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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<img src="/images/stories/balmoral1.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.
The high-flyer spent $31 million in 2008 and 2009 on three adjoining properties with direct views out towards Sydney Heads.
After demolition works a 2,560-square-metre vacant block had been listed for sale through McGrath agent Nigel Mukhi.  The block cost $19 million, with the remaining $12 million spent on an adjoining heritage-listed house on the corner of Upper Almora Street.
<img src="/images/stories/balmoral3.jpg" style="border-style: initial; border-color: initial;">
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.
The 34-year-old co-founded PC Tools in 1998 as a website.
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. The couple paid $2.7 million for the 1,246-square-metre property in 2009.
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jchancellor-FAypfDUnLy

Tech millionaire abandons Balmoral Slopes dream home construction

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{yoogallery src=[images/stories/august24crazies]}
Crazies Hill, a Palladian-style estate at Henley-On-Thames at Oxfordshire has an £18 million asking price.
It’s an eight-bedroom, eight-bathroom house with seven reception rooms. It sits on 32 hectares, and the property islisted through <a href="https://search.knightfrank.com/cho100188" title="Knight Frank" target="_blank">Knight Frank</a>.  
It's in the same neighbourhood as <a href="https://www.propertyobserver.com.au/news/uk-s-most-expensive-home-rumoured-to-have-sold-for-%C2%A3140-million/2011081451149" title="Britain's priciest home" target="_blank">Britain's priciest home</a>, which was once owned by King George II's son, which is believed to have been bought by a super-rich Russian for an estimated £140 million earlier this month.
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Crazies Hill UK offering for £18 million

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Irrational exuberance characterised the bidding at the first two auction finales of the Channel 9 real estate renovation series The Block.
It subsequently resulted in all seven of the ensuing resales – three from the Bondi series in 2003 and all four of the Manly series in 2004 – being sold without profit.
The biggest price collapse was $670,000 reselling for $560,500 at Bondi just two years later.
For the past two series it has been the contestants who've typically gone without profit, although there's always one selling price that surprises.
It seems property buyers have increasingly and understandably not wanted to play their cards in front of the cameras.
After all, they aren't really willing participants in the television drama.
Channel 9 isn’t the poorer, because the sour conclusion of an unfulfilled auction campaign is drama of itself.
But try explaining the $72,000 over reserve paid post-auction for one of the four <a target="_blank" title="Richmond" href="/news">Richmond </a>cottages.
And it was at a private auction.
Patience has yielded $72,000 prize money for Rod and Tania, who sold for $922,000, well above the $850,000 reserve that wasn't met at its intense weekend auction.
It sold at a Jellis Craig onsite auction on Monday evening attended by six parties, with four competing after the bidding opened at $880,000.
Jellis Craig agent Clayton Smith says just one of the interested parties had been at the weekend auction, whereas the other five had only seen the property for the first time on Monday or Tuesday.
It was bought by a Melbourne couple as an investment.
The show's winners Polly and Waz secured just $15,000 above their reserve, but also pocketed the $100,000 overall prize.
Sisters Amie and Katrina were mugs, having sold immediately after their disappointing auction at their $850,000 reserve price.
The Block's dearest offering has now also been sold by Josh and Jenna. They were offered $950,000 on the night but wise counsel meant they are holding off for something like$1 million, which they got from a Melbourne investor who emerged after Saturday night's auction.
The absence of some bidders at the auction can be attributed to the ill-timed raid by the consumer affairs department, which would have suggested to some buyers that the Block agents had been low-balling their price estimates. This was anything but the case.
Josh and Jenna's most recent land value was $500,000 plus and the building contracts for the cottages were typically $400,000 plus, along with $100,000 plus spent by the contestants.
Of course the outlay doesn’t necessarily dictate the purchase price.
And property commentator Monique Sasson Wakelin reckons when Channel 9 outlaid $3.6 million to secure four properties in a row in Richmond, the contestants were facing a significant handicap even before they picked up a hammer.
She also suggests the renovations were too sophisticated and expensive for the location.
“The rule about matching your renovation to what the market will bear in a particular location was broken.
“Even though many buyers would have liked the finished product, they didn’t like the location – and that was The (stumbling) Block."
Peter Starr and Matt King from McGrath Estate Agents marketed the property for John and Neisha’s outstanding win on The Block 2010.  The apartment sold under the hammer for a bullish $1.105 million, netting them $200,000 over reserve plus $100,000 bonus as the ultimate winner.
When asked about their winning formula , McGrath’s chief auctioneer, Scott Kennedy-Green says there’s no difference between The Block auction and how he would conduct an auction on any given Saturday.
"Our success in selling John and Neisha’s was largely due to all the hardw ork and preparation by the agents before auction day.
“The ability to work with buyers at the auction by engaging them and making them feel comfortable with the process is important in selling any property and something we always focus on.”
Starr explains that right from the outset it was important not to get caught up in the excitement around the television show.
“We conducted the campaign like any other – focusing on the buyers and servicing their needs.
"All our open houses were held independently to the promotional television viewing times, so that our clients were never made to feel intimidated or part of a reality television show.
“Our buyers trusted us and when we asked them to bid, they felt comfortable following our advice.”
And that was the missing ingredient at the weekend auctions. Estate agents in the glare of the cameras just didn't appear to be approaching their intending buyers with persuasive intent.
Just because the cameras were rolling didn’t mean the buyers would act.
PS Auctions are very much about momentum, so Rod and Tania made a mistake when they opted to go last in the auction schedule. They ought to have gone first, because that's when the nerves of the buyers can often get the better of them. There's also an element of the unknown, which assists the vital tension of a good auction.
Once an auction room becomes deadened with dud results it’s a brave ask for anyone to buck the prevailing pall. It’s no coincidence that the McGrath listing in the 2010 Block was the night's first offering.
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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Camera-bedazzled agents need to relearn the craft of persuasion on The Block

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Patience has yielded $72,000 for the latest contestants to sell on Channel 9 renovation series The Block.
Rod and Tania have sold their Richmond cottage for $922,000, well above the $850,000 reserve that wasn't met at its intense weekend auction.
The couple get to keep any proceeds above the reserve price set by Channel 9.
It sold at an impromptu Jellis Craig onsite auction on Monday evening attended by six parties, with four competing after the bidding opened at $880,000.
Jellis Craig agent Clayton Smith says just one of the interested parties had been at Saturday night's auction, whereas the other five had only seen the property on Monday or Tuesday. 
It was bought by a Melbourne couple as an investment.
The show's winners Polly and Waz secured just $15,000 above their reserve, but also pocketed the $100,000 overall prize.
The sisters Amie and Katrina sold immediately after auction at their $860,000 reserve price.
The Block's dearest offering with a $950,000 reserve was Josh and Jenna's double-fronted property, which the couple sold for $1 million. Woodards agent Ruth Roberts told Property Observer it had been bought by a Melbourne investor who had not attended the Saturday night auction. 
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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Take two auction frenzy as investors mop up The Block

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<img src="/images/stories/byronbaypic.jpg">
The Wategos Beach dress circle gets to test the rebound in <a target="_blank" title="Byron Bay" href="/news">Byron Bay</a> prices with a September 3 auction.
It has been listed with $7.5 million plus hopes, having been last traded at $7.5 million in 2009.
The two-bedroom cottage, which sits on a 796-square-metre block, had previously traded for $900,000 in 1996.
It last sold with approval for a new dwelling with a pool.
The last Marine Parade sale was $5.5 million for a 434-squre-metre holding in late 2009 when the entrepreneur Steve Outtrim offloaded the property for which he’d initially wanted $12 million. The founder of Sausage Software, Outtrim had paid $2.2 million for it in 2000.
Prices peaked in 2006 when publishing magnate Stephen Bush sold his colonial-style Wategos property for a record-breaking $15.68 million in 2006 to Danny Goldberg.
The September 3 auction has been scheduled by Vicky Innes at Byron Bay Property Sales in conjunction with Glen Irwin at LJ Hooker Byron Bay.
The lack of beachfront sales has contributed to Byron Bay’s prestige market slowdown, with just one sale above $4.75 million in 2010.
But in 2011 there have been several non-beachfront sales including Sussan fashion chain executive chairwoman <a target="_blank" title="Sussan boss expands" href="https://www.propertyobserver.com.au/new-south-wales/title-tattle-sussan-ceo-naomi-milgrom-spends-%246.2-million-to-buy-her-byron-bay-neighbour/2011070150674">Naomi Milgrom expanding her holding</a> with a $6.2 million acquisition.
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Wategos Beach listing to test Byron Bay price rebound

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American vendors worried about a second GFC have helped Dixon Advisory add discounted properties to its US Masters Residential Property Fund, according to managing director Alan Dixon.

“It has been helpful for purchases because vendors are concerned about a second recession,” Dixon tells Property Observer. “It has made vendors think things may get worse so they are willing to take the deal and sell now.”

Dixon says the New York economy is showing reasonable resilience and the outlook is not as pessimistic as in other parts of the country.

“It’s a good time to be putting the portfolio together,” he says.
<a href="https://www.propertyobserver.com.au/news/australian-investment-fund-snaps-up-19-properties-in-us-state-of-new-jersey/2011070150672" title="Dixon Advisory buys in US" target="_blank">At the start of July Dixon told Property Observer</a> the fund had bought 19 properties in New Jersey for a combined price of about US$3.8 million (A$3.54 million), though no contracts had been exchanged.
<img src="/images/stories/dixon.jpg">
It has since exchanged contracts on six properties with a combined value of over US$1.17 million (A$1.12 million) and accepted conditional acceptances for 17 properties with an estimated combined acquisition cost of US$3.08 million ($2.96 million) during the month taking the total to 23.
In addition to the  properties already purchased, the fund inspected a total of 49 properties in July.
Some of the properties were bought as vacant possessions, but all are now tenanted.


Based on the pre-purchase due diligence undertaken, the properties are expected to achieve annualised net yields of 9.3% to 11.3%, with a weighted average annualised net yield of 10.2%. 

Five out of the six properties purchased to date are detached houses, and all have been subdivided into two apartments.

The most expensive cost about $254,000 and is a detached duplex featured a two-bedroom apartment returning monthly rent of $1,500 and a five-bedroom apartment returning rent of $2,000 per month. The estimated annual yield is 9.3%.

All properties are located close to public transport and major roadways leading into Manhattan.

Dixon says the fund may consider issuing a further tranche of share capital to investors based on the feedback received to date.

“Chances are we may be able to raise more money before we spend what we have,” he says.

The fund raised close to $70 million prior to its listing on the small and medium cap National Stock Exchange.

The stock has been trading between $1.61 and a $1.62 at a small premium to its net tangible assets, which have risen from $1.53 to $1.55.
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American fears of second recession bulk up Dixon's US property portfolio

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The executive producer of The Block has slammed Consumer Affairs Victoria for scaring off potential buyers from the auction finale held on the weekend.
Saturday morning’s newspapers carried stories that all four estate agencies had been raided by the state government department.
Julian Cress, co-owner of Watercress Productions, which made the show for Nine, says the investigation into underquoting by the four estate agents created the impression that the reserve prices on all four houses could be well above $1 million.
''It was an absurd investigation in the first place, and I'd think today they'd be taking a long hard look at themselves,'' Cress says.
''On Sunday night they would have watched TV and realised the reserves were set well within the range the agents had been discussing,'' Cress told The Age.
The three single-fronted houses were quoted in the $800,000 to $890,000 range, and their reserves were revealed at auction as between $840,000 and $860,000. The double-fronted house was quoted between $900,000 and $990,000, and its reserve was revealed as $950,000.
Only one house – 39 Cameron Street, Richmond, renovated by Polly Porter and Waz Jones – sold under the hammer, for $855,000, $15,000 above the reserve. They pocketed the difference, plus $100,000 prize money for winning the series.
The house at 41 Cameron Street, renovated by sisters Katrina Chambers and Amie Godde, sold shortly after being passed in for its reserve price of $860,000.
The negotiations continue on the remaining two houses, with the renovator contestants still able to keep any profit above their reserve prices.
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The Block slams CAV investigation as scaremongering

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More than 3 million viewers tuned in on Sunday night to watch the finale of The Block 2011, a renovation show pitting four couples against one another. 
Before the finale, Josh and Jenna seemed to be the favourites to win with double-fronted 37 Cameron Street. And when they got to choose to be first off the blocks at auction, the scene seemed set for an easy victory. However, the final outcome at auction could not be further from the hype leading up to the event. Despite the amount of money spent to “glam up” the properties and a marketing publicity campaign that most vendors can only dream of, only one of the properties (39 Cameron Street, by Polly and Waz) actually sold at auction. And even then, it only just barely hobbled over the finish line – at a meagre $15,000 above the reserve set by Channel 9. Hardly a spectacular auction day by anyone’s standard. 
Viewers (and I’m sure, the contestants alike) were stunned that the only property that had enough interested bidders to meet reserve was that by self-proclaimed renovation rookies, Polly and Waz. After all, surely Rod and Tania’s number <street><address>43 Cameron Street</address></street>, which had a very similar reserve ($850,000 vs. $840,000) was a better property? Both are two storeys with the master bedroom and ensuite upstairs. Both have been criticised by the judges for not having a proper dining area. Polly and Waz had the “man cave” and extra storage. But on the other hand, Rod and Tania seem to have a larger and better backyard with the extensive decking and bonus spa. So why did Polly and Waz manage to get a sale and Rod and Tania did not? On the surface, something seems amiss. 
So what went wrong exactly? Why did just one of the four properties sell under the hammer? And why did the two supposedly best properties (number 37 and number 43) not sell while the other two supposedly lesser properties did? (For those not aware, Katrina and Amie did sell their property post-auction for the reserve price of $860,000, netting them zero profit to pocket.) 
There are many theories that have been thrown around to try and make sense of what happened: 
The market is what the market is. TV can do wonders. But it cannot change market sentiment overnight. For all of 2011 so far, property buyers have been very extremely cautious, and this is reflected in auction clearance rates hovering around the 50 to 55% for most of this year. There are still lots of serious buyers out there, but they are taking their time and watching their wallets carefully. Buyers are not willing to be drawn into a competition scenario for fear of over paying. 
A sale is a sale regardless of when the deal is done. In the current market, many properties are passed in at auctions (often with no one bidding) only to be sold soon after. At the end of the day, it really does not matter whether the property is sold before, during, or after auction. It’s the price that counts. No doubt, the remaining two properties of The Block should sell in the near future. 
Too much publicity can be a bad thing. I have come across many properties that attracted large crowds at open for inspections and seemingly overwhelming interest. However, surprisingly enough, on many such occasions, I find that the buyers end up losing hope – thinking that there’s no way they could be the winning bidder in the face of stiff competition. So they either don’t even show up to the auction or simply set a very realistic cap to prevent themselves from getting emotional in the bidding process. While there are silly buyers who want to win at all cost just for the sake of winning, there are also many who react in the opposite way. The more competition they think they are likely to face, the more they talk themselves out of getting into the rat race and overpaying. Time and again, I see extremely popular properties sell for an underwhelming price for this reason. 
Many serious buyers who otherwise would have been interested in The Block properties may have been discouraged or intimidated by all the media hype. Instead, the auction probably attracted some “bidders” who were mainly interested in being in the limelight, and not genuinely attempting to buy the property.
 
Is the price right? It’s pretty clear to most that Channel 9 overpaid for the four properties in the first place. Add to that the cost of stamp duty, second-floor additions to three of the properties and the renovation budget, and it seems unlikely that a profit could ever be made from the properties. Of course, this is a secondary concern to the show producers – relative to the ratings success. But the moral of the story is that buyers are not stupid. They will not overpay just because it is a TV show. Rational buyers know that once the cameras are turned off and packed away, they will be left with a very real investment. They would be asking themselves whether there are better buys out there than what The Block has to offer. 
Buyers’ agents/advocates take the emotion out of buying. As viewers would have observed, there were many buyers’ agents (or buyers’ advocates, as they are referred to in Melbourne) doing the bidding. As buyers’ agents and advocates, we are mandated to represent our clients who are property buyers. This means that we have to look out for their best interests. A good buyers’ agent and advocate would have done a thorough due diligence on the properties. How is the location? What is the rental potential? How good an investment is it? Is there a better property out there (for example, ones with parking)? Are the properties over-priced relative to their merits? What is the maximum price that the client (the buyer) should pay for the property? 
If the client (buyer) decides to go ahead and participate in the auction, then the buyers’ agent and advocate should do everything they can to enable their clients to buy the property for the lowest price. This may involve not bidding and competing if the property is not likely to reach the reserve anyway; or if it becomes evident that there is not that much interest or serious competition. After all, a good buyers’ agent and advocate would know that sometimes the best time to strike a deal is after a property has failed Auction. Unfortunately for Channel 9, experienced buyers’ agents and advocates are calculating bidders, and not likely to be drawn into an emotional bidding frenzy which would have made for more exciting television! 
Five lessons to be learnt from The Block
 
<ol>
<li>Don’t overpay when you buy. Many people assume you make money when you sell. But you actually make your money when you buy. Hire an experienced and professional buyers’ agent and advocate to minimise your risk of making a costly mistake.</li>
<li>Renovation is much harder than it seems. The high entry and exit costs (stamp duty, agent commissions, capital gains tax etc.) make it very difficult to make a profit.</li>
<li>Understand your target market for the suburb when you renovate so that you don’t over-capitalise.</li>
<li>Auction is NOT the only way to sell a property. The Block has to use this method because it generates the most drama for television.</li>
<li>The best property does not always get the best selling price. The interplay of a combination of factors such as the skill of the selling agent, sales method, level of buyers’ motivation, etc. all contribute to the final outcome. It comes down to finding the right buyer for the property – the one willing to pay the most for it.</li>
</ol>
Oliver Stier is the director of <a href="https://www.ohpropertygroup.com/" title="OH Property Group" target="_blank">OH Property Group</a>, a Sydney-based buyers agency. In addition to being a licensed real estate agent, Oliver also holds the Chartered Financial Analyst (CFA) designation. You can follow Oliver on Twitter at <a href="https://www.twitter.com/ohproperty">www.twitter.com/ohproperty</a>
Photo courtesy of Jonathan Chancellor
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oliverstier-Cu9aF99VRm

The Block buyers' agents don't make for exciting television

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Surprised by The Block result at the weekend? Well, don’t be. This is the new face of Melbourne’s auction market, and it’s not expected to change in the short term. Auctions don’t just need bidders – they need “confident” bidders, and confidence – as we’re all aware – is not in abundance at present.
But then Channel 9 never intended this to be a program focusing on the state of our current real estate market. The houses weren’t picked to make a profit on initial investment. After all, the homes are opposite a car park, in the shadow of the commission flats, with no off-street parking, average floor plans, and aside from the standard of renovation, they didn’t present any real competition to other better-located period properties in and around the surrounding area. The original intention for 37-43 Cameron Street, Richmond was a block of flats, and although this would have produced better returns on the land, Channel 9 had an idea that would ensure a much better profit if they kept the original homes.
This was a huge success for Watercress productions. The advertising attracted thousands to the open homes and the ratings were tremendous. No doubt they would have made a healthy profit from their sponsors, and overall it was a big hit. However, for those interested in property investing it highlighted a few important lessons we can all take on board.  Firstly, anyone thinking it’s easy to get rich quick from “flipping” will now I hope understand that this is not the case. Building wealth from property only safely works when incorporated into a long-term plan. Secondly, contrary to popular belief, most homes listed for auction sell via negotiation either before or after the auction.
This is particularly prevalent in a flat market – and very much the trend in our current Melbourne market.  Melbourne’s clearance rate this weekend came in slightly higher than previous weeks at 60%, however this percentage includes all properties that were sold before and on the day via pass in negotiation – and from my own experience this is the majority not minority.
So it was therefore no surprise to see only two of The Block homes sell on Sunday night (one under the hammer and another via negotiation) and – as is typically the case with passed in properties – I expect the remainder will sell over the next couple of weeks. However, with low confidence, and stock levels not producing an abundance of quality property to really inspire purchasers to part with their cash, the key to securing a good deal is firmly focused on a buyer’s ability to assess a home’s true value and successfully negotiate the purchase. It’s impossible to teach negotiation without employing practical experience. However, if you want to place yourself in the box seat, arm yourself with as much information as possible.  Here are a few tips to help along the way.
<ul>
<li>There are three numbers involved in real estate negotiation, and it’s important to get a rough idea of each before you formulate your negotiation strategy. What’s the property worth to you (market value + intention of use – is it an investment or your home for the next 20 years)?  What’s it worth to the vendor – (where’s the vendor’s expectation? Are they expecting a premium due to a costly renovation)?  What’s it worth to other buyers – (how fierce is the competition)? The first question is easy; however the other two will take more assessment. Start to gather information early, because the answers will help you assess the timing of your offer.</li>
</ul>
<ul>
<li>Try to establish why the vendor is selling. The agent may not be forthcoming if you ask directly, however questions such as “What settlement suits your vendor?” can give clues.  A longer settlement may signify they have not yet bought, while a shorter settlement may indicate they’re under time constraints to secure a deal. Vendors will sometimes accept a lower price if settlement terms are favourable – especially if they’ve purchased elsewhere.  Use the information wisely. </li>
</ul>
<ul>
<li>Note the property’s appearance. If the home is vacant (previously tenanted), you can assume it’s owned by an investor and they’ll probably preference a quick deal.  Going in with a lower price sweetened by a short settlement may be the way to proceed. However, if the house has been professionally furnished with show home written all over it, vendor expectation is likely to be high and they’re unlikely negotiate at the bottom end of the price range, especially at the beginning of the sale process.  In this circumstance, should you want to make a pre-auction offer, wait until the last week of the campaign, during which the selling agent will have hopefully tapered vendor expectation to meet the market.  There are many options and shades of grey, but above all, timing is crucial, so think before you act. </li>
</ul>
<ul>
<li>The longer a house has been on the market, the greater the pressure to lower price.  Look for those properties that have been hanging around for a while. Some houses don’t sell because they’re poorly located and don’t represent quality; however others may not have been marketed well or presented in an attractive manner. The latter can often present the best opportunity for a savvy buyer to pick up a bargain. </li>
</ul>
<ul>
<li>There’s always potential for multiple offers, especially if a house stands out from the crowd. Talk to the agent and ask him to keep you informed if he gets an offer in writing.  Nothing can be done until the vendor statement is available so request a copy to be e-mailed as soon it arrives. Find out how the sales agency handles multiple offers.  Some agencies only take a “best foot forward – one shot” approach. Others will favour the buyer who makes the first move by giving them a chance to increase their bid if someone offers more.  Don’t be afraid to ask questions. </li>
</ul>
<ul>
<li>If you love the home the priority is to secure the property within budget, rather than risk being gazumped with lengthy negotiation. In this circumstance preparation is the key – get the documentation checked, building inspection done, and your finance in place before you make a move.  An unconditional offer strengthens the chance of acceptance over a higher offer with conditions attached. </li>
</ul>
<ul>
<li>Consider employing a professional to negotiate on your behalf. One of the first lessons in negotiation is to place a “buffer” between you and the other party.  This takes emotion out of the equation and provides you with valuable thinking time while your advocate deals with the usual tricks selling agents employ. Don’t be afraid to pay for experience in order to potentially save thousands on price. </li>
</ul>
<ul>
<li>Finally don’t worry if you miss out because someone paid more.  Use the knowledge you gathered to help assess other homes on the market, and feel assured you’ll be better prepared next time.</li>
</ul>
Catherine Cashmore is senior buyer advocate for JPP Buyer Advocates – the largest dedicated buyer advocacy service in Victoria. With extensive experience in all matters regarding real estate, JPP successfully purchases and negotiates more than $100 million worth of property each year. <a href="https://www.jpp.com.au/">www.jpp.com.au</a>
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catherinecashmore-6LXia3pPQj

Eight lessons to learn from The Block's lacklustre auction

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{yoogallery src=[images/stories/august19lighthouse]}
The 1881 <a target="_blank" title="Vaucluse" href="/news">Vaucluse </a>lighthouse keeper's cottage, perched on the clifftops overlooking the ocean near South Head, has been listed for sale with $8 million expectations, although it failed to sell for $7 million when it was marketed by McGrath in a more buoyant market in early 2008.
The 2,600-square-metre leasehold property been listed by Steven and Carmen Davidson, who bought it from neurosurgeon John Matheson and wife Jeanne Eve for $2.52 million in 2002.
The 125-year lease cost $820,000 in 1992 when sold to the Mathesons by the Commonwealth government.
The lease will expire in 103 years.
Towering over the four-bedroom Old South Head Road cottage is the 1883 lighthouse, which replaced the 1818 Francis Greenway-designed lighthouse that had been Australia's first lighthouse.
Ray White Real Estate agent James Hundt says the heritage-listed cottage has been extensively renovated as a family home by the heritage architect Clive Lucas.  But Hundt envisages the offering, which sits on a 2,600-square-metre block, could be suitable for a commercial enterprise such as a reception centre.
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