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>.

Joel Robinson

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

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

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.

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<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;

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Lowe Living set new Melbourne off the plan apartment record

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A local developer has snapped up a residential site on High Street, Preston, for $1.13 million.
The 711-square-metre site has a permit for a six-storey development consisting of 81 student apartments, basement car park and ground floor retail.
“The high number of buyer enquiries illustrated the market’s hunger for boutique development sites,” says CBRE selling agent Paul Tzamalis.
“The property was sold to an established local developer after generating interest from a wide range of buyers, including developers and land bankers.”
<a target="_blank" href="/news">Preston</a> is located nine kilometres north of the Melbourne CBD and has a median unit price of $382,194.
The median asking rent is $350 per week – offering a 4.8% yield.
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Local developer snaps up Preston site for $1.13 million

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A Singaporean-based developer plans on building 1,000 apartments on the site of Melbourne’s former Carlton &amp; United Breweries where a wall collapse killed three people last week.
Chip Eng Seng’s high-rise development will be built on a 2,927-square-metre block on the southwest corner of the site, incorporating a two-storey, heritage-listed bluestone building.
It will include a street level retail space, a number of podium levels of secure parking and two levels of basement car parking, according to information released on the Singapore Stock Exchange this week.
It recently bought the parcel of land from Grocon for $32 million.
The purchase is subject to review by the Foreign Investment Review Board.
The company recently posted record profits of SIN$81 million for the year ending December 31 2012.
It has been quite active in the Melbourne market, with its local arm CEL last year selling out its 338-unit MacKenzie Street development, 33M, and construction due to start on its <a href="https://www.propertyobserver.com.au/victoria/melbourne-cbds-tallest-residential-tower-crown-tussle/2013022858541">$170 million 71-storey development, Tower Melbourne, at 150 Queen Street</a> in the middle of the year.
CEL bought the MacKenzie street block for $20.2 million in 2010 and the Queen Street development for $25.5 million in 2011.
The MacKenzie Street development sold out in eight months. Construction of the 555-unit Tower Melbourne is due to finish in 2016.
Tower Melbourne was the <a href="https://www.propertyobserver.com.au/developments/singapore-developer-cheeky-for-selling-unapproved-melbourne-cbd-high-rise-project-off-the-plan-lord-mayor/2012101657194">subject of some controversy</a> with the developers marketing properties before it had received development approval.
The wall collapse last week, which some parties blamed on excessive signage, was on Grocon’s part of the CUB site. The site has remained undeveloped for almost 30 years with Grocon’s $800 million development, Swanston Square, struggling to get off the ground.
Building was due to begin in July last year.
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Singaporean developer to build tower at Melbourne's CUB site

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The historic Victorian regional city of Ballarat is demonstrating above average capital growth in comparison to the rest of Victoria despite slugglish transaction activity, says a new a report from PRDnationwide. 
PRDnationwide <a target="_blank" href="/news">Ballarat</a> principal Neil Jens says developer and consumer confidence is currently very strong despite the drop in sales activity, with enquiries having increased since the start of 2013.
PRDnationwide research analyst Angus McLean says research indicates that sentiment in the region remains positive. 
"With increased consumer confidence the Ballarat area is witnessing a consistency in the housing market which will see home buyers and prospective investors return, setting the scene for a positive 2013," McLean said. 
According to McLean, while residential house and unit purchasers currently remain in a state of flux, the Ballarat Area rental market has become increasingly reliable for investors since June 2012 due to the simultaneous settlement drop in the housing and unit sales numbers. 
"This is in addition to an increase in local investment in the Ballarat Area with $156 million of development expected to be completed by July 2013."
In October last year, the Ballarat West Precinct Structure Plan (PSP) was granted approval by the state government with around 1,300 hectares to be transformed into residential property to support the region's growing population.
The project will see the development of road and community infrastructure to support the 30,000 people who will call the area home once completed.
McLean says the Ballarat area has witnessed consistent capital growth in all residential markets over the past 10-year cycle, although house and unit sales numbers have dwindled 18% and 30% respectively since October 2011.
<a target="_blank" href="https://www.hotspotting.com.au/">Hotspotting.com.au</a>'s Terry Ryder picks  <a target="_blank" href="/news">Ballarat </a> and <a href="/news">Bendigo</a> as standout investment opportunities not only within the state of Victoria, but on a national basis.
"They rank nationally as boom towns with strong future prospects," Ryder wrote in a recent <a target="_blank" href="https://www.propertyobserver.com.au/victoria/ballarat-and-bendigo-provide-golden-opportunities-for-property-investors-terry-ryder/2013011658807">column for Property Observer.</a>
"The B cities have a lot in common: gold rush histories, strong local economies with ample diversity, proactive councils, plenty of infrastructure development, strong business communities, prosperous tourism industries, lots of real estate investment and generous supplies of affordable dwellings.
"Both have major redevelopments of their hospitals in prospect. Both have significant education sectors, and both have manufacturing businesses that are defying the national trend of downturn in that sector. New roads are being built and airports are being upgraded. National retailers are expanding in both places. There’s even impact from the resources sector, with gold mining undergoing a revival with the benefit of modern technology.
"Both have significant numbers of residents who commute to work in Melbourne. Both will be enhanced by the $5 billion Regional Rail Link, which will shorten the gap (in travelling times) between them and the state capital," he says.
According to PRDnationwide, the Ballarat Area vacant land market has also reportedly seen encouraging interest from developers since April 2012 despite a decline in sales figures.
"With these economic growth indicators as well as increase in enquiry levels in the Ballarat Area and the announcement of the Victorian government offering an additional $16,000 in potential savings for all potential Victorian first-home buyers, including existing homes, the increased likelihood of the Ballarat Area property market stabilizing with expected total sales and median price growth is predicted toward the end of 2013," McLean said.
Photographs of Ballarat courtesy of Tourism Victoria and Flickr.
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Positive sentiment buoys Ballarat property market: PRDnationwide

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Some new suburbs are regularly appearing on the REIV list of those with million dollar medians.
The <a href="https://www.reiv.com.au/Property-Research/Median-Prices/Million-dollar-suburbs" target="_blank">REIV maintains a listing</a> of the most expensive suburbs in Melbourne on its website. This list is updated every month and reflects sales over the preceding 12 months.
The latest list of 39 suburbs with median house prices over $1 million in the year ending February 28 contains many of the suburbs that would typically be expected to appear; those in the inner east, inner south east and north east.
In addition to those are <a href="https://www.propertyobserver.com.au/victoria/kangaroo-ground-among-little-known-%241-million-melbourne-suburbs-reiv/2013031259842" target="_blank">some new suburbs</a> that share few characteristics with the likes of <a href="/news">East Melbourne</a> and <a href="/news">Brighton</a>. These are <a href="/news">Kangaroo Ground</a>, <a href="/news">Warrandyte South</a> and <a href="/news">Red Hill South</a>. Whilst they differ from the other 36 suburbs with million dollar medians they do have a number of factors in common.
Each is on the edge of the metropolitan area meaning that proximity to the CBD is not a factor underpinning their high prices. As suburbs on the edge of the city they share quiet bush settings and low density.
Buyers are making a lifestyle choice to live here as for the same purchase price they could live much closer to the CBD.
In addition to location their homes have other features not found in most of the most expensive inner city locations.
The dwellings are large, with four- to five-bedroom houses being the average, clearly to take advantage of the other common factor: larger bush blocks. These two factors will contribute to the higher values as large blocks. In Kangaroo Ground, for instance, the average size is 14 acres.
This four-bedroom Italianate estate (pictured below) in <a target="_blank" href="https://www.realestate.com.au/property-house-vic-kangaroo+ground-111753543">Bellbird Lane, Kangaroo Ground</a>, has been listed by Fletchers Eltham with price hopes of $1.75 million.
<img alt="kangaroogroundapril2one" height="351" width="470" src="/images/stories/2013/04/kangaroogroundapril2one.jpg">
The residents in these burgeoning suburbs are on average less diverse than the metropolitan area and older with a median age of at least 40. The higher average age underpins very high levels of home ownership at between 41%  to 52% compared to the city wide average of 33%.
Due to their relatively small size these suburbs have a low volume of sales which is why they do not appear in the quarterly median price series.
This trend will likely continue. As the city becomes more dense suburbs in green wedges such as these will become comparatively more scarce, desirable and expensive.
<table style="border-collapse: collapse; border-spacing: 0px; margin: 1em 0em; color: #4a4a4a; font-family: Arial, Verdana, Helvetica, sans-serif; font-size: 13px;"><tbody><tr style="background-color: #f2f2f0; background-position: initial initial; background-repeat: initial initial;">
<td style="margin: 0px; padding: 10px;">
<a target="_blank" href="/news">EAST MELBOURNE</a> <a target="_blank" href="/news">TOORAK</a> <a target="_blank" href="/news">CANTERBURY</a> <a target="_blank" href="/news">DEEPDENE</a> <a target="_blank" href="/news">RED HILL SOUTH</a> <a target="_blank" href="/news">BRIGHTON</a> <a target="_blank" href="/news">ARMADALE</a> <a href="/news">MALVERN</a> <a href="/news">MAIN RIDGE</a> <a href="/news">ST KILDA WEST</a> <a href="/news">KEW</a> <a href="/news">PARKVILLE</a> <a href="/news">HAWTHORN</a> <a href="/news">CAMBERWELL</a> <a href="/news">WARRANDYTE SOUTH</a> <a href="/news">EAGLEMONT</a> <a href="/news">ELWOOD</a> <a href="/news">MIDDLE PARK</a> <a href="/news">CAULFIELD NORTH</a> <a href="/news">ALBERT PARK</a> <a href="/news">CAULFIELD</a> <a href="/news">BALWYN</a> <a href="/news">PORTSEA</a> <a target="_blank" href="/news">SOUTH YARRA</a> <a target="_blank" href="/news">HAWTHORN EAST</a> <a target="_blank" href="/news">IVANHOE EAST</a> <a target="_blank" href="/news">GLEN IRIS</a> <a target="_blank" href="/news">HAMPTON</a> <a target="_blank" href="/news">MONT ALBERT</a> <a target="_blank" href="/news">ELSTERNWICK</a> <a href="/news">SANDRINGHAM</a> <a href="/news">PRINCES HILL</a> <a href="/news">SURREY HILLS</a> <a href="/news">MALVERN EAST</a> <a href="/news">KANGAROO GROUND</a> <a href="/news">KEW EAST</a> <a href="/news">BLACK ROCK</a> <a href="/news">BRIGHTON EAST</a> <a href="/news">ALPHINGTON</a>
</td>
<td style="margin: 0px; padding: 10px;">$2,540,000 $2,212,500 $1,800,000 $1,751,000 $1,687,500 $1,667,500 $1,600,000 $1,550,000 $1,533,750 $1,437,500 $1,380,000 $1,360,000 $1,350,000 $1,345,000 $1,325,000 $1,315,500 $1,290,000 $1,281,000 $1,271,500 $1,270,000 $1,258,750 $1,251,000 $1,250,000 $1,250,000 $1,215,500 $1,210,000 $1,188,500 $1,162,500 $1,160,000 $1,135,000 $1,110,000 $1,100,000 $1,095,000 $1,076,250 $1,062,500 $1,060,000 $1,055,000 $1,022,500 $1,015,000</td>
</tr></tbody></table>
 
Robert Larocca is <a href="https://www.reiv.com.au">REIV</a> policy and public affairs manager.
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Melbourne's million dollar suburbs as fringe hotspots come to the fore: Robert Larocca

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Rick Jamieson, the founder of party supply and events company Harry The Hirer, has listed his 60-hectare Bellarine estate, with interest from $12 million.
Jamieson is also a horse breeder and is famous for selling Black Caviar as a yearling for $210,000 after he had concerns for her front legs.
Jamieson bought the <a target="_blank" href="https://www.realestate.com.au/property-house-vic-bellarine-113218667">Spray Farm estate</a> in 2010 for $7.05 million from Scothman’s Hill Vineyard and Winery owners the Browne family.
The 1851 homestead on <a target="_blank" href="/news">Portarlington</a> Road was restored by the Browne family in 1998 and long operated as a high-end function centre, witnessing the marriage of Cathy Freeman.
Jamieson converted the historic farm and vineyard into a private residence after a multi-million-dollar refurbishment.
Spray Farm boasts seven bedrooms, six bathrooms and features high ceilings with detailed cornices, ceilings roses and timber floors.
The stables have been converted into four guest suites.
The architecturally designed gardens are greeted with a sandstone deck, which offers panoramic views over the Bellarine Penisula.
Spray Farm has been listed for private sale through Gerald Delany and Nicole Gleeson from Kay and Burton.
The agents say given Spray Farms rare commodity, it is difficult to put an exact price on the property as there really are no comparables.
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Harry the Hirer founder Rick Jamieson lists Bellarine estate

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The southeastern suburbs of Melbourne – particularly Glen Waverley and Mount Waverley – are proving to be hotspots with Chinese buyers looking to further their children’s education and invest in small businesses.
Glen Waverley, 19 kilometres southeast of Melbourne CBD, is a popular spot for Chinese buyers –  both Australian residents and offshore –  wanting to move into the Monash school zone, which boasts a vast number of primary and secondary schools.
Residents of Chinese descent account for almost a quarter of the southeastern suburb population (10,477 people of the 39,204 population according to the 2011 census).
The average house price in Glen Waverley is $720,000, and families account for 79% of households.
A spokesperson for Ray White Glen Waverley says the majority of Chinese home owners buy in Glen Waverley for education, and secondly for the shopping and transportation.
Where a child can attend school is determined by his or her primary and permanent place of residence – upon enrolling, proof of residence must be shown.
If a student lives in a school zone, a place is reserved for him or her at the schools allocated to that zone.
A student can apply for schools in other zones, but being accepted depends on the availability of places at the chosen school, with those within the zone given first preference.
Other factors such as distance, curriculum, social and family links, transport and location convenience are all considered by the school.
<a href="/news">Glen Waverley</a> also is home to further education institutions such as Homesglen TAFE, and not far away is Box Hill TAFE.
A <a href="https://www.realestate.com.au/property-house-vic-glen+waverley-113081571" target="_blank">three-bedroom, two-bathroom home</a> on Delmore Crescent (pictured below) recently sold at auction for $765,500.
<img src="/images/stories/2013/03/schoolsmarch27one.jpg" width="470" height="350" alt="schoolsmarch27one">
Situated on a 680-square-metre lot, it is within walking distance to public transport and located close to Glendal Primary, St Christopher’s Primary, Wesley College and Mount Waverley Secondary School.
It was listed by Tony Levoli from Barry Plant Monash.
 
<hr class="system-pagebreak">
The neighbouring suburb <a href="/news">Mount Waverley</a> is also popular with Chinese buyers, with 5,030 residents of Chinese descent within the 32,076 population, according to the 2011 census.
The median house price in Mount Waverley is $725,500 and family households account for almost 74%.
A five-bedroom, two-bathroom home on Catherine Avenue (pictured below) sold on March 2 for $731,000.
<img alt="schoolsmarch27two" height="272" width="470" src="/images/stories/2013/03/schoolsmarch27two.jpg">
Situated on a 672-square-metre lot, the sale was closed by Buxton real estate Oakleigh.
Last year Property Observer <a target="_blank" href="https://www.propertyobserver.com.au/retail/mount-waverley-iga-with-lucky-88-dollar-bids-sells-for-%24600000-above-the-reserve/2012062855319">reported</a> on a free-standing Ritchies IGA in Mount Waverley that sold to an Asian Melbourne-based buyer for nearly $700,000 above the reserve.
The supermarket attracted more than 23 enquiries from offshore Asian buyers prior to its auction date.
Many of the bids included the number 88 – the Asian symbol of good fortune and good luck.
The supermarket had a $6.5 million reserve and eventually sold for $7.19 million.
“Locally based Asian investors generally like to buy commercial property investment with a value of up to $5 million,” says Mark Wizel from CBRE.
“Small Asian investors [who live around the eastern suburbs] tend to buy retail properties that have solid performing tenants.”
“There is little doubt that the Chinese people feel comfortable in Melbourne and have a great understanding of the way the local market works,” says Wizel.
For more on the allure of Australian property to Asian buyers, <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-australias-allure-for-asian-residential-property-investment">download our free eBook. </a>The eBook is also available for<a target="_blank" href="http://propertyobserver.com.au/ebooks/australias-allure-for-asian-residential-property-investment-free-ebook"> free download in Chinese.</a>
Photo courtesy of ClarkeHopkinsClarke.
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Schools draw Chinese buyers to Melbourne’s southeast

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The Melbourne property market looks softer compared with other capital city markets, the Reserve Bank of Australia has noted in its March 2013 Financial Stability Review.
The report found Melbourne could be prone to an oversupply of stock.
“Although housing loan arrears rates are currently low across most parts of Victoria, the outlook for the Melbourne property market appears to be softer than for other large cities and some banks have signalled that they will be alert to any signs of deterioration in asset performance,” says the RBA.
“The current stock of land for sale is at a high level and building approvals data point to increases in the stock of housing, and potential oversupply, in some parts of Melbourne, particularly the inner-city apartment market.
“This is on top of previous strong supply of detached housing in the outer suburbs. The increase in the stock of housing is consistent with Melbourne dwelling prices declining further and recovering less of their earlier decline than prices in most other capital cities have done.” 
According to Residex, Melbourne recorded a modest 0.28% rise in house prices during February. It puts the median house value at $556,500 now, unchanged from a year ago.
For units, Residex found median prices increased 0.62% over February to $426,000, up just 0.51% over the year. Rents have remained unchanged over the year.
And according to RP Data the Melbourne market has been going nowhere for the last 12 months with house prices up just o.58% over the year.
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Melbourne property market softer than other capital cities: RBA

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A quirky art deco building in <a href="/news">Malvern</a>, in Melbourne’s inner south-east, has passed in at auction and remains on the market.
The building, currently the site of an obstetrics and gynaecology clinic, has been held in the same hands for the last 30 years.
Kliger Wood agent Nick Breheny expected the property to sell for more than $1.5 million. It passed in on a vendor bid of $1.55 million.
The two storey brick structure on 214 square metres even features its own clock tower.
As well as possible rental potential the building has a small advertising sign that currently brings in $1900 per year.
Breheny says <a href="https://www.realcommercial.com.au/property-retail-vic-malvern-500629143" target="_blank">the building</a> will most likely be bought by a potential owner-occupier or as an investment for consideration for mixed use conversion.
Co-agent Lou Montalti says it’s hard to gauge a rental yield as it most suits an owner occupier.
It comes with a 5.6 metre street frontage and is currently licensed for medical occupancy.
The property has is set up with a ground floor reception, two consulting rooms and toilet amenities.
On the first level there are four more consulting rooms and a kitchen and toilets.
“There are a number of options for this prominent building ranging from refurbishment and redevelopment with the permits secured, to leasing it out as the permit for use as medical consulting rooms remains in place,” Breheny says.
“This property enjoys a key location on the western side of Wattletree Road close to the Glenferrie Road corner with the immediate area providing an array of prominent retail, services and popular food outlets.”
Inside, the building features a striking spiral staircase.
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Quirky Malvern art deco medical building still on the market with $1.5 million plus hopes

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R.Corporation began marketing townhouses for the new The Grove development at Maidstone over the weekend, with a drawcard being the collaboration with landscape designer Paul Bangay.
Stage one of the offering, comprising 32 townhouses, completely sold out prior to the launch. Another 12 apartments from stage two, which will have 43 townhouses, sold at the launch.
The Grove development will eventually consist of 145 townhouses built over four stages in Melbourne’s inner west suburb of <a href="/news">Maidstone</a> – eight kilometres from the CBD.
Construction of stage one will begin in July 2013.
Located on Crefden Street, The Grove townhouses will be three-storey with two bedrooms, two bathrooms and feature a balcony and front landscaped garden by <a href="https://www.propertyobserver.com.au/victoria/brighton-estate-woodlands-with-paul-bangay-gardens-returns-to-the-market-on-third-try-title-tattle/2012022153493" target="_blank">Paul Bangay</a> (pictured below).
<img src="/images/stories/2013/03/bangaymarch26one.jpg" width="400" height="412" alt="bangaymarch26one">
“I am excited to be collaborating with R.Corporation on The Grove, as it is an opportunity for me to create my dream for a garden that will reflect the personality of the suburb and lifestyle,” says Bangay.
“Collaboration is all about intellect and mutual respect that leads to creativity and shared fulfillment, which was evident in designing The Grove together.”
R.Corporation says the introduction of Paul Bangay and his <a href="https://www.propertyobserver.com.au/new-south-wales/not-all-black-and-gloomy-in-vaucluse-prestige-residential-market/2013032160015" target="_blank">garden</a> design makes the development a more welcoming, peaceful and attractive place to live.
Buyers will have the choice of two different designs – Jasmine and Lily – with the Lily design starting from $450,000 and the Jasmine design starting from $480,000.
Both designs will feature clean lines and bright liveable spaces.
Homes will range in size from 137 square metres to 158 square metres including the garage and balcony.
Another drawcard is affordability.
“Our design aesthetic is considered, intelligent and sophisticated, but importantly it’s also attainable,” says Rohan Ames of R. Corporation.
“Professionals and young families will be genuinely surprised that they can afford to live in an R.Corp townhouse.”
The collaboration with Paul Bangay is not a first for R.Corporation, which has previously collaborated with French born Philippe Stark on the Tribeca project at the former CUB brewery site in <a href="/news">East Melbourne</a>.
R.Corporation says 85% of purchases so far have been investors with the other 15% being owner-occupier.
It is anticipated that 20% of sales will come from an overseas market looking to invest.
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With Paul Bangay gardens R.Corporation woos buyers at The Grove at Maidstone

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Persistence appears to have paid off for Collingwood’s Scott Pendlebury on having his third shot at selling his Newport cottage.
His redundant two-bedroom Douglas Parade property came with revised price expectations.
It was initially listed in late 2011 with $780,000 to $840,000 expectations, which were adjusted to $750,000 to $810,000 last year.
<a target="_blank" href="https://www.greghocking.com.au/buy/search" rel="nofollow" style="font-size: 14px; text-align: left;">It then dropped to $680,000 to $740,000 hopes through Leanne Howlett at Greg Hocking Elly Partners</a>, who has adjusted them to $640,000 to $690,000 to get the house "<a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/VIC/Newport/?adid=2010175683">under offer</a>."
Pendlebury paid $567,000 in late 2007 for the house on 290 square metres.
"For those seeking low-maintenance living in popular <a href="/news">Newport</a> and <a href="/news">Williamstown</a> fringe location, this stylish two-bedroom home is sure to impress," says the marketing.
Its entrance hall comes with timber boards through to its tiled renovated open plan kitchen and living zone with designer breakfast bar.
"Close to schools, transport, Williamstown shopping, Newport Park, and The Strand bayside walk and bike path, this home is a perfect first home or savvy investment," Howlett says.
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