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.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/CkF2oKmlACg?si=C50sDaoUUn2nuLmq" title="YouTube video player" width="560"></iframe>

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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The Port Authority of New York and New Jersey has reportedly struck a deal with shopping centre operator Westfield Group to develop shops and restaurants in and around the World Trade Center site, according to the Wall Street Journal.
The newspaper has suggested Westfield has agreed to the terms of a deal in which it would contribute $612.5 million toward construction costs of 365,000 square feet of retail space.
In return, Westfield will get a 50% stake in the development.
“We are excited to be moving forward in partnership for the World Trade Center retail,” Westfield CEO Peter Lowy says in a statement. “We look forward to creating a world-class shopping experience for lower Manhattan and the City of New York.”
The Port Authority will cover the rest of the cost, which is expected to be $1.55 billion, with the help of a $200 million insurance payment.
Westfield intends to bring a mix of retail, from high-end stores to restaurants geared towards the growing lower Manhattan population.
With a target opening date of 2015, it is envisaged that it would be reminiscent of the design of the Time Warner Center, with the retail spread among the lower floors of office towers along Greenwich Street and underground concourses that will connect with the Santiago Calatrava-designed transit hub.
It is also expected to feature some locations with views of the memorial planned for the site.
It would mark a major upgrade from the retail at the World Trade Center before the 2001 terrorist attacks, according to the <a href="https://asia.wsj.com/home-page" target="_blank" title="Wall Street Journal">WSJ</a>.
It notes that previously the stores and restaurants there generally catered mostly to office workers, instead of the affluent young families that are increasingly settling in the Financial District.
Westfield won the rights to redevelop that retail in mid-2001 but sold its stake in the property back to the Port Authority after the attacks.
The firm has long expected to return, and in late 2007 struck a similar agreement that ultimately was scuttled amid economic woes and construction changes at the site.
Since then, the amount of space to be developed has been reduced from the 42,500 square metres initially planned, in large part to because one of the buildings planned for the site, 2 World Trade Center, has since been shelved indefinitely.
The Port Authority and Westfield are still finalising the terms of the deal, but broad outlines have been agreed upon, people familiar with the matter say. The agreement is expected to be presented to the Authority’s board in the fall.
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Westfield to sign deal at rebuilt World Trade Center

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Darren Lockyer, the 36-time Queensland State of Origin team hero, has listed his Brisbane house for August 6 auction in a big test of the city’s seriously challenged auction market.
Brisbane’s auction clearance rates have hovered around 23% so far this year, according to Australian Property Monitors.
The property has also been scheduled for auction six days after the Queensland government’s unpopular stamp duty increases come into effect in Queensland.
The contemporary Paddington property cost Lockyer $1.49 million in 2004.
The five-bedroom, three-bathroom place might be expected to fetch around $2 million based on the standard growth (and then decline) experienced in Brisbane over the past seven years. A nearby $2.15 million will have given Lockyer some comfort.
No public price estimate has been given by its listing agents Tim Douglas and Gail Miller at Place Estate Agents.
Naturally it comes with barbecue facilities that befit any Queenslander sportsman.
In 2007 Lockyer married Loren Pollock, his girlfriend of three years, who gave birth to their first child, Sonny James, in early 2010.
In March the Broncos captain announced he will retire from all forms of rugby league at the end of the NRL season, his 17th season in first grade.
Tim Lawless at RP Data says real estate professionals had reported some improvements in buyer activity in the Brisbane market leading up to the end of July.
Although only anecdotal, early sales information collected by RP Data suggests a surge in transactions as buyers bring forward their purchase decisions in order to avoid the stamp duty changes announced in the June 14 budget, which are due to take effect on August 1.
“The surge in buying activity was to be expected, with owner-occupier buyers likely saving themselves around $7,000 in stamp duty expenses if they purchased prior to August 1,” Tim Lawless, the RP Data head of research says.
“The improvement in sales activity leading up to the end of July is likely to be temporary: the result of buyers rushing to avoid the higher stamp duty costs for owner occupiers from August 1,” Lawless says.
“The higher stamp duty rate for owner occupiers comes at a time when transaction volumes are running about 30% below the five year average across Queensland and the duty changes are likely to act as a further disincentive for buyers to become more active. 
“The dampening effect of the higher stamp duty rate for owner occupiers may be partially offset by the $10,000 builders boost, however the grant is only available until the end of the year whereas the stamp duty changes are permanent.”
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Darren Lockyer's Brisbane house for sale in tough selling season

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Have you ever purchased something (usually a big-ticket item) and then feel a twinge of regret? If so, what you are experiencing is quite normal and it's called "buyer's remorse".
Although excited at the time of the purchase, once they've spent a lot of money, many people feel a deep regret and concern that they made the wrong decision, referred to as buyer's remorse. In this blog, I'm going to specifically discuss the buyer's remorse associated with buying a property. Buying a property is an emotionally charged process. 
During the initial search process, many buyers may go from feeling excited to frustrated when they realise the constraints of their budget. After some time, it is not unusual for many buyers to see a property they like but then miss out on it for one reason or another. This may result in a feeling of disappointment and loss.
When buyers eventually exchange contract on a property, many may feel a sense of relief and euphoria.
However, this feeling of elation often does not last long, as many buyers naturally begin to feel a sense of remorse over their purchase as they grapple with a series of fear and anxieties such as: 
<ul>
<li>fear of having made the wrong choice;</li>
<li>fear of having over-paid;</li>
<li>fear of over-indulgence or living beyond one's means;</li>
<li>fear that other people may later question the purchase or claim to know better alternatives;</li>
<li>fear of buying at the wrong time;</li>
<li>fear that a better/cheaper property is around the corner (also known as Fear of Missing Out or the FOMO factor);</li>
<li>fear of the financial implication to ensue (i.e. debt); or</li>
<li>fear of having been pressured by the sales agent.</li>
</ul>
It is also not uncommon for buyers to compare their purchases with those of their friends and families. Buyers need to be careful when doing so, because no two properties are like. For example, just because a friend/family purchased a property at $800,000 as opposed to your $850,000 does not automatically mean that they got a bargain while you over-paid. So be cautious not to have a knee-jerk reaction to price only.
Another common trigger for buyer's remorse is the pre-settlement inspection. Many properties have been scrubbed clean, landscaped and styled within an inch of their lives just before sale. So it comes as a shock to many buyers to see the property empty, slightly dirty and with an overgrown yard, for example. The gloss of the marketing campaign is over and buyers are faced with the reality of a vacant property that does not seem as glamorous as it did in the brochure.
The good news is that, based on our experience, buyer's remorse doesn't last too long. Acceptance and contentment soon follow – especially once the buyers are able to start putting their personal touches to the property (such as painting).
So if you are a property buyer experiencing buyer's remorse, just stay calm and have faith that all your due diligence and research will stand the test of time.
Oliver Stier is the director of <a href="https://www.ohpropertygroup.com/" title="OH Property Group" target="_blank" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">OH Property Group</a>, a Sydney-based buyers agency. In addition to being a licensed real estate agent, Oliver also holds the Chartered Financial Analyst (CFA) designation. You can follow Oliver on Twitter at <a href="https://www.twitter.com/ohproperty" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">www.twitter.com/ohproperty</a>
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Have confidence in your property purchases

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Stale stock on the market in Melbourne ballooned from 19,800 to 31,600 properties in the last three months, according to Prosper Australia spokesman David Collyer. He says stale stock is particularly accumulating in new suburbs on the city fringe.
Collyer defines stale stock as unsold property on the market for more than 60 days.
“Gardens have been primped, interiors polished up, advertisements run, open for inspections attended, auctions conducted and … no sale,” Collyer notes, arguing that it points at a major correction, as the supply and demand equation would need to be restored by price slides across Melbourne.
“Hardest hit are the first-home buyer hunting grounds in Melbourne’s west, with over 5,600 brand-new houses stale and more being added daily.”
In Derrimut, Werribee and Point Cook, the postcode 3030, there were 2650 stale listings, in the 3029 postcode of Tarneit, Truganina, Hoppers Crossing some 1932 sale listings and at Roxburgh Park and Craigieburn, postcode 3064, some 1095 stale listings.
“To give these figures perspective, only 564 Point Cook properties sold in all last year,” Collyer said.
“This overhang is massive. Developers miscalculated. They built way ahead of buyers and have now come to a grinding halt.”
He forecast this could lead to abrupt and widespread unemployment in the construction trades as projects are completed and workers laid off.
The stale stock figure was collated by Prosper Australia from data published by SQM Research. Prosper was the tax reform group that called for a "home buyers' strike" in March.
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Stale housing stock builds up on Melbourne's outer fringe

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1131 Plenty Road, Bundoora, VIC, 3083
<img src="/images/stories/plentyroad.jpg"> 
This four-year-old contemporary townhouse is currently leased to excellent tenants at $555 per week. It was sold by <a href="https://www.raywhitebundoora.com.au/buying/search/detail.aspx?id=RWB1546&amp;wlid=cdacf6e5-4900-446f-9f29-6c7b277291e2" title="Ray White Bundoora" target="_blank">Ray White Bundoora</a> agent Joshua Allison at auction on Saturday, July 30, for $402,500. It had price hopes of $390,000 before auction. It will net its new owner yields of 7.1%, far above the indicative rental yield for Bundoora houses of 3.7%, according to RP Data. The three-bedroom, three-bathroom house is well situated to appeal to tenants, as it is between La Trobe University and RMIT and close to the 86 tram and Bundoora's shopping district. 
For more information about indicative yields and average prices in Bundoora, visit the RP Data suburb page.
For other investment possibilities going to auction this weekend, see pages 2 and 3.
 
<hr class="system-pagebreak">
 
52/1 Maddison Street, Redfern, NSW, 2016
<img src="/images/stories/maddison.jpg"> 
This light-filled three-bedroom apartment in Redfern is close to shops, transport and cafes and could be appealing to tenants. The building includes a pool, gym, sauna and rooftop terrace, and the 115-square-metre apartment has a large balcony. It is being marketed by <a target="_blank" title="Kho and Lee Property" href="https://www.khoandlee.com.au/properties/470085/details">Kho and Lee Property </a>agents Sami Yildiz and Patricia Kho with price hopes of $640,000 plus. The property has the potential to rent for $700 a week, which would represent a yield of 5.7% at the asking price. This is well above the indicative gross yield of 4.9% in Redfern, according to RP Data. The property went to auctino on Saturday, July 30 but was passed in. Its price expectation remains $640,000.
For more about indicative gross yields and average prices in <a target="_blank" title="Redfern" href="/news">Redfern</a>, see the RP Data page.
 
<hr class="system-pagebreak">
71 Newton Road, Newton, SA, 5074
<img src="/images/stories/newton.jpg">
This three-bedroom property needs some work, but after renovations it could be a good investment property, as it is close to major shopping strips, transport and schools. Indicative gross rental yield is 4% in the suburb, and after an upgrade 71 Newton Road could be an attractive prospect for tenants. It was brought to auction by <a target="_blank" title="Elders Real Estate" href="https://www.eldersrealestate.com.au/residential/buy/property-house-sa-newton-463677">Elders Real Estate </a>agent Bill Gent on July 30 but was passed in. Its price expectations remain $350,000 plus. 
For more about indicative rents and prices in <a target="_blank" title="Newton" href="/news">Newton</a>, see the RP Data suburb page.
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Friday Form Guide: Yields of 7.1% in Bundoora

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Following the higher-than-forecast quarterly inflation result for July (0.9% versus a forecast 0.7%), ANZ is now forecasting the Reserve Bank will lift the cash rate by 25 basis points at its August 2 meeting to 5%. While 5% is unlikely to be the peak in rates, a further tightening would be unlikely before the middle of 2012, the ANZ says.
The bank had previously forecast no further rate rises this year and even a possible rate cut.
However, it now says it is of the view that the CPI figure has “brought inflation in Australia to an uncomfortably high starting point given the robust 2012 outlook".
“This necessitates a small adjustment to the policy rate,” says ANZ chief economist Warren Hogan.
The bank says if rates are kept on hold it will be a “finely balanced decision, likely driven by international uncertainties and recent weakness in domestic data”. 
“Some members of the RBA board may well not want to hike in August. But with the RBA’s persistent focus on inflation, and the forward-looking nature of monetary policy, a small move now will likely be the RBA’s preferred action. The RBA should have capital to convince board members of the need to move given rates have been raised only once in the last 15 months,” Hogan says. 
“The most likely factor that could keep the RBA on hold in August would be a significant deterioration in the US debt situation.”
A decision to raise rates on August 2 would be followed by an extended policy of no rate rises, according to ANZ, as happened since the last rate rise in November 2010.
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Rates likely to go up next week: ANZ

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A private offshore investor has paid $395 million for 259 George Street, the 42-storey, 200-metre-high office tower in the Sydney CBD.
The building makes up 9% of the value of the Commonwealth Property Office Fund, which is managed by Colonial First State.
The sale price was negotiated at a 15.3% premium to the asset’s June 30, 2011 independent valuation of $342.5 million, a 2.9% rise on the previous year following a revaluation of the portfolio.
In 1999, the fund acquired 50% of the building for $127.5 million with a rental value a year of $5,454 per square metre. The remaining 50% interest was acquired in 2005 for $125 million.
The tower was constructed in 1983 and underwent a $115 million refurbishment in 2006, which repositioned the asset to high A-grade quality.
Suncorp, the anchor tenant, has naming rights for the concrete-and-glass building. Other tenants include Standard &amp; Poor’s, technology firm GBST and ASX-listed investment firm Argo.
Level 31 in the building is listed for lease by Ray White commercial agent Anthony Harris at a gross rent of $805 per square metre for 950 square metres of space.
Darren Steinberg, managing director of property at Colonial First State Global Asset Management described the result as a very pleasing result for fund unit holders.
Fund manager Charles Moore says the sale mitigates upcoming lease expiries along with projected capital expenditure requirements over the short to medium term.
The sale of 259 George Street follows the sale of three of the fund’s Perth-based office assets to GDI Property Group on July 12, 2011 for $152 million, close to their book value.
In June the fund reported a valuation upgrade of 2.9% covering 16 of its 29 office assets, for the year ending June 30. This lifted valuations by $68.2 million on the previous year's valuations.
Moore said at the time the revaluations confirmed the stabilisation in investment yields and the values of Australian office property.
"Despite the number of external shocks experienced in the broader market, we are encouraged by the solid transaction activity levels and expect to see positive valuation outcomes going forward," Moore said.
Settlement on 259 George Street is due on October 31.
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Sydney's Suncorp building sold for $395 million

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This week we’ve been inundated by reports in the media about an impending market crash. I watched with interest as one current affairs program sensationalised and dramatised a story by editing quick grabs of what a few different commentators were talking about.
If you missed the host’s introduction that “some markets are at risk of collapse”, then you’d be thinking that we were all doomed and there was an impending national market crash fast approaching. Little cuts to the US property crisis didn’t help. Later in the story we do find out they were talking about what was going on in two Queensland suburbs where two people had purchased units off the plan in a massive high-rise complex in a very densely built-up area (a risky investment strategy). Further into the story up popped a list of other “difficult” suburbs around Australia. The interviews with several commentators were edited so much that we can assume that a lot of the really interesting detail they spoke about wasn’t included.
The problem with these reports is that they are designed to keep you glued to the TV and up the ratings and not necessarily to educate you on the topic. So if you were thinking about developing property and watched that program, you would certainly be having second thoughts.
It’s up to us to dig down to the detail, sift through all the noise and get to the facts. We need to become a specialist in the areas we want to invest in.
My due diligence includes tracking a certain postcode’s medium quarterly sales going right back to 1997. I buy this data from Residex, and to me it’s the best investment I can make as I can see:
-          How fast the market grew during its boom years;
-          The actual number of property sales each quarter;
-          The median price has stabilised and enjoys steady incremental growth over the past six to years even though the number of sales seems to fluctuate;
-          the impact the first home buyers had when they were active;
-          where this suburb is in the property life cycle; and
-          I know the average 10-year growth rate is over 12%, which works for me.
This long-term statistic can help you compare different suburbs. I overlay this historical data with the current research I collect on these towns. I read regional strategic council reports, I look for government and council spending on infrastructure and what is happening in the community.
A $1.7 billion freeway link is under construction and will have an interchange in one of the towns in this postcode. We are seeing two major supermarkets opening in one of the towns, and this is boosting employment. Another town under this postcode is enjoying incremental spend from the phenomenal concerts in the vineyards industry which is bring massive artists such as Elton John to the area and boosting the hospitality and tourism sectors. I know that the vacancy rate is under 1% and the type of dwellings that are in demand. Armed with all this information, I feel very confident that developing property in this post code is going to continue to pay off.
As a developer you need to be extremely confident about the location of your development because there are so many other factors that can affect your development, the more you can sure up, the better chance you’ll have of a successful result.
So is now the right time to be developing property? It will depend on the areas you are looking at. For me, it’s a resounding yes, as I’ve done the research and know that my client’s projects in the Hunter Region of NSW are going to do well for them.
Jo Chivers is director of <a style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;" href="https://www.propertybloom.com.au/" target="_blank" title="Property Bloom">Property Bloom</a>, which manages property development.
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Do your research, and you will still find booming suburbs

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The federal government’s upcoming tax summit will look at tax arrangements affecting the housing market with possible changes to state taxation arrangements including stamp duties.
Congestion taxes are also on the agenda in the discussion paper, which aims to inform public debate on continuing tax reform in the lead up to the October 4-5 tax forum.
The discussion paper outlines a range of ideas that were raised in the Australia’s Future Tax System Review presented by then Treasury boss Ken Henry to the Rudd government in late 2009.
The discussion paper includes a section on each of the six sessions that will be held at the forum: personal tax; transfer payments; business tax; state taxes; environmental and social taxes; and tax system governance.
Some 47 participants and 21 observers have been selected for direct invitation, with another 56 participants and five observers chosen by the leaders of invited organisations.
A further 52 participants and 20 observers will be selected through an expression of interest process.
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Housing tax arrangements on October tax forum agenda

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The sale of the Birallee Shopping Centre in Wodonga by Centro to Sydney-based investment firm Hadley Green for $11.7 million augers well for other regional shopping centres listed for sale.
The shopping centre, which has a gross lettable area of 5,686 square metres and is about a kilometre from the Wodonga town centre at 51-57 Elgin Boulevard, was sold by Colliers agent Lachlan MacGillivray.
The selling price was in line with the 30 June 2011 book value.
About 200 kilometres to the west of Wodonga, Michael Gross and Tim Darcy from Gross Waddell are selling the Deniliquin Plaza in the Riverina region of NSW by expressions of interest closing on August 17.
Offers of around $8 million are expected for the centre, which is bounded by Hardinge, Wood, Macauley streets and Hussey Lane, a commercial precinct west of Deniliquin.
It serves about 19,000 potential consumers in an agricultural region that produces rice, milk, potatoes and tomatoes.
It last sold for $6.6 million in August 2002.
Nearly three-quarters (72%) of the plaza’s $730,000 rental income comes from the Coles tenancy, which occupies 2,994 square metres – 71% of the 4,212-square-metre gross lettable area.
Coles holds a 20-year lease expiring in 2017 and pays percentage rent of 2% of gross sales for sales above $21.7 million. The lease has four renewal options of five years.
Other brand-name tenants include the Reject Shop (630 square metres), Bakers Delight (83 square metres) and Liquorland (204 square metres), plus a St George ATM. 
Leases range in length from three years to eight years. 
Hadley Green, which holds five more shopping centres in its portfolio, is forecasting an initial 9% investment yield for the Birallee Shopping Centre on the back of strong income and capital growth.
The shopping centre was jointly owned by the listed Centro Retail Trust and the CSI Fund, into which Centro-managed syndicates invested, the Australian Financial Review reported.
MacGillivray says syndicates and private purchases are “particurlarly hungry” for this type of asset due to its strong fundamentals, secure income and stable nature of tenancy profile.
The shopping centre sale follows the listing of Centro Albion Park shopping centre in Albion Park, a suburb of Wollongong in the Illawarra region of NSW by Colliers director of retail investment services NSW Heath Crampton.
The centre is part of an $83 million syndicate of three regional shopping centres Centro is looking to wind up in order to pay out investors.
Crampton, who is expecting a yield of between 8.5% and 9% for the Albion centre, expects shopping centre investment activity to pick-up significantly in the second half of the year.
This, he says is “primarily due to the introduction of several new institutional managed wholesale funds with a focus to acquire sub-regional and neighbourhood assets with a capital value of sub-$100 million”. 
“This sub-$100 million market has predominantly been limited to private investors in the last 24 months.” 
In April the Bundoora Square Shopping Centre (4,800 square metre of gross lettable area), about 15 kilometres from Melbourne, sold for $20.9 million at an equivalent market yield of about 7.4%.
In December 2010, the Findon Westside Shopping Centre (about 4,000 square metres of lettable area) in the western suburbs of Adelaide was sold for $13.2 million at an equivalent market yield of 7.74%.</body></html>

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