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

Joel Robinson

The apartment price gap drawing Sydney buyers west

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

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

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

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

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

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

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

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

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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

Lowe Living set new Melbourne off the plan apartment record

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Supermarket giant Coles Group has agreed to remain at its Melbourne headquarters on Toorak Road until 2030, in a major coup for owner, Investa Office Fund.
Coles fully occupies the 42,000 square metre office complex - known as ‘Battlestar Galactica’ for its spaceship like appearance - and has renewed their lease from the current lease expiry in November 2016 to January 2030. The lease renewal, at 800 Toorak Road, takes the weighted average lease expiry from three years to 17 years.
As part of the lease renewal, Investa (IOF) said in an announcement, the building services would be upgraded and amenities refurbished. A plot of land adjoining the office complex would also be acquired and a 1,200 bay multi deck car park constructed for Coles, subject to planning consent, it added.
<img alt="coles-oct-23-one" height="191" width="470" src="/images/stories/2013/10/23/coles-oct-23-one.jpg">
IOF's share of cost for the office refurbishment and car park is anticipated to be $28 million, and upon completion of the works, the building will generate a yield on cost of 8.2%.
"Working collaboratively with Coles to allow them to refresh their premises and meet their long-term accommodation requirements has resulted in the fund being able to forward solve a key financial year 2017 income risk, and underpins the future value of this asset with a long weighted average lease expiry", said IOF manager Toby Phelps
The Coles lease represents the largest tenant by area in the Fund’s portfolio.
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Coles Group renews 'Battlestar Galactica' Melbourne headquarters lease

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The Victorian regional city of Bendigo is on the move with plans approved - and others in the pipeline - for a swag of apartments and commercial premises set to transform the goldfield’s town.
The Bendigo Weekly reports that the latest in a line of multi-million dollar apartment proposals -  many  in converted factories and warehouses – will ‘’take Bendigo CBD living to the next level’’.
One is said to be the largest apartment and commercial project ever built in the city.
The latest is a plan for a $7 million, 26 dwelling refurbishment of the former Via Furniture site on the corner of Mundy and Havlin streets.
<img src="/images/stories/2013/10/23/BENDIGO_OCT_23_ONE.gif" width="360" height="213" alt="BENDIGO_OCT_23_ONE">
Artists impression of how the former Via Furniture site will look.
It follows approved plans for:
<ul>
<li>
A $2.5 million 15 apartment conversion of the former Webb and Co mill building on the corner of Williamson and Queen streets;
</li>
</ul>
<ul>
<li>
A four-storey $12 million residential and commercial development at 23 Wills Street, opposite Target;
</li>
</ul>
<ul>
<li>
A $3 million building on the corner of Mitchell and Mollison streets with retail, office space and four apartments.
</li>
</ul>
While approved by the Bendigo Council, none of the apartment projects has yet been started.
The greater emphasis on apartment living relates to Bendigo’s expected population growth – tipped to rise more than 36,000 over the next 20 years on the present figure of 109,199. This is a change of 33.3%. (forecast.id).
In the past 20 years, housing growth – not apartments - has been most heavily concentrated in the suburbs of Kangaroo Flat, Strathfieldsaye, Strathdale, Flora Hill and Golden Square.
Now, local concern is that residential buildings should go up, rather than out, to contain urban sprawl, combined with a desire to protect Bendigo’s historic buildings.  
The Bendigo Weekly said the latest proposal – the former Via Furniture site - would have a mixture of four-bedroom detached homes, double-storey terraces and three-storey warehouse style studio apartments.
The medium-density site would have a 20-seat cafe open 7am-7pm seven days a week. The development will back onto Ewing Park and a Bendigo recreational facility.
Owner and builder Russell Parsons, who lodged the application with Greater Bendigo council late last month, is reported in the Weekly as saying the attraction is the site’s proximity to the CBD and restaurant area.
“Central West Bendigo is emerging as an area within the CBD where people are seeking to live and recreate, taking advantage of its natural location and built-form characteristics.
The plan fits in with council’s inner city residential development push, and is in an existing residential area.
“This plan will clearly complement the evolving changes required by our population by providing housing diversity and opportunity, decreased dependence on the car, a new public space and improvements to the public domain.
“People have been looking for developments like these around the CBD for years.”
Other approved apartment projects include the $2.5 million, 15 apartment conversion of the former William Webb building on the corner of Williamson and Queen streets. Webb built the four-storey mill and granary in 1878. At one stage it produced 2500 sacks per week. Webb died in 1909 and production stopped in 1923.
The building was then refitted for the So Easy sewing machine company, with the first machine christened by Acting Prime Minister Earle Page on October 10, 1923.
The new commercial and residential complex will retain as much of the historic building as possible, according to the Weekly.
The facade will not be significantly altered, except for the new shop front and entry point on the ground level, and internal historic features will be highlighted.
Greater Bendigo heritage advisor Mandy Jean reported said the plan would ensure the restoration and rehabilitation of the old mill building and offer city views.
"The objective is to maintain the building's overall historical significance and fabric in their setting, while adapting the structures to incorporate new uses, including apartments.
"This will include reinstating all the windows, retaining the upper vaulted ceiling, exposing stone and brick walls, uncovering covered structural timber columns and beams and removing false partitions and ceilings.
"There will be the introduction of a new level behind the existing parapet roof."
What was described by the Weekly as ‘’possibly Bendigo's biggest private housing development’’ is a four-storey $12 million residential and commercial development at 23 Wills Street, opposite Target.
The building will have underground car parking, commercial and retail levels and two levels of apartments. Apartment numbers are not yet known.
The development fits in with the council's CBD and residential strategies, having ‘’an active front’’ and apartments above shops.
The developer and local investors had planned a much smaller proposal, however, after reading the council's 2005 CBD Structure Plan – and in light of future residential and commercial growth - they were inspired to design a much grander building, the Weekly reported.
"When you consider so much of the CBD is either tightly held, too small to develop or subject to heritage protection, it became obvious we ought to utilise the space we had as best we could,’’ developer and business consultant Scott Jackman reportedly said. The building's design was inspired by Bendigo's historic buildings.  
<img src="/images/stories/2013/10/23/BENDIGO-OCT-23-TWO.jpg" width="461" height="218" alt="BENDIGO-OCT-23-TWO" style="display: block; margin-left: auto; margin-right: auto;">
Artsist impression
Bendigo’s residential strategy came under the spotlight last year because of its greater-than-expected growth. The state government said then that 40% of the city’s forecast growth between 2006 and 2031 ‘’had already been realised’’. (Bendigo Weekly).
Regional Development Parliamentary Secretary Damian Drum said a Bendigo residential strategy review would deliver greater community and investor certainty, further helping the region grow.
“Strong residential growth has many flow-on economic benefits and having a clear framework for future development will position Greater Bendigo City Council to undertake more detailed, place-based planning in the future.’’
Then Deputy Premier Peter Ryan added: “This project will review the strategy, assess current and estimated land supply and demand and consider various legislative and policy changes.
“It will also consider the latest demographic data and establish a new strategic framework to guide the long-term residential growth of Greater Bendigo.’’
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Swag of plans approved for Bendigo as goldfields town looks set to transform

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Minister for Planning Matthew Guy has announced a $300 million hotel and apartment complex in Docklands, to be known as The Altus.
Guy launched the 4.5 star hotel and apartment complex yesterday, which will be situated on the corner of Harbour Esplanade and Dudley Street.
The Altus will feature 281 guest rooms and suites, 27 serviced apartments and 299 residential apartments across 37 storeys.
“Docklands is continuing to deliver state of the art buildings that are rejuvenating the area,” says Guy.
“Once completed, The Altus will be part of a vibrant and exciting precinct in which to work, live and to visit.
“The Altus adds to a growing list of top class accommodation, dining and entertainment
venues in the Docklands, which provides access to world class sporting and music events, shopping, fine dining and recreational activities,” says Guy.
Construction is scheduled to commence in early 2014 and will create over 400 construction jobs and once completed in 2016, 150 hotel jobs.
“The Victorian Coalition Government is continuing to transform the Docklands into a waterfront destination that will be home to 20,000 residents and 60,000 workers upon completion in approximately 2025.
“Investments like the new $43 million community precinct that will feature the Docklands Library and Community Centre, Dock Square and Docklands Family Services and Boating Hub are creating a vibrant and exciting suburb.
“The $15 million Dock Square will provide 2,500 square metres of landscaped open space for residents and visitors to enjoy the outdoors and maintain active lifestyles,” says Guy.
The last remaining piece of major developable land in Docklands, a 2.5-hectare site diagonally across from Southern Cross Station, has now been contracted.
It will be developed into a $1.6 billion precinct, linking central Melbourne to Docklands.
Guy says nearly all 140 hectares of Docklands’ developable land is now contracted for development, with 50% of the land developed into the newest part of Melbourne’s CBD.
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A $300 million hotel and apartment complex to grace Docklands

<html><body>Over the September quarter, in seasonally adjusted terms, Melbourne's median house price has increased by nearly 9%, according to the Real Estate Institute of Victoria (REIV). Melbourne's house price median is now $595,500 from a revised $547,500 in the June quarter, pushing it to a new peak. Previous high price recording included $559,000 in December quarter 2010. REIV CEO Enzo Raimondo warned that this price growth is unlikely to be able to be sustained over the long-term. “Interest rates remain low and buyers are taking advantage of this with the chances of a further rate cut this year becoming less and less likely," said Raimondo. "But judging from the rather rapid increase in house prices, affordability pressures could start to act as a counter balance to demand in the next few months, particularly for first home buyers," he said. A very strong increase in demand was behind the increase, particularly in August and September. However, strongest growth in median prices were concentrated around the inner and middle suburbs, which may be skewed due to presitge property transactions. Raimondo pointed to surges in Balwyn, Brighton East, Ascot Vale, Balwyn North, and Footscray. "This is reflective of the relatively high number of premium sales, particularly million dollar sales, in this quarter," he said. In regional Victoria, there was a 0.8% increase overall, however Geelong, Ballarat and Bendigo tended to outperform.</body></html>

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Melbourne house prices grow to new record

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A new analysis by RP Data has revealed which property owners, over the past financial year, received the best capital gains in Melbourne by gross profit.
Those who sold in Flinders during this time period saw the best result, while those closer to the CBD in Armadale also saw significant capital gains.
<img alt="larocca-oct-18-one" height="158" width="470" src="/images/stories/2013/10/18/larocca-oct-18-one.gif">
Over the period, 91.9% of sales returned sellers a profit, said RP Data's Victoria housing market specialist, Robert Larocca, with those having held for longer seeing the best results.
"The RP Data quarterly results showed that across the Melbourne metro area, over one third of sellers doubled their original purchase price," said Larocca.
The smallest proportion of loss-making re-sales was seen in the Yarra Council region, with 3.9% recording a loss over the June quarter.
Meanwhile, the largest proportion of loss-making re-sales was seen in the Melbourne Council region, with 17.3% of all re-sales selling at a loss over the same period.
"Based on profits made from resales of houses, the top five suburbs in Melbourne were Flinders, Armadale, Caulfield, Oakleigh East and Parkville," said Larocca.
"The RP Data top 50 list shows that the suburbs around the hills to the north east and eastern fringe of Melbourne have been good investments with Belgrave Heights, Belgrave South, Montrose, Warrandyte, Mount Dandenong, Olinda, Kallista and Warburton."
Looking at the long-term, Larocca noted a trend for tree-change close to the city. The other notable trend included the inner north with Parkville, Princess Hill and Fitzroy North, with prices being attractive to buyers compared to the inner east, while also featuring period-style properties.
"Outside of Melbourne, the strength of the Geelong market was apparent with many suburbs in the region providing all sellers with a profit," Larocca said.
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Top Melbourne capital gains suburbs revealed

<html><body>Australian Property Monitors (APM) has released a list of results from 631 auctions in Melbourne for the weekend of  October 19. <a style="font-size: 14px;" target="_blank" href="https://www.homepriceguide.com.au/saturday_auction_results/Melbourne.pdf" rel="nofollow">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 October 19 weekend

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Following our <a target="_blank" href="https://www.propertyobserver.com.au/victoria/docklands-finding-its-feet-after-a-difficult-conception/2013101065628">suburb overview of Docklands</a>, we continue our series on the suburb with the local real estate agents perspective.
At last, say the real estate agents, the emerging Docklands has rejuvenated itself and started to blossom, to achieve its potential.
No more a soulless ghost town, it is now an attractive – and well located – haven where high-rise residential towers and rows of townhouses front busy streetscapes and wide promenades. They have enviable views and amenity.
The waterfront with its marinas and luxury craft add their own atmosphere. Things are buzzing.
There’s a general consensus that, as building works settle down – and new residents settle in – Docklands will consolidate and provide the kind of lifestyle its residents bought in for in the first place.
Places Victoria’s expectations are that, by 2025, Docklands will be home to 20,000 residents and 60,000 workers, with an area almost double the size of the Melbourne central business district.
And there’s no better gauge of this than recent property transactions.  Long-term agent Glen Lucas, of Lucas Real Estate, with offices at Yarra’s Edge and NewQuay, said business was "pretty good".
"The market has stabilised over the past three months after a tough 18 months. There is lots of interest now and we are selling more property – and the best thing is that 75% of buyers are owner-occupiers.
"It’s a good news storey: people do want to live here despite some negative perceptions in the past. Everyone seemed to have an opinion about Docklands based on negative media reports, such as about the broken Observation wheel. Everyone seemed to want to have a crack.
"Well, I lived at Docklands for six years and I found it a great place in which to live."
Some of the offerings are spectacular, such as the penthouse at 90 Lorimer Street which Lucas sold on New Year’s Eve for $3.5 million – again to an owner-occupier. "We were all pretty excited about that," admitted the agent. "And, from what I hear, the renovations are absolutely spectacular."
Lucas said average Docklands sales were around the $750,000 mark with average rents around $550 a week. His firm manages 1100 rentals.
<a target="_blank" href="https://www.sellmycastle.com.au/agent-profiles/glenn-donnelly/2939/">Glenn Donnelly</a>, of City Residential Real Estate in Lorimer Street, echoed the owner-occupier theme. "Of our past 10 sales eight were to owner-occupiers. Properties here have started to generate a lot more interest and this year we are charging along in both sales and rentals."
Donnelly has lived at Docklands for the past six years and worked there for 12. "It is a fabulous area: you can walk everywhere - I don’t tend to drive a lot – and there are restaurants and bike paths and, of course, activities on the water.
"I have seen enormous changes: no one wanted to live here in the early days because there were no amenities; there were a lot of negatives. Now it’s totally different. Rents and sales are up and there’s been enormous growth, yet we are still five years away from our peak.
"What we really need is a school, though, and I know one’s being planned. That would make the suburb complete."
Donnelly said sales averaged $680,000-$700,000 for two-bedroom townhouses with two bathrooms, two car spaces and views, with similar properties renting for around $580 a week. "The rent market is strong and nothing stays vacant for long."
City Residential Real Estate manages 370 rentals.
John Sdregas, of JMRE North Melbourne, but with a Docklands focus, says he foresaw the growth potential for real estate 10 years ago as residents of congested inner suburbs east and north of Melbourne moved further west to get more ‘bang for their buck’.
They found they could buy whole houses in well-placed Yarraville or Seddon for what they were expected to pay for small, two bedroom apartments in, say, Richmond, Fitzroy or North Melbourne. This pointed to a realignment of the centre of Melbourne with Docklands as its focal point.
"I’ve only ever seen steady growth here – about 7% in the past two years. And, also, demand for rentals is strong at about $500 a week for the average two bedroom, one bathroom, one car park townhouse. The average sale price for those properties would be $500,000-$550,000."
Ddregas said an early imbalance in supply and demand causing to a glut of apartments - and the seemingly never-ending construction works - had led to popular perceptions of Docklands in its formative years as being deserted.  This has changed: he now believes that with all the big companies establishing themselves, and others moving in, the notional centre of Melbourne is moving west and assuring the suburb’s future.
Lachal Property Group’s Paul Lachal, who specialises in project management and advising investors and developers on marketing and sales, often at Docklands, said nowhere in Australia had there been such development in such a short timeframe, with 10 large buildings erected – including the NAB and ANZ banking headquarters.
"This is the fastest growth area in the country," Lachal said. "A lot of people used to say it is desolate but, if they had seen what was here 10 years ago and what is here now, and if they see the major new buildings that have sprung up, they would be amazed."
He said these ‘house-hold names’ were anchor points adding stability and traction to Docklands and attracting others to follow their lead. They are the solid foundations on which residential builders can build a new suburb.
Lachal said the fact Docklands was not laid out on the Hoddle Grid – as is the Melbourne CBD – could be blamed for making it harder to get around. It’s just a learning process, he said.
An example of the current Docklands offerings is this apartment at 1122/60 Siddeley Street, listed for $490,000 through <a target="_blank" href="https://www.cityresidential.com.au/listings_residential_id/15666/property_details">City Residential Real Estate</a>.
{yoogallery src=[images/stories/2013/10/17/dock]}
<a href="https://www.cityresidential.com.au/directDisplay/propPhotoViewer?imageNo=1&amp;listings_rental_id=12349&amp;width=960&amp;height=790"></a>
<a href="https://www.cityresidential.com.au/directDisplay/propPhotoViewer?imageNo=2&amp;listings_rental_id=12349&amp;width=960&amp;height=790"></a><a href="https://www.cityresidential.com.au/directDisplay/propPhotoViewer?imageNo=3&amp;listings_rental_id=12349&amp;width=960&amp;height=790"></a>
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At last, Docklands is starting to blossom say local real estate agents

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Last week saw Melbourne record the 11th consecutive weekly clearance rate in excess of 70%.  
RP Data is expecting 1,046 auctions in Melbourne this week and 1,168 across Victoria.  
This week will be followed by the largest for auctions in the state’s history with 1,628 expected, 1,500 of those in Melbourne and 1,396 on Saturday alone.  
These conditions will provide a high level of choice for buyers and will not only provide favorable negotiating conditions but also help with the often difficult task of finding the special home that they have been searching for. It is often forgotten that low stock levels can act to dampen the market as buyers can’t find the home that meets their needs.
RP Data quarterly results show that across the Melbourne metro area, over onethird of sellers doubled their original purchase price. The highest profits were found in Flinders and Armadale.
Key data
• Clearance rate week ending October 13: 74%
• Melbourne auctions expected week ending October 20: 1,046
• Melbourne private sales time on market week ending October 13: 39 days (houses)
• Melbourne vendor discounting market week ending October 13: -6% (houses)
• Listings being prepared for market are 7.1% higher in month ending October 13
 
<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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High level of choice for buyers: RP Data's Melbourne October 19 weekend auction preview

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Those keen to get their property renovated or updated through the spring period are being warned to stay vigilant about the labour they choose by nationals member for Lowan, Hugh Delahunty.
“Spring can be a great time to renovate and maintain your home but look out for travelling con men, who prey on homeowners with cheap deals for odd jobs that you may not even need,” Delahunty said.
Today-only deals are one of the techniques that Consumer Affairs Victoria and Crime Stoppers Victoria are pushing an awareness about, that often pressure home owners into making poor decisions.
“Travelling con men become much more active as spring arrives and homeowners start looking at ways to fix and upgrade their homes.  They door-knock for work such as painting, roof restoration, driveway work and tree-lopping and put you under pressure to agree to get the work done immediately. Sometimes they even drive you to an ATM to get payment up-front,” he warned.
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Renovators beware: Travelling con men

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This article is the first in our series taking an in-depth look at the Melbourne suburb of <a href="/news">Fitzroy</a>.
The real estate market in Fitzroy is having a good time of it, according to long time agent Andrew Bennison, of Bennison Parker. "I’ve been here 13 years and this is probably the best 12 months I can remember," he said.
"Interest rates are low and there’s an expectation they will fall once again before Christmas."
Bennison said the area had many positives: "People are looking for a better lifestyle here with the vibrant cafe culture, the handy proximity to the city, and good public transport.’’
Those moving in are often the younger set and also the empty nesters. Bennison said the "top end" of Fitzroy – with its substantial modern properties and older, but modernised, terraces – attracted the older demographic. Prices could be as high as $2 million.
Renters, usually in the younger demographic, pay around $550 to $600 a week for two-bedroom apartments or terraces. Yields are around 3.5%.
Nelson Alexander Fitzroy’s Janine Ballantyne agreed the market was strong. "We are doing pretty well," she said, "especially with single fronted terraces."
The average price for these popular designs, built in the 1880s and 1890s, is $850,000-$1 million for those on 150 square metres or more.
Ballantyne’s comments were borne out during the auction of <a href="https://www.realestate.com.au/property-house-vic-fitzroy+north-114938795" target="_blank">80 Best Street, Fitzroy North</a> last Saturday. The sale price of $988,000 trounced pre-auction estimates of $750,000 to $825,000 – no doubt leaving the owners and agents delighted.
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The single fronted brick terrace has a new verandah and garden. It has a functional floor plan with two double bedrooms opening from a double-arched hallway, spacious living room and large kitchen and dining room.
A central period-style bathroom with claw-foot bath and shower opens to a central courtyard. Features include polished timber floors, period detail and gas heating. There’s a pergola covered brick-paved courtyard with right-of-way access. The tightly-held precinct is close to St Georges Road, Edinburgh gardens and the Inner Circle bike path.
Collins Simms’ long time agent Stephen Whitelaw said there was strong demand for real estate with his firm achieving a 95% auction success rate so far this year. "Demand for properties of all sorts is steady, particularly in the lower and middle sectors."
Prices of $800,000-$1.2 million are common with many potential buyers looking for apartments, terrace homes and townhouses.
Whitelaw said the middle to upper sector was not as "robust". Buyers here are seeking better located single fronted houses or renovated family homes, with the best price paid so far this year being around $2 million. Rentals are "price sensitive".
Agents Belinda Lindsay and Angela Coates, of Collins Simms Real Estate, will auction <a href="https://www.realestate.com.au/property-house-vic-fitzroy-115062555" target="_blank">164 Nicholson Street, Fitzroy</a> (pictured below) on Saturday, November 2 at 10:30am.
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The ornate Italianate terrace is adjacent to the Carlton Gardens. I has a triple-arched facade and impressive interior. The Italianate Victorian balcony terrace has an arched hallway, four bedrooms (or three and large lounge room), formal sitting and dining rooms and family/meals area opening onto a deck. There’s a granite kitchen with European appliances, two bathrooms, laundry, marble open fireplaces, magnificent ceilings, polished floorboards, attic storage and right-of-way.
It’s just a walk to Lygon and Brunswick streets, the CBD and Melbourne University.
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