Burgeoning South East Queensland developer <a href="https://www.apartments.com.au/developers/frank-developments">Frank Developments</a> is continuing to pad out its capital city development pipeline.

The developer, led by Frank Licastro, has its sights set on Kingsford Smith Drive in Hamilton, where it is planning <a href="https://www.apartments.com.au/new-apartments/avela-60-kingsford-smith-drive-albion-qld-4010">AVELA</a>, a 166-apartment development across three towers that tier down from 28 storeys to 19 and 17.

The towers will rise above the iconic Breakfast Creek Hotel.

Frank has brought on Melbourne architecture practice <a href="https://www.apartments.com.au/architects/rob-kennon-architects">Kennon</a> to design the building, conceived as a “defining architectural marker where the airport corridor meets the inner city.”

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="e787c64e-f0a4-4725-891e-e86b40ee5c5c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA.png?VersionId=1ulwuZ9w2vQ2td7v.J2zUI7Ih_DT4Kwz" />

Kennon describes the project as a once-in-a-generation opportunity.

"Positioned at the northern gateway of Brisbane's primary CBD corridor, this project represents a singular moment in the city's urban evolution, one that will not come again," the architecture practice said in the documents submitted to the Brisbane City Council.

"Where the airport and world beyond meets the city, the building will rise as a sculptural landmark, a defining piece of architecture that signals arrival into Brisbane and anchors the connection between the city and the communities to its north."

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="d572bf62-a98d-4847-95d0-889e3d3283e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium.png?VersionId=6.Ax4jBzTbY5ahm55iaMWNR03ODhDQSm" />

The development is centred around owner-occupier apartments, with a mix of two, three and four-bedroom residences designed to capitalise on city and river views.

Four basement levels accommodate resident parking, allowing the podium to prioritise pedestrian activity and public-facing uses like ground-floor retail, a cafe, a&nbsp;neighbourhood grocer, and a public accessible indoor pickleball court and event space.&nbsp;

There will be nearly 2,000 sqm of communal wellness and recreation facilities across three levels.

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="c5ac3cbf-3c11-4219-89f3-e12d9e0f9ffd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium%20A.png?VersionId=_.4zd1HLCKa1s6I_oxkY4NNqX6o3Yevn" />

&nbsp;

Frank Developments has increasingly focused on design-led residential projects across South East Queensland.

AVELA is Licastro's second on Kingsford Smith Drive following <a href="https://www.apartments.com.au/new-apartments/alba-92-kingsford-smith-drive-hamilton-qld-4007">Alba</a>, 85 apartments just down the road. The developer has <a href="https://www.apartments.com.au/new-apartments/mira-61-garfield-terrace-surfers-paradise-qld-4217">MIRA</a> and <a href="https://www.apartments.com.au/new-apartments/myst-burleigh-heads-270-the-esplanade-miami-qld-4220">MYST</a> on the Gold Coast, as well as <a href="https://www.apartments.com.au/new-apartments/murano-teneriffe-37-wyandra-street-new-farm-qld-4005">Murano</a> coming up in Teneriffe and <a href="https://www.apartments.com.au/new-apartments/bel-air-33-oxlade-drive-new-farm-qld-4005">Bel Air in New Farm</a>.

Joel Robinson

Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway

ASX-listed developer <a href="https://www.apartments.com.au/developers/stockland">Stockland</a>&nbsp;is continuing its push back into the new apartment market, filing plans for a prominent gateway site between Collingwood and East Melbourne.

The development giant, which moved back into the new apartment space when it announced Stanton Place in Sydney's Rosebery and have since filed plans for a 50-storey tower, are jumping into the off the plan Melbourne market.

They are hoping to create a mixed-use neighbourhood precinct for <a href="https://www.apartments.com.au/new-apartments/79-81-victoria-parade-collingwood-vic-3066">79-81 Victoria Parade</a>, replacing an existing commercial building with a scheme by <a href="https://www.apartments.com.au/architects/john-wardle-architects">Wardle</a>&nbsp;for 478 apartments,&nbsp;ground-floor retail, new public open spaces and a publicly accessible pedestrian laneway.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="72dbbca9-3918-4073-afad-a0c0c35be8e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20pers.png?VersionId=bzMVUKKxvwuNK1m0v_td126Rgct32uk_" />

The design report identifies the public realm as a central driver of the proposal.

"Collingwood has limited access to high-quality parks and public open space, and the proposal delivers valuable new areas for respite, social interaction and fine-grain retail activity."

The development would deliver a diverse mix of housing, including studio, one, two and three-bedroom apartments alongside townhouse-style residences. Two basement levels are proposed beneath the development, providing resident and retail parking as well as extensive bicycle facilities.

Wardle's design draws heavily on Collingwood's industrial character, using articulated building forms, brickwork and robust materials inspired by the suburb's warehouse and manufacturing heritage. The built form has been broken into a series of smaller volumes to better respond to the surrounding streetscape while extensive communal gardens, rooftop amenities and shared resident spaces are integrated throughout the project.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="7b2135ed-65df-4253-ad53-f216f06bd467" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20podium.png?VersionId=l1B6Hqn8zs772VxH6L1fDPg0KHshan9v" />

The planning documents describe the existing office building as offering little engagement with the public realm, with the redevelopment intended to create a more permeable and active neighbourhood destination.

"The proposed scheme presents a significant opportunity to deliver a vibrant retail plaza and a local neighbourhood hub serving both existing and future Collingwood residents."

The 79–81 Victoria Parade site occupies a strategic location about 1.5 kilometres east of Melbourne's CBD, at the threshold between Collingwood and East Melbourne. It is well served by tram services along Victoria Parade and sits within walking distance of St Vincent's Hospital, Fitzroy Gardens, the Fitzroy activity centre and a broad range of employment, retail and hospitality destinations.

Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site

An 1880s timber cottage that has survived Kangaroo Point's transformation from riverside suburb to high-density apartment precinct is set to become the centrepiece of <a href="https://www.apartments.com.au/developers/zephyr">Zephyr Group</a>'s proposed Banksia development.

Rather than see the locally heritage-listed Alpha Cottage as an obstacle to navigate, plans integrate the landmark home into a new 18-storey residential tower, giving one of the suburb's oldest surviving residences a new role as the project's communal hub.

The development application covers a 1,177 sqm amalgamated site at 127-133 Lambert Street and 30 Shafston Avenue, where Zephyr Group plans to deliver 64 apartments above three basement levels. Designed by <a href="https://www.apartments.com.au/architects/joe-adsett-architects">Joe Adsett Architects</a>, the proposal carefully weaves the retained heritage cottage into a contemporary residential scheme, with the tower elevated above the historic building to preserve its presence within the Lambert Street streetscape.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="f9dc5bdb-d691-4c60-bf2b-c3ed405a3e75" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Banksia.png?VersionId=Jh4bjlewU.o8HXWt0V4KaFA_lPcF7KWM" />

Named after the native Australian Banksia flower, the project draws inspiration from its distinctive form through curved balconies, sculpted planter boxes and cascading subtropical landscaping that soften the building's profile.

As the design report explains: "The tower's identity is defined by its feature facade, drawing direct inspiration from the Banksia wildflower. The building departs from traditional rigidity through the use of elegant, GRC-moulded planter boxes that appear as if shaped by the breeze."

Plans propose 64 apartments, comprising 32 two-bedroom and 32 three-bedroom residences, across an 18-storey tower. Residents would have access to rooftop amenities including a swimming pool, spa, gym, sauna, private cinema, dining spaces and landscaped recreation areas, while more than half the site is dedicated to planting and open space.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="16041b5f-033e-47fa-8fbe-9886e072c1f2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pool.png?VersionId=kpx5w4EbLx0_TdWfDoD1vrSs0_cZ5Ao1" />

The heritage component is the defining feature of the proposal. Constructed in the early 1880s and occupied from at least 1883, Alpha Cottage is recognised by Brisbane City Council as an important surviving example of Kangaroo Point's nineteenth-century residential development and as a representative transverse-gable timber cottage. Despite extensive redevelopment across the peninsula, the building has retained a high degree of its original form and internal fabric.

As part of the redevelopment, the cottage will be carefully relocated a short distance within its original allotment to facilitate construction before being returned to a prominent position along Lambert Street. Original verandah elements will be dismantled, catalogued and reinstated, while significant internal features, including timber flooring, wall linings, joinery, doors, windows and hardware, will be retained. Later additions, including the enclosed rear verandah, will be removed to better reveal the building's original form.

Once restored, Alpha Cottage will accommodate the building manager's office, mail room and parcel facilities, providing an active everyday use that supports its long-term conservation rather than preserving it as a static display. The heritage strategy also maintains landscaped space around the building, allowing it to remain visually distinct beneath the new tower.

<img alt="First look: Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage" data-entity-type="file" data-entity-uuid="43b027e1-576e-4624-a66c-7cc54ea8b7be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/banksia%20tower.png?VersionId=2W6E2yfkj2AQlWlLeV986grA5zB9f817" />

The Heritage Impact Assessment concludes that "the proposal secures the ongoing occupation, maintenance and conservation of Alpha Cottage," finding the development would result in "no more than a minor impact on the cultural heritage significance" of the building while ensuring its long-term future.

Joe Adsett Architects have designed the tower to sit above the heritage building rather than overwhelm it, creating a clear visual separation between old and new. The development's flowing balconies, integrated planting and organic façade respond to Brisbane's subtropical climate while complementing the restored cottage below.

Banksia occupies a prominent corner in Kangaroo Point within walking distance of the Kangaroo Point Bridge, Brisbane River, ferry services, QUT, the CBD and the Woolloongabba precinct. The site also benefits from direct access to active transport infrastructure and sits within an area earmarked for continued higher-density residential growth.

Zephyr Group's Banksia to wrap new Kangaroo Point tower around 1880s Alpha Cottage

Buying into a masterplanned community often means committing to a vision still years from taking shape. At <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>, that vision is already visible.

Residents have moved into the completed first stage, landscaped spaces are established, and the next chapter is now underway. Stage 1 has been completed and settled, with Stage 2 now selling off-the-plan.

Designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a>, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> combines attainable apartment living with sustainability initiatives rarely seen at this price point, including rooftop solar, battery storage and a resident EV-sharing program.

<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/6RNt3AvtBpI?si=JUhuCV2ZRXsYaoJZ" title="YouTube video player" width="560"></iframe>

Located on Schofi​elds Road, just moments from Tal​lawong Metro Station and Schof​ields Train Station, <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been designed to appeal to a broad mix of buyers, from first-home purchasers looking for a foothold in Sy​dney's property market to downsizers seeking a connected, low-maintenance lifestyle.

<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> has been conceived as a thoughtfully planned masterplanned community that will evolve over multiple stages, with buyers now able to secure one, two and three-bedroom apartments within a neighbourhood that is already beginning to establish its identity.

One of the project's defining features is its focus on sustainability. Solar energy systems, battery storage and future EV charging infrastructure have been incorporated throughout the development, reflecting a long-term approach to both environmental performance and everyday convenience.

Sustainability sits at the centre of the development's vision, with solar energy systems, battery storage and future EV charging infrastructure integrated throughout the community.

That emphasis on future-ready living extends beyond the technology. Landscaped communal gardens, outdoor gathering spaces and plans for a future retail precinct aim to create a neighbourhood where residents can access daily conveniences without travelling far from home.

[smartcode_project:default project_id=149637 project_image_fid=351027]

The apartments themselves have been designed with liveability front of mind. Rather than chasing maximum density, the focus has been placed on creating practical homes with generous natural light, usable layouts and strong connections to outdoor space.

Importantly, these design principles have been applied consistently across the one, two and three-bedroom apartment offerings.

The appeal of <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> is also closely linked to its location within Syd​ney's rapidly evolving north-west growth corridor. Over the past decade, major infrastructure investment has transformed the area, with new transport links, business precincts and community facilities reshaping suburbs like Talla​wong and Schofiel​ds.

The agent says buyers are increasingly recognising the area's long-term potential.

"Typical buyers that we're finding across <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> especially are your first-home buyers, your investors, your upsizers as well as your downsizers," Hawes says.

Connectivity remains one of the project's strongest drawcards. Residents have access to both Tallaw​ong Metro Station and Schofi​elds Train Station, providing links to the Sydn​ey CBD, Norw​est Business Park, Macquari​e Park and other major employment hubs. Retail centres including Rous​e Hill Town Centre and Sch​ofields Village are also nearby, alongside schools, parks and future healthcare infrastructure.

[smartcode_project:default project_id=149637 project_image_fid=351031]

For Stage 1 resident Roji, it is the balance between convenience and comfort that has defined the experience of living at Kew.

"For me, it's a balance of quality and convenience," she says. "Everything I need is right here."

"If I wanted to catch the train, Scho​fields Station is just around the corner. Tallaw​ong Metro connects me to the city."

More importantly, she says, the development has delivered something that cannot be measured in floorplans or specifications.

"<a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> feels like home."

[smartcode_project:default project_id=149637 project_image_fid=351024]

As Stage 2 enters the market, that lived experience may be one of the project's strongest selling points. Buyers are not purchasing into an untested concept or a future promise. They are joining a community that is already taking shape.

Ongoing investment in transport, retail, healthcare and public open space continues to strengthen the appeal of Syd​ney's north-west growth corridor, while <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a>'s established first stage provides buyers with a tangible sense of the community's future direction.

For a limited time, buyer can secure a new home at <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> with just a $10,000.

[smartcode_project_cta:default project_id=149637]

Kew Tallawong: A growing community taking shape in Sydney's north-west

<a href="https://www.apartments.com.au/developers/freecity">Freecity</a> has received development approval for its 51-storey mixed-use tower at 153-157 Walker Street, North Sydney, set to be one of the tallest mixed-use residential-led buildings in one of Sydney’s most sought-after commercial and residential addresses.

Lodged as a State Significant Development Application (SSDA) through the Housing Delivery Authority (HDA) pathway and approved by the NSW Department of Planning, Housing and Infrastructure following a comprehensive public exhibition and submissions process, <a href="https://www.apartments.com.au/new-apartments/153-walker-street-north-sydney-nsw-2060">the project</a> will deliver 296 apartments, alongside a 170-room, luxury hotel, activated retail and significant public domain improvements.

Situated just 200 metres from Victoria Cross Metro Station, on one of the largest developable sites in North Sydney, the development will rise to 234 metres, making it one of the tallest buildings in the suburb. With an end value of approximately $1.5 billion, the project responds directly to the NSW Government’s mandate to accelerate housing delivery in well-located, transit-connected areas.

<img alt="Freecity gets green light for mixed-use residential and hotel tower in North Sydney" data-entity-type="file" data-entity-uuid="192ec455-94bf-4e01-83ef-922b1b269d67" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Freecity%20-%20Walker%20Street%20North%20Sydney%201%20RESIZED%20.jpg?VersionId=Bzqp0SBHCDvLAHjA4QXkjuGoOEIh73Jl" />

The apartment mix will cater to a broad range of buyers, with 65 studio and one-bedroom apartments, 139 two-bedroom residences, 35 three-bedroom apartments, 48 four-bedroom homes, and nine penthouses. Residents will have access to a dedicated amenity level on Level 33, featuring a swimming pool with views towards the Harbour Bridge, Sydney Opera House and North Sydney CBD, as well as a gym, library, shared kitchen, lounge and outdoor entertaining areas.

The hotel will occupy the lower six levels of the building and include meeting and function spaces, a wellness centre with gym, yoga studio, swimming pool and sauna, further strengthening North Sydney's growing hospitality offering.

At ground level, the development has been designed to improve pedestrian connections through the precinct. More than 700 sqm of retail space will activate the street frontage, while a landscaped through-site link connecting Walker Street, Little Walker Street and Doris Fitton Park will provide new public open space with seating, paving and extensive native landscaping.

Freecity Group Co-Founder and Joint CEO Tony Sun said the project represents one of the most significant development opportunities currently available in North Sydney.

"This is one of the most significant development sites in North Sydney and it comes at a pivotal moment for the precinct," Sun said.

"North Sydney is undergoing a genuine transformation, and this project will contribute housing the city urgently needs while creating a landmark destination."

Executive Director of Development Michael Romano said demand for both residential and hotel accommodation would continue to strengthen as the Metro precinct matures.

"The structural demand for high-quality housing and hotel accommodation in North Sydney is compelling, and will only grow as the precinct continues to evolve around the new Metro station," Romano said.

Architectus has designed the tower, orientating the apartments to maximise views towards Sydney Harbour while introducing a sculpted façade intended to respond to light, wind and the surrounding skyline.

Architectus Principal Marko Damic said the design sought to create a tower that contributes to the public realm as much as the skyline.

"We wanted to design a tower that doesn't just sit in the skyline but actively participates and contributes to city life," Damic said.

First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney

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?

For the first time in a long time, Australia's inflation story is starting to look more like a landing than a fight.

The latest Consumer Price Index figures from the Australian Bureau of Statistics showed annual inflation eased to four per cent in May, down from 4.2 per cent in April. On the surface, that might not seem like a major move. Inflation remains above the Reserve Bank's target range and some categories continue to record stubborn price growth.

But the significance of this result lies less in where inflation sits today and more in what it means for where interest rates are likely heading next.

The biggest takeaway is that inflation continues to move in the right direction.

Markets had been bracing for another sticky result after a period where progress appeared to stall. Instead, headline inflation came in softer than expected, helped by falling fuel prices and easing transport costs. Annual transport inflation halved from 6.6 per cent in April to 3.3 per cent in May, while automotive fuel prices fell 11.9 per cent during the month following lower oil prices and the impact of reduced fuel excise measures.

While petrol prices don't solve Australia's affordability challenges, they are one of the most visible and immediate costs for consumers. Falling fuel costs feed through the economy quickly, helping ease pressure on household budgets and business operating expenses.

The ABS data also showed headline inflation is now sitting at its lowest annual level in several months, reinforcing the broader trend that price growth is gradually moderating.

That trend is important because it aligns with what many economists and lenders have been saying for the last month.

Prior to this week's inflation data, ANZ, NAB and Commonwealth Bank had all shifted their forecasts, now believing the Reserve Bank had likely reached the peak of the interest rate cycle. Following the May inflation release, ANZ reaffirmed that view.

In its latest economic update, ANZ said it expects quarterly trimmed mean inflation to come in at 3.7 per cent for the June quarter, slightly below the Reserve Bank's forecast of 3.8 per cent. Importantly, the bank said that outcome, when combined with slowing economic activity, "supports our view that the cash rate has peaked".

The Reserve Bank has spent the better part of three years attempting to bring inflation under control through higher interest rates. If Australia's major banks are correct and rates have now peaked, the conversation shifts from how much higher rates could go to when they might begin coming down.

Westpac's caution comes from underlying inflation. The trimmed mean, the measure most closely watched by the Reserve Bank, increased from 3.4 per cent to 3.6 per cent annually. Housing inflation remains elevated at 6.5 per cent, reflecting ongoing increases in rents, electricity costs and new dwelling construction.

Electricity prices remain particularly problematic, rising 21.1 per cent over the past year following the removal of government rebates.

Housing construction costs are also showing signs of renewed pressure. ANZ noted new dwelling costs rose 0.9 per cent in May and are now running at an annualised pace of 8.6 per cent over the past three months. Builders continue to face higher labour, fuel and material costs, a reminder that inflationary pressures have not completely disappeared.

Housing affordability has deteriorated largely because of higher interest rates rather than higher property prices alone. Even modest reductions in mortgage rates would improve borrowing capacity, increase buyer confidence and reduce repayment pressure on existing homeowners.

While August is far from a certainty, the latest inflation result has strengthened the view that the next move in rates is more likely to be down than up. For borrowers, buyers and the development sector, that alone represents a significant shift from the conversation that dominated much of the past two years.

The inflation result the property market was waiting for

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A freehold property which in Surrey Hills in Melbourne's east is being marketed towards investors and owner-occupiers.
It has been the home to a GP for over 40 years. The current rental is $50,000 per annum on a monthly term.
The 180 sqm, two storey property at <a href="https://www.realcommercial.com.au/property-retail-vic-surrey+hills-502774046" target="_blank">922 Riversdale Road</a> last traded for $60,000 in 1980.
It sits on a 252 sqm site zoned commercial 1.
Teksa Carson agents Fergus Evans and Michael Ludski are marketing the property for a May 23 auction.
Evans says the property is being offered an excellent investment or owner occupier opportunity in a tightly held precinct featuring a wide range of commercial office buildings, retail boutiques and restaurants.
"The property would suit a range of buyers and uses under the Commercial 1 zoning, including prior use rights, with excellent potential for capital growth in a prime location in one of Melbourne’s most popular and tightly held retail precinct."
"The property benefits from ample amenity in the immediate vicinity and outstanding educational institutions nearby, as well as access to major arterial routes including Riversdale Road and Warrigal Road,’’ Mr Evans said.
Ludski said he expected a high level of enquiry given recent strong interest in similar properties in the inner east.
"Well located properties in the inner east are very much in demand from small investors and owner-occupiers looking for strong market fundamentals,’’ Mr Ludski said.
He said the property’s close proximity to the CBD, freeways and public transport were additional attributes that would prove advantageous to any purchaser.
 
 
 
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jrobinson-rf4aSBido9

Surrey Hills freehold property for sale

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The auction clearance rates across capital cities continue to yo-yo.
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CoreLogic advised the capital cities saw fewer homes taken to auction, with a total of 2,280 held, down on the prior weekend tally when 2,577 were held. 
But the lower volumes saw an improved preliminary clearance rate at 63.5 per cent, up on the weekend prior’s revised clearance rate which ranked the lowest over the year-to-date with 60.3 per cent of properties selling
The unit market outperformed houses, returning a 67.7 per cent clearance rate, with a 61.7 per cent for houses.
Click here <a href="https://www.propertyobserver.com.au/images/2018/5/7/unitvhouse.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/7/unitvhouse.jpg" alt="">
The gap was greatest in Sydney where 75.5 percent of units sold compared to 62.5. The gap was narrower in Melbourne at 65.8 against units at 62.4 percent. Canberra went against the national trend as houses outperformed units, 79.4 percent to 57.1 percent.  
Click here <a href="https://www.propertyobserver.com.au/images/2018/5/7/Sydneyunitsvhouses.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/7/Sydneyunitsvhouses.jpg" alt="">
Its follows the price trend where the unit market prices are outperforming house value growth, units being the more affordable segments of the market.
Although the preliminary clearance rate has shown a positive rise over the week, CoreLogic auction analyst Kevin brogan advised the trend in auction clearance rates clearly shows a downwards trend.
Click here <a href="https://www.propertyobserver.com.au/images/2018/5/7/bris.jpg" target="_blank">to enlarge.</a>
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"Auction markets remain more buoyant than December last year, when Sydney clearance rates reached a low point of 52 percent, however the weaker auction results suggest housing market conditions are likely to remain relatively soft," Brogan said.
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"Looking at results over the corresponding year-to date period last year, the capital city auction market was performing quite differently, with an average of 10 per cent more homes selling over the same period last year, while weekly volumes continue to show similar trends," he noted.
Click here <a href="https://www.propertyobserver.com.au/images/2018/5/7/melbourne0.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/7/melbourne0.jpg" alt="">
Melbourne returned a preliminary clearance rate of 63.5 per cent this week across 1,137 auctions, down on last week when 1,334 auctions took place and a higher 63.9 per cent cleared.
Click here <a href="https://www.propertyobserver.com.au/images/2018/5/7/auction_may7.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/7/auction_may7.jpg" alt="">
Sales were occurring after auctions including an Elsternwick offering.
The Block alumni reno stars Julia Treuel and Sasha Wright-Neville’s latest project fetched $2.485 million in post-auction negotiations after it passed in on a vendor bid of $2.3 million.
The Herald Sun advised Gary Peer &amp; Associates agent Jeremy Rosens had been quoting $2.3 million to $2.5 million for the 2016 transformed four-bedroom Edwardian at <a id="x_mcntLPlnk616086" class="x_mcntOWAAutoLink" href="https://www.realestateview.com.au/real-estate/7-willow-street-elsternwick-vic/property-details-buy-residential-11785938/" target="_blank" rel="noopener noreferrer">7 Willow Street</a>.
There was a post-auction result too on a converted Fitzroy furniture factory with Provan-Ludlow design (top below).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/7/fitz2.jpg" alt="">
The <a id="x_mcntLPlnk987193" class="x_mcntOWAAutoLink" href="https://www.realestateview.com.au/real-estate/51-s-little-smith-street-fitzroy-vic/property-details-sold-residential-11775290/" target="_blank">51 South Little Smith Street offering</a> fetched $2.015 million after the house had passed in at $1.925 million through Jellis Craig Fitzroy agent Bev Adam who said said the buyer and sole bidder came from St Kilda East.
Melbourne's top officially advised result was <a id="x_mcntLPlnk819398" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/sold/property-house-vic-armadale-128025734" target="_blank" rel="noopener noreferrer">507 Orrong Rd, Armadale</a>, a 10 bedroom offering. 
Listed with $5.5 million to $5.95 million hopes, it fetched $6.6 million.
Set on the corner of Karbarook Ave, benefiting from a GRZ Schedule 3 zoning, the 1930's English style residence currently divided into three separate apartments, was marketed by Marshall White as "an outstanding opportunity for a luxury development."
There were just the two bidders after the property was announced on the market at $6.25 million.
There was also a $6.25 million sale in Hawthorn when the four bedroom Biasca, at <a id="x_mcntLPlnk327092" class="x_mcntOWAAutoLink" href="https://www.realestateview.com.au/real-estate/20-riversdale-court-hawthorn-vic/property-details-buy-residential-11780853/" target="_blank" rel="noopener noreferrer">20 Riversdale Court</a> was sold (below).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/7/biasca.jpg" alt="">
It was listed with $5.3 million to $5.8 million price guidance.
In Sydney, 774 auctions were held this week with 66.9 per cent selling, up on last week when only 55.8 per cent of auctions were successful across a slightly higher 829 auctions.
Sydney's top sale was at Balmain, in Sydney's inner west, where a three-bedroom waterfront sold $500,000 above reserve at $4.8 million.
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<div id="x_mcntarticle-inline-ad" class="x_mcntadWrapper">Just two bidders competed for the house at <a id="x_mcntLPlnk335437" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/property-house-nsw-balmain-128020726" target="_blank" rel="noopener noreferrer">3 Longview Street</a>, which had its own deep-water mooring and views across the Parramatta River.</div>
<div class="x_mcntadWrapper">Domain reported it sold to a Brisbane couple returning to Sydney after four years away.</div>
<div class="x_mcntadWrapper">Brisbane saw the nation's cheapest sale at $220,000 for <a id="x_mcntLPlnk62351" class="x_mcntOWAAutoLink" href="https://www.realestate.com.au/property-house-qld-kingston-128099434" target="_blank" rel="noopener noreferrer">4 Dale St, Kingston</a>. The three bedroom Logan district home that sits on a 658 sqm block last traded in 1974 at $17,000.</div>
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Results were varied across the smaller auction markets this weekend, with Canberra and Perth recording a slight increase in week-on-week volumes, while the remaining markets saw fewer auctions take place.
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Canberra was the strongest performer with 74 per cent of homes selling, while only 18 per cent of Perth homes sold.
Prices in Canberra ranged between $417,000 at Casey and a $1,475,000 sale at Turner.
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jchancellor-FAypfDUnLy

Auction clearance rates are yo-yoing, but autumnal trend is downwards

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Domain's revised results for the weekend of April 28 and 29 put the Sydney clearance rate at 48.1 per cent.
It was a significant occurrence, the first time below 50 percent on an ordinary auction weekend for many years.
<table style="height: 173px; width: 531px;" border="0"><tbody>
<tr>
<td>Last week revised tally</td>
<td>Saturday 28 April 2018</td>
</tr>
<tr>
<td>City</td>
<td>Sydney</td>
</tr>
<tr>
<td>Clearance rate</td>
<td>48.1%</td>
</tr>
<tr>
<td>Number listed</td>
<td>673</td>
</tr>
<tr>
<td>Number reported auctions</td>
<td>502</td>
</tr>
<tr>
<td>Number sold</td>
<td>301</td>
</tr>
<tr>
<td>Number w/drawn</td>
<td>124</td>
</tr>
<tr>
<td>Total value sold (million)</td>
<td>$261.7</td>
</tr>
<tr>
<td>Auction median houses</td>
<td>$1,307,000</td>
</tr>
<tr>
<td>Auction median units</td>
<td>$905,000</td>
</tr>
</tbody></table>
Cooley Auctions' auctioneer Damien Cooley recently suggested a generally accepted auction clearance rate for a healthy market, where both sellers and buyers have equal bargaining positions, was between 50 per cent and 60 per cent.
The original Saturday night had the clearance rate at 58.1 percent.
<table style="height: 174px; width: 414px;" border="0"><tbody>
<tr>
<td>City</td>
<td>Sydney</td>
</tr>
<tr>
<td>Clearance rate</td>
<td>58.1%</td>
</tr>
<tr>
<td>Number listed</td>
<td>670</td>
</tr>
<tr>
<td>Number reported auctions</td>
<td>378</td>
</tr>
<tr>
<td>Number sold</td>
<td>264</td>
</tr>
<tr>
<td>Number w/drawn</td>
<td>76</td>
</tr>
<tr>
<td>Total value sold (million)</td>
<td>$224.1</td>
</tr>
<tr>
<td>Auction median houses</td>
<td>$1.3 milion</td>
</tr>
<tr>
<td>Auction median units</td>
<td>$905,000</td>
</tr>
</tbody></table>
"Buyers certainly feel like the tides have changed ... but we won't call them buyers' markets unless clearance rates are less than 50 per cent.""Things are changing and the market is not as good as it was, but it's a very fair market," Cooley Auctions' auctioneer Damien Cooley told Fairfax Media recently.
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Domain put Sydney clearance rate at just 48 percent, i.e. a buyer's market

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The Singaporean developer and hospitality group Roxy-Pacific has sold an office building in Sydney’s CBD for $153 million.
In an aftermarket filing on Friday, Roxy-Pacific says the sale WAs subject to the findings of a due diligence exercise and the approval of both parties’ boards of directors.
Its 117 Clarence Street purchaser is an Australian-domiciled institutional investor whose name was not disclosed.
Roxy bought the 11-storey property at 117 Clarence Street from Altis Property Group in 2015 for US$81 million ($108.1 million) with the Tong Eng Group.
The building is 100% occupied with a net lettable area (NLA) of 12,517 sq m, and a weighted average leasehold expiry (WALE) by income of 2.6 years.
The impact of recent stock withdrawals for residential conversion had led to unprecedented demand for B Grade office space in the Sydney CBD, according to recent research from Savills Australia, who noted the subsequent spike in rents.
Savills noted Sydney’s Western Corridor was a precinct that is undergoing a "vast transformation" both commercially and culturally.
The precinct is fast becoming a regional centre for Asia Pacific’s financial services leaders as well as offering an array of small bars and fine dining options, it noted.
Positioned 120 metres from Wynyard Station and Bus Interchange, 117 Clarence occupies a large corner site of over approximately 1,231 sqm.
The building has undergone a series of capital upgrades including advancements in the lift rides and door mechanisms as well high quality end of trip facilities (bike racks, showers and change rooms).
The property was listed for sale through Simon Fenn, Ian Hetherington and Ben Azar of Savills Australia and Richard Butler, Josh Cullen and Steven Kearney of Inc RE.
About 60 per cent of leases within the building expire before 2020 and 41 per cent of income is underwritten by Government. The building has a 4.5-star NABERS Energy rating.
 
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j.ballantyne1990-6AQqhLzZaK

Roxy-Pacific sells Clarence Street, Sydney office block for $153 million

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GUEST OBSERVATION
Revitalisation projects aimed at increasing residential populations in inner urban areas since the 1980s have resulted in almost wholesale expulsion of the marginally housed. The now mythic “doughnut city” that Melbournians became so embarrassed about, and so proud to repopulate, was in fact a city that housed its homeless.
The critic John Berger observed: "The 20th-century consumer economy has produced the first culture for which a beggar is a reminder of nothing."
We might ponder his concern in the Australian city today where the homeless have never been more visible and yet so ignored in mainstream urban discussion.
Infrastructure Australia’s recent report, Future Cities: Planning for our growing population, doesn’t mention homelessness once. This is sadly typical of major urban policy statements in the past few decades, many of which have championed inner-city renewal.
From doughnut city to cafe society
Melbourne, like most Western cities, experienced population decline in its core from the 1960s as relentless suburbanisation drew population outwards.
In 1977, the Melbourne Metropolitan Board of Works chairman, Alan Croxford, lamented: "Melbourne’s trend towards a ‘doughnut’ type of development is revealing the first signs of serious problems experienced in other cities of the world."
<a href="https://images.theconversation.com/files/212173/original/file-20180327-109193-1ujvgrb.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/212173/original/file-20180327-109193-1ujvgrb.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
The Department of Infrastructure’s 1998 report, From Doughnut City to Café Society. Author provided
Similarly, Jan Ghel describes Melbourne in the 1970s as a “neutron-bombed” city. The architectural commentator Norman Day portrayed it as “an empty useless city centre”.
The “doughnut” trope certainly stuck in the planning imagination. Urban strategies and programs in the 1990s were decidedly aimed at reintroducing a residential population and revitalising the city centre.
The Postcode 3000 program and the Keys to the City campaign were a resounding success. Residential accommodation in central Melbourne increased from 738 units in the 1980s to 9,895 units by 2002. The figure today is nearly 30,000 units.
This renaissance has been retailed and celebrated globally. It is, however, partial truth. The uplift was certainly not felt by all.
Melbourne when relief was cheap
<img src="https://images.theconversation.com/files/212174/original/file-20180327-109193-p7cbuv.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Gordon House Lodgings in Little Bourke Street, in the late 1960s, had about 500 beds. Alan Jordan/State Library of Victoria
<a href="https://images.theconversation.com/files/212175/original/file-20180327-109182-cj27t9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/212175/original/file-20180327-109182-cj27t9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Relocated to Lorimer Street, Gordon House had about 300 beds. Graeme Butler, 1982
<a href="https://images.theconversation.com/files/212179/original/file-20180327-109182-9nqpt4.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/212179/original/file-20180327-109182-9nqpt4.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Aerial view of Gordon House on South Wharf, 1979. Wolfgang Sievers/National Library of Australia
<a href="https://images.theconversation.com/files/214444/original/file-20180412-549-19unoty.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/214444/original/file-20180412-549-19unoty.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Aerial view of South Wharf showing the Melbourne Exhibition Centre, built in 1996, located where Gordon House used to be. <a href="https://www.flickr.com/photos/popcorncx/155407300/" target="_blank">Stephen Edmonds/Flickr</a>, <a href="http://creativecommons.org/licenses/by-sa/4.0/" target="_blank">CC BY-SA</a>
The “doughnut city” in fact offered cheap accommodation for the marginal and homeless. This included night shelters, rooming houses, private residential hotels, and crisis accommodation.
Gauging the exact number of low-cost beds in the inner city at this time is difficult. Homeless population estimates and reported losses in crisis and transitional housing during this period give us some idea.
Alan Jordan’s seminal work on Melbourne’s inner-city homeless population in 1973 noted: “… at any given time in the period there were at least 3,000 and probably 4,000 homeless men within two or three miles of the centre of Melbourne who were currently using night shelters, lodging houses and handouts”.
A 1984 report on the City of Melbourne and its homeless indicated that about 3,700 rooming house rooms were available for rent. These housed an estimated 4,500 people.
In 1990, a report by the Council for Homeless Persons and the Victorian Council of Churches estimated that each night, within 5 kilometres of the GPO, there were 4,000 people in large rooming houses and private hotels, 930 in crisis accommodation, and 530 in squats and sleeping rough. The report estimated that rooming house stock had shrunk by 48% in the seven years from 1981 to 1988.
The erosion of low-cost accommodation in the 1980s and ’90s made way for the repopulation of inner Melbourne. A 1998 study on rough sleeping commissioned by the City of Melbourne reported an overall reduction of 78% in short-term housing stock between 1987 and 1997. This amounted to the loss of 1,400 crisis accommodation and low-cost hotel beds.
This transitional housing was hardly ideal, but its loss deprived homeless people of temporary shelter and no doubt contributed to burgeoning numbers of rough sleepers. It also signifies that Melbourne’s “doughnut city” was never entirely hollowed out. It offered relief to, and was occupied by, the homeless.
More homeless, more visible
<a href="https://images.theconversation.com/files/212180/original/file-20180327-109196-1pxizul.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/212180/original/file-20180327-109196-1pxizul.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Remnants of Melbourne’s Skid Row: Three private hotels on the corner of Spencer and Flinders streets had about 268 low-cost rooms, early 1980s. Public Record Office Victoria<a href="https://images.theconversation.com/files/212182/original/file-20180327-109193-18z8gq9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/212182/original/file-20180327-109193-18z8gq9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Sir Charles Hotham Hotel on Skid Row, which sold last year for a speculated $30 million. Melbourne History Workshop
Recently released 2016 Census results estimate about 116,000 people are homeless on any given night in Australia. Rough sleepers represent just 7% of the homeless population, but are increasingly visible in Australian cities.
In Melbourne, the increasing visibility of homelessness sits jarringly alongside its growing prestige as a thriving, culturally diverse and vibrant city. Being crowned the world’s “most liveable city” seven years in a row has helped to resurrect the narrative of “Marvellous Melbourne”.
Significant work has been done over this time to provide specialist homelessness services and support in the inner city. But accompanying low-cost accommodation to house the users of these services has become ever more residual. With about 36,000 applicants on the social housing register, and very little increase in supply, the demand for crisis and transitional accommodation is mounting.
Urban renaissance, a mixed tale
Urban redevelopment and displacement are intertwined trends familiar to many cities around the world. As with Melbourne, these revitalisation stories are often partial accounts, which smother more subjugated histories of a city.
By celebrating the demise of a doughnut city and its replacement by a superior café society, “liveable Melbourne” overlooks the vast dispersal that made way for a residential population that reinforces the commercial prospects of the city. The previous, more marginal city dwellers are simply abandoned. Versions of this are recurring today.
None of this is to wish a return to the past but to remind us of what can be lost in contemporary urban narratives – in this case Melbourne’s history of homeless occupation and subsequent displacement.
To heed Berger, the swelling of homelessness should remind us of the property dysfunction and spatial injustice that underlie our cities’ seeming prosperity. We can celebrate successes, but must also concede that urban renaissance is often a mixed tale of blinding optimism for the elite and cruel loss for the poor. Planning for future cities ought to take more care.
Claire Collie, PhD candidate in Urban Planning, University of Melbourne
Brendan Gleeson, Director, Melbourne Sustainable Society Institute, University of Melbourne
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/melbournes-doughnut-city-housed-its-homeless-93062" target="_blank">original article</a>.
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The story of how Melbourne’s ‘doughnut city’ housed its homeless

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A modern five bedroom in the Central Highlands Region, has been sold at auction for $131,000.
It was sold by Jason Campbell from Blackwater Real Estate.
<a href="https://www.realestate.com.au/sold/property-house-qld-blackwater-127713130" target="_blank">Set on 28 Summer Red Court,</a> Blackwater, it comes with five bedrooms, open plan kitchen/dining/living area, and double lockup garage.
It also features outdoor entertainment area, air-conditioning throughout and ceramic tiles through living area. 
The house had last sold at $472,500 in 2011.
According to CoreLogic, the suburb's median house price sits on $88,750.
A large two storey house in Blackwater, a town in the significant coal mining area in Central Queensland, was sold for $67,000 last month by the mortgagee.
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Modern five bedroom Blackwater, Queensland sold by mortgagee

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EXPERT OBSERVATION
Last week was all about interest rates – even though the RBA and the US Fed kept both of their official rates unchanged at their most recent meetings.
But as usual, what’s likely to happen in the future is the interesting question.
In Australia, all eyes will be on how ASIC and APRA respond to the findings of the banking royal commission. Will they be defensive about past mistakes, or move forward with tighter regulations on banks and financial planning? What will the RBA do in this context?
On interest rates the answer is probably “nothing soon”.
<a href="https://www.rba.gov.au/media-releases/2018/mr-18-11" target="_blank">The official statement</a> by RBA Governor Philip Lowe makes one almost physically feel the contortions.
“The Bank’s central forecast for the Australian economy remains for growth to pick up, to average a bit above 3 per cent in 2018 and 2019. This should see some reduction in spare capacity in the economy.”
OK, growth is about to move up strongly.
“Household income has been growing slowly and debt levels are high.”
Well, that sounds concerning, since <a href="https://tradingeconomics.com/australia/household-final-consumption-expenditure-etc-percent-of-gdp-wb-data" target="_blank">household consumption accounts for nearly 60% of GDP</a>.
Unemployment was getting better, but that’s stopped happening.
“Inflation remains low…with both CPI and underlying inflation running marginally below 2 per cent. Inflation is likely to remain low for some time…A gradual pick-up in inflation is, however, expected as the economy strengthens.”
So inflation has been outside the target band of 2-3% for a very long time, but if that courageous GDP growth forecast pans out then we might end up back in the band.
And on, and on. No wonder US President Harry Truman once lamented “Give me a one-handed economist. All my economists say ‘on one hand…’, then ‘but on the other…’”
In any case, for the foreseeable future it is not what the RBA does, but what the big four banks do that will have the biggest impact on the interest rates Australian borrowers face.
Wholesale funding costs have been ticking up, cutting net interest spreads for the banks. And the wash-up of the Royal Commission is likely to lead to a further tightening of underwriting standards. As ANZ CEO Shayne Elliot put it:
“People are still going to buy a home, so it doesn’t change fundamental demand, but it will change the process and will probably make it harder for people to be successful in their applications.”
Those two factors taken together could easily see a 15-20 basis point increase in rates for home loan borrowers. That might be tempered by potential outrage from the public – banks behave badly and then put their prices up – but the banks have a lot of market power, as history has shown in these matters.
Across the pond, the US Federal Reserve left official rates unchanged from March at 1.5% to 1.75%. That ended, for now, a string of six rate hikes since December 2015.
In a <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20180502a.htm" target="_blank">relatively brief statement</a> the Fed noted;
“the labor market has continued to strengthen and that economic activity has been rising at a moderate rate. Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low. Recent data suggest that growth of household spending moderated from its strong fourth-quarter pace, while business fixed investment continued to grow strongly. On a 12-month basis, both overall inflation and inflation for items other than food and energy have moved close to 2 percent.”
The leading interpretation of this is that the Fed thinks inflation is ticking up and will likely raise rates another 25 basis points at the next meeting if nothing material changes in the economy.
All this is a reminder that monetary policy is as much art as it is science.
It is also worth remembering that the other key function of central banks is prudential regulation. That is where the real changes could be interesting. Fed Chair Jay Powell is known to be much more amenable to deregulation of the financial sector than his predecessor Janet Yellen. It may not be too long before we see those instincts put into action.
<img src="https://counter.theconversation.com/content/96006/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Perhaps the regulatory front will be more interesting than interest rates for the remainder of 2018.
Richard Holden, Professor of Economics and PLuS Alliance Fellow, UNSW
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/vital-signs-fallout-from-banking-crackdown-could-be-worse-than-interest-rate-rises-96006" target="_blank">original article</a>.
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The fallout from banking crackdown could be worse than interest rate rises: Richard Holden

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EXPERT OBSERVATION
The ABS reported that Sydney's population increased by more than +100,000 in FY2017 for the first time ever, in doing so rising to an estimated 5.1 million.
More than 70% of Australia's population growth was accounted for by Sydney, Melbourne, and Brisbane.
<a href="https://1.bp.blogspot.com/-SQupA_3mA1E/Wt62xR9kgCI/AAAAAAAApk0/KhmUFtsU3V0CfYio-r_eh_39R-jtWuhyQCLcBGAs/s1600/B1.jpg"><img src="https://1.bp.blogspot.com/-SQupA_3mA1E/Wt62xR9kgCI/AAAAAAAApk0/KhmUFtsU3V0CfYio-r_eh_39R-jtWuhyQCLcBGAs/s640/B1.jpg" width="640" height="362" data-original-height="832" data-original-width="1466"></a>
Sydney's population growth climbed dramatically to +101,600 (+2%), while Melbourne remained extremely strong at +125,400 (+2.7%).
Melbourne's population has increased by well over ¼ million in only two financial years to hit 4.9 million. 
Population growth in Brisbane also picked up strongly to +48,000 or +2%, driven partly by interstate migration. 
<a href="https://1.bp.blogspot.com/-DXJ2awfmAbU/Wt62xfVHlfI/AAAAAAAApk4/BJCtef8snk8YNfg72FzYspUIhts028TJgCLcBGAs/s1600/B2.jpg"><img src="https://1.bp.blogspot.com/-DXJ2awfmAbU/Wt62xfVHlfI/AAAAAAAApk4/BJCtef8snk8YNfg72FzYspUIhts028TJgCLcBGAs/s640/B2.jpg" width="640" height="374" data-original-height="830" data-original-width="1417"></a>
Gold Coast, Sunshine Coast, and Geelong recorded some fair population growth in absolute terms, and the ACT also increased by an estimated +6,833 persons. 
But generally speaking population growth was considerably weaker around regional Australia.
Darwin (+696), Adelaide (+9,648), and Perth (+21,094) also recorded population growth rates of 1% or less. 
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pwargent-M4siyDbqQY

Sydney's population growth up 2%: Pete Wargent

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Sydney Olympic Park has experienced the biggest stock increase in Australia over the past year.
Investar suggests its sales stock has grown by 189%, from 37 units this time last year to its current 107 offerings. 
Click here <a href="https://www.propertyobserver.com.au/images/2018/4/5/sydney%20olympic%20park.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/4/5/sydney%20olympic%20park.jpg" alt="">
A two bedroom apartment has been listed for sale with a price guide of $768,000 to $784,000 (pictured below).
<a href="https://www.realestate.com.au/property-apartment-nsw-sydney+olympic+park-127730742" target="_blank">The 612/1 Australia Avenue apartment</a> features two spacious bedrooms, gourmet kitchen with stone bench top and two appointed bathrooms.
Extra features include split system air conditioning, building video security intercom, and secure parking.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/4/5/6121%20australia%20avenue.jpg" alt="">
Another Australia Avenue two bedroom apartment was sold for $709,000 last year (pictured below).
Located on the fifth floor of the near new Australia Towers building, the <a href="https://www.realestate.com.au/sold/property-apartment-nsw-sydney+olympic+park-126172790" target="_blank">501/7 Australia Avenue</a> apartment comes with 99 square metre living space, stone top kitchen with European appliances, and secure car park.
Positioned in the heart of Sydney Olympic Park, it is mere footsteps from the park’s world-class sporting venues, train station and restaurant precinct.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/4/5/5017%20australia%20avenue.jpg" alt="">
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Sydney Olympic Park experiences big stock increase

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The REIV is expecting about 1,140 auctions in 335 suburbs this weekend.
The top auction locations this week are Craigieburn (22), followed by Preston with 17 and Northcote and Reservoir with 16 auctions.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/2/AUCTION%201.jpg" alt="">
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/2/AUCTION%202.jpg" alt="">
 
A Craigieburn three bedroom house has been scheduled for auction on May 5 with a reserve price of $470,000 (pictured above).
It is presented by Don Jayawardene from Ray White.
<a href="https://www.realestate.com.au/property-house-vic-craigieburn-128092782" target="_blank">Positioned at 25 Chinnock Court</a>, the house features three bedrooms, formal living and balcony overlooking parkland.
It is close to Craigieburn Central &amp; Craigieburn Plaza, public transport, local schools and leisure facilities.
Another Craigieburn four bedroom house has been scheduled for auction on May 3 (pictured below).
It has been listed for $500,000 to 550,000.
<a href="https://www.realestate.com.au/property-house-vic-craigieburn-128065270" target="_blank">The 19 Mosman Way home</a> features single-level floorplan, quality inclusions and abundance of natural light throughout.
It comes with four bedrooms, open plan living/dining area and double garage spaces.
It's close to public transport, and with easy access to shopping centres, childcare and schools.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/2/19%20mosman%20way.jpg" alt="">
 
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