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.

Joel Robinson

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

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

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

<html><body>
Amid expectations of a surge in Chinese buyers of Australian and New Zealand property, LJ Hooker has signed a new three-year strategic partnership with Chinese property listings portal Juwai.com.
A previous 12-month agreement was signed in July last year and has been successful to date with 30% of calls from estate agents to the LJ Hooker head office about wanting a closer relationship with Juwai.com.
Juwai’s two co-CEOs will attend LJ Hooker’s annual conference in Queensland this week to explain how LJ Hooker franchisees can attract as many Chinese buyers as possible to their listings.
Juwai.com bills itself as the top-ranked international property portal for the world’s Chinese-language population.
The new agreement follows Juwai.com recording a <a target="_blank" href="/news">61% rise in Australian residential property searches</a> since the start of the year with property viewings up 162% over the same period.
Chinese buyers spent over $4.2 billion on Australian property in 2011 compared with $1.1 billion spent in 2009, earning Australian estate agents about $48 million in commission in 2011.
The new partnership will include LJ Hooker participation in “elite international property expos in China, attended by high net worth Chinese buyers”.
The real estate group will also get greater exposure to the Chinese market through a special corporate landing page hosted behind the Chinese government firewall; corporate banner ad campaigns designed around the core offshore purchasing seasons as well as other branding initiatives.
LJ Hooker estate agents will also receive exclusive discounts on selected premium advertising products on Juwai.com.
Greater demand among Chinese buyers for prestige residential property is also expected due to the new significant investor visa (SIV) with the first such visa issued just over a week ago to a Chinese toy manaufacturer.
Further issuances of SIVs are expected to flow through to the prestige end of the property market - residential property does not qualify as part of the $5 million investment requirement, but successful applicants will want somewhere to live.
LJ Hooker chief executive Georg Chmiel says that "on the whole, Australian agency brands are not well known in China".
"Our extra branding and advertising on Juwai.com will mean that Chinese buyers know and trust LJ Hooker long before they hear about any other agency network," he says.
Simon Henry, co-CEO of Juwai.com said Chinese buyers are now more confident when planning property inspection and buying trips. 
“It can take 12 weeks to obtain their visa to visit Australia and they use that time to thoroughly research the market. That makes it critical to reach them before they leave China,” he says.
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LJ Hooker looks to sell more property to Chinese buyers with three-year marketing deal with international property listings portal Juwai.com

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Once again the drop in interest rates has been promoted widely as “good news” for the housing market, with Wayne Swan taking ample credit as he attempts to persuade public ears that record low rates are solely down to “responsible” fiscal policy.
To assume this is a reaction to a number of concerning economic indicators would be ‘grossly inaccurate’ we’re told - with Wayne Swan assuring the voting public that “Australia's economy is resilient.”
You could be forgiven for believing that we’re living in an environment similar to the old fable “The Emperor’s New Clothes” with only a few short months ago seemingly believable tales of an early return to surplus widely circulated until the pure nakedness of the situation, to the tune of $17 billion was revealed. 'Whoops!' Sorry about that.
And whilst a drop in rates may on the surface bode well for mortgage holders wanting to pay down debt, the bleak reality remains that for savers, many of whom are would-be first-home buyers, the news is not good at all.
Any long term downward direction in rates should always be considered a concern – they sit at the seat of a number of economic problems, and point firmly toward a trend of lower growth. Furthermore, a lengthy period of low rates is harder to reverse as consumers come to rely on cheap credit, unsustainable at higher levels should a ‘bubbly’ environment call for a reverse course of action.
As a tool, they are limited in their effectiveness for stimulating the economy pushing yield seekers into riskier assets. Since the global economic crisis, the world’s banks have been concentrated on lowering rates in order to boost growth. The textbook model indicates the atmosphere will motivate an increase in lending for such items as homes, goods and services; however monetary policy is a pretty blunt instrument and understandably in our post GFC environment, the appetite to reduce debt and accelerate payments on outstanding mortgages has been far greater than the push to consume.
In the UK, putting aside the London housing bubble inflated principally by foreign investment - the housing market has been broadly stagnant.  As with Australia, vendors – have chosen to hold, rather than sell for diminishing nominal returns.  Talk of lowering rates into negative territory and dangling carrots in front of first-home buyers by way of ‘help to buy’ equity schemes are all last ditch temporary measures to artificially prop up prices which critics emphasise will do little to address affordability in the long run, and artificially inflate prices in the near term. Yet akin to a doctor prescribing placebos, short term relief is better than a long term cure – particularly when approaching election.
As I mentioned previously, although it may seem logical to assume lending rates initiate price changes, other economic factors play a far greater influence, and unless the needed ingredients are combined, interest rates on their own can do little to change the terrain by any significant sustainable degree.
Furthermore, whilst governments can allocate at their discretion where to spend our tax dollars and pressure the banks to ‘pay forward’ the rate cuts gifted,  they have limited influence on where cheap credit is spent (or for which asset it is lent) into the economy or to direct it into areas where it’s needed most – principally construction.  The banks decide at their own discretion where to make their loans, the majority of which are directed towards the established real estate market, over and above other areas such as job-creating businesses.
Since November 2011 we’ve had seven drops to the cash rate – passed on ‘in part’ by the banks.  To date it’s failed to evoke any significant improvement to the construction industry with the latest data showing a 35 month consecutive contraction – the fastest rate since September 2012.
Established house prices have also been slow to respond– it took until mid 2012 for any marginal improvement in median values to emerge (principally boosted by consumer confidence,) and only recently have we seen any significant uptick. Albeit, throughout the period, growth in ‘private sector housing credit’ has remained weak and transaction levels low by historical standards.
 
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Melbourne recorded its strongest first quarter since 2010, however once adjusted for inflation we still sit -11.2% below peak values with a promised ‘softer’ second quarter. According to RP Data, capital city values in real terms have moved little since September 2007.
The new home market sits in a dismal glut.  Last week the HIA released 50 “action strategies” focusing on the economy, taxation, industrial relations and ‘red tape’ in an attempt to lobby government to allocate a greater proportion of the federal budget to addressing the issues which they assess are needed in order to advance ‘sustainable’ recovery.
Part of their campaign focuses on our ‘housing shortage’- and whilst there’s no doubt a growing population will require an increased surplus of accommodation, ‘population forecasting’ focuses on a number of ‘assumptions’ which are always subject to change.
For example, between 2001 and 2006, census data indicates we’ve reached a point where number of persons per household has stopped declining and is once again increasing – no doubt in part due to the rising costs of living and accommodation.
The results show how household size has increased from 2.4 people per dwelling to 2.66 in the five interim, and although a few 0.01 percentage points may seem insignificant, this figure is used to calculate ‘underlying’ housing demand, therefore, even a small shift of 0.01% can result in a ‘needed’ reduction of almost 30,000 dwellings.
Albeit, there is little point building a surplus of homes unless it can be assured the consumer (mortgage holder) will respond, and in this respect, the key issue to our shortage of housing lies in effective planning for population growth, which I’ve argued more than once, cannot be combated from simply building an excess of ‘roof space’ alone – or for that matter, dropping interest rates to historic lows.
To date, the only solution offered has been the channelling of first home buyer grants exclusively into the ‘new’ market – in other words, if no one else will buy it, throw smarties to our most price sensitive demographic and see if they will take the bait - an unsustainable irresponsible policy producing dismal results.
From a home buyer’s perspective, using their hard earned ‘deposit’ to purchase into a ‘new housing estate on the city fringe, where land is in abundance, is quite simply not worth the effort once travel costs and failed promises for the provision of infrastructure have been calculated. Nevertheless without recovery in construction, it remains that any surplus of credit will be poured into the established sector – principally lead by investors fighting over the same dwindling pot of existing dwellings.
Viewing housing as merely a tool to build wealth and drive the economy takes a fair amount of manipulation yet this is the reality. According to RP Data, tax revenue generated from property taxes alone, account for a collective 46% of total revenue for local and state government. In the recent Victorian state budget, it was revealed ambitious plans for a new east west link are in part reliant on an increase of 33% to 37% in property related taxes.
In a <a href="https://m.smh.com.au/victoria/banking-on-recoveries-in-housing-and-labour-20130507-2j58o" target="_blank">statement</a> to Fairfax Media, the property council of Australia warned "Any budget that relies on property taxes to pay for 40% of the bills is too dependent” – and it’s been noted that the prospected increase in transactions needed to fund Victoria’s bills is somewhat ambitious considering it was only a few weeks ago in the RBA’s  <a target="_blank" href="https://www.rba.gov.au/publications/fsr/2013/mar/pdf/0313.pdf">Financial Stability Review</a> that Melbourne’s property market was singled out with specific warnings of a ‘softer outlook’ ahead.
The long and short remains that Australia is pinning its future outlook on a robust housing market with both the RBA and Treasury looking towards the construction sector to fill any void from a slowdown in mining.  And whilst low interest rates can keep the mantra to first-home buyers going that ‘housing affordability is at its best level in a decade,’ despite prices continuing to rise, then the only way affordability can be sustained for those entering the market, is if the RBA hold down the cash rate over a lengthy period as seen in the UK and USA.
All things being equal, this option may sound feasible – however, equality in is not under the control of either the RBA or government when they cannot dictate where a larger supply of cheap credit is directed.
Without addressing the real issues causing weakness in the housing sector, it encourages central banks and investors to believe that market manipulation is the only feasible answer. Should a bubbly environment start to emerge in an atmosphere where low rates have become the norm, a favourable outcome will be far harder to wield than may be imagined.
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition.
 
 
 
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catherinecashmore-6LXia3pPQj

Rate cuts bode well on the surface but long term downward trend is a concern: Catherine Cashmore

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The residential property market recovery is underway but the house and land market is lagging this by around six months, new Stockland CEO Mark Steinert has told investors at a third quarter update.
He also revealed more pain ahead for Stockland investors before a recovery from about 2016 onwards with another $49 million worth of write-downs identified on previously impaired projects.
This follows Stockland reporting a <a href="https://www.propertyobserver.com.au/land/stockland-pins-hopes-on-western-sydney-and-wa-residential-projects-as-interim-profits-slump-148/2013021259306" target="_blank">$306 million write-down across 13 residential community projects</a> in February as part of a 148% drop in statutory interim profits and a loss of $147 million to December 31.
The new writedowns assume a worst-case scenario with "no additional material impairments"expected "unless trading conditions deteriorate significantly".
Third quarter performance is expected to be in-line with expectations but earnings per share for the full 2013 financial year will be down 25% on 2012 and at the bottom end of the target range provided three months ago.
Stockland is forecasting a 2013 distribution to shareholder of 24 cents per security.
Steinert revealed that only 30% of Stockland’s projects are “capital efficient” amid an overall upbeat outlook for the residential market.
“Key leading indicators are showing signs of improvement and the established housing market is improving,” said Steinert.
Stockland achieved its strongest net deposits in the March third quarter of 2013 since the first quarter of 2011, with its WA division accounting for 47% of these and Victoria improving, though still impacted by "competitor rebating".
"Queensland lead indicators suggest confidence is returning, but this varies between sub-markets," he said.
Steinert said the group would no longer build standalone high-rise apartments, saying this had been an “unhappy” experience for Stockland and also “high risk”.
Instead, Stockland will look to “reshape” the residential portfolio by accelerating the launch of new projects that “improve geographic diversity, accelerate completion of poor performing projects and right-size the land bank”.
Stockland will also look to expand its customer reach with medium-density offerings, noting the success of its terrace home Bower series at its Bells Reach community in Queensland.
Other successful medium-density projects noted by Stockland include the Mernda (Victoria) and Willows (NSW) retirement projects, Essence in Maribyrnong and Riverwalk and Waterside in NSW.
In the growing medium-density housing market, Stockland will look to build semi-detached and attached houses, townhouses, and terraces as well as low rise apartment towers of up to six levels.
These will be built by “selectively developing land from its existing land bank”.
“Residential performance will improve in coming years with the launch of new projects, disposal of non-core assets, reduction in cost base and delivering community outcomes in our larger masterplanned communities,” said Steinert.
<img src="/images/stories/2013/stockland_housing_graph.jpg" width="470" height="371" alt="stockland_housing_graph">
 
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Stockland has an existing land bank of 86,000 lots of which 31,000 of these lots are at its $4 billion Lockerbie project in Melbourne’s north (covering 1,121 hectares and aimed to deliver homes for 30,000 people) and its 2,300-hectare Caloundra South project on the Sunshine Coast, with plans for homes for 50,000 people.
<img alt="stockland_land_bank" height="320" width="470" src="/images/stories/2013/stockland_land_bank.jpg">
Source: Stockland
The goal will be to reduce its land bank to 51,000 lots by 2018 with 30,000 of these remaining lots in Lockerbie and Caloundra and 21,000 in other projects.
The group is targeting 5,000 to 6,000 lot sales per annum with an expectation of rising sales in NSW (17% to 21% of sales), Queensland (30% to 33%) and WA (19% to 23%).
However, lots sales in Victoria are expected to fall from 34% to 23%.
Stockland will launch new residential projects in East Leppington and Marsden Park in NSW in 2014/15 to “take advantage of the strong market conditions in metropolitan Sydney”.
It also notes that its WA business is “now at scale and benefiting from the strong market conditions”.
In total Stockland has 28 active residential projects covering 28,000 lots with plans for five new projects valued at $200 million to be launched in 2014/15 covering 11,000 lots.
Stockland expects residential margins to increase from 2016 onwards and will look to increase revenue by “creating a better community value proposition that drives higher customer referrals”.
Around a fifth of all new sales leads are referred.
“These leads convert at three times the rate of a non-referred lead. There is a strong link between satisfaction and referral,” says Steinert.
“Our proprietary liveability study of over 1,700 residents has enabled the identification of the specific community elements that contribute the most to higher customer satisfaction (or liveability)
“By focusing our development and community creation activities on the most important elements, we can increase satisfaction, drive greater referral rates and grow margins over time,” says Steinert.
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Residential recovery underway but more pain for Stockland as $49 million write-down revealed

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Mirvac will look to sell poorly-performing shopping centres and retail properties in secondary, sub-optimal markets as it focuses on building a prime retail portfolio.
The A-REIT will look to acquire sub-regional, and neighbourhood shopping centres in “strong markets” as well as select CBD retail assets “within strong trade areas either standalone or as part of mixed-use property”.
Mirvac will look to acquire assets in the four big capital city markets - Sydney, Melbourne, Brisbane and Perth - as well as in some select regional markets "with strong fundamentals", said Mirvac chief executive Susan Lloyd-Hurwitz as part of the group’s strategic review.
Secondary and in sub-optimal markets make up 20% of Mirvac's $1.6 billion retail portfolio.
<img src="/images/stories/april23tivoli/mirvac.jpg" width="470" height="247" alt="mirvac">
Assets that might come under review given the new strategic focus might include the Orange City Centre, Manning Mall in Taree and Hinkler Central in Bundaberg.
The strategic review highlights that Mirvac’s Broadway Shopping Centre in Glebe, just outside the Sydney CBD, is its most productive shopping centre over 45,000 square metres by annual turnover per square metre.
The 50,000 square metre centre is valued at $250 million and brings in annual turnover of $423 million.
“Whilst there has been some improvement in retail sales this quarter, conditions are expected to remain difficult for retailers during 2013,” says Lloyd-Hurwitz.
“Recent interest rate cuts, whilst boosting consumer incomes, have not translated into broad-based sales growth and category performance is expected to remain mixed.
“Vacancy rates to remain resilient in quality centres (across all sub-sectors); however rental growth continues to moderate,” she says.
Mirvac has an $800 million retail investment pipeline tied to its residential community projects include the Stanhope Shopping Village in north west Sydney, Kawana Shopping World on the Sunshine Coast and the Orion Springfield town centre in Ipswich.
Mirvac revealed a 99.2% occupancy rate in its retail property portfolio with moving average turnover up 3% across its portfolio driven by food-based retailers and mini-majors.
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Mirvac to head to big city suburbs and CBDs for prime retail investments amid “difficult” conditions

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Thinking about one day renting the heritage premises at 70 Errol Street, North Melbourne tenanted by Australia Post? Take a number. Better yet wait 868 years, as only 131 years of the lease has gone.
According to the Melbourne City Council book on lease agreements, recently opened to public inspection, Australia Post has the lease on the premises (pictured below) until 2881.
And that’s not a typo.
<img alt="postofficemay13one" height="353" width="470" src="/images/stories/2013/05/postofficemay13one.jpg">
According to The Age’s city editor Jason Dowling, lord mayor Cornelius Job Ham signed a 999-year lease with Australia Post in 1882.
Melbourne City Council finance committee chairman Stephen Mayne called the lease agreement “ridiculous” and said it should be renegotiated.
Image courtesy of Travel Victoria.
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Australia Post’s 999-year lease in North Melbourne revealed by Melbourne City Council

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House Rules premieres tommorow night at 7.30pm, up against the Channel 9 perennial, The Block.
The new state-versus-state renovation series, from the makers of My Kitchen Rules, aims to deliver true home renovations.
The six contestant couples have put their entire home on the line promising an emotional return to their new homes after the seven-day renovation.
The teams have to work independently on their own zone within each house but they also have to work as a team to ensure each room complements the other when it's completed.
The six teams competing are: <a href="https://au.tv.yahoo.com/house-rules/teams/article/-/16802165/michelle-steve-nsw/"></a>
<a href="https://au.tv.yahoo.com/house-rules/teams/article/-/16802165/michelle-steve-nsw/" target="_blank">Michelle &amp; Steve</a> (Collaroy Plateau, New South Wales) <a href="https://au.tv.yahoo.com/house-rules/teams/article/-/16802279/nick-chris-vic/"></a>
<a href="https://au.tv.yahoo.com/house-rules/teams/article/-/16802347/amy-sean-qld/" target="_blank">Amy &amp; Sean</a>(Nundah, Queensland)
<a href="https://au.tv.yahoo.com/house-rules/teams/article/-/16802523/carly-leighton-sa/" target="_blank">Carly &amp; Leighton</a> (Warradale, South Australia) <a href="https://au.tv.yahoo.com/house-rules/teams/article/-/16802965/jemma-ben-wa/"></a>
<a href="https://au.tv.yahoo.com/house-rules/teams/article/-/16802965/jemma-ben-wa/" target="_blank">Jemma &amp; Ben</a> (Melville, Western Australia)
<a href="https://au.tv.yahoo.com/house-rules/teams/article/-/16803037/jane-plinio-tas/" target="_blank">Jane &amp; Plinio</a> (New Town, Tasmania)
<a href="https://au.tv.yahoo.com/house-rules/teams/article/-/16802279/nick-chris-vic/" target="_blank">Nick and Chris</a> (Preston, Victoria)
Each of the six House Rules teams hand over the keys to their homes and allow their competitors free reign to transform their house, so the host Johanna Griggs expects lots of passion and pride in the way teams tackle the renovations.
"It's a bunch of likeable Australians with amazing back stories," Griggs said.
Apparently the teams have longed to be able to renovate, but not been able to accomplish it until now because of large mortgages.
As there's a "life-changing prize on the line," Property Observer guesses it may well be having the winner's mortgage paid off in part or maybe even in full.
Perth local papers have been quick to identify newlyweds Jemma Blenkinsop, who runs a spray-tan business and builder, Ben Van Ryt as recent first-home buyers in late 2011, but with the Perth property market the way it is, they couldn't afford to renovate their 1950s Melville home. Property Observer notes it cost $555,000.
The Tasmanian couple paid $355,000 in 2010 for a house initially listed at $380,000-plus.
The so-called Sydney battlers Steve and Michelle Ball who live at Collaroy Plateau on the northern beaches paid $650,000 for their house in March 2012.
The South Australian couple paid $450,000 for the house which had been listed with $485,000 hopes in May 2012.
Johanna Griggs, the presenter of Better Homes and Gardens, is herself a keen home renovator, currently building her fourth home with husband, builder Todd Huggins.
“I’ve been in this industry for 20 years now and this is the first time I’ve had a go at this style of show.
"Because we are dealing with people’s own homes, I’m expecting the stakes to be high, the competition to be tough and the results incredible.
"We are the rare combination of two people who absolutely love home renovating.
"Even though this is something we love to do, I’d be lying if I didn’t say it can be extremely stressful.
"There are so many things you can’t control on a building site; not to mention the tension that usually arises around budgets, general fatigue and soreness when you are working towards a deadline.
"But the upside is that most days you can actually see tangible change.
"I love the fact you can look at a room and feel a great sense of satisfaction at what you can achieve.
"You put your heart, soul, blood, sweat and tears into what you produce and when you realise you’ve done it together it’s an incredibly satisfying and addictive feeling."
Chester Drife is the House Rules building supervisor.
With its catchy theme song, "Change Your Life" by Little Mix, House Rules airs Tuesday, Wednesday and Thursday at 7.30 pm on Seven.
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jchancellor-FAypfDUnLy

House Rules, the new addictive reality television show on the block, renovates for keeps

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The NSW government’s decision to only incentivise first-home buyers who purchase new homes from October last year appears to be gaining traction, the Reserve Bank has noted in its May monthly statement on monetary policy.
"For the state as a whole, there has been an increase in demand from first home buyers, which is likely to reflect the increase in government incentives to first-home buyers purchasing new homes relative to the incentives available for purchases of established homes," says the RBA.
The following graph prepared by the RBA shows the trend of rising first-home owner grants (FHOGs) in NSW for new dwellings and also a small uptick in Queensland, where a similar incentive scheme is in place.
In Victoria the trend is heading in the other direction, but this is ahead of the introduction of a <a target="_blank" href="/news">$10,000 FHB grant for new homes only from July 1</a>, with an expected rush among some FHBs to finalise purchases of existing dwellings.
<img alt="fhb_in_nsw" src="/images/stories/2013/fhb_in_nsw.jpg" width="470" height="402">
The <a href="https://www.propertyobserver.com.au/residential/everything-you-need-to-know-about-the-new-nsw-first-home-buyer-%2415000-grant/2012092756828/Page-1" target="_blank">NSW government provides $15,000 to first-home buyers</a> purchasing a new home up to $650,000 but has removed the previous $7,000 grant available for both new and existing FHBs.
A first-home buyer maximum stamp duty exemption of $20,240 is also available for new homes worth up to $550,000.
From January 1 2014 the $15,000 grant will reduce to $10,000.
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FHB demand for new homes rising in NSW: RBA

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The media tycoon Rupert Murdoch is currently in escrow to buy the Moraga Vineyards Estate at Bel Air.
He has tweeted about celebrating his purchase of the "beautiful small vineyard right in LA."
"Great wine,"  tweeted the News Corp chairman on Twitter.
<a href="https://www.moragavineyards.com" target="_blank">Moraga is a 13-acre vineyard located in Bel Air</a>.
{yoogallery src=[images/stories/2013/05/may13murdoch]}
Murdoch reportedly saw the Los Angeles property featured in the real estate pages of News Corp newspaper, The Wall Street Journal listed for $US29.5 million.
Rupert Murdoch is currently in escrow to buy the Moraga Vineyards Estate at Bel Air. Moraga Vineyards is a wine growing estate in the Santa Monica Mountains at an elevation of 600 to 900 feet, five miles from the Pacific Ocean in the Los Angeles community of Bel Air.
Moraga is located next to the 405 Freeway and its near neighbours include the Getty Center.
In the 1930s, Victor Fleming, director of The Wizard of Oz and Gone With The Wind, owned the then horse ranch property which was the first commercial winery to be bonded in the city of Los Angeles after prohibition ended in 1933.
 
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About to celebrate buying beautiful small vineyard right in LA. Great wine, Moraga, owned by great Angelino, Tom Jones. Time cover,1961!
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The first Moraga red table wine was produced in 1989 and released in 1992 and its first white was produced in 1998 and released in 2000.
Murdoch's celebrations might have been a drop of its Cabernet Sauvignon or its Sauvignon Blanc. Its exclusivity is reflected in its bottle prices - $US145 for the red and $US85 for the white.
Tom Jones, the current owner, is the former CEO of the aircraft manufacturing giant, Northrop Corporation. He has owned the property for 53 years.
The LA Times reports Moraga wines are sold in the city's toniest restaurants, including the Bel Air Country Club, Nobu, the Beverly Hills Hotel, Spago and Morton's Steakhouse, along with a few in New York.
Its homestead is a 7,500 square foot Mediterranean-style main residence boasting four bedrooms, four bathrooms, a lavish octagonal dressing room and maid’s quarters.
Title Tattle recollects Rupert Murdoch was the owner of another home in the hillside of Beverly Hills with tinseltown pedigree.
It was was bought by News International for $US7 million in 1986 from the estate of MCA entertainment founder Jules Stein.
The house, which Stein named Misty Mountain, was built in the 1920s for silent film director Fred Niblo and his Australian actress-wife, Enid Bennett, who starred as Maid Marian opposite Douglas Fairbanks's Robin Hood.
It featured in Dominick Dunne 1990 novel, An Inconvenient Woman.
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Rupert Murdoch buys a drop of tinseltown movie pedigree with Bel Air vineyard, Moraga acquisition

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Lights, camera, action! Well, perhaps not within the NSW Supreme Court room.
A three-day Sydney court hearing has been scheduled starting Monday with the actor Toni Collette and her musician husband, David Galafassi, being sued over their failure to settle on an alleged $6.35 million Paddington terrace purchase.
Collette, who was snapped only recently by the paparazzi in Sydney in News Ltd papers, is reportedly, according to Fairfax Media, going to be absent from the courtroom corridors.
She is currently filming a movie about the search for happiness. With filming scheduled in Canada and London, <a href="https://www.tonicollette.org/2013/05/10/hector-and-the-search-for-happiness-first-still/" target="_blank">a first production still </a>for “Hector and the Search for Happiness”, featuring Simon Pegg and Toni Collette, has been recently posted on a Toni Collette fan website.
The May 13 to May 15 court hearing dates back to October 2011 when the couple reputedly signed a contract to buy a double-fronted Paddington terrace from Susie Kelly, the co-founder and owner of Industrie clothing with her husband, Nick.
The Stewart Street house <a href="https://www.propertyobserver.com.au/residential/actor-toni-collette-and-muso-david-galafassi-fall-for-the-charms-of-contemporary-inner-city-paddington/2011110752250" rel="nofollow" target="_blank">was snapped up</a> – quite early in its marketing campaign through low-key McGrath agent Ben Collier.
However the Paddington terrace has since been been resold for $5.5 million, so the entertainment industry couple face an $850,000-plus claim against them for the difference.
Designed by architect Anthony Gill and completed in 2009, the five-bedroom, four-bathroom house sits on a 360-square-metre block.
The entertainment industry couple made their alleged decision not to proceed with the Paddington purchase after they struggled to find a buyer of their<a href="/news">Bronte </a>house.
Their 1885 Bronte weatherboard cottage that cost $4.4 million in mid-2009 struggled to find a buyer despite being tipped to sell for around $900,000 less than their purchase price.
Collette and Galafassi instead bought back at Bronte, swapping homes with <a href="/news">the buyer of their own $3.5 million house</a>.
The Kellys bought on Kutti Beach at <a href="/news">Vaucluse </a> in March last year for $15.5 million, so incurred a land tax charge on the redundant Paddington property.
So their damages claim against the entertianment industry couple also includes a claim for $43,516 in state land tax and interest for four months.
The $6.35 million sale of <a href="https://www.propertyobserver.com.au/residential/actor-toni-collette-and-muso-david-galafassi-fall-for-the-charms-of-contemporary-inner-city-paddington/2011110752250" target="_blank">the five-bedroom home </a>was allegedly due to be settled by late December 2011, but Collette's lawyer, David Carr, told the Kellys' lawyer in an email on New Year's Eve last year his clients intended "not to proceed" with the purchase.
Collette and Galafassi are also arguing the vendors resold the property under value.
They claim the price ought to have been $6.25 million, according to documents filed in the Supreme Court.
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Toni Collette's Paddington terrace property dispute court proceedings kick off Monday in Sydney

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Sir Richard Branson wants to open his mostly private Australian retreat to cheaper guests with plans before council seeking to turn the island into an $850 a night boutique hotel.
Guests can currently only stay on Makepeace Island if they book out the whole island at $8000 plus a night and at $16,500 peak season.
Under the plan - subject to Sunshine Coast Council approval - guests could pay around $850 per person a night with a minimum three-night stay.
{yoogallery src=[images/stories/november30makepeace]}
Branson opened his private retreat to the luxury holiday market in  <a target="_blank" href="https://www.propertyobserver.com.au/news/sir-richard-bransons-noosa-getaway-for-hire-%E2%80%93-for-%2417000-a-night/2011071150769">early 2011</a> for well-heeled travellers.
Many of the island’s visitors have been well-known names who choose to holiday there to escape the pressures of fame.
Branson, along with Virgin Blue executives Brett Godfrey and former colleague Rob Sherrard, had bought the heart-shaped island for $2.86 million in 2007.
Guests travel to and from the island by riverboat, and it contains a host of facilities, such as an outdoor cinema and a full-sized tennis court, to keep them occupied.
It been available to rent for up to 22 guests.
There is a main house, three two-bedroom villas and a four-bedroom guest house. It has a boathouse, lagoon pool and a 15-person spa.
When he initially bought Makepeace there were suggestions it could be available to his hardworking airline crew as a a reward for their endeavours.
But council regulations proved cumbersome in that aim.
"When neither Brett nor myself are visiting Makepeace, we will make the island and its facilities available for others to enjoy the tranquillity of what is a very special place,” he said when announcing Makepeace island would be available to rent to limited paying guests.
This week Branson told News Ltd papers he wanted to make the island accessible to more people.
"We'd like couples to be able to book the island rather than just people who can afford to take the island as a whole,'' he said.
The syndicate has spent more than $7 million on the property, giving it "the look and feel of a Balinese resort."
Under the $850 a person per night plan the price will include meals and transfers, but alcohol will be extra.
The big test for the proposed changes is regarding water treatment on the island.
"Based on the calculated peak hydraulic loading of 2,700L/day (14EP) and the minimum required land application area of 540m2, no change to the existing infrastructure in relation to sizing is considered necessary," Branson's consultant, Future Plus Environmental suggests.
"Provided the on-site sewerage facility is maintained in accordance with the recommendations provided in the Site and Soil Evaluation Report (ref no. 2771- 02) and operation and maintenance manual, there will be minimal risk of impact to the site and surrounding areas," the report says.
"Makepeace Island is my home when I come to Australia,'' Branson told News Ltd's national travel reporter, Angela Saurine.
"Love Noosa, love that part of Australia,' he said. 
 
 
 
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