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.

Joel Robinson

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

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

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

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?

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Struggling shopping centre owner Centro has produced statutory net profits of $2.7 billion after preparing its accounts on a “one-off” liquidation basis.
Underlying profit for the year ending June 30 was $14.6 million, compared with $173.8 million for the previous financial year.
The group stresses the importance of the restructuring of the business by December 15 to meet its debt obligations.
Failure to restructure as proposed on August 9 would most likely result in Centro being placed in the hands of external administrators, the group says.
Under the restructuring proposal Centro Properties Group will be wound up, with the remaining Australian assets held by subsidiary Centro Retail Trust and other unlisted Centro funds amalgamated into a new listed property trust.
Centro chairman Paul Cooper says: “The need to restructure Centro by 15 December 2011 is essential. This is the maturity date for our $2.9 billion senior debt and, as highlighted by Centro’s negative net equity position, there will be insufficient assets to repay this debt at maturity.”
The restructure plan will return 5¢ per security in cash to security holders.
Centro CEO Robert Tsenin says the restructure is “the only feasible prospect of delivering any value to security holders”.
“The alternative is likely to be external administration in which circumstances Centro security holders are expected to receive nothing”.
Centro has been in trouble since December 2007 when it ran into trouble refinancing about $1.3 billion in debt.
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lschlesinger-FZcF9M3vE6

Centro says it must restructure or fail

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Alec Baldwin has listed his Central Park West apartment for sale with $9.5 million hopes.
<img src="/images/stories/baldwin1.jpg">
The actor recently told <a href="https://www.nytimes.com/2011/08/10/nyregion/alec-baldwin-may-run-for-new-york-mayor-but-not-in-2013" title="New York Times" target="_blank">The New York Times</a> he loved New York's Upper West side because “there’s old people, it’s ethnic and it’s economically mixed. It’s not a little kind of jewel-box, privileged pocket of the city like some neighborhoods are.”
<img src="/images/stories/baldwin2.jpg">
However, Baldwin's apartment building, the fabled El Dorado overlooking Central Park, is not exactly a middle-class building. It has long been the domain of celebrities and the well-heeled - Baldwin's neighbours have included Faye Dunnaway, Michael J. Fox and the singer Moby. 
<img src="/images/stories/baldwin5.jpg">
Despite his professed love for the Upper West Side, Baldwin is reported to have moved downtown to New York's uber-fashionable SoHo to live with his girlfriend, yoga instructor Hilaria Thomas. 
<img src="/images/stories/baldwin3.jpg">
His El Dorado apartment is listed by <a href="https://www.corcoran.com/property/listing.aspx?Region=NYC&amp;listingid=2215480" title="Corcoran" target="_blank">Corcoran </a>agent Scott Stewart. Baldwin's offering is part of a recent space of apartments in the building appearing on the market. A penthouse in the building has just been listed with $5.9 million hopes, and the largest apartment in the building, a 15-room, six- bedroom apartment, recently sold for $13.25 million. 
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cknowlton-QnEa6ntUYP

Alec Baldwin lists El Dorado New York apartment

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As we look back on 2011, Property Observer is republishing some of our most noteworthy stories of the year.
 
The Block was great entertainment – but for me it was also the best reality TV show in a decade because it showed the harsh reality of what happens when you break all the rules in the property investment book.
I took the opportunity to go through each property a few weeks before the auctions and <a target="_blank" title="The Block home ratings" href="https://www.propertyobserver.com.au/victoria/double-fronted-richmond-cottage-set-to-get-the-top-price-but-not-necessarily-the-prize-on-the-block/2011081551159">assessed them according to our James Home Ratings criteria</a>.
What stood out most, apart from the fact that it was a hugely popular show, was how many rules were broken. Breaking those rules led, almost inevitably, to the end result, where only one of the properties sold at auction. The three other houses have since been sold.
Sorry guys, but this was always a disaster in the making. For us though, as viewers, it was an  invaluable lesson in how not to make money through property.
So what did we learn from the show?
Rule No. 1: You make your money when you buy.
If you’re buying as an investment and are hoping to make a profit on the resale, what really matters is not the selling price but how much you pay for the property.
OK, we understand that Channel Nine was more interested in the show’s ratings than the profit it would make on reselling the properties. But the price paid for the initial properties was way too much. Sure, it was a big block, and it had four houses on it, but at an average of about $900,000 per site, plus stamp duties of about $50,000 each, plus holding costs of 6% (another $50,000-plus each), plus the selling-agent fees … Well each home was priced at well over a $1 million before the first contestant even showed up and the first nail was hammered.
Rule No. 2: Buy the best position you can.
This for me was the real killer – the position was a shocker. Yes, the properties are close to all amenities but anything in Richmond is close to all amenities. Have you been down that street at night? It’s scary. Stand in the street or look on Google streetview and do a 360-degree turn – what do you see? Industrial sites, multistorey car parks. And who knows what is going there in the future? What if it’s a panel-beater’s shop and you have the smell of paint thinner in the morning?
There’s a vacant block of land to the west of No. 37 that has recently changed hands for just over $1 million: who knows what will go in there?
Rule No. 3: Consider your target market – before you start!
The properties themselves had some real positives in terms of the land. The northern orientation will bring light and winter warmth into those back living areas. So sure, that’s a tick. They all had good street appeal (tick) and the block widths were above average for the area, meaning the houses could give that feeling of space, which is very important in a home (tick).
However, they all had another huge negative: there was no car parking. Which means that future buyers or renters have to park their cars on the street. So that is going to knock single women,
young married couples, and older couples out of your target market. In fact, just about anybody except students and local lads would have concerns about living here.
Rule No. 4: Don’t overcapitalise.
If you are about to spend $1 million or so even before one sod of earth is turned or one nail is hammered and you want to make a profit, you need to know whether you’re likely to recoup the costs of your renovation – and hopefully more. Otherwise you’re going to end up overcapitalising.
How can you work that out? Well, look around you. What sales evidence was there in The Block area for $1.5 million homes? Zippo. We can tell you this because coincidentally on the same day of The
Block auction we bought a property at auction for a client in Richmond only a few hundred metres away. It was on bigger land, it had car parking and good period features – and we got it for just over $1.2 million. So if $1.5 million is the minimum amount you need to make serious money, but there is little or no sales evidence of properties selling for that amount in the area, don’t buy.
Rule No. 5: Amateurs don’t make money on renos – they make money because they are lucky that the market happens to be in an upwards phase.
Whenever someone tells me they made money on a renovation, I think, well, no, you didn’t. You made money by buying the right house in the first place. They would have made the same, and maybe even more, by doing nothing. It’s the market that makes you money. If the market is not in your favour, most amateur renovators lose money, and The Block confirmed this. The bloke with the vacant block at 35 Cameron Street, Richmond, made more money than all the renovators combined by doing little.
Rule No. 6: Don’t think short term with property unless you like excessive risk.
The Block also highlighted the risks of short-term flipping. Besides the fundamental error in the initial choice, the market was also unkind to the contestants. Which again highlights the short-term risks in property. To buy this year, tart up and flip next year is a strategy fraught with danger and can cost you a packet. Each of these houses lost at least $200,000 if you factor in all costs – and probably lost more.
Rule No. 7: Choose local selling agents who are experienced at your price range – and choose ones who can deal outside the auction process.
The four auctioneers chosen to sell properties are all very good. But it was interesting to note that the only house that sold under the hammer was through a local agent, Russell Cambridge. He is a good operator, as is his partner Sam Davenport, who got the buyers there.
Glen Coutinho is a really good auctioneer but his patch is Hawthorn, which is a different market to Richmond; however, he sold his house at reserve almost immediately afterwards. Well done.
Ruth Roberts is a top auctioneer but better known in Carnegie, however post-auction she got the best house away for $1 million, which is about the right money – well done – $1 million in Richmond in this market with no car park is excellent.
Clayton Smith, a strong local agent, was always up against it having to market the weakest house in terms of floor plan. However, to get $922,000 post-auction for a single-fronter proved two things: he knew more than many of us; and he fought hard for (in our opinion) the best result.
Rule No. 8: Substance v. puffery.
TVs, colours, furniture etc come and go. If you view our online ratings you will notice that we give one point out of 1000 for stuff such as cabling and shower screens. The other 999 points are for land, position and floor plan. And if you’ve learnt one thing from The Block, hopefully it’s that it is the price, property, and positional fundamentals that really count. On all three counts the contestants were doomed even before they started.
Mal James is principal of<a target="_blank" title="James Buyer Advocates" href="https://www.jamesbuyeradvocates.com.au/"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
This article originally appeared in <a href="https://www.theweeklyreview.com.au/" title="The Weekly Review" target="_blank">The Weekly Review.</a>
For expert commentary and analysis on lessons to be learnt from property reality TV, <a href="https://register.propertyobserver.com.au/lights-camera-auction/" target="_blank">download our e-book Lights, Camera, Auction!</a> 
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maljames-vHwm28JUAa

Eight property rules broken by The Block

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{yoogallery src=[images/stories/august29island]}
Yet another coastal NSW farming island has been listed, and its agent thinks it might be snapped up by a luxury home buyer. Urunga Island, a 134-hectare undeveloped island in between the Bellinger and Kalang rivers at Urunga, has been owned by one family for the past 40 years.
Real Estate of Distinction agent Peter Stone, who is marketing the property, says it offers the perfect tranquil retreat.
“I believe a retreat, a private getaway would be perfect, because there’s no bridge over to the island,” he says. “The only way onto the island is by boat or helicopter.”
Stone hopes to secure up to $6 million for the island, which is currently farmland but has development application approval for residential dwellings. He says it would be a perfect retreat for those who value their privacy.
“Dick Smith would be a perfect for it – he has his own chopper and wants his own peace and quiet,” Stone says.
The island is 20 kilometres south of Coffs Harbour, in a fast-growing area of the NSW coast.
“It’s one of the most beautiful parts of Australia, with lots of retirees, tree changers, sea changers, and people who want to get out of the city,” Stone says.
There are currently no residential buildings on the island, and Stone expects the new owner will likely use it as a retreat, rather than living there full time.
“I would see it as someone who’s likely to fly in and out,” he says.
It follows the sale of <a href="https://www.propertyobserver.com.au/new-south-wales/burraga-island-sells-to-chinese-interests/2011070150670" target="_blank">Burruga Island</a>, a 121-hectare  Shoalhaven River island, also in NSW, in late June. Burruga Island sold to a Chinese investor for $2.5 million.
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NSW farming island hoped to attract luxury buyers

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<img src="/images/stories/danwhite2.jpg">
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Dan White, the great-grandson of the founder of the Ray White real estate empire, and his wife, Sam, are selling their abode set high above Tamarama beach in Sydney (pictured above and below). With bespoke, imported finishes throughout, the house has large living areas that flow out to an entertainment terrace with beach and ocean views.
<img src="/images/stories/danwhite.jpg" style="border-style: initial; border-color: initial;">
The house, sits in William Dangar-designed gardens with courtyard and lap pool. The four-bedroom, four-bathroom residence has been scheduled for September 21 twilight auction through Ray White Double Bay agents Elliott Placks and James Keenan. Presumably they are aiming for $7 million plus result given Marco Rossi, the brother of the motorcycle racer Valentino Rossi, bought his nearby Thompson Street residence for $11 million in 2008.
<img src="/images/stories/hale.jpg">
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Hawthown player David Hale has sold his Kensington townhouse (pictured above) at a reported $737,000 through Rendina Real Estate agent Charles Bongiovanni. The two-storey, three-bedroom property, which comes with a central courtyard and garage, had been tipped to fetch more than $700,000 for the Hales, who are wanting to upsize as they have a baby girl.
<img src="/images/stories/balmoral1.jpg">
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Software entrepreneur Simon Clausen, who debuted on the 2009 BRW Rich List with a $180 million fortune after selling his software company, has abandoned construction plans for an expansive three-level Balmoral Slopes, Mosman, residence. Two vacant blocks have now been listed for sale (pictured above and below).
<img style="border-style: initial; border-color: initial;" src="/images/stories/balmoral3.jpg">
It continues a marked reversal in intent for the high-flyer, who until late 2009 was on a spending spree of Sydney property. His 17 acquisitions totalled $60 million over just three years. His recent sell down of a couple of properties includes a Balmain house that was bought for $1.66 million in 2008 and sold at recent Cobden and Hayson auction at $1.91 million.
The 2,560-square-metre vacant Balmoral Slopes holding now listed through McGrath agent Nigel Mukhi cost $19 million in 2008 and 2009. It included a since demolished new home that was offloaded by developer Albert Bertini, onetime star of The Secret Millioniare.
Clausen retains the neighbouring $12 million heritage-listed house, which is not listed for sale, and which has reputedly been leased to one of Sydney's bigtime gamblers. The vacant hillside Arbutus Street holding has approved architect plans for a stunning 10-bedroom home with 10-car garage and swimming pool in Peter Fudge-designed gardens. The BJP Architects-designed house with a gross floor area of 940 square metres, which got approval in May last year, had an estimated $7.5 million completion cost.
His first purchase was a $1.35 million Balmain terrace in 2004 with his wife, Alexandra. On Sydney's Pittwater, the Clausens’ Clareville architect-designed weekender – featuring glass, copper, sandstone and timber – is nearing completion after the couple paid $2.7 million for the property in 2009. BJP has done an $800,000 project at Clareville. Clausen debuted on the BRW Rich List with a $180 million fortune in 2009, after selling out of PC Tools, the company he co-founded in 1998, but didn't make the list's $185 million cut-off the next year. It is understood that the Clausen family are now spending more time in Europe following changed extended family circumstances.
<img src="/images/stories/markread.jpg">
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">A year on and bookmaker Mark Read has yet to sell his surplus acreage at Cooroy Mountain in Queensland (pictured above). Read had once run his business out of the Cooroy Mountain property but now resides in Victoria, after moving his stable of racehorses to a property in the Yarra Valley. The 44-hectare cattle stud, known as Beauty Falls, sits in the Noosa hinterland. For horse lovers, it has an Olympic dressage arena, 18 seven-metre stables with four full-size horse boxes, separate tack room, wash bay and a 75-sqare-metre holding yard and water. The 10-year-old, double-story Queenslander residence has 1,340 square metres of space. It is for sale through Unique Estates agent Nicolette van Wijngaarden at $4,875,000.
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Title Tattle aims to tell you as soon as it’s known - and sometimes before – so the word from the NSW Southern Highlands is that John Hewson – yes, the onetime prime ministerial aspirant – has become a serious property player in the rural district. He of course has long loved the place, having first bought back in 1977. His home has since 2004 has been Invergowrie, the Tudor-style Exeter estate built in the 1930s for the BHP industrialist Sir Cecil Hoskins in Paul Sorenson gardens.
His latest property foray involves the nearby Mittabah, one of the Southern Highlands’ great estates. The property, also at Exeter, has been sold for $9 million by the Vertzayias family to a syndicate headed by Hewson along with Karl Martin-Weber and Michael McPhee as its three directors. There are three companies as shareholders of the overarching Mittabah Holdings Pty Ltd company:  Bangaline Pty Ltd, Keber Investments and Mix Investments, with all three being defined as non-beneficial entities.
Mittabah was previously sold in 2005 through Drew Lindsay Real Estate for $8.65 million by the Scottish-born businessman Sir Arthur Weller and Lady (Marea) Weller. Intriguingly, two of the syndicate, Hewson and McPhee, along with Mosmanite William King, have also turned up as directors of the company that has spent $8.5 million buying the Vertzayias family's Globe Projects Wongabri retirement village development site at Burradoo. And apparently some the syndicate have even got involved in Globe Project's Bundeena property, the redevelopment of the former Uniting Church property.
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">And don't say that Title Tattle told you, but the Packer family has being shuffling some paperwork at their Bellevue Hill compound, Cairnton. They have transferred the estate at a $43 million value from Consolidated Press Holdings Pty Ltd into the more familial Cairnton Pty Ltd.  Cairnton is the name of the long-time home of tycoon James Packer's mother, Ros. The Packers hold about 11,000 square metres atop Bellevue Hill, the result of nine acquisitions since the original purchase in 1935 by James's late grandfather, Sir Frank. The initial one-acre cost £7,500, with Sir Frank making five other purchases costing £28,000.  In a classic case of like father, like son, Kerry added four more that cost about $9 million.
I've never been inside but recall the chilly night I spent outside. It was 24 years ago this weekend when the Krug champagne flowed for the 21st birthday party of Ros and Kerry's only daughter, Gretel, who poured into a spectacular red-and-black spotted outfit. All the 1987 guests left richer when they were given mementoes – gold medallion necklaces for the ladies, gold cufflinks for the gents. Kerry's daughter was wearing her gift – a $290,000 Cartier diamond choker and earrings. flown in the week before from Hong Kong. At midnight, when the then psuedo Cleo journalist turned 21, Dire Straits' Money For Nothing was spinning on the turntable of MTV's video jockey, Richard Wilkins, in the ballroom marquee. Having dined on the Peter Rowland-catered Tasmanian smoked salmon, beef, Peking duck, the Liberal Party war horse Sir John and Lady (Susan) Atwill were among the first to depart. Around 1.30 am Sir Peter Abeles drove his wife Kitty home to Vaucluse. Bob and Hazel Hawke stayed until 1.30 am, with Kerry waiting on the then Prime Minister when he wanted a mineral water. The Bulletin columnist David McNicoll drove his Sigma home around 2.20 am. It was well after 3 am before the Breretons – Laurie and his sequinned wife Trish –got home to Kensington. About 50 revellers appeared keen on staying for breakfast. And I filed something for the Fairfax press.
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">One person who possibly skipped the Packer party was the colourful bookmaker and car dealer Harry Barrett, who died earlier this month. He was among the last of the colourful bookmakers, and in the early 1990s, he had an annual turnover of about $200 million, bolstered by the combative Kerry Packer's passion for the punt. Barrett briefly enjoyed the property limelight when he paid $6.1 million for Altona through W. J. Bridges Real Estate in 1991. He thought he got a good buy, and his wife, Pat, jestingly thought he was off his trolley. Within a year the Barretts decided to stay at the Strathfield house they'd bought 17 years earlier for $112,000 and Altona was sold to Matt Handbury and his wife, Fiona. Rival bookmaker Mark Read once accused Barrett of wearing the same tie for 20 years. But as Fairfax Media racing writer doyen Max Presnell recently recalled Barrett countered: "I've only got one neck".
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jchancellor-FAypfDUnLy

Packers shuffle the paperwork, John Hewson a major property player: Title Tattle

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Property developer Lend Lease has warned of a weaker residential outlook as it revealed a 50% increase in annual profits. 
Lend Lease delivered an operating profit after tax for the year ended 30 June 2011 of $485.3 million.
Profit growth was achieved across all regions, even though challenging economic conditions continued in offshore markets.
Chief executive officer Steve McCann says it remains cautious about the residential market though noting that risk of interest rate increases has receding.
“Continued strong employment levels should improve consumer sentiment over time,” McCann says.
The outlook for Australia, Lend Lease’s biggest market, is relatively unstable, compared with greater uncertainty in the other international markets it operates in including the US and Europe.
Overall though, the developer believes property fundamentals remain sound and that there is a strong “equity appetite for Australian property and infrastructure”.
The financial results reveal that Lend Lease exchanged contracts on 2,299 residential land lots over the financial year with a gross value of $497 million a decrease of 14% from the previous year.
However, residential pre-sales are up 29% and the decline in residential land settlements has been offset by an increase in average lot prices. 
On the commercial front, the results note the completion of the 58,000 square metre Darling Quarter mixed-use development, tenanted by the Commonwealth Bank, and approval of the $6 billion Barangaroo development. 
Construction of the basement at Barangaroo, which will service the three office towers to be built on the site, will commence in the coming weeks with the construction of the first tower due to start before the end of the year. 
McCann says Lend Lease is in discussion with major Barangaroo tenants with further details to be released over the coming months. 
In Victoria Harbour the Convesso and Serrata residential towers are under construction with pre-sales levels “strong”. Construction of the 60 metre high C7 commercial office has commenced and will be anchor tenanted by engineering firm Aurecon. Construction of the 30-storey Concavo, another residential tower in the harbour, will be launched in October. 
Currency fluctuations led to Lend Lease’s property investment portfolio declining by $258 million over the financial year to be currently valued at $2 billion. Two thirds of its assets are held in the US and Europe.
The portfolio generated just over $100 million in income compared to $137 million in the previous financial year.
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Lend Lease profits up 50%, but it warns of tough times ahead

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Buyers’ agents emerged as the key players in the finale of the The Block 2011 after only one of the four cottages sold under the hammer.
The Block 2011 auction room was full of buyers agents acting as advocates on behalf of buyers while prospective buyers were scarce.
Buyers agents take the emotion out of buying property. There is no doubt that if The Block 2011 auction room had had more prospective buyers bidding instead of advocates, more of the renovated properties might have sold at auction.
Buyer’s agents know how to play the real estate game. They are qualified real estate professionals who understand exactly where the market is, what a property is worth and they are highly skilled negotiators.
The large majority of people pay an agent to sell their property, yet it is far more uncommon in Australia for people to pay an agent to buy them a property but clearly, buyers are starting to see the advantages of having an independent advocate representing their interests.
Buyer’s agents work exclusively on behalf of property buyers, while the traditional agent works for the seller and is intent on achieving the highest possible price.
Currently there are around 75 to 100 firms around Australia acting exclusively as buyer’s agents, nearly half of those are in New South Wales, compared with just two 10 years ago.
In an increasingly complex marketplace, buyers are starting to see the value of having an independent expert on their side, one who knows exactly how much a property is worth, who can negotiate the best price and terms.
Warwick Brookes is the president of the <a href="https://www.rebaa.com.au/" target="_blank" title="Real Estate Buyers Association of Australia">Real Estate Buyers' Association of Australia</a>.
For expert commentary and analysis on lessons to be learnt from property reality TV, <a href="https://register.propertyobserver.com.au/lights-camera-auction/" target="_blank">download our e-book Lights, Camera, Auction!</a> 
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wbrookes-pAy8kPmjSt

Buyers' agents took emotion out of The Block auction

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Television ratings reported considerable interest from Australian viewers in the most recent series of property reality TV program The Block. But the significant publicity resulted in little benefit for the four renovated Richmond properties when it came time to sell last weekend. 
Only one of the four properties sold under the hammer while the other three have since sold via private negotiation. While the result was considered disappointing for the shows finale the outcome is closer to reality than many may think.
This year buyers’ cautious approach to the market has resulted in a large number of properties passing in for post-auction negotiation. Unfortunately, a great number of buyers are opting to compete with other buyers in blind bidding behind closed doors, which ultimately may cause them to pay considerably more than they otherwise would have at auction. Though buyer uncertainty is understandable, many buyers fail to realise that there is significant advantage to buying at auction, particularly at a time when most buyers are reluctant to partake in the bidding process.
At present, Melbourne’s average overall auction clearance rate for the last quarter is just below 60%. However, while weekly clearance rates continue to paint a relatively consistent picture of Melbourne’s residential auction market, area-specific demand has been anything but homogenous. 
In recent months auctions have showed considerable divide in interest from buyers, with some properties drawing significant competition while others fail to attract a single bid despite sizeable crowds. Of the properties on offer in the last quarter, crowds showed strong interest in inner city real estate, particularly houses in the inner east and units and apartments in the inner south. This indicates that buyers are still willing to pay well for quality well-positioned properties. 
But although quality well-located property in Melbourne’s inner suburbs continues to move, discrimination from buyers remains high towards flawed property. 
Period homes such as Victorian Terraces have always been highly sought, due largely to their quality construction, scarcity and usually due to their well-positioned location. However, The Block properties aren’t your typical renovated period home. Many of the period features such as fireplaces, decorative cornices, architraves and ceiling roses have been stripped away, robbing the properties of much of the their popular heritage. 
Other important factors that are likely to have impacted the level of interest from buyers were the location and the price. Situated in Cameron Street Richmond, the properties are located opposite residential garages and a paid parking garage, and right behind busy Richmond Plaza. 
Parking in Melbourne’s inner suburbs is becoming increasingly scarce and can add or detract significant value from a property. As none of the properties offer off-street parking, parking limitations may be an issue for some buyers with implications for the value of the property. 
It is fairly well-known that the show’s producer paid approximately $3.6 million for the four properties and invested hundreds of thousands of dollars more in renovating and fitting them out. 
However, a property’s value is not solely determined by the cost of the construction of the dwelling. In fact, value in inner city areas is underpinned by the land component, which can account for 70% or more of the total value of the property. While Richmond has a high underlying land value, in this instance, the subject properties have overcapitalised on renovations – an investment that has not provided a dollar for dollar return. 
This means that the more than $1 million cost of each renovated property hasn’t translated into more than $ 1 million dollars’ worth of value for the properties.
Greville Pabst is CEO of the <a href="https://www.wbpproperty.com/" title="WBP Property" target="_blank">WBP Property Group</a>.
For expert commentary and analysis on lessons to be learnt from property reality TV, <a href="https://register.propertyobserver.com.au/lights-camera-auction/" target="_blank">download our e-book Lights, Camera, Auction!</a> 
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gpabst-nAfzC8fgsR

The Block result reflects current Melbourne market

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{yoogallery src=[images/stories/august25southyarra]}
6 Walter Street, South Yarra, VIC, 3141
The home has been beautifully renovated, blending the period style with a modern extension. Although the renovation is around 10 years old, the house overall has been very well maintained and much of the design intent so clever that it has not dated overly.
There is a lot to like about this property. The floor plan is flexible, with most rooms in the right position. There is a good zoning with separate living areas, which may be ideal for families with children. The home offers good storage and good-quality finishes and fixtures.
Despite the southern exposition, skylights have been smartly incorporated to take advantage of natural light. Some may find the internal courtyard not ideal for entertaining, although it's position is prime and assists with the spatial indoor feel.  Garaging at the rear is very good via Hawksburn Close and it also provides good storage. Location here is very good - walking distance to Toorak Road, Chapel Street and Hawksburn Village, and being within a cul-de-sac traffic flow is minimal.
- Adam Woledge
This is a home that gets me going - in a cul de sac, so no traffic, despite being a great location. The home itself is not about the façade or even the front few rooms, which are perfectly acceptable but nothing special. Where the home shines is to the rear - brilliantly designed renovation to take in the light (it is south facing, but your couldn't tell) - to also give a real sense of space (between living areas) while still feeling connected to each other and the upstairs study and then separate master really works well - all this on top of a double garage and excellent rear car access - this is a real gem for a modern family or couple and worth a premium over the norm.
- Mal James
The property is being marketed by <a href="https://www.kayburton.com.au/" title="Kay &amp; Burton" target="_blank">Kay &amp; Burton</a> agent Chris Alcock with price hopes of $2.1 million plus. It will go to auction on Saturday, August 27 at noon.
James Buyer Advocates gives this home a rating of 719 out of 1,000, which is in the Well Above Average Category. 
Adam Woledge is a registered architect and principal buyer advocate of <a href="https://www.james.net.au/" title="James Buyer Advocates" target="_blank">James Buyer Advocates.</a> Mal James is principal buyer advocate of James Buyer Advocates. James offers home ratings, market updates and buyer updates on its website.
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Seamless blend of old and new in South Yarra

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Receivers have appointed CB Richard Ellis to sell Updown Court in Surrey, once tipped to be the UK's most expensive house.
They will now try to sell the 103-room Windlesham mansion some nine years after Irish Nationwide took a charge on the property.
The building society lent £63 million to the project over several years as joint venture partners.
Irish Nationwide once held a board meeting there.
Apart from the five swimming pools, the property also has a bowling alley, a cinema and an indoor squash court.
It failed to sell in 2005 for a price tag of £70 million.
The London papers suggest the house's developer, Leslie Allen-Vercoe, was not personally liable for any of the debts.
Allen-Vercoe has suggested NAMA decided to appoint a receiver, it would be against the interests of Irish taxpayers as stamp-duty tax advantages could be lost.
The Irish National Asset Management Agency appointed Tim Perkin of CB Richard Ellis as lead LPA receiver, according to Property Week.
The house was redeveloped in 2002 by a joint venture between Allen-Vercoe and Irish Nationwide Bank, which has now been nationalised and its loans transferred to NAMA.
It has been suggested because of the discount applied to loans when they are transferred to NAMA, the house was likely to be put up for sale for significantly less than the initial asking price.
<a target="_blank" title="UK's most expensive house sells for 140 million9" href="https://www.propertyobserver.com.au/news/uk-s-most-expensive-home-rumoured-to-have-sold-for-%C2%A3140-million/2011081451149">The current most expensive property in the UK is rumoured to have sold for £140 million.</a>
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