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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A new approach has been taken for Mornington Peninsula’s $650 million Martha Cove development, with an alliance forming between three stakeholders – development company Three Pillars and receivers and managers KordaMentha and PPB Advisory.
Set on Safety Beach, the 94-hectare residential marina development offers house and land packages and will consist of around 1,100 residential dwellings upon completion.
Martha Cove will also include 750 marina berths, a commercial precinct and aged care facility.
Broken into three precincts, PPB Advisory will develop Sovereign Point, KordaMentha will look after Hidden Harbour and Three Pillars will develop Harbourside.
<img alt="Martha_Cove_three_key_stakeholders_L-R_Tom_Hoogenbosch_Three_Pillars_Berrick_Wilson_KordaMentha__Ian_Carson_PPB_Advisory_2" height="315" width="470" src="/images/stories/2013/10/04/Martha_Cove_three_key_stakeholders_L-R_Tom_Hoogenbosch_Three_Pillars_Berrick_Wilson_KordaMentha__Ian_Carson_PPB_Advisory_2.jpg">
Martha Cove key stokeholder: (left to right) Tom Hoogenbosch Three Pillars, Berrick Wilson KordaMentha &amp; Ian Carson PPB Advisory
“The stakeholders are working towards common outcomes so it made sense to work together to create harmony, synergies and economies of scale,” said Berrick Wilson, national head of real estate at KordaMentha,
“We all benefit from a joint approach and marketing initiative, and individual precincts will draw in inquiry to provide purchasers with ample choice.
“This project has been a decade in the making and is unlikely to be repeated any time soon as you simply can’t find a site like this with direct access to the Bay. When it’s gone, it’s gone,” says Wilson.
Three Pillar’s Harbourside development offers three-bedroom house and land packages from $429,000 and four-bedroom homes from $499,000.
Hidden Harbour offers house and land packages from $395,000 and Sovereign Point offers house and waterfront luxury from $960,000.
The first stage of Harbourside was released four months ago and so far 55 terrace homes out of 80 have sold.
Sovereign Point was released this week and so far one house and land package has been snapped up, out of 30 on offer.
“There is a limited number of absolute waterfront houses and land blocks available in this unique peninsula location,” says Ian Carson, chairman of partners from PPB Advisory.
“It’s still possible to buy a waterfront home for less than $1 million – that is rare and very appealing to a wide range of buyers,” says Carson.
The first stage of Harbourside began construction in July and is scheduled for completion by March next year.
Hidden Harbour and Sovereign Point completion dates are subject to settlements.
The median house price in <a target="_blank" href="/news">Safety Beach</a> is $520,000, an 18.6% change in the past five years, according to RP Data.
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Alliance forms for Mornington Peninsula's $650m Martha Cove development

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Visiting 171 Collins Street and entering in, it's a little like a maze, but with crisp white walls and suggestions of technology from every corner. Property Observer was given special access to see the building.
{yoogallery src=[images/stories/2013/10/01/col]}
With a total net lettable space of 33,500 square metres, the project, completed in late May 2013, has already been a place where prestigious tenants have set up camp.
<blockquote class="twitter-tweet">
At 171 Collins Street Melbourne for a closer look at the offices <a href="https://twitter.com/search?q=%23propertyobserving&amp;src=hash" target="_blank">#propertyobserving</a> <a href="https://t.co/Z0enlWgg5n" target="_blank">pic.twitter.com/Z0enlWgg5n</a>
— Jennifer Duke (@JennieDuke) <a href="https://www.propertyobserver.com.au/https://twitter.com/JennieDuke/statuses/380217048887861248" target="_blank">September 18, 2013</a>
</blockquote>
Key tenants
BHP Billiton (mining company headquarters)- 13,510 square metres over Levels 11–18 of the office tower and 802.8sqm for their Business Centre on the ground floor
Evans and Partners (stock brokers) - 1,700 square metres across seven levels of the Mayfair Building
Egon Zehnder (global executive search firm) - 986.9 square metres on Level 10 
Dolce &amp; Gabbana (fashion outlet)
Andrew McConnell (restaurant)
<img src="/images/stories/2013/10/01/collins-oct-1-two-small.gif" width="470" height="641" alt="collins-oct-1-two-small">
It's not just that the air conditioning is in the floor and can be individually altered, or the efficient elevator design that groups people together, but a combination of small elements that makes the building stand out. The floor-to-ceiling windows, tilted slightly, also have a special ceramic frit covering that helps with energy efficiency and internal temperature and also acts as a shade screen. The axis helps reflect light to provide a backdrop for the Cathedral.
Key players in the project
Cbus property
“We have delivered a genuine, new Premium Grade asset for Melbourne to admire and be proud of; a building to keep.  Bates Smart was commissioned to design the building because of their long history and portfolio of buildings that are unashamedly modern, but with a timelessness, credibility and integrity about them.”
(Truman Dare, Senior Development Manager)
Charter Hall
“We are extremely proud of this significant achievement which solidifies 171 Collins Street’s position as a world leader in sustainable design; a building that is superior in both architecture and environmental credentials.”
(Adrian Taylor, head of Wholesale Partnerships)
Bates Smart (Architect)
"This is a landmark development for Melbourne and one which heralds a new era of office building design in Melbourne and Australia. The crystalline features of the design exemplify the rich and prestigious status of this site and are brought to life in an elegant and refined vertical woven sculpture.” 
“The historic Mayfair building is embraced by the new tower through the atrium, which is wrapped by a nine story curtain of glass that pulls everything together and makes the old and new work in harmony.”
(Kristen Whittle, director)
Umow Lai (ESD and Services Design)
“171 Collins Street is an excellent example of a refined design for a well-engineered building that we were involved with from the concept stage right through to the end.”
(Eben Simmons, sustainability expert and associate director)
Brookfield Multiplex (Builder)
APP Corporation (Project manager)
URBIS (Town Planner)
Knight Frank (Property Manager)
Click to enlarge <img src="/images/stories/2013/10/01/Floorplans-oct-1-small.gif">
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2013/10/01/StackingPlan-oct-1-big.gif" rel="shadowbox"><img src="/images/stories/2013/10/01/StackingPlan-oct-1-small.gif"></a>
On the ground levels, two windows of every four are frosted to help fit in with the outside laneway feel. This was a requirement from Council. We are also shown around the carpark (with 137 car spaces and 24 motorcycle spaces), and the bicycle rank (where there are 280 bicycle spaces).  It’s the first new PCA Premium Grade office development on this end of the Street for the last two decades.
There's a hotel feeling. Not only are there couriers, and assistance available - we're later told that if someone needed sold out P!nk tickets or similar these are the staff members that would know how to find them - but the bathrooms, change rooms and fresh towels all feel like overnight luxury, not a working week in an office highrise. With showers, lockers, a courier drop-off zone, there are so many features that it’s hard to keep up.
<blockquote class="twitter-tweet">
Office bathroom at 171 Collins, five star resort feel <a href="https://twitter.com/search?q=%23propertyobserving&amp;src=hash" target="_blank">#propertyobserving</a> <a href="https://t.co/7yxrVyj3ed" target="_blank">pic.twitter.com/7yxrVyj3ed</a>
— Nicola Trotman (@NicolaKTrotman) <a href="https://www.propertyobserver.com.au/https://twitter.com/NicolaKTrotman/statuses/380222752512159744" target="_blank">September 18, 2013</a>
</blockquote>
Then there's the retail area downstairs. As we walk through, they're not yet completed. Instead, it's bare concrete walls and floors. They're waiting on tenants, and are not too worried about leasing the space. In fact, we're told that they recently said no to a retail tenant that they felt just didn't quite fit the feeling of what they're trying to achieve. What it is that they are after is fairly clear - preferably a cafe or a restaurant tenant, with a specific Melbourne dim-lit laneway feel that caters to an upmarket crowd.
Having already <a target="_blank" href="https://www.propertyobserver.com.au/retail/dolce-gabbana-set-to-open-at-171-collins-street/2013040859441">secured Dolce &amp; Gabbana as a tenant</a>, at which Property Observer<a target="_blank" href="https://www.propertyobserver.com.au/victoria/dolce-and-gabbana-open-in-melbourne-after-a-five-year-hunt/2013091064912"> </a><a target="_blank" href="https://www.propertyobserver.com.au/victoria/dolce-and-gabbana-open-in-melbourne-after-a-five-year-hunt/2013091064912">attended the preview</a>, it’s not surprising they’re confident.
{yoogallery src=[images/stories/2013/10/01/dol]}
On September 9, at 4pm, media were invited along to see the inside of the 350 square metre Dolce and Gabbana fit out. With canapés and champagne in the room, as well as clothes on display, it was said to be a ‘perfect’ site for the store due to not only the street front location on prestigious Collins Street, but also the ability for it to appear as though there is a separate male and female store – despite both being in the one shop.
In fact, we’re told that they’ve been searching for a site of this caliber for the past five years. It’s well decked out now, with patterned wallpaper that seems as though it’s made out of thick fabric, and all assumptions are that they’re paying a pretty penny for it. This ‘Paris end’ of Collins Street, where big-brand names include Prada at 77, Gucci at 161, Chanel at 209 and Tiffany &amp; Co. at 267, rents for around $4,000 per square metre. 
But now we’re in the office building, a world apart from high-fashion. Winding down towards the retail end beneath, we’re shown into the bare bones of Andrew McConnell’s restaurant. There’s nothing here yet – except for white tape marking out where the chairs and tables may be. The restaurant, ‘Super Normal’ will be open in early 2014 and has a storefront on Flinders Lane. It’s very easy to imagine an upper end foodies haven, with a basement feel about the space, and many will be familiar with other popular restaurants from McConnell, such as Cumulus Inc.
The <a href="https://www.goodfood.com.au/good-food/food-news/spice-up-your-delight-during-good-food-month-20130902-2t0b8" target="_blank">pop-up "Supernormal Canteen"</a> will open on Gertrude Street, Fitzroy for Good Food Month, which may give some sort of suggestion as to what to expect at 171.
We also had the opportunity to ask the senior development manager for Cbus Property, Truman Dare, some of his thoughts on the project. See over page for his responses.
 
<hr class="system-pagebreak">
Q&amp;A with Truman Dare, Senior Development Manager at Cbus Property
How do you select the tenants? 
Prior to constructing 171 Collins Street, BHP Billiton committed to the building for their global headquarters. Cbus Property and Charter Hall are also currently actively marketing 171 Collins Street to lease. We undertake a number of marketing initiatives to ensure the asset is well known to potential lessee’s, and that the attributes of 171 Collins Street are promoted appropriately. We also have strong links with the Tenant Representatives throughout Australia, who are all aware that 171 Collins St is the first premium building constructed in Melbourne in 20 years and who promote the asset to their clients accordingly.  
Walking around the building I was certainly very aware of how individualised each of the office spaces felt – how much interest do different features garner for different spaces e.g. terraces? 
<blockquote class="twitter-tweet">
Terrace on 171 Collins Street <a href="https://twitter.com/search?q=%23propertyobserving&amp;src=hash" target="_blank">#propertyobserving</a> <a href="https://twitter.com/propertyobs" target="_blank">@propertyobs</a> <a href="https://t.co/0AGErkCEWH" target="_blank">pic.twitter.com/0AGErkCEWH</a>
— Jennifer Duke (@JennieDuke) <a href="https://www.propertyobserver.com.au/https://twitter.com/JennieDuke/statuses/380222854689611776" target="_blank">September 18, 2013</a>
</blockquote>
The efficient floor plates enables tenants to individualise their fit-out, and we have seen great results with the fit-outs currently in the building. Level 6 has a terrace which is for the exclusive use of the tenant on that floor, which adds a point of difference. Generally, tenants are also attracted  to the base building amenities, with high quality shower and change rooms, destination control lifts, and PCA premium grade finishes, services and building management. 
Are retail tenants difficult to select? 
We have been fortunate to secure retail tenants of the calibre of Dolce &amp; Gabbana and Andrew McConnell to 171 Collins Street. We are currently targeting restaurant and café operators who we believe will add amenity to the building and complement our existing retailers. When assessing potential retailers, we carefully examine the previous experience of the operator, their proposed fit-out for the tenancy and the product that they’re proposing to sell so that we’re comfortable they are the right fit for the building.  
Can you explain the thought process behind the overall feel of the building, and how you intend to maintain this?
In terms of maintaining the overall feel of the building, we are diligent in selecting materials, furniture and signage that is consistent with the feel of the building. We have an on-site management team who are responsible for managing the building to a PCA premium grade standard. We also select service providers who understand the concept of a premium building. Our cleaners and security staff wear a 171 Collins uniform, and we have a concierge service that all our tenants can utilise for restaurant bookings, dry cleaning, theatre tickets and many other services such as what a five star hotel operator would be able to provide. We also expect that tenants fit-outs are consistent with the feel of the building. 
<blockquote class="twitter-tweet">
171 Collins Street views <a href="https://twitter.com/search?q=%23propertyobserving&amp;src=hash" target="_blank">#propertyobserving</a> <a href="https://t.co/qQ8rJVI5w0" target="_blank">pic.twitter.com/qQ8rJVI5w0</a>
— Jennifer Duke (@JennieDuke) <a href="https://www.propertyobserver.com.au/https://twitter.com/JennieDuke/statuses/380218965013708801" target="_blank">September 18, 2013</a>
</blockquote>
The sustainability aspect
Bates Smart provided this list of the sustainability credentials of the building:
Nine storey atrium for natural light
Floor to ceiling double glazing
Ceramic frit on glass façade to reduce heat gain and glare
Dedicated waste storage area for separation, collection and recycling
Advanced rainwater and grey water reuse system
Highly flexible under-floor air conditioning system
Integrated lighting and security
Low VOC and formaldehyde emissions
End of trip facilities
Destination controlled lifts
 
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/10/01/LocationMap-oct-1-big.gif" title="Click to enlarge"><img src="/images/stories/2013/10/01/LocationMap-oct-1-small.gif"></a>
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Highrises and high-fashion: 171 Collins Street

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There may have been fewer auctions this week due to the grand final but that has not prevented people buying and selling.
RP Data’s preliminary results include 63 auctions reported in Melbourne this week with 53 finding a buyer.
Across the broader market there have been 1,748 houses and units sold over the last week. The median sale prices have remained mostly stable with $462,000 being recorded for houses and $425,000 for units.
Over the same time the daily index recorded a 2.2% rise in Melbourne which was consistent with the 2.1% recorded in Sydney. Over the medium term Sydney has stronger price growth as different fundamentals apply.
Time on market for houses dropped from 40 to 39 days over the last week.

<hr>
Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
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rlarocca-zWhvjay44N

Grand Final hasn't prevented Melbourne auction sales: RP Data

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With 2,000 homes currently in Diggers Rest, Investa's general manager Victoria, Paul O'Brien, gave Property Observer a look into how they intend to develop the community and bring an injection of properties onto the market.
The new house and land estate, <a target="_blank" href="https://www.bloomdale.com.au/about-bloomdale">Bloomdale</a> (pictured below), has 3,500 lots proposed to be built with an approved precinct structure plan in place.
{yoogallery src=[images/stories/2013/09/30/dig]}
"We've got 1,400 lots in that precinct structure plan and we're first off. We're running the start and most of the frontage is with us. The first stage we've done is the Eastern side," said O'Brien. 
Currently, the township needs to be larger.
"The township's not big enough, you need a population of around 10,000 to make it a decent township where you get the police and all the services you want to get. It has a fire brigade there, and good football ovals and a school, but you need the larger cachment to make it a community," he said.
Gesturing to the masterplan (see the images below) he explained that there are six lots left available from stages one and three, and that latest achievements include a deal with Woolworths who will set up on the site. Stage four is completely sold.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/09/30/diggers-rest-sept-30-masterplan-big.jpg" title="Click to enlarge"><img src="/images/stories/2013/09/30/diggers-rest-sept-30-masterplan-small.jpg"></a>
There is also a potential deal for a carpark in place.
"Basic land is $163,000 for traditional house block and you can have a townhouse in there for $130,000. You can produce a turnkey townhouse for $300,000," he said.
He runs the numbers quickly. Building cost will come in around $125,000, with an assumed $15,000 margin on the build either way. This, with the land cost of $130,000 for a townhouse, equates to $270,000. Add in an agent's commission fee of $5,000 and the builders are left with a $25,000 profit.While it's tight, he explains that the economy of scale helps keep the cost down for the consumer and the builder.
The reason for the location is that travel is based around the currently underutilised Calder Freeway. While there are bank-ups and congestions on other freeways, this one remains relatively easy to drive.
"You drive casually out, you drive through country, which is why we called it country connected," he said.
Current buyers are largely second and third home buyers, with some first time buyers and a handful of investors. Development around the area will be restricted for some time, he said."It's isolated as far as the growth of the cachment, Melton don't want to connect with Diggers Rest," said O'Brien.
This will assist in maintaining the lifestyle requirement.
"Often if you go to an estate you have to wait until the developer builds the [community infrastructure] and they're not going to do it until they can afford it. Here, it's mostly there, you're coming into an established community. They don't need to hope and pray the road is connected, because it already is."
In February next year, through to October, a display village will be in place. Some housing may be complete between March and July, with residents then starting to move in. When looking at the overall picture, it will take sometime for the area to be developed completely.
"It's about the rate of sale. With 1,400 lots, we'd like to do 14 per month. In theory, we could be out in ten years, but it's probably a 15 year project."
Their historic average, however, is eight sales a month. So it could take up to 17 years.
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Big plans for Diggers Rest

<html><body>Australian Property Monitors (APM) has released a list of results from 33 auctions in Melbourne for the weekend of  September 28. <a rel="nofollow" href="https://www.homepriceguide.com.au/saturday_auction_results/Melbourne.pdf" target="_blank" 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 September 28 weekend

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<div>RP Data is expecting only 80 auctions across Victoria this week with 64 in Melbourne alone. The auction market typically takes a break each year at this time to allow vendors and real estate agents to enjoy the AFL Grand Final. Incidentally there are seven auctions scheduled in Perth with all except one on Sunday.</div>
<ul>
<li>Final clearance rate week ending 22 September: 75.9%</li>
<li>
Melbourne auctions expected week ending 29 September: 64
</li>
<li>
Melbourne private sales time on market week ending 22 September: 40 days (houses)
</li>
<li>
Melbourne vendor discounting market week ending 15 September:  -6.3% (houses)
</li>
<li>
New listings in Victoria: 7.9% higher in month ending 22 September
</li>
</ul>
After this weekend’s hiatus the market will enter a very busy period until Christmas on a very strong footing with eight consecutive weeks of clearance rates in excess of 70%.
Over the past four weeks the median price of houses sold by private sale in Melbourne has been $460,000 which is only a minor variation on the $455,750 recorded a month ago. The moderate nature of price growth in Melbourne is also shown in the RP Data-Rismark Home Index which has shown a 1% rise in prices over the past month.
 
<hr>
 Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
 
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RP Data's Melbourne weekend auction preview for September 28-29

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Whether you’re in Melbourne, Perth or elsewhere around the country tomorrow, it will be hard to escape footy fever as Hawthorn and Fremantle battle it out for the 2013 AFL premiership.
Footballers are worshipped by die-hard fans, however, like any other physically tough athletic pursuit, their time in the spotlight can be brief. Therefore, giving players advice on planning for life beyond football has become a key focus of football clubs.
When they hang up their boots, many stars of the field go on to run their own business – with their celebrity status giving their ventures a good kick off the ground. Some start their companies on the side while still playing, in order to capitalise on the public’s good will. No doubt the discipline, teamwork and marketing savvy they learn from the game helps in their pursuit.
We've has gathered a list of some of the most interesting football-to-business ventures in recent times.
1. Up and coming
Melbourne Football Club players Joel Macdonald, James Strauss and Rowan Bail are teaming up off the field to launch their own business called Liquorun. As the name suggests, it is an alcohol delivery service which will see customers order their beer, wine and spirits online, and have them delivered to their door. Here’s the point of difference though – they promise to do so within the hour.
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/planning/business-planning/afl-players-set-to-launch-a-start-up-to-deliver-alcohol-within-the-hour-to-your-door/2013071710240">Macdonald said</a> the idea was hatched over a post-training coffee brainstorm.
“A little while back, I was involved in an altercation in a taxi rank in Brisbane and ended up getting arrested,” Macdonald said. “I had this vision that the hospitality and late-night transport industry needed a bit of a shake-up.
“Straussy [James Strauss] had a night where he was drinking with a couple of mates and they ran out [of alcohol], and the night ended because they couldn’t drive to a bottle shop and it was too far and a bit risky to walk.”
Macdonald, Strauss and Bail have partnered with a 24-hour bottle shop in Melbourne and venture technology group Blue Chilli. They plan to launch Liquorun in Melbourne in October, followed by Sydney and Brisbane.
Hawthorn star Cyril Rioli is also involved in a brand-new venture, <a target="_blank" href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/technology/websites/three65-underwear-aims-to-make-cheap-mens-undies-cool/2013090410634" rel="nofollow">with StartupSmart reporting</a> he is a shareholder in online men’s underwear subscription service Three65 Underwear.
2. On your bike
There must be something in the water at Melbourne Football Club, as player James Magner has also ventured into the business world.
<a target="_parent" href="https://www.propertyobserver.com.au/https://www.startupsmart.com.au/growth/start-up-profiles/glow-fixie-founder-afl-player-james-magner-from-melbourne-football-club-says-be-passionate-about-new-business/2013091710735" rel="nofollow">He said</a> that while looking to upgrade his bike, he came across glow-in-the-dark fixed single-gear bikes, known as ‘fixies’, which were sold in the US.
He was inspired to import and sell the colourful bikes online, so launched Glow Fixie, appealing to the inner-city “hipster” crowd.
“I thought ‘that’s a pretty awesome point of difference’,” Magner said.
3. Behind the bar
Running pubs, nightclubs, cafes and restaurants has been a common theme for ex-players over the years. Former star-player and Western Bulldogs captain Luke Darcy has followed this lead. He is involved in his family’s business the Darcy Group, which runs a chain of Melbourne-based hotels. These include The Precinct in Richmond (a stone’s throw from the heart of football, the MCG), and The Motel nightclub in South Melbourne among others.
In August he told <a target="_blank" href="https://www.smh.com.au/small-business/managing/what-luke-darcy-did-next-20130813-2rufq#ixzz2g310j7pH" rel="nofollow">The Sydney Morning Herald</a> that a profile from playing football can help in business pursuits.
“There’s been a long history of footballers buying into pubs. I think it’s probably because of the idea that if you’re trying to attract patrons then someone with a profile would make a good publican,” he said.
4. In fashion
He’s admired on field as much for his prowess as his striking looks, so it’s no surprise Hawthorn star Lance ‘Buddy’ Franklin has a side career in running a fashion brand.
He’s behind unisex street-style fashion label Nena &amp; Pasadena, and reportedly owns a fashion boutique, the Neverland Store, in Melbourne’s trendy retail precinct, Chapel Street.
His fashion brand, which he often models for, has <a target="_blank" href="https://www.smh.com.au/lifestyle/fashion/lifeguard-booted-off-bus-over-buddybrand-tshirt-20130709-2pnm0" rel="nofollow">sparked controversy</a> over the past few years for its provocative prints on T-shirts.
Also in fashion, Hawthorn’s Michael Osborne is cofounder of Melbourne-based pyjama company Sleep'n Round, which launched in 2009, and which also has a store in Chapel Street.
5. Money and suits
In the 1990s, Chris Langford was a star on the field for the Hawthorn Football Club. In 2011, he cofounded Newmark Property Group, a Melbourne-based business which is involved in property funds management and development.
Similarly, embattled Essendon coach James Hird is involved in the corporate world, as a non-executive director of savvy marketing group Gemba.

<hr>
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au">SmartCompany</a>.
 
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moliver-7qYWqnHmyR

From the footy field to running a business – star AFL players who’ve taken the leap

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Two useful statistics for measuring the health of the local market, particularly the private sale one, are the number of days a dwelling is on the market for and the amount the vendor discounts the property over the course of the advertising campaign.
A review of those metrics for the Melbourne private sale market for houses shows that time on market is approaching the lows of 2010 and 2007 but that vendors expectations are less likely to be matched by the market.
In July the time on market was 44 days compared to 62 days a year ago and above the 36 days in September 2009. It’s worth noting that 36 days was the lowest recorded since the series begun in 2005.
If the market continues to strengthen as suggested by recent consumer confidence data then this will also fall, as long as vendors’ price expectations remain in line with the market.
A similar pattern is evident when looking at the level of discounting. It is commonly understood that unlike an auction, homes that sell through private sale do so for less than their advertised price, but the lower the difference the stronger the market.
In July the average vendor discount was -6.5% compared to -7.5% a year ago and above the -4.7% in January 2008.
The improving trend is backed up by more recent preliminary data but does not change the underlying message that the current market is better than a year ago but still below its strongest.
Buyers between now and Christmas will face more competition but still have negotiating power.

<hr>
Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
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Victorian market still below its best: RP Data

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The Victorian Government will buy almost every apartment in the Evo development in Parkville which will be surrounded by off-ramps from the East West Link.
Of the 158 off-the-plan investors in the building, a reported 156 have taken up Linking Melbourne Authority’s offer to buy their apartments before settlement.
The remaining two will either sell with 90 days of settlement or keep the apartments and apply for compensation later.
Those who accepted the plan now have to wait for the valuations of the apartments which are due by next Thursday.
The LMA says the valuations will be unaffected by the impending East West Link construction.
It is also in negotiations with the developer to buy the remaining 17 unsold apartments.
The buyback will reportedly cost somewhere in the vicinity of $90 million.
Buyers in the Pace Development Group had been demanding action from LMA after plans for the massive freeway development revealed the tower would <a href="https://www.propertyobserver.com.au/developments/doubt-cast-over-jardin-australand-parkville-project-but-evo-buyers-caught-in-east-west-link-plans/2013071663349">literally be surrounded by off-ramps</a> up to five-storeys high.
<img alt="evo-sept-26-one" height="276" width="470" src="/images/stories/2013/09/26/evo-sept-26-one.jpg">
Earlier this month <a href="https://www.propertyobserver.com.au/victoria/napthine-government-to-buy-east-west-link-affected-units/2013091164968">LMA offered buyers three compensatory options.</a>
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Almost every buyer in freeway affected Evo to sell to government in circa $90m deal

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The Melbourne apartment surge is just beginning. In the next few years, an unprecedented number of apartments will hit the city’s already crowded skyline.
But our <a target="_blank" href="https://artsonline.monash.edu.au/cpur/melbournes-high-rise-apartment-boom/">new research</a> at Monash University shows this does not mean more Victorians are embracing inner-city living; rather it is the result of the marketing of thousands of tiny, poor quality apartments to investors, which threatens to undermine the carefully fashioned story of Melbourne’s liveability.
Apartment capital of Australia?
While Sydney has traditionally been the epicentre of apartment development, there has been an unprecedented surge in high-rise apartment completions in Melbourne since the late 2000s, located primarily in the inner city and CBD fringes.
Between 2010-2012, the inner-city skyline was transformed with the completion of 22,605 apartments. However, the city is set to see a further 39,000 additional completed apartments that have already commenced or have been released for off-the-plan sale.
The apartment boom is driving Melbourne’s extraordinary share of Australia’s dwelling approvals. In 2012-13 they constituted 24.3% of the Australian total. Yet Melbourne’s share of Australia’s population in mid-2012 was 18.5%.
Does this mean that households in Melbourne are embracing inner-city apartment living? Our analysis indicates that it does not. Rather, it is an investor rather than an occupier driven boom.
Apartment residents remain overwhelmingly young singles or couples who are renters. They continue to be transients who, as in the past, will move into family-friendly housing when they decide to raise a family. Most of the new households in Melbourne will be looking for such housing. There is no large potential source of apartment occupiers (including empty nesters) who will be attracted to apartment living.
Melbourne is not like Sydney, where restrictions on outer suburban expansion have compelled 11% of households (including some families with children) to occupy apartments. There are huge tracts of outer suburban zoned for the development. Detached houses can be bought for far less than two bedroom apartments in the inner city. By 2011 only 4% of households in Melbourne lived in apartments of four storeys or more.
In the case of the City of Melbourne, while there has been an increase in the number of those who live and work in the CBD, by 2011 they comprised just 27,912 of the 344,790 persons who worked in the city. Overseas students have also been an important source of apartment occupiers. In addition, to our surprise, there has been an increase in the number of those who live in the City of Melbourne and work outside it. They increased by 5,246 between 2006 and 2011 to 19,108.
There will have to be massive increases in the numbers in each of these categories if they are to approximate the expected surge in apartments on the market.
A risk to liveability?
Local apartment developers, who dominate the inner suburb apartment market are backing off on new proposals. However, overseas developers are undeterred. They have the resources to outbid locals for sites in the inner city and are likely to approach 100% of completed apartments in this area by 2016. They are responsible for the recent surge in proposals for CBD apartment towers.
Melbourne is a more attractive to developers than Sydney because there are more potential sites for high-rise apartment projects which can be developed at prices affordable to most investors (less than $500,000). These pricing priorities are also responsible for the increasing share of apartment projects comprising tiny apartments (mostly sub 50 square metres in net living area).
Inner Melbourne is also attractive because of its amenities, enhanced by massive state government and City of Melbourne investment in infrastructure (including CityLink and Southern Cross Station) public spaces (Federation Square), parks (Birrarung Marr) and laneways.
This investment was intended to enhance Melbourne’s prospects of becoming a centre of knowledge-intensive industries by enhancing the city’s liveability. It was hoped that this would attract the “creative class” believed to drive this transformation. For its part, the City of Melbourne has long wanted to transform the CBD and surrounds into an inviting mix for residence, work and entertainment.
Squandering the “Melbourne story”
This investment has helped in the fashioning of a ‘Melbourne story’, which has been particularly attractive to Asian developers and investors.
However, the apartment boom is squandering this investment. It is delivering tiny, poor quality apartments that will repel rather than attract this market. City of Melbourne planners have recently issued a withering critique of the outcome, with the chief advocate of the local authority’s original vision, Rob Adams, declaring the current ‘flood’ of apartments has gone too far.
Despite warnings of an apartment glut the state government and the City of Melbourne are pressing on with plans to facilitate further urban renewal. They include Fishermans Bend and the City North and Arden-Macauley precincts to the north of Melbourne’s CBD. The City of Melbourne’s planning blueprint assumes that the number of dwellings will increase from 67,533 in 2012 to 110,533 in 2031.
The state government wants the apartment boom to continue because it is one of the few bright lights of the current Melbourne economy. It can ignore the City of Melbourne planners’ concerns because it holds the planning authority for apartment towers in excess of 25,000 square metres floor space. It is approving almost all proposals put to it.
The outlook is that the investment in the city’s amenities will be squandered. The city is heading towards becoming a dormitory rather than a centre for knowledge-intensive industries. The balance between apartments and offices in the CBD is swinging rapidly towards the former with the prospect that apartments will crowd out sites for offices in prime CBD locations.
In the three years 2013 to 2015 there will be three times the amount of floor space completed for apartments in the CBD and Docklands than for new office space.
The planning elites shaping Melbourne’s future are ignoring the disconnect between the investor-driven apartment boom and real housing preferences. Their plans for the inner city’s expansion and for its economy are based on a property boom that our analysis indicates will implode.
 
<hr>
 Bob Birrell ia a researcher at <a target="_blank" href="https://www.monash.edu.au/" rel="nofollow">Monash University</a>.
Ernest Healy<a href="https://theconversation.com/profiles/ernest-healy-3629" rel="nofollow"></a> is senior research fellow in the Centre for Population and Urban Research at <a target="_blank" href="https://www.monash.edu.au/" rel="nofollow">Monash University</a>.
This article was originally published at <a target="_blank" href="https://theconversation.com/" rel="nofollow">The Conversation</a>.  
 
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