Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

&nbsp;

&nbsp;

&nbsp;

Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

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?

<html><body>
The internet’s done some wonderful things for us. Google is now the brain of the universe – any question can be plugged in and answered (albeit with a hefty disclaimer along the lines of ‘react at your own risk’). However, it’s also fragmented the time we take to digest information that, in a pre-internet age, caused many to devour a newspaper cover to cover on a Sunday afternoon and come out feeling at least partially educated.
Now some of our most important markets are analysed by a myriad voices all desperate to be the first to break the news via a Twitter link or a hastily written column under a flashy headline, which –when coupled with the pressure to publish at breakneck speed and grab the top Google ranking – can be both misleading and conflicting in the information provided.
In addition, the frequency at which data and statistics are produced from a range of different providers evokes microscopic media analysis, which can prevent any sensible overview until there’s enough distance to look back and take stock – a situation that doesn’t usually evolve until the end of either the financial or calendar year.
As a case in point, RP Data’s daily house price index is ideal fodder for trigger-happy attention grabbers, and often has me humming that old classic Those Magnificent Men in their Flying Machines with the lyrics “Up, down, flying around, looping the loop and defying the ground”  – Because if ever there were a roller coaster of irresistible headline capturing sensationalism, the fuel for it could be found in the “daily house price index” – for which media releases hit my inbox both weekly and monthly.
In any one week, property prices can be up, down, or flat depending on which way you look – north, south-east or west, and in some cases, which day of the week you choose to concentrate on.
As a case in point, early in the year, Melbourne readers had been informed that the market was in a state of permanent demise, with <a target="_blank" href="/news">“values in Melbourne declining fairly quickly”</a>and no hope of recovery on the horizon for the remainder of 2012.
By March, however, the daily house price index had been ‘formally’ released and relief was only moments away.
In any one week, property prices can be up, down, or flat depending on which way you look – north, south-east or west, and in some cases, which day of the week you choose to concentrate on.
As a case in point, early in the year, Melbourne readers had been informed that the market was in a state of permanent demise, with <a href="/news">“values in Melbourne declining fairly quickly”</a>and no hope of recovery on the horizon for the remainder of 2012.
By March, however, the daily house price index had been ‘formally’ released and relief was only moments away.
June’s data showed Melbourne’s housing market was up a whole 1%!  And after a period during which we nourished ourselves on housing collapse headlines, arrayed with pictures of downward pointing arrows and “more bleak times ahead” news reports, RP Data’s figures provided a welcome ray of sunlight compounded with media reports of housing market recovery!
According to RP Data “After reaching a trough on the 11 June” (note: not the 10th OR the 12th for that matter), “Melbourne dwelling values have now recovered by an impressive 1.7%.” All was not lost, and the media reflected as such.
July’s daily house price index informed that rises were “not as broad-based” as the June results.  However, in Melbourne, excitement prevailed when vendors were informed values had risen a booming 1.4% over the four weeks to July 31.  <a target="_blank" href="https://www.propertyobserver.com.au/news/melbourne-leads-housing-market-up-06-in-july-consolidating-june-gains-with-sydney-also-strong-rp-data-rismark/2012080155807">“Melbourne was the strongest-performing capital city housing market over July</a>.” It really seemed too good to be true.
And then came August. August flagged concerns because values had flat lined with only a 0.2% rise for the month.  Could rises be sustained, asked R P Data’s Tim Lawless – we all waited in anticipation as the “daily” results continued to filter through.
But along came September with a reassuring stomp!  A 1.4% increase in September had Melbourne once again rising from the ashes like a glorious phoenix of hope, especially when Lawless informed that values in our most “livable capital” had recorded a 4% surge since the month of May, “which is the largest recovery so far across all the capital cities.”  Hooray!
Any hope of celebrating through to Christmas was put to bed in October, during which the index recorded a relatively huge whack in the form of a 1.1% drop, which was followed in November by a second 1% drop, and Melburnians were informed that their city was the “only capital market” to suffer a slide on the national barometer.
The headlines once again went to town with their downward-pointing arrows, however the data confirmed what most of us in the housing industry knew already (even if we weren’t going to admit it in front of a Saturday afternoon auction crowd) that house prices – in Melbourne at least –really haven’t moved from woe to go.
Despite minuscule changes in the median data, in reality, they’ve been flat as a pancake for the entire year.  Hopefully it won’t come as a shock to any imagining house prices have been changing, that when analysing data to provide a market appraisal of any said listing, my eyes will filter as far back as June if necessary for a comparable sale – despite the somewhat bumpy daily index road of media sensationalism.
Along with the seemingly relative inadequacy of the daily house price index in assessing forthcoming trends, RP Data also released a long list of suburbs earlier in the year for which it was supposedly cheaper to buy than rent.  The inaccuracy of the report was easy to see through – as I pointed out <a target="_blank" href="https://www.propertyobserver.com.au/residential/room-for-debate-is-it-really-cheaper-to-buy-than-rent-in-some-suburbs/2012110857623">here</a> – however it didn’t stop the media going to town with little time to assess the reality behind the analysis.
Even without any on-the-ground assessment, if it were really cheaper to buy than rent, we wouldn’t have rising numbers sitting on public housing lists or seeking rental assistance (as all welfare agencies will readily attest,) first-home buyer numbers falling, household sizes increasing, and young people “choosing” to stay in the family home well into their 30s.
 
<hr class="system-pagebreak">
 
It’s as hard – if not harder – to find affordable accommodation in locations most need to live (close to work hubs and transport) particularly for single income units - and figures from the latest census data stack up as such, with the largest jump in the number of individuals sharing accommodation.
Furthermore, although housing affordability has show some improvement, rising rental prices and erosion to the interest rates for long-term deposit accounts all but cancel out the benefit.
And while Wayne Swan is once again reaching to pat himself on the back for keeping rates “lower than the last government” –Joe Hockey is doing the media rounds to tell us how awful Australia’s economy is performing, obviously hoping the news will help Julia Gillard fall on her sword when the long-promised stimulus fails to eventuate (at least without serious fiddling of the books.)  All I can say is it’s a good job Kate Middleton is pregnant – or from where would our good news come?!
It’s commonly stated that the RBA takes careful note of RP Data’s daily house price index, and from the following media releases, I’d asses the RBA is just as confused as the rest of us as to whether housing prices are improving or not.
Following this year’s first interest rate cut in May, the media release from the RBA read:
“Housing prices have shown some signs of stabilising recently,” which was a verbatim repeat of April’s statement.
In June it was noted:
“Housing prices had shown some signs of stabilising around the turn of the year, but have recently declined again.”
In July it was noted:
“The housing market remains subdued.”
But by August:
“Dwelling prices have firmed a little...”
The same ‘firming’ statement was repeated in September’s media however by October dwelling prices were once again
“Subdued.”
November seemed more positive, as the RPA reported:
“the housing market has strengthened”
And most recently following December’s cut of 0.25 percentage points governor Glenn Stevens noted that:
“there are indications of a prospective improvement in dwelling investment.”
However, throwing forward-thinking terms such as “prospective improvement” and other wishy-washy statements such as those noted above are no reassurance from the experts – with the best and most reliable data at hand – that the market is either “subdued” or “firming.”
In fact the RBA seem no better informed than the rest of us on such matters – jumping on each tiny notion of movement, which may (or may not) hint of a forthcoming ‘trend.’
The pick-up in housing as we approach the end of the year is – in part – a seasonal expectation.  As December nears its end, there is always a last-minute rush of buyers as they try to tie up deals before the real estate world takes its annual Christmas breather.
Post-Christmas most are recovering from too much champagne, turkey and weighty credit card debt to pay the property market much attention, with one exception – investors.
As the latest ABS data attests, the erosion of interest rates on long-term credit accounts is clearly luring this demographic back into what they probably assess to be their best long-term bet among a range of low-performing sectors.
Speculation that growth in the economy will fall to 2.5% during the year ahead – well below the usual trend of 3-3.25% – is why many are assuming a further 25- to 50-basis-point drop in the cash rate is needed if we’re to stimulate the ‘non-mining sectors’ of our economy.
Should this occur, and the banks pay it forward, it will take lending rates low enough to provide a greater incentive for potential property shoppers to make their move.
However, consumer sentiment plays a far stronger hand in dictating future movements in our economy – and this is one area of influence even the best crystal ball readers fail to either predict or dictate.
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition.
</body></html>

catherinecashmore-6LXia3pPQj

Melbourne house prices have been flat as a pancake all year: Catherine Cashmore

<html><body>
Regional Victorian prices have been much more stable during the recent downturn than the Melbourne capital city, according to the Real Estate Institute of Victoria.
Geelong's median is 1.8% below peak; in Ballarat, it is 2.1% below; and in Bendigo, prices are only slightly (0.1%) below peak.
"Melbourne's inner city is where buyers will find the best bargains in 2013," says REIV chief Enzo Raimondo while suggesting 2012 was ending with the market in a better position than it was a year ago.
“Affordability is at reasonable levels with prices remaining below their peak and interest rates at historical lows," he said.
The inner city median is 10.4% below its peak compared to 9.3% in the middle suburbs and 7.9% in the outer suburbs.
“If consumer confidence continues to slowly improve it should encourage more buyers into the market and that will drive capital growth. As supply and demand is in much greater balance, any capital growth in 2013 will only be moderate.
“First home buyers have clearly responded to lower prices and interest rates with around 18 per cent more than in 2011. With stamp duty cuts increasing to 30 per cent on 1 January, conditions will continue to improve for them,” Mr Raimondo concluded.
</body></html>

jchancellor-FAypfDUnLy

Victorian regional prices hold up better than Melbourne's median

<html><body>
Located in Victoria's high country, Mount Beauty – with a median house price of $155,000 – is Victoria’s slowest-selling suburbs, with a whopping average of 232 days on the market.
Terang – 212 kilometers south west of Melbourne – is second on the list, with an average of 218 days on the market and a median house price of $170,000.
And situated on the banks of Lake Hume in north-western Victoria, Tallangatta comes in a close third place, with an average of 217 days on the market and a median house price of $180,000.
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="106" valign="top">
Suburb
</td>
<td width="106" valign="top">
Postcode
</td>
<td width="106" valign="top">
Median house price
</td>
<td width="106" valign="top">
Average time on market (days)
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Mount Beauty</a>
</td>
<td width="106" valign="top">
3699
</td>
<td width="106" valign="top">
$155,000
</td>
<td width="106" valign="top">
232
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Terang</a>
</td>
<td width="106" valign="top">
3264
</td>
<td width="106" valign="top">
$170,000
</td>
<td width="106" valign="top">
218
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Tallangatta</a>
</td>
<td width="106" valign="top">
3700
</td>
<td width="106" valign="top">
$180,000
</td>
<td width="106" valign="top">
217
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Eagle Point</a>
</td>
<td width="106" valign="top">
3878
</td>
<td width="106" valign="top">
$281,500
</td>
<td width="106" valign="top">
190
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Koondrook</a>
</td>
<td width="106" valign="top">
3580
</td>
<td width="106" valign="top">
$192,500
</td>
<td width="106" valign="top">
186
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Mortlake</a>
</td>
<td width="106" valign="top">
3272
</td>
<td width="106" valign="top">
$137,500
</td>
<td width="106" valign="top">
185
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Murtoa</a>
</td>
<td width="106" valign="top">
3390
</td>
<td width="106" valign="top">
$155,000
</td>
<td width="106" valign="top">
182
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Tawonga South</a>
</td>
<td width="106" valign="top">
3698
</td>
<td width="106" valign="top">
$255,000
</td>
<td width="106" valign="top">
182
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Elmore</a>
</td>
<td width="106" valign="top">
3558
</td>
<td width="106" valign="top">
$155,000
</td>
<td width="106" valign="top">
180
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Narre Warren North</a>
</td>
<td width="106" valign="top">
3804
</td>
<td width="106" valign="top">
$735,000
</td>
<td width="106" valign="top">
175
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Port Albert</a>
</td>
<td width="106" valign="top">
3971
</td>
<td width="106" valign="top">
$215,000
</td>
<td width="106" valign="top">
175
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Yarram</a>
</td>
<td width="106" valign="top">
3971
</td>
<td width="106" valign="top">
$205,000
</td>
<td width="106" valign="top">
175
</td>
</tr>
</tbody></table>
Source: <a target="_blank" href="https://www.myrp.com.au/">RP Data</a>
A property located at <a target="_blank" href="https://www.realestate.com.au/property-house-vic-mount+beauty-108175206">18 Beauty Avenue, Mount Beauty</a> (pictured below), was first listed in October 2011 with an asking price of $193,000.
<img height="353" width="470" src="/images/stories/2012/12/beautyave.jpg" alt="beautyave">
It is currently still on the market – 420 days later – but has dropped its asking price by $18,000 to $175,000.
The three-bedroom dwelling is on 635 square metres.
Another property in Mount Beauty has been on the market for 645 days.
Located at <a target="_blank" href="https://www.realestate.com.au/property-house-vic-mount+beauty-107018455">14 Fairway Avenue</a>, the two-bedroom house was first listed in February 2011 for $149,000.
<img height="353" width="470" src="/images/stories/2012/12/fairwayave.jpg" alt="fairwayave">
It is currently listed at $139,000.
A three-bedroom house at <a target="_blank" href="https://www.realestate.com.au/property-house-vic-mount+beauty-106824290">24 Freeburgh Avenue</a> has been listed for 817 days at $195,000 – there has been no decrease in the asking price over this time.
Although Mount Beauty is the slowest suburb in Victoria, it isn’t necessarily oversupplied, with around 40 houses currently on the market.
Kingsbury, a suburb 12 kilometres north-east of Melbourne CBD – and with a median house price of $435,000 – is Victoria’s fastest-selling suburb, with an average of 30 days on the market.
</body></html>

ntrotman-Et3xWpamVh

Mounty Beauty Victoria's slowest-selling suburb

<html><body>
There's a $2.25 million St Kilda offering where the owner can watch the Luna Park smile all year round and eat downstairs at Phamish.
It's a modern two-bedroom, three-bathroom penthouse facing the iconic St Kilda landmark and the Palais. Its for sale through <a target="_blank" href="https://www.youtube.com/watch?v=EXmeu5IK0-M&amp;feature=youtu.be">Josh Stirling at Hodges St Kilda</a>.
<img src="/images/stories/2012/12/luna2.jpg">
There's a fully-integrated Smeg kitchen plus contemporary open-plan lounge/dining areas that flow out to a winter garden and adjoining balcony that takes in the sea breezes.
Its private rooftop area comes with built-in barbecue, storage and a full guest bathroom.
The <a target="_blank" href="/news">St Kilda</a> penthouse was last sold for $2.2 million in mid-2011 by the entrepreneur Danny Vorhauer who had paid $1,915,000 off the plan in 2009.
It was bought by investor Kel MacCulloch, who had purchased the adjoining apartment for $1.6 million off the plan in 2009 from the developers, George Saade's St Kilda Esplanade Investments Pty Ltd.
Kel MacCulloch, who operates IT firm O2 Networks, rented his initial apartment when he moved to Clarendon Towers at Southbank, according to 2010 newspaper reports.
It's in the SJB Architects-designed building, which when unveiled in 2008 and was dubbed the "Legs" building, given its green, fishnet-patterned glass facade.
The 12-apartment building won the 2009 South-East Design award for outstanding medium-density housing development and was entered for <a target="_blank" href="https://www.architecture.com.au/awards_search?option=showaward&amp;entryno=2009032144">the Australian Institute of Architects multiple housing award for Victoria</a>.
The design includes rectangular, terrace-style apartments and curved, irregular residences.
"We felt that the building should reflect the vibrant character of St Kilda – the interest in art and form-making," Bialek said at the time.
"The graphic (on the building) is a tongue-in-cheek recognition of the fish nets of the fishermen and of the hookers' stockings."
The apartment has also been recently available at $1,000 a week rental.
An investor paid $2.6 million last month for the premises occupied by the <a target="_blank" href="https://www.propertyobserver.com.au/retail/investor-snaps-up-phamish-restaurant-premises-on-st-kilda-esplanade-for-%2426-million/2012112057963">Phamish cafe </a>reflecting a yield of 6.39%, according to Savills agents Nick Peden and Clinton Baxter.
It was on December 13, 1912, when Mr Moon opened his giant mouth at the fun park now owned by businessman Lindsay Fox.
</body></html>

St Kilda penthouse with Luna Park views fishing for new $2.25 million owner

<html><body>
There will be no swift recovery in the outer-Melbourne residential new housing market, with a confluence of factors contributing to the unprecedented high rate of lots being returned to residential developers, according to Charter Keck Cramer.
The most recent update of the National Land Survey – a project undertaken by consultants Charter Keck Cramer (CKC) in conjunction with Research4, which tracks the performance of capital city residential land markets – <a href="https://www.propertyobserver.com.au/land/one-in-three-melbourne-residential-lots-being-returned-to-developers-by-building-firms-report/2012112958179">found that 30% of Melbourne greenfield</a> land had been returned by building companies to developers in the September quarter.
This compared with an already high average cancellation rate of 23% over the past 12 months and a cancellation rate of only 4% during the property boom from June 2009 to December 2010.
CKC director Robert Papaleo tells Property Observer there may have been a degree of artificiality in the September quarter cancellation rate, but there is likely to be a “long, slow recovery” for the Melbourne land market, with the current downturn exaggerated by the swift nature of the upswing over the 2009-10 period as prices rose by an “unsustainable” 15% to 20% ever quarter.
Papaleo says the jump in cancellations recorded in the September quarter to one in three may be partly due to the fact that listed developers – the main players in the Melbourne land market – have used incentives and other selling strategies to lift their contracts on hand and present healthier-looking numbers in their financial results.
Most developers reported annual financial results to the end of June.
Papaleo says some developers relaxed their selling terms to secure sales, including requiring in some cases that buyers pay only a $500 holding deposit, rather than the traditional 10% deposit.
“These are the lots that are being returned – they are also the smallest lots and the lowest price products,” says Papaleo.
He says such selling practices have been common in the south east Queensland and Brisbane market for at least two years, but are now being used to some degree in Melbourne.


<hr class="system-pagebreak">
In addition, the $13,000 state government handout for those buying or building a new home ended on June 30, which also may have contributed to a drop in demand.
The December quarter update to the land survey – out in early 2013 – will provide further evidence if the spike in the cancellation rate was exacerbated by these factors or is a longer-term trend.
What does remain though is a current a peak residential lot “overhang” of around 5,000 lots – land held mainly by listed developers – with is likely put further pressure on pricing.
“We are in for a lot of pain, and there is no clear sign of a turnaround either," says Papaleo.
Papaleo says the current incentives being offered by residential developers – <a href="https://www.propertyobserver.com.au/land/from-%2410000-to-%2450000-residential-developers-tempt-buyers-with-incentives/2012112358053" target="_blank">ranging from $10,000 to $50,000</a> – are being dissolved into the pricing, causing a “re-benchmarking to remove the distortion”.
“This will result in the need for a reduction in the price.” he says.
The market has also not been helped by a rise in supply following plans announced in June to extend Melbourne’s urban growth boundary outwards over the next 20 years to incorporate six new fringe suburbs and provide new homes for up to 100,000 people.
There are currently 24 precinct structure plans (PSPs) in various stages of planning, according to Melbourne’s Growth Area Authority, with each PSP catering for master-planned residential communities of between 10,000 to 30,000 people.
“Supply has been forced up at the worst possible time,” says Papaleo.
According to Papaleo, a pick-up in overseas migration will have flow-on effects for the Melbourne property market and help spur a recovery in the fringe residential new housing market.
“Net overseas migration has come off the bottom of its cycle, but there is usually a 12 to 18 month lag before it feeds into the housing market,” he says.
A pick-up in overseas migration could result in a rise in demand for fringe housing from these new arrivals but could also see them acquiring established housing and those displaced residents choosing, in some cases, to buy a lifestyle property on the outskirts of the city.
</body></html>

lschlesinger-FZcF9M3vE6

Long, slow road to recovery for Melbourne residential land market, with prices to fall further: Charter Keck Cramer

<html><body>
Melbourne's property market is well set up for next year, according to the Real Estate Institute of Victoria. 
<iframe src="https://player.vimeo.com/video/55206685" width="470" height="264" frameborder="0" webkitallowfullscreen mozallowfullscreen allowfullscreen></iframe>
</body></html>

rlarocca-zWhvjay44N

Buyers waited for return of confidence to Melbourne property market in 2012: REIV

<html><body>
Kingsbury, a suburb 12-kilometres north east of the CBD – and with a median house price of $435,000 – is Victoria’s fastest selling suburb with an average of 30 days on the market.
Then the home to the world famous Melbourne Cup, Flemington comes in a close second with an average of 31 days on the market and a median house price of $640,000.
Third place is a draw between Croydon South and Tullamarine with an average of 33 days on the market.
Croydon South - 30 kilometres east of the CBD - has a median house price of $435,500
With hundreds of planes coming and going everyday at Victoria's main airport, Tullamarine has a median house price of $387,500, in fourth fatest selling location.
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="106" valign="top">
Suburb
</td>
<td width="106" valign="top">
Postcode
</td>
<td width="106" valign="top">
Media Price
</td>
<td width="106" valign="top">
Time on Market (days)
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Kingsbury</a>
</td>
<td width="106" valign="top">
3083
</td>
<td width="106" valign="top">
$435,000
</td>
<td width="106" valign="top">
30
</td>
</tr>
<tr>
<td width="106" valign="top">
<a href="/news">Flemington</a>
</td>
<td width="106" valign="top">
3031
</td>
<td width="106" valign="top">
$640,000
</td>
<td width="106" valign="top">
31
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Croydon South</a>
</td>
<td width="106" valign="top">
3136
</td>
<td width="106" valign="top">
$435,500
</td>
<td width="106" valign="top">
33
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Tullamarine</a>
</td>
<td width="106" valign="top">
3043
</td>
<td width="106" valign="top">
$387,500
</td>
<td width="106" valign="top">
33
</td>
</tr>
<tr>
<td width="106" valign="top">
<a href="/news">Caulfield North</a>
</td>
<td width="106" valign="top">
3161
</td>
<td width="106" valign="top">
$1,264,000
</td>
<td width="106" valign="top">
35
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Croydon Hills</a>
</td>
<td width="106" valign="top">
3136
</td>
<td width="106" valign="top">
$530,000
</td>
<td width="106" valign="top">
36
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Meredith</a>
</td>
<td width="106" valign="top">
3333
</td>
<td width="106" valign="top">
$230,000
</td>
<td width="106" valign="top">
39
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Wantirna South</a>
</td>
<td width="106" valign="top">
3152
</td>
<td width="106" valign="top">
$530,000
</td>
<td width="106" valign="top">
41
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Bayswater</a>
</td>
<td width="106" valign="top">
3153
</td>
<td width="106" valign="top">
$419,975
</td>
<td width="106" valign="top">
44
</td>
</tr>
<tr>
<td width="106" valign="top">
<a target="_blank" href="/news">Malvern East</a>
</td>
<td width="106" valign="top">
3145
</td>
<td width="106" valign="top">
$994,000
</td>
<td width="106" valign="top">
45
</td>
</tr>
</tbody></table>
A three-bedroom house at <a target="_blank" href="https://www.realestate.com.au/property-house-vic-kingsbury-110806983">50 Flag Street Kingsbury</a> was first listed for sale on June 19 2012.
It snappily sold 16 days later for $411,000 on July 4.
A property located at <a href="https://www.realestate.com.au/property-house-vic-kingsbury-111543879">10 Club Avenue Kingsbury</a> was first listed for sale on September 10 2012.
The listing ended on October 31 – a total of 52 days on the market - after securing a $400,000 sale.
And a property at <a target="_blank" href="https://www.realestate.com.au/property-house-vic-kingsbury-110745021">105 Fairway Kingsbury</a> sold after 35 days on the market.
It was first listed on June 10 2012 and secured a $402,000 sale on July 14.
However, located in Victoria's high country, Mount Beauty – with a median house price of $155,000 – is Victoria’s slowest selling suburb with a whopping average of 232 days on the market
Source: <a target="_blank" href="https://www.rpdata.com/">RPData</a>
</body></html>

Kingsbury top Victoria's 10 fastest selling suburbs: RP Data

<html><body>
Campanui, the Romsey Road, Woodend, property of the late publicist Suzie Howie has been listed for December 15 auction.
<img src="/images/stories/2012/12/campanui.jpg">
Its a 1930s cottage on 4050 square metres with views of Mount Macedon.
The three bedroom house comes with an open fireplace in the sitting room, plus a country-style kitchen and meals area.
John Keating of Keating's Real Estate will auction <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/8-romsey-road-woodend/Property-Details-buy-residential-4724019">the property</a> with a disclosed $685,000 reserve price on behalf of her husband, Paul Taylor.
The couple recently sold their Marina Terraces, Port Douglas unit for $267,500 to the Papasoulis family of Prahran.
 
</body></html>

Campanui, Suzie Howie's Woodend retreat, listed for December 15 auction 

<html><body>
Collapsed Victorian non-bank lender Banksia Securities Limited may have traded and written new loans whilst insolvent, according to a creditors report from receivers McGrath Nicol, which attributes its collapse in part to high-risk loans secured against rural property and land that had not received development approval.
The report paints a picture of a poorly managed business, which at the time of its collapse had an equity to debt ratio of just 3.5%, around $146 million of loans in arrears, but was still writing new loans up until the end of September.
The non-bank lender was profitable in the past three years – though profits had declined from $2.8 million in 2010 to $881,000 in 2012 - but it had underestimated bad debts by about $34 million.
The receivers have made their first distribution to debenture holders representing 20 cents for every dollar invested and have estimated a total repayment to debenture holders of between 50 and 65 cents in the dollar.
The first distribution was made from cash holdings of around $136 million.
A second distribution of between 5 cents and 10 cents in the dollar is expected to be repaid by June 30.
<a target="_blank" href="https://www.propertyobserver.com.au/industry-news/victorian-non-bank-lender-banksia-securities-collapses/2012102657456">Banksia, incorporated in 1968 collapsed in October</a> putting $660 million of small investor debenture funds at risk.
Over 16,000 small investors invested in Banksia’s fixed interest debenture funds.
The receivers report that due to a current lack of liquid assets they can make no immediate repayments to investors in a smaller Banksia-managed fund, Cherry Fund Limited, which began in 2003 and raised $10 million, but estimate a future return of 55 cents to 70 cents in the dollar.
“From our analysis of Banksia’s loan book…it is clear that the company is insolvent and may have been insolvent for some time prior to our appointment,” report McGrath Nicol joint receivers Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman.
They add that Banksia was “thinly capitalised throughout the period examined with an equity ratio of approximately 3.5%” and was exposed to “immediate solvency concerns in the event of even minor losses on its loan portfolio”.
The report notes that there was a “decrease in cash from 30 June 2012 to 30 September 2012” due to Banksia advancing funds to third party borrowers as loans (increasing its loans receivable)”.
“These loans were made in the ordinary course of business” with the report noting that while Banksia raised much of its money through its nine office regional Victoria branch network, it used mortgage brokers to source borrowers throughout Australia.
At the same time as Banksia was advancing loans, the report notes that “in broad terms if more than 3.5% of total assets were unrealisable as at 30 September 2012, the company would have insufficient resources to meet its total obligations to debenture holders”.
Among the matters being investigated by McGrath Nicol receivers is whether the directors traded the companies at a time when they were insolvent or likely to become insolvent; whether there were any uncommercial transactions entered into with related or unrelated parties; and whether company directors and officers complied with their statutory obligations “to exercise care and diligence, discharge duties in good faith and avoid conflicts of interest”.
The receivers report that at the time of their appointment, Banksia’s main asset was its loan portfolio totalling approximately $527 million.
This consisted of a portfolio of 956 loans made to third party borrowers throughout Australia and being generally secured by first ranking real property mortgages.
The bulk of the lending was done in Victoria ($260 million, 548) followed by NSW ($167 million, 243 loans), South Australia ($50 million, 94 loans) and Queensland ($48 million, 56 loans).
Just over a quarter (28%) of loans in the Banksia portfolio were in arrears with 6% of loans in the Cherry Fund portfolio also arrears.
However, the receivers note that while the remainder of the companies’ loan books are classified as performing, “we understand that a number of loans are subject to capitalised interest (or interest funded with the facility)”.
“Once capitalised facilities are fully expended, this may lead to further loans entering into arrear.”
The receivers attribute the collapse of the non-bank lender as due to relatively high risk lending to borrowers where the underlying security property is “in a rural or regional location (where the general decline in the domestic property market has been most significant)”.
In addition, loans were advanced for vacant land that in some cases had not yet received development approval and so did not generate an income stream to support interest/loan repayments.
Other reasons for its collapse were high levels of loan arrears (around $146 million), a substantial number of mortgagee in possession properties (around $112 million), low equity levels as well as global credit and property market conditions making it harder for borrowers to refinance upon maturity of their loans.
The receivers will hold an information session for debenture holders in Kyabram, Shepparton and Ballarat on Friday (December 14).
Debenture holders need to register their interest in attending by calling 1800 722 079.
The information sessions will also be webcast on the McGrathNicol (www.mcgrathnicol.com) and BSL (www.banksiagroup.com.au) websites.
</body></html>

Banksia may have traded and written loans while insolvent: receivers

<html><body>
A converted church in Melbourne’s Moonee Ponds has sold for $2.4 million.
Located at <a target="_blank" href="https://www.jelliscraig.com.au/propertyimages/brochure/16103/Preview.pdf">1 Hudson Street Moonee Ponds</a>, the sale was secured by John Morello from Jellis Craig Kensington. The architecturally transformed <a target="_blank" href="/news">Moonee Ponds</a> church had an incredible 12,500 internet hits and 325 inspections.
So in anticipation of a huge auction day crowd, the agency organised a coffee cart with complimentary drinks.
There were more than 300 spectators and three bidders, with the offering sold just after auction.
Its listing was reported by Property Observer <a href="https://www.propertyobserver.com.au/victoria/moonee-ponds-church-conversion-listed-for-sale/2012110457525/Page-1">last month</a>.
Designed by owner and architect duo Dominic and Marie Bagnato, the property has five bedrooms, five bathrooms, a gym and a basement wine cellar.
The Gothic-style timber church was originally built by Tadgell Brothers following the general consensus at an 1890 resident’s meeting that the area needed a church for religious purposes and Sunday school.
The church was officially opened by then Lord Bishop of Melbourne Dr Goe.
The church acted as a venue for sports meetings, working bees and other social activities.
The church was part of the St Thomas parish, before leaving temporarily in 1915 and permanently in 1960.
In 1904, an extension to the church was built at the rear and in 1918 a vicarage was built nearby. A church hall was built in 1927.
The current vendors bought the church itself in 2007.
</body></html>

Latest Victoria Property News

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

Editor's Picks

Developments

New apartments

New townhouses

News

Latest Victoria Property News

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

Editor's Picks

Receive the latest news stories to your inbox

Developments

New apartments

New townhouses

News