<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]

Joel Robinson

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

Apartment buyers in New South Wales are set to gain a decade of insurance-backed protection against major building defects, after the NSW Parliament passed the Fair Trading and Building Legislation Amendment Bill 2026.&nbsp;

The Bill establishes decennial defect insurance, known in the market as Latent Defects Insurance (LDI), as an alternative to the existing two-year strata building bond. It cleared the Legislative Council with amendments on Tuesday evening (August 4, 2026), with the Legislative Assembly agreeing to those amendments shortly after.

Under the reform, eligible developers can satisfy their statutory bond obligation by taking out an approved decennial-style policy that gives owners 10 years of cover for major structural defects from completion, claimable directly, without first having to pursue developers or builders through costly legal action.&nbsp;

[smartcode_project:default project_id=111820 project_image_fid=344699]

The change forms the final tranche of amendments arising from the 2021 statutory review of the Strata Schemes Management Act 2015 and related legislation.

Resilience Insurance, which originated the cover in Australia and has delivered it in NSW since 2022, welcomed the passage and credited the NSW Government for delivering it.

“This is protection apartment buyers have needed for a long time, and the credit for delivering it belongs to the NSW Government,”&nbsp;said Corey Nugent, CEO of Resilience Insurance.

“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into. Reform like this is what good, evidence-based regulation looks like.”

Resilience has delivered LDI in NSW since 2022, protecting thousands of apartments, giving the State, and now the country, real-world evidence of how decade-long, no-fault protection works in practice.

[smartcode_project:default project_id=136442 project_image_fid=374084]

The reform also places NSW within a wider national shift.

NSW is the third jurisdiction to put decennial cover into law. The ACT legislated for it in 2024, with the scheme taking effect in late 2025, and Victoria passed its own framework on 17 June. Between them, the three cover the majority of Australia's apartment market.

The reform commences once the legislation is proclaimed, which is expected in the coming weeks. From that point, developers of Class 2 residential apartment buildings can meet their statutory obligation with an approved decennial policy in place of the bond.

Buyers who purchased into projects that took out the cover early are among the first in the country to take keys to apartments carrying decade-long structural protection.

“With the legislation passed, the focus now turns to making it work for buyers,”&nbsp;Nugent said.

“There are already thousands of apartments in NSW covered by this insurance, bought by developers who moved early. The question every buyer should be asking in a display suite is a simple one: does this building come with 10-year defect cover, and who stands behind it?&nbsp;

“We look forward to working with the Government and the Building Commission in coming weeks as the framework moves to implementation, and to sharing what we have learned over the past four years so the protection reaches owners as smoothly and quickly as possible.”

[smartcode_project:default project_id=134954 project_image_fid=4553]

Other states are working through their own reform programs. Western Australia has indicated that decennial cover is within consideration a later stage of its reform sequence, and Queensland has been examining the settings as it looks at the development pipeline ahead of the 2032 Olympics.

Resilience Insurance acknowledges the NSW Government’s continued focus on strengthening consumer protection while supporting housing delivery across the State.

Fast Facts: What the reform means

<ul>
	<li>Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li>10 years of cover:&nbsp;Protection for major structural defects runs for a decade from completion, claimable directly and with no legal action required.</li>
	<li>An alternative to the bond:&nbsp;Eligible developers can meet their statutory obligation with an approved decennial-style policy in place of the 2% strata building bond.</li>
	<li>Part of a national shift:&nbsp;The ACT has had decennial provisions in force since 2025 and Victoria passed its framework in June. NSW now joins them.</li>
	<li>No-fault, first resort:&nbsp;Owners corporations claim directly from the insurer without first having to establish who is liable for the defect.</li>
	<li>Cost-competitive:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the 2% bond while offering broader, longer protection.</li>
	<li>Market position:&nbsp;Resilience originated LDI in Australia and has delivered it in NSW since 2022.</li>
</ul>

Fast Facts: What is Resilience LDI?

<ul>
	<li>Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li>Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li>Cost advantage:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.</li>
	<li>Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>

NSW parliament passes 10-year defect insurance laws for new apartment buyers

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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For more than five decades the humourist Barry Humphries has tracked the trends in Australia without dutiful reference to any census data.
Unencumbered by the niceties required of the Bernard Salts and George Megalogenises, his observations emerge every so often in his stage shows.
Some are subtle but mostly shocking.
His latest show starts with leaf blower over-usage, then Marrickville, our man in Ecuador, an apology to Today Tonight, fanta pants, estate agents selling Glen Iris to Asian buyers, the downward dog yoga move, beige Canberra, kaftans and all those celebrity chefs like Matt Moran and Donna Hay.
All wrapped within Humphries' unparalleled audience name recall and sharp repartee.
The weekend was the opening shows for his farewell tour, Eat Pray, Laugh.
It was in the nation's capital Canberra – "the gateway to Queanbeyan" – and with a hint of Bollywood Dame Edna Everage was in scintillating form, at one point almost apologising if her pheromones were bothering the nearest of her audience.
There was Elaine from Gundagai. In a "dead end" bank telling job. Living in a two-storey brick house.
"Impossible dream for you," Dame Edna advised the paupers in the cheap seats at the rear of the theatre.
Bernadette from Kambah, one of the few Canberra suburbs not designed according to the neighbourhood philosophy, only had her single-storey brick house.
"Don’t gloat, Elaine," Dame Edna ruled.
Spelling Kambah's final letter left Dame Edna in little doubt as to Bernadette's religion.
"Certainly not C of E," she suggested, before going on to suggest Kambah would be "Aboriginal for meeting of the waters".
"That's what they all mean," she suggested to the groans of the audience, who'd either heard it before or weren't happy with the tone directed towards the Ngambri people.
Dame Edna wasn't convinced that Bernadette's current bedroom renovation ought to be painted in the hog bristle colour.
"It's not likely to be conducive to a good night's sleep," Dame Edna opined.
And despite the mauling – all victims were soon up on stage – on team Edna, participants on Dame Edna's "journey."
Spoiler alert.
Sir Les Patterson, in casual colourful shirt and shorts and sombrero, and just back from the G20 in Mexico, had opened the Sunday matinee show.
The bulge in his trouser pocket comprised Cabcharge dockets.
Either the advance team of the US ambassador aren't that thorough, or Jeff Bleich is a masochist. Bliech was in the middle of the front row of yesterday's performance, so right in the spittle firing line of the diplomat extraordinaire Sir Les Patterson.
The hospitable Sir Les soon had, without much awkward hesitation, Jeff and wife Becky onstage – guests at his suburban backyard barbecue.
Bleich looked a tad awkward in tieless suit, but was soon in charge of turning the meat.
"You seppos call them meatballs, we call them rissoles," Sir Les said.
Given Sir Les has gotten worse over the years, it was very near a degrading experience – but the Bleich couple were good sports.
When Sir Les asked Becky to get down on her knees to scratch his mossie bite, the quick-witted Jeff gave his wife the long barbie tongs to allow her to keep some distance.
However nothing could have prepared the couple for the barbecue blow-in guest, Father Gerard Patterson, the rarely sighted appalling paedophile brother of Sir Les.
Father Patterson yielded just a little information from Jeff – he went to non-denominational Massachusetts college and had never toyed with the priesthood.
By show's end, Jeff was the first to get the gladioli from Dame Edna – which was promptly passed onto his wife. And they participated in the standing ovation.
It all seemed rather cosy, especially as the embassy had quickly tweeted their boss's starring theatrical role.
Bumping into Barry Humphries as he was catching his plane out of Canberra, it was all denied.
A set-up, I asked, with the US ambassador?
"Oh no," Humphries affirmed.
"Was he the ambassador?" he enquired back, barely concealing his delight.
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jchancellor-FAypfDUnLy

Dame Edna Everage advises against hog bristle colour scheme even in beige old Canberra

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The perception that Melbourne is turning into a mini-Manhattan given the high-rise apartment projects in Docklands, the CBD and city fringe is untrue, according to the results of the 2011 census.
Apartments as a percentage of the total housing mix in greater Melbourne have in fact fallen as a dwelling type from 16.1% in 2006 to 15.3% in 2011 despite the total number of flats and units rising from 217,836 to 219,111 during this period.
Greater Melbourne dwelling structure
<table style="width: 470px;" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="143">
 
</td>
<td valign="top" colspan="2" width="213">
2011
</td>
<td valign="top" colspan="2" width="260">
2006
</td>
</tr>
<tr>
<td valign="top" width="143">
Separate house
</td>
<td valign="top" width="107">
1,039,342
</td>
<td valign="top" width="107">
72.6%
</td>
<td valign="top" width="142">
971,782
</td>
<td valign="top" width="118">
71.9%
</td>
</tr>
<tr>
<td valign="top" width="143">
Semi-detached, row or terrace house, townhouse etc
</td>
<td valign="top" width="107">
165,486
</td>
<td valign="top" width="107">
11.6%
</td>
<td valign="top" width="142">
154,163
</td>
<td valign="top" width="118">
11.4%
</td>
</tr>
<tr>
<td valign="top" width="143">
Flat, unit or apartment
</td>
<td valign="top" width="107">
219,111
</td>
<td valign="top" width="107">
15.3%
</td>
<td valign="top" width="142">
217,836
</td>
<td valign="top" width="118">
16.1%
</td>
</tr>
<tr>
<td valign="top" width="143">
Other dwelling
</td>
<td valign="top" width="107">
6,159
</td>
<td valign="top" width="107">
0.4%
</td>
<td valign="top" width="142">
<table cellpadding="0" cellspacing="0" border="0"><tbody><tr>
<td valign="top" width="127">
7,459
</td>
</tr></tbody></table>
 
</td>
<td valign="top" width="118">
0.6%
</td>
</tr>
</tbody></table>
Census 2006 and 2011 (ABS)
The 2011 census results also show that greater Sydney remains the apartment capital of Australia. More than a quarter of greater Sydney residents (25.8%) live in this type of dwelling, and this proportion is virtually unchanged from the previous survey.
According to the census, 11.7% of greater Brisbane residents live in flats, followed by Adelaide (10.4%) and Perth (9.1%).
Brisbane has the highest percentage of people living in detached houses at 79%, followed by Perth (78.6%) and Adelaide (77.2%).
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lschlesinger-FZcF9M3vE6

Melbourne not yet becoming Manhattan, with percentage of apartments falling: ABS census 2011

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The “stars are beginning to align” for the Sydney residential housing market, with median prices forecast to grow by a cumulative 17% over the next three year to reach a median of $750,000, according to a new report by BIS Shrapnel.
Sydney, Perth, Brisbane and Darwin house prices are expected to grow by at least 5% per year between now and 2015, while the “non-resource state” housing markets will continue struggle.
In percentage growth terms, Perth is expected to record the strongest capital growth appreciation over this period with its median house prices climbing 22% from $475,000 to $580,000 – more than 7% per year.
BIS Shrapnel also has strong growth expectations for Brisbane (20% rise to $515,000) and Darwin (15% to $620,000) but the outlook is poor for Melbourne, with house prices expected to rise just 3% to $557,000 by 2015.
<img src="/images/stories/2012/06/bisjune25.gif">
According to BIS Shrapnel senior manager Angie Zigomanis, author of the Residential Property Prospects, 2012 to 2015 report, a continued shortfall in new dwelling construction in Sydney to meet population growth will mean that rental growth will remain solid in the next two to three years.
 
“This deficiency will eventually encourage investors back into the Sydney market.
“Once there is evidence that prices have bottomed out and sentiment improves, the return of price growth will in turn promote further investor demand. After showing signs of a turnaround in 2012-13, price growth should pick up in 2013-14,” Zigomanis says.
BIS Shrapnel says the Perth market recovery will be driven by significantly improving affordability and accelerating population growth.
“Population growth is already accelerating as Perth also benefits from rising overseas and interstate migration and, combined with recent weak new dwelling construction, has resulted in vacancy rates tightening from 3.5% at June 2011, to 1.9% in March 2012.”
“With unemployment in the state already leading the nation at 3.8% in March 2012 and economic and income growth to continue to strengthen, the first stages of a turnaround should appear in 2012-13 before stronger price growth emerges in 2013-14 and 2014-15 as economic growth approaches a peak.”
Brisbane’s predicted strong house price growth is based on rental growth recovery (as vacancies tighten below 3%), improving affordability, recent interest rate reductions and a projected recovery in the state’s economy.
“Consequently, economic conditions are forecast to rapidly improve, with the ensuing employment and income growth to create a greater level of purchaser confidence,” says Zigomanis.
In contrast conditions are expected to remain tough in the non-resource states of Victoria, South Australia, Tasmania and ACT.
“These states all had the strongest bounce in construction after the global financial crisis, with the result being an erosion of their dwelling deficiency and/or an emerging excess of dwelling stock,” says BIS Shrapnel.
Melbourne faces headwinds from a subdued state economic environment in 2011-12 that has placed downward pressure on prices.
“With Melbourne’s dwelling deficiency being eroded, there is little upward pressure on prices,” says Zigomanis.
“We anticipate that prices will stabilise in 2012-13 due to the impact of lower interest rates and an improving outlook for the national economy. However, there will be little to support price growth in the city over the next three years and conditions will continue to remain tough,” he says.
“Non-resource states” will also face headwinds from underperforming economies.
“Economically, these states are also underperforming due to a fall-off in construction and a negative impact to industry from the high Australian dollar,” says Zigomanis. 
“The improvement in affordability from lower interest rates may stabilise house prices in this environment. 
“However, without any supply pressures, median house prices in Melbourne, Adelaide, Hobart and Canberra are forecast to show little change and decline in real terms over the next three years,” he says.
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Melbourne residential property market to struggle as ‘stars align’ for Sydney and resources states: BIS Shrapnel

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A double oceanfront block on Collaroy Beach (pictured below) – complete with a rare tennis court offering on Sydney’s northern beaches – was the weekend’s highest seller at $8.7 million.
{yoogallery src=[images/stories/2012/06/june16collaroy]}
It was offered for the first time in five decades.
It was the home of the late lawyer William Michie, of the law firm Michie and Shahadie.
The <a href="https://www.maxwalls.com/buying/search/detail.aspx?id=ID116&amp;wlid=a380d6a6-5c0c-41ef-ba58-fea99d7a8e5a">five-bedroom, four-bathroom house</a> that sits on a 1,365-square-metre Seaview Parade holding had come with initial $10 million expectations.
Weekend auction clearance rates in both Sydney and Melbourne both stood at 56%, according to APM (Sydney) and REIV (Melbourne).
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Double oceanfront $8.7 million block on Collaroy Beach weekend’s top seller

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Another landmark Australian CBD hotel has been acquired by an Asian property group, with Hong Kong-listed Shangri-La Asia paying $352 million to fully own the Sydney’s Shangri-La Hotel in The Rocks.
<img src="/images/stories/2012/06/shangri-la_hotel.jpg" width="470">
The acquisition of the leasehold property follows the <a href="https://www.propertyobserver.com.au/leisure/malaysian-reit-pays-%24415-million-for-marriott-five-star-hotel-portfolio/2012061455118" target="_blank">Malaysia-listed Starhill Real Estate Investment Trust, paying $415 million</a> earlier this month for a portfolio of three five-star Marriott hotels – the Sydney Harbour Marriott, the Brisbane Marriott and the Melbourne Marriott.
Asian buyers have accounted for 93% of all hotel sales this year.
<img src="/images/stories/2012/06/shangri3.jpg">
The transaction, which is due to be completed by no later than July 31 consists of $330 million for the hotel and $22.4 million for for its net current assets (mostly cash).
Audited results for the year ending March 31 show the hotel made an after tax profit of $3.25 million.
Shangri-La Asia is owned by the billionaire Kuok family, which has interests in property, manufacturing and media via a substantial shareholding in the South China Morning Post and a stake in Hong Kong television group Television Broadcasts Limited (TVB).
Shangri-La Asia has managed the hotel for the Government Investment Corporation of Singapore since 2003.
The price paid for the Shangri-La Sydney is well above the $249 million paid for the Sydney Harbour Marriott Hotel at Circular Quay – both hotels have 563 rooms – with the sale price surprising the Sydney hotel market, reported the Australian Financial Review.
The 36-storey Shangri-La Sydney stands on Cumberland Street in The Rocks, with spectacular views across the harbour taking in the Sydney Harbour Bridge and Opera House.
<img src="/images/stories/2012/06/shangri4.jpg">
The sale price equates to $626,000 per room.
The hotel stands on land that is owned by the Sydney Harbour Foreshore Authority, which sold a 99-year leasehold over the site in 1988.
Sydney hotel occupancy rates are <a href="https://www.propertyobserver.com.au/leisure/hotel-occupancy-rates-to-reach-68-by-2014-with-perth-hotels-forecast-to-outperform-sydney-deloitte/2012052254785" target="_blank">forecast to rise to 88% by the end 2014</a>, a rise of only 2% from current levels, according to the Deloitte Access Economics Tourism &amp; Hotel Outlook report.
Shangri-La Asian operates 16 hotels globally with a collective 5,600 rooms.
Shangri-La Hotels are in Vancouver, New Delhi, Oman, Manila, Abu Dhabi (two hotels), Dubai (two hotels), Putrajaya and Kuala Lumpur (in Malaysia), Taipei and Tainan (in Taiwan); and Beijing, Changzhou.
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Sydney Shangri-La Hotel sells to Hong Kong Shangri-La Asia group for record $352 million

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Well, there is good news, but apparently, we’re still too gloomy to enjoy it.
The official stats show a healthy economy; housing sentiment is up and property, according to CommSec, is back in favour.  Overall, Aussie consumers are more optimistic.
But a mindset of misery lingers, and we aren’t quite willing to let go of it.
The Westpac/Melbourne Institute index of consumer sentiment rose, albeit minimally, by 0.3% in June, though remains down almost 6% on a year ago.
Banks were nominated as the best place to stash your cash by 33% of consumers, but the next best, and the biggest mover, was real estate – one-quarter of respondents (up from 18%) consider it the wisest place to put savings.
The jump in sentiment is, as CommSec economist Craig James reports, good news for our beleaguered housing market.
Sales are starting to lift, but consumers really need to follow through.  Why are we so reticent?
Perhaps our collective outlook is a backlash from the incessant negativity of politics or the chatter of an imploding Europe.
Or perhaps we need a bit of a shake up and an<a href="https://www.propertyobserver.com.au/trends/australias-prudent-mindset-comes-at-a-cost-with-little-established-house-price-growth-for-a-decade/2012061955193"> attitude adjustment that melds with the reality of a changing world. </a>
Jog and live longer 
I always read these too, don’t you?  Spotted in the Fin Review – a heart study in Copenhagen has found that slow and steady really does win the race.
To be a winner, you have to jog slowly, moderately if you must, and regularly – 60 to 150 minutes max per week, over two or three sessions.
The study of 20,000 participants started in 1976 and has found that regular joggers will improve their longevity by 6.2 years for men and 5.6 years for women.   Apparently this helps with happiness and wellbeing too.  I’m on it!
Poll
Last week’s MatusikPulse poll asked:  What you think is likely to influence the market over the next 12 months.  Here’s how you responded:
Media:  23%
Federal election:  22%
World economic outlook:  19%
Interest rates/finance availability:  15%
Local economy:  10%
Property valuations:  7%
Amount of resale stock for sale:  4%
So, how’s that for irony?  The tangibles – our local economy, property valuations, stock on the market, and even interest rates and availability of finance are perceived to have little influence on the market.
Yet the media and the seemingly interminable wait for a federal election do.  That says a lot about the influence of negative reporting in my book.  Though in terms of the federal election, just bring it on – puhleeze!
As to world economic outlook, let’s look at it this way: the economies of Greece, Ireland and Spain combined are less than that of Florida.  The perception that the world will come tumbling down, and us with it, due to strife in Greece or Spain, for example, has more to do with the desperate search for a headline than anything else.
Interest rates are an issue, and finance is harder to get.  But really, we may just have to get over our obsession with every little percentage movement – if you are not financially sound enough to get a loan at, say, 7%, you’re not going to get one at 6% either.
But guess what?  The forecast for Australia’s growth next year is 3.4% (up from 3% this year); Britain 1.7%, Japan 1.5%, U.S. 2.3%, and Europe 0.7%.  The growth projections are less than seen in the past, but still growth never-the-less – and we’re on top of the heap.
Confidence is what is needed.
<a href="https://www.surveymonkey.com/s/ImpactAffordability">This week’s poll question</a> asks your opinion on what will have the greatest impact on new housing affordability.  Please take just a few seconds to give us your answer.  Results next Saturday.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Michael is a 25-year veteran in the industry and his firm has helped over 550 new residential developments come to fruition. Michael has launched a new initiative, called<a href="https://www.matusik.com.au/" target="_blank"> Think Matusik</a>. Think Matusik brings together expert opinion and select property opportunities.
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michaelmatusik-49YzLvdmNv

Good news for Australian property, but we’re too gloomy to enjoy it

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The latest report by the federal government’s National Housing Supply Council provides one indication of the current state of the Victorian residential property market. 
Over the last two years the council’s estimated gap between underlying supply and demand has reduced from a revised 18,000 in 2009 to just 10,000 in 2011. 
This shows that supply and demand are very close to being in balance in Victoria and is one reason why pressure on house prices has eased. 
While the market is also affected by a range of other factors – the rate of economic growth, unemployment, interest rates and levels of consumer confidence – if there is a shortage of stock, this also results in pressure on prices.
The strong price growth between 2005 and 2010 was, in part, due to high levels of population growth and a shortage of supply.
The report now shows that the gap between the underlying demand and supply has eased, primarily because the number of new homes being constructed has increased. Dwelling completion data from the ABS shows that in the two years to the 2011 December quarter, 30% homes were built than in the preceding two years.
On current projections, it does not appear that Victoria will face a critical undersupply of housing stock in the medium term.
The council’s report also highlighted the lack of affordable housing, particularly in the rental market. Rents continue to increase at a time when there is very little growth in overall house prices.
The latest projections from the council need to be considered by the state government as it plans for new land releases and the city’s growth over the next decade.
Enzo Raimondo is CEO of the <a href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
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Increased supply eases pressure on Victorian house prices

<html><body>Australian Property Monitors (APM) has released a list of results from 273 auctions in Sydney for the weekend of June 23. The clearance rate was 56%. <a target="_blank" href="https://www.homepriceguide.com.au/saturday_auction_results/Sydney.pdf"> Click here</a> for the auction results, and click on each street address to see the property's marketing.</body></html>

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APM's 273 Sydney auction results show 56% clearance rate

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For the many people who were interested in the property at 2/4 Shakespeare Grove Hawthorn there was one thing more important to them than location – their pets. Unusually, the owners’ corporation in this block does not allow pets, and this fact ruled many potential buyers out of contention.
For those who want to have a harmless punt, there's now a tipping website, <a target="_blank" href="https://www.propertytycoon.com.au/" rel="nofollow">www.propertytycoon.com.au</a>, where punters can guess auction five results in Melbourne and Sydney, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
One of the five properties featured in the competition this week is <a href="https://www.realestate.com.au/property-apartment-vic-hawthorn-110646605" rel="nofollow">2/4 Shakespeare Grove, Hawthorn (pictured below).</a>
<img src="/images/stories/2012/06/shakesp.jpg">
Luckily for the vendor there was one potential buyer in the crowd of around 50 who was not concerned about the “no pets” clause and threw out the only bid of the auction at $1.56 million. With no other interested parties this buyer secured the right to negotiate exclusively with the vendors.
The vendors obviously knew they were sitting on a very good piece of real estate and extracted more than $100,000 from the buyer before the contacts were signed at $1,685,000.
In Sydney the scene was set for a big auction at <a href="https://www.realestate.com.au/property-apartment-nsw-clovelly-110592373" target="_blank">3/10 Ocean Street, Clovelly</a> (pictured below), with six registered bidders and the sight of whales frolicking in the ocean out the front.
<img src="/images/stories/2012/06/oceangrove.jpg">
The property was quoted at $1 million plus and after an opening bid of $950,000 four of the six registered bidders got involved before the bidding came to a halt at $1.22 million.
This figure was not what the vendor had in mind and the property was passed in and negotiations continued inside. A further $3,000 was extracted from the buyer and the property was formally sold for $1.25 million. Cheers.
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'No pets' rule knocks out bidders for Hawthorn auction tipping competition property

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The end of financial year isn’t only about tax. It’s an opportunity to look at your business and make changes. Here’s my eight-part template for fine-tuning a business.
Goals: along with the financial targets – earnings, margins, market share, etc. – are goals such as how to set goals for your employees and how to define what success is within your business. And never forget about the owner’s goals: you have to know what kind of income and fulfilment you desire.
Knowledge: how good are your systems? Do they give you clear and regular reporting? Do they give you measurements against your key performance indicators? Do you use all of your enterprise system’s capability? Do you need a new system, or do you simply need to know more about the system you currently run?
Funding: it’s time to assess your debt, retained earnings and equity. Whether it’s equity or debt, capital comes at a cost, and you should look at how it’s performing and what needs to change in budgeting, dividends and cashflow discipline.
Protection: business owners often overlook basics such as insurances, disaster recovery plans and contingencies for business continuance. If you employ people, they and their families are vulnerable should anything happen to the business or to you. Your family may also rely on you. Have a plan, talk to experts.
Environment: What broader environment is the business is operating in? What is the Reserve Bank saying? Where are interest rates heading? What is happening to your competitors? Is the government talking about your industry? What foreign forces will affect your business? Every owner can start a new financial year with a brief written outline of where his or her business sits in the economy.
Structure: business owners can go for years with a structure that is wrong for the business, inefficient for tax or inflexible in terms of succession. It’s worth having an accountant or solicitor look at your structure. The law provides you with options in how you carry on a business, and you should ensure you are in the structure that best suits you and your plans.
Growth: what did you do in 2011/12 to grow the business? Did it work? This is the time to look at growth strategies. Get your people in one room and listen to ideas – often the best ideas come from the people who are never asked.
Owner: in the end, there has to be a pay-off for the owner. You need an insurance broker to ensure you have products that cover you as a director, you need advice on separate business/personal finances and you should be converting your hard work into a retirement plan with some of the superannuation exemptions and concessions available to business owners, including CGT relief and self-managed super.
A lot of these matters are overlooked in the course of doing business. Use the end of financial year to at least give them some thought.
Mark Bouris is executive chairman of <a target="_blank" href="https://www.ybr.com.au/">Yellow Brick Road</a>, a financial services company offering home loans, financial planning, accounting and tax, and insurance. 
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