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

Joel Robinson

The apartment price gap drawing Sydney buyers west

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

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

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

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

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

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

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

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

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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

Lowe Living set new Melbourne off the plan apartment record

<html><body>Australian Property Monitors (APM) has released a list of results from 750 auctions in Melbourne for the weekend of  November 30. <a target="_blank" href="https://www.homepriceguide.com.au/saturday_auction_results/Melbourne.pdf" rel="nofollow" style="font-size: 14px;">Click here</a> for the auction results, and click on each street address to see the property's marketing.</body></html>

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APM's Melbourne auction results for November 30 weekend

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The criteria for planning matters that can fall under the Victorian Civil and Administrative Tribunal (VCAT) major cases list has been broadened to include all developments in a residential growth zone.
The changes, taking place from December 1, ensure that all developments in a residential growth zone, including residential of any value, are now eligible.
Previous to this, developments containing homes, such as a unit development, could only be heard on this list if they had an estimated value of $10 million or more. Those without homes within them could opt in regardless of value.
The threshold, however, still applies in any other zone (neighbourhood residential zone and general residential zone). Councils have until July 1, 2014 to introduce the new zonings.
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
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Major case status given to any development in residential growth zone: VCAT

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With just one month to go until the end of 2013, the auction market has started to show the impact of the record run of weekends of over 1,000 auctions. This coming weekend represents the eighth this year, which is double the four over the whole of 2012. Interestingly the last time there were four successive weeks with over 1,000 auctions, the clearance rate was pushed into the 50s. 
   This weekend will be the second largest one in the city’s history.   The clearance rate may have dipped into the 60s but due to the very high volume of auctions the actual number of sales is very healthy.   In contrast the private sale market appears to be rather stable with key metrics not changing from 34 days on market for houses and vendor discounting of -5.6%.   Key data   •       Clearance rate week ending 24 November: 65.1% •       Melbourne auctions expected week ending December 1: 1,494 •       Melbourne private sales time on market week ending November 24: 34 days (houses) •       Melbourne vendor discounting market week ending November 24: -5.6% (houses) •       Listings being prepared for market are 4.7% lower in month ending November 24
 
<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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Melbourne warms up for festive season with second biggest ever weekend: RP Data's Melbourne weekend auction preview

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A home is more than just a place to sleep, and it's not unusual to be house proud or to enjoy looking at other peoples' beautiful properties. Around the country, there are gorgeous estates, both heritage houses and brand new apartments and everything in between, that conjure up some serious envy and awe.
It's not unusual for many of these to be on the market. Over the next few weeks, we'll show you five of Property Observer's favourite "on the market right now" listings that have our eyes wide. No doubt yours will be too. 
1) <a target="_blank" href="https://www.jelliscraig.com.au/property/TEMPLESTOWE-11a-Read-Street/6254435/#.UpZtTicUZ8E">11a Read Street</a>, Templestowe  
With four-bedrooms and six-bathrooms, it's being called the finest offering in Templestowe. With city views, and a french-chateau style, it's a very lavish.
For the type of buyer who has an au pair (and wants them to have their own quarters), and is desirous of a games room (with a bar and cellar), a fully fitted gym with sunken spa and sauna, and fountains, it's certainly not your everyday property.
On 4,005 square metres, and with a solar pool, it's absolutely gorgeous with a frontage that makes you stare. 
{yoogallery src=[images/stories/2013/11/28/tem]}
Article continues on next page. Please click below.
 
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2) <a target="_blank" href="https://www.kayburton.com.au/property/29-harcourt-street-hawthorn-east">29 Harcourt Street</a>, Hawthorn East
Five-bedroom, three-bathroom home 'Rotha' is circa 1887 and designed by architect John Beswicke.
With a tennis court, swimming pool, botanical garden, grand dining room, a subfloor cellar and a library, it's absolutely beautiful.
We particularly like the decorative stained-glass look that is heaving focused on in the photographs, as well as some of the more elaborate lighting. 
{yoogallery src=[images/stories/2013/11/28/haw]}
Article continues on next page. Please click below.
 
<hr class="system-pagebreak">
3) <a target="_blank" href="https://redcourtestate.com.au/">506 Orrong Road</a>, Armadale
This property, called 'Redcourt', is a seven-bedroom, eight-bathroom home circa 1888. On 3,500 square metres, including a croquet lawn, organic vegetable gardens and 'secret' walks, the photos are heavily artistic - in partciular the all-white room.
With a kitchen designed by chef Shannon Bennett (of Vue De Monde fame), a bar room, a wine room, a cellar, a preserves room and a meat and cheese room, it's certainly a foodies dream. It also has  a flower and art room, a gym and a steam room.
A second residence, The Coach House, is included with potential guest house usage.
{yoogallery src=[images/stories/2013/11/28/arm]}
Article continues on next page. Please click below.
 
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4) <a target="_blank" href="https://www.lindsayhillrealestate.com.au/index.cfm?pagecall=property&amp;propertyID=2501021">239 Alton Road</a>, Mount Macedon
This heritage property, 'Alton', includes 24 National Trust recognised trees, a tennis court, kitchen gardens and a vine house, including garaging and two cottages on the grounds.
It has a very outdoors feel, while the wooden interior feels cosy. The gardens have been opened to the public previously, and have been called one of two of the area's most significant.
It has nine-bedrooms, four-bathrooms, a billiards room and even a scullery.
Constructed and designed between 1874 and 1896 by George Verdon as a summer retreat, it is built in traditional colonial 'hill station' style. "The use of hung wall tiling is a particularly early example in Victoria and Australia possibly the first of its kind," the Victorian Heritage Database notes.
{yoogallery src=[images/stories/2013/11/28/mac]}
Article continues on next page. Please click below.
 
<hr class="system-pagebreak">
5) <a target="_blank" href="https://www.kayburton.com.au/property/3-towers-road-toorak">3 Towers Road</a>, Toorak
This six-bedroom, seven-bathroom beauty has a basement carpark, and is presented gorgeously. With a spiral staircase, cellar, gym, entertaining terrace it is surrounded by parklands.
The modern property is all about the lifestyle, and spanning three levels, it also has a pool, formal gardens and a cellar, and is very swish.
{yoogallery src=[images/stories/2013/11/28/too]}
 
{module Which is your favourite?}
Look out next week as we take a glance at our favourite five on the market in Sydney. If you know of any beauties that deserve a mention, let us know.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
 
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Five of the most beautiful homes currently on the market in Victoria

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North Melbourne remains an enigma to many investors – even experienced ones – because it is such a quilt work of current and former industrial land. But take time to understand its heritage and topology, and there is great opportunity there.
North Melbourne is one of the city’s oldest areas, built in the 1840s with the establishment of cattle yards. Humans didn’t move in on mass until the 1850s when the first subdivisions were carved around Arden Street. The population grew rapidly off the back of the gold rush, filling up both well-heeled and poorer precincts. By 1911 the population had reached 19,000 (compare that to the population of 12,000 today).
Slum-like conditions were common in several areas, and it was an issue that was progressively addressed by policy-makers over the 20th century through various slum-reclamation policies, including the development of a number of Housing Commission buildings.
<img src="/images/stories/2013/11/28/north-melbourne-nov-28-two.jpg" width="470" height="250" alt="north-melbourne-nov-28-two">
Source: Google
North Melbourne is effectively a triangle – a 2.5 square kilometre triangle bordered by City Link on its western side and Victoria Street on the southern side. Flemington Road forms the hypotenuse.
<img src="/images/stories/2013/11/28/north-melbourne-nov-28-three.jpg" width="470" height="403" alt="north-melbourne-nov-28-three">
Source: Google
Whilst a drive-through visitor might discount North Melbourne as an industrial zone, there are some lovely residential streets. And if you can pick the pearls, it’s a fabulous location.  It’s blessed with wide boulevards and only a two-and-half kilometre drive to Melbourne’s GPO.
Much of the suburb is well elevated and has great views to the south, back to the city. It is very commutable, with great train, tram and cycle links. Its proximity to the CBD makes it walking distance for many.
Residents are spoilt for retail, restaurant and entertainment choices. They buy their groceries from the Queen Victoria Market or the increasingly cool Errol Street shopping strip. It’s replete with quirky boutiques, cafes, and old-fashioned pubs, many of which have become fine restaurants. There is an atmosphere that manages to combine groovy, villagey and eclectic!
<img alt="errol-st-nov-28-rexness_flickr" height="274" width="470" src="/images/stories/2013/11/28/errol-st-nov-28-rexness_flickr.jpg">
Errol Street, North Melbourne. Source: rexness/flickr.
The challenge for investors is finding the investment pearls, because the really good properties are tightly held. It’s also because the process of gentrification in North Melbourne remains a work-in-progress.
<img alt="auction-rooms-nov-28-alpha-flickr" height="180" width="307" src="/images/stories/2013/11/28/auction-rooms-nov-28-alpha-flickr.jpg"><img style="font-size: 0.8em;" alt="north_melbourne_archetecture_nov_28" height="180" width="135" src="/images/stories/2013/11/28/north_melbourne_archetecture_nov_28.jpg">
Auction Rooms café (left) and an example of terrace housing, North Melbourne. Source: flickr.
<div>
To some extent, investing in North Melbourne is a process of elimination. Avoid the borders because of the busy main roads. Keep clear of the western side of North Melbourne due to the more intensive light industrial uses and proximity to the rail yards. Properties on streets that include high rise commission dlats also tend not to perform well.
What I do like is around the north east section of North Melbourne. It has retained a number of very consistent streetscapes of Victorian and Edwardian houses. But note that there is a limited stock of quality one and two bedroom apartments.
I consider North Melbourne undervalued. I don’t mean cheap, because you’ll need $800,000-plus to purchase an investment-grade heritage cottage there.  But I anticipate further uplift in values as the suburb’s continuing evolution from industrial landscape to gentrified inner suburban snug becomes more apparent to the wider market.
 
<hr>
 Monique Sasson Wakelin is the founder of <a target="_blank" href="https://www.wakelin.com.au">Wakelin Property Advisory</a>, an independent firm specialising in acquiring residential property for investors.
You can contact Monique on <a target="_blank" href="https://twitter.com/@WakelinProperty">Twitter</a>.
 
 
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Get to know North Melbourne like the back of your hand

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A suburban office building in Melbourne's Box Hill has attracted one of the biggest prices seen in years, and there was no agent involved. 
The building, at 899 Whitehorse Road, fetched $9 million, on a tight yield of just 6.7%. 
The vendor was a group of 16 individual investors in a syndicate managed by Vantage Property Investments.
Vantage’s spokesman Hamish de Crespigny said: “We were approached privately by a local investment group wanting to purchase the building from us and after protracted negotiations we agreed a price of $9 million.
“There is no agent involvement as it became simply a direct sale between our syndicate and the purchasing group.”
He said the 6.7% return hadn't been "seen in the $5 million plus Melbourne suburban office investment market since about 2007.”
The property has a lettable building area of 1,817 square metres plus basement car parking. It is currently leased to some 14 tenants in small business and professional accounting, IT and medical services type consultancies.
The property was last valued on 30 June at $6.8 million. At $9 million, the sale price represents a 32% premium to the current valuation and equates to a rate of $4,950 per square metre.
Mr de Crespigny said “our syndicate investors are currently looking to Vantage to identify a new commercial property investment most likely in the Melbourne City or suburban fringe office market as a re-investment opportunity for their capital.”
Vantage Property investments is a long and well established property syndicator and investment property manager with a current property portfolio held on behalf of their investors of some eighteen properties in the City and suburbs valued at $175 million.  
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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Box Hill building sells for $9 million, without an agent

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A one-bedroom unit in Murrumbeena was Melbourne’s most affordable auction sale last weekend.
Located at <a href="https://www.realestate.com.au/property-apartment-vic-murrumbeena-115289071" target="_blank">7/14 Ardyne Street</a>, the unit sold for $265,000 through Hocking Stuart Carnegie.
Prior to this sale, it last sold in 2002 for $138,257, according to RP Data records.
Listing agent Chris Janssens told Property Observer the auction saw four bidders. The successful bidder was an investor.
He also noted that the reserve price was set at $260,000. The highest bid was $257,500, but Janssens negotiated an additional $7,500 for the vendors to reach the final price.
Janssens added that most one-bedroom units in the Murrumbeena area were built in the 60s, and average around 37 square metres in size. They are traditionally referred to as “kitchenette flats” or “four squares”.
“When I started (in Murrumbeena) 15 years ago, the prices started at around $90,000. They have gone up considerably by 150%. To get one unrenovated, it would cost around $240,000 to $250,000,” he said.
He also said the Murrumbeena property market is doing “really good” at the moment.
“We’re running at a 90% clearance rate. Out of 70 auctions, we’ve seen nine out of ten sold before or on auction day. Generally, I’d say the inner-Bayside/south-eastern suburbs are performing better than Melbourne at the moment. All the agents here are seeing a higher than average clearance rate,” he said.
The estimated asking rent for this unit is $250 per week. However, Janssens noted that the asking rent for unit 8 is $230, as it is unrenovated.
He explained that this particular unit had a long-term tenant who kept it in “quite a terrible condition”. When the owners wanted to sell the property, they decided to renovate it for the purpose of resale.
“Generally, when a unit is renovated, it can rent for about 10% more,” he said.
According to Hocking Stuart Carnegie’s estimated asking rent, the price reflects a 4.91% yield. 
According to the <a href="/news">latest RP Data report</a>, the median unit price in Murrumbeena is $502,500, down 0.5% on last year. The average discount required to sell a unit is 9.8%, while private treaty sales average 66 days on market.
The median asking rent for units is $300 per week, while gross rental yield currently stands at 3.1%.
<a target="_blank" href="mailto:dleow@propertyobserver.com.au">dleow@propertyobserver.com.au</a>
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dleow-BGaNPbHWyK

Renovated Murrumbeena cheapie sells for $265,000, Melbourne's most affordable weekend auction sale

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This Thursday evening, Christmas will arrive at Bay Street in Port Melbourne.
It’s the day the bayside shopping strip’s 180 retailers will have their window displays completed. The shops will be open late as thousands of families stream into the strip to view the shopfronts of the participating businesses.
It’s the second year Bay Street’s retailers have coordinated their Christmas displays, and Jennifer Crosswell, the proprietor of homewares store Edelene on Bay, says she can’t wait for this year’s event.
“Last year, it was amazing,” she said. “We had so many people – on the night a couple of thousand people turned up, which was quite unbelievable given it was a 39 degree day.”
“It’s huge, and just beautiful.”
Crosswell is on the Port Melbourne Business Association’s committee, and has been the principal organiser of this year’s event, which features 4.5 kilometres of unique window displays along the strip.
The displays are crafted by Swiss artist Roz Zweifel, who’s created 2000 display windows, each suited to the particular store.
The event receives no funding from the local council, with the $30,000 cost to create and install the windows being split between the 180 traders through their annual levy to the Port Melbourne Business Association.
“It’s such a great shopping strip,” Crosswell says. “So many people in the community tell me they’re so proud to live here, and to see all the retailers united like this. It’s bringing us together, and getting people from outside the area to visit the strip.”
Getting such a project off the ground required getting businesses that are normally competitors to work together for the good of the area.
Paul Littmann, president of the Port Melbourne Business Association as well as owner of Bay Street organic dry-cleaning business Daisy Drycleaning, says it was hard to get some retailers on board the first year, but it got easier the second.
“We just went in and asked each and every retailer whether they wanted us to decorate their windows,” he tells SmartCompany. “Some of them said no, or had concerns about keeping their own branding. But then they saw their neighbour’s windows and would then ask us to do theirs too.
“This year, we’ve had no trouble getting people on board. It’s become an important part of the yearly calendar. And the community gets in on it. Retailers get asked where their window displays are.
“Come January, they’re dragging their feet about taking the displays down.”
Crosswell says you <a href="https://www.smartcompany.com.au/growth/economy/34203-mary-portas--known-as--mary-queen-of-shops--offers-11-tips-for-retail-small-businesses" target="_blank">can’t think like competitors if you want a strip of retailers to be successful</a>.
“We all work together, and we need each other,” she says. “If we had one bike shop, no one would come here to buy a bike. Because we have three or four, people come here to have a look at everything at once.
“And that’s the case with plenty of our stores.”
One of the event’s highlights is the 12 Days of Christmas displays, which are an adaptation of the classic Christmas carol to Port Melbourne. Visitors to the street go around trying to find all 12 displays, which are dotted throughout the street.
“The trading night is one thing, but what’s really lovely is coming down here a week or two before Christmas and seeing an 80-year-old grandparent with his five-year-old grandson singing the carol together as they find the windows,” Littman says. “It’s really special.”

<hr>
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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Port Melbourne retailers band together for Christmas display rejuvenation

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A preliminary clearance rate of 66.7% was reached from 1,161 auctions this week in Melbourne.  
For three consecutive weeks the clearance rate has been below 70% highlighting the cooling of conditions in the residential auction market. With a few more weekends of over 1,000 auctions – including around 1,500 next week – buyers will be able to drive a better bargain.  
The growth cycle over the past year has stopped according to the dwelling price index. The index has dropped again this week and is also down, by 0.7%, over the last month.  
Time on market for houses sold by private sale remain stable at 34 days compared to last weeks 34 days.

<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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Clearance rate evidence of cooling market: RP Data's Melbourne weekend auction analysis

<html><body>Australian Property Monitors (APM) has released a list of results from 676 auctions in Melbourne for the weekend of  November 23. <a target="_blank" href="https://www.homepriceguide.com.au/saturday_auction_results/Melbourne.pdf" rel="nofollow" style="font-size: 14px;">Click here</a> for the auction results, and click on each street address to see the property's marketing.</body></html>

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Lowe Living set new Melbourne off the plan apartment record

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