<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

<main data-perf-region="main">
Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

<html><body>
A clifftop house with a unique design of three wedges has been listed for sale in the coastal town of <a target="_blank" href="/news">San Remo</a>, Victoria.
Linda Richardson – a retired company director – has listed her five-bedroom, four-bathroom home with an asking price of $5.5 million. 
Perched above the cliffs on the Anderson Peninsula on an 8.57-hectare block, the 1990 house was designed by <a target="_blank" href="https://www.smrekararchitects.com.au/index.php?option=com_content&amp;view=article&amp;id=4&amp;Itemid=6">architect Ermin Smrekar</a>.
The property boasts 360-degree views of Bass Strait, Cape Woolamai and Kilcunda.
One of the five bedrooms is a loft and is reached via a ship’s ladder.
<img height="216" width="470" src="/images/stories/2013/01/sanremo1.jpg" alt="sanremo1">
Other features of the property include high ceilings, four fireplaces and a potbelly stove in the main lounge room.
The property also boasts a north facing swimming pool and spa.
Located on Punchbowl Road, the home has been listed by Matt Davis from <a target="_blank" href="https://www.kayburton.com.au/property/135-punchbowl-road-san-remo">Kay &amp; Burton</a> in conjunction with South Coast First National Real Estate agent Russell Wilson.
Among architect Ermin Smrekar's other works since migrating from Trieste, Italy, was an elegant early 1980s house on North Road, <a target="_blank" href="/news">Brighton</a>.
Linda Richardson was a director of Carrol and Richardson, the textile and flag manufacturers.
</body></html>

ntrotman-Et3xWpamVh

Ermin Smrekar-designed San Remo clifftop listing

<html><body>
Investigations into the collapse of mortgage lender Wickham Securities by administrators PPB Advisory have uncovered what appears to be a bogus $10.8 million cashflow statement.
The cashflow statement is one of a number of apparent discrepancies and irregularities uncovered by PPB Advisory, which is also still waiting to receive a copy of the company’s books and records from Wickham auditor Brian Kingston.
A January 29 creditors' report issued by PPB Advisory says that Sandhurst Nominees, the trustee representing <a href="/news">Wickham Securities noteholders</a>, requested a cashflow forecast following concerns about the company’s cashflow position last year.
Wickham Securities sent an email to Sandhurst Nominees on November 30 disclosing cashflow forecasts to February 2013 along with a bank confirmation statement “apparently” issued by the Bank of Queensland and fund manager DDH Graham Limited showing a bank balance of $10,779,835.
PPB Advisory subsequently contacted the Bank of Queensland following its appointment to stop all debit transactions and was referred to DDH Graham Limited, which advised that the “statement dated November 30 which you have forwarded to me from the same named account showing a balance of $10,779,835.47 as of 30 November 2012 has not been generated by DDH Graham Limited”.
The PPB Advisory creditors' report says it has “not yet established who provided this document, however that amount was not available in the company’s bank accounts”.
As enquiries continue, no claim has been made in the creditors' report of any wrongdoing by DDH Graham Limited or Bank of Queensland.
PPB Advisory has also noted redemptions totalling $395,000 were paid between December 1 and December 20 from – just before Wickham Securities was placed in administration on December 21.
It says these redemptions are being investigated further.
The creditors' report also reveals that the administrators have yet to receive the company’s books and records from auditor Brian P. Kingston, who signed off on the June 30 annual accounts issued on September 12 last year, which he said were a fair and true view of the financial position of the company.
Wickham Securities should have provided the company's books and records to PPB Advisory by January 4.
In addition to not yet sending the books and records, Kingston has also not sent the administrators company data he says he has on his laptop, telling PPB Advisory his laptop  is being repaired.
PPB Advisory says it will be investigating the audit opinion provided by Kingston to see if it complies with auditing standards.
Other apparent irregularities included in the January 29 creditors report include:
<ul>
<li>Doubtful debt provisions of $625,000 for 2010, 2011 and 2012 that are not consistent with loan balances as of June 30 for each year;</li>
<li>Directors of the company have not complied with their statutory obligation to assist the administrators with their tasks;</li>
<li>Many Wickham borrowers are already subject to debt recovery efforts from the first mortgagee, but no records is provided in the company ledger to show the amounts owing; and</li>
<li>The administrators have found funds totalling $37,419 in five separate bank accounts that  have been transferred into the administration bank account.</li>
</ul>
The creditors' report confirms that ASIC has commenced action against Wickham Securities founder Bradley Sherwin, his wife Deborah Sherwin and eight related companies seeking orders to freeze bank accounts and appoint receivers.
The eight related businesses, which include Sherwin Financial Planners Pty Ltd, were all placed in administration on January 24, with administrators from the firm of Taylor &amp; Woodings appointed.
According to the Brisbane Times, Sherwin Financial Planners was once a major sponsor of the Brothers Junior Rugby League Club, with Sherwin offered $3,300 in spotter fees for any client it referred.
The Australian Financial Review recently reported that former high-profile NRL agent Jim Banaghan once promoted Sherwin's services, but that none of his clients chose to invest in the products he offered.
A Wickham Securities creditors' meeting has been scheduled for February 6, where creditors will vote on the fate of the company. 
</body></html>

lschlesinger-FZcF9M3vE6

Administrators find $10.8 million black hole in Wickham Securities 

<html><body>
The weekend release of Real Estate Institute of Victoria (REIV) median house and unit prices for the December 2012 quarter were greeted with a mixture of surprise and some celebration, perhaps indicating greater resilience in the Melbourne property market than first thought.
The REIV reported a 7.8% gain in the Melbourne median house price over the final three months of the year to $555,000, with units up 4.2% to a median value of $456,000.
But while REIV chief executive Enzo Raimondo says the results showed strengthening demand from a “combination of improved Victorian consumer confidence, four interest rate cuts and the seasonal increase in activity in the December quarter”, other quarterly data cast genuine doubt over the turnaround.
December quarter figures released by RP Data-Rismark based on its daily updated index suggest the Melbourne property market continues to undergo a correction, with house prices falling by 1.5% over the quarter and units down 2.7%.
The data provider Australian Property Monitors (APM) released its figures today, showing a more modest 2.4% gain in Melbourne house prices and a 1% gain unit prices of the December quarter, with both markets essentially treading water over the past 12 months.
Factoring in the figures from APM and RP Data provides a more sobering view of house and unit price changes over the December quarter.
Melbourne houses
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="491" colspan="4">
House price changes
</td>
</tr>
<tr>
<td valign="top" width="133">
 
</td>
<td valign="top" width="114">
Quarter
</td>
<td valign="top" width="134">
2012
</td>
<td valign="top" width="110">
Median
</td>
</tr>
<tr>
<td valign="top" width="133">
RP Data
</td>
<td valign="top" width="114">
-1.5%
</td>
<td valign="top" width="134">
-2.9%
</td>
<td valign="top" width="110">
$550,000
</td>
</tr>
<tr>
<td valign="top" width="133">
APM
</td>
<td valign="top" width="114">
+2.4%
</td>
<td valign="top" width="134">
+0.5%
</td>
<td valign="top" width="110">
$526,000
</td>
</tr>
<tr>
<td valign="top" width="133">
REIV
</td>
<td valign="top" width="114">
+7.8%
</td>
<td valign="top" width="134">
+4.7%*
</td>
<td valign="top" width="110">
$555,000
</td>
</tr>
</tbody></table>
 
Melbourne units
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="491" colspan="4">
Unit price changes
</td>
</tr>
<tr>
<td valign="top" width="133">
 
</td>
<td valign="top" width="114">
Quarter
</td>
<td valign="top" width="134">
2012
</td>
<td valign="top" width="110">
Median
</td>
</tr>
<tr>
<td valign="top" width="133">
RP Data
</td>
<td valign="top" width="114">
-2.7%
</td>
<td valign="top" width="134">
-2.5%
</td>
<td valign="top" width="110">
$435,000
</td>
</tr>
<tr>
<td valign="top" width="133">
APM
</td>
<td valign="top" width="114">
+1%
</td>
<td valign="top" width="134">
+2.2%
</td>
<td valign="top" width="110">
$391,000
</td>
</tr>
<tr>
<td valign="top" width="133">
REIV
</td>
<td valign="top" width="114">
+4.2%
</td>
<td valign="top" width="134">
+1.3%*
</td>
<td valign="top" width="110">
$456,000
</td>
</tr>
</tbody></table>
*The REIV figures compare December quarter 2012 figures with December 2011 quarter figures. APM and RP Data are annual changes over 2012.
The differences can be partly explained by the different median calculation methods used and in the case of the REIV, by the quality of the data used to calcuate its December results.
The REIV bases its figures on the median price – that is it ranks all sales from high to low recorded over the quarter and plucks out the middle or 50th percentile observation.
Australian Property Monitors (APM) and RP Data use what some would consider more sophisticated measures of median property price changes.
APM uses a stratified median price method, which controls for changes in the composition of properties sold by separating the total sample of properties into a number of sub-samples. It also issues revised figures based on better available data.
RP Data-Rismark uses a daily hedonic index, which measures home price movements on a “like-for-like” basis according to their key attributes, such as location, land size, number of bedrooms and bathrooms, and is the only provider that does not revise its figures.
The gains reported by the REIV suggest there is a trend of improving property values, but readers should keep in mind a number of issues which may have impacted on the stronger-than-expected results.
Firstly, they follow significant downward revisions to September quarter figures, which increased the gap between REIV figures quoted for the December and September quarters.
The September quarter median for Melbourne houses was revised down from $530,000 to $515,000, while units were revised down from $442,000 to $437,500.
As a result of the revisions the December quarter gains were much greater.
The stronger REIV results in the December quarter were also impacted by a lack of sales in nearly two-thirds of suburbs, which would also have skewed the data.
Property Observer analysis found there were 166 suburbs (63%) that had fewer than 30 sales over the December quarter – meaning their median price changes are less statistically reliable.
Indeed, there were only 95 suburbs that recorded a statistically significant figure of more than 30 sales.
Given that the majority of suburbs in the December quarter figures had fewer than 30 sales and revisions made to the September quarter figures, it is likely that December quarter figures will be revised downwards by the issuance of the next quarterly report.
Readers could of course consider taking an average of the three data providers (as Melbourne property market analyst Monique Sassoon Wakelin suggested investors do in her ABC radio program last year), which thereby confirms that any conclusion of a dramatic December quarter recovery may be premature.
Averaging out the three data providers’ results, house prices rose 0.8% over the quarter while units are up 0.3%, indicating something of upward trend, but no major rebound.
</body></html>

Melbourne residential property market on the mend? Property Observer navigates the muddling median maze

<html><body>
The Western Australian property market is expected to steadily improve in the coming six months, due to consumer confidence and better buying conditions, according to the Western Australian property market outlook by First National.
“Our members are looking forward to 2013 where the market is expected to build on the momentum already seen over the last six months of 2012,” says Cambell Giles, state chair and principal of First National Real Estate Giles Jones in Midland.
Perth, Peel and the south west are already experiencing a rising market in the back end of 2012 and this is expected to strengthen further in 2013.
Activity sales are expected to increase in the first half of 2013, resulting in the average number of days a property is on the market to fall.
Giles says the Port Hedland and the Newman property markets remain strong and are attractive to investors and owner-occupiers.
“Despite negative media reports, towns like <a href="https://maps.google.com/maps?ll=-20.31,118.601&amp;spn=0.1,0.1&amp;q=-20.31,118.601%20(Port%20Hedland%2C%20Western%20Australia)&amp;t=h">Port Hedland</a> and Newman will see the property market remain strong, with the region more sensitive to factors affecting the Chinese rather than the Australian economy,” says Giles.
“Early indicators show demand for resources is ramping up and iron ore prices will stabilise by mid next year, seeing confidence in this sector returned to early 2012 levels.”
However, local agents believe the Pilbara region will still dominate the property market in 2013.
Property prices are expected to gradually improve in the coming 12 to 18 months, especially where the mining and resources sector remain strong.
“The steadily improving market conditions are expected to translate into a gradual improvement in property prices with house prices, specifically <a href="https://maps.google.com/maps?ll=-31.9522222222,115.858888889&amp;spn=0.1,0.1&amp;q=-31.9522222222,115.858888889%20(Perth%2C%20Western%20Australia)&amp;t=h">Perth</a>, expected to rise,” says Giles.
On the investment side, apartment and strata property prices are expected to remain at current levels due to a steady ongoing supply, with any increase being the result of strong demand.
Investor activity is expected to increase as a result of improving rental yields and returns, but first homebuyers are expected to represent the strongest growth sector in the state.
Areas that are cheaper to buy in rather than rent include Burswood, Perth, Ascot, Girrawheen, West Perth, Ledge Point, South Hedland and Nickol.
</body></html>

Pilbara still to dominate as First National's WA agents see confidence return

<html><body>
Former St Kilda football player turned property developer Max Hudghton and his wife, Anya, have listed their fully renovated <a target="_blank" href="https://www.kayburton.com.au/property/33-gordon-street-hampton">Hampton home</a> with $4 million-plus hopes.
Located on Gordan Street, the four-bedroom, two-bathroom home sits on 1,902 square metres of land.
The house boasts travertine flooring, and the kitchen has marble bench tops and miele appliances.
A floodlit mod grass tennis court is on the block.
The property has been listed by Ian Jackson from Kay and Burton Brighton.
Hudghton's construction company built the Brighton townhouse that soccer champion Harry Kewell leased as his Melbourne base.
The Nicholas Day-designed property was built by Maxton Constructions for a development syndicate headed by the former St Kilda champion Fraser Gehrig.
</body></html>

Former St Kilda player Max Hudghton lists home for $4 million plus

<html><body>
 The Melbourne property market had everything thrown at it at 2012 with low clearance rates, international reports that stated it is overvalued and a barrage of negative reports in the media suggesting the market was going to experience a US-style crash.
But the latest figures from the REIV show not only did the property market hold its ground, but it actually began to pick itself up from the canvas and showed significant growth in the last quarter of the year.
<img alt="armstrongjan30" height="91" width="470" src="/images/stories/2013/01/armstrongjan30.png">
While the 2012 year started on shaking ground as property values continued to slide, the December quarter showed a massive 7.8% jump in median value for houses.
This growth is in line with what I was seeing in the market as reported in my September Property Observer article<a target="_blank" href="https://www.propertyobserver.com.au/residential/a-new-breed-of-upgrading-home-investors-injects-buoyancy-into-the-subdued-suburban-property-market-mark-armstrong/2012091856658"> A new breed of upgrading ‘home investors’ injects buoyancy into the subdued suburban property market.</a>
The research showed strong demand coming from home buyers who were looking to upgrade the family home and take advantage of a soft property market.
This jump in last quarter median values turned the corner for the housing market and resulted in a 4.7% growth for the year. Melbourne apartments also performed well. with 4.2% growth in the last quarter pushing it into positive territory by years end.
The wash-up is the market has proved to be very resilient and as we look forward into the 2013 there are some clear signs the property market will continue this trend and some sectors may even return to the heady heights of in explosive growth seen in 2009. The catalyst will be a growth in confidence driven by interest rates once again.
While history is no guarantee of what will happen in the future it does provide some useful insights. In September 2008 the cash rate was at 7%, seven months later it had plummeted to 3% and property investors exploded back onto the scene forcing the property market in Melbourne to surge by more than 20% in 2009.
This time around the RBA has been a bit more tentative with the trigger. It has been careful not to cause a frenzy and has slowly lowered rates to entice investment back.
The last upward interest rate movement was way back in November 2010, and the RBA has met to discuss the economies outlook 23 times since. On 17 of those occasions it has decided to leave the rates on hold. In the remaining meetings the board have voted to lower rates.  Rates have now fallen by 1.75% at sit at the 2009 level of 3%.
<img alt="armstrongjan301" height="199" width="470" src="/images/stories/2013/01/armstrongjan301.png">
This slow decline in rates has meant property investors have sat on the sidelines and watched. This will not last forever.
I don’t think the return of property investors will be as bullish as we experienced in 2009, and this is a good thing. Any market that experiences euphoric highs is destined to fall on the other side. I predict the market will learn from its recent experience and move into a more sustainable growth pattern.
Interest rates are not the only factor weighing on investors' minds. Their confidence is being enhanced by the fact many Australians have money burning a hole in their pockets. According to the RBA household savings rates are at the highest levels since the mid ’80s. They have been trending up since the mid-2000s and now hover around 10% of disposable income.
In addition, many borrowers have been making substantial excess principal repayments in recent years, and this will increase their equity and cashflow positions.
 
Mark Armstrong is a director of <a target="_blank" href="https://www.ipropertyplan.com.au/">iProperty Plan</a>, which provides independent analysis and tailored advice to investors and home buyers.
 
 
</body></html>

marmstrong-sd3emVLPPb

Melbourne property market very resilient and may return to heady heights of 2009 in some sectors: Mark Armstrong

<html><body>
A 1962-built award winning architectural home designed by Russell Jack of Allen Jack + Cottier in Wahroonga has been listed for sale.
Built in the Sydney School style, with references to Frank Lloyd Wright, it was the 1963 winner of the Wilkinson Award for outstanding architecture.
Built to be at one with nature, it is set among landscaped gardens, with fragrant shrubbery, ornamental features, mature Japanese maples and sweeping lawns.
There are also internal courtyards at the house set on<a target="_blank" href="https://www.jenniferaaron.com.au/property/100211-'jacobs-house'-36-cleveland-street"> a 1,534-square-metre Cleveland Street block</a>.
It is for sale with a price expectations of $2 million plus through Jennifer Aaron Real Estate, with offers due by March 7.
'It's truly one of the North Shore's most remarkable residences," Jennifer Aaron said, adding it was in immaculate condition.
"This original Russell Jack home is an exceptional example of the renowned Sydney School," she said.
The north-facing, one-level pavilion-style home has a master bedroom with built in robes and an ensuite, with a separate shower opening to a private courtyard atrium.
Details throughout the four bedroom house include western red cedar cathedral ceiling in the formal living room, clerestory windows and skylights.
It last sold in 1988 for $710,000.
It was elsewhere in <a href="/news">Wahroonga </a>where the architect built in 1956 for himself, with <a target="_blank" href="https://www.architecture.com.au/emailnews/national/Heritage/NSW-Jack-House.pdf">the three-bedroom Boundary Road bungalow </a>that won the Sulman Medal a year later, remaining in his family until 2009 when sold for $1.06 million. 
In 2010 a proposed two storey pavilion at the neighbouring Boundary Road property was refused by planning authorities as likely to have an adverse impact on the heritage significance and setting of the adjoining heritage item.
</body></html>

jchancellor-FAypfDUnLy

NSW Wilkinson-winning Russell Jack-designed Wahroonga home listed for sale

<html><body>
Many home owners in flood-affected or flood-at-risk regions of Queensland and northern NSW have not taken out insurance against natural disasters, despite claims to the contrary by the Insurance Council of Australia (ICA).
The high cost of insurance premiums and social influences have been blamed as factors for the poor take-up.
To date, more than 3,000 properties have been affected by flood waters in Brisbane (Ipswich home below, courtesy of <a target="_blank" href="https://www.flickr.com/">Flickr</a>), with 9,800 insurance claims submitted in Queensland totalling $116 million and around 2,000 in NSW totalling $10 million, according to a report in the Australian Financial Review.
<img alt="insurance" height="294" width="470" src="/images/stories/2013/01/insurance.jpg"> 
According to Allianz figures, as a result of the unaffordable cost of flood cover, 98% of NSW customers with a risk of flood of up to 1 in 49 years have opted out of cover, while the equivalent figure for Queensland is 95%.
The average flood insurance premium offered by Allianz in Queensland is $8,200 but can be as high as $19,000 based on the on the average home and contents sum insured of $385,000 in Queensland.
In NSW, the average annual premium $4,704 but can be as high as $24,000 based on the average home and contents sum insured of $388,500.
These figures are for flood cover only.
They dwarf total insurance premiums (excluding flood cover) of $860 in NSW and $1,250 in Queensland.
In September the Insurance Council of Australia released data showing nearly four in five Australian household insurance policies contain flood insurance.
However, this is predominantly standard flood cover, with just 21,000 out of 2 million policies included in ICA data opting for optional flood cover – presumably of the type offered by Allianz and other insurers covering home owners in high-risk areas.
Allianz spokesman Nicholas Scofield says the key barrier to providing Australians living in flood prone areas with insurance protection “has and always will be the affordability of flood insurance”.
“The main reason is that the insurance model is not best suited for events that have a certainty of happening, rather than just a chance of happening.
“For a house on a flood plain, it is a matter of when not if it will be flooded, so the flood premium starts with a simple formula that begins with the expected value of the loss divided by the anticipated frequency of loss.
“As result, premiums for flood cover for properties vulnerable to flood can be prohibitively expensive,” he says.
In its submission to the federal government's Natural Disaster Insurance Review, commissioned following the 2011 Queensland floods, Allianz proposed a reinsurance-style pool as mechanism to make flood insurance affordable.
“The review picked up Allianz's proposal in its recommendations, however, the government is yet to respond to this aspect of the review,” says Schofield.
The federal government review did not recommend mandatory purchase of flood insurance, leaving it up to home owners in flood-at-risk regions to decide whether they wish to bear the risk.
 
<hr class="system-pagebreak">
 
A research project carried out by Griffith University found that of 500 residents of south-east Queensland surveyed in 2012 (via telephone), more than 40% of respondents did not have flood insurance, or did not have home insurance at all.
The survey found that those respondents who know their homes were at high risk of flooding or who had experienced property damage in the 2011 were more likely to have flood cover on current policies, but did not find a strong positive relationship.
“Statistically, it is not conclusive to suggest that perceived risk and damage experience explain the tendency for non-insurance,” says Alex Lo, lecturer at the Griffith School of Environment at Griffith University, who carried out the research in The Conversation.
It also found that those who could afford the higher flood insurance premiums tended to insure against this disaster, but again there was no strong statistical relationship.
“Household income and affordability are not a good explanation either. The standard assumption does not always hold,” he says.
Lo says the motive to emerge from the study for taking out flood insurance was social influences
“The findings suggest that if the respondents believe that their family or friends would want them to insure, they tend to do so. Also if they believe that other people like them would buy flood cover, they tend to follow suit. The decision is predominantly socially motivated,” he says.
"Interestingly, such social factors are precisely what the Productivity Commission has identified but recommended not to deal with through government policy.
"Certainly there is something the market cannot do, for which the government should at least facilitate. Although it might not be appropriate for them to mobilise social influence directly, they should try to make sure the community has the capacity to spread the message. There is no excuse for the government to avoid addressing behavioural drivers. Governments have been using all sort of measures to encourage good behaviours and punish the bad ones.
"Local community organisations may help increase the voluntary adoption of flood insurance through word-of-mouth. Governments and the industry should support (financially) their efforts and harness the social forces they help to create," says Lo.
Submissions on exposure draft legislation aimed at making it easier for consumers to understand the terms of their insurance policies closed on December 12, led by financial services minister Bill Shorten.
Since the 2011 floods, the government has also introduced a standard definition of flood and a one page key facts sheet for all home and contents policies to help Australian consumers understand what they are covered for as well as launched the National Flood Risk Information Portal – an online “one-stop-shop for flood risk information”.
 
</body></html>

Most home owners can't afford $8,200 flood insurance premiums as claims rise

<html><body>
The Industry Superannuation Property Trust's plans to build an $800 million, 2,994-apartment block on the former Age site in the city’s CBD have been approved.
It is Melbourne’s largest-ever residential development, with six Bates Smart-designed towers between 39 and 63 storeys.
The site comprises 11,755 square metres on the corner of Spencer and Lonsdale streets.
The Victorian  Planning Minister Matthew Guy gave his approval last week after the plans were first submitted in December 2011. The project will be staggered over eight to 12 years.
<img height="783" width="470" src="/images/stories/2013/01/ISPT.jpg" alt="ISPT">
The eastern portion of the 250 Spencer Street mixed use site was sold in April 2010 to Central Equity.
"Optimum site utilisation is being worked up as well as the potential exit strategies available," ISPT's most recent annual report noted.
The site has been income producing with the office building leased to the Australian Bureau of Statistics, and the carpark leased to an independent operator.
It was in 2007 when ISPT and Axiom Properties Limited formed a joint venture to buy The Age newspaper’s Melbourne headquarters for $66.1 million. The site at the time comprised nearly a whole city block of 15,200 square metres.
At the time the executive director of Axiom, Ben Laurance, said the purchase and scheme for redevelopment were part of the long-term vision Axiom’s major shareholder, Pivot Group.
<img alt="age" height="235" width="470" src="/images/stories/2013/01/age.jpg"> “We think this is an opportunity to accommodate major office tenants and apartment dwellers with environmentally sustainable space in a village atmosphere with all of the transport access and retail conveniences everybody wants,” Laurance said in 2007.
Axiom Properties cashed in its stake in 250 Spencer Street in 2010 when its 50% was bought by ISPT.
<img alt="age2" height="251" width="470" src="/images/stories/2013/01/age2.jpg">
ISPT described it as an opportunistic purchase of their joint venture partner’s interest in the site at "a discount to book value driven by their desire to exit in a timely fashion".
The Age – sometimes referred to as the Spencer Street Soviets – relocated to their new premises in December 2009 and formally vacated the 250 Spencer Street property in February 2010.
<a target="_blank" href="https://www.crikey.com.au/2010/02/09/lamenting-the-old-age-pies-not-ruccola-panini/?wpmp_switcher=mobile">Crikey columnist Michael Vaughan </a>wrote that the moniker Spencer Street Soviet came because of its left-leaning coverage as much as for the communistic-style brutalist architecture that was the old Age building. 
When the building is demolished, the industry super fund developer must complete an environmental audit of the site given fears of soil contamination from chemicals used in the newspaper's printing presses during its four decades of operation from 1969.
Sean Hogan from ISPT told The Age that few would miss the old Age building.
"The building doesn't have any fans ... this is probably the last industrial part of the Hoddle Grid," Hogan said.
</body></html>

Six high-rise towers to replace former Age building on Spencer Street

<html><body>
Suncorp says it has to date received 4,500 personal insurance claims as flood waters continue to rise in parts of Queensland and northern NSW from ex-tropical cyclone Oswald.
Queensland's largest personal insurer expects more claims to be lodged this week with around 5,000 homes, units and commercial properties at risk in Brisbane and Ipswich.
Suncorp says its immediate priority is assisting customers affected by the floods, which have to date claimed four lives and damaged hundreds of properties.
On Sunday the Insurance Council of Australia (ICA) declared a catastrophe for large parts of Queensland affected by the cyclone and subsequent flooding, reporting there had been moderate to severe damage experienced in communities from the NSW border all the way north to Cairns.
The ICA says it expecting a “very wet summer this year while also hoping Queensland might avoid a repeat of 2011”.
The Bank of Queensland says it has established package of relief measures for impacted customers, including the ability to defer mortgage and loan repayments for a period.
The bank is also offering discounted interest rates on personal loans taken out for the purpose of purchasing replacement goods and has also set up a special Flood Hotline for customers with questions or those requiring urgent assistance.
ANZ, Westpac and the Commonwealth have all announced support measures for customers affected by the floods, including the ability to suspend loan payments for a period of time.
Residents in flood-at-risk areas have been reassured that this disaster will not be on a scale of those that struck in across Queensland two years ago, killing 35 people and leaving a $6 billion reconstruction task.
Brisbane Times reports that the Bremer River peaked in Ipswich at 14.9 metres about 9.30pm on Monday night, almost five metres below the 19.4 metre peak in 2011.
The Brisbane River is forecast to peak at 2.6 metres on the 11am tide, nearly half of the 4.46 metre peak in 2011 with a second flood peak likely at noon tomorrow.
The Brisbane City Council has provides a <a href="https://www.brisbane.qld.gov.au/community/community-safety/disasters-and-emergencies/BRFFS/index.htm" target="_blank">Brisbane River Flood Forecast by Suburb reports</a> where homeowners can see if there home is likely to be affected by flood waters.
The City of Ipswich has compiled a <a href="https://www.ipswich.qld.gov.au/index.php?noticeboard=Home+Page&amp;noticeId=563" target="_blank">list of properties potentially affected by flooding</a>.
Flooding has put around 2,000 homes underwater in Bundaberg, where around 1,500 people have been airlifted to safety from fast-flowing flood waters.
On the Fraser Coast, the Maryborough River is at 10.7m and rising with Channel 7 reporting that 200 homes and 50 businesses are partially flooded.
The January 2011 south-east Queensland floods and northern Queensland cyclone one month later killed 35 people and affected more than 500,000 square kilometres of Queensland, including low-lying parts of Brisbane, Ipswich and the Lockyer Valley and up North, Cairns, Townsville Tully, and Innisfail.
The floods resulted in 58,463 claims totalling $2.4 billion, while cyclone Yasi resulted in 72,203 claims amounting to $1.33 billion.
Suncorp says it has made provisions for natural hazards and has an allowance of $520 million for events in the 2013 financial year.
For the six months to 31 December 2012, Suncorp’s total natural hazard claims were $147 million.
The insurer says it has a “comprehensive reinsurance program to limit the financial impact of natural hazard events.
The cyclone Oswald floods are the third catastrophe declared by the ICA in 2013, with insurers managing claims following severe bushfires in south-eastern Tasmania and northern New South Wales.
Since early 2010, the ICA has declared six catastrophes in Queensland for flooding and cyclone damage, with losses of almost $4 billion.
</body></html>

Latest Property News

The Eveleigh brings house-like apartments to Broadbeach

Guides

Editor's Picks

Guides

Developments

New apartments

New townhouses

News

Latest Property News

The Eveleigh brings house-like apartments to Broadbeach

Guides

Editor's Picks

Receive the latest news stories to your inbox

Guides

Developments

New apartments

New townhouses

News