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.

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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?

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Shane Warne has taken to Twitter to deny the Fairfax Media report that he and fiancée Liz Hurley had spent $1.6 million on a Healesville property.
Shane Warne? (@warne888) tweeted on Sunday: “So... @ElizabethHurley and I have apparently bought a property in Melbourne's Yarra Valley WOW, wonder what it looks like Sadly not true.”
He tweeted another denial today to the MMM Hot Breakfast team, with Mick Malloy and Eddie McGuire suggesting estate agents were using Warne to bump up prices.
<img src="/images/stories/warnetweets.jpg">
It was suggested in the now-denied Saturday story that the property, described as a private winery and farm, would be their wedding venue.
It follows the visit by the celebrity couple and their children to the Healesville Sanctuary in a much-publicised day trip last October.
Fairfax Media reported that a veteran Healesville agent “would only confirm that the couple had bought in the Yarra Valley”.
 
 
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Shane Warne denies buying Healesville property

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One of East Melbourne’s most elegant terraces houses dating back to the early 1860s has been listed for May 17 auction through Rob Vickers-Willis at Abercromby's Real Estate.
The terrace’s first owner was Thomas Greenwood, a partner in Oddy and Greenwood, fellmongers of Yarra Bank Road.
But the Gipps Street terrace, currently home to Delwyn Freestone’s  <a target="_blank" href="https://chrysalis.com.au/">Chrysalis Gallery</a>, comes with a striking all-white Classical Italianate Revival façade, the work of renovations in the 1880s by architects Terry and Oakden.
During its 150 years, it’s been the home to the Ormiston Girls School, Australia's first woman medical practitioner Constance Stokes, and to historian Winston Burchett.
In the 1870s it was home to Robert Ramsay, the chief secretary who authorised the trainload of police who went to Glenrowan in 1880 after Ned Kelly.
Ramsay died in 1882, but his widow, Isabelle, secured from the Lord Bishop of Melbourne the adjacent space on its western boundary from the Deanery Reservation, which gave a side entrance and space for a courtyard garden.
It was a rooming house in the 1930s Depression years under the name of Sujama Flats, with its restoration beginning in the 1950s, according to the <a target="_blank" href="https://emhs.org.au/history/buildings/east_melbourne_gipps_street_179">East Melbourne Historical Society records</a>.
It sold at $920,000 in 1999. Currently $4.5 million plus is expected. 
Chrysalis Gallery will continue to open during the sale of 179 Gipps Street. The gallery will relocate at a date to be confirmed.
The <a target="_blank" href="https://www.propertyobserver.com.au/victoria/ned-kelly-hanging-witness-and-beechworth-gaol-governor-john-castieau-s-1864-home-on-the-market-for-first-time/2012041753947">Beechworth home of John Buckley Castieau</a>, the government representative at Ned Kelly's hanging, is also on the market. 
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Elegant 1800s East Melbourne art gallery terrace with rich history and Ned Kelly connection listed

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Neighbours veteran Ryan "Toadie" Moloney has sold his Malvern East house. Its sale price has not been revealed, but it was listed with $1.2 million hopes. 

It's been the home of Moloney and his wife, Alison, since early 2008. <a href="https://www.propertyobserver.com.au/victoria/neighbours-veteran-ryan-toadie-maloney-lists-in-malvern-east-title-tattle/2012031453833" target="_blank">The four-bedroom house</a> sits on a 664-square-metre block that comes with jet pool, studio/workshop and space for four cars. 

It sold through Bennison Mackinnon agent Andrew Luke and Will Trenchard. 

Moloney became a regular on the show in 1996. The house was bought at late 2007 auction for $1.09 million.
 
 
 


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Actor Ryan ‘Toadie’ Moloney says goodbye to Malvern East neighbours as home sells: Title Tattle

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The Beechworth Gaol governor's house, built in 1864 and first inhabited by John Buckley Castieau, most famous as the government representative at the hanging of Ned Kelly, is up for sale
The house was built using prison labour and granite from the onsite quarry behind the Beechworth Gaol. Castieau lived at the 1,374-square-metre property until 1869, when he left Beechworth to become governor of Pentridge Prison in Melbourne. Interestingly, Ned Kelly spent two months in Beechworth Gaol in 1869 on remand on a charge of being an accomplice of Harry Power.
Kelly spent two more stints in Beechworth Gaol in the three years following, a few months in 1870 for assault and lewd behaviour, and an 18-month term beginning in 1871 for receiving a stolen mare. The 18 months was part of a three-year sentence, and Kelly was transferred to Pentridge, then under the governorship of Castieau, for the remainder. 
During Castieau's tenure between 1856 and 1869, Beechworth Gaol was known as “Castieau’s Castle”. He met his wife, Polly, in 1858 at a church bazaar, and the couple lived in the Beechworth property with the first of their 10 children once it was built.
Castieau was the goverment representative at Kelly's hanging on November 11, 1880 as he was governor of Old Melbourne Gaol by then.
Subsequent governors lived in the property before a home was built inside the gaol itself. Beechworth Gaol was closed in 2004, and the property has been vacant since the gaol's closure. 
In the 1940s the property was divided into three separate homes, and they can be bought together or separately. It is being marketed by LJ Hooker agent Dean Lupson in conjunction with Hodges Real Estate agent Andrew Boyce, who have $747,500 hopes for the property as a whole, or between $235,000 and $285,000 for each house individually.
The elegant <a target="_blank" href="https://www.propertyobserver.com.au/victoria/elegant-1800s-east-melbourne-art-gallery-terrace-with-rich-history-and-ned-kelly-connection-listed/2012041854335">East Melbourne terrace that was home to Robert Ramsay</a>, the chief secretary who authorised the trainload of police who went to Glenrowan in 1880 after Ned Kelly, is also on the market. 
 
 
 
 
 
 
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Ned Kelly hanging witness and Beechworth Gaol governor John Castieau's 1864 home on the market

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Talana, the imposing Queen Anne-style residence at Hawthorn East, has been relisted for sale.
Set on Harcourt Street, the six-bedroom, three-bathroom 1900 house was designed by architect John Beswicke, the best known architect in Hawthorn during the late 1800s, having also designed the Hawthorn Town Hall.
The red-brick house, with the decorative embellishments overlaid with timber, comes with a third-storey tower under the large hipped roof clad in Marseilles tiles.
It sits on a 4,122-square-metre holding with north/south synthetic grass tennis court, a solar- and gas-heated pool, and a self-contained summer house.
There is a driveway leading to a four-car garage.
It’s named after a town in the province of Ogliastra, in Sardinia, Italy.
Having been listed with Marshall White late last year, it’s now listed through RT Edgar agent Michael Ebeling with $11 million-plus hopes.
<img src="/images/stories/talana.jpg">
Talana has been renovated since the current vendors bought the property in 2000 for $2 million from the Mott family. They have since demolished a brick cottage that sat in its front yard (pictured above).
Photographs courtesey of <a href="https://www.walkingmelbourne.com/forum/viewtopic.php?f=4&amp;t=5922&amp;start=120" target="_blank">Walking Melbourne</a>.
 
 
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Imposing Queen Anne-style Hawthorn East charmer Talana listed with $11 million-plus hopes

Melbourne house prices – how your suburb went in the 2012 March quarter: REIV

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Ballarat has been identified as a potential hotspot, but investors should tread cautiously when considering housing in new estates further out of town, according to property valuers Herron Todd White.
In its April property market report, HTW notes that “Ballarat property values soften as the distance from Lake Wendouree, [schools], shops or CBD increases”.
“The modern outer suburbs of Lucas, Alfredton, Sebastopol and Delacombe continue to be developed to new housing and estates, which are largely filled by young families and investors.
“It is these outer suburbs that are generally hardest hit by government announcements, interest rate movements and economic uncertainty, due largely to the high loan to value ratios and relatively generic product in the $200,000 to $350,000 price range,” warns HTW.
Currently developers are offering house-and-land packages in Lucas and Sebastopol starting from about $240,000 for a two-bedroom house on a 375-square-metre block rising up to $435, 000 to a two-storey, four-bedroom house on a 522-square-metre block.
There more than 500 off-the-plan house-and-land packages on offer in these two suburbs alone.
Among them is this three-bedroom house-and-land package on a 375-square-metre block (pictured below) priced at $267,000 and <a href="https://www.realestate.com.au/property-house-vic-ballarat-110186989?listingType=buy">listed by Vince Cavarra of Burbank Homes Melbourne</a>.
<img src="/images/stories/ball1.jpg" width="470">
There are no established houses for sale in Lucas, according to Realestate.com.au.
On Spencer Street in Sebastopol <a target="_blank" href="https://www.realestate.com.au/property-unit-vic-sebastopol-107576844">this “updated” three-bedroom house</a> (pictured below) is targeted at first-home buyers or investors with a price tag of $195,000 and is listed by Mark Nunn of Hocking Stuart Ballarat.
<img src="/images/stories/ball2.jpg" width="470">
In contrast, the inner suburbs offer a more stable investment environment for property investors.
 Four Ballarat suburbs within a two-kilometre radius of the city centre feature among Smart Investor magazine’s list of 601 suburbs that delivered the best capital growth over 2011.
Two of them – Soldiers Hill and Ballarat East – have median house prices under $300,000 while a third, Ballarat Central, has a median house price just over $300,000.
Only Lake Wendouree has a median house prices approaching that of some Melbourne suburbs:
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="114">
Suburb
</td>
<td valign="top" width="114">
Median house price
</td>
<td valign="top" width="114">
Capital growth over 2011
</td>
<td valign="top" width="114">
Median rent
</td>
<td valign="top" width="114">
Gross rental yield
</td>
</tr>
<tr>
<td valign="top" width="114">
Ballarat East
</td>
<td valign="top" width="114">
$237,000
</td>
<td valign="top" width="114">
4.8%
</td>
<td valign="top" width="114">
$255
</td>
<td valign="top" width="114">
5.6%
</td>
</tr>
<tr>
<td valign="top" width="114">
Soldiers Hill
</td>
<td valign="top" width="114">
$285,000
</td>
<td valign="top" width="114">
9.6%
</td>
<td valign="top" width="114">
$255
</td>
<td valign="top" width="114">
5%
</td>
</tr>
<tr>
<td valign="top" width="114">
Ballarat Central
</td>
<td valign="top" width="114">
$302,000
</td>
<td valign="top" width="114">
7.9%
</td>
<td valign="top" width="114">
$270
</td>
<td valign="top" width="114">
4.9%
</td>
</tr>
<tr>
<td valign="top" width="114">
Lake Wendouree
</td>
<td valign="top" width="114">
$540,000
</td>
<td valign="top" width="114">
6.3%
</td>
<td valign="top" width="114">
$295
</td>
<td valign="top" width="114">
4%
</td>
</tr>
</tbody></table>
Source: Smart Investor magazine
According to Herron Todd White, proximity to the Ballarat CBD continues to remain important, with the residential property market “largely driven by infrastructure, planning, amenity and return on investment”.
The report notes that proximity to Lake Wendouree for walking, running and water sports remains important, with the suburb remaining predominantly owner-occupied with some of Ballarat’s most expensive housing.
“Areas such as Lake Wendouree, Soldiers Hill and Newington are thinly traded and tend to maintain steady value patterns as outer suburbs grow and become more or less expensive,” says HTW.
Currently the most expensive home in Lake Wendouree listed for sale is this rather <a target="_blank" href="https://www.realestate.com.au/property-house-vic-lake+wendouree-108085451">grand-looking five-bedroom home on Wendouree Parade</a> (pictured below) listed by Laurie Gillett from Professionals Ballarat, which has an asking price of around $1.4 million.
<img src="/images/stories/ball3.jpg" width="470">
According to HTW, market volatility in new housing areas is a good indicator for the greater region.
“In a softening market, as buyers become more hesitant, property type begins to significantly impact purchasing decisions.
“Features such as street appeal, access and the detached/semi-detached nature of a property begin to create larger price variances and impact marketing periods. Traditionally, detached homes with good access are preferred,” says HTW.
Photograph of Ballarat courtesy of Tourism Victoria
 
 
 
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New housing investors on Ballarat fringe warned to be cautious: HTW

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Rosebery, the Hawthorn house remembered as the long-time home to former deputy prime minister Jim Cairns and his wife, Gwen, has been sold this week for the first time in almost three decades.
With impressive rose bushes on its front turning circle, the four-bedroom house, set on a 1,658-square-metre Wattle Road holding, was being offered for private sale at $3,475,000 through Kay &amp; Burton agent Matt Davis who listed it last October.
The Cairns couple owned it between 1956 and 1981, first as joint owners, according to the land title, then as tenants in common from 1976. It was unencumbered from its purchase through to 1972, and then again between 1976 and its 1981 sale.
It last traded in 1983 for $280,000 with the Cairns sale being $225,000.
Cairns, who had a lead role in organising the 1970 anti-Vietnam War moratorium protests, was treasurer and deputy prime minister in the Whitlam government in the early 1970s.
The 1880s Victorian home was the bustling campaign headquarters throughout the Labor left-winger's career. He was already a member of parliament when he moved from Berkeley Grove, East Brighton to Wattle Road, having beaten the grouper, Stan Keon, for the seat of Yarra in the 1955 election.
"We had as many as 500 people in the back garden of 21 Wattle Road, sitting on the grass, talking away – all day Sunday, once a year," the late Cairns once recounted.
In a late 1980s interview the former member for the western suburbs seat of Lalor, when asked had he ever moved into the electorate, advised: “Oh no. Gwen [his wife] wouldn't move an inch to live in the electorate.”
They married in 1932, after which he moved on from a career in the police force to university academia life to politics.
The couple finally moved after 25 years to Narre Warren East in the early 1980s to a rural acreage.
Jim Cairns was born in Carlton in 1914, and his early years were spent on a dairy farm north of Sunbury.
Gwen died in 2000 and Jim in 2003.
Wattle Road, first known as Weinberg Road, is an early street in Hawthorn and marks the location of a farming settlement established by a group of German immigrants in the 1850s. Rosebery was reportedly constructed by the Vogt family.
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Rosebery, Hawthorn hotbed of radicalism during Dr Jim Cairns' ownership, sells: Title Tattle

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Richmond star Trent Cotchin, the club’s 2011 best and fairest, bought and sold on Super Saturday.
His three bedroom Edwardian home at Ascot Vale – not far from the Puckle Street shops – sold for $790,000 through Joe Zucco at Paul McDonald Real Estate.
It last traded, as is, for $703,600 in late 2009, so a good counter-cyclical gain was secured by the rising star who wants to get into property development.
Cotchin and his partner Brooke Kennedy, who’s with the funky baby and childrens’ fashion website, kidsrevolution.com.au , bought back in the Moonee Ponds municipality later in the afternoon.
<img src="/images/stories/trent.jpg">
<img src="/images/stories/cotchin-front.jpg">
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Tigers' Trent Cotchin sells Ascot Vale cottage and upsizes: Title Tattle

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At the end of last year, predictions were flying around left right and centre about the state of the market in 2012. There was a lot of buoyancy following the RBA’s double interest rate cut, with the industry confident it would result in buyers flooding the market. In truth, while the cuts didn’t deliver the influx of buyers experts were hoping for, it has definitely boosted confidence.
It’s relatively early days in 2012 but here in Brunswick, we’re already witnessing some interesting trends take place. A key movement has been the type of buyers we’re seeing – second-home purchasers are generally married with one child. Many young professional couples are seeking apartments because they want to live within 10 to 15 kilometres of the CBD, and they’re willing to sacrifice space in order to have all the amenities nearby. Similar to the rest of the world – especially the capital cities in Asia and Europe – people are turning to apartment living to be located close to the city, a trend I believe will be highly prevalent in Australia in the next century.
We started 2012 with a bang, sitting around a 95% clearance rate in our first five weeks of auctions. In February, we sold a three-bedroom, single-fronted house in <a target="_blank" href="https://realestate.melbournetimesweekly.com.au/overview/3321823/417-barkly-street-brunswick-3056/">Barkly Street</a> for $1.01 million – the highest price ever achieved for a single-fronted house in Brunswick. We’re also expecting a four-bedroom home in <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/VIC/Brunswick-East/?adid=2009560271">Kingfisher Gardens</a> to draw a lot of interest due to its proximity to cafes, shops and public transport. A few auction sales have been 10% to 15% above the reserve, proof of increased buyer confidence, especially compared to last year when we had properties selling up to 10% below the asking price.
Auction activity has now cooled off slightly as more sellers put their homes on the market. Still, we’re finding that any properties not selling at auction are being sold pretty soon after. Auctions have now become part of a process for obtaining that final sales result. Often we need an auction to transpire to truly see what a property is worth, and for vendors to understand what the market’s willing to pay for their home.
<img src="/images/stories/brunswick2.jpg">
We’re finding sellers also prefer auctions because unlike private sales, auctions are regulated. Vendors know an auction sale is final and not subject to any clauses such as finance or building inspections. Private sales, on the other hand, can typically take much longer and because they’re unregulated – buyers can get caught up in various bidding methods, be it a closed ballot, boardroom auction or informal bidding war.
Price-wise, last year was definitely a better opportunity for investors in Brunswick, but unfortunately a lot of them weren’t financially ready to buy at the time and they’re now competing – and often being priced out – by first-home buyers returning to the market.
Looking ahead, I think the doom and gloom from last year is gone and buyers are ready to settle down and secure their homes. Across the board, I predict a 5% increase in prices in areas within a 10-kilometre radius of the city – including Brunswick, <a target="_blank" href="https://www.propertyobserver.com.au/victoria/top-10-victorian-capital-growth-hotspots-with-ivanhoe-a-shining-star-for-past-five-years-reiv/2012040254123">which was listed by the REIV in the top 10 growth suburbs for the five years ending 2011.</a> Clearance rates in Melbourne will remain around 58% to 63% all year, with Brunswick a little higher at 70% to 75%. Even throughout 2011 our clearance rates were hovering around 60%, attributed mainly to buyers seeing us as an affordable alternative to the more affluent neighbourhoods of Fitzroy, Carlton and Northcote. Currently our days on market are sitting at 38 days – a slight improvement from last year at 43 days – and I expect this to stay consistent for the next 18 months.
We’re at a time in the market where the playing field is pretty even, so it’s a good opportunity for both buyers and sellers alike. Buyers should bear in mind it’s always hard to find something that ticks all the boxes no matter what the state of the market, so they need to weigh up if they’re willing to sacrifice their dream home now to pay less for a property that meets 75% of their needs, or wait six months to find their perfect match when prices are higher.
Robert Elsom has 15 years’ experience in real estate and is director of <a target="_blank" href="https://www.hockingstuart.com.au/">hockingstuart </a>Carlton, Brunswick and Northcote.
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