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>
The Queensland government has officially renamed its $15,000 first-home owner construction grant (FHOCG) the 'great start grant' without noting the irony.
Just 126 first-home buyers have taken advantage of the <a href="https://www.propertyobserver.com.au/queensland/the-%2415000-queensland-first-home-owner-construction-grant-what-first-home-buyers-need-to-know/2012091156510" target="_blank">FHOCG </a>since it was launched on September 12 last year, replacing the $7,000 first home-buyer grant that was available to first-time buyers of both new and existing homes.
Last week Terry Ryder launched a scathing attack on the <a href="/news">Queensland government’s first-home buyer incentives</a> calling them a “new definition of insanity”.
“The government’s solution is to keep the scheme unchanged but to rebrand it.
“I’m an optimist by nature but I despair of politicians ever understanding real estate or implementing measures that genuinely help the industry.
“The Queensland flop continues a long history of failure by government grant schemes for housing. Despite the low success rate, governments continue to offer small sums of money to first-time buyers and wonder why it never works," Ryder wrote.
The <a href="https://greatstartgrant.osr.qld.gov.au/index.php" target="_blank">great start grant </a>is available for first-home buyers buying or building a new home valued under $750,000.
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lschlesinger-FZcF9M3vE6

Queensland $15,000 first-home buyer construction grant gets new name after less than “great start”

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Melbourne was the capital city with the most  rental vacancies in February, according to the latest information from SQM Research.
<img src="/images/stories/2013/03/sqmmelbournemarch19.gif" width="470" height="141" alt="sqmmelbournemarch19">
The number of vacancies in Melbourne in February reflecting a 2.7% vacancy rate. There were  10,989 properties available for rent in February 2012.
<hr>
<img src="/images/stories/2013/03/sqmsydneymarch19.gif" width="470" height="168" alt="sqmsydneymarch19">
The number of vacancies in Sydney in February reflecting a 1.6% vacancy rate. There were 8,008 properties available for rent in February 2012.
<hr>
<img src="/images/stories/2013/03/sqmbrisbanemarch19.gif" width="470" height="162" alt="sqmbrisbanemarch19">
The number of vacancies in Brisbane in February reflecting a 1.8% vacancy rate. There were 4,665 properties available for rent in February 2012.
<hr>
<img src="/images/stories/2013/03/sqmadelaidemarch19.gif" width="470" height="131" alt="sqmadelaidemarch19">
The number of vacancies in Adelaide in February reflecting a 1.3% vacancy rate. There were 2,219 properties available for rent in February 2012.
<hr>
<img src="/images/stories/2013/03/sqmperthmarch19.gif" width="470" height="175" alt="sqmperthmarch19">
The number of vacancies in Perth in February reflecting a 0.9% vacancy rate. There were 973 properties available for rent in February 2012.
<hr>
<img src="/images/stories/2013/03/sqmcanberramarch19.gif" width="470" height="248" alt="sqmcanberramarch19">
The number of vacancies in Canberra in February reflecting a 1.2% vacancy rate. There were 313 properties available for rent in February 2012.
<hr>
<img src="/images/stories/2013/03/sqmhobartmarch19.gif" width="470" height="244" alt="sqmhobartmarch19">
The number of vacancies in Hobart in February reflecting a 2.1% vacancy rate. There were 637 properties available for rent in February 2012.
<hr>
<img src="/images/stories/2013/03/sqmdarwinmarch19.gif" width="470" height="215" alt="sqmdarwinmarch19">
The number of vacancies in Darwin in February reflecting a 1.3% vacancy rate. There were 184 properties available for rent in February 2012.
<hr>
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po-LsXgBTHBmX

Melbourne tops capital city rental vacancies in February: SQM Research

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The premises of waterfront restaurant Renzo’s Bar in Melbourne's Docklands has been listed for sale with the agents marketing it expecting a price in excess of $3 million. 
Docklands may have a number of empty stores but traffic is expected to grow in the area over the next few years. 
The precinct is following in the footsteps of nearby <a target="_blank" href="/news">Southbank</a> which took five to 10 years to develop, says Colliers International's Daniel Wolman, who has the listing. 
“I think this end is taking a bit longer… but it’ll soon be up and running,” he says. 
“Things just take time.”
He said the waterfront views and foot traffic from workers in nearby offices, including from ANZ's flagship Collins Street building, make the location unique.
Renzo’s Bar has resided at this location for about a decade and will continue to lease the space until 2020.
The property brings in net income of about $240,000 per annum.
The restaurant space has so far attracted the attention of Asian investors as well as some <a target="_blank" href="https://www.propertyobserver.com.au/retail/docklands-restaurant-james-squire-sells-with-9.3-yield-as-investor-appetite-for-melbourne-eateries-grows/2012032153940">local restaurateurs</a> who are keen to further their fortune in the same location.
“There was quite a bit of interest, a lot from people who have been successful in the area," says Wolman.
The 195 square metres of indoor restaurant space and 83 square metres of outdoor space is on the ground floor of the 23-level Arkley building.
The 176-apartment building at was the first to be constructed at NewQuay in 2000 and contains 1,900 square metres of retail and restaurant space.
Other eateries on the NewQuay promenade include Italian restaurant Medici, Indian restaurant Bhoj, Turkish Mecca Bah, and Man Mo offering Chinese-Malay cuisine.
The second round of offers for the restaurant premises closes this week.
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Docklands restaurant Renzo's Bar listed with $3 million hopes

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The Australian CBD office sector will not boom in 2013, but 2014 will be a year of renewed growth in the office market, according to the latest Colliers International CBD Office Research &amp; Forecast Report for Australia and New Zealand.

All CBD <a target="_blank" href="https://www.propertyobserver.com.au/office/sydney-remains-ninth-most-expensive-office-rental-market-in-the-world-cushman-wakefield/2013022059460">office markets</a> around Australia experienced a drop in A-Grade net effective rents in 2012, with the exception of Adelaide CBD, the report shows.
Click to enlarge
<a href="/images/stories/2013/03/colliersmarch19one1.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/03/colliersmarch19one1thumb.gif"></a>
Source: Colliers International research
Simon Hunt, Colliers International managing director of office leasing, says there are already positive signs in the market that sentiment is increasing.
He says current conditions are prompting organisations to shift their focus beyond expected low economic growth in 2013 to position themselves for an upswing in 2014 and beyond.
“Tenants are not yet in growth mode but 2013 will be the year they get ready for a more prosperous 2014,” Hunt says.
“In particular, the rental declines in Melbourne CBD and Sydney CBD are likely to have already flowed through the market and some positivity in terms of tenant demand will start to occur by the end of the year.”
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/03/colliersmarch19.gif"><img width="470" src="/images/stories/2013/03/colliersmarch19thumb.gif"></a>
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Chart of the week: Why 2014 will feature renewed growth in the office market

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More signs of the health of the residential property market have emerged with the number of days taken to sell a house declining noticeably in Sydney and Melbourne.
Sydney houses took 43 days on average to sell for the week ending March 17 compared with 50 days for the week ending March 10 - a week faster, according to the latest weekly market update for Sydney from RP Data.
The <a href="/news">number of days to sell a Sydney unit</a> fell from 38 to 34 days.
Over the same time frame the number of days to sell Melbourne houses fell from an average of 71 days to 64 days -also a week faster - and from 67 t0 57 days for Melbourne units - a week and a half faster.
There were also smaller improvements in time on market (TOM) figures in Brisbane (81 days compared with 83 days) and Perth (63 day compared with 65 days).
RP Data compiles time on market figures based on the average number of days between when a property is first listed for sale and the contract date.
<img alt="rpdatatommarch19" height="361" width="470" src="/images/stories/2013/03/rpdatatommarch19.gif">
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Houses selling a week faster in Sydney and Melbourne: RP Data

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Now is the “perfect” time to consider buying an investment property, says Aussie Home Loans founder John Symond.
He says there are at least half a dozen suburbs in each capital city where gross rental yields are greater than the cost to repay the mortgage, and in some cases, where rent is increasing year on year.
“It’s the perfect time for the average Australian to consider a move into property investment if they have some money saved,” says <a target="_blank" href="https://www.propertyobserver.com.au/residential/demand-rising-for-tiny-studio-apartments-but-mortgage-hurdles-higher-aussie-john-symond/2013011058719">Symond</a>.
“Both fixed rates and variable rates are the lowest they have been in years; interest rates can be below 5%, housing prices in some areas are historically low but are starting to move back up, and now investors can earn rental yields between 5% and 10% in some areas," he says.
Figures derived from RP Data analysis show that Bella Vista in Sydney’s outer north west (33 kilometres from the CBD) is offering investors the highest average gross rental yield followed by Ultimo, just on the edge of the CBD.
The Sydney suburbs offering the highest gross rental yields are:
<ol>
<li>
<a href="/news">Bella Vista</a> (11.5%)</li>
<li>
<a href="/news">Ultimo</a> (9.0%)</li>
<li>
<a href="/news">Wyong</a> (7.3%) plus high rental growth of 24.1%</li>
<li>
<a href="/news">Bradbury</a> (7.3%); </li>
<li>
<a href="/news">Tregear</a> (7.3%)</li>
<li>
<a href="/news">Jamisontown</a> (7.1%)</li>
</ol>
Source: RP Data
<ol></ol>
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John Symond says it’s the "perfect time" to invest with Bella Vista offering the top gross rental yield in Sydney

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The New South Wales Government has ambitious plans to supply 172,000 new homes across greater Sydney as current forecasts suggest that more than 1.3 million additional people will be living in Sydney by 2031, requiring 545,000 more homes.
Eight existing suburbs will be re-zoned to accommodate 30,000 extra new homes in high-density apartment blocks.
<div title="Page 1">
<div>
<div>
The eight sites chosen in the initial round of the Urban Activation Precincts program are:
<ul>
<li>
Epping Town Centre (Hornsby Shire Council and Parramatta City Council)
</li>
<li>
North Ryde Station (City of Ryde)
</li>
<li>
Herring Road, Macquarie Park (City of Ryde)
</li>
<li>
Randwick (Randwick City Council)
</li>
<li>
Anzac Parade from Maroubra to Phillip Bay (Randwick City Council)
</li>
<li>
Carter Street, Homebush (Auburn City Council)
</li>
<li>
Wentworth Point (Auburn City Council)
</li>
<li>
Mascot Station (Botany Bay Council)
</li>
</ul>
</div>
</div>
</div>
The plans for the Epping and North Ryde centres are already on public exhibition until 30 April, 2013, while planning work is beginning in the remaining precincts.
<img src="/images/stories/2013/03/sydneymarch18rydeone.jpg" width="470" height="329" alt="sydneymarch18rydeone">
Above: artist's impression of North Ryde Station post-revitilisation. Courtesy of NSW government.
The government has also released greenfield sites on the city's north-west and south-west outskirts to build new houses, business parks and town centres over the next 20 years.
<div title="Page 1">
<div>
<div>
NSW minister for planning and infrastructure, Brad Hazzard, announced the impending rezoning of five precincts in the North West and South West Growth Centres to provide land for 30,250 homes and 29,000 jobs:
<ul>
<li>
Austral and Leppington North (17,350 homes and 13,000 jobs)
</li>
<li>
Box Hill and Box Hill Industrial (9,600 homes and 16,000 jobs)
</li>
<li>
East Leppington (3,300 homes)
</li>
</ul>
</div>
</div>
</div>
Planning will start soon on three additional growth centre precincts at Riverstone East, Vineyard and West Schofields for another 8,200 homes.
Premier Barry O'Farrell hopes <a target="_blank" href="https://www.planning.nsw.gov.au/LinkClick.aspx?fileticket=uTHQJ0cOZ8E%3d&amp;tabid=121&amp;language=en-US">the plan </a>will contribute towards meeting the city's future housing needs.
"It's about ensuring that areas open up as the infrastructure is available," he said. "It's about better balancing the needs of this city.
"Ultimately economics drives everything.
"Our argument is the more blocks of land we can release the greater downward pressure we can put on housing.
"It has been so high for so long because under the former government not enough housing was developed because not enough land was being released," he said.
<img src="/images/stories/2013/03/sydneymarch18eppingone.jpg" width="470" height="238" alt="sydneymarch18eppingone">
Above: artist's impression of Oxford St, Epping post-revitilisation. Courtesy of NSW government.
The announcement includes:
a) 27,400 new homes and 49,500 new jobs in centres around the eight new railway stations along the <a target="_blank" href="https://www.planning.nsw.gov.au/onexhibition">North West Rail Link</a>
<a href="https://www.planning.nsw.gov.au/onexhibition"></a>b) 30,000 new homes across eight existing urban areas to be revitalised under the Government’s new <a target="_blank" href="https://www.planning.nsw.gov.au/LinkClick.aspx?link=593&amp;tabid=121&amp;language=en-US">Urban Activation Precincts </a>(UAP) program
c) Rezoning land for 30,250 new homes and 29,000 jobs across five precincts in Sydney’s <a target="_blank" href="https://www.growthcentres.nsw.gov.au/">Growth Centres </a>near the new North West and South West Rail Links (and releasing three other precincts with the potential for 8,200 homes)
d) Immediate action to progress seven outer suburban greenfield sites with potential for 15,850 homes in response to the Government’s <a target="_blank" href="https://www.planning.nsw.gov.au/LinkClick.aspx?link=561&amp;tabid=121&amp;language=en-US">Potential Home Sites Program </a>and investigate 13 sites with potential for 60,000 homes.
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jchancellor-FAypfDUnLy

Barry O'Farrell's 172,000 Sydney housing boost proposal

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The current housing market recovery is the weakest cyclical upswing since the late 1980s, according to ANZ.
The following chart, prepared by ANZ in its March quarter research report, compares the current upswing in house prices (which began in February last year) with four other cyclical upswings.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/03/anzmarch18chartone.gif"><img src="/images/stories/2013/03/anzmarch18chartthumb.gif" width="470"></a>
The previous housing market upswing between February 2009 and February 2010 was both the most rapid and shortest-lived, following on from 425 basis points cut from the cash rate between September 2008 and April 2009 as the RBA took drastic steps to keep credit markets flowing in the wake of the GFC.
It also followed the availability of the first home owner boost scheme, which provided an additional $7,000 for first-home buyers buying existing homes and $14,000 for those building or buying new homes.
The scheme ran from October 2008 to December 2009 (the grant was halved between October 2009 and December 2009) with the contention being that it artificially inflated house prices as vendors capitalised on rising demand from eager first-home buyer numbers.
The current modest recovery follows an expected 225 basis points being cut from the cash rate since November 2011. This reflects ANZ's forecast of a further 50 basis points cut from the cash rate in 2013 on top of the 175 basis points already cut to date. 
"If the current cycle were to only have 175 basis points then our starts/dwelling investment forecast would be even softer," says ANZ's head of property research Paul Braddick.
ANZ economists Ivan Colhoun and Katie Dean, authors of the Australian portion of the quarterly report, say while there are some moderate signs of improvement in residential building approvals, this sector still faces “serious constraints”.
“Soft house price expectations, poor housing deposit affordability for first-home buyers, relatively tighter credit conditions for developers, difficult approval processes and limited land availability and accessibility all mean that this is prospectively the weakest cyclical recovery of the past five housing upswings,” they say.
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Current housing upswing the weakest since 1987: ANZ

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Hello Margaret,
I have an investment duplex in which I pay body corporate fees, but they do not cover flood damage. Do I need the body corporate or do I get insurance that will cover the lot? And if I have to have a body corporate do I seek an insurance company that will cover for flood only?
Cheers,
Erik Smith.
Erik, I’ve checked this one with Michael Teys, who is my resident expert on Property Success. He tells me that you cannot take out the flood insurance yourself. This is because you have no insurable interest in the common property - this is vested in the owners corporation. The owners corporation is obliged only to insure for fire, lightning and explosion.
Some bodies corporate may insure for flood - remember this is not always available as some insurance companies will not provide flood insurance in some areas -  but they can't be forced to do so.
If you believe that your property is at risk, and you live in an area where flood insurance is available, you should  propose that the body corporate consider adding this insurance cover.  This will then be put to a motion and voted upon by all committee members.
Failing that, I'm afraid there is little you can do. Make sure your contents are well insured though, as anything within your four walls is your responsibility.
I've added the following clarification following queries from readers:
To clarify, any common property, which can include garages, car ports, structures on common land and anything essentially outside of the inner surface of your own four walls is not an insurable  interest for individual lot holders.  Anything inside your walls is, and you should hold all possible insurances to protect your interest in them.
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mlomas-KC9MUPZ6Ca

Ask Margaret: Do I need flood insurance if I pay body corporate fees?

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Prices are on the move in some cities, it seems, with data provider indices showing some “growth”.
A couple of commentators have again highlighted the risks inherent in mining towns, noting the possibility of land being released. I wholeheartedly agree with this assessment, although I note that this risk extends to many regional towns in general: land being available for release introduces a risk of very weak real long-term price appreciation.
Over here in the chilly south-east of England, it’s very noticeable how so many former greenfield sites have been developed on the fringes of provincial towns and the smaller satellite cities in recent years.
New property developments are sprouting up all over the place in fringe suburbs, with the UK Government and Bank of England pushing things along with its ‘Help to Buy’ scheme and ZIRP respectively.
While UK median prices have shown a very moderate uptick (this can happen when new builds come online), in many areas outside London the prices of existing properties remain way below where they were in 2007.
Remember that the physical growth of a town or city does not necessarily equate to price growth in existing properties, and this is especially the case where new land is being released.
In London, the dynamic is markedly different. Not only is there a massive, growing population and almost no prime land available for release, investors from Britain and overseas who were spooked by share market crashes during and after the financial crisis are simply throwing money at the property market, pushing prices up to unheard of levels, way ahead of their previous peaks.  
Some commentators say that investors should buy in the cheapest quartile of the market where properties have “more room to grow”.
But properties do not “grow”, unless of course you are investing in building them to make them bigger. No. Instead, properties, just, well…kind of sit there.
Plants grow. Trees grow (though, as the saying goes, trees don’t grow to the sky). My nieces grow.
But properties do not grow.
And besides, why on earth should each successive generation pay more for property than its immediate predecessor? Particularly now that the deregulation of lending standards and products is well in the past and interest rates have fallen to as close to the zero bound as they hopefully ever will be in Australia.
If you want investments to grow – like my nieces – they need to be fed. You need to re-invest in them.
If you want a term deposit to grow, re-invest the interest.
How do companies grow? Because companies tend to only pay out a small portion of their net earnings as dividends and they retain sufficient capital to re-invest in the business.
This is why value investors and Buffett-types seek businesses with strong and growing owner earnings (reported earnings with depreciation and amortisation added back, less capital expenditure for plant and equipment) – they want companies which can be self-perpetuating and are able to re-invest in their own futures.
If you want to grow your own share portfolio, re-invest your dividends via a dividend re-investment plan (DRP).
But, I’m afraid to say, properties do not “grow”, especially if you take the approach recommended by some pundits of not maintaining properties to a reasonable standard.
In fact, if you don’t re-invest in a property regularly through paying for repairs and maintenance (as the chaps do at Kings College in Cambridge nigh on continually) then eventually the property will fall down and you will be left with a pile of rubble and some earth (such as exists at Bolingbroke Castle in rural Lincolnshire).  
 
<hr class="system-pagebreak">
It’s common to talk of “market value” or “intrinsic value” in the world of real estate.
But what is market value? It’s really only what another individual or entity will pay for the title at a given point in time.
Imputed rents don’t make for a great measure of fair value in residential property for they take little account of the emotional factors impacting homebuyers. In property, price is perhaps a far more appropriate word to use than value.
All things being equal, the price of a property should only move in line with inflation: as the currency becomes gradually worth less over time, the price of property should slowly tick up accordingly, but no faster than inflation.
A property in strong demand might potentially move rather in tandem with the growth in household incomes over time, with the effective speed limit for price growth being the ability of the populace to service mortgage repayments.
So how does an investor source price growth which outperforms inflation over the long term?
Ultimately, unless you are a skilled renovator (and, let’s face it, most property investors definitely aren’t) there’s only one way that it is possible to do this, by finding a property which:
<ol>
<li>
is in an area with a strongly increasing population, with real wages appreciation and booming demand;
</li>
<li>
is in an area where there is little or no land available for development or release and thus supply does not keep pace; and
</li>
<li>
where investors are pushing up prices through seeking returns on their capital.
</li>
</ol>
This discounts most regional markets and fringe suburbs where land is available for release, demand is very low and price-to-income ratios remain subdued.
The markets which are fitting the criteria for price growth at present are Perth, Sydney and Darwin and prices are increasing accordingly.
Investors tend to prefer capital cities and the combination of land-locked suburbs and growing populations tend to be a happy one for investors and an unhappy one for homebuyers, pushing the price of the prime-location land ever higher.

<hr>
Pete Wargent is the co-founder of <a rel="nofollow" target="_blank" href="https://allenwargent.com/">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a rel="nofollow" target="_blank" href="https://petewargent.blogspot.com/">blogger</a>. 
His new book '<a rel="nofollow" target="_blank" href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx">Four Green Houses and a Red Hotel</a>' is released on 1 September 2013.
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