<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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The continued deterioration of the housing market despite lenders reducing mortgage interest rates to well below 1996 levels was discussed by the Reserve Bank board before it cut the cash rate by 25 basis points on June 1.
Overall, the minutes of the meeting  indicate that fears of a “softening” global situation spilling over into “precautionary behaviour” in Australia prompted the RBA to reduce the cash rate by 25 basis points at its June 1 monetary policy meeting.
It says the decision to cut rates was “finely balanced”.
The RBA notes that “in aggregate, housing prices continued to decline, and activity in the housing market remained weak”.
The board also acknowledged challenges facing new home construction, noting a “sharp fall in dwelling approvals in April partly accentuated by the introduction of new legislative guidelines in Western Australia”.
The RBA highlights that mortgage rates continue to fall and are now well below the average rate of more than 25 years.
“Short-term interest rates in Australia had fallen sharply following the board's decision in early May to lower the cash rate by 50 basis points,” says the RBA board.
“Following the cash rate announcement, most lenders had reduced their standard variable housing rates by between 30 and 40 basis points.
“As a result, the average interest rate on outstanding housing loans at present was about 40 basis points below the post-1996 average, while rates on small and large business loans were 30 and 60 basis points lower, respectively. Members discussed the strong competition among banks for term deposits and the continuing pressure this was having on the funding costs for Australian banks.”
The RBA notes that overall, data on the domestic economy appeared to be broadly consistent with the central bank's most recent forecasts.
“In particular, employment growth was picking up gradually, but the unemployment rate was still expected to move somewhat higher over the coming quarters. Output growth was expected to increase towards trend over the remainder of this year, and inflation (excluding the impact of the carbon tax) was expected to remain in the lower part of the 2% to 3% range.”
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RBA notes continuing decline in house prices despite low mortgage interest rates at June 1 meeting

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A lack of infrastructure and long commutes are likely to prevent property values rising in Melbourne’s six new suburbs, says market commentator Monique Sasson Wakelin.
Speaking on ABC radio, Wakelin said one of the limitations of people who live out there will be that they will be “reliant on V-Line [trains] and/or their car”.
“Given the distances we are talking about out of the city, where most of the employment opportunities are, there limitations to what people can expect in the medium term and even in the long term in terms of capital appreciation,” Wakelin says.
The six new suburbs are Diggers Rest near Sunbury, Lockerbie near Greenvale, Lockerbie North, Manor Lakes in Wyndham, Merrifield West in the city of Hume and Rockbank North near Melton.
They extend Melbourne’s urban growth boundary by almost 6,000 hectares of former farm and green wedge land.
They are between 20 to 40 kilometres from the Melbourne CBD, with Lockerbie North the furthest away and Rockbank North the closest at about 20 kilometres.
Rockbank North and Lockerbie are serviced by nearby but busy V/Line rail stations, with a rail station is ''proposed'' in Lockerbie but there is no timeline for its completion.
However, Wakelin says for those aspiring to buy own homes but have very limited funds to do it, “this is a fabulous opportunity to get in”.
She says the new suburbs present opportunities for those wanting their own home on a relatively large block and with access to the bush – as long as buyers don’t mind the commute.
“It’s a heck of a commute – let’s face it … and not very green either if you are taking the car or going by train,” she says.
“If you’re feeling energetic, on a nice day when it’s not teeming with rain or very hot, you could push-bike it in.”
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Little capital appreciation likely in six new Melbourne suburbs due to lack of transport: Monique Sasson Wakelin

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The national residential vacancy rate remained unchanged at a tight 1.8% in May, with Melbourne having the highest number vacancies and the highest vacancy rate, according to SQM Research. 
There are currently 50,408 residential vacancies nationally, representing a fall of 440 vacancies month-on-month.
Year-on-year however, vacancies have risen by 7,270, with the national vacancy rate increasing by 0.2% since May 2011. 
None of the eight capital cities recorded an increase in the vacancy rate over the month, with vacancies tightening by 0.1% in Brisbane, Canberra and Darwin in May. 
Melbourne has the highest vacancy rate by far at 3.1%, while Darwin is the tightest market with just 100 vacancies, or a vacancy rate of 0.4%. 
The Real Estate Institute of Australia (REIA) says a vacancy rate of 3% or higher is “generally considered to reflect an oversupply of rental accommodation” while anything under 3% indicates a “strong demand for rental accommodation”.
 
Here’s a guide to residential vacancies in the eight capital cities starting with Melbourne:
<img src="/images/stories/2012/06/11427.gif">
The number of residential vacancies in Melbourne, reflecting a May vacancy rate of 3.1%. A year ago the vacancy rate was 2.4%, with 8,578 properties available for rent.
 
<hr>
<img src="/images/stories/2012/06/9140.gif">
The number of residential vacancies in Sydney, reflecting a May vacancy rate of 1.7%. A year ago the vacancy rate was 1.3%, with 7,034 properties available for rent.
 
<hr>
<img src="/images/stories/2012/06/4120.gif">
The number of residential vacancies in Brisbane, reflecting a May vacancy rate of 1.4%. A year ago the vacancy rate was 1.6%, with 4,584 properties available for rent.
 
<hr>
 
<img src="/images/stories/2012/06/2680.gif">
The number of residential vacancies in Adelaide, reflecting a May vacancy rate of 1.6%. A year ago the vacancy rate was 1.3%, with 2,041 properties available for rent.
 
<hr>
<img src="/images/stories/2012/06/1157.gif">
The number of residential vacancies in Perth, reflecting a May vacancy rate of 0.6%. A year ago the vacancy rate was 1%, with 1,770 properties available for rent
 
<hr>
<img src="/images/stories/2012/06/753.gif">
The number of residential vacancies in Hobart, reflecting a May vacancy rate of 2.6%. A year ago the vacancy rate was 1.7%, with 467 properties available for rent.
 
<hr>
 
<img src="/images/stories/2012/06/434.gif">
The number of residential vacancies in Canberra, reflecting a May vacancy rate of 0.9%. A year ago the vacancy rate was 0.6%, with 272 properties available for rent.
 
<hr>
<img src="/images/stories/2012/06/100d.gif">
The number of residential vacancies in Darwin, reflecting a May vacancy rate of 0.4%. A year ago the vacancy rate was 1.3%, with 317 properties available for rent.
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Residential vacancies at 1.8% nationally in May with Melbourne's landlords facing biggest challenge at 3.1%: SQM 

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One of Melbourne’s most well-known nightspots and the former site of the Metro nightclub has been listed for sale by receivers Ferrier Hodgson, with Asian developers and nightclub operators showing interest.
The building dates back 100 years, starting life as a cinema.
The three-storey building, currently operating as live music venue The Palace, will be marketed exclusively by CBRE sales agents Mark Wizel, Josh Rutman and Scott Callow via an international public tender campaign closing on July 27.
The building is stands at 20-30 and 30A Bourke Street in the Melbourne CBD between Spring and Exhibition streets on a 1,442-square-metre site with 25 metres of Bourke Street frontage.
It is just a stone’s throw from the Victorian Parliament and well-known Melbourne eateries Grossi Florentino, The European and Pelligrini’s.
Wizel says early developer interest has “centred on the highest and best use for the property being a high-density residential project subject to the relevant planning approvals”.
“Sites of this size at the top end of Bourke Street are not readily available for acquisition and, as a result, we are anticipating strong interest from local and overseas buyers, with a particularly high level of enquiry expected from Singaporean, Malaysian and mainland Chinese developers.”
The property is also expected to attract both investors and potential owner-occupiers, given the highly lettable existing improvements – acts at the Palace have included Kylie Minogue, The Darkness and Kaiser Chiefs.
Callow says there has also been strong early interest from nightclub operators and publicans who could look “to restore ‘The Metro’ to its former glory days as one of Melbourne’s leading music and entertainment venues.”
Receiver and Ferrier Hodgson partner George Georges, who was appointed in February this year, says the landmark property had already generated significant interest.
“The Metro is well known as part of the fabric of life in central Melbourne,” he says.
“It’s a brilliantly located site with a huge variety of optional uses and tremendous potential for development.”
The 100-year old building has also been home to the Melbourne Revival Centre.
The property with reported $15 million expectations is owned by Kefi Nominees, directed by nightclub identity and property developer Jerry Pilarinos.
It has been put up for sale by Ferrier Hodgson after Pilarinos’s company Kefi Nominees was forced into administration by Bankwest.
Kefi acquired it in 2007 for $10 million from Irene Meletsis.
Kefi listed The Metro for sale in May last year through Colliers International with an asking price of $20 million as a residential development site, but without a building permit.
At the same time as Kefi listed The Metro for sale, Fairfax Media reported that Pilarinos sold an apartment project, the Tresor on the north-west corner of Chapel Street and Alexandra Avenue, to builder Fridcorp for around $13 million.
He also failed last year in a court bid to recoup $500,000 he invested into small technology company Computronics Holdings.
Songstress Lana Del Rey is listed as next to perform at the Palace, with 1980s icon Rick Astley appearing in November.
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Jerry Pilarinos' Kefi Nominees set to sell Melbourne venue The Palace, formerly the Metro nightclub

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House prices have fallen more than unit prices over the past year. Additionally, the most expensive properties continue to drag down the overall index. 
Dwelling value trends vary widely from city to city. 
{qtube vid:=wgqwDhETjVI&amp;feature=context-ch}
Tim Lawless is research director at<a href="https://www.myrp.com.au/" target="_blank"> RP Data.</a>
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Housing market remains soft despite rate cuts: Tim Lawless

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Over the last few weeks I have devoted several posts to a discussion about state-based property charges, including stamp duty and various buyer incentives and grants.
Last week’s NSW state budget was built around incentives to encourage big numbers of new home buyers into the market alongside more funds for urban development. In my memory this was the first time I have seen these policy areas so markedly dominate a state’s budget settings.
There is little doubt that the measures will be welcome by first-home buyers. The basket of benefits for these buyers will be substantial and could be as much as $35,240. The first-home owners’ grant for new homes up to $650,000 from October 1 will be $15,000 until January 2014, when it will fall back to $10,000. Stamp duty exemptions have for first-time buyers have more or less been retained.
In addition to these direct incentives, all aimed at giving a big boost to construction of new homes and apartments, a proposed $500 million-plus fund is being established to fast-track urban infrastructure. The aim is to release more land in Sydney’s south-west and north-west. And there are similar policies on the drawing board for Melbourne.
However the zero incentives for trade-up buyers may well create a two-tier market. After all, already established home owners also buy new homes, they can in fact be more cashed-up and possibly more capable of selling and buying a new home. They may move from a smaller inner-city flat, for example, and this would also directly encourage new construction activity.
The incentives are welcome, and as the market responds the incentives and rebates may even help major developers to obtain finance for new projects because there will be more potential buyers in the market.
However, given the raft of changes and the various hybrids of the same ideas now available across Australia, the need for fundamental change to the current stamp duty regime remains an issue that has once again been postponed.
Peter Chittenden is managing director for residential of <a href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx" target="_blank">Colliers International</a>
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The lack of incentives for trade-up buyers in NSW budget could create a two-tier market

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According to a recent report by Property Watch, overseas investors appear to be strongly buying office buildings within Docklands and the CBD of Melbourne.
Currently, these office purchases account for around 36% of all very major deals being transacted — and they seem to be driven by Melbourne having the second lowest vacancy rate for this kind of property, after Perth.
Apparently, investors are not being put off by the federal government's recent decision to double withholding taxes for international landlords.
It seems the reason being given for this surge in buyer activity is Australia's economic strength — low inflation, declining interest rates, solid population growth and relatively low unemployment.
And these underlying fundamentals are what obviously appeal to overseas investors, as they consider the foreseeable uncertainties within the US and Europe.
<img src="/images/stories/2012/06/langjune18.gif">
As a result, investors are being drawn to the expected rental growth due to a clear lack of new construction, currently in the pipeline.
This became apparent during 2011, when just over 41,000 square metres of new office space came onto the market, which was well below the annual 135,000 square metres 10-year average.
Bottom line: Sometimes it takes a few "outsiders" to cause local investors to realise that things are not nearly as bad, as what some pundits would have them believe.
But here's the thing — by the time the "overly cautious" have come to realise the truth of where the market currently sits, many of those attractively priced commercial property opportunities will already been snapped up, by savvy offshore buyers.
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a href="https://bitly.com/IFf40C" target="_blank">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment.
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Overseas investors showing strong interest in Melbourne office stock, undeterred by double withholding tax

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One of the first generalisations you learn when it comes to assessing real estate is the closer you are to the city, the higher the price will be. While it may be a sweeping statement with data proving the rule has many exceptions, it simply outlines what inspires one buyer to value a location over another in terms of monetary value – and that’s time.
The time it takes to travel from A to B is the most important consideration for today’s property buyers rather than the exact kilometre distance from the CBD. If a buyer is able to travel to work, the footy and any other “lifestyle” amenity on the priority list within a 30- to 40-minute period, the desirability factor increases greatly and when it comes down to it, you can value a building any which way you like, but in the end it’s only worth what a purchaser will pay. Unless you get the time factor right, demand is always going to be marginal.
When buying residential real estate, the real commodity a home buyer will purchase is the lifestyle on offer. Dwellers don’t live in houses so much as they live in communities. Therefore, building ever more houses on the outskirts of our cities is not the be all and end all for Australia’s population growth – although it’s a vitally important component if we’re to ease inflation in the already stretched and strained established inner- and middle-ring suburbs. Regardless of this, unless planning includes the other considerations I’ve outlined above, the new housing market risks long periods of stagnation in between the various government incentives on offer.
We’re all aware Australia faces an affordable housing shortage. Prices have risen past the reasonable level when judged against the average wage, and first-home buyers are all but an endangered species. I’ve written regarding the reasons for this numerous times. Quite simply, we’re a country that has centralised itself on an urban lifestyle and overwhelmingly so in the major capital cities dotted around the coast line.
As a result, no one wants to live “out of town” (or at least the vast majority of Australia’s population don’t – some 75% of them) and we’re all trying to cope with a level of unprecedented population growth from in coming immigrants – all of whom seem to have a desire to live in the inner city. When it comes down to it, it’s impossible to cope with this growth unless density increases substantially – which is precisely what the capitals’ 2030 city plans have in mind.
<img src="/images/stories/2012/06/boxhill.jpg">
Thus far urban planners and profit-chasing developers just can’t seem to develop a standard of housing that will attract the average home buyer (or, for that matter, renter). Just take a look at this <a href="https://bit.ly/Lha9jJ">eyesore</a> (pictured above) proposed in the Asian-dominated middle-ring Melbourne suburb of Box Hill. The developer’s website states” “The proposed development is significantly higher than the immediate surrounds and its striking form will be a landmark for Box Hill”. A landmark for Box Hill or not, I can’t conceive anyone thinking it’s something property buyers would fight over. As I’ve pointed out on numerous occasions, the disadvantages of living in high-rise accommodation are the major factor in the lack of genuine home buyer demand they inspire.
 
<hr class="system-pagebreak">
 
It’s usually only considered a desirable option when the buyer is in the higher price bracket able to choose an apartment offering attractive views – and considering the abundance of high-rise development proposed across our major capitals, this is anything but a guarantee for the life of the property. Parking – if you’re lucky enough to get it – commonly requires a long trip up multiple levels of a multi-storey basement car park and then in peak hour, a queue to get out as cars ahead filter onto the busy main road (most high-rise development is located on busy main roads).
In addition to this, residing in the same building with so many others makes resolving owners’ corporation issues a relative nightmare. To get anything approved obviously requires a majority vote. If you’re fortunate enough to have a good showing at the annual meeting there may be a chance of getting a repair or dispute resolved. However, owners’ corporation meetings are sparsely attended at most low-rise developments with fewer than 20 units – therefore a majority showing at a meeting for a high-rise development, within which most units are rented along with a high proportion of foreign ownership, is unlikely.
Waiting for the lift and as it stops on its way up and down. Paying extortionate owners’ corporation fees to cover the size and various components of design (which often include a gym, swimming pool and high level security features) – all add up to buyers choosing to sit on the rental ladder rather than buying into a development that they’ll move out of as soon as they’re able. All in all, high rise is not currently offering the home buyer market what they want. It’s principally servicing rental needs.
Having said this, there are high-density developments that are extremely successful and as a consequence, tightly held. Furthermore, it’s possible to develop models that are relatively “low rise” yet still take up a similar footprint, housing the same number of residents. Unlike high rise, where the outdoor communal areas are limited to rooftop gardens with space around the building (the required setbacks), which is generally unused, a low-rise design built around a central communal courtyard is a proven success. I can cite a few examples in Melbourne’s Southbank that attract consistent buyer demand and consequently when assessing the historical data, prove stable capital growth. Furthermore, the level of “perceived” density of a relatively low-rise yet high-density development, in comparison with residential tower blocks, is predictably much lower. There’s less overall impact on the street aspect for neighbouring homes and they are generally better received. However, regardless of the need to increase inner urban density, it’s also necessary to continue building a steady supply of new accommodation further away from our capitals if we accept population growth is inevitable.
Thus far, most first-home buyer schemes have focused on sweeping incentives that cover established real estate as well as new homes. Property advocates have long argued how essential it is to scrap incentives for established dwellings and if grants are needed at all – use them to fuel new growth. The “noisy” housing data when a grant is introduced and then withdrawn does no one any favors aside from the investor who manages to capture the wave when selling. We don’t need incentives to encourage the purchase of established real estate. The desirability factor is there already.
In the recent NSW budget, it was a welcome change to see all incentives pushed into new homes. The shortage of property in NSW is greater than that of some other states, so encouraging additional supply has been broadly welcomed by all. However, you’ve got to have some sympathy for the first-home buyers who do venture out buoyed on by the incentives because planning in the outer-suburban estates has been woefully unsuccessful principally for the reason I stated at the beginning of this article: time!
Despite all the rhetoric broadcasting the contrary, when new suburbs are zoned you can guarantee promised facilities to encourage commuters who need to get back and forth from the major commercial centres within the hour will never eventuate. Without them, you can forget any hope of attracting consistent demand to the outer suburban estates. Grants and incentives may produce a wave of growth in the newer suburbs, but as soon as the lifestyle – or lack of such – bites and grants are once again withdrawn, the market will stagnate and we’ll be back to square one.
If there’s no money set aside to build the needed amenities alongside the residential dwellings at the start of the project, you’ll always need to introduce incentives to encourage home buyers to make the move. It’s not the distance from the CBD – it’s the time. Buyers could accept outer-suburban living a lot more readily if they were able to commute within a reasonable time frame and demand would go up naturally without the need for a “sweetener”.
 
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It’s really unforgivable to encourage erosion of city fringes, eating into arable farmland and areas of natural beauty unless the compensation is a genuine answer to population growth. We all understand that if you purchase in the inner city land sizes are smaller and to keep around the city median, choices are going to be limited to apartment living. However, for most people there is no choice but to stick to established areas. If they do dare to venture out into “never never land”, they face endless hours sitting in peak-time traffic and a vague dream of the government-proposed promise of a train service.
We’re currently going through this yet again in Victoria. Aside from the abundance of poorly designed high-rise apartments popping up in the CBD, fringe growth is back on the agenda. The state government has released plans for six new suburbs and 12 new train stations. If you’re a first-home buyer reading that as a headline it sounds fantastic. However of the “12 new train stations”, only two have had funding approved. The rest – so says the government – will be part funded by developers along with additional infrastructure, all compensated with tax rebates. However, guess who’s going to end up paying if the developers agree to the above proposal (which I doubt will happen)? The home buyer, of course – it will all be added on to the already inflated prices!
Anyone familiar with Melbourne’s planning history will be able to prove how “airy fairy” the above proposals sound. For example: what happened to the Doncaster and Rowville train stations initially promised in 1890? Plans commenced in 1969, and yet residents are still waiting – not so patiently! Furthermore, once any proposed train stations are finally built and functioning, the level of demand has already outgrown the facility. For example, Lynbrook train station, which opened in April this year, has already “outgrown” the number of people wanting to commute. <a href="https://bit.ly/KIdJkb">Two weeks</a> after opening, and the 900 space car park is not only packed to capacity, the surrounding neighborhood has taken on the overflow, regardless of restrictions. Forget getting the peak hour train – it’s already over brimming.
Existing train lines were promised upgrades years ago – Mornington and Melton, for example, have plans pending to be “electrified”, however once again, some 20 years later, residents have long lost faith it will happen. It’s not just Melbourne that such outlandish examples can be found. Despite the level of investment in NSW’s infrastructure doubling over the past five years, Sydney is a capital locked down by peak-hour traffic. As with Melbourne, promises of train lines – such as the 23-kilometre north-west link first proposed in 1998 (to be completed in 2010) – are still in the planning stages. Yet residents move into newer suburbs with the promises tinkling in their minds. “Buy in” now – and once the train line has been established, the schools built, the leisure facilities created – land value will rise and investment potential increase. Promises made by successive governments should come with a small printed disclaimer stating *unless notified otherwise, this promise will expire within 24 hours. 
Rather than building ever more roof space in outer-suburban localities, we need a national plan for population growth and it should be firmly focused on increasing supply in already flourishing and established satellite cities along with a strong rural agenda. Geelong, Ballarat and Bendigo in Victoria, for example, all of which have infrastructure and existing train lines (which can be upgraded at a lower cost than building new stations) offer “affordable” options for first-home buyers and upgraders. Rural regions are crying out for growth – and agriculture is a growing industry. Yet we ignore it at our peril, with policies that favour “big farmers” over their smaller counterparts and an unforgiveable lack of funding for universities to encourage young Australians to involve themselves in the industry.
Fly in, fly out mining towns – why is this formula even allowed to be promoted by the mining companies? It may be a needed option for a proportion of the workforce, however policies should be placed to force large companies to train local residents. A targeted goal established, where the majority of employees are locals and the workers are “walk in, walk out” residents, should have started a generation ago. Instead, mining companies have systematically destroyed once flourishing rural neighborhoods – and they’ve been allowed to do so.
Like it or not there’s little we can do to stop population growth. As it stands, the real market has become a game of shuffling cards – as increasing numbers trade and compete over established dwellings, which arguably are the only feasible option for most of today’s property buyers. Planning ministers and state governments shoot themselves in the foot when they make vague promises with outcomes that never eventuate. Before new suburbs are built, the infrastructure should have already been planned, funded and projects started, with the final ingredient being community involvement. There’s none better to understand what a community needs to flourish and grow than the residents who’ve been living in the general locality. If any minister cares to understand why consumer confidence is at a GFC lows, despite Australia’s attractive prospectus – perhaps they should start listening.
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition. She is Channel Ten’s property expert on<a href="https://ten.com.au/the-circle.htm">The Circle</a> and a senior consultant for <a href="https://www.nationalpropertybuyers.com.au/">National Property Buyers</a> servicing the needs of property owners Australia wide.
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catherinecashmore-6LXia3pPQj

Home buyers' necessary premium price to cut down on commuting time

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Victorian first-home buyers who buy a residential lot or a house-and-land package in the outer-Melbourne development of Potters Grove before June 30 would save themselves in excess of $8,000 compared with those who wait until after this date.
<img src="/images/stories/2012/06/potters1.jpg">
And developer Integrated Development is throwing in an extra $5,000 sweetener for first-time buyers of land or house-and-land packages in Potters Grove, in Officer, about 50 kilometres south-east of Melbourne.
Marketed by Oliver Hume Real Estate, the 26 lots in the first release of Potters Grove range from 325square metres to 512 square metres and are priced between $169,000 and $222,000.
<img src="/images/stories/2012/06/potters2.jpg">
A number of house-and-land packages are also available, ranging from $332,124 to $495,640. All of these are substantially below the Victorian government’s $600,000 threshold for first-home buyers to secure the <a target="_blank" href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863">$13,000 first-home bonus</a>, which expires on June 30.
<img src="/images/stories/2012/06/potters3.jpg">
From July 1 this year, first-home buyers  will be entitled to a 20% reduction in stamp duty on houses under $600,000. A buyer of a $495,640 house-and-land package at Potters Grove would receive $13,000 from the Victorian government towards the purchase of her new home on June 30, compared with a savings of $4,342 in stamp duty on July 1.
<img src="/images/stories/2012/06/potters4.jpg">
The developer’s own $5,000 bonus also expires on June 30.
“Officer is fast becoming one of Victoria’s most sought-after address, and we’re excited to be able to give first-home buyers a helping hand in purchasing their very own home at Potters Grove,” says Integrated Development director Jeff Garvey.
The project launched on April 21, and 15 lots have been sold so far.
Potters Grove is named for the nearby Berwick Pottery, and it is less than a kilometre from Officer railway station.
The median house prices in Officer fell 8.1% in the past year to $320,000, according to <a target="_blank" href="https://www.myrp.com.au/">RP Data.</a>
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cknowlton-QnEa6ntUYP

Officer development Potters Grove lures first-home buyers with additional sweetener as government deadline looms

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The Commonwealth Bank is telling everyone it “CAN”, but it is ANZ and NAB that are steaming ahead this year when it comes to lending to owner-occupiers.
Analysis of APRA banking figures for the first four month of 2012 show that ANZ has written nearly $3.8 billion in owner-occupier mortgages and NAB more than $3.3 billion, growth of 3.2% and 2.6% respectively.
In comparison the Commonwealth Bank has written just $1.29 billion in new loans between January and the end of April (growth of 0.7%) while Westpac (including all its subsidiary brands) ranks outside the top four, managing $1.05 billion in new mortgages (growth of 0.6%).
Bankwest, owned by the Commonwealth Bank, wrote $1.46 billion (up 4%) in new loans ranking as the third biggest lender of 2012 with Suncorp also prominent with new lending totalling $1.14 billion – an increase of 5% over the first four months of the year.
 
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td valign="top" nowrap width="62">
Rank
</td>
<td valign="top" nowrap width="155">
Bank
</td>
<td valign="top" nowrap width="82">
New lending Jan 1 to April 30
</td>
<td valign="top" nowrap width="92">
loan book  April 2012
</td>
<td valign="top" nowrap width="84">
loan book Dec 2011
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
1
</td>
<td valign="top" nowrap width="155">
ANZ
</td>
<td valign="top" nowrap width="82">
$3,795
</td>
<td valign="top" nowrap width="92">
$122,199
</td>
<td valign="top" nowrap width="84">
$118,404
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
2
</td>
<td valign="top" nowrap width="155">
NAB
</td>
<td valign="top" nowrap width="82">
$3,310
</td>
<td valign="top" nowrap width="92">
$128,602
</td>
<td valign="top" nowrap width="84">
$125,292
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
3
</td>
<td valign="top" nowrap width="155">
BankWest
</td>
<td valign="top" nowrap width="82">
$1,456
</td>
<td valign="top" nowrap width="92">
$37,098
</td>
<td valign="top" nowrap width="84">
$35,643
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
4
</td>
<td valign="top" nowrap width="155">
CBA
</td>
<td valign="top" nowrap width="82">
$1,287
</td>
<td valign="top" nowrap width="92">
$177,874
</td>
<td valign="top" nowrap width="84">
$176,588
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
5
</td>
<td valign="top" nowrap width="155">
Suncorp
</td>
<td valign="top" nowrap width="82">
$1,143
</td>
<td valign="top" nowrap width="92">
$22,004
</td>
<td valign="top" nowrap width="84">
$20,861
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
6
</td>
<td valign="top" nowrap width="155">
Westpac
</td>
<td valign="top" nowrap width="82">
$1,047
</td>
<td valign="top" nowrap width="92">
$167,292
</td>
<td valign="top" nowrap width="84">
$166,244
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
7
</td>
<td valign="top" nowrap width="155">
Bendigo &amp; Adelaide Bank
</td>
<td valign="top" nowrap width="82">
$787
</td>
<td valign="top" nowrap width="92">
$14,295
</td>
<td valign="top" nowrap width="84">
$13,508
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
8
</td>
<td valign="top" nowrap width="155">
Bank of Queensland
</td>
<td valign="top" nowrap width="82">
$381
</td>
<td valign="top" nowrap width="92">
$12,095
</td>
<td valign="top" nowrap width="84">
$11,714
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
9
</td>
<td valign="top" nowrap width="155">
Macquarie Bank
</td>
<td valign="top" nowrap width="82">
$287
</td>
<td valign="top" nowrap width="92">
$1,951
</td>
<td valign="top" nowrap width="84">
$1,664
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
10
</td>
<td valign="top" nowrap width="155">
Members Equity Bank
</td>
<td valign="top" nowrap width="82">
$260
</td>
<td valign="top" nowrap width="92">
$4,360
</td>
<td valign="top" nowrap width="84">
$4,099
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
11
</td>
<td valign="top" nowrap width="155">
Citigroup
</td>
<td valign="top" nowrap width="82">
$243
</td>
<td valign="top" nowrap width="92">
$5,011
</td>
<td valign="top" nowrap width="84">
$4,767
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
12
</td>
<td valign="top" nowrap width="155">
AMP Bank
</td>
<td valign="top" nowrap width="82">
$201
</td>
<td valign="top" nowrap width="92">
$5,333
</td>
<td valign="top" nowrap width="84">
$5,132
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
13
</td>
<td valign="top" nowrap width="155">
ING Direct
</td>
<td valign="top" nowrap width="82">
$166
</td>
<td valign="top" nowrap width="92">
$27,878
</td>
<td valign="top" nowrap width="84">
$27,712
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
14
</td>
<td valign="top" nowrap width="155">
Heritage Bank
</td>
<td valign="top" nowrap width="82">
$115
</td>
<td valign="top" nowrap width="92">
$3,014
</td>
<td valign="top" nowrap width="84">
$2,899
</td>
</tr>
<tr>
<td valign="top" nowrap width="62">
15
</td>
<td valign="top" nowrap width="155">
HSBC Bank Australia
</td>
<td valign="top" nowrap width="82">
$40
</td>
<td valign="top" nowrap width="92">
$3,500
</td>
<td valign="top" nowrap width="84">
$3,460
</td>
</tr>
</tbody></table>
Source: APRA Figures are in millions
Suncorp Bank head of personal lending Tony Meredith attributes the growth in its mortgage lending pipeline in recent months to “an attractive product and service proposition in target markets and a renewed focus on the broker channel”.
Growth has come from the bank’s key target markets in the mortgage space – refinancers and first-home owners.
“We’ve been growing strongly in the broker space, having reaffirmed our commitment to, and investment in, this important channel through a range of technology, commission and servicing improvements,” Meredith tells Property Observer.
“Suncorp Bank consistently has greater customer satisfaction scores than the major banks for both personal and business lending. We continue to see disenfranchised customers of the major banks make the switch to Suncorp Bank, testament to our strong customer proposition in making it easier to get a good value home loan, suited to the individual’s needs.”
Smaller banks feature prominently on the list, with Bendigo &amp; Adelaide Bank managing mortgage lending growth of 5.8% and Members Equity bank 6.3%.
ING, which has the sixth biggest mortgage book (or fifth if you put Commonwealth Bank and Bankest together) has written just $166 million in new owner-occupier mortgages over the first four months of the year and ranks 13th, behind a swathe of smaller lenders.
Lisa Claes, executive director of direct business at ING Direct, says the bank is satisfied with its current rate of mortgage growth, which she says is “on a par of where it has been since the GFC”.
“We are not driven by market share targets, but by a sustainable growth proposition.
“We want to grow our mortgage book responsibly – we are happy with where we are, but we are not complacent,” she says.
Macquarie Bank, which grew its investment housing lending book by 33% over the same four-month period, was also the top owner-occupier lender in percentage terms, growing its book by 17% and benefiting from its closer ties to the mortgage broker market.
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