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

Joel Robinson

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

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

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

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

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

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

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

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

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

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

<html><body>
Banks are willing to provide loans to first-home buyers purchasing a new home off the plan – with the proviso that a lower valuation on settlement could force them to scramble for cash to make up the potential shortfall.
Their response follows a media report suggested the banks are reluctant to lend to off-the-plan first-home buyers.
The concern emerged ahead of changes to the NSW first-home owner grant from October 1, which will provide $15,000 towards a new home (including those bought off the plan) but nothing for first-home buyers purchasing an established property.
CBRE managing director David Milton was reported in the Sydney Morning Herald as saying that banks “frowned” on lending to first-home buyers.
He said the issue was one of confidence for first-home buyers, as banks were only willing to provide a conditional six-month loan approval, when a project could take much longer to complete.
“An off-the-plan project can take from 18 months to over two years to complete,” Milton said.
But he acknowledged to Property Observer that this was not applicable to all transactions and that the scenario of final property valuations being less than the off-the-plan valuation was only a problem when markets are in downturn.
Westpac, Commonwealth Bank, Suncorp and NAB have all told Property Observer they will finance long-term off-the-plan purchases, but with an understandable caveat around the final valuation.
“There has been no change to our first-home buyer policy,” a spokesperson for Westpac tells Property Observer.
“We give people approval in principle if they are buying off the plan. We will do an assessment based on the information provided and all the normal stuff we do in assessing a home loan application,” he says.
The bank will provide a conditional approval for up to for six months, which the bank says gives borrowers an idea if they should go ahead and make the purchase.
“There is the risk element that the apartment will not be built by the time the offer lapses – but there has always been that risk element. It’s the same for people who buy at auction with a long settlement plan,” he adds.
“If it does take longer, the borrower can come back to Westpac and go through the same process of assessment but in the knowledge we have been involved before.
“However, there may be a price valuation difference.”
Suncorp, which has been an active lender to first-home buyers this year, according to AFG figures, will also provide financing for eligible borrowers but has flagged the valuation at settlement as a risk the buyer must bear.
“Banks absolutely want to ensure the quality and value of the end product meets what the developer has specified and agreed to build,” says Suncorp Bank executive manager for personal lending Tony Meredith.
“When a bank agrees to finance a new home construction it is essentially committing to something that is only proposed on paper at the initial stage, which means making sure the end product is in line with this proposal is crucial.
“New construction loan customers are told this up front, so there are no surprises,” he says.
Meredith says customers can also protect themselves and their deposits by ensuring the contract stipulates that the end product needs to meet the market valuation.
The Commonwealth Bank says its provides a conditional loan approval available for up to 18 months if lenders mortgage insurance (LMI) is not applicable and up to six months if LMI is applicable.
To avoid LMI a borrower needs about a 20% deposit.
“Applicants must be able to demonstrate genuine savings of at least 5% of the purchase price, grants or subsidies are not able to be used for the deposit,” says a spokesperson for the Commonwealth Bank.
The bank says it will not accept guarantees from parents in these situations.
As in the case of Westpac and Suncorp, the Commonwealth Bank’s loan approval is conditional subject to a satisfactory “on completion” valuation conducted 90 days before settlement and re-confirmation of the customer's financial details.
“If there are any changes to the security position and / or the repayment capacity, the approval may be withdrawn.”
A spokesperson for NAB says all home loan applications are considered on a case-by-case basis, “taking into account property value, including size and location – as well as the customers' deposit and ability to repay”.
The bank’s home loan applications are valid for 90 days, from approval to settlement, for all property types and buyers. “This ensures the approved loan amount reflects both the current value of the property and the customers' ability to repay the loan, at settlement.”
Assurances by the banks that they will lend to these borrowers are supported by mortgage broking franchise Mortgage Choice, “provided they have a deposit of at least 5% including evidence of genuine savings, additional funds to cover expenses associated with property ownership, and are able meet the individual lender’s loan serviceability criteria”.
But Mortgage Choice spokesperson Belinda Williamson says raising a deposit of about 10% – even if not required – is particularly important for those buying off the plan to help protect them against valuation variances.
“If the valuation on the completed property comes in lower than the purchase price that was agreed at the time of making a deposit, the borrower will be required to make up the shortfall,” she says.
Williamson says first-home buyers are generally more at risk, “as they often lack the available equity or funds to fill this gap,” she says.
</body></html>

lschlesinger-FZcF9M3vE6

Banks willing to finance off-the-plan first homes but buyer must take valuation punt 

<html><body>
Sydney’s Landmark Randwick development has had a surge in off-the-plan investor interest driven by the upcoming changes to stamp duty concessions.
David Gray of agency Mint360property says the weekend’s sales launch was the biggest rush to he’s ever seen in the east.
The NSW government’s home builders’ bonus, which provides stamp duty exemption for buyers of new property under $600,000, expires on July 1.
<img src="/images/stories/2012/06/mint1.jpg">
Mint360property marketer Arthur Perdis says almost all of the 70 groups that came to the launch put in an offer. He says 70% of the buyers were owner-occupiers.
Of the 42 one-bedroom apartments building, 32 sold on the day. All seven of the two-bedroom, one-level apartments sold. Eight of the 16 two-storey two-bedroom Skyhomes sold.
<img src="/images/stories/2012/06/mint2.jpg">
One-bedroom and one-bedroom plus study apartments cost $550,000 to $650,000, the most popular range.  Two-level two-bedroom apartments cost $700,000 to $800,000. And the Skyhomes cost $750,000 to $800,000.
Mint360property’s Diane Goncalves says buyers were driven by changes in stamp duty concessions. She says buyers saved up to $22,490 by buying this week instead of next.
Landmark Randwick is a 117 apartment low-rise residential development in Randwick by developer Zonie Property Group. The building is one kilometre from Coogee Beach and shopping centre The Spot.
The four-building site occupies 4,900 square metres over a three-street frontage on the eastern side of Avoca Street.
</body></html>

awalsh-7Ub9EypybQ

Mint360 secures rush of fresh sales as Landmark Randwick launches

<html><body>
There are a number of long-held and misinformed ideas surrounding sales of property by mortgagees (lenders). Often parties are interested in pursuing a mortgagee sale in the hope of securing a “bargain”. Each time buyers attend open for inspections for a mortgagee repossessed property’s auction, the same main questions typically arise: 
<ol>
<li>Will it definitely sell at auction?</li>
<li>What’s the debt against the property?</li>
<li>Will the mortgagee accept an offer prior to auction? </li>
</ol>
To respond in order, the mortgagee (usually a bank or similar lender) is generally not in the business of holding real property – they are in the money business. They wish to realise the asset and recoup their outstanding funds. Having said that, the mortgagee has an obligation to act in good faith and have regards to the interests of the mortgagor (defaulting borrower). In the event that a property was “dumped” by a mortgagee at a price found to be significantly below a fair market value, there will be solid grounds for a claim for compensation by the borrower. There is no specific obligation upon the mortgagee governing the manner and form in which the subject property should be sold – however, every step that is taken towards a comprehensive, suitably structured marketing campaign results in a reduced likelihood of a successful mortgagor challenge in the future. As a rule of thumb, mortgagees commission an independent certified valuation of the property, and this becomes a very good guide in terms of a reserve. So, “Will it definitely sell at auction?” The answer is no.
Buyers will often query the level of debt encumbering the property. While this may impact the mortgagee’s bottom line for the year, it has no effect upon the actual market value of the property. A $1 million property repossessed over a $100,000 debt is not suddenly worth $100,000, and any mortgagee accepting a price like that should line up its lawyers in readiness for a courtroom fight. Similarly there are often cases, regularly involving fraud of some kind or ill-advised financial planning, where the debt is significantly higher than the market value of the property. As much as the mortgagee would very much like to see the value cover its debt, the property is valued on its own merits. If a mortgagee accepts a price less than the debt, it is required to see transfer of the property at settlement with clear title. 
Pre-auction offers are a common issue. We return to mitigating legal exposure for the mortgagee. The courts consistently view a public auction as a fair test of the market – a sale prior to auction begs the question as to why an offer was accepted. The property is always for sale and offers welcome, however we regularly suggest that “unless your offer is to be so compelling that the mortgagee may be found culpable for not accepting it, we’ll proceed to auction”. It’s a rare day that someone wants to be “that buyer”. The courts have found that no advertising or auction is necessary at all should the price achieved be sufficiently “compelling” and responsible compared to an independent valuation. The practical application however is that public auction is most largely considered the optimal and fair way to assess buyer interest and thereupon it is best to leave the campaign to run all the way to the gavel. 
Recently Kousal v Suncorp-Metway [2011] and the very widely publicised auction sale preceding this matter involved a sheriff auctioning a mortgagee property <a href="https://www.propertyobserver.com.au/auctions/melbourne-vendor-goes-to-court-over-%241000-no-reserve-sheriff-s-auction-of-his-braybrook-home/2012020953319" target="_blank">and selling it for $1,000</a>. It was shown that the property was valued around $600,000. Of understandable concern to the defaulting borrower was his belief that the property was insufficiently marketed, auctioned in a sheriff’s office and done so “without reserve”.  On these assertions, the sheriff pretty well followed the text book of what not to do when acting for a mortgagee who is seeking to realise a debt and do so in a court-approved manner. 
Having established some principles that may restrict the opportunity to secure a definite bargain, buyers may well be left wondering just what is the attraction in pursuing a mortgagee sale. Buyers can rest assured that the mortgagee is motivated to achieve a sale. Emotion does not enter the discussion. The mortgagee does not view the property as a much-loved home and has no “rose-coloured” glasses concerning its value. An independent valuation is regularly the benchmark for the lowest level a mortgagee might accept at auction – and in a market like we are currently experiencing, valuers are hardly bullish. 
Further, a mortgagee will generally refrain from marketing embellishments or “agent speak” in the marketing of property. The contract will be very clear and undertakings conservative. Mortgagees generally select agents who have a comprehensive understanding of the law pertaining to mortgagee transactions and ensuring that all boxes are appropriately ticked. What you see is what you get. 
Here’s the bottom line to mortgagee sales – the mortgagee wants to secure a fair market price for the asset and cover its debt. Mortgagees wish to do so without being exposed to potential legal dramas from the defaulting borrower. If you are interested in pursuing a home and like the idea of dealing with an non-emotive, straight-forward vendor who has ideally engaged an informed and professional agent, who is genuine about securing a sale and whose pricing is guided by an independent valuation, then mortgagee sales are for you.
Brad Caldwell-Eyles is principal of <a href="https://www.1stcity.com.au/" target="_blank">1st City Hasemer and Caldwell-Eyles.</a>
</body></html>

bcaldwell-dCALvnaEBt

Clearing up misconceptions about mortgagee sales

<html><body>
<a href="https://www.propertyobserver.com.au/residential/how-to-avoid-the-winter-home-hunting-blues-part-one-%E2%80%93-stay-patient-mal-james/2012062655275" target="_blank">Yesterday I talked about the importance of staying patient in the cooler winter market. </a>The consequences of a bad decision are much worse now, and time is needed to make the best possible decision.
In the late 1990s and early 2000s the consequences of decisions were not quite so obvious due to runaway capital growth pretty much right across the board. Even a bad decision was a good decision because almost anyone who bought was better off than those who didn’t.
Over the past seven years or so (traditionally one property cycle), since around 2006-07 the game has changed. When it comes to home buying, there is now a significant gap between those who have made good decisions and those who have not.
Good decisions: We can give you specific examples of clients who have bought since 2007 and who since that time have seen 50% increases in buying and selling. One home that was bought for $1 million in 2007, for instance, sold for $1.5 million in 2012. Not that we have encouraged such quick turnaround – but sometimes circumstances change.
Poor decisions: We can also point to sales that have resulted in up to 20% losses since 2007. We have seen some substantial losses in the Golden Mile Brighton, as well as a period home in Elsternwick with a big auction and even homes in Boroondara. If you bought a $2 million home in 2007 and sold it for $1.7 million five years later, that is a substantial loss.
Highlighting the good decision vs. bad decision numbers.
Back in 2007, the $1 million buyer and the $2 million buyer were $1 million apart. Now in 2012 they are only $200,000 apart. Meanwhile, the buyer who made the good decision has had to pay only half the mortgage repayments of the poor decision buyer. Sure, this is an extreme case, but it has happened.
The winter of 2012 is a time to keep making good home buying decisions.
Mal James is principal of<a title="James Buyer Advocates" href="https://www.jamesbuyeradvocates.com.au/" target="_blank"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website. 
</body></html>

maljames-vHwm28JUAa

How to avoid the winter home hunting blues: Step two – make good decisions

<html><body>
Property development can be daunting so I’ve put together some FAQs to help address some of the important questions that will arise as you start your development.

This has been broken down to a three-part series:

<ol>
<li><a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/developments/how-to-get-started-in-property-development-jo-chivers/2012061355113" target="_blank">Getting started </a></li>
	<li><a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/land/mastering-the-design-planning-and-approval-stage-of-a-property-development-jo-chivers/2012062055209" target="_blank">Design, planning and approvals (as seen last Thursday)</a></li>
	<li>Construction Time</li>
</ol>
 

2. Construction Time 

“Each of us is carving a stone, erecting a column, or cutting a piece of stained glass in the construction of something much bigger than ourselves.” Adrienne Clarkson

Construction time is the best part of developing property. Seeing that first sod turned and standing back as the excavator starts to form up your site is truly satisfying.  The groundbreaking, also known as cutting the site, marks a massive milestone in your development project. 

[smartcode_project:default project_id=22803]

There is so much work that needs to be completed before getting to this stage.  You’ve found a site, negotiated to purchase it, researched with the council and other authorities, run your feasibility, got your designs done, had your building quotes completed, prepared documentation and lodged your development application, perhaps battled with the council.  Then you’ve obtained your consent and engineering and construction certificate (CC) plans and the CC consent.  Once fully approved there are still more hoops to jump through and it’s off to your lender to get your finance organised and finally unconditional approval. 

The development process is like an iceberg.  Most of the work required in project managing your property development is done before you cut the site.  It’s all hidden below the surface.

[smartcode_project:default project_id=32227]

So by the time your project comes out of the ground, you have done most of the work.   Inexperienced developers won’t understand this, but I know the sheer volume of hours required to get a project to the construction phase is phenomenal. 

When can I start construction? 

As soon as you have your DA – development application and CC – construction certificate –  consents and you have obtained an unconditional finance approval, your builder can start construction. 

What is the first process?

[smartcode_project:default project_id=94611]

Site clearing is required before you can start preparing your slab or footings. So ensure your builder has included vegetation and tree removal.  If you are demolishing an old house or building then ensure this is done before your builder is ready to start, as you do not want to hold up the process. 

How should I manage my builder? 

It’s important to have open communication with your builder from the start. Explain to him that you want to be involved and depending on your experience and time available let him know if you will be project managing the development or engaging a project manager. 

As project managers, we are in constant communication with our builder’s site or construction managers. 

[smartcode_project:default project_id=29921]

What does a project manager do and do I need one? 

A project manager can help you to fast track your development. A good project manager will: 

<ul>
<li>Save you money</li>
	<li>Save you time</li>
	<li>Minimize your risk</li>
	<li>Teach you how to manage your development</li>
	<li>Give you access to sites not on open market</li>
	<li>Professionally manage, record and report the process for you</li>
	<li>Share their local knowledge, experience, contacts, suppliers</li>
	<li>Allow you to keep your day job</li>
	<li>You can learn the process then perhaps feel more confident to manage our next project. </li>
</ul>
You could use a project manager if you are inexperienced or time poor or both. It’s a good idea to use a project manager if you want to learn the process of developing, you can have your hand held through the development and will be amazed by what you will learn by being guided through the process. 

[smartcode_project:default project_id=22699]

Main steps in the construction phase include (for typical slab &amp; brick construction):

<ol>
<li>
Site preparation This involves clearing of the site and pegging out of the site by the surveyor. Sometimes retaining walls will also be built at this stage if required.</li>
	<li>
Slab The plumber will need to lay plumbing that will be located beneath the slab of the development. This needs to be done before the slab can be formed up.  The slab piering is then completed as per the engineer’s specifications and plans and then the slab can be poured.  It’s very exciting to see the slabs go down.</li>
	<li>
Frames and roof trusses The frames are generally prepared before being delivered to site and can be erected very quickly with a day or so. It’s great to walk around the site once the frames are up and get a feel for each room.</li>
	<li>
Roof tiling of metal roofing Some builders prefer to complete the roof before starting the brickwork and other builders work the other way around. I’ve found predominately builders want to get the roof on as quickly as possible to protect the frames.</li>
	<li>
Brick work This stage really gives the development true structure, and you can feel the development making good progress when you see the brickwork completed.</li>
	<li>
Rough ins This involves the electrical and plumbing wiring and pipes to be installed before the internal linings to the frames.</li>
	<li>
Internal linings After the rough in is complete, the insulation will be installed into the wall and ceilings and then the plaster will start on lining the walls and ceilings. You really get a good sense of space within the dwellings at this stage.</li>
	<li>
Waterproofing and tiling The wet areas will be water-proofed in preparation for the tilers to start work, generally after or even during the timber mould out.</li>
	<li>
Timber mould out This stage involves the carpenters installing the skirting boards, architraves, door jams and doors and kitchens.</li>
	<li>
Lock up is when all external doors including garage doors are on.</li>
	<li>
P.C.  fit out. P.C. is a term for a prime cost item and includes tapware, bath, mirror, vanities and other accessories, which are installed at this stage.</li>
	<li>
Practical completion. This is the point in time when an inspection is conducted when builder is almost finished. You will walk through the development with the site manager and point out any items that still need attention. By this time it should only be touch ups and minor items requiring installation.</li>
	<li>
Handover This is when you are happy the construction has been completed to your satisfaction and to the plans and after paying the builder’s final invoice, keys will be handed over to you. </li>
</ol>
When can I lease out or sell my development?

Once handover is completed and you have received the occupation certificates from the council or your private certifier, you can lease the dwellings out.  If you are building more than one dwelling then you may also be subdividing, so you cannot sell the individual dwellings before you have subdivision approval. They may be sold subject to approval or registration of the subdivision. 

[smartcode_project:default project_id=7633]

Seeing your development emerge from the dust and dirt and slowly take shape until it resembles exactly what you have planned is one of the most exciting and satisfying moments you could experience as a property developer.

As I see Property Bloom projects come to completion, it really makes me feel like we’ve achieved an amazing thing for our clients; manufactured equity, provided education, created strong yields and most of all helped them fast-track their portfolios and plan for their future.  It is such a wonderful feeling to step back and look at what’s been created and understand the needs that have been met for our clients and for the local communities we develop in. Seeing the dwellings tenanted or sold and lived in by families that will get to enjoy the fruits of your labour is what it’s all about.

Jo Chivers is director of <a href="https://www.propertybloom.com.au/" target="_blank" title="Property Bloom">Property Bloom</a>, which manages property development.
</body></html>

jochivers-wq5Bp59R5a

The 13 steps in the construction phase of building a new home

<html><body>
Brisbane new high-rise apartment sales fell 31% in the May quarter, with 128 sales recorded compared with 186 in the February quarter, according to the latest Midwood Report.
The total number of apartments for sale also fell to 1,227, the lowest level since November 2010.
The report notes that the current sales rate is in line with average sales rate over the past 12 months.
Three projects dominated sales – Metro Property’s Madison Heights project in Bowen Hills; the big Hamilton Harbour project being co-developed by Devine and Leightons and FKP’s The Milton in the inner west.
Here’s a breakdown of the top six high-rise sellers in Brisbane during the months of March, April and May:
<img src="/images/stories/2012/06/55.gif">
The number of apartments sold in Metro’s Madison Heights development in Bowen Hills. There are 308 units in the project, with 255 sold to date. The median price paid per square metre was $6,616.
 
<hr>
<img src="/images/stories/2012/06/30.gif">
The number of apartments sold in Devine and Leighton’s Hamilton Harbour – Riverside Hamilton development. There are 189 units in the project, with 127 sold to date. The median price paid per square metre was $6,831.
 
<hr>
<img src="/images/stories/2012/06/23.gif">
The number of apartments sold in the Metro Pearls Brooklyn on Brookes project in Fortitude Valley. There are 216 units in the project, with 88 sold to date. The median price paid per square metre was $7,761.
 
<hr>
<img src="/images/stories/2012/06/17.gif">
The number of apartments sold in the FKP’s The Milton project in Milton. There are 298 units in the project, with 145 sold to date. The median price paid per square metre was $7,244.
 
<hr>
 
<img src="/images/stories/2012/06/6.gif">
The number of apartments sold in the Laing O’Rourke/Trident Corp McLachlan &amp; Ann (M&amp;A) project in Fortitude Valley. There are 234 units in the project, with 172 sold to date. The median price paid per square metre was $7,692.
 
<hr>
<img src="/images/stories/2012/06/5.gif">
The number of apartments sold in the Metro Property Development The Chelsea project in Bowen Hills. There are 195 units in the project, with all sold. The median price paid per square metre was $7,087. The project settled in February.
</body></html>

Brisbane high-rise apartment sales down 31% in May quarter: Midwood

<html><body>
Declining auction sales, falling private sales and lower clearance rates are three clear trends emerging in the Melbourne housing market, according to the Real Estate Institute of Victoria (REIV).
The trends have emerged as the REIV cautions that there will be no house price growth in Melbourne over the next few years.
In its  2012 State of the Victorian Property Market report the REIV calculates that there have been 6,925 auction sales in Melbourne up to the weekend of June 18, compared with 8,566 at the same time last year and 11,647 in 2010 – representing a 19% decline from the same period last year and 41% down on 2010.
Clearance rates over the last two years are also about 20% below historical levels.
REIV spokesperson Robert Larocca says the number of private sales is also declining.
But he cautions that these figures will be revised upwards as the institute gets more complete data from estate agents.
Click to enlarge
<a href="/images/stories/2012/06/reivjune27.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/06/reivjune27thumb.gif"></a>
Source: REIV, for the calendar year to June 18, 2012
Economics website macrobusiness.com.au points out that auction sales numbers are currently 21% below the five-year average while the clearance rate is 18% below the five-year average.
Macrobusiness.com.au calls the figures a “sobering assessment” of the Melbourne housing market.
</body></html>

Melbourne auction sales down 19% on same time last year: REIV

<html><body>
The Hong Kong-based Shangri-La Hotels and Resorts group has made its second foray into the Australian hotel market in the space of a week, picking up the Holiday Inn Brisbane for around $48 million.
It follows its purchase of <a href="https://www.propertyobserver.com.au/leisure/sydney-shangri-la-hotel-sells-to-hong-kong-shangri-la-asia-group-for-record-%24352-million/2012062555249">Sydney’s Shangri-La Hotel in The Rocks for the $352 million</a> announced earlier this week.
Shangri-La Hotels has also assumed management of the Brisbane Holiday Inn and will operate it as a Traders Hotel.
The hotel is located at 159 Roma Street, within walking distance from the CBD and Suncorp stadium.
The purchase of the Holiday Inn was facilitated by Jones Lang LaSalle Hotels’ Craig Collins, Dean Humphries and Peter Harper, who also advised on The Rocks purchase.
Collins says the Brisbane hotel market has witnessed the most transactional activity in Australia over the past six months, with this being the fourth transaction Jones Lang LaSalle has undertaken in the city over this period.
“Prior to this sale there had been very little activity as Brisbane has historically been one of Australia’s most tightly held investment markets,” he says.
According to Collins, Brisbane has been one of the standout hotel trading markets this year to date, with revenue per available room (RevPAR) growing by 5.9% to surpass the 2008 peak and reach $151.
Total hotel transaction volume in Australia has reached almost $1 billion for the year to date, with Asian investment accounting for over 90% of transaction volume.
</body></html>

Hong Kong’s Shangri-La group picks up second Australian hotel in a week with $48 million Brisbane Holiday Inn purchase

<html><body>
About 42% of taxpayers will use any tax refund they receive from the Australian Tax Office (ATO) to pay off their debt, including their mortgages and credit cards, according to a new Bankwest survey.
The 2011-12 Taxing Time survey found – not surprisingly - that taxpayers have a very thrifty mentality as the end of the financial year looms just three days away.
Of the 42% who said they would some of their refund to pay off debt (up from 39%), the majority will focus on paying off their credit cards (63% versus 50% last year) while just over a third will use the refund to pay off more of their mortgage (34% versus 47% last year).
The same proportion of respondents this time round – 31% – said they would put some of the refund into their bank accounts, while nearly one in five (19%) said they would use the money to on basic commodities including rent and food. 
A lower proportion than last year – 15% compared, with 18% – said they use some of the money to indulge in something “exciting” like a new TV or a holiday.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/06/bankwestjune27.gif"><img src="/images/stories/2012/06/bankwestjune27thumb.gif"></a>
Taxpayers also expect to receive less from the government this year. 
The average expected tax return has decreased 13% across Australia to $2,017 for 2011-12 from $2,317 in 2010-11 financial year. 
The proportion of respondents who expect to receive a tax refund has dropped to 73% this year from 78% in the last financial year, while the proportion of people expecting to pay additional tax has increased to 9% from 6%. 
The results are based on an online survey of 800 people aged 18 and over carried out in May this year by CoreData on behalf of Bankwest.
</body></html>

Thrifty taxpayers plan to use tax refunds to pay off home loan and credit cards: Bankwest survey

<html><body>
The Tax Office has issued a warning about the growing number of scams being reported, attempting to trick businesses into paying more for dodgy tax services, which scammers say will provide an even bigger return.
This comes just days after the Fair Work Ombudsman <a href="https://www.smartcompany.com.au/industrial-relations/050333-fair-work-ombudsman-imposters-on-the-loose-four-ways-to-spot-them" target="_blank">warned businesses</a> of similar types of workplace authority scammers.
Commissioner Michael D’Ascenzo said the office so far has received over 5,000 reports of phishing emails using the ATO name, and over 3,000 reports of attempting phone scams.
These fake emails use the ATO graphic, and the message identifies the sender as being part of the ATO.
D’Ascenzo says businesses need to remain vigilant.
"The ATO tends to report higher incidences of scams at this time of the year," D'Ascenzo said.
"With the end of financial year approaching and many people expecting refunds, scammers are using this opportunity to pretend to be from the ATO. It is important that the community stays vigilant as scammers are increasing their efforts to make scams appear more genuine and legitimate."
The ATO says victims have reported calls at any time of the day, and on any day of the week. The problem is that when these scammers get any piece of information – including just your name or bank details – they can commit identify fraud to lodge returns in your name.
“Anyone can be a victim of a scam,” D’Ascenzo said. “If correspondence seems suspicious, too good to be true, asks you for personal details or cannot be verified through an official source, it is likely to be a scam and should be reported.”
But there’s some good news too. Phishing emails can be easy to spot – the formatting won’t be quite right, or the email it’s sent from has spelling errors.
“Be cautious of phone calls or emails suggesting you are due a refund or asking you to transfer money overseas,” the ATO says.
“The ATO will never ask you to provide credit card details or copies of personal identification such as driver’s license or passport in an email.”
Here are a few examples of phishing emails from the ATO website, so grab an official email from the tax office you have on hand and compare it with these:
<img src="/images/stories/2012/06/taxemail1.jpg" width="470">
<img src="/images/stories/2012/06/taxemail2.jpg" width="470">
<img src="/images/stories/2012/06/taxemail3.jpg" width="470">
</body></html>

Latest Expert Insights

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

Guides

Editor's Picks

Guides

Developments

New apartments

New townhouses

News

Latest Expert Insights

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

Guides

Editor's Picks

Receive the latest news stories to your inbox

Guides

Developments

New apartments

New townhouses

News