Sydney developer&nbsp;<a href="https://www.apartments.com.au/developers/central-element">Central Element</a>&nbsp;is doubling down in Drummoyne, lodging plans for a boutique apartment development on St Georges Crescent, only one-kilometre down the road from its first Drummoyne development, Bianca.

The new project at 15A-21 St Georges Crescent,&nbsp;a&nbsp;1,701sqm north-facing site overlooking Iron Cove, will have 45 apartmnts across 10 levels. Eight of the units will be dedicated to affordable housing.

The site sits within walking distance of Drummoyne Village, Birkenhead Point, ferry services and the Bay Run, and offers harbour views towards the Sydney Harbour Bridge and CBD skyline.

Designed by MHN Design Union, the development will deliver a mix of one, two and three-bedroom apartments, alongside resident amenity including a gym, landscaped communal open space and three levels of basement parking.

The project has been lodged under the NSW Government's Low and Mid-Rise Housing reforms, with Drummoyne Village identified as a town centre capable of accommodating additional housing supply.

Central Element acquired the site earlier this year as part of its continued expansion across Sydney's eastern suburbs, lower north shore and inner west.

The developer's current pipeline includes luxury apartment projects Pearl Bondi and a separate development on Lamrock Avenue in Bondi, a residential project in Barry Street, Neutral Bay, and a mixed-use seniors living community in Greenwich.

Central Element Managing Director Nathan Chivas said the project would address a shortage of new owner-occupier housing opportunities in Drummoyne.

"While we're seeing a significant shift across Canada Bay as major infrastructure investment, population growth and planning reform drive a new chapter for the region, in suburbs like Drummoyne there remains a genuine shortage of new boutique luxury housing opportunities for owner occupiers," Chivas said.

"Sites of this nature are increasingly difficult to secure, particularly those that combine a north-facing aspect with direct water outlook. Our St Georges Crescent project responds directly to the market demand, offering a level of exclusivity, outlook and lifestyle in the highly sought after suburb."

The development application has been lodged with the City of Canada Bay Council, with the project expected to launch to market in early 2027.

&nbsp;

Joel Robinson

Central Element seeks second Drummoyne apartment development

The NSW Government has unveiled plans that could deliver around 1,300 new homes across Nowra and Kiama, continuing its push to unlock housing in well-located regional centres along the South Coast.

The proposals, now on public exhibition, would pave the way for around 830 homes in Nowra and a further 450 homes in Kiama, while also introducing affordable housing requirements and increased building heights in key locations.

The larger of the two proposals is centred on Nowra, where the NSW Government is seeking to rezone land within the Mandalay and Riverfront precincts.

The Mandalay sub-precinct, located close to Shoalhaven Memorial Hospital, Nowra Library and the city's aquatic centre, could accommodate around 530 new homes. Around 30 per cent of housing delivered on Homes NSW-owned land would be dedicated to social and affordable housing, equating to roughly 100 homes. Building heights would increase from the current two-storey limit to between three and six storeys.

A separate rezoning proposal for the Nowra Riverfront Precinct would unlock a further 377 homes while creating stronger connections between the Shoalhaven River and the CBD. The plans include building heights ranging from five to 12 storeys, floor space ratios of up to 2:1 and a requirement for two per cent affordable housing.

Together, the two proposals would deliver more than 900 homes across the broader Nowra area, reinforcing the city's role as one of regional NSW's key growth centres.

The housing push builds on previous infrastructure commitments in the Shoalhaven, including government funding aimed at supporting thousands of future homes in West Nowra through upgrades to water and wastewater infrastructure.

Further north, the NSW Government is also progressing plans for the former Kiama Depot site, a two-hectare parcel near Kiama's town centre.

The rezoning proposal would transform the former industrial site into a residential community capable of delivering up to 450 homes. Buildings would range between six and eight storeys, with at least 10 per cent of homes allocated as affordable housing. The proposal also includes approximately 600 parking spaces and improved walking and cycling connections.

Planning Minister Paul Scully said the proposals are designed to increase housing supply in locations close to jobs, transport and services.

"For too long, families have struggled to find somewhere to live, and activating underutilised sites allows us to deliver the new homes these families need," Scully said.

"The Minns Labor Government is getting on with the job of unlocking well-located sites close to transport, jobs, and town centres and building the homes our communities need.

"These rezonings are about removing barriers to housing delivery and making sure land is put to better use so more people can find a place to call home within the communities they choose."

The latest rezonings form part of the Minns Government's broader strategy to accelerate housing delivery across NSW, particularly in established centres where existing infrastructure can support additional population growth.

Community consultation on the proposals is now underway, with feedback set to inform the final planning controls before the rezonings are determined.

Around 1,300 new homes earmarked for Nowra and Kiama as NSW Government pushes housing supply

<a href="https://www.apartments.com.au/developers/mrcb">MRCB International</a> has commenced construction on its latest Gold Coast apartment development, Maris, on the site of the former Sundale Motel in Southport.

The start of construction by <a href="https://www.apartments.com.au/builders/binah-constructions">Binah</a> follows an exceptionally strong sales campaign, with more than 90 per cent of apartments sold since launch. Every purchaser has been local, an&nbsp;indicator of confidence in both the development and Southport's evolution into a thriving CBD.

<a href="https://www.apartments.com.au/new-apartments/maris-southport-20-queen-street-southport-qld-4215">Maris</a> will deliver 192 residences across 20 levels. The project forms part of MRCB's Australian and New Zealand development pipeline now exceeding $1.6 billion in gross development value, alongside a growing portfolio of projects globally.

[smartcode_project:default project_id=134403 project_image_fid=350663]

The company also commenced construction on its $600 million 26 Vista residences in Surfers Paradise last year, following strong sales momentum, with over 70 per cent of residences sold.

Maris has been designed to meet evolving buyer demand, offering architecturally designed layouts suited to long-term liveability. The approach reflects a growing preference for quality and adaptability among Gold Coast buyers.

Positioned next to the Broadwater in the <a href="https://www.apartments.com.au/developments/southport-qld-4215">Southport</a> CBD, Maris sits directly opposite the Broadwater Parklands light rail station and within easy reach of retail, dining and lifestyle precincts, placing residents at the centre of one of the Gold Coast's most connected and rapidly maturing urban centres.

[smartcode_project:default project_id=134403 project_image_fid=372756]

Maris will offer a full suite of resort-style residential amenities, including a pool, gym and sauna, along with a rooftop level featuring decks, lounges and dining and yoga areas that command sweeping views across the Broadwater and out to the ocean.

Binah, a New South Wales headquartered company co-founded by Amen Zoabi and Khalil Hafza in 2008, has expressed its excitement at establishing its first partnership with MRCB.

Binah's Managing Director Khalil Hafza said partnering with MRCB on Maris is a significant moment for Binah.

"MRCB's financial strength and a track record that speaks for itself give this project a solid foundation, and this marks the beginning of what will be a long and successful relationship.

"With the right people, systems and partnerships behind it, Maris is set to become a significant addition to the Gold Coast's premium residential market."

[smartcode_project:default project_id=134403 project_image_fid=350664]

MRCB International CEO Ravi Krishnan said the project's progression to construction reflects both sustained demand and tightening conditions across the apartment sector, as well as MRCB's continued confidence in the Gold Coast market.

"Commencing construction at Maris is a significant step and reflects the depth of demand for quality apartments in well-connected urban locations," said Krishnan.

"Across Southeast Queensland, new apartment supply remains constrained, particularly in established precincts with infrastructure and amenity already in place. Projects like Maris are increasingly critical in meeting that demand, especially on the Gold Coast and in the city's CBD precinct."

[smartcode_project:default project_id=134403 project_image_fid=372761]

Krishnan said Southport's ongoing transformation, supported by infrastructure investment and long-term planning, was underpinning renewed buyer confidence.

"We're seeing a clear shift back towards well-located urban centres where infrastructure, connectivity and amenity are already established," said Mr Krishnan. "Southport is evolving into a more mature CBD environment, and that is being reflected in buyer behaviour."

Construction at Maris is anticipated to be completed in 2029.

[smartcode_project_cta:default project_id=134403]

Construction commences on MRCB’s $200m Maris Residences in Southport

Moonee Valley Park’s latest residential release <a href="https://www.apartments.com.au/new-apartments/the-eveline-at-moonee-valley-park-moonee-ponds-100-thomas-street-moonee-ponds-vic-3039">The Eveline</a>, has achieved a new benchmark for off-the-plan apartment sales in the suburb, with the sale of The Alexandra penthouse selling for $5,435,000.

Positioned on the top floor of a 16-level residential building, the three-bedroom, three and-a-half-bathroom penthouse features uninterrupted city skyline views across the future Valley racetrack.&nbsp;

The landmark sale comes as momentum at the precinct continues to build, with the Moonee Valley Racing Club progressing works on its new racetrack ahead of the 2027 Cox Plate. The transformative development will see MVRC reimagine the beloved Valley as a vibrant year-round entertainment and lifestyle destination.

Alongside a world-class racing experience, the historic precinct will be activated with events, hospitality and public green spaces designed to attract broader audiences, while breathing new life into one of Melbourne’s most iconic destinations.&nbsp;

[smartcode_project:default project_id=142519 project_image_fid=372786]

Development partners <a href="https://www.apartments.com.au/developers/hamton">Hamton Property Group</a> and Hostplus have delivered five residential stages over the past four years, the most recent in November 2025 with Trackside House and Stonepine House. The flourishing community is now home to almost 500 families.&nbsp;

The latest residential release, The Eveline, has recorded strong demand since launching publicly last July, securing more than $200 million in sales to date, satisfying its pre sales hurdle for construction to commence.&nbsp;

Hamton Founder and Executive Chairman, Paul Hameister OAM said, the sales&nbsp;team have been overwhelmed by demand for these unique homes in this unique project.

"Buyers continue to be predominantly hyperlocal and attracted by the 40 hectare botanic masterplan in Melbourne’s inner north west," Hameister said.

[smartcode_project:default project_id=142519 project_image_fid=372788]

Hamton’s Sales and Marketing Director Fergus Humphries said the team has achieved more than 70 sales over the past eight weeks, including the penthouse purchase by a local buyer.

"These results reinforce that, even in a challenging market, purchasers continue to be drawn to quality projects that offer more than just a home, they offer a lifestyle.”

Designed by Cera Stribley, the penthouse has been created with entertaining in mind, spanning close to 400 sqm of indoor and outdoor living space, including multiple terraces designed to capture sweeping views across Melbourne’s skyline, the new Valley racecourse and sunset views over Moonee Ponds.

Moonee Valley Park is one of Melbourne’s largest urban renewal projects, transforming the iconic racecourse site into a vibrant mixed-use neighbourhood integrating homes, parklands, retail, racing and community amenities.

[smartcode_project_cta:default project_id=142519]

Moonee Valley Park penthouse sets suburb record as sales surge clears construction benchmark

A company linked to one of Australia's largest privately owned cattle businesses has lodged plans for a new residential tower in <a href="https://www.apartments.com.au/developments/newstead-qld-4006">Newstead</a>, continuing the rapid transformation of one of Brisbane's most sought-after, inner-city precincts.

Bottletree Holdings, an entity associated with Stanbroke Managing Director Brendan Menegazzo, has submitted a development application for a 28-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/9-longland-street-newstead-qld-4006">9 Longland Street</a>, a site that made headlines last year when it changed hands in an off-market transaction that reportedly set a benchmark land rate for the suburb.

The proposal would replace an existing two-storey commercial building on the 1,510 sqm corner site with a Bureau Proberts-designed tower comprising 76 apartments, ground-floor retail, office space and a suite of resident wellness amenities.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="c710a836-568e-4382-bc91-3c34b8e80a8b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.41.45%E2%80%AFAM.png?VersionId=Vy.mQWBc7GA_a.vIBdxKqRC9XGjWalo2" />

According to planning documents lodged with Brisbane City Council, the development would comprise a mix of 36 two-bedroom apartments, 24 three-bedroom apartments and 16 four-bedroom residences, positioning the project firmly at the premium end of the market. The apartments would sit above a podium containing retail and commercial space, with three levels of communal recreation facilities spread throughout the tower. The proposal also includes 198 car spaces and 95 bicycle spaces.

Bureau Proberts has drawn heavily on Newstead's industrial heritage in developing the architectural response.

"Occupying a prominent corner in the heart of Newstead, the proposal draws from the area's industrial lineage of robust brick warehouses to deliver a distinctly contemporary response," the architects said in the design statement.

"It is conceived as a subtropical sanctuary and elevated private retreat embedded within one of Brisbane's most vibrant lifestyle precincts."

The design seeks to reinterpret the traditional Queensland vernacular through wraparound verandahs, deep shading elements and permeable facades that respond to Brisbane's subtropical climate.

<img alt="9 Longland" data-entity-type="file" data-entity-uuid="25524f59-395c-4825-8fad-9b639822fa8a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.09%E2%80%AFAM.png?VersionId=dlWlbpCc_g3Y6yTLGqRVKvGJvO2ubMJ3" />

Planning documents describe the building as embodying the principles of "buildings that breathe", a design approach increasingly favoured in Brisbane's apartment market as developers focus on natural ventilation and outdoor living spaces.

The tower itself would rise above a heavily landscaped podium designed to reference the woolstore architecture that helped define Newstead and neighbouring Teneriffe for generations. At ground level, fine-grain retail tenancies would activate Longland Street, Wyandra Street and the existing Wyatt Street laneway, further extending the pedestrian network that has become a hallmark of the Gasworks precinct.

The application notes that more than 54 per cent of the site would be dedicated to landscaping and deep planting, while approximately 1,750 sqm of communal recreation space would be delivered across multiple levels.

<img alt="Planning" data-entity-type="file" data-entity-uuid="fed3b189-1054-4b68-af5f-b0befc4a66e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-22%20at%209.42.19%E2%80%AFAM.png?VersionId=gqeE3cjsbnLAfeTUKA1HtPZfqDs6S4Xa" />

Bottletree paid $22 million for the 1,510 sqm development site, equating to more than $14,500 per sqm, a reflection of the strong demand for development opportunities in Newstead. The suburb continues to attract both developers and buyers, underpinned by the ongoing evolution of the Gasworks and Teneriffe precincts into some of Brisbane's most sought-after lifestyle destinations.

Brisbane City Council's Sustainable Growth Strategy and Inner City Strategy both identify Newstead as a priority growth precinct capable of accommodating additional housing density due to its proximity to employment hubs, public transport and lifestyle infrastructure.

The proposed tower joins a growing pipeline of high-end apartment developments in the suburb. Fortis recently launched <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a>, a 65-apartment owner-occupier-focused development on Kyabra Street, while Consolidated Properties Group is preparing to launch <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a 227-apartment waterfront project on Skyring Terrace.

Meanwhile, builder-developer BPG is planning its own Newstead project on Maud Street, comprising just over 100 apartments and more than 1,380 sqm of dedicated wellness and resident amenity spaces, further highlighting the shift towards lifestyle-driven apartment developments in Brisbane's inner-city market.

Newstead apartment boom continues with Longland Street tower plans

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?

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

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A Cranbourne, Victoria mortgagee unit has been sold for $321,000.
Darren Saxon of LJ Hooker Cranbourne marketed the property.
Situated at <a href="https://www.realestate.com.au/sold/property-unit-vic-cranbourne-133374110" target="_blank">1/17 Fairfield Street</a>, the home comprises three bedrooms, one bathroom, and single lock up garage plus additional two parking spots. 
It features spacious lounge room, kitchen with new gas stove, and good size yard area.
The home is located close to public transport, schools, and shopping centre. 
The property last sold in 2010 for $255,000.
The median unit price in Cranbourne sits at $365,000, according to CoreLogic. 
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j.ballantyne1990-6AQqhLzZaK

Cranbourne, Victoria mortgagee unit sold for $321,000

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A mortgagee house in Kogarah, built almost 100 years ago, has come onto the market via an expressions of interest campaign.
Located at 18 Rocky Point Road, it features four bedrooms, two bathrooms, a carport, and a lawn.
The house is in a medium-to-poor condition.
The total block comprises of 446 square metres.
Built in 1925, the residence last sold in 2004 for $488,000.
Kogarah’s median house price is $1.175 million.
Trent Tarbey and Bill Tsounias, from McGrath Sans Souci, have the listing.
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Kogarah, NSW mortgagee house listed for sale

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The number of house sales in Tasmania fell by 27 percent in April compared with March, with property prices in Hobart down 14 per cent, according to figures from the state's Real Estate Institute.
<h2 class="zT1nT _4Zpdk SelAj _1t9H3 _2-MxD lxkD- mSYxO age8P" data-component="Heading">House prices were down 2.2 per cent statewide, but by 14 per cent in Hobart, over the same period.</h2>
THE Real Estate Institute of Tasmania (REIT) president Mandy Welling said she was not surprised given the restrictions and challenges of the COVID-19 pandemic.
"These are the least productive figures since July 2013," Ms Welling advised.
The April sales figures showed in Hobart the turnover decline was 37 per cent, Launceston 39 per cent and the north-west 12 per cent.
There was an easing of sales for properties in the $500,000 and above price bracket, but these properties were still selling on average 1.7 per cent above their listed price.
"There were certainly not as many people out there thinking about putting their property on the market and, indeed, buyers out there to purchase."
REIT chief executive officer Mark Berry said the price drop overall was not as significant as predicted.
"House prices haven't really seen the downward effect that the mainland commentators have been reporting that may happen in Melbourne and Sydney," he said.
"The Tasmanian market has held very firm."
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
The first case of COVID-19 was confirmed in Tasmania on March 2.
Over the March 2020 quarter Tasmania experienced a total of 1870 house sales, a 1.2 percent decrease State-wide on the previous quarter and 4.9 percent increase over the previous year.
In the March quarter Sandy Bay in the south achieved the highest median sale price at $948,888. 
The median sale price in Sandy Bay was down 9.6 percent on the previous quarter.
Across the State the two most expensive postcodes for the quarter were 7005 and 7004 and the postcodes with the highest turn over of property were 7250 and 7310. 
In addition to this, Sandy Bay was crowned the most expensive suburb with 29 sales, a median sale price of $948,888 and an increase in sale price of 21.7 percent over the previous year.
 
</div>
</div>
</div>
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Tasmanian real estate turnover falls 27 percent in April

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There is much debate about the current uncertain economic climate with <a href="/guides">Covid-19</a> and the indication that we are facing a recession. The future looks as bright as we wish it to be despite what statistics are telling us. There is no doubt that the current challenges; put an additional strain on businesses and that is particularly felt in your cash flow.

Without money flowing into your business, survival is impossible. Cash flow is the lifeblood of any business, whether we are in a recession or not. To control your business better, help that cash to flow, and make your life generally easier, a business plan will help but there are two systems that all businesses must have in place as part of this planning process.

The first is a <a href="/guides/looking-for-a-home-on-a-budget-here-are-10-melbourne-apartments-under-385-000">living budget</a>. 
Your cash flow forecast is your indication of how your business will perform over the next 12 months. Basically, you are estimating how much income you will generate, where it will come from, what your likely expenses will be, and when they will occur. Given the current challenges, this can be very difficult but the business planning process focussing on your marketing efforts can provide you with some guidance. You are now in a good position to arrange major expenses to occur when the business can afford them. You can evaluate your cash flow to maximise your efficiency by how you control your debtors or pay your creditors and thus minimise your overdraft.

When you have produced this very valuable document, you have an essential aid that will keep your business on track and successful. It is not a document to be filed away, it is a working tool. During the year, you must be in the habit of keeping your cashbook up to date so that at the end of each month you can compare your actual results with your budget forecast. Challenge any variations and, if necessary, make changes to the remaining part of the budget so that you can continue to use it as a success tool.

The second important area to focus on is your debt collection. 
Evidence shows that the introduction of tax changes exacerbates the strain on already burdened cash flows resulting in the need for a more serious systematic approach to credit control.

It is vital that you have an appropriate application for a credit form that allows you to obtain accurate information about the legal entity you are dealing with and a personal guarantee. Then you need at least three trade references, and these should be diligently checked <a href="/expert-insights/buying/4-reasons-to-have-faith-in-australia-s-property-market-for-the-long-run">before you grant credit</a>. At least you will be able to gain some idea of this new customer's credit history. This must be followed with a systematic follow up for late payments immediately they become due.

Unfortunately, although the process is very simple, it is also a little time-consuming in your already busy day and it becomes one of those chores that you are always going to get around to but never do. But isn't it worth the effort to get paid?

Then there are the businesses that don't want to offend their customers by asking for a credit reference or even delay in following up those outstanding debts. Remember a customer is not a real customer until they have paid you for your goods or services. 

Set a bit of time aside now to plan your business activities for the next financial year.

Julian has been advising small businesses in the Hunter for over 30 years. He is the author of several business books and you can tune in to hear his business wisdom tips each week on 2NURFM at 1pm on Thursdays for “Business, the Law and You” a popular program that has been running for over 18 years.
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Nick Dante

Will Your Business Survive a Recession?

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Some would say that I may have had too much time on my hands when I sat down over a period of 12 months to deconstruct and examine the commercial leasing industry in a determined effort to find a better way of doing things.  

While the current situation has served the sector for a great many years, it can be likened to some degree to the evolution (or rather, lack thereof) of sharks. It simply hasn’t evolved enough and has mainly survived through brute strength and sustained due to necessity.

Our industry talks of efficiency and innovation and outcomes ad nauseum.

But whether you’re a building owner, a tenant, an agent, a fit out contractor, a lawyer or a marketing guru, there are so many pain points in the commercial leasing process that remain unresolved.

In general terms, I think the current system of matching <a href="/news/is-now-a-good-time-to-invest-in-commercial-property">commercial property</a> and people, is broken. 

<ul>
<li>It has an unhealthy reliance on luck. </li>
	<li>At times, it is bloody annoying. </li>
	<li>It takes way, way too long to get deals done.</li>
</ul>
The current system assumes that all property owners and tenants are commercial property experts when they aren’t. This is particularly prevalent at the smaller end. And as a result, in many instances, it does not meet the needs of either party.

Flexspace is great. I love what it has brought to our cities and its people and can only see upside for those operators and their customers. Traditional office leasing could learn a lot more from our flex-friends. There’s lots of current chatter around traditional leasing versus <a href="/news/lendlease-welcomes-co-working-operator-spaces-to-melbourne-quarter">flex-space</a>. But to assume that these are the only two options for an occupier belies belief.

To explain, let’s take the simple example of booking accommodation for a holiday (OMG I how I miss thee!).

In the old days you would simply book a hotel room or resort.

Today, think of the multitude of options for a traveller outside of traditional hotel and resort operators. Great thinkers like <a href="/news/airbnb-plans-to-help-house-100000-covid-19-responders">Airbnb &amp; Unyoked</a> have us staying in modern little boxes is deserted vineyards, drinking tinnies with cattle drovers in front of roaring fires in the outback, or eating dinner with local farmers in the rainforest with guinea pigs running around their feet searching for scraps.

In essence, there is practically no limit to the experiences you can get with travel accommodation. 
Those of us that provide office accommodation would do well to think of our assets and the people that use them in the same way. It shouldn’t be about how great their building is or what award it has won or whose end of trip facilities are the most state of the art.

In many instances, you could swap the names of building owners, the cities in which these buildings reside, and the agents that sell or lease them and you’d struggle to tell the difference. 
The “come and lease my building ‘because we and the building are amazing, and we understand you” is homogenous and omnipresent and frankly boring.

The next <a href="/expert-insights/buying/line-between-apartments-offices-and-hospitality-become-a-blur">generation of office solution</a> providers is coming. They will shift the conversation from how great our buildings and services are and start creating customer journeys and outcomes that will be remembered by the way they make people feel.

What an incredible opportunity.

Who wants in?
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Deconstructing the problem with the commercial leasing industry

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Rent-vesting is not a new term in today’s <a href="/guides/how-to-navigate-buying-property-during-the-covid-19-crisis">property investment market</a>. The trend has been increasingly popular especially for young professionals. For those who are not heard of rent-vesting, it means that you purchase an investment property while renting somewhere else to live. 

Property prices have continuously risen and it is becoming more difficult for first home buyers to find and purchase their ‘dream home’. If you try and google ‘first home buyer’s guide’, most of the info that you can find will have one common message: “You must speak with a financial institution to determine the amount that you can borrow”. 
A very harsh and reality check indeed. It means that when you embark on your journey to hunt for <a href="/expert-insights/buying/4-reasons-to-have-faith-in-australia-s-property-market-for-the-long-run">your dream home</a>, many of those factors in your wish list have to be compromised. That is the reason why now there are many first home buyers who are opting to buy investment properties while renting.

Being a rentvestor has many benefits. You can <a href="/expert-insights/buying/your-home-is-your-safe-haven-could-covid-19-encourage-more-renters-to-purchase-property">choose to live in any suburbs</a> that you like without having to worry about the hefty price tag of the property. You can rent at a place close to your office, and imagine the extra things that you can do by avoiding the daily 2 hours of traffic congestion you have to face, let alone the stress of being stuck in traffic or chasing the train’s timetable. You can also have the possibility to send your kids to some of the best schools in the state by rent in the good schools catchment zone. Did you also know that you can enjoy tax benefits (negative gearing) when you own an investment property?

So now that you know there are so many benefits of being a rentvestor, I would like to let you know that in the current Covid-19 outbreak, it is the best time to be a rentvestor. 

Rents are at ridiculously cheap price

Due to the <a href="/guides">Covid-19 pandemic</a>, many countries are currently in the lockdown restriction. There are currently no international travelers or even domestic business travelers, traveling in between. This has severely impacted the short term accommodation and Airbnb market. Most of the owners of these properties now opt for the long term rental market. There is currently an oversupply of stocks available for rent as the vacancy rate has increased substantially in the month of April. 
Landlords are offering discounted rent to attract and secure a tenant. You can take advantage of the current market to negotiate cheap rent with a long term lease (18 - 24 months). 

ii)   Take advantage of off-the-plan (OTP) property investment

I would not be a strong advocate to purchase an established investment property now (unless you can get a very good offer from the seller). The current rental market is competitive and it is very hard to secure a new tenant with good asking rent. You might end up having to wait for some time before being able to secure a tenant. Therefore, it is wise to turn your attention to off the plan investment. 
Off the plan, investment helps you to dodge the current storm of the competitive rental market. Remember that prior to the Covid-19 outbreak, we are witnessing one of the fastest market recoveries. The market fundamentals are still there, supply is dropping drastically in the coming years. 

iii)  You are in a position to negotiate an offer 

Developers and real estate agents are more willing to listen to offers in this current state of the market. With many economists and analysts foreseeing the property market price to remain volatile in the coming months, many investors are holding their nerve to wait for the episode to unfold. Therefore, developers and agents are willing to provide attractive incentives for people who are willing to take action now. 

iv)  There is no need to have a financial burden at this moment

If you purchase an owner-occupied property now, even if you are financially capable, borrowing at this point is not the best option. The road to our economic recovery will not be swift and easy. It is not like Thanos snapped the finger to decimate the world’s population by half, and another snap will bring everything back. The damage is here to stay. It is best to have a cash reserve at this time to ride through the difficult time should things become tricky for you in the coming months. If you buy an owner-occupied property now, your monthly mortgage repayment will be higher as compared to the cheap rental properties that you can find in the market.

Covid-19 outbreak is a black swan event that no one expected would come. Australia has done a good job in effectively containing the spread of virus and allows the ease of lockdown restriction. However when we look at many other countries in the world, it is still a mess. We do not foresee international travel will resume in the next 3-6 months and to a select few countries, maybe over a year. It is the best time to find a rental property at a discounted rate, while being able to take advantage of the incentives that developers are offering for the off the plan projects.

This article was written by Justin Chang, a freelance contributor at Apartments.com.au
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Why Now Is The Best Time To Be A Rentvestor

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If you have never been involved with an Owners Corporation, it can seem a little intimidating but this is far from reality. In fact, there are many good reasons to purchase into an Owners Corporation, not the least being affordability for owner-occupiers and investors. 

What is an Owners Corporation?

In some states, an <a href="/guides/how-much-can-i-expect-to-pay-for-owners-corporation-fees">Owners Corporation (OC)</a> is known as a Body Corporate or a Strata Company. This is the legal entity that manages the common property in a multi-unit development. It could be residential, commercial, retail or mixed-use property development. It is made up of all the owners of the property. 

When you purchase a unit – usually called a lot according to the plan of subdivision - in such a development, you automatically become a member of the OC. This gives you the authority to vote at Annual General Meetings and to have a say in how the building is managed and maintained. 

What is Common Property?

Common property includes foyers, stairs, lifts, paths, fences, driveways, pools, gardens, fences, or any other shared facility designed for use by owners and occupiers.

All common property areas need to be repaired and maintained by all owners, which is why an Owners Corporation Administration Fund is set up to cover the expenses of common property maintenance. As a member of the Owners Corporation, you have a legal and financial responsibility to the owner's corporation to contribute your proportion of the expenses as set out in the Registered Plan of Subdivision or its equivalent in your state.

What are the obligations of an Owners Corporation?

Owners Corporation must:

<ul>
<li>take out building reinstatement and replacement insurance </li>
	<li>take out public liability insurance </li>
	<li>collect levy fees from all the lot owners to fund expenses</li>
	<li>provide annual financial statements </li>
	<li>keep a log of all lot owners’ postal details</li>
	<li>have an owners corporation committee</li>
</ul>
What are the Benefits of an Owners Corporation?

There are many benefits to being part of an Owners Corporation such as:

<ul>
<li>Costs are shared by all lot owners</li>
	<li>Work around the property is arranged through the Owners Corporation</li>
	<li>A good community environment and spirit is created</li>
	<li>Shared Gym/pool/spa services</li>
</ul>
A <a href="/news/taking-an-active-approach-to-strata-services">property maintained by the Owners Corporation</a> increases your investment value by making it more attractive to potential buyers as they realise that they will not need to outlay extra funds for unexpected repairs caused by the lack of maintenance.  

<a href="/developments">Urban</a> can be a great research tool to fulfill your dream to invest in this market and to become an active member of an owner's corporation. 
This piece was written by Con Vjero, Business Development Manager &amp; Senior Owners Corporation Manager at AMK Owners Corp.
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What is an Owners Corporation (OC)?

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<h2>OPINION:</h2>

Us lawyers, whether we like it or not, are professionally trained pessimists. We are risk-averse by nature and are taught to consider the worst-case scenarios and to plan for them in a contract to avoid them becoming a dispute. I doubt even the best legal minds in the country if locked in a room would have considered and planned for something like the COVID-19 crisis and its impacts. But is the outlook really as bleak as some are saying and should off-the-plan purchasers be worried?

<h2>What is happening?</h2>

Rewind as recent as 4 months ago and many industry commentators were spruiking the benefits and advantages of off-the-plan purchases, with little regard for the negatives that they outweighed. They can be forgiven though because in a booming market an off-the-plan purchase can be a very wise investment; entering the market early with a long term settlement can allow you to benefit from the capital gain while keeping cash flow open. Not to mention the stamp duty savings available for most purchasers.

Enter the curve-ball, COVID-19. The crisis has created many challenges in the property market on a scale unseen since the great depression. Development permits and construction are being delayed, landlords and tenants are negotiating rental abatements and mum-and-dad sellers are struggling to find willing buyers as earning capacities are diminished and unemployment jumps to concerning highs.

We still find ourselves (for now) in the largely unknown stage – even the Government and the banks are struggling to predict the longevity of COVID-19. It is no surprise therefore that many developers are going silent, leaving purchasers to scramble for updates on their projects. Unfortunately, there is not much protection in most contracts for that behaviour and purchasers cannot force regular updates, especially when there may not be any updates to give! They may need to simply ‘wait and see’. There is always one certainty though; that it is in the best interests of a developer (more so than a purchaser) to finish a project quickly!

<h2>So how bad will it get?</h2>

Pundits are suggesting property prices in major cities around Australia <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-04-24/worst-case-scenario-house-prices-fall-30pc-coronavirus-shutdown/12177084">could fall by as much as 20% over the next year</a>, and <a href="https://www.realestate.com.au/news/coronavirus-how-will-melbourne-sydney-housing-markets-emerge/">even by 30% if strict lockdown measures remain in place for the next 6 months</a>. These are not statistics that I necessarily agree with and I am certainly no expert but I can speak from experience and from sentiment amongst my developer clients.

<h2>But what if this fiction does become fact and prices plummet?</h2>

Yes, the biggest risk of an off-the-plan purchase is and always will be market volatility. A purchasers’ worst-case scenario? The property bubble bursts, COVID somehow kills demand without impacting supply; 12 months after you signed the contract on your $700,000 unit your bank is telling you it is only worth $600,000. The developer's lawyers are calling for settlement but you can’t get the loan to buy it! You may lose your deposit and be at risk of a further law suit if the vendors suffer damages. (Note: If this is you – call your lawyer as there is always hope).

The other previous risk of developers delaying projects beyond sunset dates intentionally to terminate and exploit buyers has certainly been blocked <a href="https://www.consumer.vic.gov.au/latest-news/sale-of-land-amendment-act-2019-legislation-update">since the updates to the Sale of Land Act from 23 August 2018</a>. Yes, there is a chance that developers may seek to terminate if COVID-19 interruptions caused the project to blow out beyond the sunset date, however that would need to be argued before a Supreme Court Judge so reason, and justice, would ultimately prevail.

<h2>The silver lining…</h2>

COVID-19 has been different to the usual peaks and troughs of the property market as it has hit immediately on a global scale and is thus affecting all of us financially (apart from maybe toilet paper and home-gym suppliers). It forced the Government to step in with a freeze on evictions of residential and commercial leases, but all the while, most landlords were thinking ‘What is the point of kicking my tenant out if there is nobody else who could even take their place?” Although no such freeze has been legislated for rescission of off-the-plan contracts, I can confidently say that the majority of developers are thinking the same thing and would rather negotiate a reasonable settlement extension than lose a contracted buyer.

In addition, the banks have taken advantage of monetary policy to offer some of the lowest interest rate loans our country has ever seen; meaning loan repayments and serviceability is easier for most even if the valuations do start to come in slightly under. This is an enormous positive not just for purchasers, but for developers themselves securing construction finance.

<h2>…and the light at the end of the tunnel</h2>

In my opinion, our response as a country to this pandemic was just as surprising as the pandemic itself. An entire nation raised on sunshine and the outdoors has banded together and locked themselves inside with nothing but toilet paper and beer for weeks on end. We are all spending more time with our children, learning to work more efficiently, caring for our elderly and remembering what traffic used to be like 30 years ago. The ‘evil’ banks have become our new best friend and landlords are actually listening to their tenants without being forced into a courtroom. With one eye closed, the world actually looks like a better place.

We hope of course that we have already survived the worst of this pandemic and that the number of deaths in Australia will be a small percentage of what everyone had feared it would be. The finish line may still look blurry and hard to make out in the distance for now. But I have no doubt that if this community response of empathy, sensibility and reason continues at all levels (from developers, individuals, financiers and Government) the economic aftermath and downturn in our property market will also be a small percentage of the chaos some have been predicting. If we pick up where we left off before COVID-19 struck, off-the-plan buyers should be all smiles!

I will gladly drink my beer behind a locked door for now if it means we all have new doors to open at the end of 2020. So hang in there, work together, help out where you can and more importantly, don’t be afraid to seek help when you need it.
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COVID-19 – A little bit of positivity goes a long way

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At their May meeting, the RBA board noted that housing borrowers loan payment deferrals have seen a take-up rate of around 10 per cent.
However, they did note there were many other borrowers maintaining mortgage payments in excess of their required minimum payments.
RBA Governor Philip Lowe said the sharp decline in economic activity was expected to dampen the demand for borrowing from businesses and households for some time, although added that the Australian banking system remained resilient with its strong capital and liquidity buffers.
"[The banks are] helping the economy traverse this difficult period," Lowe said.
"Banks had reduced housing interest rates to record lows.
"Members observed that a large share of the monetary policy easing since May 2019 had been passed through to variable mortgage rates, and advertised fixed mortgage rates had declined even further over recent months.
"Banks had also offered housing borrowers loan payment deferrals for up to six months", Lowe added.
Lowe touched on business borrowers too, with interest rates also lowered substantially since mid March in light of the bank's policy package, as well as government initiatives to support lending to small and medium-sized businesses.
"Interest rates for small businesses had declined most and many of these businesses had been offered loan payment deferrals for up to six months," Lowe said.
"Liaison with banks suggested that around 20 per cent of eligible businesses had taken up this option."
To read the full RBA minutes, click here.
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