New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

Joel Robinson

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

The long-planned transformation of Brisbane's historic Shafston Estate has taken another major step, with Capella Hotel Group announced as the luxury hospitality partner behind what will become Brisbane's first branded residences.

The project, to be known as Capella Residences Brisbane, is being delivered by Verso Projects at the landmark Kangaroo Point riverfront estate, with completion targeted for 2029.

The announcement follows a series of planning changes to the project over recent years. The site was originally approved in 2023 for a 15-level, 37-apartment development designed by Rothelowman for Burgundy Group before Verso Projects took over the 10,070 sqm riverfront holding and lodged revised plans with Kerry Hill Architects to increase the development to a 25-level tower with 51 apartments.

The latest announcement confirms Capella Hotel Group will bring its branded residential offering to the project, marking just the second Capella Residences development globally after Seoul, and the group's first branded residential project in Australia.

The <a href="https://www.apartments.com.au/new-apartments/23-castlebar-street-kangaroo-point-qld-4169">Castlebar Street development</a> will centre around the restoration of the heritage-listed Shafston House, one of Brisbane's oldest residences, originally constructed in 1851 by Reverend Robert Creyke as a single-storey cottage known as Ravenscott.

<img alt="Capella" data-entity-type="file" data-entity-uuid="2b9f4ce5-638f-4d6b-8082-3ca7e4b75fca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-09%20at%207.20.41%E2%80%AFAM.png?VersionId=f7aeqsW_DzOJI4FymWb3lD8NptSfsP7q" />

Capella said the project aligns with its focus on heritage-led developments, with the Brisbane estate combining the restored historic residence with a new luxury apartment tower and hospitality-inspired resident amenities.

Residents will have access to the Capella Living Room, a concierge-led communal space inspired by the group's luxury hotels, alongside landscaped gardens, six swimming pools, wellness and recreation facilities.

The broader estate will also include two riverfront homes, a six-berth private marina, porte cochère arrival experience, secure basement parking and a new section of public riverwalk along the Brisbane River frontage.

The heritage Postal Depot Building will also be retained and repurposed as a guest house, in line with the revised development plans.

The project represents another evolution for the site, which Kerry Hill Architects previously described as a rare opportunity to restore one of Brisbane's most significant heritage estates while creating a new benchmark for apartment living.

"The Shafston Estate provides a once-in-a-generation opportunity to restore one of Brisbane's finest heritage precincts and to reinstate residential use as a unique site perched on the edge of Kangaroo Point," Kerry Hill Architects said in its Urban Context Report accompanying the planning submission.

"The project will celebrate excellence in sub-tropical residential design, setting a new benchmark for vertical living in Brisbane."

Verso Projects, which now has an $8.5 billion development pipeline spanning more than 6,000 dwellings across apartments, townhouses, retail and commercial projects, said the partnership with Capella would elevate the development beyond a traditional residential project.

"We feel honoured to be restoring Shafston Estate to its former glory, elevating it to new heights of luxury and excellence underpinned by Capella's distinctive service ethos and design philosophy, and making it a standout landmark in Brisbane," Verso Projects CEO Steve Laffey said.

"By partnering with Capella, globally recognised for its refined approach to luxury hospitality and deep respect for cultural and historical context, we will elevate this project beyond a residential offering into a world-class destination."

Capella Hotel Group President Roland Fasel said Brisbane's emergence as a global city made it the right location for the company's Australian residential debut.

"Brisbane is a city on the cusp of something remarkable, and Capella Residences is our commitment to being part of that story," Fasel said.

"The Capella residential experience is more than luxury. It is about a sense of belonging to a place with deep meaning."

Private appointments have now opened for the project, with a display suite expected to open in late 2026 ahead of the planned 2029 completion.

Capella to launch Brisbane's first branded residences at Shafston House, Kangaroo Point

Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

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?

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

[smartcode_project:default project_id=140818 project_image_fid=366480]

The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

&nbsp;

[smartcode_project_cta:default project_id=140818]

Lowe Living set new Melbourne off the plan apartment record

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Renowned Musk Farm has been listed for sale by May 31 onsite auction through the Pat Rice &amp; Hawkins agency.
Selling agent Matt Childs anticipates the Musk Farm cottage on 1.2 hectares will <a href="https://www.realestateview.com.au/Real-Estate/11-school-road-musk/Property-Details-buy-residential-7025401" target="_blank">fetch $1 million plus</a>.
A 30 hectare farm lot in the acclaimed Daylesford, central Victoria district is also expected to fetch $550,000 plus.
Interior designer Stuart Rattle and cattle farmer Michael O'Neill, partners for 16 years, paid $93,000 in 1998 with a $76,000 mortgage, for what was to become their expanded renovated Musk Farm masterpiece.
The 32 hectare property started as a derelict garden overun with blackberries. 
But taking their inspiration from the English Arts and Crafts movement of Edwin Lutyens and Gertrude Jekyll, the couple set about its restoration starting with the planting of hydrangeas outside the 1880s old school house.
It would end with the garden divided into 14 distinct garden rooms, joined by interconnecting walkways, and separated by large clipped hedges, English Box (Buxus sempervirens) and viburnum (Viburnum spp) and Ligustrum vulgare (Privet). It shone even in winter.
<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/2014/04/17/musk-farm-april-17-eight.jpg" alt="">
Source: Facebook
Title Tattle gleans Stuart Rattle had been reluctant to buy the property when he and good mate, Paul Bangay undertook their first inspection drive-by.
It looked like a municipal park with too much asphalt, but returning at twlight Rattle sensed the opportunity and he was always of the later opinion that the home was best in late afternoons. 
It was a compact cottage after installing lower ceilings and its paintwork created the rich, moody and broody feel that he had once seen at florist Kevin O'Neill's Mount Macedon retreat.  
The English kitchen comes with oak cabinetry made by craftsman Kim Moir.
The cottage had the potential of the nearby pastures acquired for Michael O'Neill's passion, a herd of British White cattle he set about to save when the once common breed shrunk to only 400 breeding cows in Australia.
With their white coats, black noses and long black eyelashes, the cows stood out on the green hill that dominates the expanding holding, which was bought in 2003. The beef was sold to top restaurants, such as the Lake House in Daylesford, and through farmers' markets. Michael came from a long line of vets in Ireland's County Cork. The farm lot comes with pine plantation, a character filled barn, hay shed, cattle yards, chicken coop, small orchid and a terraced vegetable garden. 
Visitors were very welcome at Musk's regular garden open days. Title Tattle recalls Pixie Skase was a devotee. There was the reminder of her in the pair of Hermes ashtrays with Islamic motifs. Susan Bittar, the Arthur Anderson accountant, had Rattle decorate her Georgian home among the many commissions by Melbourne's prominent families.
But before the hydrangeas were at their peak last year, Stuart Rattle was found dead in his burnt-out two storey Malvern Road, South Yarra apartment on December 9, 2013.
It was in his abode at the back of his shop, an infill concrete box with mansard roof which Nerida Piggin once described as a soothing spacious retreat. It had been built by his builder father, Ken with intricate coffered ceiling. Rattle often said he was following in the footsteps of other designers, like Nancy Lancaster from Colefax and Fowler and Coco Chanel who also lived above their shops.  
Within four days police charged his partner, Michael O'Neill, with his murder after a suspicious fire, alleging that he killed him through asphyxiation five days prior at the city apartment.
O'Neill remains remanded in custody due to return to court on June 5 for a committal mention hearing.
Stuart Rattle, who grew up on a farm at Wakool, saw himself as one of Australia’s leading interior designers, the sole designer within his company supported by skilled artisans who transformed inspiration into reality.
But he maintained he was not there to impart his own style – "my focus is always to bring out my clients."
"A home should represent who lives there," he believed. And at Musk the whole house certainly evolved around the Aga stove.
"Interiors are above all sophisticated and highly attuned to each client’s lifestyle and personality."
But for Rattle scale, proportion and elegance transcended the current trends as he endeavoured to construct timeless spaces with an emphasis on comfort and restraint. In July 2012, a custom-designed furniture range was launched by Rattle in collaboration with Mortice &amp; Tenon.
Before his death he'd just finished refurbishing the drawing room at Musk Farm, after the ornate plaster ceiling arrived in four large panels. Then there was the Watts of Westminister birds wallpaper. The antique fire mantel was sourced in London. The Mulberry Floral Bouquet fabric on the sofa and some antique Persian blanket cushions. Brunschwig &amp; Fils 'Argonne Lampas' fabric on the Gainsborough Chair.
<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/2014/04/17/musk-farm-april-17-one.jpg" alt="">
<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/2014/04/17/musk-farm-april-17-five.jpg" alt="">
<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/2014/04/17/musk-farm-april-17-six.jpg" alt="">
<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/2014/04/17/musk-farm-april-17-seven.jpg" alt="">
Source: Facebook
In May last year the Governor of Victoria, Alex Chernov, and Mrs Chernov, on an official visit to Hepburn Shire, popped in to see the farm. (pictured below) Only last November the late interior designer and his partner proudly opened Musk Farm to the public to raise money for further restoration of Wombat Hill Botanic Gardens in nearby Daylesford. Stuart had been a very active supporter of the Botanic Gardens, repairing and restoring its rustic cascade, the Victorian Fernery and its irrigation works.
<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/2014/04/17/chernov%20april%2017%20one.jpg" alt="">
 
Source: Facebook
But within three weeks he was dead. His partner Michael O'Neill awaiting trial for his alleged murder. Their assets were subsequently frozen, by Supreme Court of Victoria order, and only able to be sold with the court's approval. Katrina Lewin, one of Rattle's sisters, has been appointed interim administrator of his estimated $4.2 million estate.
<img src="https://www.urban.com.au/images/stories/2014/02/21/crop-feb-21.png" alt="crop-feb-21" width="470" height="291">
  School Road at Musk has just the six properties. All up Musk has around 130 properties, once described by The Age as a sleepy blip on the map.
Barcaldine House, at 238 Dairy Flat Road with 15 hectares and a 60-square-metre homestead, was perhaps the most known given its cellar door operations. 
The hamlet's last celebrity sale was in 2006 when the television personality and interior designer Tonia Todman sold the four hectare farm which she bought in 1998 to use as a weekender with partner Michael Dowding. They refurbished in a style that Todman described as "French provincial meets New Hampton via Daylesford". 
Todman's four-bedroom house with Castlemaine stone fireplace was surrounded by a stone-fruit orchard and a small olive grove plus nut trees, a vegetable garden and plantings of herbs, roses, lavender and bulbs on soil classed as chemical-free. The Todman property at 90 Currys Road was listed with Morley Real Estate who were quoting $730,000-plus, and secured $660,000.
 
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jchancellor-FAypfDUnLy

Musk Farm, the Stuart Rattle, Michael O'Neill garden estate listed for auction

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The purchase of a Melbourne CBD property for $5.6 million has set a new land value record for the precinct at $18,604 per square metre.
The three level office and retail building at 337-339 La Trobe Street was sold to a private China based buyer in a deal handled by Nick Peden and Clinton Baxter of Savills.
Savills received 19 offers through an expressions of interest sales process. It was sold unconditionally with a 42 day settlement period to the private offshore group.
Peden and Baxter received about 230 enquiries for the property.
"There are many reasons behind this outstanding result, chief among them being the property’s ideal central CBD location, three street frontages, versatility of use, outstanding redevelopment potential and the low Australian dollar which is providing exceptional value for off-shore buyers due to the favourable exchange rate," said Peden.
"Of course the fact that Melbourne CBD land is relatively cheap when compared to the major cities of China, Malaysia and Singapore, the low interest rate environment locally, the potential to sell a high volume of end units off-shore, and Australia’s `safe-haven’ investment status also figure prominently."
According to Baxter, the site is well served by local amenity.
"This is an exceptional central CBD location close to Melbourne Central Shopping Centre, RMIT University, the Legal Precinct, and Melbourne Central/Flagstaff train stations.
"The sale is another demonstration of the demand for CBD freehold property and the obvious capital growth potential of properties within Melbourne’s vibrant and rapidly expanding CBD." 
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jrichardson-uRX5hFdKfN

La Trobe Street site goes to Chinese buyer in record sale

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With $1 billion in direct investment to be poured into Victoria through the Station Precinct Enhancement Program it’s unsurprising that many investors are asking where the money will be spent.
Under the funding, more than 3,000 direct project delivery jobs will be created and underutilised government land will be unlocked to deliver housing, retail, commercial and public spaces for communities, as well as improved railway stations.
The funding was announced by Premier Denis Napthine who said that there would be a number of benefits to many communities.
“The program will deliver a significant economic boost to Victoria. It will create more than 3,000 direct project delivery jobs, a further 5,000 indirect jobs through construction and the potential to support more than 800 full-time commercial and retail jobs after project completion,” said Napthine.
Meanwhile, Minister for Public Transport, Terry Mulder, said that there have been 10 sites that have already been identified, including two where the improvements have already been brought to the market – at Jewell and Hampton. Alphington expects to see an expressions of interest process mid-2014.
“This program will deliver the right mix of housing, retail, commercial and community spaces located right next to the rail corridor, which will in turn create vibrant, dynamic, liveable and accessible places – places where people want to live,” Mulder said.
In total, there will be 10 Victorian suburbs for development, with the other seven currently being investigated:
<ol>
<li>Jewell</li>
<li>Hampton</li>
<li>Alphinton</li>
<li>Essendon</li>
<li>Windsor</li>
<li>West Footscray</li>
<li>Collingwood</li>
<li>East Richmond</li>
<li>Ringwood</li>
<li>Watsonia</li>
</ol>
MacroPlan Dimasi, a research hub used by developers and other bodies, has undertaken economic modelling that has shown that the 10 sites will facilitate further investment opportunities – to the tune of $1 billion – over the next three to five years, as well as $5 billion in economic stimulus.
And, Napthine announced, there will be a competitive process for the release of the land for both private sector investment and development.
“The program will deliver developments across metropolitan Melbourne of varied scale appropriate to their location, with the community and public transport users benefiting via new and upgraded facilities in the surrounding station and broader precinct,” he said.
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jduke-EHk3XBmHkn

10 Victorian suburbs that may benefit under $1 billion of new public infrastructure

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The Victorian government has announced that from 2015 international students are able to access public transport concession cards, in a bid to boost local tourism and the economy.
The move will see overseas students offered a 50% annual discount for public transport tickets. Victoria and NSW are the only states that do not offer the same concession rates for international students that are available to their domestic counterparts – despite these states having the <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/4102.0Main+Features20Dec+2011" target="_blank">highest numbers of international enrolments</a>.
Victorian Tourism Industry Council chief executive Dianne Smith welcomes the changes, saying the new concession rates for international students will provide a good opportunity for businesses despite the government being “a bit slow” on the issue.
“This is obviously going to assist the tourism industry,” Smith told SmartCompany. “We have great cosmopolitan experiences in Melbourne and offer great regional experiences in Victoria.”
According to the Australian Bureau of Statistics, the international education sector contributed $16.3 billion in export income to the Australian economy in the 2010-2011 period. Smith says if businesses want to really tap into the international student market, then they need to create positive experiences.
“They bring with them their friends and relatives,” she says. “It can lead to repeat visitation. Family and friends are great value for tourism.”
Smith says the key is for businesses to work closely with colleges and tertiary institutions so that international students are fully aware of where they can travel.
“Already there’s quite a lot of collaboration between the tertiary and tourism sector. And we would encourage our members to maintain and increase that collaboration because we have to make sure opportunities are available and promoted well.”
In a statement, Victorian Minister for Public Transport Terry Mulder said international student concessions would be available in all metropolitan zones as well as regional centres. The scheme will apply to trams, buses and trains.
“This will make international students feel even more welcome when they come to study in Victoria and enhance our reputation as a world leading international student city,” he said. “An overseas student will now save up to $1,105 per year travelling across the greater city of Melbourne.”
International students have long agitated for changes to public transport concession rates, particularly over concerns that some international students <a href="https://www.theage.com.au/victoria/state-lags-on-cheap-travel-for-students-20121106-28w2r">are risking their safety</a> by walking home late at night because they cannot afford public transport.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
                            
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po-LsXgBTHBmX

Tourism industry set for a boost as international students granted transport concessions

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Victoria's Planning Minister, Matthew Guy, has recently announced another 50,000 lots of land to be the target for Melbourne this year, with plans to boost the construction industry in the state. Recently inviting public comment on Precinct Structure Plans for 21,000 housing lots in the southeast, Guy noted that further land would be released this year in the western and eastern corridors. He noted that every million dollars spent on housing construction creates seven full-time jobs in the building sector, and other flow-on jobs and benefits. "It is vital for the Victorian economy that our supply of land for housing  growth is strong,” Guy said. He pointed to lot prices coming down 15%, from $225,000 to $191,000 from 2010 to December 2013, which he said is driven by the strong land release policy under the government. This has seen development projects that are "competing" rise from 90 to 143 over this period. "This announcement compliments other major projects that have been  approved recently. I am pleased to be able to provide an economic boost  for Victoria and to provide increased housing affordability through  greater competition. More land supply will mean greater competition in the  marketplace, driving lower lot prices for homebuyers,"  Guy said. "Housing approvals and building activity in Victoria are at the highest  level in three years due to strong policy action by the state government,  and important strategic planning done by the Metropolitan Planning  Authority," he continued. The land target applies to the western, northern and south-eastern growth corridors, with all to be within Melbourne's urban growth boundary. No changes to this boundary are being proposed. He said that over 500 hectares of employment land will be included in the structure plans, and that Development Contribution Plans will apply to every structure plan, to provide open space, community facilities and infrastructure. Just yesterday, Property Observer reported that <a href="https://www.propertyobserver.com.au/victoria/satterley-property-group-looking-to-nearly-triple-land-sales-with-two-new-estates/2014030568192" target="_blank">developer Satterley Property Group has found the increasing competition difficult to contest with</a>. "There is a lot of competition at Doreen and there is a difficult balancing act in managing supply and demand with a lot more land been approved for development over the past few years," Jack Hoffmann, Victorian general manager for Satterley said, despite having a bullish view on expected performance this year. "Victoria has some of the best new suburbs in Australia, with  carefully-planned communities providing liveable homes for our growing  population. We are far better placed for housing growth than other states,  which keeps housing costs comparatively lower, and makes us an attractive  location for investment and business growth," he said. Another area that is on his radar for land supply in 2014 is Geelong. In addition to Melbourne's 50,000 lots, towns such as Lara have seen a significant number of lots rezoned. There have been 4,000 rezoned in Lara, and he suggested further releases in the Armstrong Creek corridor to progress the growth of Lovely Banks and Batesford South.
Late last year, Property Observer <a href="https://www.propertyobserver.com.au/victoria/exclusive-melbourne-s-potential-oversupply-the-experts-have-their-say/2013101065633" target="_blank">surveyed a number of experts, as well as polled readers, about their thoughts on a potential oversupply in the Melbourne market</a>. While many pointed to an oversupply of apartments in the inner city, there were some that expressed concerns about the number of potential land releases and unsold estates. Of the readers who took part in the poll, which specifically looked at apartments, 44.8% said that Melbourne is oversupplied, but only in the inner city. Meanwhile, 37.3% said that 'Yes' there was an apartment oversupply generally. <a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
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Land lot prices in Melbourne have dropped 15% since 2010, with more room to fall

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There will be an appreciable drop in auctions over the weekend due to the Labour Day long weekend. RP Data is expecting 291 auctions this coming week in Melbourne.
Whilst the market is going very well – the last fortnight has been remarkably strong – the missing component at this stage is first home buyers. If this sector became active again, sales volumes would rise to historical averages.
Those intending to buy over the next month will welcome the largely stable nature of dwelling values over February. After the new peak was reached in January, house values dropped by 0.3% in February and units rose by 0.4%. This points to a market in a moderate growth phase and shows that the value rise in January has been locked in.
Key data
<ul>
<li>
Clearance rate week ending March 2: 76.6%
</li>
<li>
Melbourne auctions expected week ending March 9: 291
</li>
<li>
Melbourne private sales time on market week ending March 2: 56 days (houses)
</li>
<li>
Melbourne vendor discounting market week ending March 2: -5.7% (houses)
</li>
<li>
Listings being prepared for market are 7.1% higher in month ending March 2
</li>
</ul>
Robert Larocca is Victorian housing market specialist for <a target="_blank" href="https://rpdata.com/" rel="nofollow">RP Data</a>.
                       
<ul></ul>
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A quiet Labour Day long weekend: RP Data's Melbourne weekend auction preview

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Satterley Property Group has set the bar high for themselves, looking to attain 10% market share in Melbourne with 1,000 lots per year to be sold – nearly triple their current effort.
In line with this, they are doubling the number of land estates they’re releasing onto the market with two new communities, one in Point Cook and one in Tarneit, to be launched this year. These two new estates, in Melbourne's growth corridors, join the company's existing estates in Melbourne include Coburg Hill and Doreen’s Riverstone.
Jack Hoffmann, Victorian general manager for Satterley, said that by the end of the year all four estates will be selling.
He noted that they had been slowly gaining a Melbourne foothold, but that they were looking to be more aggressive and to attain a 10% market share. This would require selling 1,000 lots per year.
At present, however, Property Observer notes that they will need to nearly triple their current efforts of around 360 lot sales per year.
Hoffman’s plan to achieve this is to focus on the much-discussed segment, and at present underrepresented in the overall market, of first home buyers.
"Buyers will be across all levels - second and third home buyers, investors - but it is the first home buyers we believe will make the difference in 2014,” said Hoffmann.
"There has been a lot of publicity about the drop in the number of first home buyers - from an average of 18.5% of all buyers down to 12.5%. We don't believe that is a long term trend and we expect first home buyers to return to normal levels in 2014.”
He noted that 20% of Satterley’s sales come from first home buyers, with affordability still being the biggest driver.
Coburg Hill, where there were a series of townhouses priced at approximately $600,000, saw the first three purchases come from first home buyers. The $79 million 20 hectare former Kodak site was purchased in 2010. The Brownfield estate (pictured below) is on the verge of selling out.
{yoogallery src=[images/stories/2014/03/06/cob]}
Riverstone and Plenty River, two estates in Doreen, were initially a 60-hecatre site and Satterley’s first foray into Melbourne four years ago. Sales at Plenty River, with 450 lots, finalized earlier this year, with Riverstone now on the market from $157,000 for land lots.
"There is a lot of competition at Doreen and there is a difficult balancing act in managing supply and demand with a lot more land been approved for development over the past few years," Hoffmann conceded.
"The low interest rates have helped sales. Employment is stable and population growth is going in the right direction. The first home buyers grant is still there for new homes, so that helps us,” he said.
The two new estates
Point Cook estate: Currently unnamed Located: Hacketts Road Total dwellings: 2,000 expected
This estate is likely to be first to hit the market, with <a href="https://www.propertyobserver.com.au/land/satterley-expands-its-victorian-landbank-with-point-cook-acquisition/2013052761674" target="_blank">Satterley having bought the 125 hectare site for $100 million from the state government</a>.
Andrew Egan, director of selling agency Biggin Scott Land, had advised earlier in 2013 the site was being offered in three parts, each between 39 and 43 hectares.
Satterley’s proposed development will create a new master planned suburb with a projected population of more than 5,000 people on Melbourne’s outskirts.
Tarneit estate: Currently unnamed Located: 990 Sayers Road Total dwellings: 850 lots expected
The site was purchased in 2010, and it was noted that some delays in development approvals have been seen. Wyndham City records show that an application for the residential subdivision was lodged in September 2012.
Across both, there has already been significant builder interest with 26 builders already on board to build display homes in both areas.
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
For the latest development listings, brought to you by Property Observer and partners, see our <a href="https://showcase.propertyobserver.com.au/" rel="nofollow">Investor Showcase</a>.
                          
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Satterley Property Group looking to nearly triple land sales with two new estates

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A retail shop in Melbourne's Footscray, home to international fast-food chain Nando's, has been listed for sale. 
The 150 square metre property, known as Shop 1, 250 Barkly Street, is leased to Nando's on a 5+5+5 year lease to 2027, with annual 3% fixed rent increases. 
The annual rent is $65,672. 
The selling agents are Jamie Perlinger and Adam Thomas of Burgess Rawson. 
<a href="mailto:news@propertyobserver.com.au" target="_blank"></a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
                   
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Nando's Barkly Street, Footscray retail shop listed

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Property developers and investors are expected to jockey for position when a five-level office building in South Melbourne goes under the auctioneers hammer later this month. 
The 71 Palmerston Crescent property, located 3 kilometres south from the Melbourne CBD, is scheduled to go under the hammer on 27 March and is tipped to fetch more than $7 million.
The property offers a net lettable area of just over 2,710 square metres, 39 car parks, a communal rooftop entertaining and barbecue area.
Colliers International’s Jeremy Gruzewski and Peter Bremner have been appointed to sell the property.  
“The building is currently configured into 11 office areas plus a retail premise, all but one of which are currently leased,” Bremner said. “The property has a current net passing income of approximately $621,110 per annum however the potential fully let net income is estimated at $721,502 per annum.”
The property also offers the possibility of future redevelopment potential.
Gruzewski said that at a minimum, the site had the potential to develop "up to four lightweight units for either residential or commercial use (STCA)".
He also added that "given recent residential redevelopment in the area and a recent zoning change to Commercial 1, it is possible a redevelopment of a much higher density and height could be carried out, thus providing a solid exit strategy for a prudent property investor.”
<a target="_blank" href="mailto:news@propertyobserver.com.au"></a><a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Five-level South Melbourne office building set to spark $7 million plus scrap

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Two state of the art kitchens - main and caterers. That's the highlight of the Prahran home of the Melbourne based food stylist, Peta Gray, and her husband Rob, which has been scheduled for March 15 auction.
Gowan Stubbings and Emma Bloom at Kay &amp; Burton are quoting $3.75 million plus.
It has been the couple's home, along with their two children Isabel and James, for the past five years, though they have been there for almost 15 years. 
Peta left her corporate career around a decade ago, re-trained as a chef and began her career as a <a target="_blank" href="https://www.petagray.com.au/index.asp">freelance food stylist</a>. Her collaborations have included working with the likes of Gary Mehigan and Curtis Stone. 
The family originally owned and lived in the house next door, until they decided to build and design their dream home at <a target="_blank" href="https://www.kayburton.com.au/property/15-wynnstay-road-prahran">15 Wynnstay Road</a>.
They commissioned Prahran neighbours from the team of architects at McBride Charles Ryan whose cutting-edge facade sets the tone with its use of geometric patterned zinc metal. There's culptural metal wall dividers by Korben/Flaubert along with custom designed wall paper images by Jacqui Henshaw.   Her bespoke main kitchen has Miele induction cook top, integrated refrigerators, a work station and the adjoining caterers' kitchen comes with a second oven, dishwasher, cook top and loads of storage.
The home comes with pool and lush gardens designed by Rick Eckersley.
news@propertyobserver.com.au
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