<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."

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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.

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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.

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Joel Robinson

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

By the time S&amp;S Projects began planning <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia</a>, the developer already had three Rainbow Bay projects from which to draw.

Flow, Awaken and Esprit had given <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a> experience developing in the southern Gold Coast enclave, as well as buyer feedback that could be carried into its fourth project, a boutique collection of 38 residences at 271 Boundary Street.

“We have experienced a lot of success in this location and as this was our fourth building we had taken all of the learnings and buyer feedback from previous projects to arrive at a design and apartment mix that we believe had captured all of that experience and remained a true S&amp;S Project in its design and amenity,” the developer said.

That experience has translated into a collection of two, three, four and five-bedroom residences including two penthouses positioned on an elevated corner in Rainbow Bay, where the site opens to multiple coastal view corridors and the area's distinctive north-facing bay.

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S&amp;S Projects says the Boundary Street site took years to assemble, having previously comprised six units, a house and a duplex. The developer worked individually with the existing owners to bring the properties together after an earlier attempt to sell the site had been complicated by the number of parties involved.

“We are constantly looking for properties that meet our brand standards of location, views, and sites that are rare with unique aspects that we can develop to maximise the lifestyle of residents who live in our buildings,” S&amp;S Projects said.

The Boundary Street site gave <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a> a different set of conditions to work with.&nbsp;

“Our design brief was to design a building that took advantage of its unique elevated corner siting offering a range of spectacular view corridor opportunities,” Cottee Parker said.

“The design had to reinforce the strong brand pillars of S&amp;S which are quality, luxury and superior resident amenity.”

[smartcode_project:default project_id=140491 project_image_fid=284543]

Cottee Parker responded with a sculptural floorplate and strong horizontal banding, with continuous balconies and landscaped planters wrapping the building. Operable screens along the balcony edges allow residents to manage light and shade while creating an additional layer of pattern across the facade.

The tower rises above a heavily landscaped podium incorporating the entry lobby and recreational level, while the broader architectural expression takes cues from Rainbow Bay's coastal environment through its organic forms and light material palette.

Cottee Parker says the design has also been developed to complement S&amp;S Projects’ three previous Rainbow Bay developments while retaining its own architectural identity.

Inside, the residences continue that coastal response through two interior schemes centred on warm timbers and neutral tones, alongside patterned natural stone and fluted detailing.

Floor-to-ceiling sliding glass doors connect open-plan living areas to wraparound balconies, while natural stone is used across benchtops, splashbacks and bathroom walls. Specifications also include light-washed timber flooring, gas fireplaces, integrated bar and wine fridges, freestanding stone baths and 100 per cent wool carpet.

[smartcode_project:default project_id=140491 project_image_fid=284559]

Cottee Parker Director Sandra Brown said the intention was to create an architectural response closely connected to its surroundings.

“Imagine architecture that breathes with the rhythm of nature, where every curve and line flows seamlessly – creating spaces that dance with the elements, where sunlight kisses every surface and the gentle sea breeze fills every space,” Brown said.

The lessons S&amp;S Projects carried into Radia also extend to its resident amenity, with a substantial collection of shared facilities planned for just 38 residences.

A dedicated Residents Club will include a lap pool and spa, gymnasium, ice bath, sauna, steam room and hot rocks sauna. A residents' lounge, private dining room, outdoor dining and barbecue area and business centre are also planned, along with storage and dedicated surfboard and beach lockers.

S&amp;S Projects Founding Director Paul Gedoun said the facilities were also designed around the project's Rainbow Bay setting.

“Each amenity is designed to capitalise on the lifestyle of Rainbow Bay, ensuring residents can enjoy the relaxed coastal experience the enclave is famous for,” Gedoun said.

[smartcode_project:default project_id=140491 project_image_fid=284555]

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> says purchasers to date have predominantly included local downsizers, interstate lifestyle investors and families, alongside a strong contingent of repeat S&amp;S purchasers.&nbsp;

According to the project sales team, feedback has centred on the natural stone and joinery, generous floorplans, natural light and the ability for residences to capture views in multiple directions. The completed Flow, Awaken and Esprit developments have also provided prospective purchasers with an existing reference point for S&amp;S Projects' delivery in Rainbow Bay.

There has also been interest from high-profile surfers and people connected to the surf community, with the elevated building providing outlooks towards several of the area's recognised surf breaks.

Radia continues S&amp;S Projects' concentration of development in a tightly held part of the southern Gold Coast, close to Rainbow Bay Beach, Snapper Rocks, Duranbah Beach, Greenmount Beach and the Tweed River. The neighbourhood also includes a growing collection of hospitality venues, while Coolangatta Airport provides connections beyond the southern Gold Coast.

Hutchinson Builders is now delivering Radia, continuing the project from early works privately funded by S&amp;S Projects. The $250 million development is expected to reach completion in the third quarter of 2027.

“With our history in Rainbow Bay, we have been fortunate to be heavily involved in how the development landscape has unfolded and this project slides into the property landscape comfortably and will feel like it was always there,” the developer said.

[smartcode_project_cta:default project_id=140491]

How three Rainbow Bay projects shaped S&S Projects' fourth, Radia

Nearly 40 years after <a href="https://www.apartments.com.au/developers/sheida-group">The Sheida Group</a> began working on the northern Gold Coast, the family-owned developer is continuing its involvement in Hope Island with Marina Point Apartments, where apartment scale has been a central part of the development.

Across the 235-apartment waterfront community, the developer has prioritised larger floorplans, substantial open space and marina access, responding to a purchaser base that has predominantly comprised local owner-occupiers and downsizers moving from larger homes.

"Having already delivered Anchorage nearby, we also understood this particular market and how people live here," developer Rick Sheida said.

"<a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Marina Point&nbsp;Apartments</a> gave us the opportunity to build on those lessons and create the next evolution of our work in Hope Island."

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The Sheida Group acquired the Marina Point land around 2018. Its appeal, Sheida says, went beyond having a waterfront address.

"What attracted us was not simply that the site was waterfront, but the way it meets the water," he said.

"It sits at the junction of broad waterways, creating long sightlines, changing views and a sense of movement throughout the day. Its shape also allowed us to orient the buildings outward, improve privacy between residences and make better use of natural light and breezes."

The buildings have subsequently been positioned around the perimeter of the site, allowing most apartments to take in water views while others look across the resort amenity or hinterland. Once all four buildings are complete, approximately one hectare of the site is expected to remain as open space.

The waterfront also provides the potential for up to 50 marina berths, with berths ranging from 15 to 24 metres and options designed to accommodate wider vessels including catamarans. Access from the marina to the Gold Coast Seaway is bridge-free.

[smartcode_project:default project_id=136992 project_image_fid=293149]

The developer says purchasers to date have predominantly been owner-occupiers and downsizers from <a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Hope Island</a> and elsewhere on the Gold Coast, generally aged between 45 and 70. Many have sold larger family homes or properties requiring significant upkeep.

That purchaser profile informed a design brief centred on retaining the space and functionality of a larger home within an apartment format.

"Many of our buyers are coming from large, well-appointed homes in Sanctuary Cove and the surrounding area," the project team said.

"They are accustomed to generous spaces and thoughtful design, so it was important that the apartments delivered the same sense of comfort and functionality.

"Every room needed to feel well proportioned, every space needed a clear purpose and nothing could feel compromised."

Residences range from 139 sqm through to 319 sqm penthouses, with two car spaces provided to apartments and three to penthouses. Minimum 2.7-metre ceilings, floor-to-ceiling glazing, entertainer's kitchens with butler's pantries, substantial storage and balconies ranging from 18 sqm to 37 sqm further reflect the emphasis on space.

One purchaser from Sanctuary Cove has taken the concept further, combining two of Marina Point's largest apartments to create a 552 sqm residence with raked ceilings reaching up to 4.5 metres.

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With Building 1 now complete, the developer is also seeing its original design assumptions tested against purchaser feedback.

Three completed display residences allow prospective purchasers to compare apartment sizes, layouts, finishes and outlooks in person. The sales team says one of the most consistent responses has been to the scale of the apartments, with visitors describing them as feeling more like homes than conventional apartments.

The first stage of resident amenity is also operational, including a 25-metre heated lap pool, Technogym-equipped gym, infrared sauna, golf simulator and yoga room. Future facilities are set to include a resort-style pool and spa, waterfront barbecue area and a residents' lounge with a library, fireplace, pool table, kitchen and bar.

Rather than treating the four buildings independently, the design brief called for a complete waterfront neighbourhood, balancing private residences with landscaping, open space, marina access and shared amenity.

[smartcode_project:default project_id=136992 project_image_fid=293152]

For Sheida, Marina Point Apartments is ultimately an extension of the developer's longer-term involvement in Hope Island and its view of how the suburb is evolving.

"We were equally interested in the long-term future of Hope Island," he said.

"Its position between Brisbane and the central Gold Coast gives residents access to both, while improving transport connections are making the northern Gold Coast increasingly attractive as a permanent place to live."

Hope Island Marketplace is 1.3 kilometres from Marina Point, while Sanctuary Cove and Paradise Point are within six kilometres. Links Hope Island, The Pines and The Palms golf courses are also nearby, and the new Hope Island train station is under construction around five kilometres from the development.

Building 2 is under construction, with completion scheduled for 2027.

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Marina Point Apartments continues The Sheida Group's 40-year Hope Island story

Sydney-based fund manager and developer EG is seeking to turn part of the former Roche pharmaceutical campus in Cromer into a 130-home residential community, introducing a mix of low-rise apartments, townhouses and duplexes to the tightly held Northern Beaches market.

The SJB-designed masterplan has been prepared for the 3.2-hectare site at <a href="https://www.apartments.com.au/new-apartments/100-south-creek-road-cromer-nsw-2099">100 South Creek Road</a>, part of the former Roche landholding that EG acquired for $55 million in 2017 through its Yield Plus Infrastructure Fund No. 2.

EG is proposing what SJB describes as a new "urban village" set within the site's significant existing tree canopy.

<img alt="Cromer" data-entity-type="file" data-entity-uuid="482c9a58-49f1-4c53-a12e-aaa02336229f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-24%20at%2011.20.57%E2%80%AFAM.png?VersionId=hZP8_XfPnfNq500dbcjlpVwYU1ebhF9_" />

Around three hectares of the site is considered developable, with the balance incorporating a riparian corridor that would be rehabilitated and revegetated as part of the proposal.

The indicative masterplan comprises approximately 72 apartments in low-rise residential buildings and another 58 townhouses and duplexes.

The apartment component would include around five one-bedroom, 37 two-bedroom and 30 three-bedroom residences, while the townhouse and duplex component would be spread across several different housing typologies. The overall scheme would deliver around 19,500 sqm of gross floor area at an FSR of 0.6:1.

Parking for the apartment component is currently estimated at around 112 resident spaces and 14 visitor spaces, while the townhouse and duplex component would have 116 resident and 12 visitor spaces.

A significant part of the masterplan revolves around retaining the established landscape character of the former Roche campus.

SJB's plans show heavily treed setbacks along both Campbell Avenue and South Creek Road, a centrally located collection of significant native and exotic trees retained as communal open space, and the regeneration of the northern bushland area.

The existing creek corridor along the site's western edge would also be rehabilitated and revegetated, creating additional separation between the new homes and the neighbouring Northern Beaches Business Park.

A heritage-listed cottage and its garden setting would be retained and restored, with SJB flagging its potential adaptive reuse as communal space.

The proposal also includes new communal recreation areas, pedestrian connections to Campbell Avenue and South Creek Road, and a contribution toward improvements to the adjoining Michele Reserve.

Vehicular access would be restricted to South Creek Road, with no vehicle entry proposed from Campbell Avenue. The main internal road would largely follow the site's existing driveway to minimise the impact on established trees.

SJB said residential redevelopment presented an opportunity to retain the majority of the site's heritage-listed mature trees while delivering a broader range of housing types than typically seen across the Northern Beaches.

"The site being 3.27 hectares in area represents one of the largest vacant sites in common ownership in the Cromer and Dee Why area capable of residential renewal," SJB noted in the masterplan.

The architect said the proposal would particularly target housing diversity through townhouses and other "missing middle" typologies suitable for singles, young families, downsizers and retirees.

<img alt="Cromer" data-entity-type="file" data-entity-uuid="e3f5d841-8491-427e-8ada-c70d3d03d6bc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-24%20at%2011.21.02%E2%80%AFAM.png?VersionId=xTV7r.q8lrTzC9vKzMS9zMbjm9wKwhgm" />

The site emerged following the subdivision of the former Roche campus into eastern and western parcels.

EG has already transformed the western portion into the Northern Beaches Business Park, which incorporates heritage-listed office space, modern warehouses and indoor recreation facilities.

The proposed residential community, referred to as Cromer East in SJB's plans, adjoins established housing to the north, east and south-east, while the business park sits beyond the creek corridor to the west.

It is also within 250 metres of Pittwater House School and Northern Beaches Secondary College, while bus stops within a three-to-five-minute walk provide connections to Dee Why, Brookvale and express services to the Sydney CBD. Cromer Park and the South Creek open space corridor are also nearby.

EG acquired the broader 7.5-hectare former Roche campus in 2017 for $55 million through its Yield Plus Infrastructure Fund No. 2. The campus at the time comprised more than 25,000 sqm of industrial and office buildings set within landscaped grounds.

The current residential site represents the eastern portion of that original holding.

EG's investment strategy for the fund has centred on acquiring income-producing real estate with longer-term rezoning and repositioning potential, particularly assets benefiting from infrastructure and changing land-use patterns.

EG also has an established residential track record across Sydney, including Bosco in Five Dock, Tempo in Drummoyne, The Flour Mill in Summer Hill and Pindari in Randwick.

The developer says it has delivered more than 1,000 homes to date, with a further 3,000-plus residences across its development pipeline.

First look: EG plans 130 apartments on former Roche pharmaceutical campus in Cromer

<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

SP Setia plans three-tower finale for Carlton’s former CUB precinct

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?

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

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REIWA’s March quarter data show that Perth’s median house price has reached a new record of $510,000.
The previous peak was $505,000 in the March quarter of 2010.
There has been a 2% increase on the median price from the December quarter, which has been driven by a lift in turnover and more sales activity above the median price.
Our preliminary data for the March quarter show that while the proportion of sales under $500,000 has fallen there was a marked increase in sales between $500,000 and $1 million.
REIWA data show that homes selling for $600,000 to $700,000 and those between $800,000 and $1 million represented some 20% of all sales during the quarter.
The $600,000 to $700,000 range was the most dominant price point above the median during this period and is a healthy illustration of consumer confidence through trade-up activity.
Despite a general downturn of sales under $500,000, those homes which sold for between $400,000 and $450,000 show a slight increase in turnover largely driven by strong first home buyer activity.
The $400,000 to $450,000 range was the leading price point in the overall market, representing 12% of all sales for the first three months of this year. Sales in this price range are turning over very quickly and the Office of State Revenue reports that in February the median purchase price for first home buyers was $425,000.
Flats, units, apartments and villas are more common in the central part of Perth and indicate a 10 per cent rise in sales during the quarter, suggesting an upturn with investor activity given that around half of all multi-residential property is tenanted.
Suburbs closer to the CBD also saw stronger sales activity during the quarter including within the cities of <a target="_blank" href="/news">Bayswater</a>, <a target="_blank" href="/news">Belmont</a>, <a target="_blank" href="/news">Bassendean</a>, <a target="_blank" href="/news">South Perth</a>, <a target="_blank" href="/news">Victoria Park</a> and the coastal strip in the City of <a target="_blank" href="/news">Stirling</a>.
These areas are all over the general median price and as such contributed to the overall lift in the market median.
REIWA’s preliminary data indicates that most local government areas have movements in median prices of plus or minus 3%, suggesting that the composition of sales is an influencing factor in the quarter with more expensive homes impacting on price movements.
Nearer to the CBD in the cities of Bayswater, Bassendean, Belmont and <a target="_blank" href="/news">Canning</a> where the supply of listings has tightened indications are a median rise of around 4 to 5%.
Increased sales activity was also reported in the more traditional first home buyer areas across the South East Corridor in the cities of <a target="_blank" href="/news">Gosnells</a>, <a target="_blank" href="/news">Armadale</a> and the Shire of Serpentine- Jarrahdale along with <a target="_blank" href="/news">Rockingham</a>, <a target="_blank" href="/news">Kwinana</a> and <a target="_blank" href="/news">Wanneroo</a>.
Reported land sales are also showing a 10% rise across the quarter.
The volume of land for sale remained relatively stable across the quarter at around 1,500 lots, while the total number of listings including houses, units and land have remained reasonably steady in recent weeks.
REIWA data show listings at around 8,500 properties after starting the year at 9,300.
The March quarter results show a buoyant market returning to more normal conditions on the back of solid population growth and a strong state economy.
David Airey is president of the <a href="https://reiwa.com.au/home/default.aspx" target="_blank" rel="nofollow">Real Estate Institute of Western Australia.</a>This article was originally published on <a href="https://reiwa.com.au/Faq/Pages/Feature.aspx" rel="nofollow">reiwa.com</a>.
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dairey-MVZf5ZguQC

Perth's median house price hits a new high: David Airey

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Perth apartment values rose a noteworthy 5.3% in the space of a month to a median of $420,000, according to the latest RP Data-Rismark index.
This made it the top performing capital city housing market across both detached houses and units over March.
Perth's unit price gain over March was more than seven times the 0.7% gain recorded across all capital city unit markets.
In contrast Canberra unit values fell 2.5% over March to a median of $414,000.
According to RP Data, Perth units offer a  rental yield of around 5% with the highest potential returns in Darwin (6.3%), Canberra (5.6%) and Brisbane (5.6%).
 
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Perth unit values up 5.3% in a month: RP Data

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Perth's median house price reached a record high of $510,000 in the March quarter, according to data by the Real Estate Institute of Western Australian (REIWA).
The previous peak was $505,000 in the March quarter of 2010.
This is a 2% increase on the median price from the December quarter. 
Homes selling for $600,000 to $700,000 and those between $800,000 and $1 million represented around 20% of all sales during the quarter.
“Our preliminary data for the March quarter show that while the proportion of sales under $500,000 has fallen, there was a marked increase in sales between $500,000 and $1 million,” says REIWA president David Airey.
“The $600,000 to $700,000 range was the most dominant price point above the median during this period and a healthy illustration of consumer confidence through trade-up activity,” says Airey.
The $400,000 to $450,000 price point represented 12% of all sales for the first quarter, according to the REIWA.
“Sales in this price range are turning over very quickly and the office of state revenue reports that in February the median purchase price for first home buyers was $425,000,” says Airey.
Flats, units, apartments and villas recorded a 10% rise in sales during the March quarter.
Suburbs closer to the CBD experienced stronger sales during the quarter including the suburbs of Bayswater, Belmont, Bassendean, South Perth, Victoria Park and the coastal strip in the City of Stirling.
“These areas are all over the general median price and as such contributed to the overall lift in the market median,” says Airey.
Increased sales activity was also recorded in the more traditional first homebuyer areas, including the southeast corridor in the cities of Gosnells and Armdale.
Land sales were up 10% over the quarter and the volume of land for sale remained stable.
“The March quarter results show a buoyant market returning to more normal conditions on the back of solid population growth and a strong state economy,” says Airey.
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Perth median house price rises to new peak of $510,000: REIWA

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A high-rise project in Perth remains in limbo after a planning commission delayed ruling on possible height limits.
Developers Golden Group hope to build a series of skyscrapers up to 53-storeys high on the <a target="_blank" href="/news">Belmont</a> Park Racecourse site, on the Great Eastern Highway, but the West Australian Planning Commission was reportedly set to cap the height at 30 storeys.
But the commission recently asked for further information from the state architect and the City of Perth before making a decision, according to the minutes of a meeting.
A planning officer had recommended that the commission endorse the plan subject to conditions including a reduction of the maximum building height to 30 storeys.
<a target="_blank" href="/news">Perth’s</a> tallest building is Central Park on St George’s Terrace at 51 storeys.
<a target="_blank" href="https://www.goldengroup.com.au/developments/perth-developments/perth-race-course">Golden Group’s plans</a> include 4,500 new dwellings, 31,000 square metres of retail space and 60,000 square metres of office space all on 22 hectares.
The $3.5 billion plans were designed by architect firm Foster + Partners.
The project design consists mainly of residential towers between four and 13 storeys tall with a few taller towers up to 53 storeys high.
A spokesperson from Golden Group was unwilling to talk about the project but confirmed the group was waiting on the commission's ruling.
Golden Group managing director Andrew Sugiaputra had previously said that according to the state government’s 2031 document, more than 320,000 dwellings were needed to cater for Perth’s growth, with 47% provided by infill development in the metropolitan areas.
“Extensive public consultation had been undertaken by our team and relevant stakeholders have provided support for our development in its current form,” Sugiaputra told The West Australian.
Sean Morrison, chairman of Future Perth, a development advocacy group in WA, said any height limits imposed would be an outrage.
“It seems to me that some bureaucrats have plucked this 30-storey limit out of the air to try and maintain the Perth CBD’s phallic bragging rights,” he told The West Australian.
“We don’t have caps on urban sprawl so why should we have caps on inner city residential developments?”
The site is three kilometres east of the Perth CBD, just over the Swan River.
The state government is spending $140 million rebuilding the nearby train station which also service Burswood Casino.
The site, in <a href="/news">Burswood</a>, is currently one of the two major horse racing venues in Perth.
The median unit price in Burswood is $697,500 according to RP Data, dropping 5.4% over the past year.  The median asking rent is $380 per week, giving a gross indicative yield of 2.8%
The median house price is $789,000, increasing 11.3% over the past year. The median asking rent for houses is $1,050 per week, giving a yield of 6.9%.
Premier Collin Barnett had hoped to use the site to build a new 60,000 seat stadium, but has shifted plans to south of the Graham Farmer freeway.
Any height limits would be in stark contrast to the direction Melbourne is taking, with state planning minister <a target="_blank" href="https://www.propertyobserver.com.au/victoria/tallest-building-in-southern-hemisphere-approved-for-melbourne/2013031759915">Matthew Guy recently approving the tallest building in the southern hemisphere</a>.
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Perth skyscraper plans in limbo as height ruling delayed

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The diminishing level of listings in metropolitan Perth in the wake of strong population growth and improving consumer confidence will create upward price pressure and increased demand for homes.
Properties for sale have slipped to just 8,429, down from 14,092 at the same time last year.
The long-term equilibrium for Perth is around 12,000 while the lowest number of listings recorded by REIWA was 4,793 in June of 2006.
Agents are reporting an increasing shortage of properties in popular price ranges especially around the median of $500,000. REIWA data suggests that listing stock is trending downwards on the back of strong sales turnover and these properties are not being replaced with enough new listings to meet demand.
Now that the market appears to have turned in favour of sellers, many may be holding back with the expectation of a better price in the months ahead. Until more sellers list their properties and until we get more new homes onto the market from builders, then competition from buyers will put pressure on prices.
While the upturn in the market with both sales and price was encouraging after three years of sluggish sales it is important to ensure a sustainable market for buyer access and consumer confidence.
Perth’s population is growing at around 1,000 people every week and the market is turning over around 1,000 properties every week. As our population continues to grow on the back of the state’s healthy economy there will be ongoing pressure with the housing system.
We are not heading into a boom by any means. The market is reacting to pent-up demand so it’s probably a good time for hesitant sellers to take advantage of a market full of keen buyers and with sales happening quickly for correctly priced property.
The buoyancy in the market has prompted a lot of renewed interest in <a target="_blank" href="https://reiwaviews.com.au/2013/02/the-auction-option/" title="Have you considered the auction option?">auctions</a>.
When listings get tight and demand is strong an auction is probably the best way for a seller to get a cash sale at auction under the hammer. It also means that buyers will need to get finance pre-approved and set a bid-limit so they can compete to buy a popular property.
David Airey is president of the <a rel="nofollow" target="_blank" href="https://reiwa.com.au/home/default.aspx">Real Estate Institute of Western Australia.</a>This article was originally published on <a target="_blank" rel="nofollow" href="https://reiwa.com.au/Faq/Pages/Feature.aspx">reiwa.com</a>.
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Perth's housing market is reacting to pent-up demand: David Airey

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The demand for accommodation in the resource-rich Pilbara region of Western Australia has helped drive earnings at Perth-based developer Finbar.
Finbar reported net profits of $14.07 million for the half-year to December 31 off revenue of $62.2 million with its multi-stage Pelago project (pictured below) in Karratha the largest generator of earnings over this period.
<img alt="pelagomarch13one" height="353" width="470" src="/images/stories/2013/03/pelagomarch13one.jpg">
This compares with revenue of just $2 million in the previous corresponding period and a loss of $650,000.
The developer completed 85 settlements at Pelago West in August last year with nine additional lots already sold and anticipated to settle in the second half of  the financial year.
Pelago West, rising eight stories, is the first stage of the $225 million project, which will eventually comprise 292 residential apartments and 22 commercial lots with mining projects in close proximity and offering some residents sweeping views of red desert, the nearby Karratha Hills and Nickol Bay.
<img src="/images/stories/2013/03/pelagomarch13two.jpg" width="470" height="353" alt="pelagomarch13two">
One bedroom apartments were priced from above $600,000 when marketing began in 2011.
There are 20 lots still available to purchase, 14 of which are leased to government and large corporate tenants “generating strong rental returns”.
These apartments are now being sold off to individual apartment investors in the open market with prices starting from around $583,000 for a one-bedroom apartment and two-bedroom units priced at $854,000.
<img src="/images/stories/2013/03/pelagomarch13three.jpg" width="470" height="353" alt="pelagomarch13three">
Agents promoting these investments quote a "fair and reasonable rent return" of $1,000 per week for a one-bedroom unit, $1,400 per week for a two-bedroom unit and $1,700 per week for a three-bedder – rental yields of around 9%.
<a href="https://www.propertyobserver.com.au/developments/developer-finbar-making-an-impact-in-wa/2011102051937" target="_blank">Corporate tenants include CHC</a>, one of the world’s largest helicopter transport companies, which agreed a five-year lease on nine one-bedroom apartments at average rent of $1,100 with 4% or CPI increases annually.
Finbar has since begun marketing apartments in Pelago East priced at $604,300 for a one bedroom, one bathroom unit.
Finbar says rental yields are close to 11%.
Pelago East features eight floors of residential and a mixed-use ground floor.
Finbar has also leased 698 square metres of 1,067 square metres of commercial space in Pelago West designated for offices, shops and eateries.
Karratha is within the Shire of Roebourne, which has a gross regional product of $7 billion and representing around 25% of Australia’s exports – iron ore and LNG projects.
Among its Perth apartment projects currently under construction, Finbar reported strong sales in the latter half of the 2012 at ‘Au’ at 208 Adelaide Terrace in East Perth with 176 sales achieved in the 194 lot project.
Ecco at 262 Lord Street has secured 79 sales in the 98 lot project.
Among the other projects the contributed to interim earnings was Lime, featuring residential and office suites in East Victoria Park, Perth, reached practical completion in November with revenues for 20 lots being recognised and contributed to earnings in the six months to December 2012.
A further 68 settlements have occurred in Lime since December 31. All residential lots have now sold out and only 10 commercial lots remain to be sold in the 111 lot project.
Finbar says it is on track to exceed last year’s record profit of $28.3 million after tax.
In July last year, Finbar was selected by the WA state government as the preferred developer of the former Port Hedland Hospital Site, also in Pilbara.
The 3.5 hectare site on Sutherland Street is earmarked to become a major apartment development, overlooking the Spoilbank Marina and directly opposite the Port Hedland Yacht Club. 
The proposed Finbar development will comprise 367 short stay serviced apartments along with a considerable element of ground floor commercial office and retail units, which will reflect the requirements for the State Government funded $152 million marina and tourism precinct.
Managing director Darren Pateman said Finbar was “excited” about its interim results and prospects for the company “in what appears to be an improving market”.
“This company is very well positioned to benefit immediately from increased demand as we have continued our development activity unabated so that we will not be captured by the void that can exist in this industry between increased market demand and the long lag time for bringing on new supply."
Finbar will pay investors an interim dividend of 3.5 cents fully franked on April 19.
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Pilbara apartment project helps drive earnings and profits for WA developer Finbar 

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The property industry will get a true indication as to the state of the market later this month when over 60 companies exhibiting at the Home Buyer &amp; Property Investor Show meet over 3,000 eager buyers face-to-face.
Please note, Property Observer readers are eligible for a free ticket when <a href="https://www.homebuyershow.com.au/special-offers/propertyobserver-ticket-offer/" target="_blank">registering here</a>. The promotional code to obtain the free ticket is: OBSERVER
With property the most affordable it has been in years and the Reserve Bank holding interest rates this month, organisers of the largest property education event in the country expect a record turnout at the Perth Convention &amp; Exhibition Centre Saturday 23 and Sunday 24 March.
With so many different messages being conveyed throughout the media regarding the property market, many buyers often experience information overload and don’t know where to start.
The event aims to cut through all the chatter by providing a unique opportunity to get up close and personal with the most experienced, successful and trusted property experts in the country.
Now organised by Informa Exhibitions, this major event is expecting a record turnout. Managing director Harvey Stockbridge says the show will feature an impressive line-up of speakers.
"Our team has worked hard to put together one of the most impressive speaker line-ups seen in Perth for many years including Effie Zahos, Chris Gray, Damian Collins, Andrew Morello and Margaret Lomas to name a few."
Leading property commentator Chris Gray agrees with this sentiment and is presenting a free seminar titled 'Buying or investing in property? Do it yourself or outsource to the experts?' each day at the show.
"At the moment the market volatility is providing some great opportunities to pick up a bargain and there hasn’t been a better time to buy for many years," Mr Gray says.
"But how can you decide what’s really best for you? Buyers can get emotionally involved when buying property, so to ensure they make the right choice for a smart investment, I always recommend getting professional advice – and for Perth buyers the Home Buyer &amp; Property Investor Show is the best resource for that."
Other seminar topics include:
<ul>
<li>How to find the next property ‘hot spots’</li>
<li>Essential tips to buy your 1st home/investment property</li>
<li>How to invest in property using your superannuation</li>
<li>Easy ways to cut your home loan interest bill</li>
<li>Effective property investing in 2013 and beyond 
</li>
</ul>
The event also presents a major exhibition with over 60 leading companies exhibiting, so visitors will be able to see, compare and buy all the latest homes, apartments, house &amp; land packages, home loans, agents, tax and insurance agents.
Representatives will also be on hand from government and independent association groups such as the Real Estate Institute of West Australia and Property Investment Professionals of Australia and the West Australian Department of Housing.
Event details
Venue: Perth Convention &amp; Exhibition Centre, 21 Mounts Bay Road, Perth
Dates: Saturday 23 and Sunday 24 March: 10am to 5pm 
Tickets: $18 when purchased at the door or book in advance online via the website to avoid the queues and save $5 per ticket ($13 online tickets).
Please note, Property Observer readers are eligible for a free ticket when <a target="_blank" href="https://www.homebuyershow.com.au/special-offers/propertyobserver-ticket-offer/">registering here</a>. The promotional code to obtain the free ticket is: OBSERVER
For full event details visit the website at: <a href="https://www.homebuyershow.com.au/" target="_blank">www.homebuyershow.com.au</a>
<a href="https://www.homebuyershow.com.au/"></a>Enquiries call 1300 889 655.
Tickets include free to the Trading &amp; Investing Seminars &amp; Expo running concurrently on Friday and Saturday – for details visit the website at: <a href="https://www.tradingandinvestingexpo.com.au/" target="_blank">www.tradingandinvestingexpo.com.au</a>
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Home Buyer Show to test barometer for state of the WA property market

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Properties at both ends of the price spectrum can be forced to spend long periods of time on the market, as demonstrated by the latest data on Perth properties by SQM Research.
The 10 properties that have spent the longest time on the market have each been listed for more than 1,000 days.
The list includes both houses and units (such as N1302/70 Canning Beach Road, Applecross, pictured below), and asking prices ranging from as little as $159,000 to $3,000,000.
<img alt="perthmarch7one" height="353" width="470" src="/images/stories/2013/03/perthmarch7one.jpg">
While some vendors have slashed their asking prices by as much as 36%, others have held firm and one has even increased the asking price.
1
<a href="https://sqmresearch.us5.list-manage2.com/track/click?u=9badbd870addb4af72206c2eb&amp;id=f192f0430a&amp;e=0aab96dc54" target="_blank">119 Rookwood Street, Mount Lawley, 6050</a> 
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Days on the market: 1424</div>
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Initial asking price: $1,450,000 Current asking price: $1,290,000 Reduction: 11%</div>
 
2
<a href="https://sqmresearch.us5.list-manage.com/track/click?u=9badbd870addb4af72206c2eb&amp;id=5fcd76e10f&amp;e=0aab96dc54" target="_blank">65 Hutton Street, Stirling, 6021</a>
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Days on the market: 1424</div>
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Initial asking price: $3,000,000 Current asking price: $3,000,000 Reduction: 0%</div>
 
3
<a href="https://sqmresearch.us5.list-manage1.com/track/click?u=9badbd870addb4af72206c2eb&amp;id=39d6956080&amp;e=0aab96dc54" target="_blank">N1302/70 Canning Beach Road, Applecross, 6153</a>
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Days on the market: 1424</div>
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Initial asking price: $2,500,000 Current asking price: $2,500,000 Reduction: 0%</div>
 
4
<a href="https://sqmresearch.us5.list-manage.com/track/click?u=9badbd870addb4af72206c2eb&amp;id=8f843526c0&amp;e=0aab96dc54" target="_blank">39k Harvest Road, North Fremantle, 6159</a>
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Days on the market: 1424</div>
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Initial asking price: $1,300,000 Current asking price: $1,060,000 Reduction: 18%</div>
 
5
<a href="https://sqmresearch.us5.list-manage.com/track/click?u=9badbd870addb4af72206c2eb&amp;id=87c1a936c6&amp;e=0aab96dc54" target="_blank">363 Riverton Drive, Shelley, 6148</a>
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Days on the market: 1294</div>
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Initial asking price: $2,450,000 Current asking price: $1,990,000 Reduction: 19%</div>
 
6
<a href="https://sqmresearch.us5.list-manage.com/track/click?u=9badbd870addb4af72206c2eb&amp;id=180f4449db&amp;e=0aab96dc54" target="_blank">Apartment 4/6 Cray Street, Lancelin, 6044</a>
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Days on the market: 1259</div>
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Initial asking price: $225,000 Current asking price: $159,000 Reduction: 29%</div>
 
7
<a href="https://sqmresearch.us5.list-manage.com/track/click?u=9badbd870addb4af72206c2eb&amp;id=a584bebd50&amp;e=0aab96dc54" target="_blank">24/32 Fielder Street	East Perth	6004</a>
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Days on the market: 1238</div>
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Initial asking price: $995,000 Current asking price: $850,000 Reduction: 15%</div>
 
8
<a href="https://sqmresearch.us5.list-manage.com/track/click?u=9badbd870addb4af72206c2eb&amp;id=ebd4d16551&amp;e=0aab96dc54" target="_blank">29/65 Little John Road	Armadale	6112</a>
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Days on the market: 1224</div>
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Initial asking price: $299,000 Current asking price: $309,000 Reduction: -3%</div>
 
9
<a href="https://sqmresearch.us5.list-manage1.com/track/click?u=9badbd870addb4af72206c2eb&amp;id=54617748f5&amp;e=0aab96dc54" target="_blank">13/20 Enderby Close	North Coogee	6163</a>
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Days on the market: 1196</div>
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Initial asking price: $1,235,000 Current asking price: $987,000 Reduction: 20%</div>
 
10
<a href="https://sqmresearch.us5.list-manage1.com/track/click?u=9badbd870addb4af72206c2eb&amp;id=7d2525d528&amp;e=0aab96dc54" target="_blank">15 Gretel St	Two Rocks	6037</a>
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Days on the market: 1155</div>
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Initial asking price: $1,100,000 Current asking price: $699,000 Reduction: 36%</div>
 
SQM Research also offers a list of the <a title="SQM Research" href="https://www.sqmresearch.com.au/top100bargains.php" target="_blank">Top 100 Biggest Bargains in Australia </a>for sale.
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Perth's longest-listed properties: SQM

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A house in Peppermint Grove looks set to break the selling price record for the Perth suburb if it sells near its $25 million asking price.
Chiritta, an 1896 to 1899-built seven-bedroom house on 4080 square metres is being sold by the founders of Channel 9 Perth, Ann and Denis Cullity.
{yoogallery src=[images/stories/2013/03/march11chiritta]}
The couple bought the heritage-listed home 52 years ago from the Roe family – descendants of Perth’s first surveyor-general John Septimus Roe, a name strongly associated with Perth.
The limestone federation bungalow-stlye home was built for John’s son, Augustus Roe, the police magistrate from 1897 onwards.
It comes with six bathrooms and views over the city and the Swan river.
It features wide verandahs, high ceilings, arched passageways and french doors.
According to <a target="_blank" href="https://www.realestate.com.au/property-house-wa-peppermint+grove-113062699">the listing</a>, the house has been expanded over the past 52 years. It now has grand formal drawing and dining rooms, a study, two offices, a sunroom, a family room, an informal dining room and a five-car garage.
The bungalow-style house compromises a central limestone structure with verandahs and is capped by a large roof.
The house was designed by turn-of-the-century architect and World War I general J Talbot Hobbs, who also designed the Royal Freshwater Bay Yacht Club, Windsor Hotel, St Luke's Rectory and Newspaper House – all in Perth.
The house is being listed by co-agents Mack Hall from Mack Hall Real Estate Claremont and William Porteous from William Porteous Properties International Pty Ltd Dalkeith.
Mack Hall says the sellers are looking to sell because they are downsizing.
The highest sale price achieved in Peppermint Grove was 43 View Street, which sold for $16 million in 2010, according to the REIWA.
If it sells the property will be among some of the most expensive sales in WA.
In 2009, a Saunders Street property in Mosman Park sold for $57.5 million and in 2007 a Bindaring Parade home in Claremont sold for $23 million.
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Peppermint Grove home set to shatter price record

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The WA government’s department of Consumer Protection has lodged a Supreme Court writ against the promoter of a rent-to-buy property scheme, alleging the company and its director misled consumers.
In its legal action against Presto Property Solutions Pty Ltd and director Rowan Amanda Lines, it alleges that a couple from Quinns Rock, who signed up as vendors under Presto’s rent-to-buy scheme returned from overseas almost a year later to discover the tenant/prospective buyer had sold their above-ground swimming pool, valued at more than $16,000.
It is also alleged that Lines purported to be the owner of the home when dealing with the tenant/prospective buyer, but at no stage did she own the property - she had only signed an option to purchase it.
The couple from the outer north suburb of Perth had dealt with Lines after they responded to a sign posted by Presto on a light pole with the slogan "we sell houses fast" near their home in July 2010
It is the <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/wa-consumer-protection-targets-rent-to-buy-property-scheme-that-took-david-beckham-jersey-in-lieu-of-deposit/2012101557170">third rent-to-buy scheme</a> which has been the subject of recent legal action by Consumer Protection.
Rent-to-buy schemes are targeted at people who don’t qualify for home loans. Buyers agree to pay rent to the seller in return for being able to purchase the property at a later date.
The commissioner for Consumer Protection is seeking injunctions against Presto Property Solutions Pty Ltd and director Rowan Amanda Lines restraining them from making false representations to both buyers and sellers involved in their scheme, in breach of the Australian Consumer Law.
“Ms Lines had later purported to be the owner of the home when dealing with the tenant/prospective buyer. At no stage did Ms Lines own the property, she had only signed an option to purchase it.
“The commissioner further alleges that Ms Lines and her company made similar false statements such as “no banks, rent and own” and “I buy houses fast” in a series of advertisements in the Quokka newspaper and Gumtree website,” said Consumer Protection.
Acting commissioner for Consumer Protection Gary Newcombe has urged consumers considering a rent-to-buy scheme to be extremely cautious.
“In this case, the Quinns Rock couple returned from overseas almost a year later to discover the tenant/prospective buyer had sold their above-ground swimming pool which had a replacement value of more than $16,000,” Newcombe said.
“This highlights the confusing nature of these agreements where the line between tenant and owner is blurred and the legal rights of all parties are unclear. There are many other risks that we are concerned about.
“Under these schemes, buyers who default on their tenancy agreement or can’t get finance to buy the property at the end of the option period are at risk of losing the money that was intended to go towards the purchase.
“We are also concerned that money paid by the buyer does not appear to go into a trust account and there is very little accountability of where the funds go or any system in place to keep track of the ongoing option payments.”
In October 2012, the Commissioner for Consumer Protection lodged a Supreme Court Writ seeking an injunction against another rent to buy property scheme, alleging that promoters Patricia Mirawati Susilo and Bryan Artawijaya Susilo of Applecross, engaged in misleading and deceptive conduct in breach of the Australian Consumer Law.
In August 2011, the Commissioner warned consumers about rent to buy property promoters No Loan Home Pty Ltd (trading as Perth’s Easyhomes WA), its sole Director Filip (Fil) Butkovic and employee Nikola (Nik) Butkovic.
In May 2012, the Supreme Court ruled the scheme was illegal because the promoters were not licensed real estate agents. The Court also ruled that the promoters had misled clients regarding the future value of the property, the potential equity that they are able to build up over a four to five year period and their ability to obtain finance at the end of this period.
Consumers who have concerns about a rent-to-buy property scheme should contact Consumer Protection on 1300 30 40 54 or email: <a href="mailto:consumer@commerce.wa.gov.au">consumer@commerce.wa.gov.au</a> for further information and advice.
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