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]

Joel Robinson

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

Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.

At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.

The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.

Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.

[smartcode_project:default project_id=13181 project_image_fid=348530]

For Fortis, that combination of location and scale was what made the site unique.

"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.

"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."

Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.

"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.

"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."

[smartcode_project:default project_id=13181 project_image_fid=348533]

The emphasis on walkability has also resonated with buyers.

Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.

Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.

"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.

"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."

[smartcode_project:default project_id=13181 project_image_fid=348549]

The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.

Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.

"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.

"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."

Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;

Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;

Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.

[smartcode_project_cta:default project_id=13181]

Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

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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It’s a case of good news and bad news for eligible Victorian first time property buyers from today.
The first-home owner grant is increasing from $7000 to $10,000 for those buying new homes, but is cut completely for buyers of existing homes.
Along with the boost to new home grants the state government will fast-track stamp duty cuts, bringing them in six months ahead of schedule.
These will increase from 30 to 40% on homes valued up to $600,000. The combination of a $10,000 First Home Owner Grant and stamp-duty cut means buyers of new home for $400,000 or less will save more than $16,500.
Treasurer Michael O'Brien forecasts the move will help create more jobs in the housing-construction sector.
"Targeting the grant to newly constructed homes - whether in regional Victoria, Melbourne's growth corridors or new CBD apartments - will stimulate the economy and create jobs in the construction sector," Mr O'Brien says.
"These measures will promote more housing construction, leading to more employment, greater housing supply and reduced residential price pressure for Victorian families."
First-home buyers looking to buy established property for, say, $450,000 will benefit only from the stamp duty concession worth $7588, which the Government says offsets the $7000 grant previously available.
Last Nevember the Real Estate Institute of Victoria chief executive Enzo Raimondo says the majority of first-home buyers would not receive the grant.
"I think that first-home buyers should be treated equally," he said.
"I understand that the Government is trying to stimulate construction but most first-home buyers buy established homes and it is unfair that they will miss out on the full savings."
“Overall, the cut is good news for those buying their first home and it will be worth an additional $2377 on a home valued at $530,000.  
‘’This will bring the total stamp duty cut on the median priced home from $4754 to $7131,” Mr Raimondo said.
But Mr O'Brien said the changes will boost construction and ease housing pressures.
"We want to see more jobs and we also want to make sure we have more housing stock to meet the needs of a growing population," he says.
Mr Raimondo says first home buyers should realise that homes bought with 60 day settlements are eligible to benefit from the lower stamp duty because they pay stamp duty on settlement – not when they sign a contract.  
“Settlement occurs on the day the balance of the purchase price is paid and the property’s title document is handed over to the buyer.’’  
“This is unlike the First Home Buyer Grant, which applies from the date the contract is signed.’’
From September 1, 2014, all first-home buyers will benefit from a 50% stamp duty concession.
</body></html>

staylor-63KgDrKwoY

New financial year brings mixed news for Victorian first-home buyers

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Melbourne’s premier retail development, Emporium Melbourne has suffered a $59.4 million write-down following an independent revaluation by joint owner, CFS Retail Property Trust.
The project is now only scheduled to be completed by the first quarter of 2014 instead of an earlier December opening meaning retailers will miss out on the key Christmas trading period and New Year's sales.
<img alt="emporiumapril24two" height="277" width="470" src="/images/stories/2013/04/emporiumapril24two.jpg">
The write-down applies to the 50% of the project owned by CFS Retail.
The other half of the project is owned by the Government of Singapore Investment Corporation (GIC).
The 15.5% revaluation means CFS Retail’s share of Emporium Melbourne is now worth $325 million with costs increasing from $575 million to $590 million for the A-REIT's share of the project.
The write-downs were the result of downward revisions to income assumptions and increased costs over the project, currently being built by Grocon on the corner of Little Lonsdale Street and Bourke Street.
Emporium Melbourne (pictured above and below) will replace the former Myer Lonsdale Street store and will offer over 225 stores of premium retail space over eight levels.
<img src="/images/stories/2013/04/emporiumapril24one.jpg" width="470" height="402" alt="emporiumapril24one">
Confirmed tenants include <a href="https://www.propertyobserver.com.au/retail/names-names-namesuniqlo-marcs-saba-and-mj-bale-set-for-emporium-melbourne/2013042360694" target="_blank">Japanese retailer Uniqlo and UK retailer Topshop</a>.
The gross leasable area of the complex is 48,000 square metres with Myer accounting for 7,000 square metres of retail space.
Goldman Sachs analyst Andrew MacFarlane repeated remarks made in April highlighting that “the vertical nature of the retailing offer inherent in the project risked suffering from a lack of tenant demand, and that timing over the development completion would be challenged given union and weather related issues that have faced the project”. 
Emporium Melbourne was the centre of a bitter dispute between Grocon and building union the Construction Forestry Mining and Energy Union (CFMEU), which blockaded the site between the 28 and 31 August.
In May, the Supreme Court of Victoria found the blockade was in contempt of restraining orders issued by the court.
“We have now seen these two risks transpire, with CFS Retail citing that while 75% occupancy (by income) has been secured, the subdued retail leasing market has impacted its income forecasts,” says MacFarlane.
“Similarly, development completion is now expected to occur in the first quarter of 2014, rather than by December 2013, with tenants set to miss the key Christmas trading period.”
CFS notes in its update that good progress is being made at Emporium Melbourne with the final concrete slabs that will form the floors being poured.
“Despite this progress, we have not been able to recover all the previously-advised lost time, and consequently we are now aiming to complete the redevelopment around the end of the first quarter of calendar year 2014," fund manager Michael Gorman.
“The delay has resulted in a $15 million (CFS Retail share) increase in forecast project costs, largely reflecting the additional interest costs to be incurred, bringing the revised total forecast project cost to $590 million (CFS Retail share).
“Leasing has progressed significantly in recent months, with approximately 75% of income now secured. However, in light of the subdued retail leasing market, we have revised down our income forecasts. The combination of lower income and increased costs has resulted in a revised target year-one yield on costs of approximately 5%.
The decline in Emporium’s valuation was offset by an upward revision of $32.2 million to its Chatswood Chase shopping centre on Sydney’s North shore based on improved income growth and discount rate tightening, which is now worth $845 million.
In total there were 19 assets re-valued for the six months to June 30, with he net result was a portfolio write-down of $20.7 million, or 0.4%.
The 30 assets comprising the fund are valued at $4.8 billion as of June 30.
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Emporium Melbourne's opening delayed until 2014

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The Sydney median house price is expected to rise by an average of more than 6% per annum over the next three years leading an uneven recovery in the residential property market, according to new forecasts from BIS Shrapnel.
Sydney median house prices are expected to rise 19% between now and June 2016 – from an estimate of $670,000 as of June 2013 to $795,000 in three years' time.
Gains will be modest to begin with, but then are expected to pick-up from around June 2014 onwards driven by a “sizeable deficiency” in new dwellings to meet demand as well as improved affordability as interest rates remain low.
The other strong gains will come from the resource states with Brisbane (up 17% to $513,000), Perth (up 15% to $600,000) and Darwin (up 10% to $655,000).
However in these three markets, the strongest growth is expected over the next 12 months and is then expected to taper off “as the pipeline of current investment in resource projects is increasingly worked through, with unemployment beginning to rise and migration and population growth slowing”.
Melbourne prices are expected to rise just 5% over the next three years with small gains for Adelaide, Hobart and Canberra with these markets impacted by weaker local economies and the supply of new housing almost in balance with demand. <img height="329" width="470" src="/images/stories/2013/larry_uploads/bis_shrapnel_graph.jpg" alt="bis_shrapnel_graph">
Over the next two years, the strongest conditions are forecast for New South Wales, Western Australia, Queensland and the Northern Territory.
While BIS Shrapnel estimates a sizeable deficiency of 83,000 dwellings nationally, or around half a year’s demand, at June 2013, all of the deficiency is confined to these states.
“The deficiency in their state capitals has driven up rents which, together with recent weak price growth, have resulted in improved yields,” says BIS Shrapnel senior manager and study author, Angie Zigomanis.
“In this environment, the lower interest rates are providing the impetus for greater purchaser demand, as is becoming evident in Sydney, Perth and Darwin house prices, while we expect Brisbane will eventually follow.”
In contrast, conditions in Victoria, South Australia, Tasmania and the Australian Capital Territory are forecast to continue to be tough. These states have all experienced strong peaks in construction in recent years that well exceeded demand for new dwellings. The result has been an erosion of their dwelling deficiency and/or an emerging excess of dwelling stock.
“Economically, these states are also underperforming due to a fall off in construction and a negative impact to industry from the high Australian dollar,” says Zigomanis.
“While some pockets may do well in the current low interest rate environment, without any supply pressures, median house prices overall in Melbourne, Adelaide, Hobart and Canberra are forecast to show little change and decline in real terms over the next three years.”
Zigomanis says the general improvement in residential markets since the latter half of 2012 has been initiated by the low interest rate environment. Since October 2011, the official cash rate has fallen by 200 basis points, translating to a 160 basis point fall in variable rates.
“As a result, we are seeing some improvement in some residential market indicators.
“Lending to both owner-occupiers and investors has been trending upwards in the nine months to March 2013.
“Lending to first home buyers has also been trending upwards outside of declines in New South Wales and Queensland, where changes to first home buyer incentives have created a short term dip in demand.”
The gains in residential property are expected to be modest in the coming 12 months as the economy transitions from one driven by resource investment to one driven by consumption and business and residential investment. will not be seamless.
Low interest rates, which could fall further according to BIS Shrapnel, will eventually drive a stronger pick up in retail spending, new dwelling construction and business investment.
This will start to flow through from about mid- 2014 as the non-resource sectors of the economy improve and take over as the main drivers of economic growth.
BIS Shrapnel says the outlook will become more uneven across the country from 2014/15.
By June 2016 all markets are forecast to be impacted to varying extents by rising interest rates as the Reserve Bank moves to push interest rates from their current extremely stimulatory level towards a neutral level over 2015 and 2016.
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Surging Sydney to lead “uneven” recovery in residential property market over next three years: BIS Shrapnel

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Listed real estate manager and developer Folkestone has raised $15.5 million for a new unlisted property fund that owns a six-level office building in Wollongong.
Investors included those with self-managed super funds attracted to a forecast 10.5% distribution in the first year and with the building anchor tenanted by commonwealth and state government agencies.
Unlisted property funds and single-asset property syndicates have made a resurgence in recent times after investors lost faith following the GFC when many mortgage and property funds were frozen.
Funds offering returns in excess of 8% and with strong tenants and long leases have proved popular with <a href="/news">Centuria</a> and Cromwell among those to find willing investors and close offerings oversubscribed.
The Folkestone Real Estate Income Fund at Wollongong closed around 50% oversubscribed.
As a result, Folkestone increased the amount of equity raised by $1 million, from $14.5 million to $15.5 million, to assist in satisfying part of this excess demand.
The forecast 2014 financial year distribution remains unchanged at 10.5% due in part to the lower initial gearing (47% down to 43%) and the debt being secured for three years at 5.55%, 10 basis points lower than forecast in the product disclosure statement.
Investors have bought into a six level commercial office building with 90 car spaces at 43 Burelli Street and 34 Stewart Street, Wollongong.
It is in the heart of the Wollongong CBD, about 200 metres from the Crown Street Mall and GPT's Wollongong Central retail centre.
The property is anchor tenanted by Commonwealth and state government tenants – representing aroundy 79% of the building’s income.
Folkestone acquired the building on April 10 and the offer to invest in the fund closed on June 20.
The sale price was not disclosed. The building previously sold for $9.75 million in 1998.
“The success of the capital raising demonstrates that investors continue to seek investments with strong income returns and quality covenants,” said Folkestone managing director, Greg Paramor.
He said the forecast distribution of 10.5% offers investors, particularly self-managed superannuation funds, with an attractive risk-adjusted return.”
"Our distribution network continues to grow as illustrated by the strong support from both financial planners and private client investors. Given the continued appetite for quality, yield orientated investments, Folkestone plans to launch the third in its series of real estate income funds in the next few months" Paramor said.
Folkestone’s balance sheet underwrote $8 million of the equity raising to assist in the acquisition which has now been repaid from investor applications.
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SMSF investors flock to Folkestone Wollongong unlisted office fund offering 10.5% return

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This is the last weekend the $7000 first home owner grant will apply for established property purchases in Victoria so first time buyers may be out in force.
From July 1, 2013 buyers of existing property will receive no government grant, although while purchasers of a new house or apartment priced up to $750,000 will receive a $10,000 grant.
From Monday the state government's discount on stamp duty increases from 30% to 40% for all property sold under $600,000.
 
 
VICTORIA
June 30, 2013
The date the Victorian government ends its $7,000 first-home owner grant. The grant is available if the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.
July 1, 2013
From this date eligibility for the First Home Owner Grant will be limited to FHB of new homes and will be increased from $7,000 to $10,000. To qualify for the Grant, the price of the property or construction of the home must not exceed $750,000.
July 1 2013
The land transfer duty discount for eligible first home buyers purchasing a principal place of residence (PPR) valued at not more than $600,000 increases from 30% to 40%. To be eligible for the duty reduction, the FHB must have received or be entitled to receive the FHOG and must also reside in the property for a continuous period of 12 months commencing within 12 months of settlement.
September 1 2014
The land transfer duty discount for eligible FHBs purchasing a principal place of residence (PPR) valued at not more than $600,000 increases from 40% to 50%.
 
More information: <a target="_blank" rel="nofollow" href="https://www.sro.vic.gov.au/sro/sronav.nsf/LinkView/B82157FB72EC77C8CA2575CA00826CDD6BF180369BCB3975CA2575A1004420CF">Victoria State Revenue Office website</a>.
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Victorian first home owners grant ends this weekend

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It last traded for $71,000 in 1979, which might account for the seemingly wayward pre-auction price estimate.
The SMH Domain gave the Federation, Drummoyne offering a $2.2 million plus price guidance.
However after the passing of its scheduled mid-week auction, the renovated four bedroom 1910 house comes with a $2.6 million asking price through Coopers Agency. <a target="_blank" href="https://coopersagency.com.au/3718942/15-South-Street-Drummoyne">Its on a 405 square metre block</a>.
Behind the South Street facade is an abode with a modern kitchen overlooking the open plan living and dining areas.
There are glass bi-fold doors opening to its garden with stepping stones, water feature and established shrubs along with a tandem carport.
All three downstairs bedrooms have a fireplace and the upstairs main retreat comes with balcony with views of Brett Park, Iron Cove and the city skyline.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
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The $2.2 million plus Drummoyne offering becomes unsold $2.6 million listing

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Fashion stylist Ken Thompson has sold his three-bedroom Potts Point apartment for $845,000 having listed its with $840,000 plus hopes.
The 85-square-metre unit is located on the fifth floor of the Emil Sodersten-designed art deco building.
The north-west corner apartment sold through Nicholas Tsaoucis of Richardson &amp; Wrench Elizabeth Bay.
Its rented until September 2013 at $800 per week.
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Fashion stylist Ken Thompson secures $845,000 for Potts Point apartment

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Hi Margaret,
I have been looking for a two-bedroom investment. Do you think Mascot is a good suburb to invest in?
And do you suggest off-the-plan or existing property?
Thanks,
Mag
Hi Mag,
I always find it interesting that investors write to me and ask if a specific suburb makes a good investment.  Thinking about this, usually someone will ask about a suburb because they live near it, or it’s within close proximity to their own home and they feel a comfort investing in property close by.
When someone decides to become a property investor, their first action is usually to buy a property.  They pick a suburb fairly randomly, and then try to get a bargain there. Later, when this investment does not perform as well as they would like, they blame the investment, or property investing in general, never seeing that they are most definitely responsible for things not working out!
Just like any occupation, becoming a good property investor commences with the process of gaining an education.  Asking me if Mascot is a ‘good suburb’ means that you have not acquired the very basic skills needed to become a successful property investor!
The process to choose an area requires you to consider the entire country first, and narrow down which areas within the country show the greatest number of growth drivers.  Growth drivers include things such as a population growing faster than the national average, an abundance of infrastructure development, a median household income growing faster than inflation, a diversified industry base, low unemployment and a strong and active local council.  Most notably, though, an area with these characteristics should also be one which has yet to ‘take off’.  Choosing long established areas may mean that you get some growth, and it may already be a proven performer, but your aim should be to buy in those areas that have everything about to happen, soon, so that you can buy there at an affordable price and before everyone else does.
Considering Mascot, it is well established with little room for the bigger growth drivers to exist to propel the prices along at higher than normal growth rates.  It should be a solid area, but it won’t have that ‘boom’ in prices which makes a great investment.  You need to look further afield to areas where growth drivers exists and where values are yet impacted by these drivers.  In and around Sydney this includes many of the outer Western suburbs and some of the larger regional cities such as Penrith and Bathurst.
With regard to the second part of your question, an off-the-plan purchase carries far greater risk than an established property, and little advantage over one.  It’s very difficult to establish whether the off-the –plan property is being offered at what will be a fair market value – even a registered valuer cannot forecast future values accurately enough to assure you  that what you pay is going to be what it is worth when completed.  When you tie up your borrowing capacity on a yet-to-be completed project, you may not be allowed by the bank to borrow for additional investments, as your true position cannot be determined until the property is complete and owned by you.  If you are getting a loan to buy the property, and the property subsequently has a value less than you have agreed to pay, you may not be able to borrow enough to complete the sale, as the bank will use the value at the time, not your purchase price, to determine how much they will lend.  If you cannot complete the purchase due to lack of funds, you will be sued to proceed and you may lose your deposit.
Confirming an accurate future rent return is also nearly impossible, as this is affected by demand and supply.  Where the development is large, there could well be a sudden oversupply as they all complete and come on line, and you could get far less rent than expected, causing further financial distress to you.
Finally, I’ve seen far too many off-the-plan properties with large commissions built in for middlemen marketing people, meaning what you pay may be well over its true underlying value.  That said, I’d prefer an established property which you can buy today, whose value you can easily confirm and whose rent return is more assured.
Margaret Lomas is a best-selling author and writes and hosts the popularProperty Success With Margaret Lomas and heads up the panel onYour Money, Your Call, both on Sky News. She is the founder of <a rel="nofollow" target="_blank" href="https://destiny.com.au/dotnetnuke/en-au/home.aspx">Destiny</a>.
Have a property question? <a target="_blank" href="mailto:askmargaret@propertyobserver.com.au">Ask Margaret!</a>
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mlomas-KC9MUPZ6Ca

Ask Margaret: Should I buy off-the-plan or an existing property?

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A four-bedroom John Burgess-designed home in Longueville is on the market for $3.25 million plus.
Situated on 623 square metres, the William Edward Street property was built in 2010.
The three level residence includes three bathrooms and boasts glass and natural materials throughout.
The property also features Zen inspired outdoor relaxation spaces, a heated pool and an entertainers' terrace.
It is scheduled to go under the July 27 hammer through Simon Harrison and James Bennett of <a target="_blank" href="https://www.49williamedwardst.com/index.php">Belle Property Lane Cove.</a>
The median house price in <a target="_blank" href="/news">Longueville</a> is $2.12 million, according to RP Data.
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