Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

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

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

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Considering the axing of Canada’s wealthy investor immigration program, as well as the introduction of five new apartment towers in the CBD, accounting and advisory firm William Buck’s Neil Brennan is predicting that Melbourne is set to be the hotspot for foreign investment.
Pointing to the end of the Canadian Government’s scheme, which he noted many Chinese nationals had bought into, he said that wealthy investors would be looking to place their money elsewhere – and that Melbourne might just be the next spot for them.
The Canadian scheme saw applicants worth $1.6 million or more loaning the government $800,000 interest free for five years, allowing them to then apply for citizenship.
“The concentrated multi dwelling development opportunities that are available in Melbourne as result are perfectly suited to foreign investors with a large amount of freely available capital,” he said.
Part of the abundance of these multi-dwelling development opportunities is due to some builders meeting “continuous road blocks” when looking to develop in traditional Melbourne suburbs, pushing them towards higher density dwellings, said Brennan.
“The continued growth of neighborhood zoning combined with the time taken for many projects to receive approval is deterring smaller medium density development usually undertaken by builders on behalf of mum and dad investors,” he said.
“As a result the appetite to undertake a traditional sub division of an established block continues to diminish.”
With this in mind, he said that one of the impacts of a “potential flood of overseas investment” is that it could result in an apartment over-supply, and a possible undersupply of mid-level housing, as developers look to cater to this booming market segment.
Foreign investors, he said, are typically looking for the following types of property: Inner city Little or no maintenance Highly tenantable
<a href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
 
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jduke-EHk3XBmHkn

Development expert predicts flood of foreign investors in Melbourne to cause potential oversupply

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Buyers will need to take last weekend’s very strong result into account at the 1,228 auctions scheduled this week. A clearance rate in the mid 70s indicates that they will face more competition when bidding for the homes at auction and this may translate into higher prices being paid.
That result came after a new peak house price was recorded in January, suggesting many buyers still see a lot of value in the Melbourne residential market. The February RP Data–Rismark Home Value index will be released on Monday and it will indicate if the new peak was maintained.
In a continuation of the trend this year the number of homes listed for auction this week is 25% higher than the 984 this time last year. It is also the highest for this weekend on record.
The highest volume of auctions is in <a target="_blank" href="/news">South Yarra</a> with 21. There are 19 scheduled in <a target="_blank" href="/news">Port Melbourne</a>, <a target="_blank" href="/news">Reservoir</a> and <a target="_blank" href="/news">Richmond</a>.
Key data
<ul>
<li>
Clearance rate week ending February 23: 73.5%
</li>
<li>
Melbourne auctions expected week ending March 2: 1228
</li>
<li>
Melbourne private sales time on market week ending February 23: 64 days (houses)
</li>
<li>
Melbourne vendor discounting market week ending February 23: -5.6% (houses)
</li>
<li>
Listings being prepared for market are 4.5% higher in month ending February 23
</li>
</ul>
Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
                               
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Buyers need to take strong results into account: RP Data's Melbourne weekend auction preview

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Anthony Nicholls, from Mitcham, Victoria will stand trial in the Victorian County Court next year for allegedly obtaining more than $2.6 million of funds from investors by deception in his role as director of Peton Properties and Zantholls International Pty Ltd between 2004 and 2006.
In 2007, Peton Properties went into liquidation. It owed creditors more than $4 million.
After a week-long committal hearing in the Melbourne Magistrates Court, 61 year old Nicholls has been told to stand trial on 11 May 2015, with the expected length of the trial being three months.
Charged with 113 counts of breaching his duties as director, three counts of making false and misleading statements, 19 counts of obtaining a financial advantage by deception and one count of obtaining property by deception, he has pleaded not guilty. Each of the 113 charges carries a maximum penalty of five years jail, or a $220,000 fine, with each of the misleading and false statements carry 10 years jail or $495,000 in fines.
About 20 people suffered losses, after investing $2.68 million with the companies. The money was going to be used to fund Ballarat developments, however ASIC alleges that the developments were unable to be developed in the manner nor in the timeframe described.
They also allege that Nicholls authorised a $1,806,000 withdrawal from a Peton Properties bank account and a solicitors’ trust account for use for his own benefit and that of co-director Peter Scully, financial obligations of another related company The Key Result Pty Ltd and interest payments due to existing investors.
The Key Result Pty Ltd trademarked the term “THE KEY RESULT UNLOCK YOUR FUTURE”. According to Consumer Action Law Centre, the company promoted a form of rent-to-buy arrangement that included a personal savings plan and budgeting service.
<img src="/images/stories/2014/02/27/key_result.jpg" alt="key_result" style="display: block; margin-left: auto; margin-right: auto;" height="139" width="150">
Logo for The Key Result Pty Ltd
“As well as facilitating the entry of a prospective purchaser into a rent-to-buy arrangement with a third party investor, The Key Result Pty Ltd provided staff who would not only oversee the day-to-day spending of a prospective purchaser, but would in fact exclusively control his or her bank account,” Consumer Action notes.
They note that many were placed in extreme financial hardship through the scheme, being forced to reduce spending to an extent to be able to afford rental and purchase option payments on properties they were unable to afford. The Key Result Pty Ltd is no longer operating.
The Key Result Pty Ltd's director Peter Scully (aforementioned co-director of Peton Properties) was also director of Active Property Solutions Pty Ltd, and has seen Consumer Affairs Victoria allege that they brokered deals that the buyers could not afford, according to <a target="_blank" href="https://www.heraldsun.com.au/news/victoria/deception-on-homes-alleged/story-e6frf7kx-1111115491611">The Herald Sun</a> back in 2008. The <a target="_blank" href="https://www.propertyobserver.com.au/https://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/vic/VSC/2012/444?stem=0&amp;synonyms=0&amp;query=Director%20of%20Consumer%20Affairs%20Victoria%20v%20Scully">outcome of the case can be read here</a>. The schemes, aimed at first time buyers, were advertised in the Gippsland and Doveton areas, as well as in the Geelong Advertiser newspaper.
The court transcript suggests that advertisements read along the lines of:
WHY ARE YOU PAYING RENT? 
$750pw net combined or single income gets you your own home at competitive rates 
As well as:
DOES THIS SOUND LIKE YOU? 
First home buyer?
Employed or Self Employed?
Tired of Renting?
Knocked back for finance?
But desperately want to
OWN YOUR OWN HOME?
We can HELP with...
LOW deposit finance
Easy qualifying
Bad credit history – No worries
Want to know more? Ring NOW
*Conditions apply
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
             
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Peton Properties director on trial for obtaining $2.6 million of funds by deception 

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A property in Melbourne’s Docklands has been acquired by Little Projects for $18.5 million from a local private investor, confirmed managing director of Little Projects, Michael Fox.
The 8,800 square metre industrial site at 85 Lorimer Street has the potential to have up to 1,500 apartments built, fitting Little Projects’ style of industrial site redevelopment.
Top-end luxury four-bedroom two-bathroom units on Lorimer Street have been known to sell for over $1,250,000. Next door at 80 Lorimer Street, <a target="_blank" href="https://www.realestate.com.au/property-apartment-vic-docklands-107445548">four-bedroom three-bathroom three car space unit number 2601</a> (pictured below) is on the market for $1,695,000 in Mirvac's tower, with two-bedroom offerings around $780,000. The tower has a health club, heated indoor lap pool, spa, sauna, steam room, fully equipped gymnasium and roof top decking.
{yoogallery src=[images/stories/2014/02/27/dock]}
The current median price for Docklands units sits at $593,063 with the median price for those over $750,000 being $1,045,000.
It remains to be seen what Little Projects will pull out of the bag for this site, but if their previous offerings are anything to go by, such as <a target="_blank" href="https://www.propertyobserver.com.au/victoria/developer-offers-olive-branch-after-selling-out-south-yarra-development/2013031259839">ILK at South Yarra</a> (pictured below), it is likely that the development will have luxury top-end appeal with an emphasis on amenity.
{yoogallery src=[images/stories/2013/08/aug29south]}
“Little Projects focuses on providing high quality lifestyle developments on Melbourne’s inner city fringe and this site offers us the opportunity to create something unique for Melbourne,” said Fox.
They have begun the planning process for this new site, with plans to be revealed at an as-yet unspecified date.
“We look forward to working with the Minister’s office and the new Metropolitan Planning Authority to realise the Minister’s vision for the urban renewal of the Fishermans Bend precinct,” said Fox.
The site is located closed to the Mad Duck Café and Papillon Day Spa, as well as close to the Yarra River, West Gate Freeway and Point Park.
The sale was completed by Lemon Baxter director, Paul O’Sullivan, who also sold 2-4 Princes Street for $4.8 million to a local investor.
<a target="_blank" href="/news">Docklands</a> has been making headlines lately, and the suggestion is currently that the area is finally <a target="_blank" href="https://www.propertyobserver.com.au/victoria/docklands-finding-its-feet-after-a-difficult-conception/2013101065628">finding its feet after a difficult conception</a>.
Recently, planning minister Matthew Guy said that a new intersection created for the area – at <a target="_blank" href="https://www.propertyobserver.com.au/victoria/largest-urban-renewal-project-in-australia-to-become-the-new-heart-of-melbourne-planning-minister/2014022367981">Collins Street and Bourke Street – would become the new “heart of Melbourne”</a>.
jduke@propertyobserver.com.au
For the latest development listings, brought to you by Property Observer and partners, see our <a rel="nofollow" href="https://showcase.propertyobserver.com.au/">Investor Showcase</a>. 
              
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Up to 1,500 more apartments coming online as Little Projects acquires new Docklands site

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In September 2012, five Melbourne hotspots were tipped by Advantage Property Consulting’s managing director Frank Valentic, for Property Observer. He explained his reasoning and the type of property he'd look to purchase in each area.
We’re now nearing the end of February 2014, and we’re turning our attention back to these hotspots to see how they performed over the past year and a half.
You can read <a target="_blank" href="https://www.propertyobserver.com.au/victoria/five-potential-melbourne-hotspot-suburbs-frank-valentic/2012090456137">the original predictions from 2012 in this article here</a>.
The five suburbs picked: Thornbury Spotswood/Newport Box Hill South Yarra Frankston
The reasoning: Valentic explains that he aims for the more affordable areas that allow more people to access the properties. He wrote that “A hotspot can best be described as an area that has not attracted the same level of attention as traditional blue-chip locations. They are often identified as areas that are underperforming, usually within close proximity to more popular suburbs.  When an area becomes too expensive for people to afford, they usually move to these neighbouring suburbs that are more affordable, causing a positive outward ripple effect.”
It is this ripple effect that had him picking many of the below suburbs.
These were his predictions:
1. <a target="_blank" href="/news">Thornbury</a>
Thornbury has shown an impressive 21% growth per annum over the last 22 years.  Units and flats are still very affordable with an average median price of $432,000.  Located just seven kilometres north-east of the CBD, it has easy access to transport, an attractive lifestyle vibe and is very family friendly. The ripple effect from more expensive suburbs such as Northcote, Fitzroy and Carlton has caused Thornbury to become a more financially viable and affordable alternative. It has all the right features and qualities of a prime suburb, making this an ideal entry-level suburb for first-home buyers and investors.
2. <a target="_blank" href="/news">Spotswood</a>/<a target="_blank" href="/news">Newport</a>
Positioned just seven kilometres west of Melbourne’s CBD, both Spotswood and Newport have shown steady growth of 14% per annum growth over the last 22 years.  It is one of the few affordable inner-city suburbs left in Melbourne. Apartments and flats are still available well below the $535,000 median. It has very good transport connections to the CBD, with a new multi-line train station, nearby Westgate Freeway, Western Ring Road and City Link arterials. Neighbouring satellite city of Footscray is close by.  You can still find older-style cottages on good- sized blocks, proving popular with first-home buyers and investors.
The ripple effect from wealthier suburbs such as Williamstown and Yarraville has caused both Newport and Spotswood to become future hotspots.
3. <a target="_blank" href="/news">Box Hill</a>
The ripple effect from Camberwell and Surrey Hills has put Box Hill in a good affordability category. The median price for units and apartments is still relatively affordable at $467K.   Located 14km east of the CBD, it is a major commercial centre and transport hub.  It has excellent access to Maroondah Highway and is home to the local Box Hill Hospital.  In addition to all the wonderful amenities, it is also a growing satellite city with the local council introducing further relaxed planning controls to help promote and build medium density development.
4. <a target="_blank" href="/news">South Yarra</a>
The reason why we have chosen to include the inner “blue-chip” suburb of South Yarra is that prices have fallen considerably.  You can now buy one-bedroom apartments well under its median price of $620,000. This holds great appeal to those seeking an affordable entry in to a highly desirable location. Located just three kilometres south-east of the CBD, you can’t go wrong with the close proximity to trendy Chapel Street and Toorak Road.  Established infrastructure such as The Alfred Hospital and Swinburne University are also nearby.
5. <a target="_blank" href="/news">Frankston</a> 
Located 41 kilometres south of the CBD, Frankston is slowly becoming a major commercial, retail, educational and transport centre. This satellite city will have the Peninsula Link opening in early 2013.  As a result, you will see travel time cut by up to 40 minutes between Carrum Downs and Safety Beach.  The median price for a home is super affordable at $350,000, and apartments can be purchased at less than  $270,000.  Close to the beach, the future development of a local marina will also add significant value to the area.  The ripple effect from neighbouring Mount Eliza and popular Mornington Peninsula suburbs (Portsea, Sorrento and Flinders) is offering potential buyers a much more affordable option.
See over page for how they stacked up
 
 


<hr class="system-pagebreak">
  
How did the five hotspots perform... 
 1) <a target="_blank" href="/news">Thornbury</a>
<ol></ol>
In Thornbury, units performed at 14% median price growth – a great result. Although they didn’t bring in the 21% growth that he cited they had seen per annum previously, the area clearly stacked up as he had predicted.
He was also wise to select units over houses as, according to RP Data, houses saw a 3.8% uptick – far overshadowed by the result from the units. Median asking rent currently sits at $300, a 3.6% yield.
2) <a target="_blank" href="/news">Spotswood</a>/<a target="_blank" href="/news">Newport</a>
Valentic pointed to the availability of apartments and flats well below the median price, but pointed to older-style cottages on good-sized blocks as where popular purchasing is to be had. Interestingly, units in Spotswood increased by 1.7%, and in Newport actually dropped in median price by 4.6%, where houses in both performed strongly – at 4.2% and 11.2% respectively.
3. <a target="_blank" href="/news">Box Hill</a>
Pointing to a ripple effect from Camberwell and Surrey Hills, his suggestion for units and apartments that have remained affordable is a successful one, with a significant 15.6% increase. He pointed to relaxed planning controls, promoting and allowing medium density development as something that would encourage this, as well as its position as a commercial centre and transport hub.
Houses in the area, which he did not suggest, did not fare particularly well – dropping 6.5% in median price over this time.
4. <a target="_blank" href="/news">South Yarra</a> 
Inner “blue-chip” South Yarra, where Valentic said prices had fallen dramatically, there was a 2% overall uptick for units. A quick comparison of the noted one-bedroom units listed currently, compared to those that sold in February 2012, do suggest that the increase was more marked among this type of stock – however, it can be a tricky assessment to make due to the large number of pricier new apartments in South Yarra.
Houses in the area, which sit above the million dollar price mark and therefore did not fit the criteria, saw a whopping 28.5% increase.
5. <a target="_blank" href="/news">Frankston</a>
Frankston’s performance was a little lacklustre. It saw a 1.2% uptick for houses and a 2.4% uptick for units. Valentic suggested both due to the early-2013 Peninsula Link opening that was set to cut down travel time, as well as the future development of a local marina and the ripple effect from neighbouring suburbs. It will be interesting to see whether this pans out to see stronger growth.
You can read <a target="_blank" href="https://www.propertyobserver.com.au/victoria/five-potential-melbourne-hotspot-suburbs-frank-valentic/2012090456137">his thoughts here around the strategy of picking suburbs that will perform</a>.
Whose picks would you like us to take a look at? jduke@propertyobserver.com.au
 
 
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Analysis: Five expert-chosen 2012 Melbourne hotspots under the microscope

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Cold-press juice offering company, Pressed Juices, has continued its expansion across Melbourne, this time signing an eight year lease in the CBD. 
The 10 Howey Place deal was negotiated at $3,000 per square metres for the 20 square metre boutique site on the laneway off Little Collins Street. 
<img alt="melbourne_feb_27_one" height="353" width="470" src="/images/stories/2014/02/26/melbourne_feb_27_one.jpg">
The deal follows a recent letting by Pressed Juices at South Yarra and represents the company's sixth site in the Garden State. Nationally, it has nine sites. 
Fitzroys City retail leasing executive, Michael Rainey, said the deal with Pressed Juices is a product of the resurgence in leasing enquiry currently seen throughout Melbourne.
“We’re seeing businesses again looking to further expand their presence,” said Rainey.
Fitzroys' city retail team negotiated the lease.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
            
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Pressed Juice to squeeze into boutique site off Little Collins Street

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Strong bidding from residential homeowners, hostel operators and developers saw a former hostel in Melbourne's Fitzroy sell under the hammer for $1.704 million.  
The expansive Victorian terrace home, features six-bedrooms, three-bathrooms and offered 330 square metres of space on 285 square metres of land. 
For more than 20 years, the 66 George Street property was home to AHL George Wright Shelter. 
It was sold with vacant possession to a local private investor. 
Colliers International’s Ted Dwyer and Andrew Ryan were the selling agents. 
“The property provides an opportunity for someone to turn it into a lavish residential home, but also to continue its use as a hostel or other form of accommodation, or another form of residential development (STCA),” said Mr Ryan.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
<a target="_blank" href="mailto:news@propertyobserver.com.au"></a>           
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Former Fitzroy hostel sells under the hammer for $1.704 million

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Melbourne-based Impact Investment Group has outlaid $32 million to acquire the global headquarters of Roy Morgan Research in Melbourne's CBD.
The fully leased building, at 401 Collins Street, was sold on an initial net yield of 7.81%.
Roy Morgan Research occupies the entire building and will enter into a 10 year lease with Impact Investment Group (IIG) with two five year options.
Located in the heart of the Melbourne's CBD banking and finance district, the 11-storey office building was built in 1937 for the Trustees Executors &amp; Agency and underwent significant improvements in 2007.
IIG said it acquired the building with a strategy to dramatically improve the overall energy performance of the property, which currently has a NABERS Rating of 1.5. It is targeting a NABERS rating of 4 or greater.
The asset will be held in a single property unlisted investment trust.
"The trust aims to provide sophisticated and wholesale investors the opportunity to benefit from the secure, long term income stream and the potential for capital growth, while benefitting from the environmental and social initiatives of IIG", said the group.
IIG’s sophisticated and wholesale investors are forecast to receive quarterly income returns of about 9% a year.
Since its inception in early 2013, IIG has arranged and co-invested in four investment syndicates. The 401 Collins property is the fifth for IIG, which is owned by Chris Lock - chief executive - and Small Giants, the family office of Daniel Almagor and Berry Liberman.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
                
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Impact Investment Group purchases Melbourne CBD office building for $32 million

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Currently, Melbourne’s median house price was $610,000 based on sales in the December quarter. Naturally, this captures a lot of attention, however, it’s worth remembering that there are lot of houses that sell for a lot more affordable prices.
Over the past year, just under 30% of all houses in Melbourne sold for less than $400,000.
The suburbs which recorded the highest of these affordable sales were in the growth areas; <a target="_blank" href="/news">Pakenham</a>, <a target="_blank" href="/news">Frankston</a>, <a target="_blank" href="/news">Craigieburn</a>, <a target="_blank" href="/news">Hoppers Crossing</a>, <a target="_blank" href="/news">Werribee</a>, <a target="_blank" href="/news">Sunbury</a> and <a target="_parent" href="/news">Carrum Downs</a>. Land is less valuable in these areas due to the distance from the CBD and its availability. These factors allow developers to bring houses onto the market at more affordable prices.
It is interesting to note that there are a number of suburbs within 15 kilometre radius of the CBD where more than 50% of sales were below $400,000. These are: <a target="_blank" href="/news">Sunshine West</a>, <a target="_blank" href="/news">Sunshine North</a>, <a target="_blank" href="/news">Broadmeadows</a>, <a target="_blank" href="/news">Ardeer</a> and <a target="_blank" href="/news">Tullamarine</a>.
<a target="_blank" href="/news">Glenroy</a>, <a target="_blank" href="/news">Reservoir</a>, <a target="_blank" href="/news">Fawkner</a> and <a target="_blank" href="/news">Sunshine</a> also has reasonable proportions of sales for under $400,000.
Surprisingly, around one in 10 sales in <a target="_blank" href="/news">Pascoe Vale</a>, <a target="_blank" href="/news">Box Hill</a> and <a target="_blank" href="/news">Footscray</a> are under $400,000.  While that may not be the predominate sales price, this result does show that with some dedicated house hunting it is possible to buy a house at an affordable price within 15 kilometres of the CBD.
It would be rare to find a house under $400,000 and within 10 kilometres radius of the CBD. <a target="_blank" href="/news">Footscray</a> has the highest at 10%. Most other suburbs within 10 kilometres of the CBD have less than 5% such as <a target="_blank" href="/news">Coburg</a> where there were only 12 sales were under $400,000.
Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
                    
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Where can you still find affordable housing in Melbourne?

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Built by Canny Builders with resort style living in mind, the four year old award winning <a href="/news">Canterbury</a> contemporary residence of Lynette and Alan Knights was sold post-auction on Saturday afternoon.
The vendors were seeking $3 million plus for the <a href="https://www.jelliscraig.com.au/property/CANTERBURY-1-Dryden-Street/6620833/#.Uwu-bOOSx8E" target="_blank">1 Dryden Street</a> offering listed through Kay &amp; Burton agent Scott Patterson in conjunction with Jellis Craig agent Paul Williamson.
James Buyer Advocates reported auction bidding began with a $3 million vendor bid. With three in the race, bidding got to $3.25 million when the agents went inside to seek instructions from their vendor.
A subsequent fresh bidder offered $10,000 helping the bidding along until the property was passed in at $3.3 million.
It was bought soon after auction for an undisclosed higher amount. Alan Knights recently retired from the position of chief financial officer with silver mining company Cobar Consolidated Resources.
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