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.

&nbsp;

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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."

&nbsp;

[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 signature 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." />

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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.

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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.

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"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.

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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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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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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. 
 
 
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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.
 
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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.
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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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Melbourne prices to remain in the red in 2011: WBP

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Australian commercial property investors are being targeted as potential buyers of a historic piece of British Victorian architecture.
The 524-metre, grade 2-listed pier, which juts out from Brighton beach, is being marketed by Ben Allen and Richard Baldwin from GVA Humberts Leisure on behalf of the Noble Group, which has owned the pier since 1984.
Brighton Pier has featured in films, television programs and documentaries dating back to 1896 with the likes of Grace Kelly, Bette Davis and Greta Garbo all appearing in scenes set on the landmark. A Midsomer Murders episode, "The Sword of Guillaume", was filmed on Brighton Pier with the House of Horror used as the murder scene.
The asking price is undisclosed but the Noble Group will be looking to recoup the £35 million it has invested in the heritage building, which was formerly known as the Palace Pier.
A spokesperson for GVA Humberts Leisure told Property Observer there had been international interest in the pier including from the USA, Russia and Kuwait, and would not rule out interest from Australia.
An advertising campaign is running in The Australian.
Investors will be able to take advantage of a favourable Australian dollar/UK sterling exchange rate with $1 now buying 67 pence.
According to a report by Investment Property Databank, values of UK commercial real estate rose in 2010 for the first time in four years. Values rose 6.9% compared with a drop of 5.6% in 2009. Australian investors have kept clear of the UK commercial market in recent times.
According to Rosey McGrath, UK marketing and communications manager at CB Richard Ellis, its research showed that Australian investors were not registering as significant purchasers in the current UK market.
“The last major Australian acquisition from memory was the Australian Future Fund – purchasing a 17.2% stake in Gatwick Airport in December 2010 and in the Bullring Shopping Centre in Birmingham in September 2009,” she says.
The current pier was built by the Marine Palace &amp; Pier Company in 1899 at a cost of £137,000 on the site of an earlier Old Chain Pier, dating back to 1823.
It was designed by R St George Moore, an engineer from London, as an amusement and pleasure emporium complete with filigree arches and kiosks. It was the third pier to be built in Brighton.
Facilities on the pier include 18 themed attractions and rides, two modern amusement arcades, together with retail and entertainment outlets, Horatio's and Victoria's Bars and the recently refurbished Palm Court restaurant.
According to GVA Humberts the pier is ranked alongside Brighton’s pavilion as one of the city’s most important assets, and has served as the catalyst to the resurgence of Brighton’s seafront. At peak season, the pier’s businesses employ more than 300 people.
David Biesterfield, Noble Group’s development director, says: “Over eight million visitors come to Brighton annually and its status as ‘London by the Sea’, the resurgence of British tourism and the forthcoming Olympics represent an exciting opportunity for further increasing the number of visitors to the pier.
"We anticipate a great deal of interest in the sale of this world-renowned asset.”
A train ride from London to Brighton takes under an hour.
The sale of the pier is part of a sale of the entire issued share capital of the Brighton Marine Palace &amp; Pier Company, which was established by Act of Parliament in 1888, to develop and operate the pier.
The Noble Group, based in Tyneside in the north-east of England, is one of the UK’s largest amusement arcade operators.
It also owns a wide-ranging commercial property portfolio and has a variety of other business interests.
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Aussie investors sought for historic Brighton Pier

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A three-storey Victorian terrace at 79 Merton Street, Albert Park, goes to weekend auction through Michael Coen at Hocking Stuart.
The four-bedroom Merton Street house on 178 square metres was given a price estimate between $2,750,000 to $3 million in the lead-up to its auction.
Guy Angwin from James Buyer Advocates notes its transformation has been extensive, to become a large, light-filled contemporary family home with many extras.
“The ground floor offers you a practical floor plan with the kitchen and family room linking to a rear paved courtyard.
“Families with children will find the extra dining/living rooms at the front of the property a bonus.
“This gives parents an opportunity to entertain with some privacy – away from children as they play in the family room.
“Upstairs all the bedrooms are of a good size, some having access to excellent balconies with views over the city.”
But Angwin suggests an opportunity may have been missed, with the large main bedroom not having an ensuite.
The property is well located and within easy walking distance of shopping, restaurants and public transport.
James Buyer Advocates gives it a 639 rating out of 1000.
“Whilst this property ticks most of the boxes; it's lack of off-street car parking may limit it's appeal,” Mr Angwin says.
<a href="https://www.james.net.au/rating/79-Merton-Street-ALBERT_PARK">https://www.james.net.au/rating/79-Merton-Street-ALBERT_PARK</a>
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$2.75 million sought for contemporary Albert Park home

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Residential building activity has surged in Victoria, with the value of building permit activity for high-rise apartments up 70% to $2.9 billion, according to the Building Commission.
Overall building permit activity in Victoria in the 11 months to the end of May was valued at $22 billion – just 1% higher than the same period in the previous financial year.
“Residential was the standout category,” acting building commissioner, Peter Donald says.
Domestic housing building permit activity remained steady when compared with the same period last financial year, creeping up 0.6% to $12 billion.
Mr Donald said there was a 33% decrease in the value of building permits for public buildings over the 11-month period, reflecting the ongoing wind-down of government stimulus programs.
Commercial building was 5% below the same period in the 2009-10 financial year.
Inner Melbourne was the only region to record a rise in building permit activity, improving 11% to $8.9 billion.
The falls in building permit activity ranged from 0.3% for outer Melbourne to 18% for the north-east region of rural Victoria.
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High-rise apartments lead Victoria’s residential building surge

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4 Sussex Street, Brighton, Victoria, 3186
There were no bids made when Brighton’s most impressive weekend listing, 1930s residence Sussex, went to auction through <a href="https://www.buxton.com.au/" target="_blank" title="Buxton">Buxton </a>agents Regina Schmidt and Brian Devlin with price hopes of $3.5 million.
The well-positioned home in the heart of Brighton opened with the auctioneer seeking bids of $3.2 million – but nothing came from the crowd.
A vendor bid came at that level, and then another vendor bid of $3.4 million, according to James Buyer Advocates.
The buyers’ agency gave it a rating of 725, which is well above average, so they and the Buxton agents expect a sale in coming days.
The house, with five bedrooms and a home-office, comes with 1835 stables that have been converted into a two-room entertainers' complex.
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Still a lot to like in Brighton

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30 St Vincent Place, Albert Park, Victoria, 3206
This historical landmark property built in 1866 and sitting on approximately 1000 square metres of land has been rated as land only.
Behind the classic double fronted Italianate facade is an original Victorian property, almost unchanged from the day it was built. Surprisingly, this property comes complete with stables to the east and two small Victorian cottages to the west, which some may find quite inconvenient as they take up a large portion of the land. The excellent rear street access allows the possibility to convert these outbuildings into a more practical arrangement – the stables could transform  into a double garage with studio apartment above, and the two cottages could be used as a teenager's retreat or elderly parent's small home away from home.
The main home itself presents a unique opportunity for the purchaser to completely refurbish the property, as its original condition renders it unliveable. There is scope to further improve the home by extending the north-facing rear to create flexibility and connection to the outside. Therefore, the additional expense of adding a second storey to the home in order to create extra space and light may not be necessary.
The issues from a buyer's perspective will be the significant financial expenditure required to bring this home into the 21st century, dealing with heritage overlay restrictions and the length of time, possibly eighteen months or more, which may be needed to complete the restoration and construction. That said, this is possibly one of Melbourne's most prestigious streets, close to everything with an opportunity to create a property that would equal some of the best in the country. James Buyer Advocates gives the property a rating of 765/1000, which puts it in the Well Above Average Category.
The property was sold by <a target="_blank" title="Marshall White" href="https://www.marshallwhite.com.au/?pagecall=property&amp;propertyID=1670314">Marshall White</a> agents Simon Gowling and Oliver Bruce at auction on Sunday, June 26 at noon. It sold for $6.62 million.
Guy Angwin is a buyer advocate at <a title="James Buyer Advocates" target="_self" href="https://www.jamesbuyeradvocates.com.au/" style="outline-style: none; outline-width: initial; outline-color: initial; text-decoration: underline; color: #6888b1;">James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. James provides home ratings, weekly auction reports and market analysis on its website. 
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