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>.

Joel Robinson

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

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

GRAYA greenlit for riverfront St Lucia apartment development, Silk

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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116/220 Greenhill Road, Eastwood, SA, 5063
This three-bedroom, two-bathroom sub-penthouse in the Air apartment complex offers sophisticated modern living. The wrap-around balcony and floor-to-ceiling windows offer beautiful views across Adelaide CBD, and the property comes with an unusual six car parks. On one level, the sub-penthouse has a kitchen with Miele appliances, polished floorboards and sophistication in spades. It is being sold through <a target="_blank" title="Toop&amp;Toop" href="https://www.toop.com.au/fulldetails.asp?refid=116220EAS0A&amp;startat=0&amp;recno=0&amp;suburb=&amp;surround=&amp;fromprice=1500000&amp;toprice=&amp;bedrooms=&amp;bathrooms=&amp;carports=&amp;keyword=&amp;tenniscourt=&amp;ipix=&amp;investment=&amp;pool=&amp;new=&amp;PropertyTypeID=&amp;LandSizeID=&amp;howmany=10&amp;PropertyStyleID=&amp;view=&amp;sort=suburb&amp;action=submit&amp;area=&amp;checkdom=&amp;from=&amp;video=">Toop&amp;Toop</a> agents John Williams and Stephanie Williams, with price hopes of $1.7 million plus. 
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cknowlton-QnEa6ntUYP

Luxurious sub-penthouse in Eastwood

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23 Packsaddle Road, Marlow Lagoon, NT, 0830
This 5,840-square-metre property is a 20-minute drive from Darwin and just five minutes to Palmerston. It comprises four bedrooms and two bathrooms, and its knockout feature is its 11.5-metre wet-edge pool with a full-length shade sail. The property offers absolute privacy, with rural tree views from its wrap-around balcony, entertainment area and pool. The house is being sold through <a target="_blank" title="LJ Hooker Palmerston" href="https://www.ljhooker.com.au/1GT5H8Z">LJ Hooker Palmerston</a> agent Michael Oesterheld, with price expectations of $1,157,000 plus. 
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Privacy and space in Marlow Lagoon

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29 Milson Road, Cremorne Point, NSW, 2090
With stunning harbour views and old-style grandeur, "Cliff House" is one of the few family mansions left in Cremorne Point. The early 1900s three-level house has been tastefully updated and now provides contemporary convenience with period charm. The five-bedroom, five-bathroom house a games room with wet bar, cellar, pool, Peter Fudge-designed gardens and beautiful fittings and fixtures. It includes a self-contained two-bedroom apartment, which adds flexibility. The house is being sold through <a href="https://www.propertyobserver.com.au/https://www.rwm.com.au/135567" title="Richardson&amp; Wrench" target="_blank">Richardson &amp; Wrench </a>agents Richard Simeon and Mark Manners, with price expectations near $7.8 million or $7.9 million. 
 
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Stately glamour with knockout views in Cremorne Point

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69 Florida Road, Palm Beach, NSW, 2108
Every room in this luxurious five-bedroom, six-bathroom house has water views. On a 1,200-square-metre block, this is one opulent beach house, just 200 metres from the water. Its northerly aspect means it is filled with light, and the 4o-square-metre covered veranda would be ideal for entertaining. The house is being marketed by <a target="_blank" title="Richardson and Wrench" href="https://www.propertyobserver.com.au/https://www.rwm.com.au/134391">Richardson &amp; Wrench</a> agent Richard Simeon in conjunction with Raine &amp; Horne agent Glenn Lee, with price expectations of $5.95 million plus. 
 
 
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Tranquility and water views in Palm Beach

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Mirvac has taken an $80.8 million balance sheet hit as a result of the Brisbane floods.
The listed property developer has announced a downgrade of its December 31, 2010 half-year results due to the impact of the floods on its $290 million Tennyson Reach residential development on the Brisbane River.
As a result of the sustained impact of the floods Mirvac has revised the carrying value of the development. It has also deferred development of the undeveloped portion of the site and will seek to offload it.
The impact on Mirvac’s previously disclosed December 2010 net tangible assets per security will be $0.02. Consequently, Mirvac’s pro-forma December 2010 NTA will now be $1.58.
“Since the January floods, the Tennyson residential market has been characterised by limited transactions, consequential pricing impacts and uncertainty in relation to the outcomes of the Queensland Floods Commission of Inquiry,” Mirvac says in an ASX update.
“The Group's continued assessment of these sustained market conditions has led the Group in taking a conservative approach to the reassessment of the carrying value of Tennyson Reach, including 43 unsold apartments and remaining undeveloped land. This has led to a provision of $80.8 million, resulting in zero residual value as at 31 May 2011,” Mirvac says.
Mirvac has also amended the project’s forecast settlement and pricing profile for the unsold lots of Farringford, stage two of development.
In its half-year results presentation on February 22, 2011, Mirvac had settled on 45 of the 92 lots of Farringford and 109 out of 115 of Softstone and Lushington.
Mirvac acquired the Tennyson Reach property in August 2005 with plans to build 185 apartments at a cost of $290 million to be completed between 2013 and early 2017.
In its half-year results presentation on February 22, 2011, Mirvac reported flooding to the basement of the building affecting nine ground-floor apartments and landscaped areas, one of which was still held by the company.
The company says it will spend $3 million to $5 million in the second half of 2011 to reinstate ground-floor flood-impacted apartments as part of its Queensland flood contribution. 
In its June 24 update, the company says it project managed the clean-up and has restored the apartments to their original state from the time when the apartments were finished in 2009. 
Mirvac expects to open the Tennyson Reach sales office before the end of 2011.
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Brisbane floods force $80 million downgrade for Mirvac

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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">It was a busy night for the actor Michael Caton, sage of the TV reality show Hot Property, and his wife, Helen, when their Bondi Beach apartment (pictured above) went to auction Thursday night. It clashed with the long-overdue Hot Property series return on Channel 9.
Caton, who also stars in Channel 7’s Packed to the Rafters, secured $938,000. That represents a pretty respectable 7.9% annual appreciation since the Sir Thomas Mitchell Road apartment was bought in 2000 for $400,000. It is a top-floor two-bedroom unit that comes with study, deck and 46 square metres of floor space in the block of four known as Sunnyhurst. Sandy Kogan at Richardson &amp; Wrench Bondi Junction was always confident she’d get the couple more than $900,000, allowing them to upgrade in the locality. Caton was as cool as a cucumber in the packed auction room, and why wouldn’t he be, given there were three bidders.
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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">The former Hawthorn footballer-turned-sports commentator Dermott Brereton secured $1.79 million post-auction for his near-new Brighton duplex (pictured above), not far from both the Bay and Church street retail strips in the bayside suburb of Melbourne.  Hocking Stuart Brighton agent John Clarkson had $1.7 million  hopes for the two-storey, three-bedroom house with a double garage, pool and terrace. James Bidderman of the ever-present James Buyers Advocates notes that the lone bidder went inside for negotiations before the sold sticker went up. Brereton had paid $1.81 million for the property in 2009.
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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Title Tattle aims to tell you as soon as we know – often before it happens – so the word from Mosman is that the UBS boss Matthew Grounds may be set to upgrade to a $15 million abode. It’s all a bit speculative partly because it involves an option to purchase, rather than an outright exchange on the Kirkoswald Avenue residence overlooking Middle Harbour in Sydney. The deal’s paper trail leads back to the maiden name of Matthew’s wife, Kimberly Simpson-Morgan, perhaps to avoid any immediate link to the investment banker. And the paperwork Title Tattle has sighted gives her only contact details as care of Edney Ryan Legal.
Of course her father, Fred Simpson Morgan, worked between 1959 and his 1989 retirement at the estate agency Peter Hill First National. In late 2007 Grounds paid $11 million for their current Mosman home, and he calls the tennis player Lleyton Hewitt a neighbour at his Palm Beach weekender bought in 2005 for $4.3 million. Grounds, described as Australia’s pre-eminent investment banker in a SMH Business Day profile, is the adviser of choice to James Packer, close enough to having attended his wedding on the Cote d'Azur in June 2007.
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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Alistair Brae, the restored Scottish-influenced 1904 Queen Anne-style Pymble house (pictured above) on 2,032 square metres in Sydney’s leafy north shore, has been sold. Its single-level layout includes a grand reception hall, formal rooms, several family rooms, five bedrooms and three bathrooms. Verandas surround the house and overlook the gardens, pool and sandstone garage. Its LJ Hooker Pymble agent Julie Bennett had revised $3.3 million hopes in April. There were $4 million plus hopes on its initial April 2010 listing with another agent.
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<div>It was one of the first homes built in Pymble and much admired given its six-metre-long domed leadlight ceiling in the foyer. It last sold at $1.2 million in 1992. The first owners of Alistair Brae were Samuel and Annie Head, naming it to commemorate Annie’s maiden name, McAlistair.</div>
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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">There was no success for bestselling author Janine Shepherd when Carradon, her 1880s Burradoo, Southern Highlands weatherboard home, went to mid-week auction. Set on a 6,500-square-metre garden estate, it was passed in on a $1.8 million vendor bid. Shepherd bought the property from the comedian Billy Birmingham in 2007 for $2 million. The property was listed through Bill Bridges of Ballard Property Group inc onjunction with Bowral agent Ian Rayner  with $2 million plus hopes.  Shepherd's next book, titled The Gift of Acceptance, will be published in February.
 
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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">The head of Royal Bank of Scotland's Australian equities operations, Randolf Clinton, and his wife, Sally, have spent $4.85 million to buy at Palm Beach (pictured above). They bought from the expatriate hedge fund boss Paul Henry and his wife, Belinda, who had bought the Florida Road house for $4.1 million in 2006. It was sold through LJ Hooker agent David Edwards after the Henrys spent $14 million on a Pacific Road residence.
Clinton sold his modern Mosman mansion set on a 1,671-square-metre block with a tennis court and pool last month. It had been listed with expectations of more than $10 million through LJ Hooker Mosman agents Geoff Smith and Richard Harding, but it's understood the sale figure fell somewhat short of these hopes. Title Tattle has been around long enough to remember that it was Marco and Angela Belgiorno Zegna of the Transfield empire who sold the property in 1999 to the Clintons for $2.3 million. Clinton was at ABN AMRO as head of institutional sales around that time. Set on the McLean Street with northerly views across Middle Harbour, the house was designed by Alex Popov three years ago set in gardens designed by landscape guru William Dangar.
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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Charles Owen, who undertook the interiors at the Bronte, Sydney and Brooklyn, New York properties of the late actor Heath Ledger, secured $1.16 million pre-auction for his Cremorne apartment with Sydney Harbour glimpses (pictured above). The three-bedroom, two-bathroom Sutherland Street unit just fell short of the $1.2 million hopes expected through Jasmine Dimitriou at Belle Property Neutral Bay. The apartment occupies 200 sq m and Owen has overseen the contemporary living refurbishment with an Armani Casa-style palette. Owen, from Charles Owen Design, and his wife, Nicolette, had paid $735,000 in 2007.  Perhaps it was his reputation but 93 groups went through the Sutherland Street apartment during the four week marketing campaign.
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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg"><a target="_blank" title="Auction wrap" href="https://www.propertyobserver.com.au/residential/auction-wrap-monday-june-20/2011062050539">Melbourne had the weekend’s highest sale</a> last weekend when a renovated Victorian house on 371 square metres in South Yarra (pictured above) sold under the hammer. It was sold for $4.85 million by Ken and Cathi Biddick, directors of Conquest Sports, which are the exclusive distributors and wholesalers of Converse in Australia and New Zealand. They had paid $1.95 million in 2002 when bought from Wayne McMaster, partner at Mallesons Stephen Jaques and often regarded at the pre-eminent intellectual property lawyer in the country, and his wife, Lyn.
It was announced on the market at $4.8 million, with competition from two bidders for the two-storey 1895 house offered by Marshall White agents Andrew Hayne and Peter Bennison.  In the prized Domain precinct, this impressive Victorian double-fronted property is trimmed with wrought-iron lace and anchored by bluestone foundations and towers. The Park Street property comes with 12 glamorous rooms, with the first floor containing five bedrooms. It had been expected to fetch $4.5 million plus.
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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Former 500cc motorcycle world champ Wayne Gardner has accepted $482,000 for his Darlinghurst studio investment. Set in a cosmopolitan inner-city location, it was a terrace-style studio marketed with a flexible commercial/residential zoning. It could be a boutique design studio or a dwelling, according to Ballard Property Group agent Michael Khouri.  The Liverpool Street property development was constructed by Gardner with five mixed-use commercial spaces along with parking for two cars. It was unsuccessfully listed in one line in 2008, with a $143,000 annual gross rental. The Liverpool Street site was bought for $1,325,000 in 2002.
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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">And don’t say that Title Tattle told you, but apparently Hugh Sheridan, the Packed to the Rafters star, has been scouting around the beachside South Australia village of Carrickalinga. The NIDA-trained Logie winner has been looking to buy an investment property in the picturesque south coast district, apparently with an eye to using it eventually as a holiday home away from the highlife of Sydney. Local agents say the Adelaide-born Sheridan has "always had a soft spot" for the suburb.
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jchancellor-FAypfDUnLy

Hot Property's Michael Caton triumphs at his own auction: Title Tattle

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Non-bank lenders are dreading the end to early exit variable mortgage fees ban, which comes into effect on July 1, 2011, following a Senate vote to uphold the ban. 
The ban will make life even harder for struggling non-bank lenders, who have used exit fees to hold onto customers and compete with the major banks.
Non-bank lenders charge an average exit fee – a penalty for customers who leave a lender after the first three or five years of a loan – of $1,900. However, some lenders charge as much as $7,000.
All of the major banks except Westpac have now scrapped their exit fees, which were between $700 and $900. Westpac will have to step into line by July 1.
The market share of non-bank lenders has plummeted since the start of the global financial crisis in 2007, when global securitisation markets – the major source of funding for non-bank lenders – dried up.
The campaign for an exemption to the ban, which the Senate did not agree to, was led by the Mortgage &amp; Finance Association of Australia, which represents non-bank lenders and mortgage brokers.
It claims without exit fees the non-bank lenders will find it hard to compete with banks and that with less competition, interest rates will increase.
"It became clear during our lobbying that there are many in Parliament who share our concerns that the breadth of competition in the mortgage market needs to be enhanced in order to keep interest rates low," MFAA chief executive Phil Naylor says.
"Non-bank lenders are synonymous with bringing down the margin on home loans in Australia.”
The MFAA calls the exit fee ban misguided, quoting its survey of 1,000 borrowers, which found that just 1.7% listed exit fees as a concern.
Mortgage broking franchise Mortgage Choice lists more than 10 small lenders on its panel.
Spokeswoman for the group Kristy Sheppard says smaller lenders do not enjoy the economies of scale of the big banks and exit fees helps them to compete by reducing establishment fees on home loans.
"We are disappointed with the decision because it may have the unintended consequence of reducing competition in the mortgage market," she says.
Other critics of the bank include Aussie Home Loans. Founder John Symond built up the Aussie brand in the late 1990s on the back of securitised funding, which allowed it to offer mortgages at better rates than the major banks.
Not only will this regulation make it easier for borrowers to secure a better loan, but it will make the lending market more competitive, particularly among the major banks. Banks and lenders will now have to offer more competitive rates and conditions in order to secure and maintain borrowers.
In a time when housing affordability is a major issue, this is a positive step forward and will no doubt be welcomed by home owners.
Brent Pullar, estate agent and owner of Harcourts Frankston, says the ban is a positive step forward in a time when housing affordability is a major issue.
Pullar says the ban will make the lending market more competitive, “particularly among the major banks”.
Damian Smith, CEO of mortgage comparison website RateCity, has welcomed the ban, saying it will help some borrowers switch to better deals without being penalised and drive up competition.
However, he has played down the impact of the ban, saying other fees and charges will deter many borrowers from switching, particularly lenders mortgage insurance.
LMI is required for loans where more than 80% of the value of the property is borrowed.
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Non-bank lenders say mortgage exit fees are vital

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30 St Vincent Place, Albert Park, Victoria, 3206
This historical landmark property built in 1866 and sitting on approximately 1000 square metres of land has been rated as land only.
Behind the classic double fronted Italianate facade is an original Victorian property, almost unchanged from the day it was built. Surprisingly, this property comes complete with stables to the east and two small Victorian cottages to the west, which some may find quite inconvenient as they take up a large portion of the land. The excellent rear street access allows the possibility to convert these outbuildings into a more practical arrangement – the stables could transform  into a double garage with studio apartment above, and the two cottages could be used as a teenager's retreat or elderly parent's small home away from home.
The main home itself presents a unique opportunity for the purchaser to completely refurbish the property, as its original condition renders it unliveable. There is scope to further improve the home by extending the north-facing rear to create flexibility and connection to the outside. Therefore, the additional expense of adding a second storey to the home in order to create extra space and light may not be necessary.
The issues from a buyer's perspective will be the significant financial expenditure required to bring this home into the 21st century, dealing with heritage overlay restrictions and the length of time, possibly eighteen months or more, which may be needed to complete the restoration and construction. That said, this is possibly one of Melbourne's most prestigious streets, close to everything with an opportunity to create a property that would equal some of the best in the country. James Buyer Advocates gives the property a rating of 765/1000, which puts it in the Well Above Average Category.
The property was sold by <a target="_blank" title="Marshall White" href="https://www.marshallwhite.com.au/?pagecall=property&amp;propertyID=1670314">Marshall White</a> agents Simon Gowling and Oliver Bruce at auction on Sunday, June 26 at noon. It sold for $6.62 million.
Guy Angwin is a buyer advocate at <a title="James Buyer Advocates" target="_self" href="https://www.jamesbuyeradvocates.com.au/" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. James provides home ratings, weekly auction reports and market analysis on its website. 
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Unrivalled potential in Albert Park attracts four bidders

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Today’s front page of The Financial Review carries the heading “Real Estate Agents Revolt”. The lead in paragraph says “The country’s largest real-estate companies are shaping up for a fight with online marketing giant REA Group over the soaring cost of advertising on the web and the rights to the use of property data.”
The news immediately wiped off 5% or $80 million from REA’s market cap – ouch!
Now this raises an interesting discussion about can a fragmented industry unite to create a true competitor to a market leader or is this just fantasy?
The best way to think about this is to look at what you have to believe for the industry to create a true competitor to a market leader?
The industry can build a comparable listings database
The first thing the industry must do is build a comparable database to the market leader. This is required so that the consumers have a similar experience when visiting the site.
In many market this means aggregating as much as 90%+ of the listings. This may sound easy but in many circumstances it is hard to do.
In most markets outside the US and Canada, the listings are held by a wide range of software providers. This is a non trivial challenge and requires managing multiple data feeds and gaining the consent of the individual agents.
Failure to do this results in a sub-standard offer versus the market leader.
The industry can create awareness of the new site
The second challenge having built a comparable site is can the industry create awareness of the site and drive reasonable traffic to the site. This become more problematic when up against a very well funded marketing beast.
The incumbent leaders are well organized with strong marketing teams. They will outspend and out market the industry and this is doubly hard when the industry is coming from a long way behind with a new brand pitched against a well-established and highly recognised brand.
The industry needs a massive marketing budget and access to strong capital reserves for the continued marketing push.
The industry can create a better offer than the market leader
This is where it gets interesting. The industry needs to create an offer (ie website) that is different from the market leader. It needs to create a reason for people to look at it and NOT the market leader.
One way of doing this is to proactively degrade the quality of listings on the market leader’s site. Now this is challenging but doable. It would require the industry as a whole (or large portions) to only submit say 4 photos or perhaps no price for their listings the market leading site. While at the same time having more photos and the price on the new industry site. This would, over time, have the impact of migrating traffic from one site to the other. However, you would have to be organized and patient.
This is the hardest one for the market leader to defend against.
Agents will stop advertising on the market leader
 
The final thing we have to believe is that the agents will stop advertising on the market leader. This is a hard one.
In the Australian market, for example, the franchise groups cannot control what the agents do and at best, they can influence the outcome.
Therefore you have to believe that a vast number of agents would simultaneously stop advertising on the market leader. They would have to be able to argue with their vendors that this makes sense not to be on the market leader (rather hard I assume). You also have to believe that the cost saving is material enough for an agent to stop advertising. This is also a hard one to believe.
The market leader can combat this through a marketing campaign aimed at the vendor. This is rather simple to do as the addresses of the listings are well known.
Summary
So overall, while many industry players have aspirations to knock of the market leader, the reality is that it is very hard, almost impossible to do so. The best the industry can hope for is to put pressure on the market leader to reduce the speed of price increases. However, in all markets where there is massive fragmentation, the big guy usually wins.
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simonbaker-mBtBCYztPa

Should REA Group worry?

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{yoogallery src=[images/stories/june23southaustralia]}
63 and 67 155 Brebner Drive, West Lakes, SA, 5021
The penthouse and subpenthouse of a luxury development in West Lakes offer a perfect position, stunning features and fittings and opulence in spades. The penthouse has threebedrooms and a study, and the sub-penthouse has three bedrooms. Both feature marble bathrooms and huge home theatre rooms (the penthouse home theatre room comes with a built-in bar). The master ensuites in each features a sauna and spa. They are being sold by<a target="_blank" title="LJ Hooker West Lakes" href="https://www.ljhooker.com.au/westlakes"> LJ Hooker West Lakes </a>agent Justin Peters with a price expectations starting at $3.2 million.
 
 
 
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