Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Joel Robinson

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

A proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.

Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.

While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" />

Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.

Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.

The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" />

The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.

In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.

Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.

According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.

Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.

The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a>

&nbsp;

Alfred Street the latest North Sydney pocket to be transformed by residential development

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

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?

When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.

But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.

As online shopping has become part of everyday life, parcel deliveries have shifted from an occasional event to a regular occurrence. Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally.

For apartment residents, that can present a challenge.

If nobody is home to accept a delivery, parcels may be redirected to a nearby Post Office, left in a building lobby or common area, or require building management to step in. In higher-density buildings, where dozens or even hundreds of residents may receive deliveries each day, parcel management has become an increasingly important part of everyday living.

That can create a range of frustrations. A missed delivery often means making time to collect a parcel elsewhere, while packages left unattended in foyers or mail areas can create clutter and increase the risk of theft. What seems like a minor inconvenience can quickly become a recurring issue for residents who shop online regularly.

It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.

As a result, buyers are beginning to look beyond traditional apartment features and consider how a building supports day-to-day convenience, including whether there are secure options for receiving deliveries.

Australia Post's Parcel Lockers provide one solution.

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Rather than having a parcel delivered directly to an apartment, eligible deliveries can be sent to a nominated Parcel Locker. Once the parcel arrives, residents receive a notification through the AusPost app or SMS and can collect it using a QR code or one-time PIN at a time that suits them.

The Parcel Locker network now includes more than 1,500 locations nationwide, with installations at Post Offices, shopping centres, transport hubs and an increasing number of residential developments. By providing a secure collection point, Parcel Lockers help reduce missed deliveries and avoid parcels being left unattended in common areas.

For developers, parcel infrastructure is becoming another way to improve the resident experience. Rather than relying on concierge staff or leaving parcels in communal spaces, secure collection points help streamline deliveries while preserving the presentation and functionality of shared areas.

For buyers, it's a reminder that the best apartment features aren't always the most obvious.

A generous floorplan or quality finishes might help narrow the shortlist, but the conveniences that simplify everyday life, whether that's EV charging, secure bike storage or reliable parcel delivery, often become the features residents appreciate most once they're living there.

The apartment feature many buyers don't think about, until their first missed delivery

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Melbourne’s median property prices will likely double over the next decade and Australia is not experiencing a property bubble, says Real Estate Institute of Victoria CEO Enzo Raimondo.
“The trend over the last 10 years or more has been upwards. If you look at the median price today, compared to what it was in 2000, we’ve more than doubled,” he told Channel 31.
“It will probably double again in 10 years to over $1 million. Long term the price trend is upwards.”
He concedes 2011 has not been a good year for real estate.
“It’s been a very soft year. Demand has been low. Clearance rates are down to around the low 50s from peak of 70s and 80s a few years ago.”
But given the volatility of the share market he says the real estate industry has been holding up well.
The Australian property market is at the bottom end of a cycle and will likely experience the same conditions through to mid-December, according to Raimondo.
“It’s probably the best time for first-home buyers and others to look at buying a property to relocate to, or as an investment.”
Events in Europe and the US have affected confidence in the Australian market, which is actually very strong, according to Raimondo.
“The economy is quite sound, our banking system is good. Media about what’s happening in Europe and the US dampens confidence in Australia.”
He says there is room for further rate cuts he and he suspects that while the Reserve Bank is hesitant to cut rates further, it might be forced to do so given events in Europe and the US.
“I think the RBA will look at what the economy is doing generally. I don’t think they really want to cut rates because they think there’s some strength in the economy, but given what’s happening in Europe they may have to cut it again between now and the end of next year.”
 
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Melbourne median house price to double again to more than $1 million in next decade: Enzo Raimondo

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In reply to the many emails we received from yesterday’s missive (posted below), here are some of the design-related things that buyers should consider when buying an apartment (and other attached product like townhouses) before construction has begun.
•             The fewer apartments in a complex the better.  This reduces the number of stock for resale at any given time.  For larger developments, select a project with a wide variety of apartment designs.  This, too, helps when it comes to resale.  It is quite common to have one in every 10 to 12 apartments or townhouses in a complex up for resale at the same time.
•             Beware of all the shiny new toys.  A good foyer or useable public gathering space is important, as such space doesn’t often exist on individual floors or in the apartments themselves.  And apart from anything else, allowing guests and others to gather in the complex proper might annoy other residents and could become a security issue.  On that note, it is important to have a functional security system and good phone/internet access.  But the other things that are often included in new medium- and high-density projects – the pools, spas, saunas, gymnasiums, theatrettes and party rooms – catch buyers but not necessarily more rent.
Some things work well, such as snooker tables in student accommodation, but most amenities end up costing the owner money, and often lots of it.  Ask yourself: Will the target tenants actually use the facilities?  Our experience is that most won’t.  And they won’t fork out more rent for them either.
•             The way to get more rent and a better return in an apartment or townhouse complex is to buy product that can be more easily shared and has some half-decent storage.  The key to sharing is equally sized and positioned bedrooms, each with its own ensuite.  One-bedroom apartments need to be designed so that a couple can comfortably live in them.  Secure basement storage is often not supplied but can be in most new projects.  Tenants will pay up to 5% more per week for such storage.
•             Often the best-designed apartments or townhouses are simply a square or rectangle.  This allows each room to get as much natural light as possible.  This, in turn, increases the perception of space – remember, apartments and townhouses in general are tight in terms of floor area – so buying a design that makes the dwelling look larger than it actually is pays dividends.  This can be done when the ratio of glass to solid wall is high; the ceilings are higher than standard issue; the bedrooms are sized to accommodate a queen-sized bed and there is little dead space, such as long hallways.  Alfresco areas (enclosable balconies for all of us plebs) also make apartments more usable and spacious.  So too, somewhat ironically, does a framed view rather than an expansive one.
One of best ways to get more space in an apartment is to get in early and buy the product immediately below a change in the apartment floor plan – say at level eight, for example, which might have 10 apartments per floor whereas level nine drops down to six apartments per floor.  Why? Because the apartments on level eight will have higher ceilings to allow for the change in blockheads.  I know of many repeat investors who have made tidy profits from this buying strategy alone.
•             Finally, it pays to have a separate laundry, a galley kitchen (even if it is small) and some secure off-street parking.  Also, and although it costs more initially (and remember it can be depreciated too), furnished apartments these days are popular with tenants and the rental premiums can be very good.
It also goes without saying that density needs to be off-set – so medium- and high-density developments are best located near public transport and places of work, and also within close distance to leisure precincts and quality public open space.
For more advice on buying off the plan, <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-10-tips-for-investing-off-the-plan">download our free eBook</a>.
Three risks buyers take when buying off the plan – and how to avoid them
There have been several short reports for public consumption of late discussing off-the-plan buying.  Most have been masquerading as buyer tips or advice, but they take a very pro-developer side of things.
Now, without wanting to peeve too many of our developer clients – we have helped, after all, over 550 new residential developments (nearly all of which involved pre-selling) come to fruition over the past 15 years – below are my thoughts as to what a buyer should be asking when considering buying a dwelling before it has started construction.
I haven’t bothered to comment on the obvious here – stamp duty concessions; building depreciation; potential for growth before settlement (don’t we all wish!); time to sell your house or other investments or even the need to match the dwelling type to demographic/economic demand – but have touched on some less covered ground.
There can be great benefits to buying off the plan, but inherent in such purchases is risk.
One of the biggest risks is that the project is cancelled – or that the completion date will be delayed for lengthy periods of time, during which you may be required to commence paying fees without the ability to live in or rent out the property.
Another risk is that the development will not be built to a high enough standard to reflect the price you paid.
A third risk – which applies to investors – is that your property won’t attract the actual rent and yield you were told it would.
It is important to do your own homework in order to limit your risks – ascertain information regarding the property you are interested in and comparable sales/rents in the area.   It is also important to seek legal advice regarding the terms of any contract.  OK, now that the basic caveats are out of the way, here we go.
Risk 1 – the building is late or doesn’t happen
Right off the bat, a buyer should question the number of sales being reported.  A fast sales rate, with only a few remaining for sale, is one of the oldest spruiks in the book – it’s project marketing 101.
It used to be that a new off-the-plan dwelling sale was only reported as “sold” when a contract went unconditional, the full deposit was paid and all the necessary documentation was signed by both parties.  Too often today a “sale” is reported based on a holding deposit only – sometimes as little as $1,000.
One service my business conducts is “mystery shopping”.  We send buyers to new projects to critique sales techniques and to ascertain the real sales status.  Often, and increasingly of late, our mystery shoppers have been able to purchase “sold” stock.  Sometimes up to a third of the sales claimed to be made had not really occurred at all.
In addition to challenging the number of reported sales, a buyer should also ask if the proposed project has all the necessary development and building approvals to go ahead.
Another good thing to query relates to multiple sales being made to the same buyer.  Also, ask if any sales have been made internally, i.e. to people directly associated with the development, and whether any of the reported sales actually reflect unsold stock taken off the market.
A buyer should also question the time period for the reported sales.  Often developers will “soft” launch their new project to interested buyer groups many months before going to the open market.  Many of the sales might have been made during this period, yet the sales spruiking is often based on the public launch date.  Don’t always believe the “50 sales made in the first two weeks” or similar headlines.  Fifty sales might have been made, but our experience is that they took many months, if not up to a year, to make.
Finally, in relation to this first risk, a buyer should ask about the financial conditions needed to be met before start of construction.  And although somewhat obvious, too few ask about the exact planned start and finishing dates.
Risk 2 – building standard
First and foremost, make sure you know the answers to these questions:  Who is the developer and/or builder?  What are their track records?  Have they developed/built buildings before, and do they have any history of being sued over defects?
Also important is to check that the three-Fs (fixtures, fittings and finishings) in the display and printed material are guaranteed.  Beware of glossy leaflets with annotations along the lines of “artist impression” and “subject to change or availability”.
Ask, too, whether the construction will merely meet Australian standards.  These standards are, in the main, inadequate for the realities of modern urban living; and in particular, for those residing in large apartment complexes.  You are better off paying for higher than the prescribed building standard.
Risk 3 – rent and return
Paramount questions when building an off-the-plan apartment or townhouse are: Who will manage the complex?  What is their track record?  And under what circumstances could these arrangements change?
Sometimes the management rights are sold early in the piece.  That is OK, as selling the rights to manage a complex forms an integral part of a developer’s income stream.  But you should be told who they are and make sure that you have full voting rights at the first AGM.
While many buyers ask how much the body corporate fees are, like they do with council rates, too few ask for a breakdown of the body corporate costs.  Nor do they ask about cost projections.
Also, make sure that your view – for which you will pay a premium – is unlikely to be blocked by any future development.  And also ask an independent agent for their opinion on the suggested rent.
In most cases, you will receive honest and satisfactory answers to these questions.  But in those rare examples that you don’t, our experience is that it might be best to move on.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Matusik has helped over 500 new residential developments come to fruition and writes the weekly  <a href="https://matusikmissive.wordpress.com/" target="_blank" title="Matusik's Missive">Matusik's Missive</a>.
 
 
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What to look for design-wise if you are buying off the plan

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In a bid to encourage house-and-land buyers to commit to buying before Christmas, developer Australand has knocked $10,000 off the price of 14 of the houses in its master-planned development Botanica, at Sydney’s former Lidcombe Hospital site.
The homes are expected to be completed before Christmas, and ready to move into early in the new year.
<img src="/images/stories/botanica1.jpg">
Prices range from $685,000 to $740,000 for a three-bedroom home and $780,000 to $905,000 for a four-bedroom home. The promotion began in late October, and so far six buyers have taken advantage of the sale.
<img src="/images/stories/botanica2.jpg">
“Construction will be completed before Christmas, which means purchasers can be happily settled and ready to start the new year afresh in their the new home,” says Nigel Edgar, general manager of Australand’s residential division.
He says that the development’s parks and gardens are a big drawcard for buyers.
<img src="/images/stories/botanica3.jpg">
“The design of homes at Botanica complements modern lifestyles. All homes are well spaced with private garden and courtyard areas and are ideally located a short stroll to the community’s picturesque seven hectares of parks and gardens, which offer a relaxing retreat for all residents,” Edgar says.
<img src="/images/stories/botanica4.jpg">
Australand recently sold three of four homes in the first release of its more affordable Emerald Collection within two weeks of their launch. All were three-bedroom homes and all sold for $600,000. The developer plans to release the remaining eight in March 2012.
“Australand is responding to the lack of affordable stock available in the NSW residential market by ensuring that new products are developed with specific market segments in mind and with price points that meet consumer expectations of value,” says Edgar.
The Botanica site is 12 kilometres from Sydney CBD and is set to be home to about 1,800 people by 2014. In addition to the new homes, the site features 10 century-old cottages that will be restored. The one-bedroom residences will be priced from $430,000 and the three-bedroom cottages will start at $850,000.
The grandest of the heritage properties is a two-storey superintendent's home on the site will be a five-bedroom house on a Torrens title flanking the village green, but its pricing has not been determined.
For advice on buying house-and-land packages, download our free eBook.
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Australand offers $10,000 discount in Sydney's Botanica development

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Australian employers are still suffering under some of the world's most expensive retail rents, according to the latest figures released by CBRE, but local business may be in for a reprieve if the European debt crisis begins to take hold.

Local retailers have been suffering under higher rents for some time, only pressured further by the arrival prominent international stores. But Premier Retail chief Mark McInnes described at his annual general meeting yesterday how he's able to negotiate some discounts.
The former David Jones chief described how he's able to play hard ball and focus on internet sales in order to gain some much-needed discounts.
"Portmans in Canberra Centre is the most obvious example," he said. "We're doing $800,000 in that store – it's a terrific store for us – but we're paying $400,000 in rent and we're basically breaking even."
"We said to the landlord, "well, we're going to shut. We'll put an ad in theCanberra Times saying 'Go to Portmans.com.au and if you don't want to go online, Go to Belconnen'."
"And our rent reduced 30%."
The story is an unusual reprieve in a country where retail rents are among the highest in the world, and landlords are keen on maintaining their returns. According to the latest CBRE report, Sydney was the third most expensive city at $US1,224 per square feet every year, while Melbourne and Brisbane followed in 8th and 9th place.
Retailers have been calling for landlords to lower their rents for some time, with even prominent chains such as Baker's Delight complaining that prices are too high.
As retail experts point out, the spending environment isn't getting any better, either – the mid-year budget outlook released yesterday shows GDP will reach just 3.25% over the next two years, down from 4% and 3.75%.
With the current spending environment set to remain for quite awhile, retailers are fearful landlords will continue to demand the same amount of money.
But Simon Fonteyn of Lease Info says this may not be the case, especially if the European debt crisis spreads to Australia. "It's a complicated situation," he says.
"The critical period will be over the next three months. If things go well, then slower GDP growth may not be as significant," he says.
Fonteyn notes the GDP forecasts, and agrees that spending is subdued, but says it is difficult to predict how landlords will react over the next few years given the current turmoil in the market.
"One thing to bear in mind is that structural adjustments occur when leases come up for renewal. There is an adjustment process that changes when tenants are struggling and signing leases," he says.
"The other issue at the moment is that you're having a bit of a situation in Australia where there is a stratification of the retail market. Some sectors are doing well, and others such as middle market fashion and accessories are doing very poorly."
On the other hand, he says, some areas such as take away food, coffee and cafes are doing very well, and retailers may expect some sort of rental increase over the next couple of years in those sectors.
"The fortress centres with strong demographics have waiting lists. The bigger landlords are playing as hard as ever, because they have demand that exceeds supply."
"GDP is not the best indicator of how retailers are going to fare. Something that could be as impactful is if we had a drop in interest rates, which looks likely now."
Another issue is the European crisis, Fonteyn says, with the effects able to spread to Australia. If retail spending continues to fall, he says that could have the effect of keeping international pressure out of the market.
More international shops have been finding their way to Australia recently, and in some cases, this is pushing up rents.
"Maybe if the market is perceived to be cooling a bit, the internationals might not get as excited about coming here, and it could have the effect of dampening international competition."
This article originally appeared on<a href="https://www.smartcompany.com.au/" target="_blank"> SmartCompany</a>.
 
 
 
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How to get a discount on your retail rent, Mark McInnes style

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Retail veteran Gerry Harvey has downplayed the prospects for a retail recovery, saying at the Harvey Norman annual general meeting yesterday there is nothing to suggest the environment will get any better soon.

"I don't see any light at the end of the tunnel," he said yesterday. "There is zero light. There is nothing to suggest it will get better."
Harvey described local operations as ''treading water'' due to indifferent consumer spending and massive price deflation,
The later has led the company to reposition its shelf space away from electronic goods, which have suffered the largest falls in price.
Harvey used the example of a 32-inch colour TV advertised recently for $299. ''We were selling those things for $699 a year ago," he said.
''The whole market is in a state of extreme change at the moment so we've had to look at our business and say you can't solve this problem with TV sales because we'll have to sell three times as many to make up the difference."
"We're making more sales of everything, but it's all cheaper," he said.
Harvey Norman recently posted a 20% fall in first-quarter profits and a 3.8% decline in 2012 first-quarter sales.
The retailer launched an online store this month in a bid to respond to the rise of cheaper online competitors.
''I think this Christmas will be okay, but this is the first time that I can remember where I haven't said this Christmas will be the best Christmas ever," Harvey said.
His comments contrasted with the more upbeat sentiments of Premier Investments chairman Soloman Lew at his company's annual general meeting, also yesterday.
Premier owns several fashion outlets including Just Jeans, Portmans, and Dotti, as well as stationery store Smiggle.
Despite describing the retail environment as "extremely challenging", Lew pointed to a rise in retail trade last month.
''Trade in October improved on the trend we saw in August and September,'' he said. ''In addition, November is on track."
Lew said that if current conditions held and the group had a satisfactory Christmas, Premier's Just Group fashion holding expected 2012 earnings before tax and interest to $95 million, up from $80 million.
Nonetheless, the company relied on growth in its Peter Alexander and Smiggle stores to offset losses elsewhere.
Premier retail chief Mark McInnes said "we've opened up to 30 Peter Alexander and Smiggle stores in the last two months, and they are our growth assets with high gross margin and great product differentiation."
"In our core apparel brands, where we are making a loss or we are marginal or break-even, we are not renewing leases and we are closing based on the rental review."
McInnes said the company looked to Asia for growth.
"On our doorstep there are countries like South Korea, Japan, China, and Singapore – and those populations, when you add them all together, are ...  hundreds of millions of people."
These were sentiments shared by Harvey Norman.
Managing director Katie Page told Business Day the company's "biggest ray of sunshine is Asia."
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
 
 
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Why Gerry Harvey is so down on the retail sector

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Despite the spate of headlines forecasting further property gloom, Mortgage Choice CEO Michael Russell says a record level of mortgage pre-approvals indicates that there is “patchy pent-up demand”, with a rate cut likely to spur many sitting on the sidelines back into the market.
Russell says mortgage pre-approvals have risen over recent months, particularly among first-home buyers.
“There are lots of people on the sidelines who are still waiting for a lower entry price – for the market to bottom out – and another cash rate reduction,” he says.
“Another cash rate cut either next week or in February will make property irresistible for investors and stimulate the market.”
Aside from the increase in pent-up demand, Russell says industry-wide home loan approvals have picked up in five out of the last six months.
Having bottomed out in March at around $19 billion from a high of around $24 billion at the end of 2009 (helped out by the first-home owner boost), Russell saysindustry-wide mortgage approvals have now climbed back up to around $21 billion a month.
“My feeling in terms of momentum for the market is one of optimism and confidence,” he says.
And despite the media attention on what is happening globally and in particurlar in Europe, Russell says consumers are not that concerned about macro issues.
“Speculators – those that buy off the plan and look to flip the property at settlement for profit – have lost their appetites for property.
“But investing in property is not about making a short-term investment, it’s about investing for seven to 10 years.”
 
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Rate cut will encourage first-home buyers and investors: Mortgage Choice CEO Michael Russell

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A return of first-home buyers to the market will revitalise the housing markets in all capitals except Melbourne in 2012, according to Angie Zigomanis, senior manager of residential property at BIS Shrapnel.
Zigomanis <a target="_blank" href="https://www.propertyobserver.com.au/residential/first-home-buyers-to-drive-2012-housing-price-recovery-bis-shrapnel-s-angie-zigomanis/2011112252494/Page-1">says there are about 130,000 potential first-home buyers nationwide in any given year</a>. He says government incentives such as the first-home buyer’s boost and stamp duty concessions encourage potential first-home buyers to accelerate their decision to enter the market but does not create more demand from this market segment.
He notes after government incentives end the number of first-home buyers entering the market decreases as the segment normalises back to its underlying level.
About 190,000 first-home buyers entered the market in 2009 as a result of this accelerated demand, and Zigomanis says that the slowdown in this market segment in 2010 and 2011 was a result of first-home buyer interest returning to its underlying level.
He points to <a target="_blank" href="/news">figures showing that first-home buyer lending enquiries have started to pick up</a> as part of a trend that he says will cause prices to rise in all capitals except Melbourne in 2012 as a result of this interest “trickling up” across all market sectors.
“First-home buyers represent a key driver of the residential market, underpinning demand for entry-level dwellings, which in turn creates increased demand across the market,” Zigomanis says.
However, he expects Melbourne prices to remain largely flat in 2012, as supply is set to outpace demand in the Victorian capital as a number of large residential projects are completed next year.
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First-home buyers will drive housing recovery in all markets but Melbourne next year: BIS Shrapnel's Angie Zigomanis

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In the Q+A after his speech last Friday night the RBA governor Glenn Stevens claimed that central bankers are spending a lot of time these days “nowcasting”. That is, trying to figure out exactly how the economy is tracking in the present tense.
In rationalising this allocation of time, he made a statement of the obvious:  unless you know what your starting point is today, it is nigh on impossible to make a credible forecast of where you will be tomorrow.
A more impolite interpretation might be that since the RBA has little faith in its own forecasting prowess – which is why it discarded its November 2010 experiment with ‘pre-emptive monetary policy’ – its next best option is to concentrate its energies on determining how the economy is tracking right now.
That is not as easy as it seems. Even carefully collated data, such as core inflation, is subject to material errors. As regular readers will know, the RBA, media and financial markets were grossly misled by a major downward revision to the second quarter core inflation print.
This had serious ramifications for the RBA’s approach to monetary policy, which it shifted away from a tightening bias. Yet a second revision to these same numbers (which was, therefore, the third time the ABS had attempted to calculate them) increased the Q2 core inflation estimate back up to unacceptably high levels that would normally warrant policy tightening.
Unfortunately, that’s the nature of the imperfect informational beast that the RBA has to grapple with.
Today we get a batch of new data that will shed further light on how <country-region><place>Australia</place></country-region>’s economy is sailing in what is undeniably a stormy global sea. The most important stuff includes the third-quarter capital expenditure data, the ABS’s estimate of capital spending plans over 2011-12, and private credit growth for October.
We also have RP Data-Rismark’s October house price index results, which will show that capital city dwelling prices are down 2.8% in raw terms (4% seasonally adjusted) over the first 10 months of 2011. Given that the dollar value of rents is rising at nearly a 5% per annum rate, this modest 3% to 4% correction in housing costs is no big deal.
Importantly, our house price data precedes the RBA’s crucial November rate cut, which, in concert with record yield curve inversion, has forced home loan rates to plummet to as low at 5.99%.
As a quick aside on the housing market, the ABS tells us that seasonally adjusted housing finance approvals to people buying established homes have increased every month over the last seven months to the end of September.
We also know that consumer confidence in November rose to above-average levels, and, perhaps most importantly, that the previously surveyed expectation among Australian households that rates would rise two to three times in the year ahead has likely evaporated. Today the average Australian family probably expects unchanged rates and/or more cuts.
As I have pointed out before, this means that the “expectational” impact of the RBA’s November cut will be significantly larger than would otherwise be the case.
Have you ever noticed how there tends to be relentless media coverage of deteriorating housing affordability when prices rise, but next to nothing written about improving affordability when prices fall? Without a shadow of doubt, this is the biggest story in the Aussie housing market today.
RP Data-Rismark’s estimate of the national median dwelling price across all regions and dwelling types has fallen from a recent high of $420,000 to $400,000 today. So the cost of Australian housing is unambiguously lower than it was one to two years ago. Concurrently, discounted fixed and variable mortgage rates are now well below their long-term historical averages while disposable incomes per household have been expanding at a healthy 8% per annum pace, according to the ABS’s National Accounts. This has resulted in Rismark’s national dwelling price-to-income ratio falling to its lowest level since before 2003. It is little wonder that first time buyers are returning to the market.
The striking improvement in Australian housing affordability is one reason why Rismark is projecting that there will be a sustained recovery in housing activity by the end of the first quarter next year.
While I am not in the least bit concerned about <country-region>Australia</country-region>’s housing market, given the daily doses of doom and gloom that we are asked to ingest, how is the rest of <country-region><place>Australia</place></country-region>’s economy faring? One needs to address this question before we can turn to the RBA’s December dilemma.
Data flows over the past month or two have confirmed that consumer spending and housing credit are expanding at “new normal” rates that are near household income growth, as you would expect.
Notwithstanding the rhetoric about the specter of a global recession, surveyed business confidence and business conditions remain at trend-like thresholds, which helps explain why business credit growth has recovered of late.
And despite a step-down in job ads and employment growth, Australia’s unemployment rate has remained sticky at a touch above its “full-employment” level.
Beyond the ABS’s small and volatile unemployment survey, we can get further labour market insights by parsing the more comprehensive unemployment benefits data reported by the federal government. In absolute terms, the number of people on the dole has been declining consistently right through to the end of October (see first chart). Expressed as a share of a growing labour force, the decline in dole recipients would be even sharper. There are no signs here of a labour market that is “rolling over”.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/nov301.gif"><img src="/images/stories/nov301thumb.gif"></a>
The government has created a second series that tracks the number of dole recipients who have been looking for jobs for a relatively short period of time. This is illustrated in my next chart. The main take-away is that the number of people looking for jobs has been falling, not rising, albeit at a reduced rate in 2011 compared to the steeper declines evidenced in 2010.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/nov302.gif"><img src="/images/stories/nov302thumb.gif"></a>
Finally, last week we got a major upside surprise with the ABS reporting that “construction work done” in the third quarter printed at +12.5% – its highest rate on record and way above consensus forecasts of a +2% increase. Economists believe that this variable alone has the potential to add as much as 1.5 percentage points to the critical third quarter real GDP data.
The available empirical evidence implies that <country-region><place>Australia</place></country-region>’s overall economy is advancing at a trend pace, although when you lift the bonnet there is significant cross-sectional diversity in the growth experienced by individual industries.
While we always knew that a narrow resources investment boom would make this the case, one tends to hear much more from the noisier “have nots”. This can in turn blur one’s vision in respect of the broader economy’s performance.
Telescoped sources of economic growth can also interfere with the integrity of numerical surveys (or polls) of business conditions/confidence if participants’ responses are not weighted by their contributions to overall growth.
The bottom line is that based on the hard data and the RBA’s forecasts for gradually increasing core inflation over the next few years there seems to be no prima facie case for a rate cut next week.
This view was reinforced by the RBA’s top economist, Dr Phil Lowe, who explained, for the avoidance of any doubt, that following the November rate cut domestic “interest rates now are broadly neutral. They're neither expansionary … nor contractionary for the economy.”
While most economists currently expect the RBA to stay its hand in December, the financial markets have been pricing in a 100% probability of a cut for some time.
The interest rate debate is swirling around what experts think is the RBA’s “policy of least regret.”
In this context, there is universal agreement that the chief near-term risk <country-region><place>Australia</place></country-region> faces is to the funding of our banking system, with the wholesale finance markets that supply about 40% of total bank funding temporarily closed.
The concern is that if the banks feel they cannot fund themselves, they will ration credit, and, by doing so, rather myopically kill off economic growth. Of course, we have been here before during the GFC, and know that contrary to some predictions, the banking system did not fall in a heap.
Why? Because the Government decided to lend its pristine AAA credit rating to all ADIs by providing a taxpayer guarantee of deposits, which make up 50-60% of total bank funding, and through an offer of a taxpayer guarantee of the banks’ wholesale debts. In addition to these two insurance policies, the RBA also lent directly and very cheaply to the banks to provide them with enough funds to meet their day-to-day liabilities. Had the Government and the RBA not acted in this way, many Australian banks would have ended up trading insolvent.
The good news for the banks is that the RBA is in the process of launching another, more formal, bail-out program called the Committed Liquidity Facility, which will furnish banks with a line of credit that they can tap during liquidity crises such as the current one.
The RBA is the first to admit that it does not know what is going to happen in Europe, and what, if any, adverse economic shocks might be sent Australia’s way. It has ample time to watch how things unfold.
If the “nowcasting” Glenn Stevens is increasingly fond of reveals that the economy is about to come to a grinding halt, and if unemployment starts to rise at a surprising rate, he can comfortably cut rates.
Yet dropping rates today in response to bank funding problems prior to his nowcasting telling him to do so is foolish for at least two reasons.
First, there are many much more direct policy measures that can be used to immediately cauterize these issues, such as the assorted taxpayer guarantees and RBA liquidity facilities discussed above.
A cut in interest rates, on the other hand, is likely to be almost entirely absorbed by the banks in the form of margin expansion, which they would argue they need in order to vouchsafe their profitability.
This has two adverse consequences for the RBA and taxpayers.
The first is that if the RBA cuts its cash rate, and the banks don’t pass it on, this undermines the effectiveness of the RBA’s conventional monetary policy instrument. There is a zero lower bound on how far the RBA’s cash rate can go.
If you assume that banks want to maintain, as a minimum, net interest margins of around 2.5%, it is hard to see how mortgage rates can fall below circa 3% to 3.5%. And that assumes no further margin expansion by the banks along the way, which is heroic. So the RBA probably has the ability to reduce actual lending rates by about 300 basis points, give or take.
The point is that the RBA wants to be very careful to disentangle the policy solutions to bank funding problems and those required to stop an economy heading into recession (especially when fiscal policy is purportedly out-of-action).
Confusing the two could hamper your ability to lower market lending rates and thus stimulate the wider economy. Put differently, the RBA should preserve its policy firepower for when it needs it rather than using it to subsidise bank margins.
The issue for households is that if banks absorb RBA cash rate cuts via margin expansion, the RBA is, in effect, facilitating a wealth transfer from the 5 million families with mortgages, who will not get the benefit of lower rates, to bank executives and bank shareholders.
Don't get me wrong. A sustained deterioration in global economic conditions would absolutely warrant deep cuts by the RBA. Yet unlike its peers overseas, the RBA is in the fortunate position of having most domestic debt being issued in ‘variable rate’ form. This means the RBA can make immediate and very significant changes to household cash-flows through adjustments to its policy rate. In many other countries, such as the <country-region>US</country-region> and <country-region><place>UK</place></country-region>, most household debt is fixed-rate and not, therefore, controlled as closely or immediately by the local central bank.
<country-region><place>Australia</place></country-region> does indeed have an economic insurance policy, or a “Stevens’ Put” <a target="_blank" href="https://www.propertyobserver.com.au/trends/will-the-financial-markets-give-the-rba-a-stevens-put-christopher-joye/2011112352496">as I described it in an earlier column</a>. But instead of trading some of that insurance away to vocal bankers and financial market investors, the RBA should preserve it for the maximum benefit of all Australian households.
Christopher Joye is a leading financial economist. The above article is not investment advice.
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chrisjoye-JYhJsTrNRC

Should the RBA bail out financial markets?: Christopher Joye

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Brisbane house prices registered the biggest fall in dwelling prices nationally over October with values down 2.9% for the month and 9.3% compared with a year ago, according to the RP Data-Rismark October Hedonic Home Value Index Results.
Canberra was the only capital city to register an increase in dwelling values over the month, up 1.6%.
Brisbane units have proved far more resilient, with values up 1.1% for October to be down only 1.4% over the past 12 months.
The average dwelling price in Brisbane declined by 1.6% in October to be down 8% year-on-year with the median price declining to $402,000
The median price for a Brisbane house now stands at $425,000 and at $360,000 for a unit.
The declining in Brisbane dwelling values in October was triple the overall capital city home values decline of 0.5% in the month before the RBA’s decision to cut interest rates.
For the year to date, dwelling prices are down 4% for capital cities.
Regional dwelling prices declined by 0.8% to be down 3.4% over the past 12 months.
<img src="/images/stories/rpnov30.gif">
Sydney and Canberra were the most resilient capital city markets, with dwelling values unchanged in Sydney over October to be down just 1.4% off their peaks while Canberra dwelling prices increased by 1.6% over the month to be 1.1% off peak prices.
Dwelling prices fell 0.6% in Melbourne over October to be down 5.4% year-on-year and 5.8% off the peak.
RP Data director of research Tim Lawless says the year-to-date results highlight the divergent outcomes more clearly. 
“Over the 10 months to October, Canberra and Sydney dwelling values have not moved a great deal: up 0.9% and down 1.4% respectively.”
“In contrast, Brisbane home values have been hit hard and are now off 7.5% while Melbourne dwellings have corrected 5.8% after very strong 25-30% capital growth over 2009-10.” 
“The combination of lower interest rates, cheaper homes, and rising incomes is generating a welcome boost to housing affordability, particularly in those markets where value falls have been more significant,” he says.
For property investors, the 2.8% decline in house prices over 2011 has been offset by solid growth in rents.
 
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Brisbane house prices fall 10% over past year as Canberra only mainland city with rising market: RP Data

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The Mermaid Beach beachfront attracts the highest prices on the Gold Coast – and thereby attracts the greatest attention in both buoyant and depressed markets.
The latest resale hasn't had much publicity, but at 56% less than its 2007 pre-global financial crisis sale price, it’s the highest yet recorded luxury price decline.
The 199 Hedges Avenue property has been bought by Parkdon Pty Ltd, a company associated with Avi Silver from Caulfield. The vendor, Max Twigg, also comes from Melbourne.
It cost $17.5 million in 2007 and resold recently at $7.7 million, meaning the price dropped by about $50,000 a week during his four-year ownership.
Another $10 million plus loss on the Gold Coast's "Millionaires' Row" was incurred by the internet-billing company high flier Daniel Tzvetkoff, who splashed out $27 million in early 2008 on the unfinished mansion of fallen tourism entrepreneur Tony Smith and his wife, Simone. At its mortgagee sale in 2009 it resold at $17 million to drilling tycoon Peter Mitchell, who was cashed up after selling his business for $150 million. Given the Ipswich-born internet whiz-kid spent $8 million on almost completing construction, Tzvetkoff's foray actually translated to an $18 million loss.
Many buyers are only prepared to purchase under market value at the moment, according to valuer Herron Todd White.
The company suggests current enquiry for property is steady, with agents noting that vendors must be keen and willing to meet the market.
"As well as a reduction in the volume of sales, prices since the GFC have fallen by anywhere between 35% and 50%, with the most expensive homes generally suffering the greater price drops," HTW notes.
HTW advised that housing varies from original 1950s beach shacks on single 405-square-metre allotments to luxury mansions built over four to six allotments.
The most recent land content sales have ranged from $4.17 million to $4.25 million.
Quality house sales have been $5 million to $5.5 million on single blocks and $7.7 million for a luxury house on a larger 530-square-metre block of land.
HTW notes sales in Main Beach have also been few and far between, given there are only 15 beachfront house properties in Main Beach and these are generally tightly held.
 
Beachfront Sales (Mermaid Beach and Main Beach)
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="154">
Year
</td>
<td valign="top" width="154">
Number of sales
</td>
</tr>
<tr>
<td valign="top" width="154">
1989
</td>
<td valign="top" width="154">
4
</td>
</tr>
<tr>
<td valign="top" width="154">
1990
</td>
<td valign="top" width="154">
6
</td>
</tr>
<tr>
<td valign="top" width="154">
1992
</td>
<td valign="top" width="154">
2
</td>
</tr>
<tr>
<td valign="top" width="154">
1991
</td>
<td valign="top" width="154">
2
</td>
</tr>
<tr>
<td valign="top" width="154">
1993
</td>
<td valign="top" width="154">
9
</td>
</tr>
<tr>
<td valign="top" width="154">
1994
</td>
<td valign="top" width="154">
5
</td>
</tr>
<tr>
<td valign="top" width="154">
1995
</td>
<td valign="top" width="154">
5
</td>
</tr>
<tr>
<td valign="top" width="154">
1996
</td>
<td valign="top" width="154">
6
</td>
</tr>
<tr>
<td valign="top" width="154">
1997
</td>
<td valign="top" width="154">
9
</td>
</tr>
<tr>
<td valign="top" width="154">
1998
</td>
<td valign="top" width="154">
13
</td>
</tr>
<tr>
<td valign="top" width="154">
1999
</td>
<td valign="top" width="154">
2
</td>
</tr>
<tr>
<td valign="top" width="154">
2000
</td>
<td valign="top" width="154">
8
</td>
</tr>
<tr>
<td valign="top" width="154">
2001
</td>
<td valign="top" width="154">
13
</td>
</tr>
<tr>
<td valign="top" width="154">
2002
</td>
<td valign="top" width="154">
8
</td>
</tr>
<tr>
<td valign="top" width="154">
2003
</td>
<td valign="top" width="154">
10
</td>
</tr>
<tr>
<td valign="top" width="154">
2004
</td>
<td valign="top" width="154">
5
</td>
</tr>
<tr>
<td valign="top" width="154">
2005
</td>
<td valign="top" width="154">
5
</td>
</tr>
<tr>
<td valign="top" width="154">
2006
</td>
<td valign="top" width="154">
15
</td>
</tr>
<tr>
<td valign="top" width="154">
2007
</td>
<td valign="top" width="154">
14
</td>
</tr>
<tr>
<td valign="top" width="154">
2008
</td>
<td valign="top" width="154">
10
</td>
</tr>
<tr>
<td valign="top" width="154">
2009
</td>
<td valign="top" width="154">
8
</td>
</tr>
<tr>
<td valign="top" width="154">
2010
</td>
<td valign="top" width="154">
4
</td>
</tr>
<tr>
<td valign="top" width="154">
2011
</td>
<td valign="top" width="154">
5*
</td>
</tr>
</tbody></table>
* includes under contract sale
Source: Herron Todd White
“There has only been one sale of a 400-square-metre allotment (improved with a one-bedroom cottage) at $3.6 million early this year,” it notes.
Twigg – who made his fortune in waste management – has indicated he did not know that the market in Hedges Avenue properties had been fuelled in the boom by unusual and hidden deals.
The Ray White Australia chairman Brian White recently noted that Hedges Avenue in recent years had been "like a property casino and people were caught up in a frenzy to get in".
Investigations by the Queensland Office of Fair Trading and police into alleged property price manipulation continue.
 
Top 8 Mermaid Beach price collapses (compiled by Property Observer)
<img src="/images/stories/hedgesave199use.jpg">
199 Hedges Avenue, sold in 2011 for $7,700,000, last sold for $17.5 million in 2007, a loss of 56%
<img src="/images/stories/hedgesave247.jpg">
247 Hedges Avenue, sold in 2010 for $5 million, last sold for $10.25 million in 2007, a loss of 51%
<img src="/images/stories/hedgesave31.jpg">
31 Hedges Avenue, sold in 2011 for $5.4 million, last sold for $11 million in 2008, a loss of 50%
<img src="/images/stories/albatross19right.jpg">
19 Albatross Avenue, sold in 2010 for $6 million, last sold for $11 million in 2008, a loss of 45%
<img src="/images/stories/albatross31.jpg">
31 Albatross Avenue, sold in 2009 for $5.35 million, last sold in 2008 for $9 million, a loss of 40%
<img src="/images/stories/hedgesave492.jpg">
49 Hedges Avenue, sold in 2000 for $9.5 million, last sold in 2008 for $16 million, a loss of 40%
<img src="/images/stories/albatross89.jpg">
89A Albatross Avenue, sold in 2010 for $6.5 million, last sold in 2006 for $10 million, a loss of 35%
<img src="/images/stories/hedges33.jpg">
33 Hedges Avenue, sold in 2009 for $17 million, last sold in 2008 for $27 million, a loss of 37%
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