One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

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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{qtube vid:=PSh3sIVXZ5I&amp;feature}
In this week’s Purchase or Pass we check out the pros and cons of a potential investment property and get the panel’s view on whether we would choose whether to buy or not based on our own personal property investing criteria.
This week we have a <a target="_blank" href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-bronte-nsw-2024/169285">two-bed, one-bath unit in a small block of four</a>, seven kilometres from the city and just over one kilometre from the local shops and leisure facilities. The property presents very well and so would be perfect for tenant to move into straight away. It’s on the ground floor and the main bedroom opens out onto a covered balcony. The main debate on this unit will be that there is no specific allocated parking – it’s scattered parking worked on a first in best dressed basis and there’s only two spots for the four units.
So John, I guess the first issue there aside from the parking is whether everything hits the right criteria. It’s the right location, it’s obviously well presented, it’s a nice block of four, all of those things are pretty straight forward.
John: It’s very modern today. The whole unit is looking pretty good in terms of its presentation and obviously there’s air-conditioning as well.
Chris: Now we talk about this parking quite a lot. There are lots of different types of parking. It can be on title, it can be not on title, it can be scattered parking or no parking. This one is quite different. Here we have two spots for the four units. Does it really matter if there’s one spot, two spots or three if there’s no guarantee does it really matter what your chances are?
John: I don’t think it does. The other thing that I would point out about that block of units is if you look at it it’s an older style and you have a very large land content for a small block of units. So from my point of view I would love to actually buy the whole block and not just a little bit of it. And you can also see that you could actually cut into the land to actually create parking both at the front and back of it. So it allows a lot of development application. I wouldn’t be excessively worried about the parking however.
Chris: I’ve seen some places like Tamarama in Bondi that have the most amazing views and people have looked at really digging into the ground and building it. It might cost something like $200,000 per car park that they’re creating but in those kind of areas it’s actually worth spending that kind of money if you have a $2 million or $3 million apartment.
John: Obviously what you have to do in a situation like this where there is limited car parking is actually look where the car parking facilities are on-street and if the on-street parking isn’t too bad then don’t worry.
Chris: One of the tell-tale signs for me is I looked up on the internet and I found it took actually 109 days to sell this uni. So originally they were after $650,000-plus and then it was advertised for $600,000-plus. Now they actually sold it for $663,000 so they got the right price which is pretty good, but 109 days to me that’s a big tell-tale sign that either the parking or something else isn’t quite right.
John: I think it’s probably two things going on there. I think it’s probably the parking having an some impact on it and at the same time, the mere fact that they had to reduce it and probably even the $663,000 that they sold it for is probably still over the top a little bit. So I think those two things are probably influenced the overall outcome that we have.
Chris: So purchase or pass for you?
John: Well I think I’m balanced depending given the poor parking that is there and the fact that it sold in 109 days, I really want something that would sell much faster than that so I’m going to pass.
Chris: And look that was the same thing for me. I think the days it took to sell tells the whole story here. If I’m going to buy an investment property I want to know that it can be sold in an instant if I needed the cash and 109 days is just too long for me. But well done to them for getting the right price. So I’m going to pass.
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Purchase or Pass? A Bronte unit with scattered parking: Chris Gray and John Edwards

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Cronulla's Lantern House has been listed for May 25 auction.
Set on Gunnamatta Bay, <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-cronulla-113266291">the Darook Park Road property</a> featured in Robyn Beaver's 2005 book Top 100 Houses From Down Under following its 2003 completion by DEM architects. By 2006 it was included in Beaver's subsequent book, 100 More of the World's Best Houses, the third in the international series which featuring Lantern alongside Stanic Harding's Gibbeson House in Surry Hills and Durbach Block's Spry House in Point Piper among Australia's chosen few.
The Cronulla block of land cost $1.85 million in 2000 and the house cost $3 million to build. Its architectural concept is layered translucency using glass as its main medium, starting with the finely sliced spider marble sheets on its facade.
It was listed in late 2007 with $6.9 million hopes and sold early 2008 for $5.3 million to the first person who inspected it.
David Highland at Highland Property Group is marketing The Lantern residence as luxury living combining architectural design with generous family efficiency.
"It forms an exceptionally private home of luxury and style in a prestigious peninsula address," the marketing says.
"There are generous living spaces with a selection of formal and casual areas incorporating sliding glass panels that open up to create a seamless flow to the outside areas.
"Wide terraces provide ideal entertaining spaces overlooking the stunning infinity edge heated swimming pool.
"Consisting of four bedrooms plus study, including a palatial master suite with luxury ensuite, walk-in dressing room, isolated retreat and private terrace with outlooks over the bay.
"There is a designer stone kitchen equipped with quality Miele appliances and walk-in pantry, huge games and media room, complete with full appliances, gas fireplace and kitchenette all flowing out to the pool and entertaining areas."
At the waters edge lies a striking boathouse and entertainer's balcony, fully equipped kitchen and bathroom.
Its additional features include automated awnings, translucent marble facias, integrated sound, data cabling, sun-washed decks, cathedral ceilings and Blackbutt polished floors.
No price indicator from Highland, but the house, on 815 sq m, would need to exceed $6.9 million to secure the Cronulla record price. It has stood with Tynan family purchase of the Bali-style waterfront house of former Sharks player Greg Mullane and his wife, interior designer Mandy in 2007. The highest sale in the past six years has been elsewhere on Taloombi Street at $6.3 million last year for a Bezzina-built home.
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.amazon.com/Houses-From-Down-Under-Worlds/dp/1864701412">The 100 projects book </a>included the work of architects and interior designers in Australia and New Zealand.
 
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The Lantern house in Cronulla - with its top 100 Down Under architectural ranking - listed for May auction 

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Gold is rare because it’s not found everywhere. And yet, if you listen to some in the property investment industry (often those whose income depends on a particular ‘scheme’), you’d swear there was a glittering new gold mine discovered every other day.
There are some who have been giving Greater Western Sydney the gold-plated sales pitch. So is this densely populated and diverse region of Australia’s most expensive city really worth plundering for profit? Let’s replace the spin and wishful-thinking with objectivity.
For Greater Western Sydney (GWS), which takes in 14 local government areas as far west as the Blue Mountains, the hype is all about population booms, better housing affordability, and major infrastructure projects in the pipeline.
While there might be some truth to these tales, the only story that ever matters is: how will this influence property values?
It’s densely populated and demographically diverse
A whopping 9% of Australia’s total population (that’s one in 11 people) lives in GWS. If you put all the people from South Australia, the ACT, Tasmania and the Northern Territory within its borders, you’d still fall short of the 2.02 million people who actually live in the region.
<img src="/images/stories/2013/04/pressleyapril17one.jpg" width="470" height="304" alt="pressleyapril17one">
And that 2011 population figure is increasing by 1.6% a year (above the state average of 1.1% and the national average of 1.4%) so that by 2036, it will be tipping the 2.96 million mark.
The region is demographically diverse: around 35% of the region’s population was born overseas, and 37.3% of all residents are aged 24 years or younger.
Crime is a significant factor too. Half of New South Wales’ recorded incidents of ‘discharge firearm into premises’ were recorded in GWS in 2011, according to a report from the state’s Bureau of Crime Statistics and Research.
It’s no wonder then that GWS is a political battlefield in the lead up to every federal election as both sides of government attempt to buy votes with (broken) promises ranging from reducing crime to easing traffic congestion to creating jobs. For certainly these are some of the greatest problems facing what is the most densely populated part of our country.
The economy and employment aren’t real rosy
The region’s gross regional product in 2010–11 was $95.6 billion, accounting for one-third of the entire Sydney Metropolitan GRP. Manufacturing made up 16%, which is quite a worry when the Aussie dollar is so high. One fifth of all businesses are in the construction industry, and some big multinationals including BHP Billiton, Coca-Cola, and Qantas have a presence in the region.  
GWS’ median household income is well below the national average and unemployment is significantly higher. Jobs for white-collar professionals are light-on. Accordingly, a lot of people have to commute out of the region, which puts strain on the region’s roads.
By 2036, when the population is nudging the three million mark, forecasters project the region will need an extra 450,000 jobs. Already there’s a jobs deficit of 182,000, which is expected to grow to 290,000 over the next 25 years (according to the Penrith Business Alliance’s Metropolitan Plan).
In 2011, 12% of Sydney homebuyers and 25% of renters were experiencing housing stress. These figures are higher for low–middle income earners, and eight of the 10 worst affected areas are in GWS.
Housing is more affordable than Sydney metro, but some of it’s a bit misguided
Since Sydney Metro has the most expensive housing in Sydney, a lot of locals look to GWS to invest because it offers a considerably lower entry price and a higher rental return.
Interestingly, granny flats are at almost plague proportions, especially in the Penrith and Blacktown LGAs. Some investors think granny flats are a great way to generate a dual income stream, and the NSW government supports granny flats through its Affordable Rental Housing State Environmental Planning Policy.
But lately there’s been a rise in the number of property valuers not supporting purchase prices, and banks are also being more conservative by limiting the amount they will lend for these purchases or not recognising the dual income stream.
I’m not a big fan of granny flat properties – not just in GWS, but across the board. Granny flats can be a triple whammy. High initial purchase price, extended vacancy rates (because not everyone wants to live with someone else in their backyard), and a restricted resale market (because 70% of buyers, the owner-occupiers, aren’t real keen on the set-up) can combine to give the investor limited capital growth. Others may (conveniently) overlook these important investment fundamentals. 
 
<hr class="system-pagebreak">
Transport infrastructure is appalling
While Sydney’s 2000 Olympic Games was a roaring success its infrastructure planning was deplorable at best. The city has never recovered. Transport routes in GWS are the least efficient in Australia and will get worse as population grows.  
Infrastructure upgrades have not kept pace with population growth. The rail network has not been significantly expanded since the 1930s, yet the region’s population is now five times greater.
So the region relies heavily on passenger cars, adding to traffic congestion, fuel costs, poor air quality, and stress-related health issues. Not surprisingly, people aren’t keen to cosy up in places with such financial and emotional stressors, and potential property investors would soon see the results of this in their capital return.  
Education and social infrastructure are sadly lacking
GWS has the University of Western Sydney (36,000 students), Western Sydney TAFE and South Western Sydney TAFE. The region has a high proportion of low income families and staff shortages are a major issue for its early childhood centres.
High school retention rates for GWS are the lowest in the Sydney Metropolitan area, sitting at 69.5% compared with 95.2% for Northern Sydney.  
Western Sydney’s Urban Frontiers Program: A new vision for Western Sydney – options for 21st Century governance (April 2002) probably best sums up the social infrastructure: ‘Decades of under-investment of policy and fiscal resources in Western Sydney by successive state and federal governments have left many of the region’s cultural, social and environmental needs unmet. The legacy of this undernourished development includes mounting social and environmental problems, including hardening pockets of poverty and social exclusion, a dwindling and fraying public sphere and ever increasing ecological stress.’  
Major projects are stalling at the starting gates
GWS’s infrastructure problems are dire and a growing population continues to accentuate the problems. Decades of state government instability, poor planning, and limited funding continues to prolong the chaos for GWS residents.  
Take the North West Rail Link, first proposed back in 1998 and redesigned a few times since.
The O’Farrell Government has declared the latest design (a 23-kilometre line from Chatswood to Riverstone, including eight new stations) will commence late-2014, but doubt remains and there’s (still) no federal government funding for this project, which some say could cost as much as $10 billion.
Or take Westconnex, a proposed $10 billion road project to extend 33 kilometres of motorway along the M4 from Parramatta to Sydney and unclog arterial roads around Port Botany and Sydney Airport.
Planning is not finalised, federal and state governments don’t see eye-to-eye and funding is not in place so the 2022 completion date is dubious.
So where does this leave us?
I personally wouldn’t recommend GWS to my clients now or in the foreseeable future, but what I would recommend about GWS – and every property investment opportunity you’re ever presented with – is to push past the glitter to see what really lies beneath.
You’ve got to go in with your hard hat on, get your hands dirty and be prepared to drill down into the details to determine the real and potential impacts on your capital return.
Because sadly, all that glitters is not gold. And it’s not called fool’s gold for nothing, folks!  
Simon Pressley is Managing Director of <a target="_blank" href="https://www.propertyology.com.au/">Propertyology</a>, an accredited property investment advisor, and Australia’s Buyer’s Agent of the Year (2012 and 2013).
 
 
 
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Greater Western Sydney is spruiked as a gold mine but investors should be wary: Simon Pressley

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The film makers Baz Luhrmann and Catherine Martin have $15 million-plus hopes for Iona, the 1880s Darlinghurst mansion.
The couple want to buy a family home with a garden in the eastern suburbs of Sydney rather than keep the inner city premises from where they have maintained their Bazmark film production offices.
The couple paid $10 million for the grand Victorian building (pictured below) in 2006 having previously rented the Italianate mansion, for almost the prior decade.
<img src="/images/stories/2013/04/bazapril15one.jpg" alt="bazapril15one" width="470" height="708">
The creative duo never made a secret of their desire to buy so the couple engaged a buyer's agent, Janne Sutcliffe, to secure it before the real estate agent, Peter Blacket, scheduled inspections in 2006. The initial weekly asking price rent for the property in 1995 was a hefty $6,400.
It sits on a 2700 square metre block reduced over the years since built in the late 1880s as the residence for the pastoralist Edward Chisholm.
It next sold in 1908 to Adela Taylor, wife of Sir Allen Taylor, the then timber merchant and former lord mayor of Sydney who'd been in office in 1905 and 1906 and again between 1909 and 1912.
The Taylor's sold in 1912 to Eliza Hyem, wife of Alexander Hyem who leased the site to Jessie Robertson, Elizabeth Robertson and Annie Ellie McAndrew, spinsters according to the NSW Heritage site, who converted the house to Wootten Private Hospital, a psychiatric facility.
Jessie Robertson became the owner of the property in 1918 and after leased the hospital to Florence Inglis, Elizabeth Fraser and Annie Paton, these nursing spinsters purchased the property in 1927.  With most mansions around Darlinghurst demolished between the 1920s and 1960s, the extended use of Iona as a hospital saved it from this fate.
However in 1973 the site was purchased by developers, Cascais, Westport Holdings and Inciti Developments, who also purchased many surrounding houses. They sought approval for three 60 storey tower block home units in the area. Consent was granted in 1977 which included a lesser scale development and the conversion of Iona into 13 strata apartments.
But the developers suffered financial problems and each property was sold off individually.
The National Trust and other conservationists fought to protect Iona before and after its purchase by Jesseme Pty Ltd, the company was owned by John Rutherford who prepared plans for the conversion of the building into 15 flats but the proposal did not proceed. John Rutherford acquired from Home Units of Australia for $700,000 in 1980.
Rutherford subsequently applied to the Heritage Council for funding assistance for restoration works to the property, and $20,000 was granted.
The Luhrmann couple's McGrath estate agent has told Fairfax Media that the News Ltd report that the listing arose to help cover a cost blowout in their upcoming blockbuster, The Great Gatsby, were inaccurate.
The 1880s oasis was sold for $2.04 million in 1993 by John Rutherford to Ian Gowrie-Smith, the London-based entreprenuer who sold to the Luhrmann-Martin couple.   
It has the best rose corniches Title Tattle has seen.
Image courtesy of <a href="https://mydarlingdarlinghurst.blogspot.com.au/" target="_blank">My Darling Darlinghurst</a>.
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Baz Luhrmann and Catherine Martin list Iona, the Italianate Darlinghurst record setter mansion

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Opportunities to enter the Sydney residential rental market continue to dwindle due to the ongoing low vacancy rates, according to data released by the Real Estate Institute of New South Wales.
The March 2013 REINSW vacancy rate survey, has since shown a further drop in the Sydney metropolitan area to 1.8% from 1.9% at the end of February. 
The inner suburbs (0-10km from CBD) led the decline, shrinking 0.3% from last month to 1.7% returning to the same rate in December 2012.
The middle suburbs (10-25km from CBD) remained steady at 2%, but down from January when it hit 2.3%.
REINSW president Christian Payne continues to express his concern over the lack of supply in the rental market this year, after September 2012 he had said the government had failed to provide appropriate incentives to invest in the property market.
“The metropolitan market has tightened for the second month in a row and brings us back to November 2012 levels,” Mr Payne said this month.
Outside of Sydney, Illawara had shrunk by 0.1% to 2.2%, <a href="/news">Wollongong</a> had declined by 0.4% to 2.3% while the Hunter region had increased by 0.1% despite a <a href="/news">Newcastle</a> experiencing a 0.4% drop to 2.1%.
Mr Payne said despite the Orana region (which includes major centres <a href="/news">Dubbo</a>, <a href="/news">Cobar</a> and <a href="/news">Mudgee</a>), experiencing a rise of 0.5% to 1.6%, it still remained the most difficult region to find accommodation for in its third consecutive month.
According to Payne, the Central Coast availability jumped to 2.4% with 0.5% increase and Coffs Harbour remains the easiest place to find rental accommodation with an increase of 0.4% to 4.3%.
Northern Rivers and Mid-North Coast also experienced increases of 0.4% to 2.7% and 2.3% respectively.
New England saw a fall of 0.8% to 2.5%, the Riverina also saw a decline by 0.1% to 3.4% while the availability in <a href="/news">Albury</a> saw an increase of 0.1% to 1.7%.
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Sydney residential rental market continues to tighten

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In our Purchase or Pass segment this week Ingrid Willinge is joined by Charles Tarbey CEO and owner of Century 21 and Tom Panos head of real estate advertising at News Limited. Most of the time on Purchase or Pass we analyse two-bedroom investment units in the inner city but this week we’re going to look at a more expensive three bedder and see if it still ticks the boxes.
It’s a <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-coogee-nsw-2034/163135" target="_blank">three-bedroom unit</a> in a small block of nine, 7.8 kilometres from the Sydney CBD and just 600 metres to the local action. The property is pretty large for the area at 102 square metres and has a very large garage, which could potentially fit two cars in it. The property is in a great condition and not a cent needs to be spent.
{qtube vid:=QZMT8FQVPrY}
Ingrid Willinge: Lets take a look at this property; you can see the photos coming up there. What do you think, a lot of angles can be taken but I guess it comes down to numbers and strategy of the buyer, looks like not such a bad return for a safe investment. What are your thoughts, starting with the positive Charles?
Charles Tarbey: It looks like a great location from here, but also the size of it is also a really impressive part of it because most apartments 7.8 kilometres from the city with the return that this one is particularly showing are quite expensive and to get a three-bedroom unit, 7.8 kilometres and 35-square-metre car parking is really quite positive. I’d say the size, the car parking and the views are what I would say are three of the most significant positives features of the property.
Ingrid Willinge: With the carpark though, it really depends on location I guess to how valuable the car park is right?
Charles Tarbey: Well it does, but most of the inner city areas, and this has to be close to that, have street parking or they have parking that might not be undercover. To have 35 square metres of parking is quite significant in a lot of the areas.
Ingrid Willinge: Tom what are some of your positives on this one?
Tom Panos: Ticks location, the fact you have nothing to do, rental return of 5.5% that beats what you’re normally getting. It’s close to the city, which you would normally get 4 to 4.5%. If you lock it in at a 5% interest rate on a fixed loan, you’re talking about something that is revenue neutral. Small block of nine, love that. Light and sunny with a view, it’s all-good. Some people will argue in it being a three-bedroom unit that you’re going to have more difficulty in trying to sell and rent because you have to get three people to move into it. I actually think the opposite which is you’ll probably get a better quality tenant. You won’t get like, three guys or individuals moving in and sharing, you’re more likely to get a family, more established, stronger incomes which are more solid. I like it.
Ingrid Willinge: What about in terms of strata levies, given it’s a block of nine can we assume strata levies are probably smaller? Like no elevator in the building.
Charles Tarbey: It really does depend on the body corporate, there are so many places that are similar to each other but body corporates run differently, so it really does come down to the body corporate. Any buyer looking at it is going to ask the question, or you expect their conveyance for a lawyer to ask the question and to see information on the body corporate and see how they’ve behaving or how they’re working or what the sinking fund is like. I think it really comes down to that at the end of the day.
Ingrid Willinge: Tom, any negatives on it that you can see?
Tom Panos: My only negative is being a bigger unit it’s at the upper end for the average values in the marketplace and we all know that you want to be in the lower or medium area of a suburb, so you are aiming to go for top dollar in that market place. But at the end of the day, a good property that is giving you that rental return, someone’s going to sit there with a calculator and paper making their decision and it stacks up good, 5.5%.
Charles Tarbey: Yeah, three beds is pretty rare, its usually one bedders or two bedders so three bedroom, even though it might be harder in some respects like renting or finding the right tenants, it’s a very important part of it, that the capital gain side of it could be stronger because of the three beds.
Ingrid Willinge: Purchase or pass?
Charles Tarbey: Purchase.
Tom Panos: Purchase.
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Purchase or Pass? A more expensive three bedroom unit with Tom Panos and Charles Tarbey 

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Hefty house rents in Sydney have been driving tenants towards cheaper rental units but this may lead to unit rents rising to the same level, according to Australian Property Monitors.
House rents remained unchanged at $500 per week over the March quarter, but unit rents increased 2.2% to $470 per week, according to APM’s March quarterly rental price series report.
Andrew Wilson, APM’s senior economist, says high median house rents of $500 per week are pushing Sydney tenants into units.
The gap now sits at $30 a week. In the March 2012 the gap was $50.
“With first home buyer numbers currently at record lows, demand is increasing for already scarce rental accommodation, particularly at the more affordable end of the price spectrum,” Wilson says.
“The differential between house rents and unit rents however is quickly closing with the real prospect looming of rental parity between these accommodation types.”
House rents in Sydney remained the same since the March 2012 quarter but unit rents increased $30 a week in the same time.
<img height="211" width="470" src="/images/stories/2013/04/apmapril11onethumb.gif" alt="apmapril11onethumb">
Sydney's house yields are up 0.7% over the quarter to 4.64% and unit yields increased 0.4% to 5.15%.
Nationally the median asking rent for units increased 2.2% in the three months ending March 2013, with Perth leading the pack.
Units rents rose 3.8% in Perth, 2.9% in Melbourne, 2.2% in Sydney and 1.8% in Adelaide. Unit rents remained unchanged in other state capitals.
<img height="211" width="470" src="/images/stories/2013/04/apmapril11twothumb.gif" alt="apmapril11twothumb">
House rents remained stable across the country, increasing 0.4%. House rents rose 7.7% in Darwin over the quarter, 4.3% in Perth and 1% in Canberra.  House rents fell 3.1% in Hobart and remained unchanged elsewhere.
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Sydney house rents push tenants into units: APM

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Anka Property Group's launch of its <a href="https://www.propertyobserver.com.au/developments/anka-unveils-%24200-million-development-union-balmain/2013040260079/Page-1" target="_blank">Union Balmain</a> development has secured an immediate 60% sales success.
Of the 202 apartments, 124 sold, with the majority of buyers being owner-occupiers.
Members of the public were lining up at 8am outside the display suite but the launch did not kick off until midday.
<a target="_blank" href="https://www.propertyobserver.com.au/developments/anka-unveils-%24200-million-development-union-balmain/2013040260079">The $200 million residential development</a> is located in the Sydney suburb of <a href="/news">Rozelle</a>. 
Anka's principals Vera and Alex Boyarsky established the firm in 1968 and since then its projects in Australia and overseas have included the 18-storey Chelsea Apartments in Sydney, the Seaview in <a target="_blank" href="/news">Mooloolaba</a>, and Paradise Grove and the Mayfair in Western Australia.
Internationally Anka has also developed retail centres in Seattle and even a resort in Fiji.
One-bedroom apartments range in size from 58 square metres to 113 square metres with a starting price of $625,000.
Two-bedroom apartments range in size from 86 square metres to 147 square metres priced from $860,000.
Three-bedroom apartments range in size from 115 to 249 square metres. They range in price from $1,095,000 to $2 million.
The three-building, six-storey complex will feature a residents-only rooftop park with a communal vegetable garden and BBQ areas.
It has an expected completion date of early 2015.
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Anka's Union Balmain sells 60% of apartments at launch

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Vacancy rates in the twin border towns of Albury and Wodonga increased from 1.5% in February to 1.9% in March, according to the REINSW and the REIV.
In January the vacancy rate for the two towns was 3.4%, before tightening in February and then easing slightly in March.
The two real estate institutes are co-operating to produce the figure, which they started reporting last month.
According to RP Data, the median rent in <a href="/news">Albury</a>, $318 per week, is higher than in <a href="/news">Wodonga</a>, which has a median rent of $275. And median house prices in Albury, $388,500, are much higher than in Wodonga, which has a median house price of  $250,000.
In Albury a four-bedroom home on 934 square metres at <a href="https://www.realestate.com.au/property-house-nsw-albury-112890963" target="_blank">801 Delany Street</a> (pictured below) is listed for sale at $345,000. It last traded for $334,000 in 2004, according to RP Data.
<img src="/images/stories/2013/04/alburywodongaaprill11one.jpg" width="470" height="293" alt="alburywodongaaprill11one">
And a three-bedroom home on 976 square metres at <a href="https://www.realestate.com.au/property-house-nsw-albury-113206267">15 Klinberg Court</a> is listed for sale at $398,000. In 2006 it was on the market for $397,000 and in 2005 at $453,000 according to RP Data.
A three-bedroom home on 651 square metres at <a href="https://www.realestate.com.au/property-house-nsw-albury-111311403">985 Bralgon Street</a> is listed at $150,000. It currently rents at $180 per week.
And a three-bedroom home on 625 square metres at <a href="https://www.realestate.com.au/property-house-nsw-albury-113127783">25 Kurrajong Crescent</a> was listed at $259,000. It currently rents at $330 per week.
 
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In Wodonga a four-bedroom home on 757 square metres at <a href="https://www.realestate.com.au/property-house-vic-wodonga-113215603">10 Inverness Street</a> is listed for sale at $275,000. In 2011 it was listed for sale at $300,000, according to RP Data.
A four-bedroom home on 701 square metres at <a href="https://www.realestate.com.au/property-house-vic-wodonga-113406167">385 Lawrence Street</a> is listed for sale at $250,000. In 2007 it was on the market for $214,000.
A two-bedroom house on 370 square metres at <a href="https://www.realestate.com.au/property-house-vic-wodonga-113479679">4/12 Emery Court</a> is listed for sale at $209,000. It currently rents for $235 per week.
A three-bedroom house at <a href="https://www.realestate.com.au/property-house-vic-wodonga-113330415">2 Clarendon Avenue</a> (pictured below) is listed for sale at $349,000. It is marketed as having a potential rent of $380 per week.
<img src="/images/stories/2013/04/alburywodongaapril11two.jpg" width="470" height="305" alt="alburywodongaapril11two">
Agent Georgette Nehme says there are solid returns to be had in Albury. She has a number of properties listed with rental returns with rental yields above 6.5%.
Her head of rental James Veneris says the rental market is tighter than it is sluggish.
“Around here you’d find supply tends to equal demand. If anything, demand is a little bit higher. My guess for an average vacancy rate in the town would around 2%,” Veneris says.
Nehme’s firm deals just in properties on the NSW side of the border.
In Wodonga, agent Jamie Maynard from First National says the published vacancy rate sounds about right for the town.
“It would be pretty comparable with us at the moment. We’ve got about 250 rental properties with about 8 available,” Maynard says.
He says most properties give rental yields of 5.5% to 6%, which is bringing in out-of-town investors.
“The majority of sales are from the local market but investor market has jumped considerable due to interest rates being so low and the yield being so terrific.”
He says there are many short-term industry and government workers in the area looking to rent and increasingly people are working in Albury but living in Wodonga.
Prices are lower in Wodonga because there is more vacant land, Maynard says.
There were 6,377 rental homes managed by real estate agents in Albury City and the City of Wodonga in 2011, according the 2011 census. They represented 20% of all homes in the region.
Wodonga, Victoria, accounted for 40% of the rental homes and Albury, NSW, accounted for 60%.
“It is interesting to note the region has a very high proportion of rental homes – 17% – managed by a government housing authority,” REINSW chief executive Tim McKibbin said in March.
The 2011 census found the median weekly household income in Albury, $1,120, was higher than Wodonga, $931.
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Twin border towns Albury and Wodonga get combined residential rental vacancy index

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The first two apartment buildings of the Barangaroo development on Sydney’s CBD waterfront have attracted strong preliminary registration interest since the planning applications were submitted in November last year by Lend Lease.
By the time the apartments go on sale later this year, Lend Lease have estimated a 10,000 plus enquiry pool.
Lend Lease has appointed CBRE as the lead selling agent for the residential community which is dubbed the most significant Sydney CBD waterfront residential offerings since the release of apartments at Circular Quay and Woolloomooloo in the 1990s.
"The level of enquiry is above anything we have seen in the last 20 years for new apartments on the harbour from East Circular Quay to Walsh Bay," CBRE’s chairman of residential projects Justin Brown told The Financial Review.
Property Observer first <a target="_blank" href="https://www.propertyobserver.com.au/developments/every-apartments-has-harbour-views-as-lend-lease-unveils-two-barangaroo-apartment-blocks/2012112057997">reported</a> on the two apartment buildings in November.
The two apartment buildings will range in height from seven to 11 storeys and comprise of 159 apartments of one-, two- and three-bedroom apartments.
<img height="339" width="470" src="/images/stories/2013/04/barangarooapril10one.jpg" alt="barangarooapril10one">
The 47 one-bedroom apartments will range from about $1 million and the 100 two-bedroom units will be priced from $2 million.
Also on offer will be 11 dual-level luxury loft apartments and one double floor penthouse.
The apartments are the work of Richard Francis-Jones of FJMT and Andrew Andersons of PTW.
<img height="345" width="470" src="/images/stories/2013/04/barangarooapril10two.jpg" alt="barangarooapril10two">
The 10-storey building designed by Francis-Jones includes a striking cloud-shaped design for the apartments and balconies at the north of the 82-apartment building overlooking the new public square and harbour cove.
The 77-apartment, eight-storey building designed by Andrew Andersons includes substantial rooftop gardens and green plantings.
Brown says the Baranagaroo develop is Sydney’s last significant CBD waterfront residential offering.
“These contemporary-designed apartments offer the quintessential Sydney Harbour living experience,” says Wilson.
The apartments are scheduled for release later this year and have an expected completion date of mid-2015.
Interested parties can <a target="_blank" href="https://www.barangaroosouthresidential.com/">register their interest at the Barangaroo website</a>.
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