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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Sydney entrepreneur Drew Muirhead is now seeking to sell his unsold five-bedroom Cottage Point waterfront on Sydney's Pittwater in 12 shares, each costing more than the average Sydney home.

It has been given a nominal $7.8 million value, with each portion listed in $650,000 part ownership shares, while he would retain two himself.
The house was briefly listed for sale in late 2006 and then almost ever since April 2010 with $10 million plus hopes through four different estate agencies.
It's possibly the biggest house within one of Sydney's smallest suburbs, Cottage Point, complete with infinity-edge pool, spa, jetty and pontoon.
Last traded for $1.7 million in 2005, the vendor has previously rejected the suggestion the almost $3.5 million he spent building his dream home was an overcapitalisation.
He says when he had hopes of selling for more than $10 million, he had interest at $8 million.
Designed by architect Richard Cole, it has water views from every room with its pitched ceiling expanding the view to include the bushland behind.
Fractional ownership is a model used in the US and Europe.
"It is not time share," Drew Muirhead says.
“I have chosen this method because the market is at an all-time low and the top end is getting hammered, so I have been researching for the last 12 months to see what else I can do.
"There are few people who have $6 million to $8 million to buy a holiday house these days, and the strength of the Australian dollar is killing the greenback, so we have no expats investing – which is probably where I would expect the buyer to originate,” Muirhead says.

The five-bedroom home was featured on Grand Designs Australia in 2010.
It has been rented out for $20,000 a week in the peak season, with Australian actress Kim Wilson once calling it her "perfect piece of Sydney paradise".
Muirhead is offering the property under a co-ownership agreement drawn up by PodProperty chief executive Jeremy Levitt, who says the method has become more popular especially for holiday homes.
"The owners will have a deeded share of the title of the bricks and mortar and can use their share for their own holiday stay, or rent out your time for a great return," Levitt says.
Trent Brewer of Ray White Terrey Hills says there is usually only one sale a year in <a href="/news">Cottage Point</a>, the highest being $6.45 million in 2008.
Have you had experience with part ownership in a holiday property? <a href="mailto:news@propertyobserver.com.au">Tell us your thoughts.</a>
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jchancellor-FAypfDUnLy

Cottage Point waterfront carved up into 12 portions with expatriate buyer expectations

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The auctions market has continued to show signs of ongoing strength, with clearance rates remaining above 60% in the major capital cities.
The moves comes after several weeks of positive property data, including price rises recorded by RP Data, Rismark International and the Australian Bureau of Statistics. Clearance rates have also remained above 60% and are up compared to the same time last year.
Analysts also suggest another rate cut will help boost sentiment even further, following on from the Reserve Bank's decision to slash rates by 25 basis points earlier this month.
According to the Real Estate Institute of Victoria, Melbourne recorded a clearance rate of 62% compared to 60% last week and 53% this same time last year. But chief executive Enzo Raimondo said the main test for the market is yet to come.
"A significant test for the market will occur next weekend when around 1,200 auctions are expected, the highest number for a weekend since December in 2010."
SQM Research managing director Louis Christopher says it's a good sign – and says clearance rates could reach as high as the high 60s or even low 70s by February or March if conditions continue.
"We're really seeing that results are higher than at this time last year, and it's been happening for a large number of consecutive weeks."
"We could see auction clearance rates reach even higher next year, if conditions continue."
Sydney recorded a clearance rate of 56%, down from last week's rate of 60%, but up from last year's 52% result.
A report out today from BIS Shrapnel suggests housing market conditions in the capital cities will continue to improve, but that a small boom in prices wouldn't actually help long-term recovery.
This article first appeared on SmartCompany
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Weekend auctions show continued signs of strengthening

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The historic Victoria Street residence Overcliffe has been finally sold at about $2.75 million. It recently passed in at auction on a $2.8 million vendor bid.
It’s the 1876<a target="_blank" href="/news"> Potts Point</a> cottage of master mariner George Kenny.
The landmark house was restored by the Fink family, who built a modern rear three-storey extension designed by architects Clinton Murray and Shelley Penn.
Leon Fink had previously secured permission to substantially demolish the timber cottage but then had second thoughts for the 299-square-metre block.
Before Fink it was the barrister Charles Waterstreet who'd bought the cottage in 1980 for $112,000, selling it reluctantly to the Fink family for $842,000 in 1988.
It was the house briefly in the headlines when actress Kate Fitzpatrick unsuccessfully sought Supreme Court orders in 1996 claiming a 10% stake dating back to her relationship with Waterstreet between 1979 and 1982.
The latest vendors were Bob and Helen Hargreaves, who were the 1985 founders of Le Forge, the hand-forged furniture manufacturers.
<a target="_blank" href="https://www.mcgrath.com.au/buy/house-potts-point-nsw-2011/164149/?searchID=22949841">Overcliffe</a> had been listed through with initial $3.7 million-plus hopes in February 2012.
It sold through McGrath agent Chris Chung.
It last traded at $3.1 million in 2009.
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 Historic Overcliffe in Potts Point sold

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Boorowa farmer John Arnott has listed his Byron Bay district dress circle property, dubbed The White House on Wategos.
Positioned metres from the sand on Marine Parade, the beach house getaway has ocean views from all living areas and four out of the five bedrooms.
The three-level, open-plan property has multiple terraces.
<img src="/images/stories/2012/10/marinepde.jpg">
It cost $5.5 million in 2009 when Arnott acquired the property from the founder of Sausage Software, Steve Outtrim, who had paid $2.2 million for it in 2000.
Its been listed for <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-byron+bay-111850587">November 17 </a> auction through Ray White agent Lloyd Lawton.
Lawton says the owners are motivated to sell the 434-square-metre property as they wish to pursue investments closer to home. 
The five-bedroom home attracts as much as $14,000 per week in holiday lettings and has played host to the likes of Kate Moss, Elle Macpherson and countless other celebrities.
Not that it's ostentatious. “It was a little unloved when we bought it, our intention was to bring it back to life and retain the integrity of an authentic beach house,” owner Angelica Arnott said.
“We let the light in, but you can still hear the wind whistle enough to soothe you to sleep. It’s not so much state-of-the-art, more of a state of grace.” Meanwhile, next door, Skilled Engineering group boss Greg Hargrave is still seeking to offload his property, which was bought from the Albury medico David Kirwan for $7.55 million in 2009. 
Kirwan had bought the property for $900,000 in 1996.
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Wategos' comfortable White House listed

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One of the tightly held warehouse conversions in Sydney's Surry Hill has been listed for sale.
The property has been listed by <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/NSW/Surry-Hills/?adid=2009994573">BresicWhitney</a> agents Shannan Whitney and William Phillips in conjuction with <a target="_blank" href="https://www.richardselliot.com.au/buying/11-13-phelps-street-surry-hills">Richards Elliot</a> agents Jerry Toller and Simon Hohnen. The agents are looking for $2.5 million plus for the property.
It last sold in 1991 for $270,000 to the current owners who converted into a gallery and residence.
The building is a former rubber stamp factory now known as the Stamp Factory and Gallery.
The early 1990s conversion was designed by architects Mark Hurcum and Nick Turner who have since worked on a number of large commercial, office and residential projects including the redevelopment of Campbell’s Stores in The Rocks and the planned 19-31 Pitt Street Sydney.
The three bedroom residence on 240 square metres comes with two street frontages. It consists of a warehouse fronting Phelps Street and a terrace fronting Arthur Street.
The marketing for the property celebrates the floating paved entry with water features, the central stone and steel kitchen the artist studio which has its own entry, the classically industrial high ceilings, and the privacy of its central courtyard.
The architects for the project say the brief was for the adaptive re-use of a rubber stamp factory into a private residence and art studio.
They say it was inspired by the client’s requirement for ‘Stonehenge-like’ use of light.
“Recycling much of the original fabric the old building was opened up to create a dynamic series of internal and external spaces,” the architects website says.
"This property was originally a stamp factory, which was still operational when last sold 1991," says BresicWhitney agent William Phillips.
<div style="margin: 0;"></div>
<div style="margin: 0;">"Via hearsay we understand it was a park/vacant land at the turn of the 20th century &amp; had been an industrial site for many years after that.</div>
<div style="margin: 0;"></div>
<div style="margin: 0;"></div>
<div style="margin: 0;"></div>
<div style="margin: 0;">"The major conversion, i.e. the conversion to residential/commercial was approved in 1991 &amp; the actual building (residence and gallery) was completed in 1992.</div>
<div style="margin: 0;"></div>
<div style="margin: 0;"></div>
<div style="margin: 0;"></div>
<div style="margin: 0;">"The original conversion won an architectural award (Daily Telegraph Architectural Awards) in 1993. This saw it featured on TV and in many publications: Vogue, Belle etc and from this notoriety it was often used for filming television advertising etc up until and now after its 2008 refurbishment.</div>
<div style="margin: 0;"></div>
<div style="margin: 0;"></div>
<div style="margin: 0;">Surry Hills was recently named as one of the most stylish neighbourhoods in the world by Complex magazine.</div>
Nearby, <a href="https://www.propertyobserver.com.au/new-south-wales/surry-hills-millionaires-show-a-flair-for-pricey-warehouse-conversions/2012022653560">Neville Miles sold his Surry Hills warehouse</a> in February this year for a record setting $5.71 million.
That 247 square metre warehouse dates back to the 1870s and was renovated by Hare + Klein.
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awalsh-7Ub9EypybQ

Former stamp factory conversion listed in Surry Hills

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Blackett in the outer west is the Sydney suburb with the highest rental yields for houses, according to information provided by RP Data.
The suburb has a median rental yield of 7.02% for houses with a median weekly rent of $310 and a median house price of $229,500.
The suburb is followed by neighbouring Willmot, at 6.96% with a median weekly rent of $300 and a median price of $224,250.
In fact all the suburbs in the top 10 are within a five-kilometre radius.
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<td height="20" width="135">Suburb</td>
<td width="104">Median Price</td>
<td width="110">Rental Median</td>
<td width="133">Median Rental Yield</td>
</tr>
<tr height="20">
<td height="20" width="135"><a target="_blank" href="/news">BLACKETT</a></td>
<td width="104">$229,500</td>
<td width="110">$310</td>
<td width="133">7.02%</td>
</tr>
<tr height="20">
<td height="20" width="135"><a target="_blank" href="/news">WILLMOT</a></td>
<td width="104">$224,250</td>
<td width="110">$300</td>
<td width="133">6.96%</td>
</tr>
<tr height="20">
<td height="20" width="135"><a target="_blank" href="/news">TREGEAR</a></td>
<td width="104">$227,000</td>
<td width="110">$303</td>
<td width="133">6.93%</td>
</tr>
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<td height="20" width="135"><a target="_blank" href="/news">LETHBRIDGE PARK</a></td>
<td width="104">$229,500</td>
<td width="110">$300</td>
<td width="133">6.80%</td>
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<td height="20" width="135"><a target="_blank" href="/news">EMERTON</a></td>
<td width="104">$251,500</td>
<td width="110">$328</td>
<td width="133">6.77%</td>
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<td height="20" width="135"><a target="_blank" href="/news">WHALAN</a></td>
<td width="104">$247,250</td>
<td width="110">$320</td>
<td width="133">6.73%</td>
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<td height="20" width="135"><a target="_blank" href="/news">BIDWILL</a></td>
<td width="104">$250,000</td>
<td width="110">$310</td>
<td width="133">6.45%</td>
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<td height="20"><a target="_blank" href="/news">HEBERSHAM</a></td>
<td style="text-align: justify;" align="right">$270,000</td>
<td width="110">$330</td>
<td style="text-align: justify;" align="right">6.36%</td>
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<td height="20"><a target="_blank" href="/news">SHALVEY</a></td>
<td style="text-align: justify;" align="right">$257,974</td>
<td style="text-align: justify;" align="right">$320</td>
<td style="text-align: justify;" align="right">6.28%</td>
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<td height="20"><a target="_blank" href="/news">DHARRUK</a></td>
<td style="text-align: justify;" align="right">$293,426</td>
<td style="text-align: justify;" align="right">$340</td>
<td style="text-align: justify;" align="right">6.19%</td>
</tr>
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Source: <a target="_blank" href="https://www.myrp.com.au/">RP Data</a> 
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The 10 Sydney suburbs with the highest yields for houses are within five kilometres of each other

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The receivers placed a $2.1 million vendor bid when a luxury contemporary Kingscliff went to weekend auction.
It was initially listed in early 2011 with $4,995,000 hopes.
The vacant near beachfront block cost $3.29 million in 2007.
The <a target="_blank" href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-kingscliff-nsw-2487/160659">25 Cylinders Drive </a>property was offered through John Natoli at McGrath Real Estate under instructions from Julie Williams as receiver and manager.
The beachfront residence in the Salt Village has a 1,000-square-metre casual living floorplan.
It comes with cinema room on ground floor with home office and library. There's an internal lift providing access to the three levels. It has a temperature controlled wine cellar and gym on its basement level. The garaging is for seven cars.
The 775-square-metre block comes with pool.
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The property last traded when bought by the then Golden Edge Homes managing director Michel Mouglalis. The Bundall-based Golden Edge Homes is in liquidation.
Mouglalis, a carpenter from Sydney, was at one time chairman of the Queensland Masters Builders Association.
Westpac has the registered mortgage with caveats on title from Boral Resources, ABC Brick Sales and Bradnam's Windows and Doors.
 
 
</div>
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Salt Village luxury market yet to turn

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BIS Shrapnel has revised up its expectations for new home building in NSW due to increased demand for new homes from first-home buyers following the introduction of the $15,000 state government handout on October 1, which only applies to buyers who buy or build a new home.
BIS Shrapnel is now forecasting around 40,000 homes to be built annually by 2015, up from the current average of around 30,000 homes year.
This jump would also lift the NSW residential building industry out of recession, according to the economic research firm.
August HIA figures revealed that the number of seasonally adjusted new detached house sales fell by 7% in NSW, while nationally, new home sales are at a 15-year low, averaging around 3,000 sales per month compared with more than 8,500 per month three years ago.
Since October 1, the state grant has been lifted from $7,000 to $15,000 for new homes valued up to $650,000, while a maximum stamp duty exemption of $20,240 is also available for homes worth up to $550,000.
Building commencements last peaked in September 2010 with 32,950 homes built over the prior 12 months, but has since dropped back 6% to 29,250 over 2011-12.
BIS Shrapnel associate director Kim Hawtrey says the expectations of a lift in residential building activity is based on what “what happened last time buyers of new homes were given special treatment [in 2008]”.
Then, the government lifted the $7,000 first-home owner grant to $21,000 for new homes purchased between October 2008 and January 2010.
''Before the 2008 boost, around 10% to 15% of Australia's first-home owners bought new homes or units,'' Hawtrey told Fairfax.
This jumped to 39% of all homes purchased by first-home buyers following the tripling of the grant.
According to Hawtrey, if the proportion of first-home buyers buying new homes currently jumps from 17% to 39%, as happened in 2008, this would mean an extra 8,200 first-home buyers would buy new homes. This is based on NSW Office of State Revenue figures, which show 37,500 NSW residents took out first-home owner grants in 2011-12.
In its September 2012 residential building report BIS Shrapnel forecasts lower interest rates and a recent fall in house prices has improved affordability to levels last seen in 2001 (excepting at the height of the GFC).


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Alongside improved affordability, BIS Shrapnel expects a general strengthening of the NSW economy and improving consumer confidence.
In addition, it says a focus by the NSW government to improve planning processes and a desire to release new greenfield land packages will ease pressures on the supply side.
Prior to this expected recovery, BIS Shrapnel notes that residential building in NSW has been “persistently subdued over much of the last decade, averaging only 30,000 commencements annually since 2006”.
“Over the same period Victoria averaged 46,000 commencements, whilst even Queensland managed 34,000.
“Although residential building slumped over this period, population growth remained strong and consequently a significant stock deficiency has emerged, centred primarily in Sydney,”
This deficiency, says BIS Shrapnel, has “created significant pressure in residential property markets, driving price and rental growth and ensuring Sydney remains the least affordable capital city in Australia.
“Affordability has been a significant contributor to the lack of new dwellings built in NSW, alongside a complex planning framework and lack of suitable land releases.”
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First-home buyer $15,000 grant to spark recovery in NSW new home building: BIS Shrapnel

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The NSW government’s $15,000 handout for first-home buyers purchasing a new property, including off-the-plan apartments, is 12 days old, and some developers are suggesting enormous spikes in inquiries and sales to this market segment.
While the $15,000 handout applies to purchases up to $650,000, first-home buyers can save $35,240 if they buy off the plan for less than $550,000, the upper limit to benefit from a maximum stamp duty concession of $20,240.
An upper price limit of $550,000 would restrict most Sydney first-home buyers to a one-bedroom inner-city apartment or possibly a two-bedroom unit further out – ruling out most first-home buyers with children. Two-bedroom apartments in Meriton's Eon Zetland project near Green Square start from $690,000.
Meriton, Australia’s biggest apartment builder, claims that first-home buyers numbers have shot up since the grant was introduced, from just 5% of the market to 45% of all Sydney metro sales – taking up the slack from declining Chinese buyers and investors.
Meriton does not provide any specific sales numbers in the published News Ltd article.
And while it does say the Chinese buyers have withdrawn from the market, it does not say what has happened to second- and third-home buyers and investors, who were able to access developer discounts and incentives aimed at keeping the market ticking over in the three-month period from July to October before the official government first-home buyer grant doubled from $7,000 to $15,000.
Possibly these market segments have dwindled as the developer incentives have disappeared.
CBRE is marketing DNA, a 119-apartment development in Camperdown ranging from studios to two-bedders on the corner of Pyrmont Bridge Road and Barr Street and being privately developed by Mark Mezrani.
Murray Wood, director of residential projects at CBRE, says DNA received over 1,000 enquiries in a week, with 70% of these coming from first-home buyers
The actual sales conversion data has not been released.


<hr class="system-pagebreak">
Not all developers are reporting an immediate jump in sales or enquiries from first-home buyers.
Japanese developer Sekisui House has reported no pick-up in inquiries for two NSW projects – The Waterfront at Wentworth Point and The Hermitage in Gledswood Hills in Sydney’s outer south-west.
The sales teams for these projects report that sales to first-home buyers at The Waterfront had been “very quiet leading up to the increased grant and stamp duty concessions”.
There is an expectation of a “significant increase” in first-home buyer enquiries for properties priced under $650,000, with Sekisui House having recently made some reviews of pricing to ensure maximum number of units fall below $650,000.
Sekisui has no product priced under $550,000 to take advantage of the maximum stamp duty concession.
Last week David Chittenden, director of residential in Sydney for Colliers International, said the wind had been taken out of the sales of the new first-home owner grant because developers were forced to offer incentives in the three-month vacuum between the $15,000 grant’s announcement and its commencement to all buyers to keep sales ticking over.
“Every developer tried to prop-up the market in this interim period,” Chittendon said.
“This has watered down the official grants because buyers have been conditioned to expect incentives and discounts.”
Mark Mendel, CEO of findinvestmentproperty.com.au, which claims a big spike in first-home buyer enquiries since the introduction of the $15,000 handout says a popular strategy among many of its clients is to purchase a property as a first home buyer and move in to it for six to 12 months before turning it into an investment and going to rent where they were previously.
“This allows people to get into the market without the burden of the additional costs of buying a property,” he says.
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Some NSW developers claim big first-home buyer rush, but is it hype or reality?

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The All Seasons Salamander Shores hotel in Port Stephens (pictured below) has been listed for sale.
<img src="/images/stories/2012/10/allseasons.jpg">
The listing comes with a waterfront hotel and 1.2 hectares with approval for redevelopment.
The 91-room hotel with views over Salamander Bay has conference facilities and restaurant, bar and gaming facilities.
The beachfront land bordering national parks has development application approval for a mixed site with 40 permanent residential units, 34 serviced apartments, 84 hotel rooms, 275 car parks and bar, restaurant, conferencing and retail spaces. The total approved area is 19,600 square metres.
The property is currently leased to Ibis Hotels.
Reviews of the hotel on Trip Advisor consistently say the hotel is slightly dated and in need of renovation.
RP Data shows the site last traded in 1992 for $3.1 million.
At <a target="_blank" href="https://www.realcommercial.com.au/property-hotel+leisure-nsw-soldiers+point-500478355">147 Soldiers Point Road</a>, the hotel has previously been run as an All Seasons Hotel and a Comfort Inn.
The property is being sold by CBRE agent Andrew Jackson. The expressions of interest campaign ends November 20.
Jackson is also selling the nearby <a target="_blank" href="https://cbre.realcommercial.com.au/property-hotel+leisure-nsw-corlette-500363383">Peppers Anchorage</a> (pictured below) with co-agent Rob Cross. The vendor is Bay Holdings Ltd, a joint venture company owned by Greg Shand and Allan Vidor.
<img src="/images/stories/2012/10/peppersanchorage.jpg">
Set on a 1.5-hectare site on the Tomaree Peninsula, the 1.5-hectare luxury hotel opened in 1992.
The sales campaign was due to finish on August 23, but it remains unsold.
It was built at a cost of $23 million.
In 2008, Jones Lang LaSalle expressions of interest campaign sought around $30 million for the hotel with marina.
Also nearby, <a target="_blank" href="https://www.realcommercial.com.au/property-hotel+leisure-nsw-raymond+terrace-500379187">The Spinning Wheel Hotel in Raymond Terrace</a>, a hotel, bistro pub, bottle shop and TAB centre with a pokies room (pictured below) sold after auction for an undisclosed price.
<img src="/images/stories/2012/10/spinningwheel.jpg">
The gambling operations earned the vendor $1,200,000 in gaming revenue.
The two-level hotel is on a 1,553-square-metre site.
There are 11 hotel rooms on the first floor as well as a two-bedroom manager's residence on the site.
The sale included the hotel licence and 18 poker machine entitlements.
It was being marketed by CBRE’s Joel Fisher and Daniel Dragicevich.
The site last traded for $490,000 in 2002.
 
 
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