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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HomeGround's mission is simple: "to get people housed and to keep people housed". 
Their website notes they will do this by developing innovative housing models, advocating for systems change and providing housing and support services across Melbourne.
One of these plans, it seems, is to develop a not for profit real estate agency calling on the goodness of property investors and owners from across Victoria.
Property owners will be given three options - to lease at full market value, at a reduced rent or for free, with profits to go into helping the homeless, according to The ABC.
However, are investors likely to put their property up for this? While Zoe Vale, HomeGround Services, said that they've had a "lot of enquiry" from interested property owners, it's unclear how many will jump onboard and become participants in the philanthropic project.
CEO of HomeGround, Dr Heather Holst, said that the private rental market is the largest supplier of housing for their clients, but also the greatest barrier - simply not being an affordable, sustainable option for people on low incomes.
“It is simply not acceptable that in Victoria alone more than 6,000 extra people attended homelessness services seeking help," said Holst.
The real estate agency will include property managers and a shopfront in Collingwood, and is said to be launched in early-2014 (by March). They note that their team has over 15 years of experience managing in excess of 300 tenancies throughout Melbourne.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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jduke-EHk3XBmHkn

Not for profit real estate agency to launch this year

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Melbourne has been contested for its growth prospects over the past year with many experts pointing to its hefty supply capacity as underpinning the potential for softer growth compared to other capitals. We recently <a target="_blank" href="https://www.propertyobserver.com.au/victoria/exclusive-melbourne-s-potential-oversupply-the-experts-have-their-say/2013101065633">asked the experts about Melbourne's potential oversupply with mixed responses</a>.
Planning Minister, Matthew Guy, is pointing to significant land release and development capacity as part of the way forward for the state of Victoria, and for Melbourne.
The latest Urban Development Program reports, covering the 19 regional centres across the state including Melbourne’s outer suburbs, has found that there is plenty of land available for future growth, said Guy.
“It’s clear that there is plenty of land for future development and plans to maintain supply. It is critical that we continue to identify land to drive industry, jobs and housing growth in regional centres,” he said.
“Melbourne is certainly in an enviable position because we have large tracts of land marked for urban renewal and new suburbs. We also have the largest amount of industrial land of all capital cities in the country.”
Over the past year, five new precinct structure plans have been approved – adding 19,000 potential house blocks in Melbourne’s new suburbs – and a record 179,400 potential dwellings from major apartment developments were slated, he said.
Currently across Melbourne five of the six growth areas had 25 years or more of land supply, with Whittlesea having 22 years. There are also 412,600 potential house lots in these growth areas, with a more than a third zoned for residential development or approved in a precinct structure plan.
He also noted that the number of potential apartments in “activity centres” has more than doubled since 2008/2009. Interestingly, <a target="_blank" href="https://www.propertyobserver.com.au/victoria/do-you-think-melbourne-is-facing-an-oversupply-of-apartments/2013100965607">when polled in October 2013, Property Observer readers believed that inner city Melbourne was oversupplied</a> (44.8%), while many thought all of Melbourne was oversupplied (37.3%).
Investors would be wise to keep an eye on Plan Melbourne, the blueprint to 2050, if they are keen to know where releases will take place. It was <a target="_blank" href="https://www.propertyobserver.com.au/victoria/third-airport-mooted-for-melbourne/2013100965599">launched in October 2013 and has some interesting implications</a>.
“Right across the state, there are plans in place to ensure we can gradually open up residential and industrial land for at least the next 20 years, while protecting agricultural employment land,” he said.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Supply to continue increasing in Melbourne: Minister for Planning

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The latest version of RP Data’s Pain and Gain report showed that as we get closer to a new peak in dwelling values the proportion of sellers making a profit on sale is increasing.
Interestingly some of the best outcomes have been recorded in suburbs around 20 kilometres away from the Melbourne CBD.
The report is useful for property investors, small or large, because it looks only at homes that already have an owner and whose sale price is therefore set by the market. Other market data, median prices for instance, mingles the new sales with prices set by the developers and those sold by individuals.
The report showed that only 7.7% of Melbourne homes re-sold in the September quarter of 2013 incurred a loss for their owners. This was lower than the 8.2% recorded in the June quarter this year and 8.3% in the 2011 June quarter.
Of course the longer the home was owned the more likely the owner was to see a profit on sale. The highest proportion of owners selling for more than double what they paid had owned their homes for between 10 and 15 years.
In overall terms the highest overall profit was recorded in more expensive areas with sellers in Boroondara recording $231 million in profit in three months. Whitehorse ranked second with $159 million in profit and Monash third with $136 million.
Despite the very high profits recorded in those inner and middle eastern municipalities it was sellers in Knox that probably had the best outcome with only 2% recording a loss. Those losses totalled only $360,000, less than the value of one house. Second on the list was Manningham where 3.9% of sellers recorded a loss and third was Maroondah with 4.3%.
Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
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rlarocca-zWhvjay44N

Proportion of sellers making a profit is increasing

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New statistics surrounding the distribution of first home owner grant statistics are painting a fairly clear picture of where first time buyers are snapping up new properties across the state of Victoria.
The State Revenue Office of Victoria's latest statistics point to the following for metropolitan and regional distribution of the grants. This data covers the last quarter available - 1 October 2013 to 31 December 2013.
While, typically, the top 10 lists are dominanted by metropolitan areas on the outer suburbs of Melbourne, this quarter three inner city suburbs spilled into the top ten - South Melbourne 3205, Melbourne 3000 and Docklands 3008 as the 7th, 8th and 10th most popular postcodes respectively.
Regional:
1) Armstrong Creek, Charlemont, Freshwater Creek, Mount Dundeed (54 applications)
Interestingly, Property Observer recently reported that the <a target="_blank" href="https://www.propertyobserver.com.au/news/suburb-spotlight-not-all-gloom-and-doom-for-geelong/2013102966017">Armstrong Creek area and surrounds in Geelong were seeing growth</a>, despite the volume not necessarily being what developers were expecting.
2) Belmont,  Grovedale,  Highton, Marshall,  Warn Ponds (25 applications)
3) Alfredton, Ballarat, Canadian, Invermay Park, Mt Clear, Mt Helen (24 applications)
4) Delacombe, Sebastopol (20 applications)
5) Mildura (20 applications) 
6) Arnold, Ascot, Axe Creek, Bagshot, Cornella, Epsom, Huntly, Kimbolton (19 applications)
7) Blackwarry, Callignee, Carrajung, Flynn, Koornalla, Loy Yang, Traralgon (17 applications)
8) Dennington, Warrnambool (14 applications)
9) Clifton Springs, Curlewis, Drysdale, Mannerim, Marcus Hill, Wellington (13 applications)  
10) Branditt, Caniambo, Colliver, Dunkirk, Shepparton (11 applications)
Metropolitan:
1) <a href="/news">Cranbourne</a>, <a href="/news">Botanic Ridge</a>, <a href="/news">Cannons Creek</a>, <a href="/news">Devon Meadows</a>, <a href="/news">Skye </a>(163 applications)
2) Hoppers Crossing, Tarneit, Truganina (146 applications)
3) Craigieburn, Donnybrook, Kalkallo, Mickleham, Roxburgh Park (109 applications)    
4) Doreen, Mernda (108 applications)  
5) Cocoroc, Derrimut, Point Cook, Quandong, Werribee (91 applications)
6) Cardinia, Clyde (70 applications)
7) South Melbourne (67 applications)
8) Wollert (59 applications)
9) Melbourne (55 applications)
10) Docklands (38 applications)
For a point of comparison, the overall statistics of both Metropolitan and Regional for September 2013 (1 July 2013 to 30 September 2013) looked like the following for the top suburbs:
1) Hoppers Crossing, Tarneit (265 applications)
2) Cranbourne, Devon Meadows, Skye (221 applications)
3) Craigieburn, Donnybrook, Roxburgh Park, Mickleham (210 applications)
4) Point Cook, Werribee, Derrimut (184 applications)
5) Doreen, Mernda (117 applications)
6) Pakenham, Rythdale (96 applications)
7) Burnside, Cairnlea, Caroline Springs, Deer Park, Ravenhall (80 applications)
 8) Belmont, Grovedale, Highton, Marshall, Waurn Ponds (78  applications)
 9) Croydon, Croydon Hills, Croydon North, Croydon South (77 applications)
10) Bangholme, Dandenong, Dunearn (69 applications)
 
It appears that a number of suburbs have remained popular over the past six months, largely in areas where the median price is sub-$400,000 and house and land offerings have been created. Do you know of a first home buyer who has purchased into one of these areas? Email: <a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
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Where are Victorian first home buyers purchasing?

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The Victoria-located <a target="_blank" href="https://www.realestate.com.au/property-lifestyle-vic-barrabool-7587211">214 Andersons Road, Barrabool</a> is a six-bedroom, two-bathroom, four garage space offering that has a history behind it.
{yoogallery src=[images/stories/2014/01/17/HOMESTEAD]}
With five acres, it includes an original homestead, circa 1860, and has many period style elements that any heritage enthusiast will enjoy that have been contemporised. The front of the home retains the style of the 1800s. It is fondly called Strathlachlan.
The homestead once housed Scottish pioneer James Anderson who emigrated to Australia in 1848, where he bought 13 acres of land at Ceres. He then bought this property. It was retained in the family for many years, despite some subdivision of the estate, and is referenced in a <a target="_blank" href="https://www.propertyobserver.com.au/https://trove.nla.gov.au/ndp/del/article/64993769">1920s Camperdown Chronicle obituary</a>. 
With a glass atrium, 12 foot ceilings, Baltic pine and hardwood floors, fireplaces in all rooms and timber clad ceilings, it has beautiful photographs that speak of updated history.
There is a mezzanine study above the kitchen, and each part of the home appears to have a quirk or a story, such as the vanity - created from an antique Chinese cabinet - and the property's rear - being created from the Highton Dance Hall.
The property also has a solar heated pool, and has been rewired and restumped.
However, it also has another significant benefit. With a mixed fruit orchard and Pinot Fris vines, that produce 200 bottles per season, a kitchen garden, chicken coop, shed and three acre fenced paddock, there's an outdoor opportunity.
Asking for offers over $2 million, it's worth a visit.
Property Observer notes that the property was purchased by the current vendor with the intent to renovate and bring it up to its current condition.
<a href="https://mce_host/jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au </a>
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An open home worth attending this weekend: Victoria

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When first home buyers are saving, it's often all about the deposit. When they've saved 5% or 10% of the purchase price, they're likely to then find that a number of other costs delay their home ownership dream for even longer.
What are these costs, and how much do you need to be prepared to save?
Let's assume you're buying your first home for $300,000 in Victoria and you have a 5% deposit ($15,000). It's an established property, and not that far from where you currently rent. Grants currently exist for those buying new in Victoria, however are not applicable in this instance.
CURRENT TOTAL: $15,000
The loan process will cost you something like the following:
This means you'll be taking out a $285,000 loan and that you'll need Lenders Mortgage Insurance. This varies from lender to lender. At Westpac, it's estimated at $7,397, however a quick search online shows fees from the $7,000 to $8,000 mark generally.
Some lenders do allow you to capitalise, that is, add this to the top of the loan amount. However, for the sake of this exercise, we'll assume you will pay the fee upfront to avoid paying further interest down the track.
CURRENT TOTAL: $22,500
You then have stamp duty on the loan amount, which amounts to around $1,000. There is also around $7,000 in stamp duty (this varies by state. The relevant Office of State Revenue can assist in working out this fee. This amount is a reduction on the usual fee due to the first home buyer status of our purchaser).
CURRENT TOTAL: $30,500
You will need to register your mortgage - usually a flat rate of about $100. And then you can throw in the establishment of loan fee and legal costs which, together, usually amount to around $1,000.
CURRENT TOTAL: $31,600
Looking at the buying process and ignoring 'hard to calculate' costs such as your own time, travel expenses and similar as you search (as well as any paid-for online searches that some will undertake), you can easily estimate up to another $1,500 in checks (such as building and pest inspections, which can typically be around $500) and legal expenses in the buying process as well.
CURRENT TOTAL: $33,100
After all is said and done, you then need to pay for your moving costs from where you currently live into your new home. Assuming that our buyer in this situation is a renter in a smallish apartment let's assume that cleaning costs may amount to $100 (for carpet steam cleaning) and then some moving costs. Service Central estimates up to $500 for a couple living in an apartment. If you're moving interstate or from long distances away, this could easily span into the thousands of dollars.
CURRENT TOTAL: $33,700
OTHER POTENTIAL COSTS: Buyer's agent fee Connection fee for services (not common) The "unknown" factor. Perhaps you will have minor renovations or home improvements, such as painting, to make your place feel like home. You may even need to purchase new furniture or similar.
How much did it cost you to buy and move into your latest property? What other hidden costs are there?
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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How to: Work out how much buying a home costs

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One of the most perplexing market trends right now is the substantial drop in first home buyers in Victoria. According to ABS Housing Finance data, only 12.2 per cent of loans were given to first home buyers in November 2013. This compares to a 20 year average of 21.4 per cent and follows October which recorded the lowest proportion of first home buyers in 20 years.
From a raw numbers perspective, the last time there were fewer than 1,691 of first home buyers recorded in November was in 1991.
It is now 16 consecutive months that the proportion has been lower than the long-term average.  The proportion rose in November but only because the number of non-first home buyers fell to a greater extent.
The reason this a perplexing issue is because Melbourne dwelling prices are still not at a nominal peak and interest rates are at historical lows. When prices last peaked in October 2010 around 18 per cent of loans were given to first home buyers. At the peak of cycle before that, in 2007, it was around 21 per cent. Prices alone cannot be the reason.
One factor may be the cessation of the Victorian Government’s $7,000 First Home Buyers Grant as the proportion dropped 4 points from July to August and has not risen since. It would however be surprising if this alone was the reason as financial assistance is still available for new homes and stamp duty cuts of 40 per cent can still be accessed.
The data also supports the argument that first home buyers are being crowed out by investors. Even if this is the case, it is not a healthy outcome for the market as investors are critical to the supply of rental homes.
It will be very interesting to watch what impact the increasing stamp duty cuts have over the next ten months as the current 40 per cent discount rises to 50 per cent, hopefully it will encourage more Victorian first home buyers back into the market.
 
<hr>
 Robert Larocca is Victorian housing market specialist for <a target="_blank" href="https://rpdata.com/" rel="nofollow">RP Data</a>. 
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Where have the Victorian first home buyers gone?

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The property market in Melbourne is expected to continue its growth over 2014, and potentially build even further, said Wakelin Property Advisory founder, Monique Sasson.
With 2013 now being seen as the 'year of recovery', with property values recouping losses seen since the 2010 peak, 2014 will further grow on this trend, said Sasson.
“We anticipate this trend to continue, and that the momentum of the last 12 months should carry the Melbourne market upwards in the first half of 2014," she said.
“There will be many Super Saturdays – weekends with a thousand-plus auctions – throughout the autumn of 2014. Nevertheless, robust demand should soak up this supply and see auction clearance rates remain at around 70%."
She notes that while a typical year will see the first "serious" auction weekends occurring in mid- to late-February, we may well see them as early as January this year.
“The greater unknown is what will happen in the second half of 2014.  In large part, the trajectory of the property market will be determined by the Reserve Bank’s attitude to setting monetary policy," she said.
“It may well be the case that the RBA decides to leave interest rates steady through most of 2014. If that scenario eventuates, then expect to see Melbourne price growth in 2014 to be strong, and potentially reaching double-digits."
If growth occurs similar to that seen in Sydney, she said it would be likely to expect 25 or 50 basis points added on from the middle of the year onwards.
“Should the Reserve Bank cut rates again, then I expect this will accelerate capital growth in 2014," she said.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Melbourne market recovery set to continue: Wakelin Property Advisory

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Older, more established suburbs like Preston in Melbourne’s north have come into their own as popular residential areas.
And not without good reason: they are within easy commuter distance of the city, they are near work opportunities and public transport is laid on. Northland shopping centre is not far away.
On top of this, there’s a huge variety of existing housing stock, many Californian bungalows and brick veneers, and a new influx of apartments and units. Something for everyone it seems...
The result of this popularity has been a surge in median prices for houses and units.
Australian Property Monitors’ chief economist, Dr Andrew Wilson, said Preston was one of the more popular ‘growth’ areas in Melbourne’s northern ‘middle ring’ of suburbs.
It’s still a growth suburb as regards property prices and it is still ‘gentrifying’, but it was one of the better performing suburbs in Melbourne this year,’’ he said.
Preston had 211 sales in the six months to November 30 for a 75% clearance rate (as against Melbourne’s 71%). The median house price is $630,000 and median unit price $400,000 – both higher than the Melbourne median - and 5% higher than three years ago.
House prices are up 9.6% over the past 12 months and unit prices 6.4%.
Wilson said the former working class and migrant suburb was attracting buyers because it was still affordable and because of its established infrastructure, especially public transport. ‘’It doesn’t have the rows of quaint Victorian houses of some neighbouring suburbs but it does have a good spread of housing stock.
‘’It’s ticking all the boxes with rising prices, an increase in sales and higher clearance rates. Prices will probably moderate next year but Preston will still offer good value to buyers.’’
At the 2011 Census, Preston had a population of 29,925 – and a host of real estate agents.
Senior salesman at Peter Markovic Real Estate, Angelo Scambiatterra, said the Preston real estate market was staying high – welcome news for vendors. He said property values in the suburb, 9km from the CBD, had ‘’skyrocketed over the past two years although they are still a bit lower than in neighbouring suburbs Thornbury or Northcote’’.
Sales volumes are ‘’a bit down at the moment – from 300 to around 240 properties on the market’’, but demand is still strong.
The suburb has many appealing residential locations with wide, tree-lined streets and a stock of double fronted Californian bungalows on 500-620 square metre blocks. Prices range from $700,000 up to $1 million.
Many areas are magnets for developers, such as along St Vigeon’s Road, where five established family homes ‘’all in a row’’ were knocked down and replaced by four town houses on each block. There’s also been a lot of townhouse redevelopment along The Broadway and in the side streets off Cheddar Road, as well as an enormous amount in neighbouring Reservoir.
‘’The bottom end of the market is around $400,000-$450,000 and the top end is in the Oakhill estate off High Street where prices are $750,000-$1 million,’’ Scambiatterra said.
‘’Most residents are owner-occupiers: families with children at local schools. There are a lot of people in the 30-50 year age group with most wanting to live there rather than simply invest.
‘’Darebin Council does a good job and there are low rates and good infrastructure.’’
Wendy Jeng, director of YPA estate agents in Preston, said State Government guidelines on higher density development would make it easier for developers to buy and rebuild apartments and townhouses in the northern growth corridor – from Preston through Reservoir and Epping.
‘’Since the guidelines’ release (in July) the market has picked up with greater interest – especially from developers but also from prospective home buyers wanting houses,’’ she said. ‘’Most vendors seem to be getting used to the new rules and evaluating their position before acting.’’
Jeng said Preston had long been a migrant suburb – first with Greeks and Italians post-war and later attracting Asians - mostly Vietnamese, Chinese, Indian and Korean. A cosmopolitan atmosphere added to its appeal.
She believes high property prices will remain steady next year, as will interest rates. The low dollar – which has been making it easier for foreign home buyers and especially the Chinese in other areas – won’t have much local effect. ‘’We don’t have many overseas buyers in Preston.’’
<a href="https://www.ypa.com.au/listings_residential_id/15693/property_details">https://www.ypa.com.au/listings_residential_id/15693/property_details.html</a>
<a href="/news">https://www.propertyobserver.com.au/data/suburb/preston-vic</a>
<table border="0" cellpadding="0" width="267"><tbody>
<tr>
<td colspan="3">
House prices
</td>
</tr>
<tr>
<td>
Median sale price
</td>
<td colspan="2">
$605,000
</td>
</tr>
<tr>
<td>
Change in median price in last year
</td>
<td colspan="2">
4.9%
</td>
</tr>
<tr>
<td>
Change in median price in past five years
</td>
<td colspan="2">
25.8%
</td>
</tr>
<tr>
<td>
Average discount
</td>
<td colspan="2">
-8.3%
</td>
</tr>
<tr>
<td>
Average time on market
</td>
<td colspan="2">
79.8
</td>
</tr>
<tr>
<td>
Average hold period
</td>
<td colspan="2">
11.8
</td>
</tr>
<tr>
<td>
Median price for houses $350k to $750k
</td>
<td colspan="2">
$580,000
</td>
</tr>
<tr>
<td>
Median price for houses over $750k
</td>
<td colspan="2">
$826,000
</td>
</tr>
<tr>
<td colspan="3">
Rents
</td>
</tr>
<tr>
<td colspan="2">
Median asking rent
</td>
<td>
$390
</td>
</tr>
<tr>
<td colspan="2">
Indicative gross rental yield
</td>
<td>
3.4%
</td>
</tr>
<tr>
<td colspan="3">
Unit prices
</td>
</tr>
<tr>
<td>
Median sale price
</td>
<td colspan="2">
$391000
</td>
</tr>
<tr>
<td>
Change in median price in last year
</td>
<td colspan="2">
-0.2%
</td>
</tr>
<tr>
<td>
Change in median price in past five years
</td>
<td colspan="2">
9.6%
</td>
</tr>
<tr>
<td>
Average discount
</td>
<td colspan="2">
-6.4%
</td>
</tr>
<tr>
<td>
Average time on market
</td>
<td colspan="2">
67.3
</td>
</tr>
<tr>
<td>
Average hold period
</td>
<td colspan="2">
7.4
</td>
</tr>
<tr>
<td>
Median price for units $350k to $750k
</td>
<td colspan="2">
$453,000
</td>
</tr>
<tr>
<td colspan="3">
Rents
</td>
</tr>
<tr>
<td colspan="2">
Median asking rent
</td>
<td>
$333
</td>
</tr>
<tr>
<td colspan="2">
Indicative gross rental yield
</td>
<td>
4.4%
</td>
</tr>
</tbody></table>
<a target="_blank" href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a> 
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staylor-63KgDrKwoY

Suburb spotlight: Preston coming into its own with prices surging

<html><body>
A prominent Sunbury retail site occupied by Kirkham Homes sold for $822,000 last week. The price represents a yield of 6.5%.
The corner site was among 15 offerings put under the hammer by commercial agents Burgess Rawson at Crown Casino.
The builder has had offices at 5/92 Evans Street since 2002. Its lease extends until 2021.
The 120 square metre shop, with a 24 metre dual frontage, adjoins a Harris Scarfe outlet and is handy to Big W, Woolworths, Foodworks and Coles. The rent is $53,396 with annual CPI reviews.
Auctioneer David Scholes said the area had a fast-growing trade catchment of 60,000 people.
<a target="_blank" href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a>
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