Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Joel Robinson

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest. 
&nbsp; 
The purchaser sold their long-held family home in the area before embarking on a six-month search for the right apartment. After inspecting a range of options across the Lower North Shore, the buyer returned to <a href="https://www.apartments.com.au/new-apartments/alex-willow-crows-nest-82-90-alexander-street-crows-nest-nsw-2065">Alex &amp; Willow</a>. 
&nbsp; 
The buyer profile reflects the project’s broader purchaser mix. <a>Alex &amp; Willow</a> has attracted predominantly local downsizers looking to transition from larger homes without compromising on space or quality, alongside a smaller cohort of upsizers and investors drawn to the project’s location and design credentials. 
&nbsp; 
The milestone sale comes as the project, developed by&nbsp;<a href="https://www.apartments.com.au/developers/perifa">Perifa</a>&nbsp;and delivered by <a href="https://www.apartments.com.au/builders/versatile-made-construction">Versatile Construction</a>, both part of Versatile Group, reaches 60 per cent sold.

[smartcode_project:default project_id=6680 project_image_fid=371325] 
&nbsp; 
Eddie Mansour, Managing Partner of <a href="https://www.apartments.com.au/project-marketer/ray-white-projects">Ray White Projects</a>, said the result demonstrates not only a headline price but also depth of demand. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

[smartcode_project_cta:default project_id=6680]

Alex & Willow, Crows Nest penthouse sells off the plan for $6.5 million

Fresh from launching the first stage of its Wollongong precinct, <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, builder-developer Urban Property Group has unveiled plans for the next phase of the masterplanned community.

Now on public exhibition through the NSW Government's Housing Delivery Authority pathway is a State Significant Development Application for a further 657 homes on the prominent gateway site opposite Beaton Park.

The proposal comprises three buildings, including two build-to-sell towers rising 25 and 30 storeys, delivering 391 apartments, alongside a 12-storey co-living building with 266 residences, making it one of the largest co-living proposals currently planned in regional New South Wales.

Of the apartments proposed in the build-to-sell towers, the majority, 310, are two-bedroom dwellings. The balance comprises 44 one-bedroom apartments and 37 three-bedroom residences. Apartment sizes range from around 50 sqm for one-bedroom homes to approximately 90 sqm for three-bedroom apartments.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="19347059-1612-41a0-9c74-b86a657237f8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%2010.02.18%E2%80%AFAM.png?VersionId=sWXnaCcA.cIC6N8YT1dg5pJ2e1V3Z6z7" />

The submission says the proposal has evolved significantly from its original Housing Delivery Authority application following extensive consultation with the State Design Review Panel and Wollongong City Council.

The final scheme has been designed to align with the emerging vision for the Flinders Street Precinct, an area identified by Council as a future high-density mixed-use neighbourhood capable of accommodating substantial housing growth close to transport, employment and community infrastructure.

According to the design report prepared by COX Architecture, the development aims to "deliver a built outcome consistent with the future character of the Wollongong CBD while responding to the site's unique constraints and opportunities."

"Our vision for the next phase of the site evolution in Wollongong is grounded in three design pillars that guide the design response: place, natural environment and celebration," COX said.

"Inspired by its surroundings and grounded in the stories of place on Wodi Wodi Country, the design proposal acknowledges the established character of its setting while creating a unique and timeless identity that sits harmoniously within it.

"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."

The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.

COX identified views towards Mount Keira and the Illawarra Escarpment as defining features of the site, while the upper levels of the towers will also capture expansive views across the city and out to the Pacific Ocean.

The design team has positioned the tallest buildings closer to the rail corridor, where overshadowing impacts can be better managed while establishing a landmark built form on the northern approach into the city.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="79580d5b-500c-4ebf-9629-797146a4a694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.51.59%E2%80%AFAM.png?VersionId=WbTB1EKSG.KDfsfz0F3wp1QVa2oCMGR5" />

Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.

Construction recently commenced on the first stage of Keira Place, which will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, alongside activated ground-floor retail and commercial space.

Urban Co-CEO Patrick Elias said the commencement of construction marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/groundbreaking-marks-start-of-construction-at-keira-place-in-wollongong-cbd">Groundbreaking marks start of construction at Keira Place in Wollongong CBD</a>

&nbsp;

&nbsp;

&nbsp;

Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place

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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The Pennant Hills property of Federal politician Julian Leeser has hit the market.
The three-bedroom 1920s period home has been listed through Patrick Goode at Soames North Shore.
The home has high ­ornate ceilings, timber floors and fireplaces.
Leeser has resided in the home with his barrister wife Joanna Davidson for a decade. They will upgrade locally.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/7/pennant%20hill%202.jpg" alt="">
His mobile reception is OK, but since his 2016 election, Leeser has pursued Telstra over black spots within the Berowra electorate. 
“Telecommunications should be like electricity and water. It is absurd that people living 40 minutes from the Sydney CBD can’t get mobile coverage,” Leeser said in a recent submission to the Department of Communications.
The property is just a few doors away from the former MP Philip Ruddock.
This article was first published in the Sunday Telegraph.
 
 
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firstname1-iYD4UYzvBa

Federal politician Julian Leeser lists Pennant Hill home

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Melbourne real estate will fully open with safety measures from November 23, the Victorian premier Daniel Andrews advised today.
However from October 26, if the daily average of new cases is fewer than five and there are fewer than five cases with an unknown source in the prior fortnight, agents would be allowed to hold private inspections and to hold outdoor auctions subject to gathering limits.
In the meantime the spring Melbourne real estate market will remain only as online inspections for several more weeks.
Thousands of Melbourne home vendors were hopefully awaiting today's decision to commence their marketing.
The government has confirmed only services related to property settlement and the commencement of or ending of a lease, including removalists, are to be allowed until October 26.
The re-opening was advised by Victorian Premier Daniel Andrews in his five-step road map out of stage four lockdowns from September 14.
If all goes to plan, a fourth step would begin on November 23, provided there were no new cases for 14 days.
All retail would then also be open and the real estate industry would open with additional safety measures.
Restrictions were introduced in late March which included a ban on on-site auctions, with two loosening of rules from May allowing auctions to go ahead with just 10 bidders, which was later raised to 20.
Auctions were banned again when stage four was enacted in August, along with no permissible open for inspections.
Regional Victoria will see its second step begin on September 13 allowing private inspections to resume. But onsite auctions with attendance limits won’t be allowed until the third step.
<div>
<div>
<h2>Breakdown of roadmap for metropolitan Melbourne</h2>
</div>
</div>
<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa">First Step from 11.59pm, 13 September 2020 in metro Melbourne</div>
</div>
<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa">
<ul>
<li>Curfew eased to 9pm to 5am</li>
<li>Exercise increased to two hours per day</li>
<li>Single "social bubbles"</li>
<li>Public outdoor gatherings of two people or a household for up to two hours</li>
<li>Playgrounds reopen</li>
</ul>
</div>
</div>
<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa">Second Step from 28 September 2020 subject to public health advice and if average daily cases are 30-50 in metro Melbourne over previous 14 days.</div>
</div>
<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa">
<ul>
<li>Public gatherings increase to up to five people from two households</li>
<li>Schools: staged return for Prep to Year 2, VCE/VCAL and specialist schools in Term 4</li>
<li>Childcare reopens</li>
<li>More workplaces open</li>
<li>Outdoor pools reopen, personal training for up to two people per trainer</li>
<li>Outdoor religious gatherings of up to 5 people plus 1 faith leader</li>
</ul>
</div>
</div>
<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa">Third Step from 26 October 2020 subject to public health advice and if daily average is less than five new cases (state-wide) and less than five cases from unknown sources over the previous 14 days (state-wide total).</div>
</div>
<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa">
<ul>
<li>Curfew dropped</li>
<li>Leave home – no restrictions on reasons or distance travelled</li>
<li>Public gatherings increased to 10 people outdoors</li>
<li>Visitors at home – up to five visitors from another nominated household</li>
<li>Schools – potential staged return for Year 3 to 10 based on epidemiology</li>
<li>Retail and hairdressing reopen</li>
<li>Hospitality - predominantly outdoor seated service, group limit of 10 and density limits</li>
<li>Sport – staged return of outdoor non-contact sport for adults. Outdoor under 18 years contact and non-contact sport resumes</li>
</ul>
</div>
</div>
<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa">Last Step from 23 November 2020 subject to public health advice and if no new cases for previous 14 days</div>
</div>
<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa">
<ul>
<li>Public gatherings of up to 50 people outdoors</li>
<li>Visitors at home – up to 20 visitors at a time</li>
<li>Retail - all open</li>
<li>Hospitality – indoor group limit of 20 people for seated service, cap of 50 patrons</li>
<li>Real estate – open with safety measures</li>
<li>Sport – open subject to safety measures, contact sport resumes for all ages</li>
<li>Weddings, funerals – maximum of 50 people</li>
<li>Religion – public worship resumes subject to density quotas</li>
</ul>
</div>
</div>
<div class="block-content">
<div class="styles__Container-sc-1ylecsg-0 goULFa">COVID Normal – starts when no new cases occur for 28 days plus no active cases (state-wide) and no outbreaks of concern in other States and Territories.</div>
</div>
<div class="block-content"> </div>
 
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j.ballantyne1990-6AQqhLzZaK

Melbourne real estate will fully open with COVID-19 safety measures from November 23

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If you're currently looking for a brand new home in Adelaide, here is a round up of some fantastic (and affordable) properties you might like to consider.

Click the renders to learn more about each property and if you have any questions or want to find out whether you're eligible for any grants or subsidies, reach out to an Urban Expert via the chat today. 

<h2>
1. <a href="/buildings/on-the-park-bowden-20-24-gibson-street-bowden">354 BOWDEN (STAGE 2)</a>
</h2>

<figure><a class="colorbox colorbox-insert-image" href="/buildings/on-the-park-bowden-20-24-gibson-street-bowden" rel="gallery-all" target="_blank" title="354 Bowden. Image supplied. "><img alt="" class="image-article-full-width-580px" height="196" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/354-bowden-stage-2-20-24-gibson-street-bowden-438e9c13ff04c896ea8ba26f693f7e7f_0.png?itok=HkWh4_BI" title="354 Bowden. Image supplied. " width="580"></a>

<figcaption>354 Bowden. Image supplied.</figcaption></figure>Bordering a beautiful parkland is the next stage of 354 Bowden, just north of Adelaide CBD. 354 Bowden homes have been designed for low maintenance living and each home features a stunning, open-plan layout. 1, 2 &amp; 3-bedroom homes are available, starting at $375 with an estimated completion of mid-2020. <a href="/buildings/on-the-park-bowden-20-24-gibson-street-bowden">Enquire here</a>. 

<h2>2. <a href="/buildings/hyde-park-place-248-unley-road-hyde-park">HYDE PARK PLACE</a></h2>

<figure><a href="/buildings/hyde-park-place-248-unley-road-hyde-park"><img alt="" class="image-article_full_width_580px" height="363" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/hyde-park-place-248-unley-road-hyde-park-662ca0e34b856f773aee17fb24b6113e.jpg?itok=_UV3iSt9" title="Hyde Park Place. Image supplied. " width="580"></a>

<figcaption>Hyde Park Place. Image supplied.</figcaption></figure>The latest development to be delivered by Citify, is Hyde Park Place. Apartments within this complex are already 90% sold due to high demand. Hyde Park Place also include a resort-style amenity centre called Cloud Nine, where residents can utilise the state-of-the-art gymnasium, sauna, spa and swimming pool. Construction is underway with completion slated for late 2021. 2-bedroom homes start at $575,000. <a href="/buildings/hyde-park-place-248-unley-road-hyde-park">Enquire here</a>. 

<h2>3. <a href="/buildings/penny-place-17-penny-place-adelaide">PENNY PLACE</a></h2>

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/ieBZfmQWM_4" width="660"></iframe>

Designed by the award-winning architects at Woods Bagot, Penny Place is set to become a popular new apartment development in the heart of Adelaide, with unrivalled views and intuitive floor plan layouts. Construction of the 152 apartments has now commenced, with completion expected for June 2021. Two bedroom homes are selling now from $575,000. <a href="/buildings/penny-place-17-penny-place-adelaide">Enquire here</a>.

<h2>4. <a href="/buildings/quayview-on-adelphi-22-23-adelphi-terrace-glenelg-north">QUAYVIEW ON ADELPHI</a></h2>

<figure><a href="/buildings/quayview-on-adelphi-22-23-adelphi-terrace-glenelg-north"><img alt="" class="image-article_full_width_580px" height="268" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/quayview-on-adelphi-22-23-adelphi-terrace-glenelg-north-cd6552da737a0ba82ccb4e2feaef5dd9.jpg?itok=PXfI9eA5" title="Quay on Adelphi. Image supplied. " width="580"></a>

<figcaption>Quayview on Adelphi. Image supplied.</figcaption></figure>Looking for a home with spectacular water views, stunning interior design and a fantastic location? Look no further than Quayview on Adelphi. Perfectly situated in Glenelg North, Quayview on Adelphi offers luxury coastal living from just $375,000. 1, 2 and 3-bedroom configurations are available, with completion slated for early 2022. <a href="/buildings/quayview-on-adelphi-22-23-adelphi-terrace-glenelg-north">Enquire here</a>. 

<h2>5. <a href="/buildings/east-end-adelaide-293-297-pirie-street-adelaide-sa-5000">EAST END</a></h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/east-end-293-297-pirie-street-adelaide-29296812de655ac54b30ba636aed9417.jpg" rel="gallery-all" title="East End. Image supplied. "><img alt="" class="image-article-full-width-580px" height="326" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/east-end-293-297-pirie-street-adelaide-29296812de655ac54b30ba636aed9417.jpg?itok=CQYb7akW" title="East End. Image supplied. " width="580"></a>

<figcaption>East End. Image supplied.</figcaption></figure>East End apartments offer stunning panoramic vistas of Adelaide city, parklands and hills, which can be viewed from your private balcony. Each home features high end fixtures and finishes, with floor-to-ceiling glazing and stunning timber flooring. Free furniture packages are available for a limited time. 2 &amp; 3-bedroom homes are selling now and priced from $447,000. Construction is slated for completion by the end of the year. <a href="/buildings/east-end-adelaide-293-297-pirie-street-adelaide-sa-5000">Enquire here</a>.

<h2>6. <a href="/new-apartments/botaniq-95-hackney-road-hackney">BOTANIQ</a></h2>

<figure><a href="/new-apartments/botaniq-95-hackney-road-hackney" target="_blank"><img alt="" class="image-article_full_width_580px" height="365" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/botaniq-95-hackney-road-hackney-929beb0f86da28f9079acc2b6d58d9a8.png?itok=Pv15plYx" title="Botaniq. Image supplied." width="580"></a>

<figcaption>Botaniq. Image supplied.</figcaption></figure>Designed by local architecture firm JPE Design Studio, Botaniq draws cues from the site's former Hackney Hotel, preserving its grandeur and iconic facade. Within the development will be 27 apartments over three levels, two storey sky lofts, seven 3 storey townhomes off Richmond Street and 8 two storey townhomes off Bertram Street. Anticipated completion of the development is mid-2021. Botaniq homes start at just $375,000. <a href="/new-apartments/botaniq-95-hackney-road-hackney">Enquire here</a>.

<h2>7. <a href="/buildings/clover-townhomes-294-st-clair-avenue-st-clair">CLOVER TOWNHOMES</a></h2>

<figure><a href="/buildings/clover-townhomes-294-st-clair-avenue-st-clair" target="_blank"><img alt="" class="image-article_full_width_580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/clover-townhomes-294-st-clair-avenue-st-clair-7aebfd95b45e6a62d4cc4a02ad8e1729.jpg?itok=c-G_hSj5" title="Clover Townhomes. Image supplied. " width="580"></a>

<figcaption>Clover Townhomes. Image supplied.</figcaption></figure>Looking for somewhere to move to immediately? Clover Townhomes are built and move-in ready. Situated overlooking a tranquil St Clair lagoon, these homes have been thoughtfully designed for longevity and low-maintenance living. Secure your new home today with a $10,000 deposit. Only 19 3-bedroom homes available and selling now from $449,000. <a href="/buildings/clover-townhomes-294-st-clair-avenue-st-clair">Enquire here</a>.
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Olivia Round

7 popular properties in Adelaide under $750k that are selling now

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EXPERT OBSERVER
The Australian economy contracted by 7% in the June quarter, broadly in line with expectations (both Westpac and market median at -6%).
This is by far the largest quarterly contraction in the Australian economy on record (previous record was -2.0% in June 1974).
However by international comparisons the contraction is relatively mild with UK (-20.3%); Europe (-12.1%); US (-9.1%); and Japan (-7.8%) all exceeding Australia’s contraction.
Of course these extraordinary numbers reflect the impact on activity from governments’ actions to contain the health damage to citizens from the Coronavirus.
As with other countries the primary impact of the containment policies was to restrict consumer spending. For Australia consumer spending represents 56% of GDP yet the 12% contraction in consumer spending explained 98% of the overall contraction in GDP. Components of consumption which were most adversely affected were: transport services (fell 86%); accommodation services (-77%); catering services (-56%); recreational and cultural services (-52%) and health (20%).
Household gross disposable income rose by 2.2%, largely reflecting the boost to social assistance benefits.
Hours worked fell by 9.8% although wage incomes declined by only 2.5%. That “gap” is explained by the JobKeeper subsidy payments which were used to maintain the wages of workers who experienced a significant reduction in hours worked.
With the lift in household incomes and the collapse in spending the household savings rate soared to 19.8% from 6% in the March quarter.
The sharper fall in hours worked relative to output points to the disproportionate job losses in the labour intensive service sectors of the economy.
The dominance of consumer spending in this result is generally highlighted by other components of expenditure, which were weak, reflecting the recession conditions, but not spectacularly so – business investment fell 3.5%, including a fall of 6.8% in machinery and equipment and a partly offsetting rise in infrastructure investment; residential construction fell by 6.8%; and real estate activities fell by 18.6%.
Nevertheless we can expect that the lags from recessionary conditions in the June quarter will continue to impact business investment and housing for the remainder of the year.
Exports fell by 6.7% (including a 24.6% fall in travel services and a 46.6% fall in transportation services) while imports fell 12.9% as the international border closure triggered a 98.7% fall in travel services and a 32.9% fall in transportation services. Overall net exports contributed 1.0ppt to GDP growth.
The growth outlook for the remainder of the year will be dependent on the success which government achieve in containing the virus.
On the positive side we assess that the economy had considerable momentum going into the September quarter following the 4% snap back in hours worked in June and the lift in jobs in June and July. Of course that momentum was severely impacted by the deterioration in Victoria which represents around 24% of national GDP.
Our current figuring points to a flat quarter overall in September to be followed by a strong recovery in the December quarter. That recovery is dependent upon our base assumptions that Victoria will move through to a Stage2 in the December quarter while other states will avoid any damaging second waves.
As we have seen in today’s report the governments’ support packages have played a key role in containing the impact on household incomes from the containment policies. The December quarter will – on current policy settings – see a considerable scale back in that support affecting both households and business.
However, as demonstrated by the spike in the savings rate, the household balance sheet is in much better shape to cope with the partial withdrawal of the government payments.
The upcoming Federal budget, on October 6, provides the government with another opportunity to reassess and reset policy support. The annual Budget will undoubtedly be expansionary, the question is the degree of additional stimulus and the form that takes. The bringing forward of already legislated income tax cuts is an appropriate action in the current environment.
Overall we expect that the net positive effect of the general reopening of the state economies on the consumer sector, including relaxation of key state border restrictions will underpin a strong recovery in the December quarter.
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bevans-rYk9SxEa4r

What does the record 7% collapse in GDP mean? Bill Evans

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McGrath Limited today announced the appointment of an additional non-executive director, Shane Smollen.

Mr Smollen’s appointment follows McGrath posting a significant turnaround with Underlying EBITDA of $3.7 million for the year to 30 June 2020, compared with a loss of $6.4 million in the previous year.

A leading property professional since 1983, Mr Smollen owned one of the country’s leading real estate networks before selling it to McGrath in 2015. Mr. Smollen, who currently holds 7.94% of McGrath’s issued capital, has been advising McGrath’s sales management team over recent months with a focus on productivity and revenue growth.

Chair of McGrath, Mr. Peter Lewis, said “Shane brings to the board an excellent real estate track record with expertise in all aspects of the sector, combined with integrity and insights that will accelerate our profit turnaround and restore shareholder value."

Mr Smollen said “I am delighted to join the board of McGrath, a company that I know well. I believe the group is well placed to take advantage of an expected consolidation of the real estate agency sector.

McGrath has performed significantly better than the market during the year, notwithstanding the ongoing impacts of COVID.

<h2>Recently listed properties:</h2>

[smartcode_project:default project_id=24323]

[smartcode_project:default project_id=22699]

[smartcode_project:default project_id=26730]
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McGrath appoints Shane Smollen as non-executive director

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Q2 GDP fell by a massive 7% (-6.3% y/y), confirming the large hit to economic activity as a result of the shutdown to limit the COVID-19 pandemic.
The fall in activity was driven by a collapse in household consumption, where spending on services fell 18% amid the peak of the restrictions.
Likewise, by industry, hospitality and recreational services saw the largest falls in activity, although nearly all industries were heavily impacted. We expect that we are past the peak impact on activity, but the recovery will be still be a long process.
We forecast a broadly flat outcome in Q3 (which will be impacted by the Victorian restrictions) and a ramping up in the level of activity as the economy reopens in the first half of 2021.
The labour market will continue to deteriorate given the lags from activity to labour market and the worst in unemployment will probably be in early 2021. These accounts also clearly demonstrate the unprecedented support provided by policy makers, which has more than offset the hit to household income - but not the fall in the level of activity itself.
Overall, private sector demand drove the weakness in Q2, where it subtracted 7.9ppt from GDP. In particular, household consumption fell by a record 12% – with a very large 18% fall in services consumption, reflecting widespread restrictions in place early in Q2.
Dwelling investment also saw a sharp 7% decline in the quarter, while new business investment fell 3.5%. This was partially offset by public sector spending and net exports. These accounts also show the substantial support from government.
Despite the large hit to activity and the 10% collapse in hours worked, household income rose 2.5%. This reflects the significant 42% increase in social assistance benefits (welfare payments) and 22% increase in gross mixed income (boosted by JobKeeper), while compensation of employees (wages) only saw a fall of 2.2% (also supported by JobKeeper).
Looking forward, we expect a flatter outcome in the September quarter and a gradual recovery from there – but do not expect the economy to recover its pre-virus level until early/mid 2023. The unemployment rate will continue to rise from here, reaching a peak of over 9% later this year and nearer 10% in early 2021. It will then begin to recover over the course of 2021 and 2022, but will remain well above its starting point and the NAIRU.
From a policy perspective this outlook warrants ongoing support to ensure the recovery can happen as quickly as possible. We expect the RBA will remain on hold for an extended period with the risk of some further easing in policy should their forecasts be disappointed.
On the fiscal side we think ongoing support is required and that more will be likely done – likely in the form of ongoing wage subsidies, higher unemployment benefits and possibly the bring forward of tax cuts. They may also bring forward infrastructure investment and structural reform which would also help.
ALAN OSTER is the NAB Group Chief Economist
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Shocking GDP fall due to collapse in household consumption: NAB's Alan Oster

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There's a lot happening in Brisbane at the moment, so here's a round-up of the latest construction milestones in the city. 

Tour of The Eminence

Recently, Build Brisbane had the pleasure of touring Pellegrino Group Australia and <a href="/developers/mosaic-property-group">Mosaic Property Group</a>’s stunning new $40m joint venture commercial development ‘<a href="https://www.mosaicproperty.com.au/design/the-eminence/">The Eminence</a>’ in Fortitude Valley thanks to Paul Pellegrino.

Located on McLachlan Street, the six-storey, A-grade building features a gorgeous design from <a href="/architects/oneill-architecture">O'Neill Architecture</a> which embraces Brisbane’s climate by maximising natural light and including leafy balconies and a huge rooftop breakout space.

The addition of the rooftop deck is an excellent, though, ill-included aspect of most commercial developments which hopefully, we see more of in the future. The lush space features meeting rooms and ample space for the tenants to eat lunch, make a call or take in the city views over some well-earned Friday arvo drinks.

The Eminence’s lobby is also a sight in and of itself to behold, featuring magnificent curves, elegant Italian tiles, and a ground floor café. The six-storey development certainly has plenty on offer for its tenants and is a fantastic addition to the Valley.

The building is almost fully leased with only one floor remaining. 

<figure><img alt="" class="image-article_full_width_580px" height="366" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-09-02_at_1.27.34_pm.png?itok=i3sNWOCS" title="Source: Built Brisbane/Linkedin" width="580"><figcaption>Source: Built Brisbane/Linkedin</figcaption></figure>The Sinclair Construction Announcement

In late July, <a href="/developers/mosaic-property-group">Mosaic Property Group announced</a> the construction of their two-tower project ‘<a href="/buildings/the-sinclair-by-mosaic-150-toohey-street-east-brisbane">The Sinclair</a>’ in East Brisbane which will begin next month. The eight-storey towers designed by <a href="/architects/rothelowman">Rothelowman</a> will be joined by a sky bridge and a total of 122 apartments, with an ever-so-important rooftop recreation area capping off the development and making the most of the gorgeous city views.

The site on Wellington Road has sat vacant for some time with Brisbane-based Blue Sky Alternative Investments previously owning the site, which also featured a similar development application.

With The Sinclair reportedly over 75% sold, Mosaic are confident in the <a href="/industry-news/demand-for-brisbane-property-soaring">Brisbane market</a> and have bumped the construction timeline as a result.

<figure><a href="/buildings/the-sinclair-by-mosaic-150-toohey-street-east-brisbane"><img alt="" class="image-article_full_width_580px" height="380" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-09-02_at_1.28.57_pm.png?itok=NFDvnsrb" title="Source: Built Brisbane/Linkedin" width="580"></a>

<figcaption>Source: Built Brisbane/Linkedin</figcaption></figure>The Valley’s Tallest Building Lodged

Now, this is something different! <a href="https://www.cpltd.com.au/">Cornerstone Properties </a>have lodged massive plans for a 19-floor commercial office tower designed by bureau^proberts at 251 Wickham Street in Fortitude Valley.

The proposed building would top out at roughly 115 metres tall and features full floor glazing with a striking exoskeleton and stepped profile, somewhat reminiscent of Sydney’s <a href="/news/part-approval-for-macquarie-banks-unsolicited-proposal-in-martin-place-irks-city-of-sydney">Deutsche Bank Place</a>. Each office floor features a south-facing balcony looking back towards the city, capped off by a roof terrace.

The<a href="/news/5-of-australias-top-apartment-gardens"> landscape plans</a> come from the team at Lat27, though the building certainly isn’t as lush and green as some of the proposals we’ve seen in recent months. The ground plane does include new greenery (which would be a great addition to this section of the Valley), with an engaging first floor featuring a gym space, infinity-edge pool and end of trip facilities.

If constructed, the building would be the Valley’s tallest building unless Cornerstone gets its previously approved 301 Wickham Street commercial tower underway.

<figure><img alt="" class="image-article_full_width_580px" height="826" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-09-02_at_1.32.09_pm.png?itok=-I7iNEzT" title="Source: Built Brisbane/Linkedin" width="580"><figcaption>Source: Built Brisbane/Linkedin</figcaption></figure>Read next: <a href="/news/brisbanes-latest-construction-milestones-featuring-mirvac-cavcorp-aria-property">Brisbane's latest construction milestones: Featuring Mirvac, Cavcorp + Aria Property</a>
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urban.com.au

Brisbane's latest construction milestones: Featuring Pellegrino, Mosaic + Cornerstone Properties

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ASIC has obtained interim orders in the Federal Court of Australia against companies in the Mayfair 101 group and their director, James Peter Mawhinney, including the appointment of provisional liquidators to M101 Nominees Pty Ltd, the issuer of the M Core Fixed Income Notes promoted by Mayfair 101.
On 13 August 2020, the Court appointed Said Jahani and Philip Campbell-Wilson of Grant Thornton as provisional liquidators of M101 Nominees, pending an application by ASIC to wind up M101 Nominees on just and equitable grounds. ASIC alleges that M101 Nominees has been involved in breaches of the corporations legislation, and there is a justifiable lack of confidence in the conduct and management of its affairs that gives rise to a risk to the public that warrants protection.
In particular, ASIC alleges that M101 Nominees raised approximately $67 million from investors through debentures called the M Core Fixed Income Notes, based on representations that there would be security for the full amount invested. ASIC further alleges that those funds were not fully secured, and consequently, M Core Fixed Income Note investors may be unable to recover the full amount of their principal investment.
The provisional liquidators will provide a report to the Court by 24 September 2020 about the provisional liquidation of M101 Nominees, including identifying its assets and their value, and providing an opinion as to solvency and the likely return to creditors if the company is wound up.
On 13 August 2020, the Court made additional interim orders restraining Mr Mawhinney, and any company of which he is an officer or shareholder, from:
Receiving or soliciting funds in connection with any financial product; Advertising or promoting any financial product; and Removing from Australia any assets acquired with funds received in connection with any financial product.
These orders apply to all products currently offered by Mayfair 101, including the M Core Fixed Income Notes, the M+ Fixed Income Notes and Australian Property Bonds, as well as any other financial product.
The Court also restrained Mr Mawhinney from leaving Australia until further order.
The Court made interim orders restraining Sunseeker Holdings Pty Ltd, of which Mr Mawhinney is a director, from dealing with the units in 14 trusts which hold property at Mission Beach and Dunk Island in Queensland. The units in those trusts are part of the security held on behalf of investors in the M Core Fixed Income Notes.
ASIC’s investigation is ongoing.
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ASIC Investigation ongoing against Mayfair 101 director James Mawhinney

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The Australian Gross Domestic Product fell seven per cent in the June quarter, the largest quarterly fall on record, according to figures released by the Australian Bureau of Statistics today.
This follows a fall of 0.3 per cent in the March quarter 2020, with Australia now officially entering a recession.
The biggest quarterly contraction on record has confirmed Australia’s first recession since the 1990s and its most severe economic blow since World War II.
Head of national accounts at the ABS, Michael Smedes said, “The global pandemic and associated containment policies led to a 7.0 per cent fall in GDP for the June quarter. This is, by a wide margin, the largest fall in quarterly GDP since records began in 1959.”
"The June quarter saw a significant contraction in household spending on services as households altered their behaviour and restrictions were put in place to contain the spread of the coronavirus."
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/2/GDP.jpg" alt="">
Net trade contributed 1.0 percentage points to GDP. Imports of goods fell 2.4 per cent, with falls in consumption and capital goods reflecting weak domestic demand. Imports of services fell 50.5 per cent and exports of services fell 18.4 per cent, due to restrictions on travel and tourism.
Public demand contributed 0.6 percentage points to GDP, driven by health related spending by the state and local government. Defence spending also increased as personnel were deployed to assist with management of the COVID-19 pandemic.
The household saving to income ratio rose to 19.8 per cent from 6.0 per cent, driven by the fall in consumption expenditure. Hours worked fell a record 9.8 per cent, outpacing the record 2.5 per cent decline in wages which were supported by JobKeeper payments. Social assistance benefits in cash rose a record 41.6 per cent, due to increased number of recipients and additional support payments.
General government net saving fell to -$82.6 billion from $1.2 billion in the March quarter 2020.
CBA was one entity that was off the mark with a less pessimistic outlook than the market consensus, which was a 6 per cent contraction for the economy.
Commonwealth Bank economist Kim Mundy believed GDP will have fallen by 5.4 per cent in the June quarter.
A month ago CBA changed their forecasts, with head of Australian economics Gareth Aird saying the Melbourne lockdowns have changed their thinking.
They cut the GDP growth forecast to -4.2 per cent for 2020, worse than the -3.8 per cent predicted before the lockdowns.
"There will be a huge disparity in economic outcomes between Victoria and the rest of Australia in Q3 20", Aird said.
Economist Lindsey David tweeted, "That GDP report was once-in-a-lifetime."
APAC economist Callum Pickering said, "over the past decade the Australian economy has expanded by just 1.7% a year on average. Adjusted for population growth and real GDP has increased by just 0.2% a year. Even before COVID-19 we had experienced a long period of relatively low growth.
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GDP plummets 7%, the largest fall ever, as Australian recession begins

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EXPERT OBSERVATION
In August, reiwa.com data shows it took a median of 21 days to lease a property in Greater Perth which is 13 days less than the same time last year – making it the quickest time to lease since the construction phase of the last mining boom in February 2015.
Strong demand in the rental market continued into August which recorded improvements to the median rent price, listings volumes and days to lease.
From an individual suburb level, Maddington was the fastest suburb to lease in August, taking a median of seven days to lease, which was closely followed by Armadale with nine days, Coolbellup and Wanneroo with 10 days, and Secret Harbour with 11 days.
The median rent has remained stable at $360, however houses increased $10 per week to $380 and with Perth’s vacancy rate sitting at 1.6 per cent, we can expect to see continued upward pressure on rents in the coming months.
A closer look at the data shows four out of five Perth suburbs experienced an improved or stabilised median rent price, with Perth, Ellenbrook, Hamilton Hill, Bentley and Scarborough the top five performers.
The high demand for rentals has seen rental stock on reiwa.com fall 10 per cent on July, with 3,205 properties for rent on reiwa.com at the end of August and based on present levels of enquiry we expect stock levels to decline further in September.
Feedback from our members on the ground is that there is still only a limited number of investors in the market looking to buy investment property.
It’s important that we return confidence to investors and one way the State Government can lead is to significantly reduce the number of properties subject to the residential tenancies COVID-19 legislation. Unless we get investors confident enough to get into the market, the rental shortage will only get worse.
Perth residential sales market
CoreLogic’s latest home value index shows dwelling values in Perth stabilised in August.
Although overall prices had remained stable in the Perth region, reiwa.com data shows 45 per cent of suburbs experienced an increase in median sale price.
Kelmscott saw the biggest increase to its median in August with a 5.4 per cent increase to $320,000, which was followed by Riverton (up 3.9 per cent), Duncraig (up 3.7 per cent), Piara Waters (up 3.6 per cent), and Carramar (up 3.4 per cent).
Interestingly, three of the top five suburbs had a median sale price under Perth’s median of $475,000 and suggests people are taking advantage of properties in Perth that are priced at the lower end.
Listings for sale were also down in August with only 10,627 properties for sale on reiwa.com, which is 1.2 per cent lower than July and 23.2 per cent lower than this time last year.
In the last few months, sales activity has been particularly strong due to the various government bonus schemes, so it is only natural as the interest around the stimulus eased, we saw activity in August decrease compared to July.
The suburbs that saw the biggest improvement in sales were Stirling, Shenton Park, Fremantle, Bayswater and Iluka.
It certainly appears that Greater Perth, and in fact a large part of Western Australia, has escaped the COVID-19 induced property slowdown. Given the high levels of demand and limited supply, we may even see prices rise later in 2020.
DAMIEN COLLINS is the REIWA President
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