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]

Joel Robinson

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

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

[smartcode_project:default project_id=106566 project_image_fid=362498]

Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

[smartcode_project_cta:default project_id=106566]

SPG Land launches $1.5 billion Paradiso Place at attractive price point

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

Lowe Living set new Melbourne off the plan apartment record

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?

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The former television news presenter-turned-spin doctor Simone Semmens has paid $11 million to buy the historic 1890s Toorak riverfront Edzell and has quickly moved to sell off the waterfront block.
Semmens has listed an 1,800-square-metre vacant block through RT Edgar agent David Colbran with $9 million hopes.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/06/edzell4.jpg">
"It's Toorak's most amazing vacant riverfront land," the marketing suggests.
The grand St Georges Road mansion has been set on its elevated 6,045-square-metre four-block holding with city skyline views over Richmond.
The heritage-protected Elizabethan Revival house was sold by architect Michael Spivakovsky, who’d inherited it from his parents. Spivakovsky's father was the acclaimed pianist Jascha.
Dame Nellie Melba performed private concerts within the 30-plus room mansion in its heyday when it was located on 70 acres (28 hectares) with 1917 Walter Butler-designed gardens. It was built for the former lord mayor James Stewart shortly before his year in office.
Click to enlarge
<a href="https://www.propertyobserver.com.au/images/stories/2012/06/edzell3.jpg" title="Click to enlarge" rel="shadowbox"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/06/edzell3thumb.jpg"></a>
 
The landmark 1891 Reed Smart &amp; Tappin-designed Queen Anne home, with 1895 ballroom extension, was marketed last year with plans for possible subdivision, including a MGS Architecture-designed five-bedroom riverfront abode with copper roof, the <a href="https://radicalterrace.com/" target="_blank">radicalterrace website</a> noted.
Last traded in 1934 in a 25-lot subdivision to the Spivakovsky family, Edzell was converted into two maisonettes in 1935.
Edzell was offered for sale as six internal apartments when marketed last year through Jellis Craig agent Richard James and Jennifer Gillies.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/06/edzell5.jpg">
Semmens did much the same thing at Rosecraddock, the Caulfield North mansion with its subdivided housing lots, after paying $7.8 million in 2007.
Glen Eira City Council approved six blocks of about 700 square metres within the curtilage of the 150-year-old Italianate mansion set on its then 8857-square-metre holding.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2012/06/edzell6.jpg">
Semmens, an avid buyer and seller of pricey property, <a href="https://radicalterrace.com/post/21881204281/15-mil-for-caulfield-north-estate" target="_blank">with Rosecraddock listed last year with $15 million hopes</a>, also made headlines in 2004 when she paid $7.5 million for the historic Noorah property in Portsea.
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Former TV presenter Simone Semmens seeks to offload the Yarra riverfront block at her grand $11 million Edzell, Toorak acquisition

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Business owners and entrepreneurs rocked by last night's earthquake in Melbourne could be forgiven if they started panicking about potential damages – but as it turns out they have no reason to fear.
Insurance experts say earthquake coverage is a standard clause in business insurance contracts. Unlike the Brisbane floods, which exposed all sorts of technicalities and left businesses in the dark, APEX Insurance Brokers chief executive Daniel Johnson says earthquake coverage is standard.
"It just tends to cover a higher excess," he says. "But, yes, it's a standard cover for all insurance."
"People tend to think of earthquake damage in terms of a building falling over. But coverage also extends to what we call "prevention of access". Your business may not be affected, but there are lots of effects like business interruption."
Eastern Victoria was rocked with a 5.2-magnitude earthquake last night at around 9pm, with the tremors felt as far as the western suburbs of Melbourne. Some businesses in the Moe area were hit, with pictures on the internet of a supermarket which sustained a fair amount of stock damage.
Apart from that, however, there were no serious incidents or injuries. But after a few years of major natural disasters, businesses could be forgiven for feeling a little edgy.
Insurance cover technicalities exposed during the Brisbane floods meant many businesses missed out on coverage. Some SMEs suffered major losses, including one member of the Smart50 which lost an entire warehouse worth of agricultural product.
But Johnson says earthquakes are a different proposition. If you've taken out some sort of business insurance policy, then you're covered.
"Unlike floods, which are something you have to specifically request cover for, the insurers have done the right thing here and have insurance for everyone. It just carries higher excesses because there's an accumulation risk.
"So businesses are covered... but you should always look at your policy and talk to your advisor if you have any questions."
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>. 
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Melbourne earthquake triggers business insurance questions

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A barn-house that looks straight out of midwest America has been listed in Garfield, 70 kilometres south-east of Melbourne.
A dream for fans of Americana, the property is even pictured with a classic 1950s jukebox.
Agent Graeme Dimsey from LJ Hooker Cranbourne says the vendor, Robert Seger, is a fan of all things American.
“He did a lot of travelling to America, he’s got a lot of custom-built American cars. He has a lot of nostalgic things he’s collected over the years,” he says.
“He liked what he saw in the midwestern barn and decided to build a house on top of one.
“He built it just because he could. He’s a very cool character.”
The property is billed as being ideal for horse trainers or agistment. Mustangs can run free on the property’s 15-hectare spread. The barn comes with five stables, a 90,000-litre underground tank and bore, numerous loose boxes and timber post and rail fencing.
Upstairs is a four-bedroom residence with timber floorboards, dark-tiled bathroom and a huge kitchen big enough to prepare and cook a Thanksgiving day roast turkey and pumpkin pie.
There is room for a small muscle car collection in the property’s three-car garage, as well as plenty of room for uncovered parking.
Dimsey says a lot of the wood used on the property is reclaimed timber.
“A lot of the timber you see, all the posts and things, a lot of it came from Queenscliff when they ripped down the jetty, all the reclaimed boardwalks and jetties.”
Dimsey expects to sell for around $1.3 million.
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Midwest American-style barn on the market in Garfield, Victoria

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The Pakenham racecourse site has been sold to the Industry Superannuation Property Trust for $30 million plus.
The Melbourne-based ISPT was one of three final bidders for the property when last listed in early 2011, after which the conditional sale to the Corcoris Group fell through. It was at a reputed $38 million.
The 27-hectare site about 55 kilometres south-east of the Melbourne CBD is expected to be carved up into 500 house lots after the state government rezoned the racecourse to comprehensive development zone in 2010.
ISPT chief executive Daryl Browning told the Pakenham Gazette the site would be developed in line with the company’s development philosophies of quality, sustainability, and community.
ISPT is co-owned by 24 of Australia’s superannuation funds and invests the superannuation savings of more than 40% of the Australian workforce in property.
It has more than $7 billion in assets under management.
The racecourse, which dates from 1926, was sold through Gerard Collins Real Estate director Derrick Brown, who also had a hand in the sale of the 243-hectare property at Tynong, which the racing club secured in 2008.
Pakenham Racing Club will host its first meeting at its planned Tynong track in the spring of 2014, with its last meeting at the current track in early February.
The Pakenham Racing Club is one of a few race clubs in Victoria that owns its own racecourse site, boasting a net asset base of more than $50 million and annual profitability in excess of $2 million.
Currently racing 11 meetings a year, the club’s new location will result in an increase to 24 race meetings in its first season.
 
 
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Pakenham racecourse site sells to ISPT for more than $30 million

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One of the four <city>Richmond</city> properties on the hit Channel 9 renovation series The Block 2011 is back on the rental market, but with a lower rental asking price.
It was the dearest home sold at last year's auction – <a target="_blank" href="https://www.propertyobserver.com.au/victoria/take-two-auction-frenzy-as-only-one-offering-left-on-the-block/2011082351266">the three-bedroom <street>37 Cameron Street</street> Edwardian cottage, which Josh and Jenna sold for $1 million.</a>
<img src="/images/stories/cameronimpression.jpg"><a href="https://www.propertyobserver.com.au/victoria/friday-form-guide-yields-of-up-to-7.5-on-the-block/2011081851199">Before last September's auction buyers were given guidance</a> that the property could be expected to fetch between $1,200 and $1,300 per week in rent and came with price hopes of $900,000 to $990,000.
<a target="_blank" href="https://www.propertyobserver.com.au/landlords/block-richmond-properties-hit-the-rental-market-with-yields-of-up-to-6.3/2011092851717">It was initially for lease</a> with a weekly $1,250 asking rent last September.
Its is now available for rent at $1,100 a week.
It’s listed for rent through Woodwards Carnegie.
Its initial asking rent post-auction reflected a 6.3% gross yield.
<a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-lessons-from-the-block-and-other-property-reality-television-shows">For lessons property investors can learn from property reality TV, download our free eBook.</a>
 
 
 
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Top-selling Block 2011 Richmond property reduces asking rent: Title Tattle 

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From the results over the past few weeks, it would be easy to conclude that the market is all over the place – up one week, down the next.  But it's not as inconsistent as it may appear. It's just very picky at the moment when it comes to stock and price.
Before Easter we had a good supply of stock and we had vendors prepared to sell at market price. The result was solid clearance rates. After Easter things got quiet again. Then last weekend we saw some solid results across the board on quality market priced stock. And then this weekend we were back to slightly weaker clearance rates. Why?
The constant stream of economic news isn't helping, but we feel that the inconsistency really is down to stock quality and seller pricing – which seems to be changing on a weekly basis right now.
In fact, there could have been some more healthy results this weekend, if more vendors had been prepared to accept what the market was offering.
<img src="/images/stories/alfredst2.jpg">
Take, for instance, 61-63 Alfred Street, Kew (pictured above), which last sold in May 2009 under the hammer with six bidders for $4.85 million in front of a big crowd. This time around another 100-strong crowd saw two bidders fight it out to $5.3 million. But instead of being sold under the hammer, it was passed in. It was being marketed by Jellis Craig agents Jim Shang and Richard James.
<img src="/images/stories/carolinest.jpg">
Another case is 6 Caroline Steet, Hawthorn East (pictured above), a good little single-fronter investment home being marketed by Marshall White agents Zali Booker and James Tostevin. In 2010 this sold for just over $1.3 million at auction. This time it passed in at $1.23 million, but not without strong demand from five bidders. The seller had the chance to sell if he wanted to.
Some may look at those pass-ins and see a market in trouble due to no sales. Yet there were a total of seven bidders across the two auctions, and the pass-in prices were not too far away from the previous sale prices. That indicates that we would have had a stronger clearance rate if sellers wanted to meet the auction price on the day.
Yes, there is weak bidder interest for overpriced and/or low quality offerings. But there is strong bidder interest on well-priced and quality homes – it's just that many times the level of that interest doesn’t quite match the expectations of the seller.
Mal James is principal of<a href="https://www.jamesbuyeradvocates.com.au/" target="_blank" title="James Buyer Advocates"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
 
 
 
 
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Top-end Melbourne property market not as inconsistent as it appears: Mal James

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The Victorian government has changed the way in which it will be assisting first-home buyers so that more people benefit.
The first-home buyers’ grant of $7,000 remains available for all those buying their first home for $750,000 or less. The grant is paid by the state government and has no scheduled end date.
First-home buyers also benefit from a 20% reduction on their stamp duty bill. That means that on the purchase of a $400,000 home they will save $3,274 and on a $550,000 home they will save $4,994. The stamp duty reduction is not available for homes priced over $600,000.
The good news is that on January 1, 2013 the cut to stamp duty will increase from 20% to 30%. That means that on the purchase of a $400,000 home they will save $4,911 and on a $550,000 home they will save $9,321.
The stamp duty cut will then increase to 40% on January 1, 2014 and then to 50% on September 1, 2014.
From July 1 this year the first-home buyers’ bonus will no longer be available. The bonus was only for first-home buyers of new homes and was introduced a few years ago to stimulate the building of new homes during the GFC. It has done its job and now the government’s preference is to help all first-home buyers. Those buying a new home off the plan will still benefit from concessions to stamp duty.
There is other assistance available for different groups, including exemptions for deceased estates, family farms, young farmers and pensioners. Details on those programs and the exact criteria for the assistance for first home buyers can be found at <a href="https://www.sro.vic.gov.au" target="_blank">www.sro.vic.gov.au</a>.
Enzo Raimondo is CEO of the <a href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
 
 
 
 
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enzoraimond-7fvRFHPR52

Government changes helping more Victorian first-home buyers

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One of Richmond’s oldest homes – a 154-year-old bluestone cottage – was passed in at weekend auction on a $900,000 vendor bid.
The Bosisto Street house was built by a stonemason in 1858, when the inner-Melbourne locale was rural. It was well before the town hall tower, the St Ignatius spires, Dimmeys, trams or trains. At the time Richmond's big attraction then was entrepreneur George Coppin's Cremorne Gardens, a 4.5-hectare pleasure park with the Pantheon Theatre, a zoo, a lake and bandstand plus a hotel. It was the location in 1858 with Australia's first successful hot air balloon flight taking off from Cremorne Gardens, the start of aviation in Australia, 50 years before aeroplanes.
The cottage comes with rear garden on the 343-square-metre block, which includes mature eucalypts.
Set between Bridge Road and Victoria Street, it last traded about four decades ago.
Jellis Craig agents Hayden Reed and Clayton Smith had been quoting between $900,000 plus for the three-bedroom house which now has a $975,000 asking price.
Local historian Robin Jackson suggests it is among the oldest half-dozen properties in the inner-Melbourne suburb.
There were nine weekend sales and two passed in at Richmond on the weekend. Across Melbourne the clearance rate was a healthy 63% compared to 61% last weekend and 52% this weekend last year, according to the Real Estate Institute of Victoria.
There were 591 auctions reported to the REIV with 370 selling and 221 being passed in, 135 of those on a vendors bid.
Next week the REIV estimates 600 auctions will be conducted.
Sydney’s auction market posted slightly improved results its 61.8% clearance rate up on 61.1% previous weekend and the 57.7% last year, according to Australian Property Monitors.

 
 

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Richmond 1850s bluestone charmer passed in at weekend auction: Title Tattle

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It's no wonder Residex boss John Edwards is <a href="https://www.propertyobserver.com.au/residential/melbourne-housing-market-on-the-wrong-side-of-the-ledger-residex-boss-john-edwards/2012041954363" target="_blank">worried about Melbourne</a>. House prices have gone backwards throughout Melbourne for the year to March 2012, new Residex figures reveal.
Every Melbourne region had negative house price growth for the year ending March 2012, which is in stark contrast with the year to March 2011, when every Melbourne region had positive house price growth.
The greatest change was in the outer-northern Melbourne suburb of Meadow Heights, which went from recording 12.1% growth in the year to March 2011 to house price falls of 8.53% in the 12 months to March 2012. The median house prices in Meadow Heights is $459,500.
The next biggest disparity was in Essendon, which recorded house price growth of 11.53% in the year to March 2011, according to Residex. Over the year to March 2012 house prices fell 8.75% to $584,000.
House prices also fell in most Melbourne localities in the last month, with Brunswick (up 3.13%) the strongest performer. The median house price in Brunswick is $545,000. The worst falls were experienced in Essendon, where house prices fell 1.9% in the past month.
Essendon was also the worst performer in the past quarter, with house prices falling 4.98%. The strongest suburb in the past quarter was the inner-north suburb of Fitzroy, where house prices increased 1.09% to $618,000.
In the past decade house prices have grown more or less uniformly across Melbourne, with weakest-performing Essendon (house prices up 6.02%) not wildly divergent from best-performer Fitzroy (up 8.13%).
 
Click to enlarge
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House prices fell in all Melbourne regions in past year, with Essendon the worst performer: Residex

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Purrumbete, the 10-bedroom bluestone homestead in Victoria's Western District, has been relisted with a $6 million asking price.
Set on Lake Purrumbete, the house comes with a 1902 great hall lined with six Walter Withers murals telling how the Manifold family settled the area in the 1830s. The Manifolds replaced the original slab hut with a bluestone and weatherboard house in the 1840s, which was incorporated into a larger residence in the 1850s and then in 1901 the architect Guyon Purchas undertook extensions and renovations for it to become a striking example of Art Nouveau architecture.
It's been listed by B&amp;B operators Max and Ann Magilton, who've occasionally quipped that they bought six paintings with a house and farm attached. They paid $2 million in 2000 to the Haldane family, the cheese making family who pioneered the importation of South American alpacas.
Earlier in Purrembete's ownership the late Sydney stockbroker Rene Rivkin, attracted by the Withers murals, bought the 170-hectare property for $1.5 million from David Marriner in 1987 and then followed it up with his purchase of the Walter Withers painting Allegory to Spring, which the Manifolds had commissioned to hang in the adjoining Purrembete room. Against a background of blossom-laden wattle and peach trees, it depicts a young girl clad in blue and white gossamer garments stirred by the winds of spring, who is moving with swift step past two shorn lambs to the destiny of love, which inevitably awaits her, according to Fanny Withers’ short biography of Walter. The painting cost $190,000 at a 1987 auction at Joel's.
The murals had gained public attention in the late 1980s and again in the early '90s when the two consecutive high-profile owners, David Marriner and Rene Rivkin, tried to strip them from the house.
With its Withers murals still intact, the bluestone homestead was resold by Rivkin in May 1991 for $950,000 and then later during the same recession Rivkin sold the painting at Sotheby's for $66,000. The property sale represented a 36% net loss; the painting, 60%.
The existing estate on 170 hectares, some 75 minutes from Geeling, is being marketed by Charles Stewart Geelong agent Andrew Wright. It initially hit the market in late 2010 with $5 million-plus hopes which seemingly meant $6 million.
 
 
 
 
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