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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State Opposition Leader Daniel Andrews today is expected to publicly oppose construction of the controversial $7 billion East-West road tunnel.
His party’s view is that the State Government has not adequately justified the most expensive infrastructure project in Victoria’s history.
Labor’s alternative includes a version of the WestLink freeway through the inner west and a series of traffic measures to improve traffic flow along Hoddle Street.
The Victorian Government Minister for Planning, Matthew Guy, has already posted his retort however, taking to Twitter this morning to let his 3,000 followers know his opinion on Daniel Andrew's announcement:
<a href="https://twitter.com/MatthewGuyMP" target="_blank"><img src="/images/stories/2013/07/tweetofthedayjuly31.jpg" width="470" height="79" alt="tweetofthedayjuly31" style="font-size: 0.8em;"></a>
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Matthew Guy hits out at Labor's opposition to East-West tunnel

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There have been some positive developments for the struggling Bridge Road discount fashion retail strip in Richmond with recent sales and leasing deals taking place.
In addition a trend of pop-up shops on short term leases to fill up vacant space on Bridge Road is also emerging.
However, some properties have changed hands at 30% plus discounts to previous sales prices while rental discounts of up to 30% remain on offer.
Last year Property Observer reported that <a target="_blank" href="https://www.propertyobserver.com.au/retail/melbourne-shopping-strip-bridge-road-richmond-has-highest-vacancy-rate-in-five-years/2012091656593">Bridge Road's vacancy rate has risen from 2.9%  to 11.5%</a> over the past two years having had the lowest vacancy rate of 11 suburban shopping strips five years ago.
Recently, Fitzroys senior associate James Gregson sold a substantial freehold at 113-115 Bridge Road to a local investor. The price was not revealed but it was advertised with $3.2 million hopes in April.
The fully refurbished property is leased to fashion retailer Witchery on the ground floor, and also includes two first floor apartments.
It is located on a site area of 268 square metres with two street frontages including a 10.53 metre frontage to Bridge Road.
Gregson said the purchaser realised the potential and significant upside in Bridge Road.
“There aren’t really any other key Melbourne retail strip locations in which you can get a 6%-plus return, leased to a national tenant with long-term development upside,” he said.
Another site, 656-658 Bridge Road, sold at auction for $1.905 million also through Fitzroys, a yield of around 5.2%. The site sold with its ground floor vacant and the first floor subject to a short term lease.
It previously sold for $2.75 million in November 2009 - a discount of 32% on the last sales price.
Gregson notes that leasing activity on Bridge Road had picked up, with a number of recent lettings including that of international cosmetics company L’Oreal.
Fashion retailer Romulus &amp; Remus signed up at 648 Bridge Road, and the old IGA site at 29 Bridge Road was also leased.
Agent James Lockwood said that although food tenant enquiry had pushed up total interest volumes, some rents had softened, with discounts of up to 20%-30% being offered.
Gregson along with Fitzroy's director Mitchell Humphreys, has also listed the iconic Groove Train restaurant at 314-316 Bridge Road.
The property is leased to Groove Train on a long-term lease and is expected to sell for in excess of $2 million.
Bec McHenry, founder of industry collective for pop-ups, PopUnion, says the Bridge Road strip has changed significantly over the last few years.
"It is no longer the fashion 'destination' it once was, and this has meant the rents are no longer at the level they once were.
"Therefore, traders and owners alike have had to come to terms with some harsh commercial realities in the face of these changes. 
"Not everyone has embraced the concept of pop-up though, and rightly so.
"In it's current form, short term leasing is difficult for agents to manage profitably.
"There is a a lot of work involved, and the gains minimal in comparison to long term leasing commissions. The reality is, pop-ups don't just pop up out of nowhere, and there are significant barriers to entry for property owners and managers when it comes to embracing short term tenants.
"In light of this, we are working hard through PopUnion, to streamline the processes associated with pop-ups so more agents/owners can activate them in their properties, making short term profits whilst remaining open to long term leasing opportunities."
A permanent pop-up shop is now in operation on Bridge Road with rotating tenants.
"The owner has embraced the pop-up concept, and now offers his shop out to short term tenants on a monthly rotation - not because he can't get a long term lease, but because he recognises the value of and demand for pop-up. A great example of how pop-up will endure beyond times of economic uncertainty," says McHenry.
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Some signs of life "pop-up" on Bridge Road as Witchery premises sold and leasing deals done

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Former Hunters and Collectors guitarist, Barry Palmer and his interior designer wife, Jodie Cousins’ Kew home was this week’s most expensive sale, according to RP Data.
Located at 108 Sackville Street, the six-bedroom home (pictured above) sold at its July 27 auction for $3.362 million.
Barry Palmer (pictured below) joined the iconic Australian rock group Hunters and Collectors in 1988 and played guitar on hits 'When the River Runs Dry' and 'Holy Grail' among many others. He and and his wife are planning to relocate to Los Angeles later this year.
<img alt="barry-palmerjuly30" height="390" width="470" src="/images/stories/2013/07/barry-palmerjuly30.jpg">
Situated on 921-square-metres, the five split-level home was built in 1974 by architect Ken Edelstein.
Palmer and his wife bought the property 13 years ago and have since given it a few cosmetic touches.
The home features vaulted ceilings, exposed beams and polished concrete floors.
The ground level includes a Euro stainless steel hostess kitchen and a gymnasium and the lower level features a basement games room and theatre. 
Located on an L-shaped block, the home includes a built in BBQ, pool and spa, in ground trampoline and a skate ramp.
Over 120 people attended the auction and it was a bid-out between three bidders, according to Mal James of James Buyers Advocates.
“This is a true entertainer’s home,” says James.
James says it’s in a great position, near a lot of quality schools and public transport, however does not have a brilliant front to back flow.
“The secondary bedrooms don’t really connect up or down easily or directly to the bathrooms, and at the end of the day the materials are basic,” says James.
The property was sold through Stuart Evans and Duana Wolowiec of <a href="https://www.marshallwhite.com.au/sold/5733007/" target="_blank">Marshall White Real Estate Hawthorn.</a>
The median house price in <a href="/news">Kew</a> is $1,380,000, according to RP Data.
Top 10 most expensive sales:
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/108_sackville_street_kew_vic_3101/11356482" target="_blank">108 Sackville Street, Kew, VIC, 3101,</a> six-bedroom house, sold at auction on July 27 by Marshall White Real Estate Hawthorn for $3.362 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/84_canterbury_road_middle_park_vic_3206/11776141" target="_blank">84 Canterbury Road, Middle Park, VIC, 3206,</a> four-bedroom house, sold at auction on July 27 by Cayzer Real Estate for $3.055 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/14_firth_avenue_strathfield_nsw_2135/6484603" target="_blank">14 Firth Avenue, Strathfield, NSW, 2135,</a> eight-bedroom house, sold at auction on July 27 by Strathfield Partners Strathfield for $2.8 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/12_botanic_road_mosman_nsw_2088/4478288" target="_blank">12 Botanic Road, Mosman, NSW, 2088,</a> three-bedroom house, sold on July 23 by Richardson &amp; Wrench Mosman/Neutral Bay for $2.75 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/36_feez_street_yeronga_qld_4104/15927680" target="_blank">36 Feez Street, Yeronga, QLD, 4104,</a> six-bedroom house, sold at auction on July 25 by Ray White South Brisbane for $2.62 million 
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/65_glassop_street_balmain_nsw_2041/1256075" target="_blank">65 Glassop Street, Balmain, NSW, 2041,</a> four-bedroom house, sold at auction on July 27 by McGrath Estate Agents for $2.5 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/24/93_elizabeth_bay_road_elizabeth_bay_nsw_2011/2232164" target="_blank">24/93 Elizabeth Bay Road, Elizabeth Bay, NSW, 2011,</a> three-bedroom unit, sold on July 23 by Richardson &amp; Wrench Elizabeth Bay/Potts Point for $2.3 million 
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/1/9_carrington_avenue_bellevue_hill_nsw_2023/1368831" target="_blank">1/9 Carrington Avenue, Bellevue Hill, NSW, 2023,</a> three-bedroom unit, sold on July 23 by BHR Estate Agents for $2.125 million 
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/22a_gregory_street_south_coogee_nsw_2034/6255318" target="_blank">22a Gregory Street, South Coogee, NSW, 2034,</a> three-bedroom house, sold on July 24 by Eastside Realty for $2.1 million
<a href="https://www.propertyobserver.com.au/https://www.myrp.com.au/property/38_broome_street_cottesloe_wa_6011/11942318" target="_blank">38 Broome Street, Cottesloe, WA, 6011</a>, three-bedroom house, sold on July 25 by Acton Cottesloe/Peppermint Grove for $2.055 million
Picture of Barry Palmer courtesy of  <a target="_blank" href="https://www.humanfrailty.com.au/">humanfrailty.com.au</a>.
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Hunters and Collectors' guitarist Barry Palmer's Kew home most expensive sale: RP Data

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WBP Property Group chief executive Greville Pabst looks at leafy Melbourne suburb South Yarra through the lens of an astute property buyer. 
Greville labels the area as ‘capital growth central’ and after identifying Domain Road Hill and its surrounding streets as the pinnacle of good buying in the area, he identifies other local streets that carry great potential for property investors. 
It’s difficult to go wrong when investing in South Yarra, with its proximity to the CBD, the Royal Botanic Gardens, the MCG and Melbourne’s premium shopping precinct on Toorak Road and Chapel Street.
Property investors will learn about what they can expect and where they may have to compromise when investing in South Yarra. 
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WBP Property Group's Greville Pabst explores South Yarra

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Craigieburn is the most popular suburb for young buyers in metropolitan Melbourne, followed by Pakenham, Point Cook, Berwick and Tarneit, says the REIV.  
This is because these suburbs are more affordable than those closer to the CBD. Young buyers have not had the time to build up their savings, which reduces their levels of equity, making them more price sensitive, the research found.  
Median house prices in these outer suburbs range from $315,000 to $460,000, typically translating to average mortgage repayments of around $2000 to $3000 per month.  
Regionally, the most popular towns are Traralgon, Mildura, Shepparton, Warrnambool and Grovedale. Median house prices here range from $222,000 to $364,800. This equates to average mortgage repayments of around $1300 to $2300 per month.  
The REIV says the average age of mortgage holders in Victoria is 32, according to the 2011 Census. It estimates that around 19% of individual mortgage holders are aged under 30.
While the REIV analysis confirms the long term trend for young buyers to move to the outer growth suburbs, it says it is ‘’reasonable to expect that, as housing density increases in the inner city, there will also be an increasing number of young buyers there.
‘’However, at this point in time, the overall volumes are low compared to the outer suburbs.’’
This concentration of younger buyers in growing new suburbs has obvious impacts on the provision of services by governments as their children require child care, schools and recreational facilities.
The REIV research found the majority of mortgage holders, 53%, are aged 35-54 with the highest concentration between 40 and 44.
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Young buyers moving to outer Melbourne suburbs: REIV

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A purpose-built student accommodation property in North Melbourne has been listed for sale.
The <a href="https://www.realcommercial.com.au/property-hotel+leisure-vic-north+melbourne-500822239" target="_blank">Jones Lang LaSalle</a> marketing gives a projected net income of $4.6 million for this year. 
RMIT Village, located at 5-17 Flemington Road, can house up to 456 residents in 229 apartments of various configurations. One-bedroom, two-bedroom, three-bedroom, and five-bedroom apartments are available for rent in either 44 or 52-week terms.   
Facilities on site include a gym, pool, study area, games room, bike storage, and a licensed café. It is managed by the Campus Living Villages Fund, which is in turn managed by the Transfield Holdings Group.  
Established in 2007, the Campus Living Villages Fund manages 35,000 beds in Australia, New Zealand, the United Kingdom and the United States as of 12 June this year. Of this, 9,100 beds are located in Australia.  
<img alt="northmelbournejuly29" src="/images/stories/2013/07/northmelbournejuly29.jpg" width="470" height="264">
The RMIT Village used to be the Old Melbourne Hotel. It is close to Melbourne University and is about 15 minutes away from RMIT.  
The hotel was purchased for $40 million in 2005, and converted into student accommodation by the vendors, Transfield and private developer Tuscan Corporation. The estimated end value of the converted property was $60 million, and the property is expected to attract interest of that value.  
<img alt="northmelbournejuly29two" src="/images/stories/2013/07/northmelbournejuly29two.jpg" width="470" height="220">
Jones Lang Lasalle director of student accommodation Conal Newland told Property Observer that the property has been “100% full for the last three years”.  Conal Newland has the property listed with colleague Noral Rich with offers due by August 28.
Newland revealed that 9% of students in Melbourne currently live in purpose-built student accommodation. In comparison, 21% of students in London take up purpose-built student accommodation properties.  
<img alt="northmelbournejuly29three" src="/images/stories/2013/07/northmelbournejuly29three.jpg" width="470" height="265">
“All things being equal, there is a significant shortage of purpose-built student accommodation in Melbourne. This is no different to most of the other major Australian cities,” Newland said.  
“This is a unique opportunity – this property is up and running, and there haven’t been many opportunities like this in the market so far,” Newland added.  
Brisbane-based student accommodation provider The Pad, which currently manages 1,500 beds, recently announced expansion plans to Sydney, Melbourne, and Canberra. This follows the backing of investment group Telopea Capital Partners.
Offers close August 28 for the RMIT student accommodation.
A recent report by the Hong Kong and Shanghai Banking Corporation (HSBC) has found that Australia is the most expensive country for international study, surging ahead of the United States and the United Kingdom.
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Investor interest sought for RMIT village student accommodation

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One of the four Richmond cottages on the hit Nine renovation series The Block 2011 has become available for rent again and the investor will be getting less return on their $860,000 outlay.
Katrina and Amie's house at 41 Cameron Street was the cheapest rental – when listed at $950 a week through Hocking Stuart agent Stephen Chamberlin shortly after the big 2011 auction.
The asking rent for 41 Cameron Street was <a target="_blank" href="https://www.propertyobserver.com.au/victoria/friday-form-guide-yields-of-up-to-7.5-on-the-block/2011081851199/Page-3" title="Friday Form Guide">far higher than what their agent estimated for the possibly unfurnished rental option</a> and at the initial 2011 asking rental, it reflected a 5.74% gross yield.
In July last year it was up for rent again at a $995 asking rent a week and its asking rental reflected around 4.7% rental growth over the year.
But it's now available for lease at <a target="_blank" href="https://www.realestate.com.au/property-house-vic-richmond-408118099">$895 a week </a>through James Delbridge at RT Edgar Boroondara.
The indicative gross rental yield for <a target="_blank" href="/news" title="Richmond">Richmond</a> houses is 3.7%, according to RP Data. There has been a 5% drop in the median house price over the past year to $767,000.
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Your chance to live in the Block - a Cameron Street Richmond cottage at $895 a week

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A studio apartment in South Yarra was the cheapest sale on a recent auction weekend, according to Australian Property Monitors.
The unit at <a href="https://www.realestate.com.au/property-apartment-vic-south+yarra-114168607">1/631 Punt Road</a> sold for $203,500 through Hocking Stuart South Yarra.
The unit was listed with a price guide of $170,000 to $190,000.
It had been listed for rent in January last year at an asking weekly price of $260 per week.
Listing agent Nick Gatacre told Property Observer that the unit was currently rented out at $240 per week. According to the rent of $240 per week, the price reflects  a 6.13% yield.
Gatacre also told Property Observer the auction “went well”, with three registered bidders and a starting bid of $170,000.
He added that the reserve price set on the day was $190,000, and the vendor’s expectations exceeded by $13,500.
He also revealed that the successful bidder was an investor who had already purchased another unit in the building.
The 1960 block of flats at 631 Punt Road is made of up studio apartments. Recorded sales include unit 21 which sold in 2003 at $104,500, unit 26 fetched $93,000 in 2002 and unit 4 sold at $71,500 in 1997.
According to RP Data, 4/631 Punt Road was listed for sale in 2010 for $279,000, with no subsequent record of its sale. The unit 9/631 Punt Road was listed for sale in 2009 for $210,000.
In addition, asking rent for units have ranged from $237 per week to $295 per week over the past two years.
Gatacre told Property Observer that size is a considerable factor where sale prices are concerned.
“They are all studio apartments with one open area and no separate bedroom. That means they are the smallest on the food chain in terms of property you can buy.
Also, it is located on Punt Road, which is the main road. It makes it affordable for those who want to buy a property in South Yarra, and it’s pretty close to Fawkner Park,” he said.
He added that the condition and location of the unit within the building is a factor for determining asking rent.
“It depends on their condition – also, some are at the back of the block, while some are at the front,” he said.
Gatacre also said the property market in South Yarra is currently “quite strong”.
“The last two years, 2011 and 2012, were initially a little down compared to 2010.
"This year, we've seen interest rates coming down and becoming much more affordable for lending. The market's picked up due to that. Prices bottomed out towards the end of last year and slowly increased. It’s picked up and gone up since then, not dramatically, but the market's gone up a bit,” he said.
The apartments have traditionally been listed quite cheaply compared with other units in South Yarra.
According to the <a href="/news">latest RP Data report</a>, the median sale price for units in South Yarra is $522,500, down 4.6% on last year. The average discount required to sell a unit in South Yarra is 8.1%, while private treaty sales average 98 days on market.
The median asking rent for South Yarra units is $400 per week, while gross rental yield currently stands at 4%.
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South Yarra cheapie sells for $203,500 reflecting 6% rental yield

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Adelaide sisters Alisa and Lysandra are tipped to be the winners of tomorrow’s The Block Sky High auction, according to betting website Sportsbet.
The South Australian twins on level one have $1.65 odds, followed by the penthouse couple Trixie and Johnno at $3.00.
Madi and Jarrod on level four sit in third place with a betting odd of $5.00, followed by Bec and George at $7.00.
Level two Western Australia couple Matt and Kim are tipped for last place at $9.00.
Interior designer Shaynna Blaze is also backing the twins to win or Melbourne couple Bec and George.
“Bec and George, being in the middle apartment, are the first to get the view and theirs is the most sellable as a blank canvas,” says Blaze.
“I think between the quality of their [Alisa and Lysandra] finishing’s and having the lowest reserve the girls will do brilliantly.
“If those girls had the top apartment then it would have been game over,” says Blaze.
But Melbourne buyers agent <a href="/news">Frank Valentic</a> says the top two levels, Trixie and Johnno and Madi and Jarrod, are likely to bring home the big bucks with people willing to pay a premium price for views.
Valentic says level one, two and three are facing the challenge of a potential three-storey townhouse redevelopment to be built next door, potentially having their views built out.
“People pay a premium price for views, a potential 10% to 20% higher,” says Valentic.
“Level one, two and three may potentially have no views in the future when the development happens next door."
The apartments will go under the hammer on Saturday July 27, with the public to find out the results on Sunday July 28.
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Alisa and Lysandra tipped to win The Block Sky High, but it all might depend on your view

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A three-bedroom cottage only metres away from the proposed Eastern Freeway exit in Collingwood passed in at recent auction as the crowd stood quiet.
Now an apartment located directly opposite the entire block of homes set to be demolished has appeared on the market, but the agent declined to comment on the East-West Link debacle.
Property Observer takes a look at the suburb of Collingwood and what affect the East-West Link project is having on the market so far.
A circa 1900 freestanding Victorian cottage at 15 Forest Street passed in at its July 20 auction but secured $1.04 million after negotiations.
The cottage has undergone extensive renovations and extensions 13 years ago and features an entertainer’s kitchen, two bathrooms and open fireplaces.
It was listed with Rolan Paterson of <a target="_blank" href="https://www.nelsonalexander.com.au/properties/buying/collingwood-15-forest-street">Nelson Alexander</a>.
A couple of streets away on Bendigo Street, 118 homes and businesses are set to be demolished to make way for an East-West link off-ramp.
A one-bedroom, one-bathroom apartment on the safe side of Bendigo Street has been put on the market with an asking price of $239,000.
It was purchased in May 2009 for $217,500, reflecting an approximate 2.25% annual price appreciation.
It is currently tenanted for $280 a week, reflecting a 6.09% rental yield, but securing a tenant in the future may prove difficult.
Listing agent Paul Markovic of <a target="_blank" href="https://www.realestateview.com.au/cgi-bin/view.pl?OID=5542693&amp;s=1213590937&amp;Sub=COLLINGWOOD&amp;BeL=0&amp;BeH=9999&amp;PrL=0&amp;PrH=99999&amp;Surr=&amp;IKW=&amp;PT=&amp;PTr=r&amp;CS=VIC&amp;OrderBy=suburb&amp;OrderStr=&amp;Con=S&amp;SearchPage=&amp;Bkmk=_&amp;OFI=&amp;OFIDays=&amp;OFIDateL=&amp;OFIDateH=&amp;ListedDays=&amp;BS=10&amp;Thu=on&amp;Qui=">Peter Markovic Realty</a> declined to comment on the matter and said he was tired of all the media approaches.
“I’m sure you can appreciate how annoying it is – I’m tired of it,” Markovic told Property Observer.
Meanwhile, a two-bedroom home on Gold Street – a few hundred metres from the proposed East-West link – is on the market for $600,000 plus.
The home features high ceilings and period features as well as an entertainer’s courtyard.
Listing agent Edwards Hobbs says he doesn't believe it's in an affected area, however could deter some buyers.
"For some buyers it possibly could, every property we sell there’s always a downside.
"If the buyer has to adjust his price, he will, but we're trying to downplay it and for it not be a focal point," says Hobbs.
It is scheduled for a August 17 auction through Edward Hobbs and Tabitha Robb of <a target="_blank" href="https://www.propertyobserver.com.au/https://www.bigginscott.com.au/property/details/12021">Biggin &amp; Scott Richmond.</a>
The median house price in <a target="_blank" href="/news">Collingwood</a> is $730,000 and the median apartment price is $520,000, according to RP Data.
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