly and daily indices that seek to eliminate the compositional biases that arise in housing transactions due to the twin problems attributable to the heterogeneity of the housing asset itself (no two homes are identical), and the "non-synchronicity", or infrequent trading, associated with the overall stock (note that in absolute terms transaction volumes are very high at north of 400k per annum).
Christopher Joye is a leading financial economist and a director of <a href="https://www.ybr.com.au/savings/index.cfm" target="_blank">Yellow Brick Road Funds Management</a> and Rismark. The author may have an economic interest in any of the items discussed in this article. These are the author’s personal views and do not represent the opinions of any other individual or institution. This material is not intended to provide, and should not be relied upon for, investment advice or recommendations.
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RBA refers to RP Data-Rismark index in July minutes: Christopher Joye

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The Reserve Bank reverted to referring to the Australian housing market as “subdued” in its July 3 monetary policy meeting – a slightly less gloomy view of the market than in June, when it described the market as “having recently declined again”.
In May the RBA suggested the housing market was “subdued” and in April the RBA said it was “soft”.
The July 3 monetary policy minutes also acknowledge that retailing and housing are weak spots in the economy, which have contributed to keeping inflationary pressures contained despite evidence of stronger economic growth.
The RBA notes a stronger domestic economy, with positives being that the “pace of business credit had picked up noticeably”, that “household consumption grew strongly over the year to the March quarter, across both goods and service”, and that the “unemployment rate remained a little above 5% in May”.
But, in contrast, it said “indicators suggested that the housing market remained subdued”.
“Dwelling activity was likely to have fallen further in recent months, and indicators generally suggested that activity would remain relatively weak in the near term.
“Notwithstanding an apparent tick-up in June, dwelling prices were around 6% lower than in early 2011, with the largest falls in Melbourne and Brisbane.
“Household credit continued to grow at around the pace of the past year (broadly in line with incomes). Interest rates on housing loans were around 50 basis points below their 15-year average,” says the RBA.
The minute also say that some of the recent tensions in global financial markets have eased and that locally there had been no sign of dislocation in Australian financial markets.
“Following the June cash rate announcement, most lenders reduced their standard variable housing rates by around 20 basis points.
“As a result, the average interest rate on outstanding housing loans was about 60 basis points below the post-1996 average, while rates on small and large business loans were 50 and 75 basis points lower,” says the RBA.
The RBA concludes by saying: "Members continued to view it as appropriate for interest rates to be a little below average given evidence of slower global growth and the low rate of inflation in Australia.
"But with a material easing in monetary policy having occurred over the preceding six months or so, and with recent signs that the domestic economy had a little more momentum than had earlier been indicated, members saw no need for any further adjustment to the cash rate at this meeting."
<a href="https://www.propertyobserver.com.au/https://www.rba.gov.au/monetary-policy/rba-board-minutes/2012/03072012">Click here for the full minutes.</a>
Following the release of the minutes, Westpac chief economist Bill Evans says the next rate cuts are now likely to be delayed until the December quarter.  
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Domestic economy stronger but housing market returns to “subdued” status: RBA minutes

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CUA, Australia’s biggest credit union, has cut its fixed-rate products below that of the big four banks on the back of an advertising campaign urging customers to ditch the major banks. 
The CUA has is offering a one-year fixed-rate home loan at 5.65% and two- and three-year fixed-rate home loan at 5.73%. 
Last week the Commonwealth Bank cut its one- and three-year fixed mortgages by 20 basis points to a rate of 5.79% per annum for both products.
 
The CUA says its one-year fixed rate is 35 basis points lower than the average of the big fours’ and its two- and three-year fixed rate is 27 basis points lower. 
CUA’s rate cuts are effective from July 18. 
“CUA is committed to offering customers the best deal we possibly can. Because our customer-owned model enables us to focus entirely on our customers, not on shareholders, we have more flexibility to make rate decisions that are in their best interests,” says Jason Murray, CUA’s acting general manager for products and marketing. 
According to Ratecity.com.au, Greater Building Society offers a one-year fixed-rate home loan at 5.64% as well as three-year rate fixed home loan at 5.79%.
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CUA cuts three-year fixed rate to 5.73%, undercutting big four banks

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A Coalition victory at the next federal election could result in demand for office space in Canberra falling even further than the current gloomy projections by BIS Shrapnel.
In anew forecast report, BIS Shrapnel expects the Canberra office vacancy rate to remain above 10% over the next three years – compared with a low vacancy rate in the single digits in the previous decade – while supply increases by 7%.
Report author and senior project manager Christian Schilling warns that austerity measures by the Commonwealth government are now depressing demand for office space, while more construction will add 140,000 square metres of new supply over the coming two years.
Canberra has the second highest pipeline of new office projects – behind Melbourne (about 240,000 square metres).
Click to enlarge
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Source: Jones Lang LaSalle 
Under its “base case scenario” BIS Shrapnel does not expect to see much improvement until two to three years from now, with the outlook worse for non-civic office space.
However, Schilling warns that there is a “significant ‘other’ scenario”:
“A change of government late next year could bring the toe-cutters back.
“Demand for office space could turn negative if the new government cuts a swathe through the public service.”
“That could cause a further setback to a market already reeling from the excesses of last decade.
“We are not in the business of forecasting election outcomes,” says Schilling. “But anyone in the market would do well to run this outlook as an alternative scenario in their forward planning.”
“It’s the 500-pound gorilla in the room,” he says.
Canberra is currently undergoing its second major office downturn since the late 1990s, in what was previously a “paradigm for stable progress, the perfect place for counter-cyclical investment”.
“Since then, the market has seen large cyclical fluctuations in demand for and supply of office space. They were brought about by changes in government, reforms and efficiency drives, periodic under-investment and sudden surges in employment,” Schilling says.
“Add a dose of commitment to sustainability that leaves non-complying buildings out in the cold, plus private over-building and you have a recipe for instability that (almost) mimics the cyclicality in the other capital city markets,” Schilling adds.
According to BIS Shrapnel, a massive construction boom from 2002 to 2012 resulted in Canberra being highly oversupplied, with vacancies reaching record levels across both civic (15.6%) and non-civic (13.4%) sectors by 2010.
Strong leasing demand subsequently made solid inroads into that surplus, underpinned by Commonwealth employment growth as a result of GFC-induced stimulus spending, but demand has cooled since then.
The Commonwealth government has introduced austerity measures in order to return the budget to the black.
“The federal government has literally turned off the (money) tap,” says Schilling. “There simply isn’t any money in the till to fund the cost of fitting out new premises, with the powerful PwC (PricewaterhouseCoopers) keeping a watchful eye on capital expenditure.”
Figures compiled recently by Jones Lang LaSalle show that Canberra recorded a fourth successive quarter of positive net absorption in the second quarter of 2012 (7,800 square metres) taking the total to 47,600 square metres for the 2011-12 financial year, with the vacancy rate tightened to 9.9% – the first time vacancy has been below 10% since the fourth quarter of 2009.
<a href="https://www.propertyobserver.com.au/office/canberras-very-green-nishi-office-block-80-leased-as-demand-for-premium-office-space-rises-colliers/2012062655274" target="_blank">New office buildings include Nishi Commercial</a> – part of developer the Molonglo Group’s mixed-use NewActon project, which has recorded strong leasing activity – helped by its status as one of Canberra’s greenest office building projects.
Nishi is now 80% leased as demand grows for premium-grade office stock with high environmental ratings, according to Colliers.
Just two floors out of the 10 remain available for lease, with office tenants set to move across in November.
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Coalition victory could mean 'toe cutting' and spell bad news for investors in Canberra office market: BIS Shrapnel

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Google, one of the few fast-growing office tenants in Sydney, might take a temporary sub-lease of any redundant space in the neighbouring Fairfax Media building at Pyrmont.
“The irony of such a move would not be lost on either the moguls of the new media or the flagship of the old,” Robert Harley, the property editor of the Fairfax publication The Australian Financial review, reported today.
Google declined to comment, as did the group’s real estate advisers CBRE, with the timing of any Google move or expansion not clear.
What is known is that the company will want a contemporary relaxed style of work space for its technology-savvy workforce.
The atmosphere will need to reflect the style of Google’s Mountain View campus in California, which has the stated aim of: “Our offices and cafes are designed to encourage interactions between Googlers within and across teams, and to spark conversation about work as well as play.”
Google’s lease in Pyrmont does not expire until 2018, but the AFR suggest in the long term four new projects have become potential locations for Google’s next office iteration.
They are listed as Lend Lease’s Barangaroo, Sekesui House-Frasers’ Central Park at the southern end of the CBD, the NSW government’s Australian Technology Park at Redfern and the reworking of the IMAX site at Darling Harbour by Grocon.
Central Park, opposite the University of Technology at Chippendale, will have a commercial building within its mixed-use precinct.
A spokesman for the Barangaroo developer, Lend Lease, advised the AFR that said the group was in negotiations with a number of potential tenants but would not give any specifics.
A new project on the IMAX site at Darling Harbour is also a possibility, although no approvals are yet in place.
For more on Sydney's present and future, download our free eBook <a href="http://propertyobserver.com.au/ebooks/free-ebook-sydney-embracing-the-world-of-tomorrow" target="_blank">Sydney: Embracing the world of tomorrow</a>
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New media meets old as Google said to be eyeing redundant Fairfax Media space in Pyrmont

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The Housing Industry Association (HIA) has downgraded already modest expectations for new home construction over the next two financial years, but expects a strong pick-up in the Queensland, which appears to have bottomed out.
There are also more modest growth expectations for NSW and WA, albeit off historically low bases, but new home building in Victoria – Australia’s new home building capital – is set to fall sharply over the next two years, though it remains the top state for new home construction.
In a year where prominent building companies like <a href="https://www.propertyobserver.com.au/news/kell-rigby-one-of-australia-s-oldest-most-respected-building-companies-set-for-voluntary-administration/2012020853012" target="_blank">Kell &amp; Rigby</a>, <a href="https://www.propertyobserver.com.au/industry-news/liquidator-appointed-for-collapsed-nsw-builder-reed-construction/2012071155520" target="_blank">Reed Construction</a> and <a href="https://www.propertyobserver.com.au/industry-news/st-hilliers-construction-arm-placed-in-voluntary-administration/2012051554713" target="_blank">St Hilliers Construction</a> have collapsed, not to mention numerous smaller builders, the HIA expects new housing starts to fall by 14.1% to a level of 135,284 for the 2011-12 financial year.
This will be the seventh time in nine years that Australia has experienced a decline in new housing starts, with the 2011-12 figure just above figures recorded at the peak of the GFC.
The low point in new housing construction occurred around the December 2008 quarter – at the height of the GFC – when the HIA recorded new houses being built at an annualised rate of 130,548.
The HIA expects new housing starts before to pick up modestly in 2012-13 with growth of 4.9% to 146,600 starts, followed by a further increase of 4.4% in 2013-14, which would take starts to a level of 148,064.
These figures have been revised down from previous HIA forecasts of 137,820 starts in 2011-12, and a recovery reaching 151,200 starts by 2013-14.
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The modest recovery forecast over the next two financial years is primarily focused around NSW, Queensland and Western Australia – states that are experiencing periods of historically low housing starts.
The outlook is strongest for Queensland, with the HIA optimistic of a recovery from 2012013 with new forecasts expected to rise by 13.3% from 25,370 to 28,745.
The forecast is even brighter for 2013-14, with the HIA expecting a 15.8% improvement to 33,286 starts.
The HIA says that NSW has “endured a synchronised trend decline in new home building and renovations activity of a duration unrivalled in Australia's post-war history”, which continues in 2012, with the industry group forecasting a 7.9% decline to 28,524.
However, the HIA forecasts growth of 18.2% in 2012-13 and 5.3% in 2013-14, taking starts to a level of 35,503, higher than a previous forecast level for 2013-14 of 33,830.
“Given the awful base we are forecasting a recovery from, 35,503 starts is not a bullish forecast,” says the HIA.
 
<hr class="system-pagebreak">
 
The HIA says Western Australia “continues to provide that rather quintessential example of how if you live in Australia but don't directly benefit from the resources boom, then times are challenging”.
“The economy is on fire, but new housing is extremely weak. Indicators like housing finance point to improved times ahead, but current planning problems will prove a huge set-back to a short-term recovery. The renovations sector, meanwhile, is slowing from a record high.”
The HIA is forecasting a 15.8% decline in WA housing starts in 2011-12 to come in at 17,510.
Victoria keeps its crown as the new home building capital of Australia, but the HIA is forecasting a 19.4% fall to a level of 47,690 in 2011-12 followed by a decline of 12.6% in 2012-13 and a further 3.5% fall in 2013-14 to 40,240 starts.
The HIA adds that the risk to this outlook remains on the downside.
Looking at the national outlook, HIA chief economist Dr Harley Dale says it now appears unavoidable that new housing will revisit levels experienced as a result of the GFC.
This, he says will be to the “detriment of thousands of businesses and households, not to mention the overall domestic economy”.
“We are experiencing a combination of softer housing demand and high-cost housing supply, which together mean that the nation is under-building by a significant amount. Put simply, Australian consumers are nervous about the global and domestic economies, and meanwhile around $200,000 of the price of a new home is due to taxation. It’s an unsustainable situation,” he says. 
“To improve the conditions facing new home building not only requires further interest rate cuts, but also Commonwealth and state government action to boost confidence and lift a substantial portion of the tax burden from new housing,” he says.
The HIA notes that the renovations sector has also showed signs of weakness in recent quarters, notwithstanding that total renovation investment hit a new record in 2010-11.
It expects renovation investment to fall by 1.5% to $29.5 billion in 2011-12, but to grow by 1.3% to $29.9 billion in 2012-13.
According to the federal government’s National Housing Supply Council 2012 report Australia accumulated a dwelling shortfall of 228,000 homes between 2001 and 2011 with the most acute shortage in NSW, with an estimated gap of 89,000 dwellings, followed by 83,000 in Queensland.
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New housing construction outlook gloomy, but Queensland a bright spot: HIA 

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Urban renewal has changed the character of the inner-south Sydney suburb of Waterloo.
The suburb has shaken off a reputation for crime and its low socio-economic profile to become a sought-after location for inner-city apartment living, with a number of major apartment projects currently underway.
Census 2011 figures analysed the Australian Financial Review show that <a target="_blank" href="/news">Waterloo </a>is Australia’s second most upwardly mobile suburb, with weekly household income rising 167% between 2001 and 2011.
<img src="/images/stories/2012/07/waterloomap.jpg">
The suburb ranks someway behind <a target="_parent" href="/news">Madeley</a>, a north Perth suburb, where median income has risen nearly 300% from $435 per week to $1,846. However, Madeley was farmland 10 years ago before the land was turned over to property developers.
Waterloo is the only inner-city Sydney suburb in the top 20, a list dominated by Perth suburbs benefiting from the flow-on effects of the mining boom that noticeably includes the Queensland mining towns of Chinchilla and Emerald.
The top five upwardly mobile suburbs are:
 
<div align="center">
<table style="width: 450px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="123" valign="top">
 
</td>
<td width="123" valign="top">
 
</td>
<td width="123" valign="top">
Median weekly income 2001
</td>
<td width="123" valign="top">
Median weekly income 2011
</td>
</tr>
<tr>
<td width="123" valign="top">
Madeley
</td>
<td width="123" valign="top">
WA
</td>
<td width="123" valign="top">
$435
</td>
<td width="123" valign="top">
$1846
</td>
</tr>
<tr>
<td width="123" valign="top">
Waterloo
</td>
<td width="123" valign="top">
NSW
</td>
<td width="123" valign="top">
$299
</td>
<td width="123" valign="top">
$900
</td>
</tr>
<tr>
<td width="123" valign="top">
<a target="_blank" href="/news">East Perth</a>
</td>
<td width="123" valign="top">
WA
</td>
<td width="123" valign="top">
$678
</td>
<td width="123" valign="top">
$1820
</td>
</tr>
<tr>
<td width="123" valign="top">
<a target="_blank" href="/news">Perth</a>
</td>
<td width="123" valign="top">
WA
</td>
<td width="123" valign="top">
$682
</td>
<td width="123" valign="top">
$1,755
</td>
</tr>
<tr>
<td width="123" valign="top">
<a target="_blank" href="/news">Chinchilla</a>
</td>
<td width="123" valign="top">
Queensland
</td>
<td width="123" valign="top">
$534
</td>
<td width="123" valign="top">
$1,357
</td>
</tr>
</tbody></table>
</div>
Source: Australian Financial Review, Census 2011
 
Census data shows that the Waterloo population increased by 2,000 from 8,500 in the 2006 census to 10,600 according to 2011 census. 
The vast majority of dwellings in Waterloo – 81% – are apartments, catering for singles or couples, with 23% of all dwellings being one-bedroom units and 53% two-bedroom units. 
Waterloo alongside Redfern and Alexandria is heading towards a 70% single-person occupancy rate, according Whiterock Residential Projects, which is developing two projects in Waterloo. 
According to RP Data, the median unit price in Waterloo is $513,000, down 5.7% on the same time last year, but prices are up 20% over the past five years.
The median rent is $550 per week, equating to a relatively high yield of 5.6%.
The revitalisation of Waterloo was kicked off around 2004 with NSW government creating the Redfern Waterloo Authority (RWA) with the objective of revitalising the suburb.
Since then there has been a marked drop in crime along the more recent establishment of popular eating destinations such as the Dank Street Bakery and Fratelli Fresh and Fountain Street in neighbouring Alexandria.
Waterloo is also within walking distance of the largest urban renewal project in Australia – the $8 billion Green Square project, which is developing 20,000 new homes and infrastructure between now and 2030, with the hub being 14 hectares of land to be developed as the Green Square Town Centre – a new major centre around the Green Square railway station.
<img src="/images/stories/2012/07/waterloo2.jpg">
According to Andrew Donnelly, CEO of Whiterock Residential Projects, which has recently started building boutique development Madison (pictured above) near Dank Street, the urban renewal in Waterloo is just beginning.
Donnelly tells Property Observer the shift in  demographic in Waterloo has been “palpable” over the last few years, with young professionals earning combined incomes of $200,000 plus choosing to live in the suburb.
He says it has shaken its reputation as an industrial, crime-ridden area, with empty-nesters from the suburbs choosing to buy in Waterloo.
“One father told me there are streets in Waterloo they would not walk down 20 years ago, but will now happily let their kids play there,” he says.
“Dank Street is a real destination for high-end eateries, and people from the eastern suburbs come to eat here over the weekend.”
According to Donnelly, there are two distinct markets in the Waterloo area – the high-rise market being targeted by Harry Triguboff’s Meriton Group (Eon Zetland priced from $660,000 for two-bedders) at Asian buyers and the student market and the low-rise boutique projects such as Madison and 141 McEvoy Street.
He says the market is 75% owner-occupier in boutiques projects, while in the high rise, 75% of the apartments are being bought by investors.
“Two-bedroom units are selling for around $700,000 and three beds for over $1 million,” Donnelly says.
Most of the buyers are locals, with overseas investors comprising just 5% to 10% of new residents, according to Donnelly’s estimation.
He says the Madison project – which features 47 one-, two- and three-bedroom apartments – is now almost sold out, with just 10 remaining and prices over $10,000 per square metre.
“That would have been unheard of 10 years ago,” he says.
Whiterock will launch a new project at 141 McEvoy Street in Alexandria, with prices starting from around $450,000 for a one-bedder.
<img src="/images/stories/2012/07/waterlooflicker.jpg">
Another major project is Becton’s Divercity project (pictured above and below), which launched in December 2009 and as of March this year had sold 400 apartments, with 122 settling in May and June.
Becton attributes its success to date to proximity to the Sydney CBD and easy access to Sydney Airport, eastern suburb beaches, Centennial Park, Moore Park golf course and the three major universities, UNSW, UTS and Sydney University. It is also just 800 metres from Green Square train station.
The development includes a café and restaurant strip, tepanyaki bar, rooftop cinema and 20 metre heated outdoor pool with cabana lounges and landscaped park grounds.
{yoogallery src=[images/stories/2012/07/july17divercity]}
The project will be completed in August 2014.
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Upwardly mobile Waterloo, Sydney, shows impact of urban regeneration

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Gerry Harvey appeared to sum it up fairly well in a recent interview:
"It was unusual to have such a poor sentiment at a time when Australia's economy was relatively strong compared to America and some countries in Europe."
Harvey feels Australia has an economy regarded as strong by outsiders. And yet there is a total lack of confidence, and businesses are therefore suffering.
Overseas investors are actively targeting Australian commercial property — accounting for around half of all sales of over $30 million. However, local investors remain hesitant.
This is purely a confidence thing — something my articles have been attempting to explain, over the past few months.
Experts are purely blaming the overseas turmoil. And it's true, countries affected by the financial crisis have not yet adjusted their economies to the long-term structural shift taking place — mistaking it as simply a fall-off in demand.
Fortunately, Australia is able to sell its mining output to China — creating funds now, to allow for structural adjustment over time.
And so, as tough as this may sound, propping up selected industries through subsidies is simply bad economics.
Instead, the government should be fostering a flexible environment within which businesses and workers can be encouraged to adapt.
Surely China is in trouble?
During the second quarter of this year China's growth was probably slower than at any time in the past three years.
It has been well reported that China's growth rate has cooled. But that doesn't mean a hard landing — because the current expected growth rate (of 8% per annum) is scarcely stagnation.
With inflation seemingly now under control, China has already begun cranking up approvals for roads, airports, steel mills and social housing.
All of these will require what Australia's mining sector produces.
Therefore, Australia's problem will not be a fall-off in global demand. Rather, it will be the impact of greater competition from other countries supplying commodities.
But this is an unlikely to occur until 2016, when the world economy should have fully returned to an expansionary phase.
How should commercial property investors respond?
Because of the general uncertainty, quality commercial properties are starting to look cheap. As an investor, the secret is to have your lease expiry (and therefore a rental review) occur in 2016-17.
That will then provide you with solid income during the current period of confusion. And also allow you the opportunity to reap considerable capital growth, when you review the rental to market.
Bottom line: Confusion generally means inaction.
For commercial property, that translates into there being no meaningful new development in the short term — certainly not of a speculative nature.
However, against this lack of supply, you will still have a growing tenant demand, which will result in increased rentals, and lower capitalisation rates.
In other words, the precise scenario most investors would hope for.
Therefore, recognise it for what it is and position yourself now, before everyone else finally twigs to what was actually going on.
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a target="_blank" href="https://bitly.com/IFf40C">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment.
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A lack of supply means increased tenant demand and yields for commercial property investors

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One of the more interesting outcomes the <a target="_blank" href="https://www.propertyobserver.com.au/https://www.censusdata.abs.gov.au/census_services/getproduct/census/2011/quickstat/0">2011 census</a> produced was the figures concerning the housing market. The reason for this interest is how the results contrasted with the idea that Australia currently suffers from an acute housing undersupply or shortage. Taking the lead in promoting this idea is the <a target="_blank" href="https://www.nhsc.org.au/">National Housing Supply Council</a> (NHSC), an organisation formed by the federal government in May 2008 to provide an in-depth analysis of the housing market. The NHSC is widely considered to be the peak body in this field.

Unsurprisingly, in its first report – <a target="_blank" href="https://www.nhsc.org.au/content/state_of_supply/2008_ssr_rpt/nhsc_stateofsupplyreport.pdf">State of Supply Report 2008</a> – released in March 2009, the NHSC concluded that a deficit or gap of 85,000 dwellings existed. Here was the most comprehensive study of Australia’s housing market, a dense 172 pages. The alarming shortfall of dwellings made instant headlines in the media, not least because it provided concrete proof that Australia’s rocketing housing prices were strongly affected by this shortage. Both government and industry broadcasted the NHSC’s results because it confirmed the suspicion that a shortage did, in fact, exist – and that something could now be done about it. The banking and real estate sectors were also very supportive, as their own arguments about a housing shortage were now considered irrefutable.

There was only one small problem: the purported shortage of 85,000 dwellings was complete fiction.

In order to arrive at the shortage, the NHSC had to employ a methodology of the most dubious nature – a travesty of basic science. The shortfall of 85,000 dwellings was composed of the following: 1) 9,000 to address homelessness of those sleeping rough, 2) 35,000 to address homelessness of those staying with friends and relatives, 3) 13,000 to house marginal residents of caravan parks, 4) 26,000 to increase the rental vacancy rate to 3%, and 5) an extra 2,000 to round up to the nearest 5,000!

The problems with this analysis are legion, and were quickly unmasked by Australian economists Kris Sayce and Steve Keen, and are covered briefly here. While homelessness is indeed a serious problem with tens of thousands suffering from this plight, these persons (typically on the lower income scales) do not have the financial power to turn their needs into demand on the property market. Instead, the NHSC produced evidence of social need but not actual demand. The same goes for the residents of caravan parks.

The fourth category is an interesting one because it assumes that data sourced from the Real Estate Institute of Australia (REIA) and its state-level affiliates are also based upon sound methodology. As I have covered elsewhere, the <a target="_blank" href="https://www.prosper.org.au/wp-content/uploads/2012/06/Philip_Soos_Speculative_Vacancies_2012_Report.pdf">reported vacancy rates</a> are likely to be severely biased downwards given the appalling methodology, data-gathering techniques, and lack of independent oversight (auditing). The last point is self-explanatory: who on earth rounds up to the nearest 5,000?

These highly questionable statistics were produced by Australia’s “peak” body. The NHSC is a body stacked with industry and former government professionals. Its continued funding would most likely quickly dry up were they to find that no shortage existed. If instead a surplus was found, the NHSC’s brief existence would come to an end as dwelling supply considerations are found not to be an issue in price inflation.

The outcome is obvious: if a shortage can be found, then government is much more likely to enact policies favourable to industry. Asking the NHSC if there is a shortage is similar to asking Dracula if the blood bank needs to be expanded because of a deficit – the answer is already predetermined and reflexive.

Little more could be expected in the <a target="_blank" href="https://www.nhsc.org.au/content/state_of_supply/2009_ssr_rpt/stateofsupplyreport_2010.pdf">2010</a> and <a target="_blank" href="https://www.nhsc.org.au/content/state_of_supply/2011_ssr_rpt/docs/nhsc-state-of-supply-report-2011.pdf">2011</a> reports. The NHSC performed a backflip, admitting that it was uncomfortable with its previous methodology given the obvious problems with it. It is unlikely that the NHSC would have changed course if not for the barrage of ridicule it experienced from those who read the report and were honest enough not to give their silent approval. Each report provided an increasingly dismal prognosis as the shortage had increased to 185,000 in 2011 and, if present circumstances remained the same, there is expected to be a shortage of 640,000 dwellings by 2030.

But nothing changed. The NHSC had to find another pretext for the pre-supposed shortage, this time by creating a category called “underlying demand”, driven primarily by immigration and other demographic factors. This would appear to be a more sound methodology if not for the fact that the numbers were simply made up again.
 
<hr class="system-pagebreak">
 
The pseudo-science of the NHSC has not prevented vested interests from promoting its conclusions as fact and crucially relies upon the public not reading through hundreds of pages (630 in all) of economic and statistical analysis to understand this. After all, the public is supposed to trust the “experts”. It is worth reading through these three reports in order to realise how the phrase “lies, damned lies, and statistics” rings true.

The non-existent housing shortage probably comprises the most popular argument used by the bubble deniers to justify astronomical housing prices. As Australia is apparently suffering from a chronic deficit of dwellings, demand is greatly outstripping supply, leading to rising prices.

The problem with this argument is it can’t explain why prices started to rise in 1996 and have skyrocketed onwards, especially during 2001-2004. Annual population growth between 1996 and 2005 registered at approximately 1%, but dwelling growth (adjusted for demolitions and discontinuations) was greater over this period. In fact, 2007 was the first time since 1950 that population growth was higher than dwelling growth. If the housing shortage argument was correct, housing prices should’ve started to rise from 2007 onwards, not 1996.

The shortage argument, however, is not new. Every country that has suffered through a housing boom followed by a crash (a bubble) in recent years have always had its so-called “experts” claim that prices were based upon fundamental valuations due to dwelling shortages.

Take the US as a case study. Leading institutions such as the Federal Reserve, National Association of Realtors, California Building Industry Association and Harvard University’s Joint Center for Housing Studies produced sophisticated studies to show that the $8 trillion housing boom was caused, in part, by dwelling shortages. These studies were authored by professors, PhDs, and businesspeople, all with extensive knowledge and experience but with conflicts of interest that could fill a small book. Yet, their expertise was as illusory as the shortage when the housing market crashed. The same again occurred in Ireland and Spain to the point where these three countries are now bulldozing entire neighbourhoods to reduce some of the massive oversupply.

Going back to point first made in the introduction, the 2011 census revealed Australia had <a target="_blank" href="https://www.bloomberg.com/news/2012-06-21/vanishing-households-undercut-claim-of-australian-home-shortage">7.8 million households</a>, 900,000 fewer than the NHSC’s figure, with population also growing by 300,000 fewer than previously estimated. These figures have come as such a shock that the NHSC chairman has reported that an undersupply could be incorrect. In fact, <a target="_blank" href="https://beta.afr.com/p/business/property/housing_undersupply_you_shouldn_FFAUmmahkHLANiAOxaOY2N">Morgan Stanley researchers</a> have found that the current 228,000 dwelling undersupply has now become an oversupply of 341,000, a huge turnaround.

Given the flawed nature of the NHSC’s reports, the run-up in housing prices is likely due to other factors, specifically the escalation in mortgage debt used to finance real estate speculation. As of 2011, mortgage debt reached $1.2 trillion or 85% of GDP. Combined with personal debt, this climbs to $1.3 trillion or 95% of GDP, a staggering sum. Also of concern is the <a target="_blank" href="https://www.aph.gov.au/Parliamentary_Business/Committees/Senate_Committees?url=hsaf_ctte/report/report.pdf">$53 billion in subsidies and tax breaks</a> that property owners receive.

Perhaps the NHSC can stop wasting our taxpayer dollars and instead investigate these leads.

<aside id="related-content"></aside>Philip Soos is a researcher at the School of International and Political Studies at Deakin University. This story first appeared on <a target="_blank" href="https://theconversation.edu.au/">The Conversation</a>.
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psoos-uR5EGb6SbQ

Australia’s purported housing shortage of 85,000 dwellings is complete fiction: Philip Soos

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The mining boom is making many of us rich – especially those of us living out west. Five of the country's top 10 richest towns are located in Western Australia, according to the latest census data, with Dampier taking the top spot, with 22% of its residents earning more than $4,000 per week.
But we're not just becoming richer, we're living large, too. Between 2006 and 2011, the size of the average household has increased from 2.61 to 2.63 – the first increase in 100 years of census data.
As CommSec economist Craig James says, prior to the mining boom wealth was concentrated mostly in northern Sydney, along with the inner suburbs of Melbourne. But now, Western Australia has taken over.
"The mining boom has significantly influenced the latest census results. Not only do mining and energy regions dominate the lists of highest personal income and highest household income, but they are also regions of significant gender imbalance with males dominating industry employment," James says.
"Overall, the top 13 regions for highest median personal income are in Western Australia," he says.
The data shows the towns with the highest median income are covered by the postcode 6710, with median incomes higher than $2,000 a week. Other mining-rich areas, including Newman, Bullfinch, Tom Price and Hamersley, all followed, with median incomes ranging from $1,915 to $1,824.
Other regions with the highest median personal income rates include Alyangula in Northern Territory at $1,552, May Downs in Queensland at $1,512, and Roxby Downs in South Australia, at $1,466.
In New South Wales, the postcode with the highest median weekly income was 2061, encompassing Kirribilli and Milsons Point, with earnings of $1,311. In Victoria, East Melbourne with its 3002 postcode recorded $1,164.
When incomes are ranked by calculating the percentage of households whose incomes are greater than $4,000 per week, Western Australia still comes out on top, with Dampier, 6713, at the top of the list with 22.3%.
Karratha, 6714, follows with 18.9%, while Port Hedland, 6721, rounded out the top three with 17.6%. Perth suburb City Beach, 6015, came in 7th with 16.1%.
The Ponds in New South Wales (2769) topped the list of areas with the highest percentage of mortgages at 81.6%, followed by Lyndhurst, Victoria (3975), at 75.1%, along with Doreen, 3754, at 71.3%.
Angle Vale, South Australia, (5117), ranked with 69.3%, followed by Banksia Grove, Western Australia, (6031), at 58.9%.
"There are 184 towns in Australia where more than 50 % of properties are rented and actually 33 towns having a rental rate of more than 90%," James pointed out.
"By contrast there are 84 towns where the rental rate is less than 10 %. Park Orchards (3114, Victoria) with 1,075 residents in eastern Melbourne has a rental rate of just 3.5%."
Another hint of Australia's wealth can be found in the statistics for unoccupied private dwellings – of which there are 934,000.
"While the definitive break-down is not yet available on the reasons why so many homes are vacant, the primary reason is more than likely that they are used for holiday homes or holiday rentals or are properties available for rent," James said.
These homes are also growing much larger. For the first time in 100 years, the average household size has increased from 2.61 to 2.63 people per household.
"As has traditionally been the case, remote towns with large indigenous populations in Western Australia, Northern Territory and Queensland dominate the rankings of household size. Burketown, Bathurst Island, Telfer, Binjari, Forrest (WA), Alice Springs and King Ash Bay are towns possessing highest household size."
"In capital cities, interestingly, suburbs in western Sydney such as Cecil Hills, Bonnyrigg, Bossley Park and Hoxton Park have the highest household size with around 3.4-3.6 persons per household compared with the national average of 2.63 persons."
The stats also show a significant gender gap, with the highest concentration of males in military sites, prisons and male-dominated industries such as mining, while the highest concentrations of women are near universities.
Kalgoorlie mining image by Graeme Churchard courtesy of <a target="_blank" href="https://www.flickr.com/">Flickr</a>.
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