<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:ca872054-bfe3-4cc5-a2c8-b373d4dfeafb-2" dir="auto">
A completed Castle Hill apartment development is returning to market with an uncommon level of financial backing, positioning it as one of the more secure options for buyers in Sydney’s north-west.

Skyview in Castle Hill, originally developed by Top Place and now overseen by capital partner <a href="https://www.apartments.com.au/developers/equitifund-group">Equitifund</a>, is being relaunched following a full remediation process. Central to its repositioning is a substantial financial reserve designed to provide ongoing protection and reduce uncertainty for incoming purchasers.

At the core of this offering is an $11 million bond secured during the project’s remediation phase, negotiated by former NSW Building Commissioner David Chandler. With less than $4 million required to complete the works, approximately $7.2 million remains in reserve, with around 15 years left on the term.

[smartcode_project:default project_id=147685 project_image_fid=359134]

Rather than a typical insurance-backed structure, the remaining funds are held as cash, creating a readily accessible financial buffer should any future building issues arise. The structure is intended to provide buyers with an added layer of certainty, differentiating the development from more conventional apartment offerings.

Equitifund Executive Chairman Greg Huxley said the structure provides a level of security not typically seen in apartment developments.

“The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers,” Huxley said.

“Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind.”

[smartcode_project:default project_id=147685 project_image_fid=359135]

The remediation process has now been completed in full, with no active rectification orders or outstanding directives linked to the project on NSW Government registers. This outcome reflects the broader tightening of building oversight across the state, while also highlighting the project’s transition into a completed, compliant asset.

In a market where many buyers remain cautious about apartment quality, initiatives like this are designed to restore confidence, giving purchasers greater certainty and a stronger sense of security in their investment.

Equitifund has since acquired the remaining apartments and is managing their reintroduction to the market. With the works finalised and a significant financial reserve in place, the project now presents with a markedly different risk profile compared to its initial release.

[smartcode_project:default project_id=147685 project_image_fid=359137]

Beyond the added security, the development is positioned in one of Castle Hill’s more established pockets. The Gay Street address places it within close proximity to Castle Towers, one of the country’s largest retail centres, as well as Castle Hill Metro Station, which now connects directly to the broader Sydney Metro network.

Equitifund National Sales Director Ben Hamblett said buyer demand in the area continues to be driven by access to transport and amenity.

“Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre,” Hamblett said.

“There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living.”

[smartcode_project:default project_id=147685 project_image_fid=359145]

The apartments also enter the market at a relatively accessible price point for the area, with two-bedroom configurations starting from $995,000 and rental demand for similar stock reaching around $900 per week. This combination of pricing, connectivity, and completed status is expected to appeal to both owner-occupiers and investors seeking lower-risk entry into the Hills District apartment market.

For eligible buyers, a limited 3.50 per cent p.a. two-year fixed interest rate is currently available through Equitifund’s lending partners, providing an additional layer of affordability.

EquitiCredit Pty Ltd ACN 676 363 769 holds ACL 559289 and provides credit assistance. Finance is arranged through EquitiCredit and funded by its lending partners. Interest rates are subject to change and eligibility criteria apply. Terms, conditions, fees and charges may apply. This is not financial advice and should not be relied upon as such. Prospective buyers should seek independent financial advice.

[smartcode_project_cta:default project_id=147685]
</section>

Joel Robinson

Castle Hill apartments offering unmatched buyer protection through dedicated fund

A State-Assessed Rezoning Proposal for the Kurnell Peninsula is now on public exhibition, setting out a plan to deliver up to 4,300 homes alongside new retail, tourism and public open space on a 210-hectare coastal site.

The proposal, backed by the Minns Labor Government, would transform a former sand mining area along Captain Cook Drive into a mixed-use precinct delivered over approximately 20 years.

In addition to housing, the plan includes more than 7,000 sqm of retail and commercial space, new community facilities and approximately 116 hectares of open space, equating to more than half the site.

<img alt="Kurnell" data-entity-type="file" data-entity-uuid="ce1c6567-1df0-4de0-9fe5-a76be0367834" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-13%20at%209.11.51%E2%80%AFAM_0.png?VersionId=dbbTmYaJvROA5fkQbgaxis8cmFwtpB5_" />

<hr data-end="849" data-start="846" />
<h2 data-end="902" data-section-id="ony3l3" data-start="851">Rezoning framework enables mixed-use development</h2>

The rezoning application seeks to amend planning controls under the State Environmental Planning Policy (Precincts—Central River City) and the Sutherland Shire Local Environmental Plan 2015.

Its primary objective is to enable a broader range of land uses across the site, including residential, employment, tourism and community uses, while also formalising environmental protections and land management outcomes .

The proposal has progressed through the state-led rezoning pathway after being identified as a project of regional significance, supported by several years of technical studies and agency consultation .

Development would occur in stages, aligned with the progressive closure and remediation of the existing sand mine.

<hr data-end="1718" data-start="1715" />
<h2 data-end="1768" data-section-id="krwii9" data-start="1720">Master plan structured around three precincts</h2>

The accompanying urban design report outlines an indicative master plan that divides the site into three primary precincts, anchored by a town centre in the western portion of the site.

The town centre is planned as the first stage of development, located on land that has already been remediated. It is intended to accommodate higher-density housing, retail, and community uses.

<img alt="Kurnell" data-entity-type="file" data-entity-uuid="4bfd5873-4847-4105-b220-0a30c96f5573" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-13%20at%209.20.09%E2%80%AFAM.png?VersionId=7aVaSsZLAc6mElSH4g6Ct5bGsNxZcnPL" />

Additional precincts extend toward Bate Bay and Boat Harbour, with built form responding to environmental conditions and proximity to the coastline.

The design framework identifies distinct local character areas, with the master plan structured to reflect “unique natural qualities” across the site.

<hr data-end="2495" data-start="2492" />
<h2 data-end="2544" data-section-id="1vitwqn" data-start="2497">Open space forms core of the design approach</h2>

A key component of the proposal is the allocation of approximately 116 hectares to open space and ecological land.

This includes:

<ul data-end="2846" data-start="2678">
	<li data-end="2702" data-section-id="d96caj" data-start="2678">Three district parks</li>
	<li data-end="2723" data-section-id="17y6uz6" data-start="2703">Nine local parks</li>
	<li data-end="2741" data-section-id="14hui00" data-start="2724">Sports fields</li>
	<li data-end="2778" data-section-id="ts7psx" data-start="2742">Coastal and ecological corridors</li>
	<li data-end="2846" data-section-id="agduax" data-start="2779">Two kilometres of publicly accessible beachfront along Bate Bay</li>
</ul>

The urban design report positions this open space network as central to the structure of the development, rather than ancillary to it.

It is intended to support ecological regeneration, provide recreational amenity and create a connected network across the peninsula.

The plan includes north–south ecological corridors, expanded wetland systems and pedestrian and cycling links designed to connect residential areas to the coastline and open space areas .

<hr data-end="3347" data-start="3344" />
<h2 data-end="3381" data-section-id="ql66rt" data-start="3349">Housing mix and affordability</h2>

The proposal includes approximately 4,300 dwellings across a range of housing types.

This includes high-density apartments, medium-density housing, townhouses and seniors housing.

Affordable housing provision is identified at approximately 240 dwellings, alongside a smaller component of social housing.

The master plan emphasises housing diversity, with the intent of accommodating a range of household types and age groups within the development.

<img alt="Kurnell" data-entity-type="file" data-entity-uuid="d4baba4d-b5b0-4a86-bcad-5d319b036184" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-13%20at%209.11.59%E2%80%AFAM.png?VersionId=udYFz0q8tjEPR3pmKLHRSFRJN4dKakPO" />

<hr data-end="3877" data-start="3874" />
<h2 data-end="3919" data-section-id="rgckdv" data-start="3879">Built form controls and height limits</h2>

Proposed building heights across the site range from three to 12 storeys.

These controls are set out within the rezoning application and are intended to manage visual impact, maintain view corridors and ensure compatibility with the coastal landscape.

Floor space ratios and height limits are applied across different parts of the site to reflect varying environmental conditions and proximity to open space and the coastline .

Higher density is generally concentrated within the town centre, with lower-scale development toward the coastal edge and environmentally sensitive areas.

<hr data-end="4548" data-start="4545" />
<h2 data-end="4588" data-section-id="1minlda" data-start="4550">Retail, tourism and employment uses</h2>

In addition to residential development, the proposal includes retail, commercial and tourism uses.

This includes:

<ul data-end="4896" data-start="4706">
	<li data-end="4775" data-section-id="1jrun76" data-start="4706">Approximately 7,000–9,800sqm of retail and commercial floor space</li>
	<li data-end="4803" data-section-id="10kyifw" data-start="4776">A full-line supermarket</li>
	<li data-end="4830" data-section-id="fz1hdg" data-start="4804">Food and beverage uses</li>
	<li data-end="4896" data-section-id="1aqg2fj" data-start="4831">Tourism accommodation, including hotel and short-stay options</li>
</ul>

The proposal also identifies employment outcomes, with the development expected to support jobs both during construction and in ongoing operations.

These uses are concentrated within the town centre and key activity areas across the site.

<hr data-end="5142" data-start="5139" />
<h2 data-end="5172" data-section-id="162x2kt" data-start="5144">Infrastructure and access</h2>

The proposal includes upgrades to Captain Cook Drive, which provides the primary access to the peninsula.

These upgrades are intended to improve traffic flow and support emergency access.

The transport strategy also incorporates:

<ul data-end="5529" data-start="5407">
	<li data-end="5433" data-section-id="fanquy" data-start="5407">Internal road networks</li>
	<li data-end="5469" data-section-id="o6y80y" data-start="5434">Walking and cycling connections</li>
	<li data-end="5529" data-section-id="jgraft" data-start="5470">Proposed public transport routes and bus stop locations</li>
</ul>

The rezoning report includes detailed analysis of transport, flooding, and infrastructure requirements to support the staged development of the site .

<hr data-end="5723" data-start="5720" />
<h2 data-end="5769" data-section-id="14urh3" data-start="5725">Environmental and cultural considerations</h2>

The site is identified as having environmental and cultural significance, including areas of ecological value and Aboriginal archaeological sensitivity.

The proposal includes measures to protect and enhance these areas, including:

<ul data-end="6230" data-start="6004">
	<li data-end="6056" data-section-id="1pzyouo" data-start="6004">Retention and regeneration of coastal vegetation</li>
	<li data-end="6100" data-section-id="bjn2vz" data-start="6057">Strengthening of biodiversity corridors</li>
	<li data-end="6148" data-section-id="1bpeyoj" data-start="6101">Protection of riparian systems and wetlands</li>
	<li data-end="6230" data-section-id="lg0cka" data-start="6149">Integration of cultural interpretation and recognition of Indigenous heritage</li>
</ul>

The urban design report also outlines opportunities for incorporating Indigenous cultural elements into public spaces and landscape design.

<hr data-end="6893" data-start="6890" />
<h2 data-end="6908" data-section-id="w7rk5f" data-start="6895">Next steps</h2>

The proposal is currently on public exhibition, with submissions open to the community. Feedback received during this period will inform the Department of Planning’s assessment of the rezoning.

If approved, the rezoning would establish the planning framework for future development applications across the site.

<hr data-end="6893" data-start="6890" />
<h2 data-end="6908" data-section-id="w7rk5f" data-start="6895">What the NSW Government says</h2>

Minister for Planning and Public Spaces Paul Scully said the planned closure of the sand mine and remediation of the Kurnell Peninsula presents an exciting opportunity to transform the area.

“This proposal envisions a vibrant new beachfront community with thousands of new homes, jobs and great open space in the Sutherland Shire. I encourage the community to have their say during the public exhibition period. Feedback from the community will play an important role in the assessment of the proposal.”

Sydney's newest beachfront city: NSW Gov to unlock 4,300 new homes on Kurnell peninsula

A long-awaited transformation of a former industrial site in Holroyd has been given the green light, with the NSW Government approving the $1.2 billion Crescent Parklands masterplan that will deliver more than 1,200 new homes just south of Parramatta.

The State Significant Development approval clears the way for a large-scale mixed-use precinct at <a href="https://www.apartments.com.au/new-apartments/1-crescent-street-holroyd-nsw-2142">1 Crescent Street</a>, replacing an underutilised site with a coordinated residential community anchored by new open space, retail, and commercial uses.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> for WA-based developer Tiberius, the approved scheme comprises seven buildings arranged across two precincts. In total, the development will deliver 1,227 apartments, including 201 allocated as affordable housing, alongside approximately 2,500 sqm of retail and 5,000 sqm of commercial space within a mixed-use podium.

<img alt="Tiberius’ Crescent Parklands to deliver 1,200+ homes in major Holroyd transformation" data-entity-type="file" data-entity-uuid="1cc82dd2-8184-4b86-8665-90653147820d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Crescent%20buildings.png?VersionId=2ZmVDc_Rfc4AzQ6ShzZJlvdZnACLerVM" />

The project is structured as a masterplanned precinct rather than a standalone tower. Buildings 1 to 4 will rise from a shared podium with shop-top housing, while Buildings 5 to 7 are positioned closer to the northern park interface as residential flat buildings. The built form has been carefully modulated to balance density with amenity, with the design resolving building separation, solar access, and wind impacts at a precinct scale.

A significant focus of the design is the activation of Crescent Street and the integration of public domain. The submission notes that “individual townhouses [were] removed for community based functions to Crescent Street to increase activation and surveillance,” reinforcing a more urban and publicly engaged street edge. Retail, commercial tenancies, and resident amenity spaces are concentrated along this frontage and within the podium to support day-to-day activity.

The landscape strategy underpins the project’s identity, with a network of pedestrian connections, landscaped corridors, and open spaces linking the site internally and to its surroundings. The design prioritises permeability, delivering “increased uninterrupted flow between spaces for pedestrian access” and improved connections through to the adjoining parklands.

<img alt="Tiberius’ Crescent Parklands to deliver 1,200+ homes in major Holroyd transformation" data-entity-type="file" data-entity-uuid="19282454-ab2f-4e2c-866f-4b35cf4283d4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Crescent%20masterplan.png?VersionId=JQdWGYI5B5R1lzmK4omYOp_8KLPkT4Bv" />

Buildings within the western precinct are oriented toward the park, shaping a residential offering defined by proximity to open space. The design describes this approach as creating apartments “immersed in nature with apartments facing the park,” positioning the landscape as a central organising element of the masterplan.

The broader architectural response addresses both infrastructure and context, with taller elements capturing long-range views toward Parramatta while setbacks and separation distances mitigate impacts on surrounding residential areas. Sustainability initiatives, including solar optimisation, cross-ventilation, and integrated landscape systems, are embedded across the scheme.

Located approximately one kilometre south of Parramatta CBD, the 3.6-hectare site is bounded by Crescent Street, Woodville Road, and Holroyd Sportsground. It benefits from strong access to public transport, including nearby bus routes and train stations, and sits within a rapidly evolving corridor earmarked for increased residential density. The design also strengthens connections between surrounding green spaces, including Holroyd Sportsground and Parramatta Parklands.

The approval follows several years of planning, including a rezoning process that enabled significant uplift in height and density across the site. With determination now secured, Crescent Parklands is positioned to play a major role in delivering new housing supply within Greater Parramatta’s growth area.

Tiberius’ Crescent Parklands to deliver over 1,200 homes in major Holroyd transformation

A new State Significant Development application has been lodged over land at <a href="https://www.apartments.com.au/new-apartments/33-43-marion-street-parramatta-nsw-2150">33–43 Marion Street</a>, Parramatta, proposing a high-rise mixed-use tower that leverages planning incentives to deliver a substantial pipeline of new housing, including a dedicated affordable component.

The scheme, currently on exhibition, combines a shop-top housing development with a concurrent rezoning, positioning the site for a significant uplift in density within Parramatta’s evolving southern CBD fringe.

The proposal, designed by <a href="https://www.apartments.com.au/architects/fuse-architecture-0">Fuse Architects</a> for CN Marion, would replace the existing buildings with a 37-storey mixed-use tower, delivering 296 apartments above a retail podium with six basement levels on the 2,376 sqm site.

The residential mix comprises 58 one-bedroom, 207 two-bedroom, and 31 three-bedroom apartments, with communal facilities located on the second level and the rooftop. Ground-level activation is driven by retail and food and beverage tenancies, alongside a publicly accessible through-site link designed to improve pedestrian permeability.

The project includes 194 car spaces, five motorcycle spaces, and 348 bicycle spaces, reflecting a transit-oriented approach in a location directly adjacent to the rail corridor and within walking distance of Harris Park Station.

<img alt="First Look: Plans lodged for 37-storey mixed-use tower with affordable housing at 33–43 Marion Street, Parramatta" data-entity-type="file" data-entity-uuid="3db873ea-62f0-437b-8a6a-eeda154d2dee" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Marion%20building.png?VersionId=YwzBv8OVHwyRnMLGX4slU7QyhTyMZeOX" />

The design adopts a podium-and-tower composition, with a three-storey street wall addressing Marion Street and a reduced two-storey interface responding to adjoining heritage cottages.

A key component of the proposal is the integration of affordable housing under the NSW Government’s in-fill affordable housing pathway, with units to be retained for a minimum of 15 years. This is paired with a broader public domain strategy that emphasises permeability, deep soil planting, and a landscaped through-site link.

“The strategy prioritises a permeable, well-activated public realm and supports a compact tower form to minimise the building’s footprint while enhancing the quality of the ground-level experience,” the design report states.

The proposal includes a central landscaped courtyard, rooftop communal areas, and planting strategies aligned with local environmental conditions and cultural narratives.

<img alt="First Look: Plans lodged for 37-storey mixed-use tower with affordable housing at 33–43 Marion Street, Parramatta" data-entity-type="file" data-entity-uuid="f0e6c165-9967-4d20-9216-e5b8357c85ba" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Marion%20site.png?VersionId=SRod222LwgDmGZJmJY0wTbK39UrWZLSD" />

The site occupies a prominent corner of Marion and Station streets, roughly 100 metres from Harris Park Station, within a precinct earmarked for significant intensification. While the immediate context is characterised by low- to mid-rise buildings and heritage dwellings, planning controls and recent proposals point to a transition toward high-density development.

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Parramatta has been starved of new apartment supply in recent years. Builder-developers Deicorp and Coronation are the only two currently progressing projects in the suburb. Coronation is nearing completion of <a href="https://www.apartments.com.au/new-apartments/8-phillip-street-2-10-phillip-street-parramatta">8 Phillip Street</a>, which will be the tallest building in Western Sydney once finished, while Deicorp is delivering <a href="https://www.apartments.com.au/new-apartments/cosmopolitan-by-deicorp-parramatta-34-hassall-street-parramatta-nsw-2150">Cosmopolitan</a>, a development comprising over 600 apartments.
</section>

First Look: Plans lodged for 37-storey mixed-use tower in Parramatta

A substantial uplift in height and density is being tested in Lane Cove, with a 225-apartment scheme at 300 Burns Bay Road now on public exhibition as a State Significant Development alongside a concurrent rezoning.

The proposal by <a href="https://www.apartments.com.au/developers/level-33">Level 33</a> would see the demolition of an existing commercial building and associated structures, replaced by a residential development ranging from seven to 15 storeys.&nbsp;

The scheme delivers 225 apartments, including 34 designated as affordable housing, positioning it within the NSW Government’s accelerated Housing Delivery Authority pathway.

The development is arranged as three interconnected residential flat buildings, a response to the site’s long, narrow configuration and sloping topography.&nbsp;

<img alt="First look: 225-apartment Lane Cove tower proposal enters exhibition under State Significant pathway" data-entity-type="file" data-entity-uuid="c325d40c-ead5-45f4-9d77-5a446b23acc0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Lane%20Cove%20pers.png?VersionId=hsCJxT5hj.5kzA6AMInyan1x8mcHeRez" />

<a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a>, the project’s designer, describe a built form that is “divided into three sections, each connected by intermediate infill slots which are recessed to establish greater setbacks and further articulate the development.”

Across the scheme, apartments are supported by communal amenity at ground and rooftop levels, including landscaped open space and a rooftop pool. Basement and lower ground levels accommodate parking, storage, and building services, while a new public park is proposed along the eastern edge of the site, replacing part of the existing built form.

The architectural response has been shaped by the site’s pronounced fall towards the Lane Cove River, with building heights stepping down from west to east to reduce visual bulk and respond to adjoining bushland.&nbsp;

The design report notes that “the development has been carefully designed to integrate with the existing topography with the placement of massing and floor levels adjusted respecting the site’s inherent characteristics.”

<img alt="First look: 225-apartment Lane Cove tower proposal enters exhibition under State Significant pathway" data-entity-type="file" data-entity-uuid="31cc13a5-bc8b-4dc3-b9b1-07c6ec33a82b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Lane%20cove%20site.png?VersionId=NiyH3LimQwiHsE6Q7I5g4Grpr5fRdZaX" />

The project is being advanced through a concurrent rezoning process, seeking to increase the permissible height and floor space ratio beyond current Lane Cove LEP controls of 21 metres. Under the proposal, height would reach up to 54.5 metres, reflecting a shift toward higher-density outcomes in well-located urban areas.

Located on a 7,595 sqm site, the development sits within an established high-density residential pocket characterised by mid-rise apartment buildings set within a bushland setting. The site is within close proximity to Burns Bay Reserve, the Lane Cove River, and an extensive network of open space, reinforcing its strategic positioning for increased housing supply.

Level 33 is doing through the Housing Delivery Authority to try and get its Homebush project of <a href="https://www.apartments.com.au/news/nsw/level-33-adds-to-2-000-unit-pipeline-with-new-two-tower-homebush-plans">more than 300 apartments approved</a>.

The developer has over 2,000 apartments in the pipeline, predominantly in Wollongong.

First look: Level 33 proposes 225-apartment Lane Cove tower

ntrotman-Et3xWpamVh

How to: Background check a developer

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Brought to you by
<img src="/images/marketing/frasersProp_black_rgb.jpg" height="50px">
Off the plan properties appear attractive to some buyers as only a 10% deposit is required up front, leaving a timeframe of 12 to 18 months to get the necessary finance in place.
Off the plan purchasers are entitled to borrow the same amount as other forms of lending – up to 95% of the purchase price and capitalised lenders mortgage insurance (LMI) – but will need to commit to the purchase without having an unconditional approval from the bank.
Buyers cannot apply for a mortgage if settlement is over 18 months away but most lenders issue a pre-approval, and once settlement comes, it can be reassessed.
Multifocus mortgage broker Philippe Branch says generally lenders require a valuer to go on site and visit the premises, which is only possible about four to six weeks before settlement.
“An application can be lodged up to six months in advance with some lenders but the approval is subject to valuation,” Branch says.
“Some rare lenders will offer full approval with an off the plan valuation, without going on site up to 17 months before settlement. However, they will do a physical valuation before settlement to confirm the first valuation.”
Branch advises that purchasers stick to borrowing 90% of the purchase price plus capitalised LMI as a maximum, as LMI can become expensive at 95%.
“LMI can be over 4% of the value of the loan and mortgage insurers become really nervous of mortgages over 90%, applications need to be strong,” says Branch.
Branch says there are hidden costs to be aware of in buying an off the plan property, including not only a lawyer, but also blinds and curtains.
“Lawyers costs are typically more expensive as off the plan contracts are usually not standard contracts,” he says.
“So whereas a typical conveyancing would be $1500 to $2000, an off the plan would probably be $2000 to $3000.
“Also, make sure that blinds and curtains are included in the contract otherwise it is an extra cost at settlement.”
The repayment schedule of an off the plan purchase does not differ from other forms of lending and can be paid as principal and interest over 30 years or interest only over 30 years, with a five to 15 years interest-only period.
If the developer happens to go bust during development, the purchaser does not lose their 10% deposit.
“Most off the plan deposits will go into a lawyer’s trust account and is not available to the developer,” says Branch.
“If the developer goes bust, then the deposit and accrued interest will be returned to the buyer.”
Branch says buyers sometimes give a 10% deposit or more to the developer directly, who in return promises huge interest, typically 15% per annum.
“Schemes like this gave off the plan a bad name in the past. If the developer goes bust, the investor has lost the deposit,” says Branch.
First home buyers are entitled to state grants when buying or building a new home and buyers in New South Wales are entitled to a New Home Grant, which equates to $15,000 for off-the-plan homes, dropping to $10,000 in 2016.
The list of grants available in each state can be found on government websites.
Buying off the plan comes with pros and cons like any property purchase, but it’s important to keep in mind that a pre-approval valuation may be less or more than the final valuation, ultimately altering the percentage of the amount borrowed.
{rsform 49}
 
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How to: Organise finance for a new build

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This week I met with a lovely couple wanting to understand more about property developing and if it was the right strategy for them. They asked a simple but very good question which is relevant for anyone looking to take their first steps into property development. 
They wanted to know what the main risks were in developing property.
I think most people understand there can be risks associated with any investment whether it be buying shares (to me the volatility of the share market is scary), even putting your money in the bank in some countries (particularly Greece!) can be risky. In Australia, our banking system is very stable but the return on cash term deposits is hardly worth the effort right now.
Investing and/or developing property can be risky if you don't do adequate research. Even if you do, there are still some environmental factors that cannot be controlled like weather and governments. 
Firstly, it's important you chose a good location and a good property. Ask yourself "can I add further value to this property?"
By adding value I mean through renovating the existing dwelling and/or developing the land. At Property Bloom we always look for houses with 'good bones'. Large homes that have a minimum of three bedrooms and areas that may be converted to extra bedrooms. Adding a bedroom is the number one way of adding value to a house. We like homes with nice features that you can enhance through renovation, it's amazing what we've found hidden away after starting a renovation - some beautiful, ornate ceilings or fire places that have been covered over by previous owners. 
Location is most important as you need to be within close proximity of community services such as schools, transport, shopping and sporting facilities.
The development sites or bare land we look for needs to be in high demand areas and must be subdividable - this is the number one rule if you want to create equity or value. Getting two or more properties from one is key when developing property.
We love master planned estates that have been thoughtfully designed to meet resident's needs. These estates can be are valued higher by owner occupiers and tenants than the older, established areas that have less facilities.
When you develop property, you need to be aware of outside forces that may pose risk for your project.  They may include: 
·     Change in the economic environment such as a new government or rising Interest rates.
·     Increasing costs in materials and labour, like when the carbon tax was implemented. This led to higher construction costs at the time.
·     Changing council requirements; new Local Environment Plans being gazetted, state or federal law changes and land being rezoned.
·     Reliability and financial security of your  contractors and builders, there is nothing worse than a builder going into liquidation half way through a   development project.
·     A change in the property cycle may see the end values and rents change during the development period.
·     Weather and environmental issues holding up the construction progress.
·     Unexpected costs e.g. hitting rock on site, in adequate provisional allowances and builder's contract exclusions or unfair terms.
·     Disputes with builders and tradespeople leading to an extended construction period.
Using an experienced project manager for your first development will minimise some of these risks but it's still very important for all property developers to do as much due diligence on the location, property, council requirements and contractors/builders they will be relying on to ensure a successful property development. 
What makes me sleep well at night is knowing we have amazing builders. We've used them for many years and they are happy to share their financial situation with us. They are flexible and good communicators and so we have built a strong relationship and trading terms with them. 
This coupled with our experience in choosing relatively safe development sites and locations for our clients means nasty surprises are minimised and we have a very good idea of how the project will finish up. Our job is to de-risk a development as much as possible and to teach our clients along the way so that they can feel more confident embarking on their next property development.
 Jo Chivers is Chief Executive Officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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The main risks associated with property development: Jo Chivers

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<img src="/images/marketing/frasersProp_black_rgb.jpg" height="50px">
Deciding on finishings and fixtures in an off the plan apartment design is an important step, as the products you choose will determine how your property ages.
The choice of finishings and fixtures may also attract different types of tenants as some tenants may be prepared to pay more for higher quality touches, but the upkeep and maintenance needs to be considered, as they do depreciate with time.
Decisions to make include floor coverings, window dressings, wall tiles, paint colour, taps, door handles, light switches, light shades, kitchen appliances, sinks and more.
“Just like a good wine, you want your property to age well,” says <a href="/expert-insights/buying/dont-ignore-the-four-fs-of-residential-developments">Matusik Property Insights director Michael Matusik</a>.
“The trend for finishes is simple: modern, spacious designs that can stand the test of time, but are also welcoming, comfortable and feel like home,” Matusik says.
Matusik says when choosing floor covers, the trend is for longevity.
“Carpets are generally darker and limited to bedrooms. The most durable living area floor is a tiled one; gloss or matte.
“For depreciation purposes, carpet, timber floorboards and tiles are each deemed to have an effective life. Carpet with 10 years, timber floorboards with 15 years and tiles with 40 years.
“A $2000 outlay on floor coverings, for example, would result in the following depreciation benefits in the first year: carpet $400, timber floorboards $267 and tiles $50.
“Armed with this sort of knowledge, an investor might find it financially viable to upgrade a level of finish from say, low to medium or medium to high,” Matusik says.
Matusik says when it comes to kitchen appliances; quality and function are the way to go and it’s the little details that tick the box these days.
“Think of a fridge dispensing ice and water, a bigger oven, a wider cooktop, or a built-in coffee machine. Negotiate just one ‘wow’ factor into your kitchen and tenants will love you,” Matusik says.
Matusik says another quality trend is soft-close drawers and that energy efficient light fittings should be considered.
“Beware of glossy leaflets with annotations along the lines of ‘artist impression’ and ‘subject to change or availability’.”
“Ask too, whether the construction will merely meet Australian standards. These standards are, in the main, inadequate for the realities of modern urban living and in particular, for those residing in large apartment complexes. You are better off paying for higher than the prescribed building standard,” Matusik says.
The choice of fittings and fixtures could also affect your property’s resale, according to Property Searchers managing partner Scott McGeever.
“Consider the type and quality of construction and the level of fittings and fixtures that are used in the complex, as well as the interior of the property itself.
“If they are cheap and nasty, they tend to not age well and look tatty after a short time period and that will affect re-sale.
“Finished quality of fixtures and fittings can also vary to what they looked like on the sample board. What might appear good quality in a display might have been poorly executed/installed when being built,” McGeever says.
When choosing fittings, fixtures and finishings, opt for quality and function and also longevity. Top of the range appliances may be OK for owner-occupiers but will not always pay off for investors and depreciation benefits.
Off the plan buyers should also be sure to have a schedule of inclusions of all fittings and fixtures, on the sale contract.
{rsform 49} 
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How to: Decide on finishes and fittings

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Construction has commenced on a $46 million build-to-rent apartment project in Melbourne’s inner north suburb of Brunswick, developed by Pelliocano.
Designed by 6-Degrees Architects, the 70-apartment project, Solarino House, will comprise one, two and three-bedroom apartments, a communal rooftop and ground floor retail.
<a href="/developers/pellicano-group?utm_source=PropertyObserver" target="_blank">Pellicano </a>will offer a mix of short-term, long-term arrangements, with hotel-style services including dry cleaning, apartment cleaning and share cars.
The build-to-rent sector aims to address Australia’s affordable housing crisis by offering flexible leasing options and shared spaces.
Pellicano has also introduced a cloud-based app, Pellicano Connect, to keep its members engaged, informed and connected.
The group, which was founded in 1967 by brothers Frank and Nunzio Pellicano, has an established portfolio of build-to-rent projects including a recent development in Brisbane’s Wynnum West.
The townhouse project, <a href="/buildings/arbor-park-2037-wynnum-road-wynnum-west">Arbor Park</a>, is comprised of 67 dwellings located at 2037 Wynnum Road.
“Build-to-rent is a model we’re committed to as a business off the back of these projects. We want to keep pushing the envelope in terms of the level of service we offer our members”, said director Nando Pellicano.
The family’s wealth is now estimated to sit at $285 million by the BRW Rich List in 2014.
Solarino House will be delivered under Pellicano’s ‘Pellicano Living’ banner.
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Construction starts on Pellicano's build-to-rent Solarino House in Melbourne

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A development site, currently occupied by the Coorparoo RSL in the affluent Brisbane suburb hits the market.   The property at 20 Harries Road commands a 2,693sq m corner site with 105m street frontage, and is opposite Coorparoo Square.
The $252 million mixed-use development has recently completed by heavyweights Fraser Property Australia and Honeycombes Property Group.   The property is being marketed for sale by Ray White Commercial Qld Director and Head of Investment Sales Tom Barr and Ray White Special Projects Qld Executive Director Matthew Fritzsche.
“The site and location offer fantastic development potential with a code accessible height up to 16 storeys, with upper levels to incorporate panoramic city views,” Mr Barr said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/21/Aerial_2.jpg" alt="">   “Potential development opportunities include vertical retirement living/aged care, residential apartments, build-to-rent, student accommodation, medical, commercial, and retail (STCA).”   “A real drawcard is the potential for a short-term leaseback from the Coorparoo RSL post settlement, which would provide some additional holding income for the purchaser (likely a developer), whilst finalising their development scheme, obtaining town planning approval, and de-risking the project.  
"This would also give the Coorparoo RSL time to acquire another property and get their new facility ready for occupation.”
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/21/Image_2_1.jpg" alt="">   “The upcoming Eastern Transitway will also really appeal with the project delivering targeted bus priority measures to improve safety, reliability and capacity along Old Cleveland Road, from Coorparoo to Carindale,” Mr Fritzsche said.   The popular suburb is only 3km to the Brisbane CBD and is within walking distance to public transport.
 Expressions of interest close on October 14. 
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Coorparoo development site hits the market

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Residential project marketer Ausin China has collapsed leaving a trail of 100s of failed property settlements in Australia.
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Ausin China sold off-the-plan apartments and houses to buyers in China, with an investigation now underway into the whereabouts of the deposits along with settlement monies.
Jin Tianyou, aka Harry Jin, who was in charge of running the Ausin China offices, is allegedly being sought by authorities.
Video of hostile graffiti painted on the lobby walls of its Shenzhen office on Wednesday (below) have been circulated on WeChat, alleging "Ausin money launderer" and "black intermediary."
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/20/ausin2.jpg" alt="">
The confirmation of the official investigation came after Chinese speculation that "the funding chain has broken." An August 15 letter to staff and others affected suggested "seven solutions" after the so-called "rogue" behaviour.
Staff were told "because the company faces serious financial difficulties, the salary of the colleagues in July needs to be delayed."
Ausin Australia, led by founder and chief executive Joseph Zaja, indicated on Friday there was evidence of fraud and the matter has been reported to the Australian police.
Zaja has cancelled licensing agreements with Jin.
"We have zero tolerance for any misappropriation of funds or corrupt behaviour," Zaja said.
Zaja confirmed that around 8000 properties have been sold during the near decade long agreement with Shenzhen Ausin Investment Consulting Co. Ltd., which was licensed to use the Ausin brand in China.
Jin ran all the China offices under a marketing and client referral agency agreement with Ausin Group.
Ausin's China business was a separate entity to Ausin Australia. Jin resigned his Australian directorship earlier this year. The Australian Financial Review says Jin is still registered as a shareholder.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/20/ausin3.jpg" alt="">
A Chinese website has reported the relationship between the Australian headquarters and China outfit had "become tense" from 2015 in regard to a "truncation" of commission flow.
Ausin Australia has advised that Ausin China was "expressly prohibited from the collection of any funds", although allegations have surfaced that deposit funds were paid directly to Mr Jin.
The most recent appearance of Jin was in April at a press conference in China.
In attendance were representatives from some of the biggest media channels in China, including Tencent and Sina Weibo.
The event was marked by a speech from Harry Jin, managing director of Ausin China.
It has been advised the collapse leaves a trail of 130 failed settlements of houses and apartments in Australia across 15 projects in Sydney, Melbourne and Brisbane. 
There have also been reports in China of "disguised exchanges."
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"There will be some initial concerns from Chinese buyers because Ausin is the biggest known Australian apartment agent in China," project marketer CLG Group Real Estate managing director and former McGrath Asian business development manager Allen Yan said when asked about the likely fallout.
"A lot of people believed them and trusted them.
"The collapse will hurt their confidence, but only in Ausin as an agent," Yan told the AFR.
House and land projects reportedly among the projects where settlements have been lost have been suggested as <a href="/news/eig-developments-affirms-elpis-truganina-buyer-deposits-secure-in-australia">Elpis by developer EIG</a>, Williams Landing by Cedar Woods, and Willow Pimpama Village in south-east Queensland region.
The Australian-based Apartmentdevelopments website proclaims Ausin Group as one of the leading partners for major Australian developers for project sales and marketing into China and Australia.
It suggests Ausin was "the first choice business for mainland Chinese sales" for listed companies including Mirvac, Stockland, Leighton Properties, Cedar Woods, SP Setia and Lend Lease.
Ausin's other developer relationships were listed as including Sunland, Metro Properties, Rose Group, Crown, Glenvill, Satterley, Little Projects and Intrapac.
In 2015 Property Observer reported Ausin Group had opened two new offices in China to cash in on the growing demand from China buyers for new Australian properties.
The offices in Dalian and Chengdu took its total number to 15 offices in China.
At the time it was noted Ausin employed over 500 staff working across Sydney, Melbourne, Brisbane, Auckland and London.
The group also offers accounting, property management and migration visa services.
Uglobal Immigration Magazine recently recognized the global investment migration industry’s most influential and powerful leaders with the distinguished Top 100 Global Migration Agency CEOs Awards including Ausin 澳信, Shenzhen, China, and its CEO, Yanqin Zhu.
 
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