<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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Soft trading conditions over the past 12 months have caused six Melbourne suburbs to drop off the million-dollar perch.
The first-quarter median house prices have revealed their medians to fall short of the $1 million mark.
These suburbs include <a target="_blank" href="/news">St Kilda East</a> ($875,000); <a target="_blank" href="/news">Port Melbourne</a> ($921,250); <a target="_blank" href="/news">Balwyn North</a> ($980,000); <a target="_blank" href="/news">South Melbourne </a>($967,000); <a target="_blank" href="/news">Carlton North</a> ($837,250) and <a target="_blank" href="/news">Prahran</a> ($940,000). Of these suburbs, St Kilda East suffered the biggest decline in median price over the year, with the median house price declining from $1,125,000 in quarter one last year to $875,000 in quarter one this year, according to the Real Estate Institute of Victoria (REIV).
<img src="/images/stories/2012/06/milliond.jpg">
Source: REIV *Median price is based on fewer than 30 house sales
South Melbourne's fall off the million-dollar list <a target="_blank" href="https://www.propertyobserver.com.au/renovating/south-melbourne-terrace-price-sales-a-guide-for-the-block-2012-contestants-and-june-30-auction-bidders/2012061955120">will no doubt worry contestants of The Block 2012</a>, whose South Melbourne terraces are going to auction June 30.
There were four suburbs in the million-dollar club in 2005, with the list steadily increasing to a peak 27 suburbs in 2011, according to the <a href="https://blog.realestateview.com.au/author/enzo-raimondo/" target="_blank">REIV's Enzo Raimondo on his realestateView.com.au blog.</a>
The current top three positions are the inner-eastern suburbs of Toorak ($1,860,000), Canterbury ($1,676,250) and Malvern ($1,585,000).
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jchancellor-FAypfDUnLy

Six Melbourne suburbs lose their million-dollar status: REIV

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Prudent means to be:
<ul>
<li>discreet or cautious in managing one’s activities; circumspect</li>
<li>practical and careful in providing for the future; or</li>
<li>exercising good judgment or common sense</li>
</ul>
It comes from the Latin pr?d?ns, meaning far-sighted.
Everything cycles, but around some form of structure.
An economy is driven by both cyclical (temporary, although often repetitive) changes, as well as structural (longer-lasting and often more painful) forces.
For mine, putting aside the deadheads we currently have in Canberra, the national lack of confidence is more complicated than reasons like our house prices have stopped growing, or we are worried about Europe or the carbon price. We are changing as consumers and have become conservative once again.
The official stats show a healthy economy, yet many think it is weak and demand a cyclical solution – another handout, a tax cut or further drops in interest rates.
RBA head Glenn Stevens laminated as much last week when he grumbled that our current gloomy mood is largely because people are mistaking structural change with cyclical ones. Well, we don’t really like change regardless of what form it takes.
But the real underlying issue here is structural, and cyclical remedies will make very little difference. Just look at what little impact the recent declines in interest rates have had on retail sales or home buying.
Look, too, at the lacklustre influence the recent Queensland housing boost really had on new starts. Ditto – and despite the housing industry’s loud applause – the likely outcome on new construction in New South Wales with last week’s first-home buyer incentives towards new homes. Without greater certainty in the development approval process and an economically feasible solution as to who pays for local infrastructure, the NSW grant for first-time buyers won’t be enough to significantly lift new construction.
Also, most first-home buyers will not be able to get finance. Worse still, valuers will discount the bonus off the purchase price, making settlement even harder to complete.
So what is the big structural change? In short, we have returned to our former prudence.
Household savings dropped dramatically in the 1990s, and in the naughties (yes, spelt correctly) it went negative for a while. Today our savings rate is close to double digits, yet we felt wealthier when we had absolutely nothing in the bank. Why?
Because the gross value of our assets – for most, their home’s value – more than doubled between mid-1990 and 2007. It was 14 years of a power salute. This happened because we had to outdo the Joneses next door – we moved into better homes, took on more debt to do so, and gearing up was possible due to bank deregulation, lower inflation and cheaper loans. But the music stopped with the GFC and we – correctly – reversed our actions and got on top of our debts.
Prudence is back in vogue, baby. And somehow – yes it is hard to believe – it has a strong and I think lasting appeal. Home-grown is in, recycling too. Borrow, don’t buy. Measure many times and don’t even cut. Walk outside, not the gym. Renovate, don’t move.
But such a mindset has a cost. Property sales are down by a third against the past decade; generic dwelling values have fallen a bit – now they won’t keep falling forever – but they won’t also grow like they have done in the past. Nor will sales volumes.
In addition to prudence, we are buying different things. We are buying services, not goods. Maybe we already have many of the goods we really need, but when a society ages it uses more services. This is happening here and is best shown in the health sector where, new employment in this industry is up 260,000 since 2008. This is twice as many new jobs as in mining! And sadly, by way of comparison, the construction industry in Australia lost 23,000 jobs in the last three months alone.
Also, there is the digital revolution – it makes everything and everyone much more price sensitive.
So what does this mean to the property market?
Established housing – unless it has true redevelopment or good renovation potential – will record little to no real price growth for some time – i.e., a decade.
Discretionary markets and products – think Cairns or top-end holiday homes – will experience little demand. Prices could continue to slide, and being priced under replacement cost (the usual trigger for an upswing) might not trigger a positive response this time around.
New product will only sell if it appeals to the market’s needs. For renters this means convenience, and for owner-residents it’s flexibility. Spaces need to be practical yet have dual (or more) uses. Wasted space must go.
Rental return is the key investment performance indicator. Maximising the current tax advantages is second and capital growth a distant third. For a passive investor – over 90% of investment buyers – new property wins hands down. A minimum holding time is now 10 years, maybe longer.
Apart from being well-located in the urban fabric and designed for the target audience, property winners will be in areas with the best job prospects. Many of these won’t be in the capitals.
The way property is sold has changed. This is especially true for investors. Today’s property investor is essentially not actively looking to buy a property. The usual actions that accompany a property purchase – reading newspapers, searching the internet, visiting new projects and/or real estate agencies – aren’t in vogue. Hence the traditional sales methods and advertisements have limited impact on property investors. Under the current market conditions, most property investors become buyers due to independent advice and endorsement. They receive such advice often via the finance industry, and most of this advice is sourced from non-property-related enterprises. Today’s property investor is usually a professional or, increasingly, someone in the resource sector. Either way, he or she has very little time to dedicate to searching out property opportunities. Property investors, however, often seek financial or other related advice.
Many new projects will not proceed. This will more often than not be reported by the mainstream media as failure, but it truth, it just reflects our more prudent times.
“Rashness belongs to youth; prudence to old age.” Marcus Tullius Cicero
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 target="_blank" href="https://www.matusik.com.au/"> Think Matusik</a>. Think Matusik brings together expert opinion and select property opportunities.
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michaelmatusik-49YzLvdmNv

Australia’s prudent mindset comes at a cost, with little established house price growth for a decade

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The Property Council of Australia (PCA) has slammed the decision of a House of Representatives Economics Committee backing the doubling of the withholding tax charged for foreign investors who invest in Australian managed investment schemes. 
Many of these managed funds are used to fund big property and infrastructure projects. The new tax rate of 15% (up from the current 7.5% rate) is due to kick in on July 1. 
Government members on the committee backed the raising of the tax rate, while Coalition members backed a position held by the PCA that the tax should be scrapped because it discourages foreign investment. 
The tax hike has also been slammed by <a href="https://www.propertyobserver.com.au/tax/lend-lease-slams-15-withholding-tax-as-property-council-fails-to-convince-wayne-swan-to-scrap-it/2012053154915" target="_blank">property developer Lend Lease</a> and the Financial Services Council, which represents fund managers and superannuation funds. 
“The evidence provided by industry shows that Treasury’s reasoning is inadequate, flawed and economically harmful,” says Property Council chief executive Peter Verwer. 
“It is particularly galling that government members endorsed Treasury’s position despite Treasury’s repeated refusal to reveal its modelling on the impacts of a higher tax on the economy.” 
“Treasury didn’t even bother to assess the impact of a higher withholding tax on the federal government’s own revenue streams.”
His comments come soon after a <a href="https://www.propertyobserver.com.au/leisure/malaysian-reit-pays-%24415-million-for-marriott-five-star-hotel-portfolio/2012061455118" target="_parent">Malaysian investment trust payed $415 million for a portfolio of three five-star Marriott hotels,</a> with the deal going ahead despite the prospect of the higher withholding tax rate “causing some friction”, according to Mark Durran and Craig Collins of Jones Lang LaSalle Hotels, who negotiated the deal. 
Verwer says Treasury’s analysis of the tax hike is flawed on three counts. 
“First, Treasury says that international investors are more interested in Australia’s AAA credit rating than tax rates.” 
“Treasury doesn’t understand that investors actively compare tax rates in different countries to assess the relative impact on their investment returns.” 
“It should be obvious that after-tax returns are critical to investor decision-making,” he says. 
Secondly, Verwer says that Treasury “ignores any difference between the headline withholding rate promoted by a country and the effective rate – the rate actually imposed on investors.” 
“Treasury has not done its homework and has been conned into believing that other countries apply a 15% rate.” 
“In fact, most countries charge pension funds withholding tax of 5% or less, many charge zero.” 
“Other countries are determined to attract the patient equity capital of large pension funds, particularly when debt markets are increasingly unstable.”
“By doubling our withholding tax rate, Australia reduces its ability to compete with the lower effective rates of other countries.”
Lastly, Verwer says: “Treasury has failed to realise that a higher withholding tax will scare off international investors, which will reduce both economic activity and government revenue flows.”
“You can’t tax investment that doesn’t occur.” 
Verwer pointed to a recently released Allen Consulting Group report modelling the impact of the proposed withholding tax increase on tax takings and the broader economy. 
The report, commissioned by the PCA, shows that by 2015-16, instead of collecting $75 million, state and federal governments will only receive $36 million and GDP will shrink by $30 million. 
Both the Property Council and Financial Services Council say they have evidence that more than a $1 billion of global funds have already been directed to other countries or frozen, following the 2012 federal budget announcement.
In its defence, the government claims the new tax rate is a better balance of the needs of Australia to remain an attractive destination for foreign investors while ensuring a fair return.
Treasury is estimating a tax return of $260 million over four years generated from the withholding tax.
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lschlesinger-FZcF9M3vE6

Treasury’s doubling of withholding tax ‘flawed and economically harmful’: Property Council

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The Top Ryde Shopping Centre has been given a $350 million price valuation, according to the Australian Financial Review.
The valuation was ordered by receivers a few weeks ago for the centre in Sydney’s north-west as a prelude to its anticipated sales marketing campaign.
But it’s being held back from sale for now while the banks mull over their options, the AFR suggests.
The centre owes $600 million to its banking collective creditors after Bevillesta was placed into administration with BRI Ferrier in February 2011.
The centre had been on and off the market over the past few years with no result.
The 78,215-square-metre centre will be the first big regional mall in years to come to market as a full sale.
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Sydney’s Top Ryde shopping Centre valued at $350 million, leaving bankers short

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Another iconic Australian live music venue could one day become a residential development following the listing of the Tivoli live music venue in Fortitude Valley in inner Brisbane. 
The 1,500-seat music venue with its Art Deco façade is located at 48-52 Costin Street in and is considered one of Fortitude Valley’s premier live entertainment venues, hosting recent performances by Katy Perry and Lily Allen. 
It follows the listing of the former <a href="https://www.propertyobserver.com.au/leisure/jerry-pilarinos-melbourne-venue-the-palace-formerly-the-metro-nightclub-listed-for-receivership-sale/2012061955174">Metro nightclub</a> – currently The Palace live music venue – in Melbourne. 
The Tivoli is being marketed by Leon Alaban and Sean Dollar of Ray White Hotels Australia on behalf on behalf of Dromahair Pty Ltd, which acquired it in 1999 for $1.65 million and has operated it as a music venue since. 
John O’Rourke – part of the O’Rourke property development family – is the managing director of Dromahair Pty Ltd, a hospitality business based in NSW, and has also been the manager of the Tivoli since 2004. 
Since purchasing the Tivoli he has invested millions in turning it into a premier music venue. 
O’Rourke is also the managing director and owner of Longyard Golf course in Tamworth and Strutters Nightclub in Rockhampton. 
The venue, which occupies a site area of approximately 2,160 square metres, is licensed to operate from 10am to 2am, Monday to Sunday. 
It will be auctioned onsite at 11am on Wednesday, July 18, 2012. 
Alaban says the O’Rourke family have decided to sell the Tivoli as a freehold going concern. 
“The O’Rourke family have decided to divest the Tivoli, as it forms part of a family trust and is therefore being sold to dissolve the trust and pay out the beneficiaries,” he says. 
A price well in excess of the previous selling price is expected, with Alaban telling Property Observer the O’Rourke family is putting it to auction to let the market decide its value. 
Potential buyers include entertainment promoters looking for a foothold in the industry as well as investors who would want to turn the Tivoli into a residential development further down the track. Hoteliers and pub and tavern owners may also show interest, says Alaban. 
The Tivoli has no development approval and is currently zoned for small recreation or nightclub use with an eight-storey height limit. 
There is no heritage protection for the property. 
The Tivoli, which has a distinctive Art Deco façade, was built in 1917 and started life as bakery.
It adjoins the massive $2.9 billion redevelopment of the RNA Showgrounds on the northern fringe of Fortitude Valley. 
“The showgrounds precinct is set to be transformed into a lifestyle and cultural hub for the community which will have enormous economic and infrastructure benefits to Brisbane and the immediate surrounding areas,” says Alaban.
“The venue presents immaculately and has an enviable reputation throughout the entertainment industry,” he says. 
“The Art Deco-style auditorium with mezzanine holds 1,500 standing or 700 seated patrons. The Tivoli also features a reception and foyer, a main bar, lower bar, mezzanine bar, artists lounge, kitchen and designated outdoor smoking area.”
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Brisbane’s Art Deco Tivoli nightspot up for sale and could be potential residential development site

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HSBC chief economist Paul Bloxham and Westpac senior international economist Huw McKay have come to different conclusions about rate cut expectations for the remainder of 2012 following the release of the minutes from the June 1 RBA monetary policy meeting.
Bloxham expects just one more 25-basis-point rate cut this year, taking the cash rate to 3.25%, while McKay expects three more taking the cash rate to 2.75% by December.
“We think the RBA is probably a little ahead of the curve, having cut rates last month,” says Bloxham. 
“With global risks still tilted to the downside, we continue to expect that there may still be one more 25 basis points cut in the second half of 2012, but it is a close call,” he says. 
Bloxham says interest rate markets pricing in 90 basis points in cuts is “overdone”.
He notes the more “upbeat” nature of the minutes compared with the post-meeting statement.
“Today's minutes reiterated that the 25-basis-point cut in June was insurance against the possible effect of weakening global conditions, which was afforded because inflation is expected to remain low. In their view, local conditions had not significantly weakened. 
“They also told us that the RBA viewed the decision to cut rates on 5 June as 'finely balanced'. 
“We agree. As we noted before the meeting, our view was that local conditions did not warrant a further cut in interest rates. The minutes seem to suggest that on local conditions alone, they would probably have left rates steady. But the cut was in response to weakening global conditions.” 
McKay, however, says the best policy response from the RBA would be to reduce the cash rate by a further 75 basis points by the end of the year.
“The month-to-month path for the policy rate to achieve that end point is difficult to define precisely, with the fluid nature of the European picture making the potential timing more event-driven than is usual,” he says.
“We feel that the best policy response given the balance of domestic and international forces would be to deliver 25 basis points cuts at successive meetings in July and August, before a final move in the December quarter.”
McKay agreed with Bloxham that the June decision was a difficult one for the RBA board, which was ultimately swayed in favour of a rate cut by global concerns.
“The minutes to the board meeting of June 5, which resulted in a 25-basis-point cut in the policy rate to 3.5%, imply very strongly that a large cut was not countenanced, and that if the decision was being made solely on domestic grounds, a cut would not have been delivered,” McKay says.
“The rationale seems to have been that there were enough elements of resilience in the domestic figures for the bank to take some time to assess the impact of past easing on activity, but that with the potential for global tensions to ‘intensify’ precautionary behaviour, the ‘finely balanced’ arguments turned in favour of a cut.”
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HSBC expects one more rate cut following RBA June meeting, but Westpac says minutes suggest three more by December

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Residential apartments are currently outperforming the rest of the Sydney property market in terms of sales, with the increasing population, changing demographics, stamp duty concessions, low supply levels and affordability concerns all having an impact. Apartment projects delivered at attractive price points in near CBD locations and integrated with social and transport infrastructures are experiencing solid demand.
Discovery Point, Australand’s master-planned community south of the CBD in Wolli Creek, is a prime example of the strong performance of apartments in Sydney. All apartments have now been sold in the fourth and fifth residential buildings, known as Linc and Arc, with all 214 sales being made within the past 12 months.
 
From a demographic perspective, there has been an increase in the number of people looking to downsize to smaller dwellings while still enjoying the features and convenience of a modern apartment. The increasing prevalence of smaller families makes apartment-style living a more reasonable long-term residential option than it was for previous generations.
The impact of stamp duty concessions for newly constructed and off-the-plan apartments cannot be understated either, given the affordability concerns affecting the Sydney market in particular. Stamp duty is a major affordability barrier, and any savings accessible here will understandably resonate with buyers.
 
Finally, well-located apartments are also more attractive from an investment perspective, and demand from investors for quality modern stock has supported the performance of the apartment market.
Developments such as Discovery Point and Clemton Park Village, which provide contemporary lifestyle options in close proximity to essential services and transport links, continue to appeal to savvy investors looking to take advantage of the low rental vacancy, strong rental returns and the decline in interest rates.
Nigel Edgar is <a href="https://www.australand.com.au/">Australand</a>’s NSW residential division general manager.
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Sydney CBD apartments outperforming wider market

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Today I am writing with the intention of contradicting myself. Yes, I am encouraging people to spend time on an element of the property investing process that I just <a href="https://www.propertyobserver.com.au/residential/buying-is-just-a-small-part-of-residential-property-investment-cameron-mcevoy/2012052754849" target="_blank">recently advised people not to spend too much time on</a>! Let me explain. While I did write about the “purchase” itself being the area where you actually invest the least amount of your time in (compared with pre-purchase due diligence and post-purchase ongoing management, of course), I'd like to take some time to address the actual purchase process itself, and give an overview of what to expect once you've done all your due diligence, crunched the holding cost numbers, made an offer and had the offer accepted.

Once your offer has been accepted, you'll need to act very quickly to meet a lot of deadlines, which can be very stressful, not because the work needed to reach them is hard, but because there are just so many little things to do, so many people to engage with (and sometimes chase up when they don't act) and little deadlines to meet, all before that “holy grail” of the process: final settlement.

[smartcode_project:default project_id=3494]

An acceptance of offer can be stressful for new investors because there are so many hard and fixed deadlines to meet – yet there are “unknowns” that need to become “known” , ducks to get in line and new processes you'll need to learn in order to achieve them. And all the while you'll be questioning yourself. Questions like: “is it normal for a solicitor to ask for this form?” or “why does this part have to take so long?” are common, along with more stressful questions like “what am I getting myself into?”, or even worse “I didn't budget for that cost and I've maxed my borrowing capacity, but it's too late to back out – what do I do?!”.

So to best illustrate this I thought I'd run you through the typical steps/actions/stages that I tend to go through my offer has been accepted on an investment property. I do not have all the answers, but I think I can shed some light on some of the hoops you'll need to jump through, some things to look out for, and why time really is your enemy during the process. It's a pretty specific part of the overall process and is actually one of the most stressful.

[smartcode_project:default project_id=7275]

1) The first deposit. To secure your offer and prevent being gazumped, you'll need to get to the agency very quickly, sign contracts, and put down a 0.25% deposit. Let's say your property purchase amount is $350,000. This means a deposit of $875 will need to be supplied to the agency. You sign contracts (of course, assuming you've had your solicitor/conveyancer already review and discuss this with you) and are now entered in to a “cooling off period” of five to 10 business days. Please be wary that some states such as Tasmania have a completely different approach for offer acceptance, so you should Google your state's policies on this. But the most populous states tend to follow this process. Additionally, if you didn't already do this at previous inspections of the property, ask to see it again, taking notes, pictures and videos, along with measurements where needed. It might not seem that relevant now (even if you don't have any renovation or works plans upon purchase), but once you get it tenanted at ownership, it is very difficult for you to get future access.

2) Prevention of being gazumped Upon signing, my recommendation is that you ensure the agent agrees to label the property as being “under offer” in any online or print advertising immediately. This deters other enquiries and subsequent offers from coming in. You also reduce the risk of being gazumped (this is where someone places a higher offer than yours after you've entered into cooling-off period, and the vendor “rescinds the sale” with you in favour of the higher offer). Gazumping is frowned upon and measures have been taken in some states to prevent it occurring, however some agents still practise this – remember, they are motivated purely by the best possible selling price.

3) Due diligence checks and cooling-off extension During the cooling-off period, you are obligated to do further due diligence. Triple-checking that your finance is all in order with your lender or mortgage representative is critical. If you back out of the sale during this stage, your $875 deposit is not refundable, and the property can be listed back on the market for sale. Also, if you find yourself on day eight or nine in a position where you are still awaiting much-needed information, you can extend your cooling-off period (in most states/territories). Don't think that you can't; your solicitor will help make this happen for you, if needed. Ensure the front page of the contract featuring the “included items” are ticked as per your inspection. For example, if you saw a dishwasher in the kitchen during inspection, make sure that box is ticked. Sounds small, but you'd be surprised how many overlook these details.

[smartcode_project:default project_id=3298]

4) Full deposit payment On the last day of cooling off, you are now contractually obliged to buy the property. As such, you'll be required to pay a 10% deposit of the property to the estate agency. But you deduct the 0.25% initial holding deposit, so the amount you pay is actually 9.75%. Oftentimes agencies won't accept personal cheques so you may need to get a bank cheque made out. Be aware of how many days this may take to clear and factor this in.

5) Additional upfront payments Having done all of your due diligence already, you'll know your precise amounts for other payments that are required at this point. These will include lenders mortgage insurance (only if you must pay it, depending on your loan-to-value ratio and also if it is rolled into your mortgage product or not) and apportioned strata, council, and water costs for the calendar quarter during which you purchase (for instance, if your settlement occurs in the middle of a three-month quarter, you'll need to pay that six weeks' worth of strata/council/water apportioned to the time you've started to 'own' the property, during that quarter). Other fees like lender fees, account fees, etc, may become relevant.

6) Final payments in the week prior to settlement. Most purchases have a 42-day (six-week) standard settlement period. This time allows for all other stakeholders (solicitors, councils, government departments and other stakeholders) to work behind the scenes to ensure all details are completed prior to payment. At this time you'll need to pay any additional difference in sums, should your loan amount come to less than 90% of the value of the property. You'll be required to pay whatever this difference is, just before settlement. For example, If your loan is for 75% of the value of the home, you'll need to pay $350,000 - 0.25% - 9.75% - 75% = 15% which equals $52,500. Again, a bank cheque will be required, not a personal cheque. You need to send this with enough time for the funds to clear, otherwise settlement date will be delayed until it clears.

[smartcode_project:default project_id=26730]

7) Final inspection before settlement This should take place 24 to 48 hours before settlement date. The purpose of you inspecting the property again is to ensure it is in a reasonable condition similar to when you first exchanged contracts six weeks prior. Obvious things to look for are missing or suddenly damaged or missing items that weren't in that condition when you first inspected.  (sometimes air-conditioners, dishwashers, etc, magically “disappear” before settlement!), stains or damage on walls, etc, magically “appear”, and (more often in houses than units) rubbish may be present that was not there when you inspected. Especially with houses, check to any garages/sheds/under-house storage does not contain rubbish from previous tenants or owners. Its removal is the vendors’ responsibility, not yours. If refuse, you can delay settlement until they remove it.

8) Collection of keys on settlement day Most states don't “action” the settlement until about 2pm on the day of settlement. Confirm this with the managing agent. You don't want to assume you'll have keys at 9am when it could be halfway through the day. It makes a big difference if you've booked a new leasing agent to see the property for rental appraisal.

Cameron McEvoy is a NSW-based property investor and maintains a blog, <a href="https://propertyspectator.blogspot.com.au/" target="_blank">Property Spectator.</a>
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The eight steps a property buyer takes after an offer is accepted

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Victorian first-home buyers who want to own a piece of Richmond history have until June 30 to buy in the Studio Square Heritage Apartments of Lend Lease’s Studio 9 development to secure the government’s $13,000 first-home bonus.
<img src="/images/stories/2012/06/studio91.jpg">
Thus far 23 of the 34 apartments in the 1908-built building have been sold, and selling agency CBRE has ramped up its advertising, hoping to secure more first-home buyer interest before the deadline.
From July 1 this year, first-home buyers will be entitled to a 20% reduction in stamp duty on homes under $600,000. For a home costing $600,000, this equates to a stamp duty savings of $6,214, less than half what a first-home buyer would secure from the first-home bonus.
<img src="/images/stories/2012/06/studio93.jpg">
The heritage building within the three-hectare Studio 9 development was built in 1908 as the Wertheim Piano factory.  It was later converted into a baked beans factory for Heinz before its most recent incarnation as Channel 9’s television studios.
Each of the 34 apartments has its own floorplan due to different window heights and configurations within the building. Kerstin Thompson Architecture has designed the building renovation to respect its heritage but provide modern-day living.
Subtle features, such as ebony- and ivory-coloured finishes and TV studio-style lighting, pay homage to the building’s past lives.
One-bedroom apartments start at $495,000 and start at 51 square metres. At the other end of the spectrum, three-bedroom apartments range up to 205 square metres and $1.9 million.
<img src="/images/stories/2012/06/studio94.jpg">
The building is part of stage one of a four-part release. Also included in stage one are 142 modern apartments, called Wertheim Square apartments, and 27 townhouses, of which about 15 have sold.
The development will include multiple garden spaces for community use and bike parking throughout.
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Lend Lease hoping government deadline spurs first-home buyers to lights, camera, action at Studio 9

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expensive property a six-bedroom Templestowe house that sold at auction for $2,195,000.
In May this year 10 Summerhill Road in the middle-ring Melbourne suburb of Templestowe was listed for rent at $1,900 per week, and it was previously up for sale in November 2006. The house has a tennis court, indoor and outdoor pools, spa, sauna, gazebo, gas-fired and wood-fired oven and outdoor gas barbecue.
Ray White listing agent Frank Perri describes it in its marketing as palatial and says it offers “exquisite lifestyle in the lap of luxury”.
The second most expensive sale of the week was tightly held 4 Stathfield Avenue, in the Sydney suburb of Strathfield. The seven-bedroom house sold at its weekend auction for $2.35 million and was last sold in 1998 for $750,000, according to RP Data. The vendor also attempted to sell it in 2008.
Those two properties were the only reported sales over the $2 million mark this week, with the rest of the top 10 sales ranging from $1.7 million to $1.98 million. Four of the top 10 sales were in Victoria, with the rest in New South Wales.
1. <a href="https://www.myrp.com.au/n/10-summerhill-road-templestowe-vic-3106/myrp-490?propertyId=13499916">10 Summerhill Road, Templestowe, VIC, 3106,</a> six- bedroom house, sold at auction on June 16 by Ray White Manningham for $2,915,000
2. <a href="https://www.myrp.com.au/n/4-strathfield-avenue-strathfield-nsw-2135/myrp-490?propertyId=6494886">4 Strathfield Avenue, Strathfield, NSW, 2135</a>, seven-bedroom house, sold at auction on June 16 by Strathfield Partners for $2.35 million
3. 30A Parslow Street, Malvern, VIC, 3144, four-bedroom house, sold at auction on June 16 by Kay &amp; Burton South Yarra for $1.98 million
4. 14A Wilfield Avenue, Vaucluse, NSW, 2030, four-bedroom house, sold at auction on June 16 by Hart Estate Agents for $1.97 million
5<a href="https://www.myrp.com.au/n/73a-mont-albert-road-canterbury-vic-3126/myrp-490?propertyId=10257570">.</a><a href="https://www.myrp.com.au/n/73a-mont-albert-road-canterbury-vic-3126/myrp-490?propertyId=10257570"> 73A Mont Albert Road, Canterbury, VIC, 3126</a>, four-bedroom house, sold at auction on June 16 by Jellis Craig Real Estate Balwyn for $1.83 million
MYRP:
6. <a href="https://www.myrp.com.au/n/3-winton-street-warrawee-nsw-2074/myrp-490?propertyId=7313350">3 Winton Street, Warrawee, NSW, 2074</a>, five-bedroom house, sold at auction on June 16 by L J Hooker Wahroonga for $1.82 million
7. <a href="https://www.myrp.com.au/n/21-bromley-avenue-pymble-nsw-2073/myrp-490?propertyId=5638952">21 Bromley Avenue, Pymble, NSW, 2073</a>, five-bedroom house, sold at auction on June 16 by Century 21 Cordeau Marshall for $1.75
8. 11 Hudson Street, Hampton, VIC, 3188, four-bedroom house, sold at auction on June 16 by Hodges Sandringham for $1.74 million
9. 5/9 Lower Wycombe Road, Neutral Bay, NSW, 2089, two-bedroom unit, sold on June 14 by Raine &amp; Horne Mosman for $1.7 million
10. <a href="https://www.myrp.com.au/n/195-queens-road-connells-point-nsw-2221/myrp-490?propertyId=1923363">195 Queens Road, Connells Point NSW, 2221</a>, four-bedroom house, sold at auction by McGrath Estate Agents for $1.7 million
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