South East Queensland developer&nbsp;<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a>’s entry into the Gold Coast apartment market has progressed from pipeline to market, with its Chevron Island project Bronze on Chevron now formally available to purchase ahead of a planned 2029 completion.

The 119-apartment development on Mawarra Street marks the Brisbane-headquartered builder-developer’s first residential play in the Gold Coast, following its expansion south from Brisbane and the Sunshine Coast.

<a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-surfers-paradise-qld-4217">Bronze on Chevron</a> comprises a mix of two-, three- and four-bedroom residences, with pricing starting from just over $1.5 million. The project is being delivered under Gardner Vaughan’s fully integrated model, with the group acting as both developer and builder, a structure it has consistently applied across its South East Queensland portfolio.

[smartcode_project:default project_id=107520 project_image_fid=367182]

Architecture has been designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jeremy-ferrier-landscape-design">Jeremy Ferrier</a>. The building presents as a single-tower scheme, with a focus on maximising outlook across both the Surfers Paradise skyline and the Nerang River.

Apartments have been planned with open-plan living zones extending to generous balconies, a response to the site’s dual-aspect positioning between river and ocean. Interiors follow a restrained coastal palette, with two colour schemes offered, and an emphasis on natural light and cross-ventilation.

[smartcode_project:default project_id=107520 project_image_fid=367181]

Resident amenity is concentrated across more than 1,250 sqm and includes a resort-style pool, gym, yoga lawn and rooftop entertaining areas. A function space with catering facilities forms part of the upper-level offering, alongside north- and south-facing outdoor areas.

Ground level will incorporate two retail tenancies, intended to extend the existing village character of the surrounding streets.

&nbsp;

[smartcode_project:default project_id=107520 project_image_fid=367200]

The project sits within walking distance of Thomas Drive’s established dining strip, while maintaining proximity to <a href="https://www.apartments.com.au/developments/surfers-paradise-qld-4217">Surfers Paradise</a> beach and broader Gold Coast amenity. The location, positioned on Chevron Island between the river and coastline, has increasingly attracted mid- to high-density development in recent years as the precinct evolves beyond its low-rise origins.

Gardner Vaughan’s move into the Gold Coast was first signalled in 2025, with the group identifying the region as a natural extension of its operations. Chief Executive Officer Simon Betteridge described the expansion as both “strategic and natural”, citing demand for well-designed apartments in lifestyle-driven markets.

Construction is expected to complete in early 2029.

[smartcode_project_cta:default project_id=107520]

Joel Robinson

Gardner Vaughan brings Bronze on Chevron to market as Gold Coast debut

One of the penthouses at Lily Lane, the latest stage of Carrington Place by Ellipse Property, has set a new local apartment price record.

The four-bedroom residence, purchased by a local downsizer, sold for $5.75 million—around 75 per cent higher than the previous record of $3.3 million.

Over 40 per cent of the first release of apartments at&nbsp;<a href="https://www.apartments.com.au/new-apartments/lily-lane-at-carrington-place-castle-hill-32-carrington-road-castle-hill-nsw-2154">Lily Lane</a> have already been snapped up just six weeks since it launched to the market.

&nbsp;

Located at 32 Carrington Road, <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a> and designed by award-winning architects <a href="https://www.apartments.com.au/architects/ptw">PTW</a>, Lily Lane is directly opposite the Hills Showground Metro station. It offers a total 213 units over two 12-storey towers - a mix of 67 one-bedroom, 100 two-bedroom and 46 three-bedroom apartments - with a ground-floor retail offering.

[smartcode_project:default project_id=151821 project_image_fid=368352]

Blake Schulze, National Director – Residential at <a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a>, says around 44 per cent of buyers are&nbsp;owner occupiers, with 35 per cent being investors and 21 per cent first homebuyers.

“Developments of this calibre are very rare in the Hills District, and Lily Lane’s sales success demonstrates the depth of demand for over-sized apartments that genuinely compete with freestanding homes," Schulze says.

"We are seeing particular demand from downsizers who want to remain in the area but transition into spacious, high-quality apartment living."

On the penthouse sale, it says it shows buyers&nbsp;are prepared to pay a premium for scale, quality, and direct access to the Metro.

[smartcode_project:default project_id=151821 project_image_fid=368351]

One-bedroom apartments are sized from 50-72 sqm with prices starting at $745,000, while two-bedrooms are priced from $990,000 with sizes from 75 to 132 square metres. Three-bedroom floorplans are sized between 97 and 182 sqm,, with prices starting at $1,395,000.&nbsp;

The three remaining penthouses, spanning up to 262 sqm, are priced from $2.9 million.

Over 75 per cent of apartments include dedicated studies, multipurpose rooms or family rooms, with select layouts offering walk-in pantries and laundries. Apartments are appointed with premium Miele appliances including ovens, washing machines, dryers, gas cooktops and dishwashers, while larger residences also incorporate integrated Miele microwaves, Fisher &amp; Paykel integrated refrigerators and five-burner Miele cooktops.

[smartcode_project:default project_id=151821 project_image_fid=360285]

Lily Lane will be constructed by award-winning iCIRT-rated builder <a href="https://www.apartments.com.au/builders/decode">Decode Group</a>, with construction to commence in mid-2026 and expected to complete early 2029.

Carrington Place comprises more than 800 apartments and is being delivered across multiple stages, with completion expected in 2032. Integrated with neighbouring bushland, the project will feature over 20,000 sq, of outdoor recreational area, including a one-kilometre boardwalk to Fred Caterson Reserve.&nbsp;

The Hills Showground Metro Station is just a two-minute walk away, offering fast connectivity to Sydney’s CBD, North Sydney, Chatswood, Macquarie Park and Norwest Business Park.

[smartcode_project_cta:default project_id=151821]

Ellipse sets Castle Hill apartment record with $5.75 million Lily Lane penthouse sale

Fresh off completing its Delano Crows Nest development, Lindsay Bennelong has lodged plans for its next project, this time turning its attention back to the beach.

The developer, started 20 years ago by Clarendon Homes founder Peter Campbell, is proposing a 37-apartment scheme at <a href="https://www.apartments.com.au/new-apartments/17-25-ashburner-street-manly-nsw-2095">17-25 Ashburner Street</a>, Manly, positioned between the southern end of <a href="https://www.apartments.com.au/developments/manly-nsw-2095">Manly</a> Beach and East Manly Cove.

Lindsay Bennelong called on local architecture firm Platform Architects to design the new building, given their success at Finn, Lindsay Bennelong's current luxury apartment project on North Steyne.&nbsp;

According to the Design Verification Statement by Bridie Gough of Platform Architects, the proposal “relates to the current context but also the desired future character of taller buildings suitable to the new planning controls.”

The site has been identified as a Low to Mid-Rise Housing (LMR) location, given its position within 400 metres of the Manly Town Centre E1 Business Zone. The LMR controls are intended to unlock additional housing supply in well-located areas close to public transport, allowing developers to seek increased height limits to support greater density.

“The proposal seeks to provide this increased level of housing whilst being respectful of some of the smaller scale buildings also nearby,” the statement reads.

Lindsay Bennelong Development Director Leigh Manser said the project has been carefully aligned with the intent of the LMR controls. The proposal will significantly increase housing yield on the site, replacing four houses and 10 apartments, comprising 25 bedrooms, with 37 new apartments delivering a total of 94 bedrooms, whilst remaining compliant with the LMR controls.

“Sydney is in a severe undersupply, and delivering more dwellings and more bedrooms than what currently exists is exactly what the LMR policy is designed to activate,” Manser said, noting that nine of the apartments will be allocated as affordable housing for frontline workers.

“We have already commenced discussions with our community housing provider to determine the rental levels that frontline workers can realistically afford in this location,” he said. “These will need to sit well below the standard affordable housing benchmark of 20 per cent below market rent, and that has been factored into our feasibility and pricing.”

<img alt="Manly" data-entity-type="file" data-entity-uuid="ad03000f-19f9-48b4-b27d-e85ca800a1da" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-30%20at%208.41.59%E2%80%AFAM.png?VersionId=a.txHwCZgbCInlQ6QXbIrI.umvW1T.r8" />

The design of the building incorporates a wave-like indentation running through the façade, referencing the nearby coastline and anchoring the building within its local context.

The&nbsp;Design Verification Statement says careful consideration has been given to the articulation of the building, ensuring the bulk is broken down to a more human scale through a defined four-storey podium."

The scheme includes a mix of one-, two- and three-bedroom apartments, as well as a full-time building manager's office and wellness facilities including a sauna and a gym.

“The design ensures a high level of amenity, with apartments offering generous private open space, many with expansive views, and all with comfortable proportions."

<img alt="Bennelong" data-entity-type="file" data-entity-uuid="6a7f2812-72a1-4959-84b0-997e8cd88aed" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-30%20at%2010.15.50%E2%80%AFAM.png?VersionId=6iMxU3MkXmHVHAoNhYBjnqgka8CUZNbk" />

<a href="https://www.apartments.com.au/developers/lindsay-bennelong-developments">Lindsay Bennelong</a>&nbsp;is currently developing Finn Manly, just four full-floor luxury apartments on North Steyne. They recently welcomed residents to its 81-unit Delano Crows Nest development, a&nbsp;carefully scaled infill project designed to bridge&nbsp;<a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a>’s lively village centre with its surrounding heritage streets.

Designed by&nbsp;<a href="https://www.apartments.com.au/architects/ajc-architects">AJC Architects</a>,&nbsp;<a href="https://www.apartments.com.au/new-apartments/delano-crows-nest-27-57-falcon-street-crows-nest-nsw-2065">Delano</a>&nbsp;is arranged across three low-rise buildings, incorporating a mix of one, two, and three-bedroom apartments alongside a limited number of townhomes addressing Hayberry Lane. The architectural approach drew on the area’s Art Deco lineage, reinterpreted through contemporary detailing and framed by landscaped communal gardens.

The developer also has a development site in Maroubra.

First look: Lindsay Bennelong's new Manly apartment development revealed

Fifty-nine residences across 37 levels. No more than two per floor. With 80 per cent now sold, what remains at <a href="https://www.apartments.com.au/new-apartments/madeline-by-mosaic-broadbeach-22-mary-avenue-broadbeach-qld-4218">Madeline by Mosaic</a> is a short list.

Madeline was always conceived at a scale that sits outside the normal register of Gold Coast apartment living. The residences are half- and full-floor configurations, with the largest spanning more than 400 sqm, dimensions that place them closer to the penthouse end of the market regardless of where they sit in the building.

That scale is the organising principle of everything else: how the floorplans are laid out, how the materials read, how the connection between inside and outside works.

[smartcode_project:default project_id=150135 project_image_fid=355941]

The interiors were developed in collaboration with <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser &amp; Partners</a>, the architecture practice&nbsp;<a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic</a> brought in as design partner for the first time on this project. The palette runs to natural stone, textured timbers, and soft metallics, materials chosen as much for their tactile quality as their appearance.

Light cleverly shifts across surfaces through the day, and the design is explicit about wanting that to be noticed. Full-height glazing runs across the primary living areas, and where the building faces east toward the ocean, those walls of glass are doing real work: framing a view corridor that the site's position directly opposite Broadbeach State School's playing fields keeps permanently open.

That outlook is the site's most consequential asset. In a suburb where new towers continue to rise, a protected view line is genuinely rare, and the Mary Avenue address secures it. Residents at Madeline will look out over open parkland rather than the rear of another building, a distinction that becomes more meaningful with each new development approved nearby.

[smartcode_project:default project_id=150135 project_image_fid=355939]

The private outdoor spaces are sized to match the residences themselves. Terraces on the upper levels frame uninterrupted ocean panoramas, and the planning ensures that living areas extend into those outdoor zones rather than treating them as separate attachments. The flow between the two is part of the design intent, not an afterthought.

Inside, the finish specification reflects the same approach. Rich stone benchtops, warm timber joinery, bespoke hardware, each element specified to hold up over time rather than read as a moment in a particular trend cycle.

[smartcode_project:default project_id=150135 project_image_fid=3409]

Beyond the residences, the amenity offering extends that register. A lap pool and sun deck anchor the outdoor space, alongside a magnesium pool, cold plunge, steam room, and sauna.

A commercial-grade gymnasium, residents' lounge, library, and boardroom round out a programme that functions more like a private members club than a standard building amenity floor.

Construction has commenced under Mosaic's in-house building arm, with completion scheduled for late 2028.

[smartcode_project_cta:default project_id=150135]

Madeline by Mosaic delivers penthouse-level living across every apartment

Developer Fortezza Group is the latest to take its new apartment development, <a href="https://www.apartments.com.au/new-apartments/the-belvedere-5-7-church-street-nelson-bay-nsw-2315">The Belvedere in Nelson Bay</a>, to the NSW Government.

Fortezza, predominantly a South East Queensland developer, is the latest to apply for State Significant Development&nbsp; status through the NSW Government's Housing Delivery Authority, a pathway becoming favoured by developers to speed up the approval process.

They are planning 57 two- and three-bedroom apartments across 5-7 Church Street and 42 Donald Street, near d'Albora Nelson Bay Marina. The diverse apartment mix has sizes from just over 80 sqm to the largest three-bedroom penthouses that reach nearly 200 sqm.

<img alt="Fortezza" data-entity-type="file" data-entity-uuid="090360e1-66d7-43ad-b686-aba81f173bf2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-29%20at%2010.22.40%E2%80%AFAM.png?VersionId=DMqF96eBZolqSAAAcugX0l66ueWng66m" />

Fortezza calls the project a "piece of Istria in Nelson Bay,"&nbsp;referring to the largest peninsula in the Adriatic Sea, shared by Croatia (90%), Slovenia, and Italy, which is known for its Roman history, Venetian-style coastal towns and inland hilltop villages.

They say the The Belvedere is strategically positioned at the apex of Nelson Bay, offering unrivalled views of the ocean, the bay and captivating topography of the area.

"Our commitment to maintaining the integrity of every view and sight line has been relentless," Fortezza Group says.

"Through extensive modelling and analysis, we ensure that each apartment enjoys the natural beauty of Nelson Bay, regardless of future developments. Each design element is carefully curated to harmonise with our European heritage, drawing profound inspiration from the Roman architectural marvels in Istria. The arches, the cascades of greenery and the stonework that define our project pay homage to the structures that once exemplified Roman grandeur."

Residents will have access to a pool, communal green spaces, an office and a coffee shop.

First look: Fortezza Group takes The Belvedere, Nelson Bay apartment development, to NSW Government

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?

Nearly a year after purchasing the former Leo's Fine Food &amp; Wine supermarket in Kew for a reported $52 million, Melbourne developer <a href="https://www.apartments.com.au/developers/orchard-piper">Orchard Piper</a>, in a consortium with billionaire James Packer, has filed development plans for the site.

The proposal includes just under 200 apartments on the 6,835 sqm block, which spans <a href="https://www.apartments.com.au/new-apartments/26-36-princess-street-kew-vic-3101">26-36 Princess Street and 11-15 Brougham Street</a>. Approval is being sought through the Department of Transport and Planning’s (DTP) Development Facilitation Program (DFP).

The buildings, designed by Wardle, will vary in scale and rise up to 18 storeys. One-, two-, three- and four-bedroom apartments will be offered, along with townhouses. Ten per cent of the total dwellings will be allocated to key worker housing.

The development will also include 19 new retail premises, comprising a mix of shops, restaurants and cafés, including a dedicated space for a high-quality produce offering similar to Leo’s.

<img alt="Kew" data-entity-type="file" data-entity-uuid="67cc85a5-a9d8-4eaa-95ae-fd93762d3297" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-29%20at%208.15.07%E2%80%AFAM.png?VersionId=_p57VJNE2w16xNXB4ISvu3mnVHDDk86R" />

Orchard Piper noted the development is "designed to revitalise the Junction with high-quality housing and retail, while also improving the public realm."

"Assembling an expert team, we've been working with leading architects Wardle and landscape architects Oculus on a site-sensitive design. Wardle is one of Australia's pre-eminent architectural practices, and its founder, John Wardle, is a former long-term Kew resident with an intimate knowledge of the area.

"After close to a year refining the plans, our current opposition embodies Kew's unique character and meets the community's needs, including detailed consideration of the surrounding building design, streetscape conditions and broader planning context."

On top of the extensive retail component, the opportunity to deliver offsite public realm works, involving the council owned land to the south, would include a comprehensive new landscaped laneway strategy that connects Athenaeum Place into the site, a new public park, and the relocation of the public parking currently on the site to the adjoining council land.

<img alt="Kew" data-entity-type="file" data-entity-uuid="02da73ff-e9d9-4e6a-8b6c-75c6f4cb3b01" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-29%20at%208.15.12%E2%80%AFAM.png?VersionId=NXlzip8H0suSqc.X2H6nLKZr6LB1joJ." />

Orchard Piper, led by Luke Mckie and Rick Gronow, is currently delivering The Carter building on St Kilda Road and One Toorak Place in Toorak village.

Kew has been a popular suburb for new development in recent years. The likes of Piccolo, ANGLE, and Carpe are delivering projects in the area.

&nbsp;

&nbsp;

First look: Orchard Piper, James Packer's Kew development revealed

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49-51 St Vincents Place, <a target="_blank" title="Albert Park" href="/news">Albert Park</a>, VIC
An imposing piece of the Rochester Terrace has been listed for sale.
Set on the dress circle of St Vincent Gardens, the adjoining 1897 Victorian terraces offer six bedrooms and five bathrooms behind its stunning façade of elegant Corinthian columns. There are also formal and informal living and dining rooms with a flexible floorplan. The opportunity to open up the two terraces has yet to be taken advantage of.
The St Vincent Place precinct was designed to emulate elegant squares found in London. Now registered with the National Trust of Australia, St Vincent Place is home to terraced and detached houses, including the architecturally significant Rochester Terrace, a row of imposing double-storey Victorian houses.
Building commenced in 1869, and it eventually became 10 separate terrace mansions and is still deemed to be the most commanding, coherently designed terrace row in Melbourne. They were constructed by the eminent Emerald Hill auctioneer, agent and speculator WP Buckhurst, who initially built the terraces now numbered 33-43 and in 1879 added the four additional buildings at what is now 45-51.
Architect Charles Boykett designed the terrace, with his son Charles Bolten Boykett completing the row after his father's death.
The terrace housed prominent citizens including bookseller George Robertson, the biscuit manufacturer, TB Guest and the homeopathic chemist R Martin. Like the gardens, it was based on a 19th-century London model that remains largely faithful to its original design, with a bowling green and tennis courts.
The St Vincent Place offering is listed through Alex Schiavo and Tom Staughton at <a target="_blank" title="Kay &amp; Burton" href="https://www.kayburton.com.au/?page=Page&amp;load=ListB&amp;do=search&amp;list=AlbertParkPlus">Kay &amp; Burton Albert Park</a>. The property last sold in 2004 at $3.61 million. More than $5.5 million is being sought.
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Imposing 19th-century Albert Park mansion on the market

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Box 40, one of the 85 bathing boxes at Melbourne's Brighton Beach, is set for September 3 auction.
With $190,000-plus expectations, it seems unlikely to challenge the recent record price for the Dendy Street location.
That was a brand-new bathing box that fetched a record $260,000, even though four other boxes were concurrently listed for private sale with $185,000 plus hopes in mid-June this year.
There are now three other listings for private-treaty sale.
Set on one of the most photographed locales in Australia, Box 40 comes with new weatherboards and a Balinese-style ceiling.
"These highly sought icons of Brighton are a proven investment, and number 40 won't last long," Katie Reid at Nick Johnstone Real Estate says.
"This is possibly the most practically appointed bathing box of them all with a retractable deck/ramp for easy water-sport equipment storage and access."
Bathing boxes existed in Brighton as far back as 1862, with the 85 boxes at Dendy Street being a throwback to the 19th century, when the increasing popularity of sea bathing clashed with Victorian-era prudishness.
The boxes hit $200,000 for the first time in 2007, but during the 2008-2009 global financial downturn there was a $171,000 sale.
Box 73 is currently listed at $180,000 through Buxton Brighton agent Chris Carrington.
“This was listed back in March but there have been a few newer ones available so harder to sell now and will ramp it up once the weather improves,” Carrington says.
Box 72 is for sale through Helen Taylor at Hodges Brighton. Sam Paynter at the Hodges Brighton has $180,000 to $200,000 hopes for Box 16.
The first public auction was in 1999, when a box sold for $60,000.
The local council owns the land for each box and charges an annual licence fee of about $600.
Only Bayside ratepayers or residents are allowed to own one. They are typically 2.4 metres by two metres by two metres.
There are about 1800 bathing boxes and boat sheds around Port Phillip and Western Port Bay.
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Early spring test for Brighton’s bathing box market  

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Melbourne General Cemetery has listed a cathedral-style burial vault with an asking price of $155,000 plus.
Built in 1866, the octagonal structure it is being offered as a burial site for the first time. It is one of the eight historic rotundas within the Carlton cemetery that provided visitors with shade during their visits.
The final pricing is currently with the Department of Health, and it is envisaged to be more than $155,000. The price was initially gazetted at $200,000 by the Department of Health but has since been reviewed. 
It has some 300,000 neighbours.
With the typical mausoleum crypts sale yielding about $33,000, the cemetery trustees acknowledged the decision to convert the rotunda followed “the virtually instantaneous sale of two cathedral-style vaults at St Kilda Cemetery".
Nicole Stow from Southern Metropolitan Cemeteries Trust says nearby graves include one of the founders of Melbourne, John Pascoe Fawkner.
The ornate plot has enough space for two graves.
<img src="/images/stories/cemetery2.jpg">
The vault sits on 10th Avenue in the heart of the cemetery. A striking piece of granite now seals the vault and allows for commemoration.
"With the current construction of the Saint Mary of the Cross Mausoleum at Melbourne soon to be completed providing  a number of  new interment options, we have been going through a process of reviewing  all of our prices," Stow says.
"The price takes into account the cost to install the concrete lined burial vault which is finished off with a piece of granite, the cost to refurbish the Summer House rotunda and the cost to  maintain the structure and surrounding area in perpetuity.
"Given there are seven other summer houses within the grounds, if there was a demand in the future more could be converted into another vault.
"The two Cathedral Style vaults sold at St Kilda Cemetery in 2008 were slightly different  structures, but similar in that they were a pavilion-style building, which sold for approximately $156,000."
In 2009-2010, revenue from cemetery operations was $17.2 million ($24.8 million in 2008-09), with operating costs totalling $14.1 million, resulting in an operations surplus of $3.1 million.
Income from its investment portfolio generated $3.7 million compared with a 2008-09 loss of $19.1 million, reflecting the partial recovery of the equities market and the realisation of some investments.
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Cemetery offering for close to $200,000: Grave concerns over Melbourne affordability

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{yoogallery src=[images/stories/july29groverd]}
35 Grove Road, <a target="_blank" title="Hawthorn" href="/news">Hawthorn</a>, Victoria, 3122
A fine double-fronted Victorian home, which has been updated well to suit modern living. Key pluses - rear northern orientation and secure/direct car access, functional floor plan, and the façade is a classic one (yet could be further improved with some colour changes and restoration work). Some may find rear living area a little small, and location of laundry to first floor a little odd (yet could be relocated to existing formal dining room area). First-floor bedrooms are good size and enjoy north light. Given recent strong sales in this area, this should attract good completion - would well suit a young family / couple very well. James Buyer Advocates rates the property 725 out of 1,000, which is in the Well Above Average category. It is being marketed by <a href="https://www.jelliscraig.com.au/property/HAWTHORN-35-Grove-Road/2879331/" title="Jellis Craig" target="_blank">Jellis Craig</a> agents Peter Vigano and Katrina Mckenna and goes to auction on Saturday, July 30 at noon. 
 
Adam Woledge is a registered architect and principal buyer advocate at <a href="https://www.james.net.au/en-au/" title="James Buyer Advocates" target="_blank">James Buyer Advocates</a>. James includes market news, home ratings and auction reports on its website.
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cknowlton-QnEa6ntUYP

Updated Victorian in Hawthorn

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The Melbourne Open House scheme features 75 buildings that will be open this year on its July 30-31 weekend.
The scheme comprises mostly offices, but the residences on show include the ground floor and gardens of Bishopscourt (pictured, photo by Ken Ng), the 1853 East Melbourne mansion. Built for Bishop Perry, first Anglican Bishop of Melbourne, the bluestone house is the oldest in East Melbourne.
Tickets were required, and have now all been allocated for the <a href="https://www.propertyobserver.com.au/trophy-homes/a-work-of-art-in-southbank/2011072750908" title="Work of art in Southbank" target="_blank">Triptych </a>at Southbank, a 24-level apartment tower designed as a series of eight three-storey "vertical villages" that aim for a sense of community.
There’s also be an opportunity to see two city properties built as homes but no longer lived in. The top floors of the 1887 ANZ Gothic-style bank in Collins Street, once the home of George Verdon, general manager of the bank for which it was built, will be part of tours that will include the richly decorated banking chamber.
Parts of three Charles Webb-designed terraces in Tasma Terrace, now home to the National Trust, will also be open.
Inspired by similar programs initiated in London and New York, <a href="https://www.melbourneopenhouse.com.au" title="Melbourne Open House" target="_blank">Melbourne Open House</a> has installed its own ambassador, Grand Designs host and architect Peter Maddison. Maddison favours the Town Hall, Lyons Architecture Office and the old Land Titles Office, which has a fireproof vault that Maddison marvels is an interwoven three-storey vertical space with narrow walkways and spiral stairs all made from hot riveted steel, solid-slate shelving and bluestone. It has not been touched since the 1880s.
“You can understand the emphasis we place on freehold land ownership when you visit this one," Maddison told The Age.
Of the 75 buildings on offer, entry to six was selected by earlier ballot.
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Melbourne Open House scheme offers peek behind closed doors

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{yoogallery src=[images/stories/july26triptych]}
8 Kavanagh Street, Southbank, VIC, 3006
With a striking 33-metre by five-metre vertical garden on one face and a facade by Australian artist Robert Owen that brings to mind a cascade of raindrops glinting in the sun, the <a target="_blank" title="Triptych" href="https://www.triptychliving.com/">Triptych </a>building is a work of art in itself. Seven four-bedroom "penthouses" across the top five levels of the building are now on the market, with price hopes of between $3.75 million and $5.5 million. The apartments offer views of either the Melbourne skyline or the Royal Botanic gardens, and they have the state-of-the-art fittings and fixtures one would expect for apartments of this calibre. The apartments are large, ranging from 306 square metres to 330 square metres. Four of the seven apartments have been sold.
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A work of art in Southbank

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{yoogallery src=[images/stories/july22victoria]}
33 William Street, Williamstown, VIC, 3016
Two streets from the water, this four-bedroom, two bathroom house in the Melbourne suburb of Williamstown offers light and airy living. It has a solar-heated pool and outdoor entertaining area, and it includes the state-of-the-art fittings and gadgets buyers in this price point expect. It is being sold by <a target="_blank" title="Compton &amp; Green" href="https://www.comptongreen.com.au/index-tess1.php?ItemNo=1128&amp;QF=2&amp;searchtype=ressale&amp;propertyid=3521045">Compton &amp; Green</a> agents Adrian Butera and Susie O'Neill, with price hopes of $2 million plus. The property goes to auction on Saturday, July 23 at 11am. 
 
 
{module 238}
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Open living in Williamstown

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
<img src="/images/stories/melbapartment-cropped.png">
March quarter ABS tourist accommodation figures for Melbourne’s serviced apartment market (15 rooms or more) suggest residential investors should take a closer look at the sector.
Melbourne, with 107 apartment complexes and 7,348 serviced apartments, makes up more than three quarters (78%) of the 9,525-room Victorian market.
The capital city has enjoyed strong growth in all key aspects of the serviced apartment sector.
Occupancy rates increased strongly to 83% in March 2011, compared to 74% at the start of the year and 77% a year ago.
Rooms occupied by guests rose from 167,000 nights in January 2011 to 188,000 in March, after suffering a slight dip in February. They are 8% higher than March last year, when room nights tallied 174,000.
Over the March 2011 quarter, overall guest numbers rose from 98,000 arrivals to 107,000, while total guest takings were up 6% to $34 million. On average, one night’s accommodation in a Melbourne serviced apartment generates $181, compared to $176 a year ago, and not far off the $199 a night a Melbourne hotel generates on average per paying guest.
Private hotels, motels and guesthouses in Melbourne generate about $130 a night.
Apartments selling at under $200,000
Against the backdrop of a strong growth, searches of real estate listings reveal a number of affordable serviced apartments for sale in the Melbourne CBD.
Agents are targeting the properties at residential investors, who would otherwise not have the funds to gain direct access to the leisure sector.
A one-bedroom Oaks serviced apartment at 480 Collins Street in the CBD, advertised for sale by First National Real Estate City Residential at $165,000, currently returns net rents of $10,143 per year and 3% capital growth.
The building offers tenants a business centre, pool, gym, sauna, laundry service and restaurant. All outgoings are paid by the tenant.
Just outside the Melbourne CBD, Grant Wallace from Hocking Stuart is selling a Quest apartment at 651 Chapel Street, South Yarra, for $300,000. The apartment offers a rental return of about 5%.
And in Melbourne’s Docklands area Richard Mindraoui from City Residential Real Estate is selling a 65-square-metre, one-bedroom apartment leased by the Mantra Hotel at 222 Russell Street for $310,000.
Mindraoui says the apartment brings in net rents of $18,720 per annum and is currently secured with a 13-year lease.
Regional markets in the doldrums
The ABS figures provide little detail on regional serviced apartment markets outside Melbourne.
Where they are available, it appears these markets have suffered the same fate as other regional markets in Queensland and NSW, where occupancy rates and takings have trended downwards.
In western Victoria, which includes the regional cities of Geelong and Ballarat, serviced apartment occupancy ratios have fallen from 74% at the start of year to 61% in March 2011. Over the quarter, monthly guest arrivals dropped from just under 11,000 to just over 9,000, while average takings per room per night dropped dramatically from $209 in January 2011 – higher than Melbourne – to $163.
This decline reflects the fact regional serviced apartment markets are more heavily reliant on domestic tourism and leisure visitors. However, while in other regional markets in NSW and Queensland serviced apartment guest numbers have declined in line with drops in hotel guest numbers, suggesting a drop in tourism demand is to blame, in western Victoria, hotel occupancy have strengthened over the quarter from 65% to 69%.
This suggests the western Victorian serviced apartment market is weak in its own right.
For the state as a whole, Victoria’s serviced apartment market continues to perform strongly, mirroring Melbourne’s performance over the quarter.
The state’s occupancy ratio stands at 77% in March 2011 compared to 72% at the start of the year and 74% a year ago.
According to research by CBRE, the serviced apartments market is generally 10% more profitable than the hotel market, while yields on serviced apartments averaging between 4% and 5% compared to 3% to 4% for residential investments.
“The unique blend of major hospitality business and strata real estate has produced an investment class that has given opportunity for individual “mum and dad” buyers to enter a sector previously the domain of high-net-worth individuals and institutional investors,” says Ken Smith, CBRE Hotel’s regional director of valuations.
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Melbourne serviced apartments yielding strong returns

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A lack of new development and a drop in owner-occupier activity have pushed prime industrial rents in Melbourne’s west above pre-GFC levels.
Average prime grade industrial rents in the west are now about $70 per square metre, compared with $63 per square metre in 2007, according to latest Colliers data.
For 2011 to date, 131,977 square metres of space has been leased compared with a total of 201,741 square metres leased throughout 2010.
<img src="/images/stories/rentchart-cropped.png">
Recent deals in the area include the Simon de Winter Group, part of the Solomon Lew empire, which has leased 7,340 square metres across at warehouse 7 at 4 Judge Street, Sunshine, for seven years in a deal negotiated by Colliers International’s Stephen Newsham.
The group is relocating from 660 Rathdowne Street, Carlton North, which has been sold and is about to undergo a major redevelopment.
In January 2011, transport and logistics provider Northline signed a six-year 23,000-square-metre lease at 65-76 Strezlecki Avenue in Sunshine at $68 per square metre.
According to Nerida Conisbee, Colliers International national research director, Melbourne west is the only industrial market in the country where the market has bounced to levels above those recorded in 2007.
As a result of the increased demand and lack of development, Conisbee says there are now major opportunities for developers who are in a position to capitalise on the improving conditions.
Nathan Bingham, manager-in-charge of Colliers’ Melbourne West office, says while tenant demand is strong, owner-occupier activity for properties in excess of 5,000 square metres has slowed dramatically and new development has been scarce, which has further contributed to the growth in rents.
“In 2010, there were nine major owner-occupier deals in the west in excess of 5,000 square metres. This year there have been none,” he said.
“This is driven by a lack of supply in the market of buildings that are available for sale, as well as fragile confidence from potential owner-occupiers, and difficulty getting finance,” he says.
Bingham says this is all good news for established private developers looking to undertake new speculative development to capitalise on the improving market conditions.
“In the short term, in the absence of new development, rents are likely to continue increasing this year and given fewer developers can get finance and tenant demand continues to grow, it’s very unlikely that development that does come online in the medium to long term will outstrip demand,” he says.
According to Colliers, the city fringe market remains the most expensive, with rents about $110 per square metre, but well below pre-GFC levels of more than $140 per square metre. Average rents have hardly moved in the last three years.
Melbourne’ s south-east and north industrial markets have also rebounded strongly in 2011. 
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Melbourne west industrial rents soar

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Melbourne house prices will not recover in 2011 despite a recent improvement in buyer confidence, according to WBP Property Group.
According to the company’s CEO Greville Pabst, an increasing number of passed-in properties have sold in recent weeks after “tough post-auction negotiations”.
Statistics compiled by RP Data reveal that auction clearance rates in Melbourne improved to 55.1% for the week ending July 3, compared with 52.6% for the previous week.
RP Data recorded Melbourne auction clearance rates at 51.3% in mid-July.
Clearance rates are still well down on the year to date, which according the Real Estate Institute of Victoria, stands at 60%.
While taking note of the recent improved conditions, Pabst remains bearish on Melbourne house prices for the remainder of the year.
“There appears to be some early evidence that property values are currently in the lower trough. “However, while I don’t expect values to fall considerably further, it is unlikely that Melbourne will see any significant positive change in values in 2011,” Pabst says.
According to Property Observer’s Property Clock https://www.propertyobserver.com.au/ebook-where-is-your-market-on-the-property-clock the Melbourne market has some way to go before bottoming out.
Melbourne houses currently sit at 2.25 on the clock and units at 1.50, with 6 o’clock indicating the bottom of the market.
SQM Research managing director Louis Christopher is forecasting a 5% decline in Melbourne house and unit prices this year.
Hotspotting.com.au director Terry Ryder forecasts a minor decline due to a strong economy and continued population growth but has particular concerns for Melbourne inner-city apartments due to a large number of construction projects in the CBD, Docklands and Southbank markets.
For the year to May 2011, Melbourne house and unit median prices have fallen 3.6%, according to RP Data, compared with a national capital city decline of 2.7%.
Melbourne rental yields currently sit at 3.6% for houses and 4.2% for units. The national median yield for capital cities is 4.2% for houses and 5% for units.
Areas which have benefited from a spike in buyer demand include Melbourne’s inner-east, where a week ago clearance rates for units reached 90%.
However, Pabst says buyers in the east remain selective about which suburbs they favour as well as streets and property types.
“Buyers looking in the inner suburbs are in pursuit of lifestyle. They want to be close to the CBD and employment with good access to cafes, restaurants, shopping and recreational facilities; and they’re willing to pay for it,” he says
In recent weeks, the bayside suburb of St Kilda has seen mixed results as buyers vie for only a select few of the many properties on offer in the area.
Despite the overall outlook showing limited potential, Pabst says there are good opportunities for shrewd buyers to secure quality assets at good value.
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First look: Orchard Piper, James Packer's Kew development revealed

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First look: Orchard Piper, James Packer's Kew development revealed

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