<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> (Urban) has broken ground at Keira Place, its new major mixed-use residential precinct in the heart of Wollongong CBD.

Held at 120-122 Smith Street, the groundbreaking marked the commencement of construction on Stage 1 of <a href="https://www.apartments.com.au/new-apartments/keira-place-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, with the opening of the new display suite. 
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Keira Place is a State Significant Development that will deliver new housing supply, affordable homes and inclusive living options within walking distance of Wollongong’s CBD, coastline, transport, hospital and education precincts.

[smartcode_project:default project_id=144442 project_image_fid=369868] 
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Stage 1 is now under construction and will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, along with activated ground-floor retail and commercial space. 
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Urban Co-CEO Patrick Elias said the groundbreaking represented a significant milestone for Wollongong and reflected Urban’s long-term commitment to regional cities.

“Today’s groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong’s city centre,” Elias said. 
&nbsp; 
“Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection.”

[smartcode_project:default project_id=144442 project_image_fid=369869] 
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Hon. Paul Scully MP, Minister for Planning and Public Spaces, Member for Wollongong said Keira Place is exactly the kind of development Wollongong needs – delivering new homes close to transport, employment and services, while supporting the continued growth and renewal of the CBD.

"This project reflects the Minns Labor Government's commitment to increasing housing supply in well-located areas." 
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Wollongong Lord Mayor Cr Tania Brown said Keira Place would deliver lasting community benefits for the city. 
&nbsp; 
"Keira Place is a welcome addition to Wollongong's CBD delivering new housing, affordable homes and activated street-level spaces that will benefit our community for years to come," Brown said. 
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"Urban Property Group's investment reflects the confidence that quality developers have in Wollongong's future, and I look forward to seeing this precinct come to life."

[smartcode_project:default project_id=144442 project_image_fid=369867] 
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Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a>, with interiors by <a href="https://www.apartments.com.au/interior-designers/dko">DKO,</a> Keira Place prioritises liveability and long-term performance, with landscaped shared spaces, generous apartment layouts and a pedestrian-friendly streetscape along Smith Street. 
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Residents will have access to landscaped podium areas, communal rooftop amenities with views to Mount Keira and the Wollongong skyline, and convenient ground-level retail.

The development will have 10-year Latent Defects Insurance by Resilience Insurance.

[smartcode_project_cta:default project_id=144442]

Joel Robinson

Groundbreaking marks start of construction at Keira Place in Wollongong CBD

Gold Coast-based developer <a href="https://www.apartments.com.au/developers/ignite-projects">Ignite Projects</a> has lodged a Development Application for a landmark $120 million precinct set to transform the southern gateway of the much-loved Spit.

Positioned at the most prominent entry point to the iconic peninsula, the project has been designed with a strong focus on architecture, public space, heritage and connectivity, delivering a revitalised parkland setting that invites locals and visitors to engage with the Broadwater.

Central to The Isles proposal is a significantly upgraded public realm, including landscaped open space, a new waterfront café, and a family-friendly park featuring a naval-themed playground, open lawns and improved pedestrian connections.

<img alt="Ignite Projects unveils exciting details of landmark gateway precinct for the Spit" data-entity-type="file" data-entity-uuid="de83a270-6091-4b26-bed0-86f9248e7f9e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/The%20Isles%201.jpg?VersionId=vt79HlCOwV9F7eLQe9.Z3bv9JGLMaSP2" />

The design retains and celebrates key elements of the site’s history. The training mast from the vacant and degraded naval cadet building, which forms part of a former Navy minesweeper, will be preserved. The existing Navy Memorial will be relocated and upgraded in collaboration with the RSL, allowing it to be publicly accessible for the first time in years. 
&nbsp; 
Heritage-listed Humphreys Boat Shed remnants will remain and be incorporated into the landscape, while the site’s established Norfolk Pines will be retained, reinforcing the area’s character and sense of place. The enhanced parkland will ultimately create a long-term community asset at the entry to The Spit. 
&nbsp; 
The Development Application (DA) lodged with Gold Coast City Council includes 28 waterfront apartments across three levels, ranging in size from 145sqm to 383sqm, designed as a feature landmark within the precinct and complement the public domain.

<img alt="Ignite Projects unveils exciting details of landmark gateway precinct for the Spit" data-entity-type="file" data-entity-uuid="bbf94e00-b56a-47fb-a15d-3d17b0b1ec76" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/The%20Isles%203.jpg?VersionId=A0vmBNE_KohYJo1EoZcmF5IVW4tT5aDo" /> 
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Ignite Projects Director Josh Foote said the project as a whole had been carefully shaped to deliver a meaningful outcome for the wider community, not just future residents. 
&nbsp; 
“This is about more than delivering opulent apartments – it’s about creating a welcoming and memorable gateway to The Spit that people can enjoy every day,” Mr Foote said. 
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“We’ve worked hard to ensure the public realm is a central part of the project, from the landscaped parklands and family-friendly spaces through to the preservation and celebration of important local heritage.”

<img alt="Ignite Projects unveils exciting details of landmark gateway precinct for the Spit" data-entity-type="file" data-entity-uuid="443bbde5-8221-45f8-a549-dad2623df20c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/The%20Isles%204.jpg?VersionId=iUl6nc.sHkjMdo_1RigwbwUz_celHJ3H" /> 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, The Isles adopts a considered subtropical approach, with the building form shaped to maximise natural light, cross ventilation and views to the Broadwater and surrounding parklands. 
&nbsp; 
Architect Rafael Contreras said the design responded directly to its unique coastal setting. 
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“Rather than a typical built form, the architecture has been shaped by performance and experience – from optimising outlook and privacy to creating a strong connection to landscape and climate,” Mr Contreras said. 
&nbsp; 
“A central landscaped courtyard allows light, air and greenery to permeate the building, while the articulated façade introduces movement and rhythm inspired by the Broadwater.

“The Isles will create a place where people can gather, relax and connect with the water, while also delivering a refined residential product that responds to its unique setting.”

<img alt="Ignite Projects unveils exciting details of landmark gateway precinct for the Spit" data-entity-type="file" data-entity-uuid="1089570d-1120-4302-9900-fb9f75c75c26" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/The%20Isles%205.jpg?VersionId=pl9qmKZNbaL3A7XjmD7sjhLwmXaqzzLZ" /> 
&nbsp; 
The DA relates to the residential and public realm components, with a proposed boutique marina to be progressed as part of a future stage, subject to separate approvals. 
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The Isles is being delivered under The Spit Master Plan, a collaborative vision to create a new residential, tourism, leisure, natural environment and cultural heritage hub on the iconic and much-loved peninsula.&nbsp; 
&nbsp; 
Ignite Projects has an established track record delivering premium residential projects across the Gold Coast, including The Monaco at Main Beach and Cabana at Palm Beach. 
&nbsp; 
Sales for The Isles are expected to commence in coming months from an on-site display suite, with construction targeted to begin later this year, subject to approvals.

Ignite Projects unveils exciting details of landmark gateway precinct for the Spit

The Federal Government’s sweeping changes to negative gearing and capital gains tax could trigger an unintended consequence: a surge of investor demand into the new and off the plan apartment sector.

While Treasurer Jim Chalmers has framed the reforms as a way to improve housing affordability and rebalance the tax system, the carve-outs for newly built housing are already positioning off the plan apartments as one of the few remaining tax-effective property investment plays.

Under the changes handed down in the Federal Budget, investors purchasing established properties after budget night will no longer be able to access negative gearing benefits. The Government will also replace the long-standing 50 per cent capital gains tax discount with a new inflation-indexation model and introduce a minimum 30 per cent tax on gains from July 2027.

However, there is a major exemption.

Investors buying new builds, including off the plan apartments, will still be eligible for negative gearing and will be able to choose between retaining the current 50 per cent CGT discount or adopting the new indexed model.

That distinction is expected to reshape investor behaviour almost immediately.

For years, established housing has dominated investor purchases because of its perceived lower risk, immediate rental returns and stronger historical capital growth. But with the tax advantages now heavily skewed toward new housing supply, the economics are changing rapidly.

The Federal Government has been explicit about its intent.

“The housing market and tax system are broken,” Chalmers said ahead of the Budget, arguing that existing concessions were disproportionately rewarding speculation rather than supporting housing supply.

The Government says the reforms are designed to encourage investment into new housing rather than established stock, a move aimed at increasing supply during a prolonged housing shortage.

According to the official Budget papers, limiting negative gearing to newly built homes is intended to “better align tax incentives with housing supply objectives.”

For the apartment development sector, particularly the off the plan market, the changes could become one of the strongest investor tailwinds in years.

Developers across Sydney, Melbourne and Brisbane have spent the past two years battling elevated construction costs, higher interest rates and subdued investor confidence. Many projects have struggled to secure sufficient pre-sales to commence construction, particularly in markets heavily reliant on investor demand.

The Budget changes may now alter that equation.

Investors seeking tax-effective property exposure will increasingly find themselves funnelled toward newly built apartments simply because established dwellings no longer offer the same benefits.

Commonwealth Bank described the reforms as one of the most significant shifts to residential property investment settings in decades, noting that the package is centred around “limiting negative gearing for residential property to new builds” while replacing the existing CGT framework.

That could have profound implications for the apartment sector.

Off the plan apartments already hold several advantages for investors. Purchasers typically secure a property at today’s price while settlement occurs years later, allowing time for capital growth and reducing the upfront capital burden. Brand-new apartments also generally attract depreciation benefits, lower maintenance costs, and stronger appeal to renters seeking modern amenity.

Now, they may also become one of the only residential property types still offering the full suite of historical tax advantages.

Industry analysts expect investor demand to increasingly migrate toward projects that can clearly demonstrate strong rental demand, transport connectivity and long-term supply constraints.

The shift is likely to be particularly pronounced in apartment markets already underpinned by structural undersupply, including inner Brisbane, the Gold Coast, parts of Sydney’s Lower North Shore and select Melbourne precincts where new apartment commencements have collapsed over recent years.

The reforms also arrive at a time when apartment supply nationally remains critically constrained.

Australia is already struggling to meet the Federal Government’s target of delivering 1.2 million new homes over five years. Construction feasibility pressures have delayed or shelved thousands of apartments across the country, particularly as building costs remain elevated and financing conditions remain tight.

Critics of the Budget changes argue the reforms could reduce overall investor participation in the housing market and place upward pressure on rents by discouraging investment in established housing.

Some economists estimate the measures could reduce housing supply over the longer term if overall investor appetite weakens.

However, the Government is betting that redirecting investor capital into new housing supply will offset those concerns.

“To continue to incentivise construction of new housing, investors building new residential properties will be able to choose either the 50 per cent CGT discount or the new arrangements,” the Budget papers stated.

That wording has been closely watched by the development industry because it effectively positions new apartments as the preferred investment class within residential property.

For off the plan developers, the reforms could become a powerful sales tool.

Projects that have increasingly relied on owner-occupier demand may once again attract investors seeking to preserve the tax advantages still attached to newly built housing before the July 2027 changes take effect.

The reforms are also expected to sharpen the divide between established and new housing markets.

Rather than a broad investor retreat from property altogether, many analysts expect a redistribution of capital toward sectors still supported by Government incentives.

That could create stronger demand for apartment projects in key urban growth corridors and transit-oriented precincts where population growth, migration and rental shortages remain elevated.

The policy direction also aligns with the Government’s broader push toward increasing housing density in established urban areas.

Across Sydney, Brisbane and Melbourne, planning reforms are increasingly encouraging higher-density apartment development around transport infrastructure and activity centres. By maintaining tax incentives for new housing, the Federal Government is effectively reinforcing that agenda from a taxation perspective.

For apartment developers who have spent years navigating subdued investor confidence, the changes may ultimately become the catalyst that reactivates parts of the off the plan market.

While the broader property sector is still digesting the long-term implications of the Budget, one thing is already becoming clear.

The era of investors buying established apartments and houses primarily for tax advantages may be ending.

But for off the plan apartments, the investment story may just be beginning.

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Investors to flood off the plan apartment market?

Adding to Chatswood’s growing skyline, <a href="https://www.apartments.com.au/new-apartments/the-anderson-chatswood-54-56-anderson-street-chatswood-nsw-2067">The Anderson</a> is grounded in a simple principle: apartment living in a major centre does not have to come at the expense of space and outlook.

Set on Anderson Street in the heart of <a href="https://www.apartments.com.au/developments/chatswood-nsw-2067">Chatswood</a>, the new residential tower, a collaboration between developers <a href="https://www.apartments.com.au/developers/changfa-group">Changfa Group</a> and <a href="https://www.apartments.com.au/developers/huirong-group">Huirong Group</a> with architecture and interiors by <a href="https://www.apartments.com.au/architects/ajc-architects">AJC Architects</a>, will introduce 122 apartments that prioritise generous proportions, considered orientation, and a strong connection to the surrounding heritage precinct.

The design originated from a Design Excellence Competition, where AJC proposed a building that combines suburban-style apartment scale with the density expected in a transport-rich centre. The development will include more than 1,800 square metres of retail and commercial space at street level, landscaped communal roof terraces, and a ground-floor pocket park framed by canopy trees. Together these elements aim to create a building that integrates with Chatswood’s evolving streetscape while maintaining a strong residential focus.

[smartcode_project:default project_id=151353 project_image_fid=353250]

A key driver behind the architecture was the desire to deliver family-sized apartments rarely seen in the Chatswood market. The Anderson includes a mix of one to four-bedroom apartments, with around 35 per cent of the residences configured as three or four-bedroom homes. At the top of the building, two double-storey penthouses span approximately 200 square metres each, reinforcing the project’s emphasis on scale and long-term liveability for both downsizers and intergenerational households.

Orientation and outlook were central to the planning of the building. The apartments are positioned to maximise views to the north and east across Chatswood’s heritage precinct, with upper levels capturing glimpses of the Pacific Ocean. South-facing apartments gain distant views toward the Sydney CBD and Harbour Bridge, while the building’s configuration intentionally reduces western exposure at lower levels to minimise overlooking toward the nearby railway corridor.

The external design references the character of the surrounding conservation area without replicating it directly. A brick podium anchors the building to the street and introduces a series of architectural portals that draw inspiration from the nearby Chatswood Presbyterian Church. Above this base, the tower shifts to a lighter, more open expression defined by horizontal lines and carefully detailed balconies that balance privacy with outward views.

[smartcode_project:default project_id=151353 project_image_fid=353254]

Toward the top of the tower, AJC introduces a distinctive lantern-like element formed by sliding screens. These screens provide both solar shading and privacy while also creating a visual marker for the building within the Chatswood skyline. The feature reinforces the architectural intent of the project, a structure that is visually refined while still responding to the practical requirements of apartment living.

Inside the residences, interior architecture focuses on clear spatial flow and practical everyday use. Open-plan living areas connect directly to large balconies, extending the internal living spaces outward and allowing natural light to move deeper into the apartments. Kitchens are designed as central working spaces with premium appliances and carefully selected materials, positioned to serve both daily living and entertaining.

[smartcode_project:default project_id=151353 project_image_fid=353256]

Bathrooms follow a similarly restrained design language, using refined fixtures and materials to create calm, functional spaces, while wardrobe areas adopt a gallery-style layout with integrated lighting and generous storage. These elements reflect a broader design approach that prioritises clarity, functionality, and durability over decorative gestures.

Positioned just a short walk from Chatswood Interchange, residents will have direct access to rail, metro, retail, and dining. The Metro extension allows travel from Chatswood to Martin Place in approximately 11 minutes, placing the CBD within easy reach for residents while maintaining the convenience of a walkable North Shore neighbourhood.

One-bedroom apartments at The Anderson start from $1,022,000.

[smartcode_project_cta:default project_id=151353]

How AJC designed The Anderson to bring oversized apartment living to Chatswood

<a href="https://www.apartments.com.au/developers/bridgewell-development">Bridgewell Capital</a> has lodged plans for a major mixed-use apartment development in the heart of Maroubra, seeking a significant uplift in height and density controls to deliver 120 apartments and a 120-place childcare centre near Maroubra Junction.

The State Significant Development application, filed through the NSW Government’s Housing Delivery Authority pathway, covers a 3,270 sqm amalgamated site at 251-257 Maroubra Road and 133-135 Garden Street. The proposal includes a concurrent rezoning that would increase the maximum building height from 12 metres to 35.6 metres and lift the floor space ratio to 4.02:1.

Designed by <a href="https://www.apartments.com.au/architects/bka-architecture">BKA Architecture</a>, the project would replace a mechanic’s workshop and several detached homes with a 10-storey residential building above four basement levels.

The scheme comprises 120 apartments, including 27 affordable housing units to be managed by a community housing provider for 15 years, alongside 203 basement car spaces and 92 bicycle spaces. A childcare centre occupying nearly 900 sqm of floor area would sit at ground level and be capable of accommodating 120 children and 22 staff.

<img alt="First look: Bridgewell plots 120 apartments and childcare centre in Maroubra town centre" data-entity-type="file" data-entity-uuid="038a0639-f9e4-4303-8fcc-d43e73fa480f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bridgewell%20pers.png?VersionId=eGBElxmNqJW.YF3JFYgHTnPgAstdyXR3" />

According to the Design Report, the project has been conceived as a “gateway proposal” that responds to Maroubra’s evolving urban character and its proximity to the town centre.

“Designed to complement the character of Maroubra’s town centre, this gateway proposal features a building scale that matches its surroundings,” the report stated.

“It integrates residential units above a ground-level childcare centre, fulfilling the strategic objectives of the Randwick City Council Masterplan.”

The apartment mix is weighted toward larger residences aimed at families and downsizers, reflecting changing demographics in the Randwick LGA and increasing demand for medium-density housing close to transport and amenity.

BKA Architecture said the proposal seeks to reinforce Maroubra Road as a civic spine while improving the pedestrian experience around the site through landscaping and upgraded public interfaces.

“The design capitalises on the following site opportunities: reinforcement of Maroubra Road as a civic spine, enhancement of pedestrian pathways and the public interface via new landscaping, and strong market demand for two and three-bedroom apartments to support families and down-sizers,” the Design Report noted.

<img alt="First look: Bridgewell plots 120 apartments and childcare centre in Maroubra town centre" data-entity-type="file" data-entity-uuid="ee509779-3c7e-4918-b03d-761c785459d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bridgewell%20site.png?VersionId=eZC4Ruyn.C7O.Qwfr1SVeP5.ds1c5.66" />

The building has been designed with setbacks and articulation intended to transition between the commercial intensity of Maroubra Junction and the surrounding lower-scale residential neighbourhoods. Communal open space is proposed on level one, while upper-level apartments would secure views towards Port Botany, Maroubra Beach and Sydney’s eastern suburbs.

The development sits around 200 metres east of the Maroubra Junction intersection of Anzac Parade and Maroubra Road, within one of Randwick’s identified strategic centres. The site is close to Pacific Square Shopping Centre, major bus routes, schools, parks and future cycling infrastructure proposed under the Maroubra Junction Masterplan.

The Maroubra proposal aligns with broader NSW Government initiatives encouraging higher-density housing near established centres and transport corridors, particularly where affordable housing is incorporated.

Bridgewell is also working on a <a href="https://www.apartments.com.au/news/qld/goldfields-sets-the-stage-as-quartet-milton-launches">new 55-unit project in Killara</a>.

First look: Bridgewell plots 120 apartments and childcare centre in Maroubra town centre

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>

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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?

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Located at 5a-9a Silver Street, St Peters, five newly developed townhouses are available for purchase from $1.45 million upwards.
The properties, of which three-bedroom homes are available from $1.45 million, and <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-st+peters-116200003">four bedrooms from $1.6 million</a>, have been developed by PNC and each come with 2.5 bathrooms.
The Torrens title terrace homes have a northerly aspect, and are said to be designed to maximise sunlight.
Blocks range from 201 to 294 square metres, with storage, gas cooking, SMEG appliances and open designs. Each also has a garden, air conditioning, security alarms, video intercoms and double security garaging.
Joint managing director NSW project marketing for Knight Frank, and exclusive marketing and sales agent, Noel Lucas-Martinez, said that the development is indicative of the gentrification and evolution of the area.
“Located only six kilometres to the CBD and in close proximity to parks, universities and train stations, the luxurious boutique development boasts flexible floor plans to provide for additional multipurpose rooms which are perfect for today’s varied living,” said Lucas-Martinez.
Local purchasers, downsizers, empty nesters, international investors and expats are all expected to show interest in the properties.
Internal size areas range from 159 to 245 square metres, with external areas of 119 to 184 square metres.
The site is located close to bus links, the Princes Highway and shops, including fast food outlets.
There are open for inspections for the next three weeks, with the first at 11am tomorrow.
The median house price in <a target="_blank" href="/news">St Peters</a> is $860,000, with the median unit price at $529,750, with median weekly asking rent on a house at $625, and $475 for a unit. This equates to a 3.8% and 4.7% yield respectively.
It appears St Peters, and Silver Street in particular, is fast undergoing development. Recently, the owner of 68 Silver Street put in a planning application to Marrickville Council to demolish the existing house, subdivide the property into two and then build a two-storey house on each allotment. There have been a significant number of applications around this area in the past three years.
The last inner west project undertaken by PNC was three years ago with a 10 terrace home complex, located at 2 Douglas Street, Stanmore, which sold around the $1 million mark, according to 2011 records.
<a target="_blank" href="https://mce_host/jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
                        
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jduke-EHk3XBmHkn

Streets of gold: Sydney's inner west sees new $1.45 million plus townhouse offerings

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Hi Margaret,
I am currently looking at purchasing an investment property in Sydney.  I am considering the purchase of an established one or two bedroom apartment in the inner west. Do you believe this is the right option and that the Sydney market will continue to have good capital growth? I hope I would not be buying at the peak of the property cycle in Sydney.
Also, can you have your investment property transaction account offset against a personal home loan and not the investment home loan? I presume that it is more advantageous to have this arrangement as the interest on the investment property is tax deductable, where my personal home loan interest is not?  I just want to ensure that I would not be breaking any tax rules by having this loan structure.
Thank you
Darren
Margaret's answer on next page. Please click below.
                        
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Hi Darren,
Some experts are saying that the Sydney market will continue to boom during 2014, but I believe it will be headed for a distinct slowdown toward the middle of the year.  Even so, I truly believe the best Sydney buying opportunity is now behind you and it may be better to seek out an emerging market, like the mid-ring suburbs of Brisbane, and get in on the start of that boom.
When you refer to your ‘investment property transaction account’, I am going to assume you mean that you have a savings account set up, into which you pay money which covers your investment property expenses, which is also able to offset loan interest.  You can have this offsetting interest on any loan and the tax office does not prescribe where you choose to offset interest.  They can only prescribe which interest is deductible and they have made it clear how they feel about capitalising interest.
Having sad that, remember that you can have your rental income paid straight into your home loan (or home loan offset account) and as long as you meet the interest payment on your investment loans as and when it falls due, this is acceptable. 
Some accountants also say that you can redraw from an investment loan to meet investment property expenses such as rates and repairs, or keep a separate, smaller line of credit style loan which you use to pay investment property related expenses, ensuring you also pay its interest bill each month too.  I’d always seek a private ruling form the tax office before putting any of these unusual arrangements in place.
Regards,
Margaret
Margaret Lomas is a best-selling author and writes and hosts the popular 'Property Success With Margaret Lomas' and heads up the panel on 'Your Money, Your Call', both on Sky News.
She is the founder of <a rel="nofollow" target="_blank" href="https://destiny.com.au/dotnetnuke/en-au/home.aspx">Destiny</a>.
Have a property question? <a target="_blank" href="mailto:askmargaret@propertyobserver.com.au">Ask Margaret!</a>
                                      
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mlomas-KC9MUPZ6Ca

Is it still a good time to buy in Sydney and how can I structure my personal and investment loans?

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<img alt="brisbane_march_6_on" src="/images/stories/2014/03/06/brisbane_march_6_on.jpg" height="436" width="470">
Artistic impression
An undeveloped site at <a target="_blank" href="https://www.realcommercial.com.au/property-land+development-qld-brisbane+city-501016895">550 Queen Street</a> (pictured above) in Brisbane’s CBD has been listed by owners Consolidated Properties Group. The 1,530 square metre site is being marketed by Seb Turnbull and Geoff McIntyre of JLL.
“With Development Approval for a 20,000 square metre commercial scheme in place, plus the residential market showing positive fundamentals, the buyer for this prime site in Brisbane’s CBD could come from either market sectors however there’s strong interest from residential development players,” said JLL’s Seb Turnbull.
There is existing development approval for a 20,000 square metre gross floor area tower on the site, which has three street frontages to Queen Street, Ann Street, and Clark Lane. Consolidated Properties previously had plans for a residential tower on the site, with a design by John Wardle Architects.
 
{yoogallery src=[images/stories/2014/03/06/her]}
<a href="https://rca.joneslanglasalle.com.au/property-hotel+leisure-qld-urangan-500504047" target="_blank">Fisherman’s Wharf Marina and Slipway </a>in Hervey Bay (pictured above) is being sold via expressions of interest by Jacob Swan of JLL and Lindsay Fallon of Ray White. The 4.78 hectares of leasehold land comprises 2.38 hectares above the high water mark, and 2.40 hectares below high water mark, with 136 marina berths. The property located in Urangan Boat Harbour, which the agents tout as the “whale watching capital of the world.” The site is an access point to the Great Sandy Strait and Fraser Island, and has a fully operational 200 tonne slipway and 40 tonne travel lift.
According to the listing, the marina and slipway had earnings before income tax of $433,000 for the 2013 financial year.
 
{yoogallery src=[images/stories/2014/03/06/wav]}
<a target="_blank" href="https://www.propertyobserver.com.au/retail/waverley-park-stadium-shops-on-the-market/2014012867386">Two shops are available</a> at Mirvac’s Waverley Park Stadium in Mulgrave, Victoria. The two shops, Stadium Fish and Chippery and Last Piece Café (pictured above), are being auctioned by Tom Noonan and Jeremy Gruzewski of <a target="_blank" href="https://www.colliers.com.au/Auctions/AuctionPortfolio/Current_Auction_Listings/VIC/Waverley_Park_Stadium_Mulgrave.aspx">Colliers International on March 19</a>. Stadium Fish and Chippery, at Shop One, is currently bringing in $23,920 per annum in rent, while Shop Seven is leased to the Last Piece Café, bringing in $91,936 per annum.  The stadium is currently the training ground for the Hawthorn Hawks.
 
{yoogallery src=[images/stories/2014/03/06/well]}
A mixed use building on <a href="https://www.propertyobserver.com.au/https://www.raineandhorne.com.au/properties/310448" target="_blank">Swift Street in Wellington</a>, New South Wales (pictured above), is being marketed by Gary Francis of Raine &amp; Horne. Part of the building houses NAB, with the tenant contributing to 45.8% of the building’s outgoings. The other section of the two storey building is currently leased to residential tenants, but the listing notes that there is potential to convert the residential section to commercial space.
The building features marble fireplaces, ornate ceilings and tessellated tiles, along with contemporary bathrooms and kitchens. Raine &amp; Horne are accepting offers over $550,000, with a listed price of $580,000.
<a target="_blank" href="https://mce_host/jrichardson@propertyobserver.com.au"> jrichardson@propertyobserver.com.au</a>
                 
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jrichardson-uRX5hFdKfN

Commercial roundup: Waverley Park shops up for auction as Brisbane CBD development site listed

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In what’s no surprise to Australians, Sydney and Melbourne have been ranked as two of the world’s 10 most expensive cities, with wine, cigarettes and petrol particularly expensive by global standards.
The Economist Intelligence Unit’s latest biannual Worldwide Cost of Living Survey ranked Sydney fifth and Melbourne in equal sixth on the list. Australian cities Perth, Brisbane and Adelaide ranked inside the top 40.
The most expensive city in the world was deemed to be Singapore, followed by Paris, Oslo and Zurich.
Rounding out the top 10 most expensive locations were Caracas, Geneva, Tokyo and Copenhagen.
“As well as Singapore there have been <a href="https://www.smartcompany.com.au/finance/investment/35572-residential-property-value-exceeds-5-trillion-with-sydney-the-most-expensive-city" target="_blank">sustained increases in the cost of living in Australian cities</a>, driven by the long-term appreciation of the Australian dollar,” the report says.
“As a result, Asian (and Australasian) locations made up one-half of the 10 most expensive cities last year.”
Over the past decade the Singaporean dollar has risen by 40%, which along with solid price inflation has resulted in Singapore moving steadily up the rankings, from 18th a decade ago to first.
“The city also has some structurally expensive items that skew the overall cost of living upwards. For example, car costs have very high related certificate of entitlement fees attached to them, which makes Singapore significantly more expensive than any other location when it comes to running a car,” the report says.
And while Melburnians frequently complain about the cost of transport, spare a thought for the Singaporeans whose transport costs are three times that of New York. It’s also the most expensive place in the world to buy clothes, with an abundance of luxury and European brands.
The survey of 140 cities assesses the cost of more than 160 products and services including drink, clothing, household supplies, rent, transport and utility costs.
While New York is used as the benchmark city for comparisons, its cost of living has only increased slightly this year, with the Big Apple moving into 26th overall.
“This is partly reflected by the stronger performance of cities around New York in the ranking, with European cities in particular buoyed by an appreciation of the euro over the last twelve months,” the report says.
On the opposite end of the spectrum, the world’s least expensive city was found to be Mumbai.
While Asia is responsible for some of the world’s most expensive cities, it’s also home to the cheapest.
“Within Asia the best value for money is in the Indian subcontinent (defined as India, Pakistan, Bangladesh, Nepal and Sri Lanka),” the report says.
“Mumbai is the cheapest location in the survey and three of the four cheapest cities surveyed hail from Pakistan, India and Nepal. These cities are only joined by Damascus because of the unfolding crisis in Syria and its impact on exchange rates.”
Karachi and New Delhi rank second and third on the cheapest cities list, while Damascus comes in fourth and Kathmandu also makes the top five.
Also included in the bottom 10 cities are Algiers, Bucharest, Panama City, Jeddah and Riyadh.
These locations might be cheap, but they’re not cheerful. The chances are even people looking for a cheap holiday won’t consider travelling to many of these cities, as most are known for their security issues and civil unrest.
The 10 most expensive cities (four cities have been ranked equal sixth most expensive):
1. Singapore
2. Paris, France
3. Oslo, Norway
4. Zurich, Switzerland
5. Sydney, Australia
6. Caracas, Venezuela
6. Geneva, Switzerland
6. Melbourne, Australia
6. Tokyo, Japan
10. Copenhagen, Denmark
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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yredrup-o4Anfe78KF

Sydney and Melbourne in 10 most expensive cities, but Singapore tops the list

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Furniture retailer Homeland Furniture is expanding its business into the Lower Hunter region of New South Wales after signing a lease at the Sentinel Property Group's Hunter Supa Centre at Rutherford.
The retailer has secured 785 square metres of retail space at the centre on a five year lease with a further five year option, at a gross annual rental of $145,225 a year.
The Hunter Supa Centre, at 343 New England Highway, Rutherford, is on a 50,690 square metre site which features three separate buildings with a total lettable area of 19,768 square metres plus 438 parking bays.
The Brisbane-based Sentinel acquired the centre in May 2013.
More than 85% of the centre is underpinned by national tenants, including Fantastic Furniture, Petbarn, Betta Electrical, Loot Homewares, The Outdoor Furniture Specialists, Bubs Baby Shops, Plush, Genesis Fitness and Repco.
<a href="mailto:news@propertyobserver.com.au" target="_blank"></a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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kjiminez-eaYKfU7qd2

Homeland Furniture secure Hunter Supa Centre, Rutherford lease

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AMP Capital Wholesale Office Fund has taken full control of NAB house in Sydney's CBD announcing today it has acquired the remaining 25% interest in the A-grade building.
Developed by AMP Capital, 255 George Street has been the Sydney headquarters for National Australia Bank since its completion and NAB remains the building’s anchor tenant today.
AMP Capital Wholesale Office Fund Manager Nick McGrath said the acquisition further strengthens the AWOF portfolio.
In recent years, the owners have invested over $50 million in a transformational upgrade of the asset, setting a new standard of sustainability for existing buildings in the CBD. The building today boasts a 5-star NABERS rating.
“As full owner of the building, we believe we can continue to extract value from this prime asset for investors over the long-term”, McGrath said.  
AWOF is an open-ended unlisted trust investing in high-quality office buildings in Australia and New Zealand. As of 31 December, 2013, its assets stood at $2.9 billion.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
                  
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AMP Capital take full control of NAB House in Sydney

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Prolific developers Crown Group’s Sydney by Crown is a $250 million residential offering in the heart of Sydney CBD and appears to be bringing a bit of Melbourne to the New South Wales capital.
A pedestrian-only laneway, something common in Melbourne’s city centre, is going to be created by Crown Group to connect Skittle Lane off King Street into a T-shaped area, to be home to 11 new cafes, restaurants and fashion retail outlets. The laneway will be publicly accessible and will link Kent Street with Clarence Street as part of <a href="https://www.sydneybycrown.com.au/" target="_blank">Sydney by Crown</a>.
The 25-storey tower will have a curved steel roof feature, <a href="https://www.propertyobserver.com.au/developments/koichi-takada-designs-new-sydney-cbd-development-by-crown-group/2013072363512" target="_blank">designed by renowned Koichi Takada Architects</a>, who have worked with Crown Group on <a href="https://www.propertyobserver.com.au/new-south-wales/skye-by-crown-set-to-become-north-sydney-icon-skye-crown/2013052361500" target="_blank">Skye by Crown in North Sydney</a>.
<img alt="crownjuly24" src="/images/stories/2014/03/05/crownjuly24.jpg" height="517" width="470">
Crown by Sydney artistic impression
Heritage influenced archways on the lower levels will transition upwards into modern glass and steel. There will be 220 apartments in total, including five star serviced apartments to bring in foreign visitors. The apartments and penthouses will be one-, two- and three-bedroom offerings.
CEO of Crown Group Iwan Sunito said that they wanted to reflect the global-nature of Sydney, bringing corporations, brands, designs and people from across the world together.
“Although still a relatively young city by global standards, Sydney is capturing the attention of the world, taking its place among cities like New York, Tokyo and London,” said Sunito. “Sydney by Crown will be unlike anything Sydney has seen before,” he said.
The ground floor will be a retail precinct, leading through to the laneway. Sunito expects it to become a symbol of history and future for the City of Sydney. “We hope Sydneysiders will find the new laneway to be a lively intersection and public meeting place between three active city streets - Clarence, Kent and King Street,” he said. “The podium building blocks, create a sequence of vertical voids, a seven-storey opening to the through-site link and a central nine-storey atrium, which allow natural light to reach the centre of the site.“
Expected to have a gross realisation value for the project of $250 million, Crown Group plans to launch more than $1 billion in total of projects through Sydney CBD, Green Square and Waterloo.
Expressions of interest are giving price reference options from $400,000 to $2 million plus.
According to Shirley Fitzgerald, a Sydney historian, Skittle Lane was given the name due to it being the meeting place for soldiers where there was a skittle ground in 1879. It’s highly likely Crown Group has worked closely with the City of Sydney council in this instance, particularly as the <a href="https://cdn.sydney2030.com.au/documents/2030-Vision-Complete.pdf" target="_blank">2030 Vision for ‘Sustainable Sydney’ includes reference to plans to rejuvenate the laneways around the CBD</a>.
“Laneways and under-utilised areas will be activated with bars and cultural-activities,” the vision explains.
It will be close to bus routes, Wynyard train station and a wharf. Construction is expected to commence mid-2014.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
For the latest development listings, brought to you by Property Observer and partners, see our <a rel="nofollow" href="https://showcase.propertyobserver.com.au/">Investor Showcase</a>.
                          
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Crown Group’s new development to “be unlike anything Sydney has seen before”

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A NSW-based retailer of bathroom and kitchen products, with $17 million in turnover is up for sale, following the appointment of voluntary administrators.
The company, trading as Renovation Boys, registered for voluntary <a target="_blank" href="https://www.smartcompany.com.au/growth/economy/33222-king-of-knives-retail-chain-with-60-stores-collapses-into-administration-after-25-years-in-business">administration</a> on February 25, with administrators Vaughan Neil Strawbridge and Jason M Tracy from Deloitte Touche Tohmatsu appointed.
It stopped trading on March 1 and its financial position is under review. Renovation Boys has stock of around $1.3 million, with the future of its 43 full-time staff and seven casual staff uncertain.
Deloitte restructuring services partner Jason Tracy told SmartCompany some employees have been stood down as a result of the store closures.
“We understand this is a difficult time for employees and we are keeping them updated on developments,” he says.
The business retails bathroom, kitchen and laundry fittings from two leased premises in NSW – one in Camperdown and the other in North Parramatta, with adjoining warehouses. It also has showrooms, IT platforms and fit-outs.
Tracy says a full review of the company’s financial position and operations is underway.
“To conduct an assessment of the available stock situation and reconcile this with customer payments and orders made before our appointment, we were required to close the business to further trading effective March 1,” he says.
“There will be no further sales or deliveries until the administrators have a better understanding of the stock situation.
“To resolve this uncertainty around stock and customer orders, we are seeking Court directions on a number of matters on March 5. As soon as a judgment is released, and hopefully later this week, we will advise customers of next steps.”
Tracy was unable to provide specific numbers of customers affected by the appointment and store closures, however suggests customers who have paid deposits for goods by credit card may wish to contact their credit card company.
“We are also seeking expressions of interest in the sale of the business.”
The first meeting for creditors is due to be held on March 6 at the Deloitte offices in Parramatta.
The website for Renovation Boys is currently not operating.
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany</a>.
           
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moliver-7qYWqnHmyR

Bathroom and kitchen retailer with $17 million turnover and 50 staff collapses

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For the past five weeks, auction clearance rates in Sydney have exceeded 80%, a further sign that strong growth in the city’s housing prices is set to continue into 2014.
Although some surveys indicated prices in Melbourne were flat last month, elevated clearance rates in the city led analysts to describe the market as solid.
Despite a general consensus among economists that the Reserve Bank board will keep official rates on hold  tomorrow, the outlook for property prices in both cities remains bullish as home buyers are likely to benefit from improved borrowing conditions as financial institutions compete to attract lenders.
In 2013, the median house price in <a target="_blank" href="https://www.smartcompany.com.au/finance/investment/35385-brisbane-to-boom-house-price-growth-to-slow-property-trends-for-2014">Sydney rose by 15.1%</a> to $793,000 and in Melbourne the median <a target="_blank" href="https://www.smartcompany.com.au/finance/investment/35385-brisbane-to-boom-house-price-growth-to-slow-property-trends-for-2014">price jumped 8.6%</a> to $569,000, according to Australian Property Monitors.
<h3>Sydney still booming</h3>
In Sydney 82.7% of properties that went to auction were sold, the fifth week in a row that the figure has exceeded 80%. Over the month of February, 1490 homes were sold at auction, the best monthly results for February on record.
The average price for houses sold by auction in Sydney was $1.08 million, up from $989,000 for the same weekend last year. For Sydney units, the average median price was $681,005, up from $637,500 last year.
Auction listings also remained strong, with this weekend’s offering of 671 properties well ahead of last year’s 455 over the same weekend.
Australian Property Monitors senior economist Andrew Wilson noted in a report that “February’s record breaking Sydney weekend auction market has unsurprisingly continued into March with no sign of a let up in buyer or seller enthusiasm.”
<h3>Melbourne solid despite February flat spot</h3>
Despite monthly data from the <a target="_blank" href="https://www.rpdata.com/research/monthly_indices">RP Data-Rismark Home Value Index</a> showing that prices actually fell by 0.19% in Melbourne in February when compared to the previous month, clearance data for the month points to a strengthening in the home auction market.
Wilson told SmartCompany Melbourne’s property market was “solid rather than strong.”
“Buyer and seller confidence in Melbourne’s auction market remains solid with no sign of a waning in activity despite ongoing concerns over the performance of the local economy”.
In Melbourne, the average median house price was $810,000, up from $730,00 for the same weekend in 2013, while the average price for units sold at auctions was $550,000, up from $495,500 last year.
The clearance rate for auctions in the metropolitan region on Saturday was 76.1%, well ahead of the 65.8% clearance rate registered over the same weekend in 2013 and also about the weekend average of 75.2% for the month.
As in previous years, the number of properties going to auction was bolstered by an expected pause in the market next week due to the Labour Day holiday. A total of 1,102 properties were listed to be sold at auction last weekend, about the same as the 1,139 that went under the hammer the previous week and well ahead of the 882 auctions that took place during the same weekend last year.
The most expensive auction in Sydney over the weekend was a five-bedroom house in  Coogee which sold for more than $4.3 million. At the other end of the property market, a two-bedroom unit in Bankstown went for $377,500.
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany</a>. 
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Sydney auction clearance rates continue to soar while Melbourne flattens

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New Queensland legislation has caused a rift between the Real Estate Institute of New South Wales and the Real Estate Institute of Queensland to appear as they argue through the potential banning of auction price guides.
Much discussed in the media over the past few weeks, the banning of price guides under the new legislation has seen<a href="https://www.propertyobserver.com.au/queensland/queensland-auction-price-guide-ban-defies-common-sense-john-mcgrath/2014022367953" target="_blank"> John McGrath referring to it as “dark days”, taking out full page advertisements in Queensland newspapers</a> to argue against the change.
The changes, which are said to stop price guides from being provided or discussed with potential buyers, to stop buyers from being able to search auctioned properties online by price and for property reporters not to be able to mention price guides or estimations in their editorial, were slammed by McGrath. It has even had <a href="/news">some news outlets calling it a breach of freedom of speech</a>.
The legislation for the Property Occupations Bill and the Agents Financial Administration Bill 2013 is currently before Parliament.
On Friday, the Real Estate Institute of New South Wales (REINSW) released a statement calling for Queenslanders and those looking to invest in the state to immediately voice their concerns over the proposed legislation. REINSW president Malcolm Gunning said that this potential ban on auction price guides would cause havoc. “It is a step backward for consumers. Now more than ever buyers are demanding transparency in regard to property. To take away price guidelines will turn back the clock on Queensland real estate,” Gunning said.
They also included comments from McGrath Estate Agents chief executive John McGrath, who is an REINSW member, as he called the potential changes “insanity”. “There is no logical reason why this should happen. The new legislation would effectively act to ban the agent, buyer and seller from holding a conversation in regard to price,” McGrath said. “It will not solve the issue of underquoting and will prevent buyers from other states and internationally from looking at the Queensland market.”
He said that web searches would become useless, with thousands of auction listings appearing in “random order”. They called for consumers to write to <a href="mailto:attorney@ministerial.qld.gov.au" target="_blank">Attorney-General of Queensland, Jarrod Bleijie</a>.
Despite the REINSW’ view, the Real Estate Institute of Queensland (REIQ) were providing a quite opposite message.
Discussing ‘factually incorrect statements recently made in the media’ about the proposed changes, they agreed that under the new bill the use of price guides and disclosure of reserve prices in Queensland auctions would be prohibited.
However, CEO of REIQ, Anton Kardash, said that the absence of these price guides is standard in Queensland, despite the uproar.
“Currently in Queensland, it is common practice for real estate agents to market an auction property with no price guide or likely sale price indication. In fact, the proposed new laws simply seek to clarify existing laws which many in the real estate industry consider to be consistent with the proposed provisions,” said Kardash.
“Indeed, auctions are not unique to real estate. Art, horses and motor vehicles, to name but a few, are regularly auctioned without a fixed price or a price guide because that is the very nature of auctions. The market will decide on the day of auction what it is prepared to pay for that particular asset.”
He also hit back against comments that new laws would stop allowing an agent representing a property to make a comment on the price. He said that under the proposed laws, they would be permitted to provide a comparative market analysis or a written explanation of the property’s estimated price.
However, this must have been prepared by the agent or auctioneer, given to the seller, consented to by the seller, and then passed on to the public.
He also said that if sellers want to market their property with a price or price guide, then they should use a private treaty method instead.
“It should also be highlighted that if a seller wishes to market a property with a price or using a price guide, they may do so by instructing their agent to sell via the much more popular private treaty method,” he said.
He also noted that auctions are a small segment of the Queensland sales market, and that where auction price guides are permitted, such as in New South Wales, there are said to be problems with underquoting or price baiting.
“We all know that by advertising a price guide or giving an indication of the reserve price, an expectation may be set at a level that is too high or too low and this may impact on the outcome of the auction,” he said.
“It is with great pride that Queensland can say that it has largely avoided claims of misleading and deceptive conduct in relation to property price guides. Unlike in some other states where such complaints are rife, Queensland has not been subject to constant complaints of such a nature and will continue to prevent any future issues with the passing of this legislation.”
The Real Estate Buyers Agents Association of Australia (REBAA) has recently spoken out against the proposed ban on price guides, saying it will expose buyers to the risk of overpaying.
Queensland spokersperson for REBAA, Scott McGeever, said that buyers would be forced to spend a considerable sum to undertake due diligence on every property they had some interest in.
“A ban on giving a price range for properties going to auction will seriously disadvantage buyers,” said McGeever.
“More than ever before, buyers will need to do their research thoroughly and ensure they get their building and pest inspections done, engage solicitors to look over contracts and get bank valuations,” he said.
He pointed to an alternative being to get agents to provide recent sales, but said it is “fraught with danger” due to sales not always being directly comparable and their ability to be manipulated.
“In what is the biggest transaction most people ever make, the buyer is totally unrepresented and will now be relying totally on the selling agent to make their offer price,” he said.
“To remove the only guides available to them seems nonsensical.”
A <a href="https://www.propertyobserver.com.au/news/should-reserve-prices-be-published-for-auctions/2014022768076" target="_blank">recent poll of Property Observer readers</a> (results below) saw the vast majority, 84.5%, looking to have reserve prices published across the country. 
<img alt="poll-results-march-3" src="/images/stories/2014/03/03/poll-results-march-3.png" height="111" width="470"> 
It is Property Observer's view that the more information provided to those looking to buy and sell in the real estate industry the better.
There is currently <a target="_blank" href="https://www.change.org/en-AU/petitions/jarrod-bleije-mp-amend-proposed-legislation-aimed-at-banning-price-guides-on-properties-going-to-auction-in-qld?recruiter=83952376&amp;utm_campaign=signature_receipt&amp;utm_medium=email&amp;utm_source=share_petition">an online petition to amend the proposed legislation that has reached 1,000 signatures</a>, with signatories claiming it will cause a further loss of transparency and that it is an illogical move.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
                  
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