<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

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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Queensland police have recruited real estate agents to crack down on illegal drug laboratories, as reported by the ABC.

Rental property managers will undergo a training program which will teach them how to spot illegal activity, and potentially collect evidence during property inspections.
A detective from Brisbane’s drug squad Senior Sergeant Geoff Marsh says investigators have uncovered a record number of backyard drug labs this year in Queensland alone.
The ABC report added that the number of small-scale drug manufacturers operating from rental properties is increasing, so as to avoid having their own homes seized if apprehended by authorities.
Police say real estate agents are able to inspect these properties on a regular basis and are therefore encouraged to carry out some detective work on their behalf.
However, real estate agents worry about the repercussions of reporting their tenants.
They have been assured at training sessions that the information they provide is anonymous and the police “follow through discreetly”.
<a target="_blank" href="mailto:dleow@propertyobserver.com.au">dleow@propertyobserver.com.au</a>
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Queensland police work with real estate agents to uncover backyard drug labs

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The one level five-bedroom three-bathroom Queensland home with tennis court, on <a target="_blank" href="https://www.brisbanetenniscourthome.com/#!description/c24i2">25 Walsall Street, The Gap</a>, is on 7,022 square metres of landscaped grounds.
Belonging to Gregory and Jennifer Kennish, the home is up for auction today at 5pm with final viewings from 4.30pm on the day.
Gregory Kennish is currently principal at Kenwal Corporation, however was previously Group MD and Group CEO at IntraPower/TrustedCloud, a company now owned by TPG and no longer ASX listed.
The home is a product of award-winning builder Griffin and Knowlman, and includes a championship North-South tennis court and a 15 metre swimming pool with spa.
With wrap-around terraces, French doors and "extensive use of glass" it has a nice spacious feel.
The formal dining room has a seating capacity of eight to twelve people, and the home also has a media room and wine cellar.
A self-contained flat with two-bedrooms is also included.
The property has the potential for subdivision, and the website claims the views are "never to be built out".
Rates are $440 per quarter, with water and sewerage at $460 per quarter.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a> 
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Power couple's Queensland home up for auction today

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Trent Cattanack, of Harcourts Redcliffe, is bemoaning the lack of stock for sale in this picturesque suburb north of Brisbane, with listings down 35% since May.
On the plus side he says there’s an improved time-on-the-market figure which is down from 100 days to 30/40 days as vendors ‘’come to the party’’ with more realistic price expectations.
Originally named Red Cliff Point by explorer John Oxley, the suburb became the state’s first colony in 1824. Although later abandoned for Brisbane it became a popular holiday resort from the 1880s because of its proximity to the capital and natural attributes.
An ideal climate, sandy beaches and appealing scenery provides an ideal living environment for families, yet decent houses can still be bought for less than $300,000, Cattanack says.
With generally older housing stock and a stable population – ‘’many residents have been here 40-plus years’’ – he says gentrification is coming with one developer having five projects and hundreds of apartments in the pipeline.
High rise is not a feature of the suburb so far with building heights of around eight storeys at Redcliffe Towers, at 89 Marine Parade, and Warwick Tower, at 51 Marine Parade, both built in the mid-1970s. Currently, Redcliffe has a height restriction of 12 storeys along Redcliffe Parade in the CBD area.
A catalyst for development is that Redcliffe is well located about 45 minutes drive from Brisbane across the Hornibrook bridge, erected in 1935, and a 25 minute drive from the airport.
The suburb has a musical claim to fame, too: in 1958, the Gibb family with children Barry, Robin and Maurice, emigrated from Manchester, England to live there for a time before becoming the world renowned The Bee Gees singing group.
Andrew Wilson, of Australian Property Monitors, believes Redcliffe is at the start of a growth phase. In the six months to September this year he points out that median house prices rose 2.9% to $339,500 but, over the full year to September, they fell 2.2%.
The Redcliffe median is 14% down on its 2009-2010 high, as are a number of northern suburbs, such as Moreton Bay, which is down 8%.
‘’It’s a middle suburb and most Brisbane middle suburbs lost ground over the past three years,’’ he said.   ‘’We are in catch-up mode and at least 12 months from another peak. There is not a lot of buyer interest in inner Brisbane, but it is improving and Redcliffe will benefit from the peripheral interest being shown there.’’
The growth forecast is well founded. A combination of improved levels of affordability, lower interest rates, a state election next year, and a lower Australian dollar are all tipped to improve the performance of the Brisbane property market next year. Redcliffe will follow.
‘’There are some signs of improvement off a low base,’’ Wilson said. ‘’The market will flow out to the north of Brisbane but I am looking at a 12 month horizon. It’s a holiday area – a boutique market on the Redcliffe Peninsula – and it’s nominally a working class suburb despite its holiday appeal.’’
{yoogallery src=[images/stories/2013/12/05/red1]}
Above: An example of a current listing, <a href="https://raywhiteredcliffe.com.au/qld/redcliffe/1064719/" target="_blank">33 John Street, Redcliffe, Queensland</a>
Andrew Campbell, of Ray White Redcliffe, said properties were experiencing a shorter time-on-market recently, which was acting as a catalyst for quicker sales. ‘’Potential buyers ring up and the first thing they ask is: ‘Is it still available’?
‘’The shorter time frame window is prompting them to put in an offer and, hence, properties are selling more quickly.’’
The region’s average is 74 days on market and the agency’s average is 45 days.
Campbell, who’s been with the office since it opened in May last year, admits to some surprises, saying ‘’anything that’s priced right could be sold within seven to 10 days of listing’’.
Stock ranges in price from the high $200,000s to $1.5 million, with the average property listing for around $400,000. ‘’There have been no huge price increases lately but, with the less time-on-market factor, we have noticed that buyers are willing to pay a bit more.’’
Commercial sales and leasing are not a big part of the business, and with the economy picking up, people are becoming more financially stable, Campbell said. This is reflected in the few commercial leases becoming available.
You can check ou the latest RP Data stats for Recliffe <a href="/news">here</a>.
<a href="mailto:staylor@propertyobserver.com.au" target="_blank">staylor@propertyobserver.com.au</a>
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Suburb spotlight: Growth phase tipped for Redcliffe, Queensland

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A fully leased retail convenience centre at Waterford West in south-east of Queensland has been listed for sale. 
The centre has a net lettable area of 1,134 square metres and is located at 42 Bourke Street, adjacent to McDonalds and Aldi Supermarket.
Among the 11 tenants in the centre are Anytime Fitness, Waterford Village Medical Centre, Pizza Hut and QML.
The expressions of interest campaign close on 20 December through marketing agent Silvia Bevacqua of Ray White Commercial Springwood. 
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Convenience centre in south-east Queensland listed for sale

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Queensland properties on the upper-end are very different from those we’ve seen in Victoria and New South Wales. Largely waterfront, with a jetty, these mansions show another way of life and desirable qualities in a top end property, with many more being newer-style homes.
Here are our five picks of the most beautiful currently on the market. Some of them have open homes coming up this weeked.
You might want to read our <a href="https://www.propertyobserver.com.au/victoria/five-of-the-most-beautiful-homes-currently-on-the-market-in-victoria/2013112766650" target="_blank">top five from Victoria</a> and the <a href="https://www.propertyobserver.com.au/new-south-wales/step-inside-five-of-the-most-beautiful-residences-in-nsw/2013120166700" target="_blank">most stunning from New South Wales</a>.
 
5) <a href="https://www.propertyobserver.com.au/https://www.yong.com.au/9161023" target="_blank">4 Commodore Drive, Birkdale</a>
Asking for offers over $3,900,000 this five-bedroom, four-bathroom house appears to step straight into their swimming pool at the back. With ocean views, it’s built as an entertainer with a separate guest wing.
On 4,619 square metres and with second street access, having initially been on two titles, in total you can count five indoor and outdoor living areas.
It comes with a sauna, fireplace, powder room, electric gates, underground rainwater storage (125,000 litres), a saltwater swimming pool, irrigation system and a leasehold marina berth.
Apparently the owner, who has lived in Indonesia for a number of years, has given a bit of their own taste to the home with pillars, wide pagoda-style eaves and pavilions.
There is also a kermesse (formal dining pavilion that opens on three sides) featuring Indonesian architecture. Colonnaded walkways, one of which leads to the garage and the other to the billiards area, seem to typify this property.
It was listed at the beginning of October.
{yoogallery src=[images/stories/2013/12/04/bir]}
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4) <a href="https://www.eplace.com.au/property.cfm?propertyID=2499387&amp;realestate=12_Leura_Terrace_Hawthorne_QLD_4171" target="_blank">12 Leura Terrace, Hawthorne</a>
This four-bedroom, four-bathroom property with its own jetty and pontoon suitable for those with boats of up to 13.5 metres is a contemporary style home.
With one of the most incredible wine cellars we’ve seen (which, truth be told, definitely helped secure its place on this list), a personal lift, a cold room and basically everything electrical or automated you can think of – including a security system, smart wiring, C-Bus system, automated lighting and concealed electric blinds – it also has multiple verandahs and an aspect over two-kilometres of the river.
The rooftop terrace, while not currently fitted, is plumbed and engineered ready for a spa bath. A media room, entertainment room with built in bar and heated swimming pool are already in place.
It has a funky looking unashamedly modern frontage.
RP Data lists its land value in June 2013 to be $1,400,000. It’s up for viewing this weekend on Saturday.
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3) <a href="https://www.rwnoosa.com.au/1132878/" target="_blank">19 The Promontory, Noosa Waters</a>
With an open inspection this weekend, this home displays the bespoke architecture of Noosa-based architect Frank Macchia.
With a rooftop terrace, ‘Zen’ courtyards, a timber jetty and a twenty-five metre lap pool, this is a tightly designed home that packs a lot into its 962 square metres.
A stand-alone guest wing is also included, and there is a Japanese bath, a cocktail bar, a powder room and a cinema room.
RP Data notes that the property last sold in May 2009 for $4,075,000. It was built in 2004. Previous to the 2009 sale, it sold in October 2005 for $3,900,000. In September 2011 it was put on the market for $3.95 million and stayed there until November 2012 without sale.
It goes for auction in January with an inspection this weekend.
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2) <a href="https://www.propertyobserver.com.au/https://www.remaxbayside.com.au/8520893" target="_blank">39 Sentinel Court, Raby Bay</a>
Last transacting for $3,850,000 in July 2008, and for $1,150,000 in 2001, this five-bedroom, six-bathroom, five-car spaces property sits on 2,273 square metres.
The property is said to have a “porte-cochere” (a carriage gate), and botanical gardens. It also has 37 metres of quayline, with a 25 metre pontoon.
The property comes with separate guest quarters, an executive office (and a second office on the second floor), a pool and a spiral staircase.
It has clean lines with a cross between a resort and a classical modern mansion.
{yoogallery src=[images/stories/2013/12/04/rab]}
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1) <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-isle-of-capri-qld-4217/185857" target="_blank">57 The Corso, Isle Of Capri</a>
With six-bedrooms, six-bathrooms and six lock up garage spaces, this property on the Gold Coast is on 2,197 square metres of land in ‘exotic gardens’.
With hand cut sandstone and Travertine floors, a butler’s pantry, a cold room, a billiards den in a private wing, a theatre, a gym, a Lanai bar, maid’s quarters, a wine cellar, a sauna and heated spa and a lift so you don’t need to walk to get to any of these extras, it certainly has most of the aspects you’d want. It also has a fixed jetty.
The pictures have a heavy holiday feel to them, with design obviously focused around creating the outdoor/indoor feel. It was listed in mid-November.
Any buyer wanting to land this property can expect it to be a multi-million dollar undertaking, with RP Data’s land value section noting $4,100,000 for June 2013.
McGrath notes council rates at $17,666 per annum and water rates at $1,804 per annum.
{yoogallery src=[images/stories/2013/12/04/isl]}
 
{module Which of these is your favourite Queensland home?}
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
 
 
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Queensland’s five most beautiful homes on the market

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Sales activity in the Inner Brisbane apartment market maintained momentum throughout the third quarter of this year, according to Colliers International.
Its research and forecast report for the second half of 2013 shows unconditional sales reached their highest point in nine years - with 645 sales recorded across 48 projects. And this figure is expected to be revised upward after including settled sales in projects where surveys were incomplete.
<img src="/images/stories/2013/11/28/bris-stock-nov-28-one.gif" alt="bris-stock-nov-28-one" height="371" width="470">
Activity levels have remained elevated since the first quarter of the year, with both a significant number of project releases and increased sales activity.
In the 12 months to the end of September around 2,300 unconditional sales were well above the median long-term average. Although annual sales are still dominated by the Inner North, the Inner South, and to a lesser extent the Inner West, have reclaimed a significant proportion of demand in 2013 as a result of new project releases, the report said.
Prices have remained largely unchanged over the past 12 months. The September quarter’s weighted average sale price of $532,900 was 4% less than quarter two and 1% less than the same period in 2012. Largely a factor of stock type sold, the quarterly decline may be due to a higher proportion of one bedroom apartments sold in the September quarter than in June.
On an annualised basis, the weighted average sale price was $531,100 - virtually unchanged from quarter two 2013. The type of apartments still for sale in existing projects suggest the quarterly weighted average sale price may rise in coming quarters.
Underlying fundamentals support the Inner Brisbane apartment market. The lowest cash rate in our history combined with firm rents, low vacancies and a preference for inner city living - among a range of demographics - has led to increased demand.
Notably, the report says, apartments made up 95% of all approvals in the year to quarter three 2013 in Inner Brisbane. Investors are active in the market as dwelling prices remain stable and rents firm leading to rising income returns. Yields for Brisbane apartments are now well above the national average, according to RP Data-Rismark.
Developers and marketing agents report interstate buyers favour Brisbane as a desirable investment opportunity as strong price growth in Sydney and Melbourne erodes gross yields in those markets.
Should the southern capitals, Sydney in particular, sustain current levels of price growth, investors will be further attracted by the returns offered in the Inner Brisbane market.
Looking ahead, the report says around 3,200 apartments are due for release next year. As in the preceding 12 months, take-up may be moderate to firm provided demand fundamentals remain stable. Developers have identified this underlying demand and, subsequently, entered a site acquisition cycle in the past six months.
The Reserve Bank’s cash rate setting should remain ‘’accommodative’’ to household lending, the report says, as a result of the moderated economic forecast for 2014/15 that, in turn, should support apartment prices in Inner Brisbane. However, if growth in Sydney continues at an ‘’unsustainable’’ rate, the RBA may have to adjust its settings accordingly, albeit for a short period.
Sales activity in the Inner Brisbane apartment market maintained momentum throughout the third quarter of this year, according to Colliers International.
Its research and forecast report for the second half of 2013 shows unconditional sales reached their highest point in nine years - with 645 sales recorded across 48 projects. And this figure is expected to be revised upward after including settled sales in projects where surveys were incomplete.
Activity levels have remained elevated since the first quarter of the year, with both a significant number of project releases and increased sales activity.
In the 12 months to the end of September around 2,300 unconditional sales were well above the median long-term average. Although annual sales are still dominated by the Inner North, the Inner South, and to a lesser extent the Inner West, have reclaimed a significant proportion of demand in 2013 as a result of new project releases, the report said.
Prices have remained largely unchanged over the past 12 months. The September quarter’s weighted average sale price of $532,900 was 4% less than quarter two and 1% less than the same period in 2012. Largely a factor of stock type sold, the quarterly decline may be due to a higher proportion of one bedroom apartments sold in the September quarter than in June.
On an annualised basis, the weighted average sale price was $531,100 - virtually unchanged from quarter two 2013. The type of apartments still for sale in existing projects suggest the quarterly weighted average sale price may rise in coming quarters.
Underlying fundamentals support the Inner Brisbane apartment market. The lowest cash rate in our history combined with firm rents, low vacancies and a preference for inner city living - among a range of demographics - has led to increased demand.
Notably, the report says, apartments made up 95% of all approvals in the year to quarter three 2013 in Inner Brisbane. Investors are active in the market as dwelling prices remain stable and rents firm leading to rising income returns. Yields for Brisbane apartments are now well above the national average, according to RP Data-Rismark.
Developers and marketing agents report interstate buyers favour Brisbane as a desirable investment opportunity as strong price growth in Sydney and Melbourne erodes gross yields in those markets.
Should the southern capitals, Sydney in particular, sustain current levels of price growth, investors will be further attracted by the returns offered in the Inner Brisbane market.
Looking ahead, the report says around 3,200 apartments are due for release next year. As in the preceding 12 months, take-up may be moderate to firm provided demand fundamentals remain stable. Developers have identified this underlying demand and, subsequently, entered a site acquisition cycle in the past six months.
The Reserve Bank’s cash rate setting should remain ‘’accommodative’’ to household lending, the report says, as a result of the moderated economic forecast for 2014/15 that, in turn, should support apartment prices in Inner Brisbane. However, if growth in Sydney continues at an ‘’unsustainable’’ rate, the RBA may have to adjust its settings accordingly, albeit for a short period.
<a target="_blank" href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a>
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Brisbane market maintaining momentum, backed by lift in demand

<html><body>Australian Property Monitors (APM) has released a list of auction results in Brisbane for the weekend of November 30. <a target="_blank" rel="nofollow" href="https://www.homepriceguide.com.au/saturday_auction_results/Brisbane.pdf" style="font-size: 14px;">Click here</a> for the auction results, and click on each street address to see the property's marketing.</body></html>

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APM's Brisbane auction results for November 30 weekend

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A North Queensland members of Parliament insurance action plan discussion has revealed that the system into insurance premiums and insuring properties in the area is set to undergo rigorous changes.
Cairns Member, Gavin King said that rising insurance premiums are a significant problem for the future development of North Queensland.
“The insurance premium crisis has reached a level that some homeowners are no longer taking out insurance on their properties because they cannot afford the dramatic rise in premiums,” King said. The insurance action plan calls for several proposals to look at the issue.
Proposals under the action plan includes the need for greater awareness and education for consumers, a call for the federal government to consider expansing the Australian Reinsurance Pool Corporation to segments of the market facing acute pricing issues, a central online database to assist insurers provide more accurate calculations, greater transparency and a call to review risk assessment methodologies used by insurers.
"Currently, insurance companies use post codes rather than individual property information to determine insurance premiums. The lack of a sophisticated system means that properties face premiums in-excess of the actual peril/risk of damage," the action plan reads.
It notes that in the same way insurers current take into account the detailed data on home security when calculating premiums (down to deadlocks and security screens), the same should occur for the resilience of individual properties to natural disasters.
"Once insurers install more sophisticated systems it is anticipated that consumers will be able to provide more detail, data and information about their properties to insurers so that their premiums can be priced fairly," it notes.
Calling for a review into risk assessment methodologies used by insurance companies they noted that the focus should be on strata insurance premium calculations and the driver behind increases. Three potential reasons included:
- A failure to consider changes in building codes
- The costs of reinsurance, historically inaccurate or inadequate assessment and pricing of risk
- The result of market forces, including heavy discounting.
A more rigorous analysis is expected.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Queensland targets homeowners put off insurance by premium rises

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A split-level house in Queensland's Normal Park is set to go to auction this month, and it brings along a heritage story.
The <a target="_blank" href="https://www.realestate.com.au/property-house-qld-norman+park-115373963">10 Power Street</a> home was built in 1904 by the historic Galloway family.
We're told that the historical events and details of this time are not extensively documented, however the Galloway family bought the land in the late-1800s from a Courier Mail advertisement at the time, noting it as "prime agricultural land admirably adapted for sufar or cotton growers, market gardeners, dairymen and general farmers."
John James "JJ" Galloway was a progressive dairyman in the area. Galloway's Hill is named after JJ Galloway.
The five-bedroom, four-bathroom house will be auctioned at 6.30pm on December 12 in East Brisbane having been on the market for two weeks.
Marketing the property for sale is Place's Matthew Hackett who said that colonial-style homes are hard to find.
“The house has been renovated many times over the years, with a full renovation last taking place around 15 years ago, and the most recent update taking place in 2012, but the original components of the house have been retained," he said.
“This property has all the normal features of turn of the century Queensland houses, including tongue and groove walls, wide polished timber floors, French doors and a wide front verandah.”
The 810 square metre property also includes a four-car garage, an oversized pool deck, an in-ground pool and a poolside entertainment room.
The Ascot-Neiman Brafords family history website notes that it was in 1850 when Cornelius 'Con' Galloway moved from Scotland to Sydney, and worked as a journalist for the Sydney Herald. He later chased gold throughout Australia and into New Guinea. He moved to Brisbane, Ipswich, Hympie and Roma and commenced and was part of the newspapers in those localities.
His son was JJ Galloway who became a timber man and blacksmith in the area.
RP Data notes the last sale as the 15 September 2007 for $1,825,000, having previously transacted in August 1997 for $450,000. Previous to that, in March 1987, the property sold for $180,000.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Historic Norman Park colonial house to be auctioned mid-December

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Although Brisbane and Gold Coast are two very different markets, they are both moving in the same direction – and that is upwards.
Colliers International’s research and forecast report for the second half of 2013 says sales rates are improving and general sentiment is positive. The new apartment market is definitely picking up the pace.
Lynda Campbell, manager research, says key factors all bode well for investors and owner-occupiers to take advantage of the affordable loans on offer.
She says residential vacancy rates are tightening which puts upward pressure on rents, interest rates are at their lowest level in decades, dwelling approvals are rising and the population is increasing.
And, the latest figures from the Australian Bureau of Statistics show housing finance for owner occupation and investment purposes are trending upwards.
‘’While the Gold Coast is just lifting off the bottom of the property cycle, Brisbane is well on its way with elevated sales rates throughout the year resulting in total sales for the 12 months to the end of September of 2,300,’’ Campbell said.
‘’Total sales on the Gold Coast for the same period are just over 700. Both markets are tracking above five-year-average figures, with Brisbane significantly above and Gold Coast just starting to gain traction.’’
Campbell said new projects recently launched in Brisbane are achieving strong sales rates while, on the Gold Coast, new projects are scarce. Going into 2014 this should change for the Gold Coast with several projects expected to be launched late this year and early 2014.
‘’Both Brisbane and the Gold Coast have a strong pipeline of future supply. With sentiment improving and key indicators positive, developers will start to move forward with projects that may have been on the back burner for several years,’’ she said.
‘’At the same time, projects which have been on the market for a number of years are starting to see an increase in sales rates and stock is being taken up at a faster rate than over the last few years.’’
Major infrastructure projects under way in both Brisbane and the Gold Coast will have a positive impact on residential markets. ‘’On the Gold Coast the $1.8 billion light rail project will create a corridor of transit oriented developments through the suburbs of Southport, Surfers Paradise and Broadbeach,’’ Campbell said.
‘’In Brisbane, the newly proposed underground rail and bus network, to cost $5 billion, will deliver a double-decked tunnel connecting Dutton Park in the south and Victoria Park in the north. These projects will see connectivity around both cities improve.’’
<a target="_blank" href="https://mce_host/staylor@propertyobserver.com.au"> staylor@propertyobserver.com.au</a>
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