High-profile apartment defect cases have changed the way many NSW buyers approach purchasing, putting greater scrutiny on building quality, strata records and the parties behind a development before a contract is signed.

The industry buyers are assessing today, however, is also different from the one in which cases such as Opal Tower and Mascot Towers emerged.

NSW has introduced a series of regulatory measures aimed at strengthening oversight of apartment construction, including Building Commission NSW, the Residential Apartment Buildings Act 2020 and the Strata Building Bond and Inspections Scheme. Under the latter, developers are required to lodge a bond, with independent inspections forming part of the process for identifying defects in new strata developments.

Those changes provide another layer of protection, but they haven't removed the importance of buyer due diligence.

[smartcode_project:default project_id=5743 project_image_fid=372394]

For purchasers considering an apartment, that means looking beyond the residence itself. Building and strata history, strata reports, the track record of the builder and developer, the condition of common property and any known or planned expenditure by the owners corporation can all form part of assessing a building before purchase.

Whether the development is already complete can also materially change what can be assessed.

An off-the-plan purchaser is necessarily buying before the finished product exists. A completed apartment, by comparison, can be walked through before contracts are signed, allowing the purchaser to see the finishes, common areas and broader building as they have actually been delivered rather than relying solely on plans and renders.

It also removes exposure to some of the uncertainties that exist between an off-the-plan purchase and completion, including construction delays, cost pressures and builder insolvency during the delivery period.

[smartcode_project:default project_id=5743 project_image_fid=927]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a> National Sales Director Ben Hamblett said that greater focus on tangible evidence is increasingly evident among apartment purchasers.

“The biggest shift we're seeing is buyers wanting proof, not promises,” Hamblett said.

“That's exactly why we deal in completed stock - you can inspect the building before you commit - and why we've backed every purchase with a cash bond against special levies.”

At <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> in Parramatta, that emphasis on a completed, inspectable product is already in place.

The 413-apartment, 46-level tower at 12 Phillip Street is being marketed by Projects by Equitifund, allowing prospective purchasers to inspect the residences, common areas and resident facilities before committing.

[smartcode_project:default project_id=5743 project_image_fid=375255]

The Lennox also introduces another layer to the due-diligence conversation through Strata Surety.

The vendor-funded arrangement provides purchasers with a cash-backed bond held in their own solicitor's trust account from settlement. According to Equitifund, the bond covers any special levy raised during the applicable cover period and is provided at no cost to the purchaser.

Special levies can create an unexpected cost for apartment owners where an owners corporation needs funding beyond its existing strata contributions. Under NSW strata law, a special levy requires approval by owners at a general meeting.

Equitifund Executive Chairman Greg Huxley said Strata Surety was designed to provide something more concrete than reassurance about that potential exposure.

“Buyers have every right to ask hard questions about strata risk - the industry has given them plenty of reasons to,” Huxley said.

“Our answer isn't a reassurance, it's a bond. Strata Surety puts real money behind that confidence, held by the buyer's own solicitor, not by us.”

[smartcode_project:default project_id=5743 project_image_fid=375281]

For The Lennox, its completed status also means purchasers can assess not only the apartment itself, but a building that has already been occupied and operating for several years.

Completed in 2021, the $300 million development, designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, comprises one, two, three and four-bedroom apartments, with open-plan living areas extending to private balconies. Interiors incorporate engineered timber flooring, stone benchtops and integrated appliances, while many upper-level residences have views across the river and surrounding district.

Its established amenity can similarly be inspected in operation. Resident facilities include the Watermark precinct with a 20-metre pool, outdoor terrace, barbecue areas, gym, fitness studio and conference room, while ground-floor retail addresses the river walk and surrounding public space.

The Lennox is also home to the Southern Hemisphere's first fully robotic residential car park, which has now operated for several years. Its nine-level basement combines three conventional parking levels with six automated levels, accommodating 327 vehicles using technology from German firm Lödige Industries.

[smartcode_project:default project_id=5743 project_image_fid=925]

The riverfront address puts The Lennox close to much of central <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a>'s existing infrastructure, including Parramatta Station, Westfield Parramatta, Parramatta Park, and the Church Street dining precinct.

The remaining apartments form part of a limited release secured by Equitifund, following the sale of the majority of residences before and shortly after completion.

The regulatory environment around NSW apartment construction has changed considerably since the defect cases that reshaped public discussion around the sector. For purchasers, however, regulation is only one part of the equation. The ability to investigate a building's history, review its strata position and, where possible, inspect what has actually been delivered remains central to making an informed apartment purchase.

At The Lennox, its completed status provides that opportunity before contracts are signed, while Strata Surety adds a financial backstop against special levies beyond the protections already provided under NSW strata law.

[smartcode_project_cta:default project_id=5743]

Joel Robinson

Buying with confidence: What NSW apartment buyers should check beyond the defect headlines

Too often, heritage buildings become the podium for a contemporary tower. At <a href="https://www.apartments.com.au/new-apartments/623-collins-607-623-collins-street-melbourne-vic-3000">623 Collins</a>, <a>Sterling Global</a> challenged its design team to reverse that process.

The brief to <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> was deliberately simple: "Don't design around the heritage. Design from it." It became the philosophy behind a project that draws inspiration not only from two landmark heritage buildings, but from Collins Street itself, a street layered with architectural history and civic significance.

That philosophy has shaped one of <a href="https://www.apartments.com.au/developments/melbourne-vic-3000">Melbourne</a> CBD's most considered residential projects, where the 1924 State Savings Bank and neighbouring Batman's Hill Hotel have become the architectural foundation for 623 Collins rather than remnants preserved beneath a new development.

[smartcode_project:default project_id=145324 project_image_fid=372749]

Rather than approaching the site as a blank canvas, <a href="https://www.apartments.com.au/developers/sterling-global">Sterling Global</a> saw the existing buildings as the beginning of the story.

"Sites like this rarely become available," the developer said.

"623 Collins wasn't simply an opportunity to develop a prominent CBD site. It was an opportunity to restore and reimagine one of Melbourne's important heritage landmarks while contributing to the continued evolution of Collins Street. For us, the existing buildings weren't constraints. They were the beginning of the story."

Instead of mimicking the ornate heritage architecture, Plus Studio studied the proportions, rhythm and craftsmanship of the original buildings before translating those characteristics into a contemporary 42-storey tower.

[smartcode_project:default project_id=145324 project_image_fid=372748]

"The brief challenged us to create a contemporary landmark that respected Melbourne's architectural history without becoming nostalgic," Plus Studio said.

"Rather than mimicking heritage, we sought to understand its proportions, rhythm and material language before translating those qualities into a distinctly contemporary architectural expression."

The practice says the State Savings Bank and Batman's Hill Hotel became the project's primary source of inspiration, allowing the heritage buildings and contemporary architecture to exist "in conversation rather than contrast." Generous planted terraces further soften the transition between old and new, creating elevated green spaces while reinforcing the dialogue between the restored podium and the contemporary tower.

That dialogue continues throughout the interiors, where Melbourne designer Fiona Lynch developed a material palette inspired by the idea of alchemy, balancing contrasting materials that reference both the Neo-Grec detailing of the original bank and contemporary urban living. The result is a series of spaces that feel timeless rather than trend-driven.

[smartcode_project:default project_id=145324 project_image_fid=354343]

The project will deliver 316 residences across four collections, Heirloom, Signature, Reserve and the Penthouse Collection, with each responding differently to its position within the building, from the restored heritage podium through to the upper levels of the tower. The Heirloom Residences retain defining heritage elements including original heritage windows, generous proportions and high ceilings, while the tower introduces contemporary homes with expansive layouts and elevated views.

Amenities have likewise been designed to support long-term city living rather than short-stay convenience. Residents will have access to concierge services, wellness facilities including a pool, cold plunge, sauna, steam room and gym, alongside private lounges, entertaining spaces and dedicated resident clubs.

Sterling Global says that approach is resonating with buyers seeking permanence rather than novelty.

[smartcode_project:default project_id=145324 project_image_fid=354347]

According to the sales team, purchasers are looking for enduring architecture, generous floorplans, heritage character and long-term value, with many commenting that 623 Collins "doesn't feel like another apartment development" because of the way the architecture has been curated around the site's history.

Situated on the prominent corner of Collins and Spencer streets, the project occupies one of Melbourne's most recognisable gateway sites, marking the western entrance to the city's best-known street. For Sterling Global, it also reflects a broader shift in city-making.

"Rather than maximising development yield, the project embraces adaptive reuse as a design philosophy, allowing heritage to inform architecture, interiors and the overall resident experience," the developer said.

"The result is a building that feels uniquely connected to Melbourne."

[smartcode_project_cta:default project_id=145324]

How Sterling Global designed 623 Collins from Melbourne's history

Avant Townhomes is adding to Ivanhoe’s family-sized housing options with <a href="https://www.apartments.com.au/new-townhouses/three-82-ivanhoe-382-upper-heidelberg-road-ivanhoe-vic-3079">Three 82</a>, a collection of just 16 four-bedroom townhomes on Upper Heidelberg Road.

The <a href="https://www.apartments.com.au/developers/intrapac-property">Intrapac Property</a> townhome division has taken a contemporary approach to the traditional family home, pairing larger floorplans with the lower-maintenance format of a townhouse.

[smartcode_project:default project_id=152069 project_image_fid=374394]

Designed by <a href="https://www.apartments.com.au/architects/arcadia-studio">Arcadia</a>, with landscaping by Landsite, the homes feature generous open-plan living and dining areas that connect directly to outdoor spaces, with layouts also designed to maximise natural light and privacy.

Natural stone is used throughout the interiors, including in kitchens that pair stone surfaces with bespoke cabinetry, considered storage and SMEG appliances.

The four-bedroom layouts include built-in wardrobes and a main bedroom with its own ensuite, while family bathrooms service the additional bedrooms. Each home also includes a lock-up double garage and intercom entry.

[smartcode_project:default project_id=152069 project_image_fid=374399]

Energy efficiency has been incorporated into the design through solar panels, double glazing and reverse-cycle heating and cooling, with the homes targeting 7-star energy ratings.

Rather than incorporating extensive communal facilities, Three 82 has been conceived around private residential amenity, with the 16-home scale keeping the focus on individual homes and their own indoor and outdoor spaces.

The development is located at 382 Upper Heidelberg Road, around one kilometre from Ivanhoe Village's cafés and retail and a short drive from Eaglemont Station and Ivanhoe Station.

[smartcode_project:default project_id=152069 project_image_fid=374393]

Several of Ivanhoe's established schools are also nearby, including Ivanhoe Girls' Grammar and Ivanhoe Grammar School. The address also provides access to the suburb's parklands and the wider Yarra River corridor.

<a href="https://www.apartments.com.au/project-marketer/nelson-alexander">Nelson Alexander</a> has been appointed to handle sales.

Construction is underway and progressing well, with Three 82 currently tracking toward completion in Q2 2027.

[smartcode_project_cta:default project_id=152069]

Three 82 brings boutique four-bedroom townhome collection to Ivanhoe

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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The long election lead time of nine months has largely been the cause of a slowdown across the country, according to HSBC Bank Australia Limited’s chief economist Paul Bloxham and economist Adam Richardson.
In Bloxham and Richardson’s HSBC report Australian Election Observer noted that the long lead time has potentially held back business confidence in recent months, keeping the entire market slow.
“As such, whoever wins, a reduction in tax and regulatory uncertainty postelection, could provide a boost to confidence,” the report states.
“Julia Gillard, the former Prime-Minister and leader of the Labor Party, took the unusual option of announcing the 2013 election nine months in advance. While her replacement by Kevin Rudd changed the election date, businesses have now sat through around eight months of uncertainty over the postelection regulatory environment.
“This has been one factor that may have held back business confidence and conditions recently. In addition, firms have likely held of hiring and investment until they have more certainty over the political landscape.”
<img alt="poll-results-sept-9-two" height="111" width="470" src="/images/stories/2013/09/09/poll-results-sept-9-two.jpg">
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jduke-EHk3XBmHkn

Long election lead time caused slowdown: Paul Bloxham, Adam Richardson

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Every Friday Jonathan Chancellor and Margie Blok go head to head discusssing the issue of the property week.
This week they discuss Bishopscourt, at 11 Greenoaks Avenue, one of Sydney's most historic mansions.
<a href="https://www.propertyobserver.com.au/news/bishopscourt-darling-point-for-sale-for-probable-%2425-million-plus-hopes/2013090264719" target="_blank">Property Observer recently reported</a> that the Ray White Double Bay agency has been appointed to sell the Anglican Church's redundant Darling Point trophy home.
 
<hr>
 <img src="/images/stories/2013/09/06/HE-SAID-WORDS.jpg" alt="HE-SAID-WORDS" width="132" height="30"><img src="/images/stories/2013/09/06/NO.jpg" alt="NO" width="55" height="30"><img src="/images/stories/2013/09/06/jc-silhouette-5.jpg" alt="jc-silhouette-5" width="200" height="300" style="float: right;">
The gothic sandstone home - especially the south-east facing wing - would just be too cold in winter. And the upkeep would be far too expensive - about $100,000 annually to keep the building in good repair.
The vast size of this mansion demands more cheques for a live-in housekeeper as well as several cleaning staff. The 6216 square metre grounds require a full-time gardener, as well as a gofer to do a daily sweep of leaves falling from the fig trees that line the gravel driveway and front garden. By the way overlooked by neighbouring blocks of flats. It would cost a bomb to renovate even if $2 million was spent recently on the chimneys and slate roofing.
It would also cost a motza to maintain the gorgeous leadlight-pane windows, let alone keep them clean - heaven knows how much the Moran family pay for window cleaning at their nearby historic mansion, The Swifts, which was previously owned by reclusive property investor, Carl Spies. I'd follow the approach of Spies who enjoyed a Howard Hughes-like reputation at The Swifts where he kept the front gates locked and the blinds drawn during his six-year ownership until 1992 when St George Bank took over as mortgagee-in-possession.
And let’s be honest, who needs a chapel in the house?
<img src="/images/stories/2013/09/06/mb-silhouette-4.jpg" alt="mb-silhouette-4" width="200" height="300" style="float: left;"><img src="/images/stories/2013/09/06/SHE-SAID-WORDS.jpg" alt="SHE-SAID-WORDS" width="149" height="30"><img src="/images/stories/2013/09/06/YES.jpg" alt="YES" width="55" height="30">
For starters any Bishopscourt buyer will best revert it to one of its earlier names, either Percyville or Greenoaks. It really does rank among a handful of pioneer homes to have survived from the 1850s to now. Flowered in sandstone Gothic extravagances, its dates back to the pioneer Thomas Sutcliffe Mort, who built an empire on wool, dairy, meat, mining and shipping. A mansion that displays extraordinary self-made wealth.
Of course, mansions are the palaces and cathedrals of mortals desirous of emulating the enduring permanency of the church and state. This one is the Brideshead of Sydney and perfect for a modern-day family of Marchmain-esque wealth and devout religious sensibilities.
One of Sydney’s most palatial and historic mansions, this opulent sandstone residence is truly magnificent, especially the superbly proportioned formal rooms with intricately detailed ceilings - but the piece-de-résistance is the private chapel with its sandstone walls, elegant timber panelling and towering ceiling. An inspired designer, such as Thomas Hamel, could do wonders with the interiors of this palatial home and transform it for 21st centruy living.
Last traded 113 years ago for £6,750, the Bishopscourt estate presents a once in a generation opportunity to purchase a significant holding on Double Bay’s doorstep. The only other heritage eastern suburbs estate sold during recent times is Bellevue Hill’s Rona – it was snapped up for just $20 million in 2006 by property developer Terry Agnew, one’s of the shrewdest real estate players in Australia.
Nothing at Hunters Hill, the suburb famed for 19th century sandstone houses, holds a candle to Bishopscourt – and city commuting is much quicker from Darling Point than Hunters Hill. As far as privately owned historic mansions go, Bishopscourt is without peer in the eastern suburbs – apart from the Moran family’s The Swifts in Darling Point Road with its ballroom bigger than Government House.
I recall The Swifts came with the Tooth family's latin motto (Perseverantia Palman Obtinebit) cut into its façade which translated means "Perseverance yields the prize." And this is the prize that many have prayed for the opportunity to buy. The church contemplated selling it in 1963, 1982, 1991 2001, and most recently in 2010 when defeated in the synod by the narrowest of margins. Given John Schaeffer, a heritage mansion collector who sold Rona to Agnew, now directs his attention to towering harbourside apartments, there's at least one obvious contender out of the running for the Bishopscourt estate.
This heritage estate is unlikely to attract nouveau riche mining types with a penchant for glamour and glitz. I maintain they'd much prefer fake gothic architecture sans heritage authorities telling them what they can and can't do. This one is for property bluebloods.
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jchancellor-FAypfDUnLy

Bishopscourt, the Anglican Church’s 1850s trophy sandstone offering: He Said/She Said

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Uh oh. Say it ain’t so. It appears that one of the main issues to capture the attention of the media as a result of the final political leaders debate last week was their positions on foreign ownership.
That old chestnut.
In what has been a relatively dull election campaign, and with a foundation of rising property prices, I hope we’re not about to see the focus return to Chinese property investors. It does seem to be one of the go to topics when property prices begin to rise as they are right now.
In the debate last weekend Kevin Rudd said he was "a bit nervous, a bit anxious" about foreign ownership of Australian land. Tony Abbott said "Australia should not have a 'colour ban' on investors."
It’s one of those emotive topics that has the ability to raise the collective national pulse. Remember a couple of years ago when talk of Chinese buyers outbidding locals at auctions led to the government responding by tightening the rules around temporary residents buying property?
And then there was the dob in an agent hotline. I actually rang it today to see if it still works and can report that it was answered by a helpful FIRB employee who explained that I needed to put any information on a suspected breach in writing!
Yes we do continue to see significant interest in the high-end, Sydney apartment market from Chinese nationals. Yes it has slowed a little over the last twelve months but there is no denying that for premium priced properties the Chinese buyer is a key target market to achieve a potential sale.
So I hope that the increasing competition in the property market doesn’t ignite the flame of anger and blame that Chinese buyers are solely responsible for pushing up prices. From where I sit, rather than fear their presence in the market, we should be nervous about what it means if they leave.
 
<hr>
 Ewan Morton is managing director of the Sydney based <a target="_blank" href="https://www.mortonandmorton.com.au/" rel="nofollow">Morton &amp; Morton</a>.
 
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Election focus should not fall on foreign property ownership: Ewan Morton 

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Let’s be honest, most of us want to be rich and many of us are fascinated by those who already are.  
How did they do it? How can we do it too?  
The truth is wealthy people don’t do different thing, they just do these things in a different way; from the way they think to the actions that they take.  
I’ll let you in on a little secret, not everybody has to work hard for their money.  
People who own businesses have employees who are willing to work for money, whereas the business owner generally has his money working for him. The same is true for investors, their money works for them.  
It’s called passive income. Being a property investor or a business owner is like owning the proverbial money tree – you control something that makes money for you, without the need to even be there.  
In his <a target="_blank" href="https://www.richdad.com/Home.aspx">Rich Dad, Poor Dad</a> series of books, Robert Kiyosaki explains how the rich differ from the poor. It’s not just because they have more money. The main difference is how they think about and interact with their money.  
When it comes down to how people make money, we can all be placed in one of four categories:   
1. The employed – have a job
Employees trade hours for dollars; however what they really get are leftovers – after the government takes its share in taxes.  
“So what? They do that to everyone!” you may be thinking.  
Well no, they don’t. Business owners and investors only pay tax on what’s left over after their bills are paid.  
Wouldn’t it be nice to only have to pay tax on what you don’t spend?  
2. The self-employed – own a job <ol></ol>
Self-employed people and professionals usually want to be their own boss. They’re prepared to work hard, but often what they’ve done is swap one boss for hundreds of bosses – customers or clients.  
In reality, self-employed people aren’t business owners – they still work for their money, but they’re somewhat better off than employed people because they’re able to take advantage of tax deductions that allow them to pay their business expenses before being taxed on what’s left over.  
3. The business owner – owns a system and people work for them
The true business owner not only doesn’t have to work, he doesn’t have to be at work every day, because he has a system and people to do it all for him, and possibly even supervisors to manage his workers.  
The true business owner asks, “Why do it yourself when you can employ someone to do it for you?”  
After initially investing in a business idea, and a business system, they let the money they have invested – which is now in the form of a business – work for them.  
4. The investor – money works for them <ol></ol>
Investors don’t have to work either, because their money works for them.  
If you hope to become rich at some point, you have to belong to this group because investors convert money into wealth.  
Obviously, you’re not going to jump from being an employee to a full time investor overnight. But you can start taking the steps to move from being an employee or self employed, by building your own property portfolio.  
Done correctly, income earning residential real estate can be your vehicle for getting out of the rat race!  
There are also many legal tax advantages available to investors. One of the reasons the rich get richer is that in some cases, they make millions and legally pay very little tax. That’s because they build their assets, not their income and make their money as investors, not workers.  
Imagine you own investment properties worth $1million that increases in value by 8% each year. In twelve months your asset base will have increased by $80,000, yet no tax is payable on this. Wealthy property investor can borrow against the increased value of their assets and use the money to reinvest or live off.  
Where do you stand?
Which category do you fit in? Are you an employee, self employed, a business owner or an investor?  
In the past there has been a slow but steady transfer of wealth from employees and self-employed to business owners and investors. They’re all playing the same game, but each group is playing with a different set of rules and their mindsets are poles apart.  
Employees and the self-employed work harder and harder, trying to build cashflow, yet many dig themselves deeper into a hole of consumer debt.  
In the meantime, business owners and investors slowly build up their assets. The employed and self-employed pay the most tax, while business owners and investors take advantage of legal tax loopholes.  
Logically, if you want to become wealthy you are going to have to become either a business owner or an investor. It’s just too hard to become rich as an employee or self-employed worker.  
Does that mean you should give up your day job?  
Not necessarily. Many employees have become very successful investors – in particular property investors.  
So rather than relinquish your job, I suggest you start educating yourself with the aim of becoming a property investor – initially in your spare time and then maybe, if you choose, on a full time basis.  
Should you become a business owner?  
Most small businesses fail in the first five years.  
In general I think the opportunity to become rich through successful property investment is much easier for the average Australian. That’s why I recommend you seriously consider making your fortune as an educated, financially fluent real estate investor who treats their property like a business.
 
<hr>
 Michael Yardney is a director of <a href="https://www.metropole.com.au/" rel="nofollow">Metropole Property Strategists</a>.
 
 
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Why property investors make money work for them: Michael Yardney

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Fashion giant H&amp;M has finally confirmed it will open its inaugural Australian store in Melbourne, in a high-profile location in the iconic GPO building.
The announcement confirms the company’s long-awaited search for a suitable property, having spent months scouting potential locations. But it also serves to show international appetite for Australian retail space is still going strong.
“A lot of international retailers still view Australia as somewhat of a beacon on the hill,” Simon Fonteyn, the managing director of Leasing Information Services, said this morning.
ISPT, the operator of the GPO building, announced yesterday H&amp;M’s flagship store would open with 5000m2 of space in the heritage-listed building.
In a statement, ISPT retail asset manager Sam Curry said the store would help boost the Melbourne CBD precinct.
“We are delighted to have this opportunity to introduce such a famous and highly anticipated international fashion retailer to the Australian market,” Curry said.
The company is the <a href="https://www.smartcompany.com.au/retail/054768-h-m-expands-to-australia-five-things-you-didn-t-know-about-the-iconic-retailer/2-2">world’s largest clothing group</a>, and is still partly owned by the family of the original founder. The company has 2900 stores in 51 countries, and is still on an epic expansion plan – targeting 10-15% per year.
H&amp;M, which was founded in 1947, follows the model of several of its fashion counterparts by working closely with designers and using a rapid shipping model – much like its counterpart, Zara and Topshop.
The H&amp;M store will sit just metres from where the inaugural Australian Zara store opened in 2011.
The importation of international fashion to Australia has been a hot topic over the past few years, with the local industry complaining that while new entrants create foot traffic and draw attention, they also push up prices.
While the market has been quiet for some time regarding any new entries, Fonteyn says that environment shouldn’t last too long – plenty of retailers still view Australia as an opportunity.
“A lot of the international retailers use Zara as a benchmark for what’s possible, and now you have companies like TopShop as well.”
“Some of these stores are even quasi-anchor stores. There is a demand for these types of internationals within Australian centres.”
<hr>
This article was originally published on <a href="https://www.smartcompany.com.au" target="_blank">SmartCompany</a>.
 
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H&M to open first Australian store in Melbourne GPO building

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A private motor dealership has paid more than $3 million for a prominent mixed-use site in Mill Park.
The 2 Oleander Drive, Mill Park, site of 5167 square metres was sold through expressions of interest by CBRE’s Jamus Campbell and Scott Orchard, and Gross Waddell’s Jonathon McCormack and Daniel Greenlees
The vendors were Gibson Property Corporation and Roche Property Group, who are developing the Mason Point precinct.
Campbell said the prominent location - in the prominent Mason Point development - was a key factor behind the sale. “Mason Point is one of the largest mixed-use developments in Melbourne’s north. It’s set to become home to more than 800 residents and the workplace for around 1,000 employees.”
Mason Point is anchored by Westfield, Bunnings, Masters and Toyota.
The site offers ready access to east and west connections between Epping and Greensborough via McDonalds Road, and also north and south connections between Whittlesea and the CBD via Plenty Road.
The property also has a street frontage to busy McDonalds Road which handles more than 20,000 vehicles per day.
For further information about Mason Point, visit <a href="https://www.masonpoint.com.au/">www.masonpoint.com.au</a>.
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Mixed-use site snapped up for $3 million

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Panellists at a high-level property lunch in Sydney yesterday presented contrasting views of the Australian economy and the post-election outlook. 

 Two of the three property market experts at yesterday’s Australia-Israel Chamber of Commerce function had recently arrived here from overseas. Both were very bullish, saying that the Australian economy compared very favorably with those of the United Kingdom and the US. 
 In contrast, local property developer Lang Walker, the executive chairman of developer Walker Corporation, said that Australian business confidence was low due to political instability and a lack of job security. 
 Susan Lloyd-Hurwitz, the Managing Director of listed real estate group Mirvac, has spent many years working overseas. She contrasted Australia’s GDP growth rate of 3% with that of the UK, which was 0.3%. 
 There are a lot of opportunities for people to carry assets given the strong economic fundamentals, Ms Lloyd-Hurwitz said. The unique transparency of the local property market was one of the qualities that gave “developers confidence to deploy certain amounts of capital.” 
 The third member of the panel, American Bill Powell, recently relocated from New York to become the CEO of Brookfield Australia. Brookfield’s parent company, based in North America, is a global asset manager focused on property, renewable power and infrastructure with over $175 billion of assets under management. 
 Mr Powell said he was “shocked with the negativity” around the local economy, as we had a “great GDP, low unemployment, low CPI and banks that were well capitalized.” 
 Other advantages were a strong fiscal outlook and the presence of an educated workforce with capital to invest, he said. 
 By way of contrast, Mr Walker said that this country needed foreign workers because the work ethic of young Australians was lacking. On top of this, the government had recently “virtually doubled” the wages of apprentices, making them too expensive for many employers to hire, he said. 
 The 67-year-old executive chairman of property development company Walker Corporation, who was last year estimated to be worth be worth $2.1 billion, went on to say that “in the old days, the training process took three to five years and you were paid a little bit more each year. That’s not the case now, it’s too expensive.” 
 His statements are not quite right, however. Last month the Fair Work Commission increased the wages of first-year apprentices from $304 to $400 a week, to reflect the fact that most apprentices are now school leavers. 
 Mr Walker also said that although, as a nation, we are “burdened by regulation”, his recent dealings with the Queensland bureaucracy, which has been slashed by Premier Campbell Newman, had been extremely positive. His latest approval from the Queensland Land Titles Office had taken only one day, he said. 
 A total of 800 people attended the lunch, which is one of the most popular events in the AICC calendar. 
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Property experts present contrasting outlook on Australian market

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It’s getting easier to afford a house – and that’s official.
The latest Adelaide Bank/REIA Housing Affordability Report shows that housing affordability has been improving over the past two years, with the proportion of income required to meet repayments at 28.7% - the lowest in a decade.
“With the exception of the Northern Territory, all states and territories recorded improvements over the quarter, the largest being Queensland where the proportion of income required to meet loan repayments dropped by 1.9% to 26%,” Real Estate Institute of Australia president Peter Bushby said.
Because of its higher average incomes, the ACT is still the most affordable state or territory in  which to buy a home, and NSW remains the least affordable with the proportion of income required to meet loan repayments 5.6% higher than the national average.
“Despite relatively low average loan sizes and rents, South Australia is one of the least affordable states or territories in which to buy or rent,’’ Bushby said.
“Affordability has improved in all states and territories when compared to the same time last year, and, no doubt, the seven interest rate cuts since November 2011 have played a role.
“Variable interest rates declined 0.2 percentage points - from 6.1% to 5.9% in the June quarter – which is a decrease of 0.7 percentage points compared to the same time last year.
Also, the three year fixed rate fell by 0.3% over the quarter and 0.9% compared to the June quarter 2012, to 5.1%.”
Bushby said more effort was required to entice first home buyers back into the market. Measures could include stamp duty reforms, access to superannuation and first home buyers’ assistance.
"They made up just 14.6% of the owner-occupier market - a persistently low number compared to the long-run average proportion of 20%,’’ he said.
“Victoria had the largest jump in the number of loans to first home buyers over the quarter and Western Australia the largest over the year.”
Rental affordability also improved with the proportion of income required to meet rent payments decreasing slightly to 23.7%.
The figures showed it is now more affordable to buy than rent in Tasmania.
See the Adelaide Bank/REIA Housing Affordability Report at www.reia.com.au 
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Getting into the property market is becoming easier

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Small things; incidental stuff; anecdotal evidence is what I like to look for.  Data is nice too, but too much data bores.  Stories, tell-tale signs, glimpses of change often mean much more.  
Several things in recent weeks have convinced me that things have now changed.  A residential recovery is on its way. 
It often is a news item – something that really should only get local attention – like calling a marginal, unknown female politician “sexy” – that gets a life of its own and announces that a race is underway.  
One such article was about a new <a target="_blank" href="https://www.theage.com.au/business/property/micro-living-in-the-big-city-is-not-for-everyone-20130818-2s51z">micro-apartment</a> development in Melbourne.  No big deal.  But when we get invited by several media outlets to comment then maybe the mindset has shifted.  The number of online replies and the amount of social media reply supports this muse.
You can see a similar trend with the “Sydney boom or not” <a target="_blank" href="https://smh.domain.com.au/real-estate-news/sydneys-strong-but-its-not-a-property-boom-20130819-2s7bj">conversation</a> over recent weeks.  
Another, more localised indicator is golf.  Golf?  
See, I haven’t played a game in over 18 months.  Lost interest.  Work got in the way.  Mind elsewhere.  
Most with whom I played, felt the same way.  But in the last month or so, the invites for an early or late round are starting to come.  Hmmm, are things looking up?  
Finally, I like to go to auctions.  I hang in the back of the crowd.  I like to play ‘nearest the pin’ – see, golf is never really that far away.  I am often pretty close – within a few per cent of the final price – but of late I have been way, way off – missing by a wide mark &amp; always on the low side.  Last weekend I was close to six figures off the mark.  Six figures!  
Just as well I am getting invited to play some golf, as my auction performance of late is quite humiliating.  
Some facts &amp; figures  
Re this talk of recovery – if the micro-apartment &amp; Sydney boom media attention are bellwethers - I fear we could get more disconnected than usual from reality.  
So in this spirit it is timely to outline some truths about the Australian housing market.  
Here goes.  And yes, this list does include data.  I hope you don’t get too bored!  
*     One in every seven Australian households owns one single residential investment property.  Just 480,000 households own two rental properties; with 162,000 or a paltry 2% of Australian households owning three or more investment homes.  These volumes have changed little over the last two decades or so.  
So everyone isn’t buying an investment property.  Whilst it will be an investor-led recovery, there isn’t a massive need to rush.  
*     Three-quarters of our housing is detached.  One in eight homes is attached (duplex or townhouse for example).  The same proportion applies to apartments.  1% of our homes are caravans, boats or similar.  These percentages have also not changed in decades.  
We are suburban.  Most live in a suburban setting.  Some suburbs might be going through gentrification, which is good for the locals and investors too.  But not everyone is moving downtown or into apartments.  In fact, only a limited number actually do.  
*     Household size is increasing, not in decline.  And whilst there are smaller apartments downtown, overall the size of our new homes is growing.  Just 4% of Australia’s homes have one-bedroom and 15% have two-bedrooms.  This mix has also not changed in decades.  
What has changed in recent years the number of three and four-plus bedroom dwellings.  Today 42% of our dwellings have three-bedrooms (it was 48% 10 years ago) and 39% of our housing stock today contains four or more bedrooms.  Up from 33% in 2001.  
*     Whilst, statistically, half of Australia’s households either live alone or as a couple without children at home, very few people actually live alone or even in groups of two.  The census tells us that just one in ten people live alone; one-quarter of us live in groups of two; 40% in groups of three or four and another quarter in groups of five or more people.  
We are tribal.  Density must be offset.  Living independently is quite different from living alone.  
*     One in ten of our private dwellings is occupied.  They aren’t all apartments on the Gold Coast, in Noosa or batches at Bateman’s Bay.  Many are suburban homes.  At present, a quarter of our population growth comes from overseas.  Many of these are returning expats, who are increasingly attracted back due to the lower Australian dollar.  Asian investors will often buy before migrating and they too often don’t rent out their properties.  So some (maybe many, who knows?) migrants will move back into their empty homes.  
Whilst higher population growth leads to expanding housing demand, there isn’t always a direct mathematical relationship.  
*     There’s a lot of research which indicates that on average, travellers operate within a fixed time budget.  It seems to be around 30 minutes (one way) for the typical work commute in Australia.  We are prepared to travel further for leisure.  
When given a reduced travel time (e.g. better infrastructure) commuters tend on average to spend the time saving on travelling to more distant but better jobs, or as is more often the case, to a better residential property/location.  
So an improvement in access to places of work doesn’t always mean better price growth.  It doesn’t hurt.  But its multiplier impact is limited.  Ironically, new infrastructure projects often help property values further afield than most advocate.  
Note I said “recovery” and not “boom”.  A plus 20% lift in values over the next three or four years isn’t a boom.  Only if prices rise that much within 12 to 18 months would the “boom” title be justified.
 
<hr>
 Michael Matusik is the founder of <a style="font-size: 14px;" rel="nofollow" target="_blank" href="https://www.matusik.com.au/">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.   Read <a style="font-size: 14px;" rel="nofollow" target="_blank" href="https://www.matusikmissive.com.au/">Michael’s Blog</a> or follow him on <a style="font-size: 14px;" rel="nofollow" target="_blank" href="https://www.facebook.com/ThinkMatusik?fref=ts">Facebook</a> and <a rel="nofollow" target="_blank" href="https://www.twitter.com/michaelmatusik">Twitter</a> or connect via <a rel="nofollow" href="https://www.linkedin.com/in/michaelmatusik">LinkedIn</a>.
 
 
 
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Of mystics and statistics, a residential recovery is on the way: Michael Matusik

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Fast forward a few weeks and the federal election will be over, the result will be known and we'll be getting on with our lives. So what will that mean for the property markets? What will happen to the value of our home or investment property? Fact is, whatever the election result the news is good for our property markets. Let's look at 10 reasons why:
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