A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Joel Robinson

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

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The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

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The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

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Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

[smartcode_project:default project_id=152125 project_image_fid=363778]

The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

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Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

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The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

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Skymark takes out 10-year Resilience Insurance LDI at Solis Cronulla

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.

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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.

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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?

The Albanese and ACT Governments have struck a deal to unlock nearly 5,000 new homes across Canberra, with more than 1,700 earmarked exclusively for first home buyers.

The agreement marks the second formal partnership under the Federal Government’s election commitment to deliver up to 100,000 homes for first home buyers nationally, working alongside state and territory governments and industry.

At the centre of the deal is a $250 million funding injection from the Albanese Government, targeting enabling infrastructure to bring forward new housing supply across a number of key precincts in the ACT.

That includes funding to unlock 75 homes in the Kingston precinct, support new development in Weston Creek, and deliver estate works across the territory that will facilitate more than 500 homes by 2034. Additional investment will go towards relocating powerlines, water infrastructure in Molonglo Valley, and further expansion of the Ginninderry regeneration precinct.

Housing Minister Clare O’Neil said the agreement was about making it easier for first home buyers to enter the market, particularly in a housing environment that continues to challenge affordability.

“We’re determined to make it easier for young people and first home buyers to achieve the dream of owning a home,” O’Neil said.

“We know the housing market is tough, and we want Australians to know that Labor has got your back.”

The announcement builds on more than $800 million already committed to housing in the ACT since 2022, according to Finance Minister and ACT Senator Katy Gallagher, who said the latest funding would help ensure national housing programs are translating into real supply on the ground.

“We’re working closely with the ACT Government to unlock land and invest in the infrastructure needed to get these homes built sooner,” she said.

For the ACT Government, the agreement aligns with its broader target of delivering 30,000 new homes by 2030, with Chief Minister Andrew Barr pointing to the role of coordinated planning and infrastructure investment in accelerating delivery.

“Now, thanks to our agreement with the Albanese Government, this work is about to reach a new level,” Barr said.

The deal sits within the Federal Government’s broader $45 billion housing agenda, which includes initiatives such as the Housing Australia Future Fund, the Help to Buy shared equity scheme, and incentives aimed at increasing construction capacity and reducing barriers to development.

Canberra set for 4,900 new homes under Federal housing deal

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The Canberra property market underwent a signficant statistical correction in the first three months of the year with average median house prices falling 8.7%, figures compiled by the Real Estate Institute of Australia show.
The headline Canberra correction is large and alarming, but only partially representative of the market as the biggest fall recorded across Canberra districts were 4% in Tuggeranong ($480,000) and 3.2% in Gunghalin ($455,000) with these two more affordable suburbs accounting for 80% of the 294 preliminary sales.
The much bigger weighting to lower priced house sales (which fell) were responsible for the higher 8.7% fall in the median price, using the REIA methodology.
The REIA determines median prices based on the reporting of sales information based on sales at the date of contract exchange.
Click to enlarge
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Canberra, Sydney, Melbourne, Adelaide and Perth median prices are based on preliminary unrevised figures based on a high (75% -90%) sample of final sales. Brisbane, Hobart, Darwin median prices are not revised.
Prices held firm in the more expensive districts closer to the centre of Canberra.
In the Inner Central district (Canberra North and Canberra South) house prices gained 0.6% to $746,300.
In the inner South (Woden and Weston Creek) house prices lifted 0.8% to $617,300.
REIA researcher Evgeniya Hawthorne tells Property Observer while final figures are usually revised upwards, the estimates are a “right reflection of the market” with Canberra vendors having to discount their offerings to achieve a sale.
Overall, the property market tread water in the March quarter with the weighted average median price for the eight capital cities falling 0.2% for houses to $534,015 with units down 0.9% to a median of $434,601.
Darwin was the strongest performer in the detaching housing market with its median house price up 2.4% to $592,000 with Sydney (up 1.6% to $673,681) and Perth (up 1.0% to $505,000).
Apart from the steep decline in Canberra house prices, the other capital cities to record noteworthy declines in their detached house prices in the March quarter were Brisbane (down 2.3% to $430,000) , Hobart (down 1.4% to $360,000) and Adelaide (down 1.3% to $395,000).
In the unit market, only Perth (median prices up 2.4% to $425,000) and Hobart (up 1.0% to $290,000) recorded gains.
Apart from Canberra’s 6% correction in its unit prices, Adelaide (down 2.3% to $300,000), Sydney (down 1.6% to $473.808) and Darwin (down 1.2% to $425,000) all recorded declines of more than 1% over the quarter.
Year-on-year house prices are up 4% with median house prices increased in all capital cities apart from Canberra, with values down 7.2%.
Darwin recorded the largest rise across the capitals, up 7.6% followed by Perth (5.2%) Melbourne (4.8%), Sydney (4.2%) and Adelaide (3.4%)
Unit prices are up 1.7% over the past year with Hobart recorded the largest increase, up by 13.7% followed by Perth (3%), Darwin (2.4%), Melbourne (2.2%) and Sydney (1.7%).
In terms of rentals, the REIA data shows that nationally, median house rents increased over the March quarter across the capitals, with Perth and Canberra recording the highest increases of 4.4% and 4.3% respectively.
Rents for two bedroom other dwellings increased in Melbourne, Brisbane, Adelaide, Perth and Hobart while median other dwellings rents remained unchanged in Sydney and Canberra.
Darwin recorded a 0.2% decline in rents for two bedroom other dwellings, which probably reflects the increased supply of apartments coming online in the Top End’s capital, said Bendigo and Adelaide Bank retail executive Dennis Bice.
The report was co-sponsored by Bendigo Bank.
Bice said that despite the slight decrease in the March quarter, the weighted average median house price has risen 4.0% in the past 12 months.
“With the exception of Canberra, there has been median house price growth in all Australian capital cities,” he said.
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Canberra median house prices down a 'statistical' 8.7% as property market treads water in March quarter: REIA report

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New South Wales has led all other Australian states for new residential property listings in the month to June 2, according to RP Data.
New South Wales had 11,720 new listings, while Victoria had the second most with 10,982.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/06/rpdatahomesforsalejune7one.gif"><img src="/images/stories/2013/06/rpdatahomesforsalejune7onethumb.gif"></a>
<img alt="rpdatalistingsjune3one" src="/images/stories/2013/06/rpdatalistingsjune3one.gif" width="470" height="247">
<img alt="rpdatalistingsjune3two" src="/images/stories/2013/06/rpdatalistingsjune3two.gif" width="470" height="205">
The RP Data listings index provides a lead indicator for the number of residential dwellings that are being prepared for sale across the Australian housing market.
RP Data customers account for over 70% of all listings in the Australian property market.
The index, which tracks the flow of metadata across RP Data’s real estate data platform, shows a 75% correlation with the number of new listings about to enter the market.
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po-LsXgBTHBmX

NSW and Victoria lead new listings activity: RP Data

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The solar powered rotating home in Canberra’s outer-north has sold for $1.2 million.
The sale is believed to be a record price in the suburb of Crace.
The house, called Girasole, is the <a target="_blank" href="https://www.propertyobserver.com.au/australian-capital-territory/first-rotating-house-in-canberra-going-to-auction/2013051361312">brainchild of builder John Andriolo</a> and stands at 12 Indi Close.
A mid-May auction campaign failed to attract any bidders.
Pre-auction expectations were above $1 million.
It was bought by a local retired couple - Phillip and Anna Burroughs who are looking to downsize from a much larger house in Nicholls.
Co-selling agent Stephen Bunday of LJ Hooker Dickson says the property is worth around $1.2 million when the value of the land is factored in.
Bunday says the Burroughs were the the only ones to put in an offer with the couple reportedly very excited about "living in a moving work of art".
Contracts were exchanged today.
It is supported by 28 wheels and driven by two three-speed motors.
It takes 10 minutes to fully rotate and is controlled by a touch screen panel.
"It may be ahead of its time," said Bunday when it failed to sell at auction.
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Winning spin for Canberra's rotating house: $1.2 million Crace record sale

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The Australian Bureau of Statistics isn’t all just number bods – they’ve released a mobile game that lets users take control of Australian neighbourhoods.
Run That Town allows users to take control of any town in Australia and control it using real census data.
<img alt="runthattownjune19one" height="603" width="400" src="/images/stories/2013/06/runthattownjune19one.jpg">
Users will have to consult with locals to make popular decisions, start projects and tackle vital issues.
Players of the <a target="_blank" href="https://runthattown.abs.gov.au/">iPhone and iPad only app</a> can then read about their exploits in the local paper.
<img alt="runthattownjune19two" height="604" width="400" src="/images/stories/2013/06/runthattownjune19two.jpg">
“Have you ever thought your town could be run better? Why don’t we put you in charge,” the game asks.
“What kind of leader will you be? Will you be treated to a ticker tape parade, or chased out of town by an angry mob?”
It works for any postcode in Australia.
<img alt="runthattownjune19three" height="606" width="400" src="/images/stories/2013/06/runthattownjune19three.jpg">
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Run your neighbourhood with ABS game

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The solar powered rotating home in Canberra’s outer-north has failed to sell at auction this week.
Co-selling agent Stephen Bunday of LJ Hooker Dickson told Property Oberserver there had been no registrations despite attracting an "enormous amount of curiosity".
"On the night, nothing happened at all, " said Bunday, who is selling the Ross Norwood-designed house alongside fellow LJ Hooker agent Anthony Sorace.
The house at 12 Indi Close is now listed for sale by negotiation.
"We will try and sell it in the next couple of weeks. If it does not sell, the owner will move into it," he says.
"It may be ahead of its time," he added.
Pre-auction expectations were above $1 million.
Bunday says the property is worth around $1.2 million when the value of the land is factored in.
The house, called Girasole, is the <a href="https://www.propertyobserver.com.au/australian-capital-territory/first-rotating-house-in-canberra-going-to-auction/2013051361312" target="_blank">brainchild of builder John Andriolo</a>.
It is supported by 28 wheels and driven by two three-speed motors.
It takes 10 minutes to fully rotate and is controlled by a touch screen panel.
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All spin no sale: rotating Canberra home fails to sell at auction

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Ratings for The Block Sky High and House Rules both fell on Wednesday night, according to OzTAM.
The Block fell from 1.308 million viewers on Tuesday night to 1.062 million, slipping from second place to fourth place. It was beaten by The Big Bang Theory and the news offerings from Channel Seven and Channel Nine.
House Rules fell from <a href="/news">803,000 viewers on its launch night</a> to 784,000, but stayed 11th in the rankings.
House Rules again performed the best in Perth, given it’s the site of their current renovation home, ranking third, with the number of viewers increasing from 153,000 to 168,000.
In Adelaide The Block fell from fourth place with 116,000 viewers on Tuesday night to 13th place last night with 76,000 viewers.
The Block performed the best in Melbourne with 394,000 viewers, coming in again at second place but with viewer numbers dropping from 487,000 the night before.
As House Rules airs this week at 7.30pm on Tuesday, Wednesday and Thursday, it will go head to head again tonight for 30 minutes as the The Block Sky High airs weeknights at 7pm for an hour.
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The Block Sky High and House Rules fall in ratings

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A newly built solar powered rotating house is going to auction in Canberra’s outer-north.
Girasole, Italian for “turn to the sun” and “sunflower”, is mounted on tracks and is designed to follow the sun during winter and avoid the sun during summer.
The brainchild of builder John Andriolo, Girasole is supported by 28 wheels and driven by two three-speed motors.
<a target="_blank" href="https://dickson.ljhooker.com.au/69PFF92">The four-bedroom two-bathroom rotating home</a> has 173 square metres of living space, a four car garage and is designed to be environmentally friendly.
The roof and garage operates as catchment area for a 120,000 litre water tank beneath the garage. There are 24 solar panels which generate 10,500 kilowatts and the home is well insulated.
It takes 10 minutes to fully rotate and is controlled by a touch screen panel.
The house is on a 704 square metre block in The Ridge estate at Crace, with glorious views over the Gungaderra Grasslands which LJ Hooker marketing says will never be built out.
It was designed by architect Ross Norwood from DNA architects with interior design by Karin McNamara Design.
Andriolo, owner of MAG Constructions, says he was inspired by the teachings of Galileo when designing the house.
LJ Hooker agent Stephen Bunday says the home will appeal to those looking for something different.
“When I first heard about the concept of the rotating home I thought it was a little bit crazy. But because it was John Andriolo and I’ve worked with John many times before and I know how passionate he is about everything that he does I had to take it seriously,” Bunday says.
John Andriolo says he first thought of building the house when he was a child.
The rotating house is believed to be the first one in Canberra. Construction started on the property last year and was tracked by its own <a target="_blank" href="https://www.propertyobserver.com.au/https://www.facebook.com/pages/Rotating-house-Girasole-at-Crace/462242510483659">Facebook page</a>.
Engineer Peter McKay says similar homes in Australia suffer from excessive operating noise so they worked hard to make this one quiet. He says it is essentially silent.
It goes to auction on Wednesday May 15 but Bunday says interest has mainly come from those curious to see the build rather than serious buyers.
“I think that people are a bit worried it’s a prototype. It’s in a new area of Canberra which is a relatively new development; it’s only been developed over the last couple of years. If it was a tried and true suburb it might be different or if it was a rural setting,” Bunday says.
It almost featured on Grand Designs but Bunday says the location put things off. Though it looks over bushland the home is surrounded by vacant lots.
Bunday hopes the property will sell for more than $1 million.
<a target="_blank" href="https://www.everinghamrotatinghouse.com.au/Gallery-Inside">A rotating house called Everingham</a> near Wingham in NSW was featured on the ABC’s New Inventors programme in 2006.
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First rotating house in Canberra going to auction

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The new Stockland boss, Mark Steinert, has shaken up his executive team with the departure of his chief financial officer, Tim Foster, and his head of residential, Mark Hunter and hiring fresh blood.
Steinert has hired Simon Shakesheff, who will join the company in mid-August, in the new position of group executive strategy and stakeholder relations.
Foster will leave the company later this year when a replacement is found.
Shakesheff is an analyst who has advised property groups. Most recently he was managing director at Merrill Lynch’s real estate investment division.
“Having observed Stockland closely over my career, it is a privilege to now be joining the group at this significant time in its history. I look forward to contributing to its future success,” Shakesheff said.
Michael Rosmarin, currently the group executive will take up the role of chief operating officer.
Kingsley Andrew and Andrew Whitson will act as joint interim CEOs.
The move comes ahead of a strategic update on Monday anticipated to change the direction of the company.
Fairfax have reported Steinhert is likely to drop his predecessor’s three ‘r’ focus on residential, retail and retirement, in favour of a focus on medium density residential and retail.
Foster and Hunter were reportedly close allies of former CEO Matthew Quinn, who stood down in July last year following a poor run of earnings.
Goldman Sachs analyst Simon Wheatley says he is suprised by the shake-up.
"In our view, the timing of today's announcement is a surprise in that SGP is poised to provide its 3QFY13 update next Monday, and this is meaningful change amongst senior executives ahead of the update.
"That said, we believe the changes being implemented by the SGP CEO Mark Steinert are a core part of a restructuring of the business, since transitioning into his new role late in November 2012," Wheatley said.

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Stockland executive team shake-up as Tim Foster and Mark Hunter departing

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The Reserve Bank of Australia should leave the cash rate unchanged at 3% today, according to 'shadow' RBA board members.
However, some of the nine shadow board members see evidence for lower rates now, and in the future while others believe the cash rate should rise.
The graph below shows that 60% of shadow RBA board preferences are for a 3% cash rate with over 20% preferring a cash rate of 2.75% and 10% a cash rate of 3.25%.
<img src="/images/stories/2013/05/shadowboardmay7one.gif" width="470" height="408" alt="shadowboardmay7one"> Source: <a href="https://theconversation.com/" target="_blank">The Conversation</a>
The board is comprised of economists and academics that meet under the banner of the Centre for Applied Macroeconomic Analysis (CAMA) at Australia National University and are asked to rank their preferences for the cash rate before every RBA monthly monetary policy meeting.
The consensus view on interest rates among the shadow board has been for a rate hold in March and April after a February view that the future direction of rates was up.
Shadow board member, HSBC Australia chief economist Paul Bloxham, is in favour of rates remaining on hold despite inflation being low enough to allow the RBA to cut rates further if needed.
He says rates are “already very low and there are signs that monetary policy is working”.
“Lower rates could also risk creating other problems, such as excessive growth in housing prices.
“While a further cut in rates could be needed to support growth at some point, I think there are enough signs that the setting of monetary policy is getting enough traction to warrant leaving the cash rate steady this month,” he says.
Shadow board member Mardi Dungey, professor at the University of Tasmania, says the weakening economy has caused her to lower her expectations of future inflationary pressures and hence alter her longer term projections.
“However, I recommend retaining the current stance in May,” she says.
Former RBA board member Warwick McKibbin and now shadow board member says “cutting interest rates in the face of rising inflation of goods and/or asset prices would undermine monetary credibility and risks unhinging inflationary expectations”.
“Holding interest rates is the least bad option in this complex environment.”
Shadow board member Bob Gregory gave an equal weighting to a rate cut and a rate hold, but did not provide commentary to his views.
The full shadow board is:
Paul Bloxham, Chief Economist (Australia &amp; New Zealand), HSBC Bank Australia Ltd
Mark Crosby, Dean of the Global MBA Program, Acting Dean of the Global BBA Program, and Professor of Economics, S P Jain Center of Management in Singapore
Mardi Dungey, Professor, University of Tasmania, CFAP University of Cambridge, CAMA
Saul Eslake, Chief Economist, Bank of America Merrill Lynch Australia
Bob Gregory, Professor Emeritus, RSE, ANU, Professorial Fellow, Centre for Strategic Economic Studies, Victoria University, Adjunct Professor, School of Economics &amp; Finance, Queensland University of Technology
Warwick McKibbin, Professor, RSE, ANU, CAMA
James Morley, Professor, University of New South Wales, CAMA
Jeffrey Sheen, Professor &amp; Head, Department of Economics, Macquarie University,Editor, The Economic Record, CAMA
Mark Thirlwell, Director, International Economy Program, Lowy Institute for International Policy
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Cash rate should remain on hold for now says shadow RBA board

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Off-the-plan apartment sales at the Aalto apartment project in Canberra have been suspended following the sudden collapse of Peter Drake's Gold Coast-based LM Investment Management (LMIM) in March.
The project is the second major development casualty following the demise of the <a href="https://www.propertyobserver.com.au/residential/jamie-durie-s-garden-designs-wilt-as-gold-coast-mortgage-fund-manager-lm-investment-management-placed-in-voluntary-administration/2013032459976" target="_blank">$1 billion Maddison Estate project</a>, which is languishing in Pimpama on the Gold Coast.
Aalto's first mortgage was with the closed LM First Mortgage Income Fund, now in the hands of administrators FTI Consulting following the collapse of LMIM on March 19.
The 12-storey complex, designed by architect Bruce Townsend and due to be built at 7 Irving Street in Phillip, is the largest apartment project in Canberra.
It is being marketed by Keenan Veraar and James Herbert of LJ Hooker project marketing.
It features one bedroom apartments priced from $385,000 and <a href="https://www.realestate.com.au/property-apartment-act-phillip-110002417" target="_blank">two-bedroom apartments from $499,000.</a>
David Colman, regional manager of southern NSW and the ACT at LJ Hooker, tells Property Observer that there were would be no sales contracts signed until clarification on the project’s status.
LJ Hooker has a marketing agreement with a subsidiary of LMIM.
No apartments have yet been sold.
“We have proactively been sending requests for instructions about what to do next,” says Colman.
“We are still taking enquiries but we don’t want to enter into any deals if the project does not end up going forward.”
He added that LJ Hooker was not getting “bowled over” with enquiries.
<a href="https://silversunpictures.com.au/work/alto-apartments/" target="_blank">A high-tech video prepared</a> using architectural drawings of the project shows the views residents would have of the Federal parliament building.
Annual results filed by LMIM to June 30 2012 reveal a loan made by the LM Managed Performance Fund to Aalto Apartments Pty Ltd totalling $24.6 million alongside a $16.9 million loan to Peter Drake.
The LM First Mortgage Income Fund comprises a portfolio of 26 registered first mortgages and one second mortgage with a historical book value of $326 million.
Administrators John Park and Ginette Muller of FTI Consulting are undertaking an “orderly sale of assets” and will pay investors in the fund $4.27 million at the end of May with a “program of regular quarterly capital distributions proposed”.
LMIM remains the responsible entity for the fund under allowance made by ASIC following the suspension of LMIM's financial services licence on April 9.
A vote is scheduled to be hold on May 24th where investors can decide whether another fund manager Trilogy should be replace LM as a temporary responsible entity of the fund.
According to FTI Consulting, if this succeeds, Trilogy via class action lawyers Piper Alderman will then be able to bring claims against the responsible entity of the Fund, LM Investment Management Limited, its directors and other third parties.
FTI Consulting has promised there would no receivership-driven sales of assets.
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Canberra set for 4,900 new homes under Federal housing deal

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