Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

Joel Robinson

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

[smartcode_project:default project_id=106566 project_image_fid=362498]

Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

[smartcode_project_cta:default project_id=106566]

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

[smartcode_project:default project_id=140818 project_image_fid=366480]

The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

&nbsp;

[smartcode_project_cta:default project_id=140818]

Lowe Living set new Melbourne off the plan apartment record

For more than three decades, Hyecorp has been delivering residential projects across Sydney's Lower North Shore, building a portfolio centred on design-led apartment living in some of the city's most established neighbourhoods.

Hyecorp recently launched the latest in its long line of apartment developments, Celine, a 29-storey tower on Archer Street in Chatswood. Like the majority of the developer's projects, Celine caters to a broad buyer demographic, offering a mix of one, two, three and four-bedroom apartments, all designed with owner-occupiers in mind.

Functionality and flexibility are often buzzwords in the new apartment market, but they sit at the core of Hyecorp's design philosophy.

Hyecorp Joint Managing Director Stephen Abolakian says the developer understands it isn't designing apartments for today's needs alone, but for how buyers will live several years into the future.

"When we launch our projects we need to be aware that these developments aren't finished for several years," Abolakian says.

"That home office in the here and now might be a nursery by the time the project completes for a prospective buyer, so we need to think about how the apartment spaces function for future uses so there's longevity in the ownership."

Celine's architects, Fuse, followed the same philosophy, saying the design extends well beyond aesthetics.

"Celine focuses on timeless architectural form and functionality, with a strong emphasis on light, proportion and materiality. The design responds to the urban context of Chatswood while delivering calm, highly liveable interiors that feel both contemporary and enduring. The floorplans have been carefully resolved to maximise usability and outperform typical market offerings in terms of efficiency and liveability."

Most apartments incorporate multipurpose rooms designed for flexibility. Each includes an integrated desk and a standard Murphy pull-down single bed, allowing the space to transition from a home office or study to guest accommodation as needs change. The layouts have also been designed to maximise natural light, storage and overall functionality.

One and two-bedroom apartments feature Miele appliances, while three and four-bedroom residences are appointed with integrated Gaggenau appliances and Taj Mahal stone benchtops.

Buyers who purchase early in the construction process can also take advantage of Hyecorp's "Live Your Way" interior design service, allowing them to personalise finishes and tailor elements of their home to suit their own lifestyle. It's a feature designed to appeal to owner-occupiers who want their apartment to feel uniquely theirs from the day they move in.

[smartcode_project:default project_id=149594 project_image_fid=362614]

While flexible floorplans have become a hallmark of Hyecorp's apartment design, the developer has also continued to place significant emphasis on resident amenity.

As buyers increasingly expect more from apartment living, shared spaces have evolved beyond a gym and barbecue area. They are now an extension of the home, providing spaces to relax, exercise, entertain and connect with neighbours.

At Celine, the resident amenity has been designed with a focus on wellness, centred on the level six podium. An infinity-edge swimming pool, spa, sauna and fully equipped gym are complemented by barbecue facilities and a residents' lounge, creating a range of spaces for relaxation, recreation and social connection above the streets of Chatswood.

Practical conveniences have also been integrated throughout the building, including EV charging provisions, smart parcel lockers, bicycle storage, a pet wash station and dedicated car wash bays, reflecting the project's focus on making everyday living as seamless as possible.

[smartcode_project:default project_id=149594 project_image_fid=362633]

"Celine has been designed to deliver a refined residential experience that reflects the evolution of Chatswood into a premium urban centre,"&nbsp;Abolakian says.

"With over 30 years of experience delivering projects across Sydney's Lower North Shore, Hyecorp brings a deep understanding of what local buyers value. Every detail has been considered to balance luxury, functionality and long-term liveability. This is not just about apartments, but about creating a lasting residential address for discerning buyers."

Hyecorp, vertically-integrated builder-developer, is anticipating construction commencement later this year.

[smartcode_project_cta:default project_id=149594]

Hyecorp brings 30 years of Lower North Shore experience to Celine in Chatswood

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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Mortgagees have listed a Dee Why apartment for sale.
<a href="https://www.realestate.com.au/property-unit-nsw-dee+why-126113634" target="_blank">The two bedroom, one bathroom offering</a> goes to November 4 auction through Sweetnams.
The 42/52 The Crescent apartment was initially listed for September auction.
It last sold in 2009 at $404,000.
The property has its own lock-up garage under the building.
Located between the beach and Dee Why Shops, the complex has a swimming pool.
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j.ballantyne1990-6AQqhLzZaK

Dee Why mortgagee listing set to go under hammer

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Westpac, the country's second largest lender, was just trying to make sure that customers are not in too much debt when interest rates rise as part of its focus on responsible lending, according to the chief executive of Westpac Consumer Bank.
George Frazis aired his views on Ross Greenwood’s show on 2GB.
To a question on banks conducting stress tests in the eventuality of a rise in interest rates, Frazis said Westpac’s focus was that the bank was doing the right thing by the customers.
He said when assessing a customer’s affordability of a home loan application, “we add in the order of 2 to 2.5 percent interest rate increase on that loan to make sure you are able to withstand that”.
There’s other checks and balances as well “to ensure you are able to afford that… because what we want to do is to ensure that customers are able to keep their home and continue servicing the home loan and paying off the home loan over the life of the home loan”.
So it was in the customers interest and the bank’s interest to ensure that customers are not in too much debt.
On whether mortgage brokers were being diligent in doing those checks and balances for home loan applications, Frazis said when it comes to serviceability (of loans) the banks double check the analysis to ensure that the customer can afford that.
He said the bank verifies a customer’s income level to make sure it's correct. 
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jonathanchancellor-7SQnKwU6yx

Westpac calculates up to 2.5 percent higher interest rates on loans to stress test customers: George Frazis

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Property NSW has announced the lease sale of a heritage-listed commercial property in The Rocks with the funds to be utilised to improve the Sydney Harbour foreshore.
The <a href="https://www.realcommercial.com.au/property-offices-nsw-sydney-502585746" target="_blank">16-18 Grosvenor St</a> property, formerly known as the Housing Board Building, is listed on the State Heritage Register. It was built in 1921 to house the Resumed Properties Department which was responsible for the resumption of land for the Department of Lands and played a major part in reshaping The Rocks and Millers Point.
It would be sold through a tender closing on November 8 and is being offered via a 99-year lease.
“The Rocks and Darling Harbour are two of the State’s most popular tourism precincts and we must continue to invest in them to ensure the visitor experience exceeds expectations,” said Brett Newman, CEO of Property NSW.
In 2015, the NSW government said that proceeds from the divestment of some select government-owned assets in The Rocks would be allocated to the Restart NSW fund, with at least $200 million reserved for the Circular Quay ferry wharf upgrade. 
“New developments along the Harbour foreshore must be complemented by ongoing investment to maintain and conserve our existing assets,” Newman said.
“The sale via long-term lease will deliver immediate funding to invest in our precincts while ensuring the property remains in government hands and is subject to heritage protections.”
The property has a Conservation Management Plan endorsed by the Heritage Council of NSW to guide any purchaser’s plans for the property.  
The listing agents are Mitch Noonan and Harry George from CBRE.
 
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Property NSW offers long-term lease sale of heritage office building on The Rocks

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Lendlease has signed wealth manager AMP as the major tenant in the first of three office buildings at the Melbourne Quarter precinct. 
AMP will lease 9,720 sqm at One Melbourne Quarter on 699 Collins Street. 
The 13-storey building is on track for completion by September 2018, and will also be the new home for Lendlease’s Victorian headquarters and design and engineering firm Arup. 
Lendlease managing director for Urban Regeneration and Infrastructure Development, Mark Menhinnitt, said Melbourne Quarter’s mixed-use precinct had attracted interest from tenants looking to move to Melbourne’s new centre of business activity on Collins Street. 
“Signing a blue-chip tenant like AMP to join us in the heart of the Southern Cross precinct demonstrates how this project promises to revitalise Melbourne’s corporate identity,” Menhinnitt said. 
It is directly opposite Southern Cross Station, overlooking Melbourne’s CBD and Docklands. The precinct will offer green parks, open public spaces and 40 new retail shops, cafes and restaurants. 
More than half the precinct has open green spaces including a Skypark, an elevated new public park on Collins Street that has been a key draw card for businesses. 
One Melbourne Quarter will have now have only one more floor to lease after AMP moves in.
It has been designed by Denton Corker Marshall and the building will target a 6 Star Green Star rating and a 5 star NABERS energy rating. 
The building is the first of three office towers to be constructed in the Melbourne Quarter precinct. 
Once complete, it is expected to accommodate about 130,000 sqm of flexible office space for more than 12,000 workers.
The Lendlease-managed Australian Prime Property Fund Commercial (APPF Commercial) purchased One Melbourne Quarter in November 2016. 
APPF Commercial’s strategy is to focus on next-generation assets that form part of transport-rich precincts with access to green space. Other investments include International Towers at Barangaroo, Darling Square and Darling Quarter in Sydney. 
The fund was recently ranked the world's most sustainable real estate fund in this year’s GRESB index, the third time it has achieved this result. 
GRESB assesses the sustainability performance of real estate sector portfolios and assets in public, private and direct sectors worldwide. 
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Lendlease secures AMP as major tenant at Melbourne Quarter 

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Leading furniture retailer, Steinhoff International Holdings has nearly doubled the size of its warehouse facilities in Frasers Property Australia’s flagship 6 Star Green Star Horsley Drive Business Park, Wetherill Park.
The company has secured a further 8,900 sqm over a seven-year period, taking its total purpose-built warehouse and office space to 18,869 sqm. The asset is worth $34 million.
Royal Comfort Bedding and Select-O-Pedic, owned by Steinhoff, will utilise the new warehouse space. 
The strong growth in the property sector has helped drive demand for additional warehouse space and this is expected to continue.
Listed Steinhoff has 275 retail stores across Australia and eight retail brands, some including Freedom Furniture, Fantastic Furniture, Snooze and Plush.
“Horsley Drive Business Park has become very popular with furniture retailers. We have now secured four in the park including Nick Scali, Vivin Imports, Royal Comfort Bedding and Select-O-Pedic,” said Ian Barter, general manager Commercial &amp; Industrial Northern Region for Frasers Property Australia.
“Horsley Drive Business Park provided the perfect strategic location for Steinhoff to consolidate its expanding operations. It made smart business sense to co-locate two of its distribution operations to one central location.” 
The business park has access to the M7 and other major motorways. Its 6 Star Green Star rating is also attracting companies. Martin Brower, Survitec Group, Nick Scali, and Phoenix Transport are already located in the business park.
The 20.4 hectare site is owned by the Western Sydney Parklands Trust (WSPT) and is located on the corner of Cowpasture Road and Horsley Drive, Wetherill Park. 
Frasers Property Australia entered into a development agreement and long-term ground lease with WSPT to the high-quality industrial estate with a mix of facility types. 
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Furniture retailer Steinhoff doubles space at Fraser Property's Wetherill Park

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The Australian Securities and Investments Commission has found that major banks have cut back their interest-only lending by $4.5 billion over the past year. 
However, other lenders have partially offset this decline by increasing their share of interest-only lending.
The 16 lenders reviewed by ASIC provided $14.3 billion in interest-only loans to owner-occupiers in the June 2017 quarter, down from $19 billion in the September 2015 quarter.
Announced in April 2017, the review looked into whether lenders and mortgage brokers are inappropriately recommending more expensive interest-only loans.
“With many lenders, including major lenders, charging higher interest rates for interest-only loans compared with principal-and-interest loans, lenders and brokers must ensure that consumers are not provided with unsuitable interest-only home loans,” said the ASIC media release.　
The watchdog’s first stage of its review involved data collection from 16 home loan providers (including large banks, mid-tier and smaller banks, and non-bank lenders).
The lending review has also found:
<ul>
<li>Borrowers who used brokers were more likely to obtain an interest-only loan compared to those who went directly to a lender</li>
<li>Borrowers approaching retirement age continue to be provided with a  significant number of  interest-only owner-occupier loans</li>
</ul>
The second stage of its review will include individual loan files from both lenders and mortgage brokers. 
ASIC will examine individual loan files to ensure that lenders are providing interest-only home loans in appropriate circumstances. 
It will carefully review cases where owner-occupiers have been provided with more expensive interest-only home loans, to ensure that consumers are not paying for more expensive products that are unsuitable.
Lenders and brokers are required to make sure that a loan meets the requirements and objectives of a consumer, in addition to making sure that the loan is affordable. 
“Lenders and brokers must have a reasonable basis for suggesting that a consumer apply for a particular loan product, and no consumer should be surprised by the type of home loan product that they have obtained,” the release said.
In providing the update, ASIC Deputy Chair Peter Kell said he expected lenders offering these types of loans to be making thorough enquiries into the financial status and the needs of their clients:
"The spotlight has been firmly on interest-only lending for some time, and there are no excuses for lenders and brokers not meeting their legal obligations," he said.
"While interest-only loans may be a reasonable option for some borrowers, lenders must make appropriate enquiries into the needs and financial circumstances of their customers, and they must be able to demonstrate that they have done so."
ASIC will consider appropriate enforcement action if breaches of the law are identified.
ASIC collected data from the following lenders covering their interest-only lending activities over the last two years:
<ul>
<li>Australia and New Zealand Banking Group Limited</li>
<li>Australian Central Credit Union Ltd (trading as People's Choice Credit Union)</li>
<li>Bank of Queensland Limited</li>
<li>Bendigo and Adelaide Bank Limited</li>
<li>Citigroup Pty Limited</li>
<li>Commonwealth Bank of Australia</li>
<li>ING Bank (Australia) Limited</li>
<li>La Trobe Financial Services Pty Limited</li>
<li>Liberty Financial Pty Ltd</li>
<li>Macquarie Bank Limited</li>
<li>Members Equity Bank Limited</li>
<li>National Australia Bank Limited</li>
<li>Pepper Group Limited</li>
<li>Suncorp-Metway Limited</li>
<li>Teachers Mutual Bank Limited</li>
<li>Westpac Banking Corporation</li>
</ul>
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Major banks cut back interest-only lending by $4.5 billion over past year: ASIC

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<h1> </h1>
GUEST OBSERVER
 
Trials of autonomous cars and buses have <a href="https://intellibus.rac.com.au/" target="_blank">begun on the streets of Australian cities</a>. Communications companies are moving to <a href="https://themelbourneengineer.eng.unimelb.edu.au/2017/01/melbourne-launches-world-first-connected-living-transport-lab/" target="_blank">deploy</a> the lasers, cameras and centimetre-perfect GPS that will <a href="https://theconversation.com/city-streets-become-a-living-lab-that-could-transform-your-daily-travel-71272" target="_blank">enable a vehicle to navigate the streets</a> of your town or city without a driver.
Most research and commentary is telling us how the new machines will work, but not how they might shape our cities. The talk is of the <a href="https://2015.internationaltransportforum.org/shared-economy" target="_blank">benefits of new shared transport economies</a>, but these new technologies will shape our built environment in ways that are <a href="https://theconversation.com/smart-cities-does-this-mean-more-transport-disruptions-63638" target="_blank">not yet fully understood</a>. There’s every chance that, if mismanaged, driverless technologies will entrench the ills of car dependency.
As with <a href="https://theconversation.com/taxi-driver-compensation-for-uber-is-unfair-and-poorly-implemented-64354" target="_blank">Uber and the taxi industry</a>, public sector planners and regulators will be forced to respond to the anger of those displaced by the new products the IT and automobile industries will bring to the market. But can we afford to wait?
<h2>Three competing interests</h2>
Three distinct groups are giving form to the idea of driverless vehicles. Each has its own corporate proponents and target markets, and its own, often competing, demands on citizens, regulators and planners. Each will make its own demands on our streets and public spaces.
First, the traditional car makers are adding “driverless” features to their existing products. They have no compelling interest in changing the current individual ownership model. Their target consumer is someone who values private vehicle ownership and enjoys driving.
These carmakers’ challenge is to win over drivers sceptical about “their” car doing things they can’t control, whether that is behaving differently in traffic or performing unescorted journeys. But, if successful, these new cars will make driving easier and so encourage more travel and ever-expanding suburbs.
Second, cashed-up IT disruptors like Google and Uber see new types of vehicles and new patterns of ownership as the basis for new transport economies. They want lightweight, utilitarian “robo-taxis” owned by a corporation and rented by the trip. Travellers will use phone apps or their next-generation successors to do this. This, in the jargon, is “<a href="https://dupress.deloitte.com/dup-us-en/deloitte-review/issue-20/smart-transportation-technology-mobility-as-a-service" target="_blank">mobility as a service</a>”.
These companies’ ambition is to carve out a large niche in competition with private cars, taxis, conventional public transport and even non-motorised transport. Fleets of shared vehicles in constant circulation can reduce the number of individually owned cars and, in particular, the <a href="https://theconversation.com/disruption-ahead-personal-mobility-is-breaking-down-old-transport-divides-70338" target="_blank">need for parking</a>.
In some circumstances, this may support more compact urban forms. But while sustainability or social objectives might be part of the pitch, the profit motive remains dominant.
Third, public transport operators can see opportunities and challenges in driverless technologies. Already, Vancouver reaps the benefits of lower operating costs for its driverless elevated-rail system.
<iframe src="https://www.youtube.com/embed/XtCyiSleO1g?wmode=transparent&amp;start=0" frameborder="0" width="440" height="260"></iframe> In Vancouver, the train pulls into a station with no driver on board.
Savvy operators understand that new vehicle technology is only valuable if it is integrated with traditional public transport services and with cycling and walking. This means central coordination. Vitally, it also requires control of the information platforms needed to provide multimodal mobility.
Such levels of planning and regulation conflict with Google’s “disruptive” free-market ambitions. European operators, who are in a more powerful position in economic and social life than their Australian counterparts, are already <a href="https://www.uitp.org/autonomous-vehicles" target="_blank">mobilising for this contest</a>.
<h2>Whatever the technology, transport needs space</h2>
Many claims for the benefits of driverless technologies rely on the complete transformation of the existing vehicle fleet. But the transition will not be smooth or uniform. Autonomous vehicles will face a significant period of mixed operation with traditional vehicles.
Freeways are likely to be the first roads on which the new vehicles will be able to operate. Promoters of these vehicles might join forces with the conventional car lobby to demand extra lanes. This would dash the hopes of many that driverless cars will <a href="https://www.inverse.com/article/12082-the-future-of-driverless-cars-where-we-re-going-we-ll-need-more-roads" target="_blank">lead to reduced space</a> for mass movement of cars.
After the freeways, the next objective will be to bring driverless cars, trucks and buses onto city streets. This will require complex systems of sensors and cameras.
The ambition is to allow all users to share road space much more safely than they do today. But, if a driverless vehicle will never hit a jaywalker, what will stop every pedestrian and cyclist from simply using the street as they please? Some analysts <a href="https://news.ucsc.edu/2016/10/pedestrians-self-driving-cars" target="_blank">are predicting</a> that the new vehicles will be slower than conventional driving, partly because the current balance of fear will be upset.
Already active travellers are struggling to assert their <a href="https://theconversation.com/contested-spaces-virtuous-drivers-malicious-cyclists-mindset-gets-us-nowhere-73371" target="_blank">right to the streets</a> of Australian cities. Just imagine how much worse it would be if a dominant autonomous-vehicle fleet operator demanded widespread fencing of roadways to keep bikes and pedestrians out of the way.
The presence of driverless cars cannot alter the fact that space for urban transport is severely constrained. For travel within and between compact urban centres, we will need more and better high-capacity mass transit as well as first-class conditions for walking and cycling.
The integration of conventional public transport networks with shared autonomous vehicles, large and small, offers many opportunities for a much improved service. But that will happen only if this objective is the major focus of investment, innovation, planning and regulation.
<img src="https://counter.theconversation.com/content/75531/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Researchers and policymakers need to move rapidly to gain a holistic and systematic understanding of the multiplicity of driverless-vehicle scenarios and the potential harm that some might contain. The technologies are not an unalloyed good, and governments will need to do more than just be “<a href="https://www.premier.sa.gov.au/stephen-mullighan-news-releases/337-sa-becomes-first-australian-jurisdiction-to-allow-on-road-driverless-car-trials" target="_blank">open for business</a>”.
<a href="https://theconversation.com/profiles/john-stone-226753" target="_blank">John Stone</a>, Senior Lecturer in Transport Planning, <a href="https://theconversation.com/institutions/university-of-melbourne-722" target="_blank">University of Melbourne</a>; <a href="https://theconversation.com/profiles/carey-curtis-96861" target="_blank">Carey Curtis</a>, Professor of City Planning and Transport, <a href="https://theconversation.com/institutions/curtin-university-873" target="_blank">Curtin University</a>; <a href="https://theconversation.com/profiles/crystal-legacy-18412" target="_blank">Crystal Legacy</a>, Australian Research Council (DECRA) Fellow and Vice Chancellor's Research Fellow, Centre for Urban Research, School of Global, Urban and Social Studies, <a href="https://theconversation.com/institutions/rmit-university-1063" target="_blank">RMIT University</a>, and <a href="https://theconversation.com/profiles/jan-scheurer-342188" target="_blank">Jan Scheurer</a>, Senior Research Fellow, <a href="https://theconversation.com/institutions/curtin-university-873" target="_blank">Curtin University</a>
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/we-must-plan-the-driverless-city-to-avoid-being-hostage-to-the-technology-revolution-75531" target="_blank">original article</a>.
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Planning the driverless city to avoid being hostage to the technology revolution

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Mortgagees have sold a four-bedroom weatherboard for $169,000 at Stanhope in Victoria's north central district.
The property at <a href="https://www.realestate.com.au/sold/property-house-vic-stanhope-125981422" target="_blank">2 Ross Court</a> had country style verandahs.
Set behind a picket fence, the home came with a renovated kitchen.
It was sold by Peter Cardamone.
It last sold at $117,000 in 2003.
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Stanhope mortgagee offering sells for $169,000

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Melbourne fund manager Peak Equities has purchased an A-grade office building in Melbourne's Camberwell Junction for $27.5 million.
It takes the value of its property portfolio to more than $177 million.
The five-level commercial building at 250 Camberwell Road boasts 5,420 square metres of lettable space.
it is leased to ASX top 200 company Australian Pharmaceutical Industries (API) until March 2023, with three five-year options. 
API is a wholesale supplier and owns 400 Priceline Pharmacy stores across Australia, along with the rights to Soul Pattinson Chemists and the Pharmacist Advice brand.
The building also features a ground floor cafe, Pour &amp; Sip, managed by Camberwell Food Group on a 10 year lease until February 2026.
It is anticipated the fully refurbished Camberwell Road office building will deliver a first year return of 8.54% for Peak Equities investors, increasing to 11.14% as the investment matures.
The property was sold by Bricktop, a Sydney based investment firm and negotiation by Peter Bremner of Colliers International.
Peak Equities, established in 2014, has properties in Melbourne, South Australia and Queensland worth a combined $74.5 million, with eight syndicates now under management.
The company is headed by chartered accountant Tom Borsky, who was also the founding treasurer and a Life Member of Property Funds Association of Australia - the representative body of the multi-billion dollar Unlisted Property Trust industry.
<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/2017/09/20/Camberwell%20Road.jpg" alt="">
Assets acquired by Peak Equities in the past 12 months include a $17.55 million commercial complex at Noarlunga in South Australia.
They paid $22 million for The Precinct retail centre in Townsville and the $7.65 million for 69 Laver Drive office building in Robina on the Gold Coast. 
The company also acquired a one-third stake in a residential development at 102 Balaclava Road in Caulfield, Melbourne.
Over the past year, Peak Equities sold a 30,000 square metre industrial asset at 57 Northgate Drive at Thomastown in Melbourne and an office building at 183 Varsity Parade in Varsity Lakes on the Gold Coast, and saw the completion of a residential apartment project, in which it owned a 20% stake, in Heidelberg in Melbourne.
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Peak Equities make $27.5 million acquisition in Camberwell

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An undisclosed wealthy Sydney family has bought a low-rise office building on Melbourne's St Kilda Road for $14 million.
The seven storey glass and concrete office building is at 1 Bowen Crescent near the Domain Road interchange.
It was sold on a yield of 4% by the philanthropist and tech entrepreneur Malcolm Freake, who bought it in 2002.
It was built by trucking magnate Lindsay Fox as Linfox company offices.
It sold fully leased to insurance services company Innovation Group with the current lease term ending in May next year.
The underbidder was an Asian buyer.
The sale illustrated the "gravitational pull of Melbourne for interstate buyers" who see better value in markets like St Kilda Road than in markets like Sydney, the CBRE selling agent said.
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