John Camilleri, the famous breeder of the legendary mare Winx, has continued his spending spree in the new development market on the Gold Coast.

Earlier this year, the Sydney-based breeder paid just over $30 million for Pacific Point, a 10-level apartment block, and a three-level duplex, from fellow racing identity, Aquis billionaire Tony Fung.

The 1,682 sqm site at 3464-3468 Main Beach Parade, <a href="https://www.urban.com.au/developments/surfers-paradise-qld-4217">Surfers Paradise</a>, had been earmarked for a 48-level hotel with 580 rooms. Camilleri has already reworked the plans, now proposing a 40-level tower with 93 apartments.

He's emerged again on property records, swooping on another failed project.

<img alt="AALTO" data-entity-type="file" data-entity-uuid="e3c716e1-dd20-485d-9270-aae6b26e8f55" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-11-15%20at%2010.58.45%E2%80%AFAM.png?VersionId=4jWmMDc5em9AUVc3A6DNr8DdackbC1ux" />

He's spent $53.65 million on Garfield Terrace, the 1,500 sqm site that was pitched for AALTO, a luxury tower with 75 apartments.

<a href="https://www.urban.com.au/new-apartments/aalto-75-79-garfield-terrace-surfers-paradise">AALTO</a>, at 75-79 Garfield Terrace, was being developed by Sydney-based Weiya Holdings, the developer behind De-Luxe, the redevelopment of the Old Burleigh Theatre Arcade in Burleigh Heads.

AALTO launched in late 2022, and reportedly secured a flurry of sales including a $15 million penthouse that was bought by a local who works in the property industry.

The penthouse had been slated to have&nbsp;five bedrooms, its own cinema room, a gym, an indoor and outdoor kitchen, and a 15-metre swimming pool.

Locals had driven the majority of enquiry, selling agent Patrick Pancur said.

A series of setbacks however has meant there's been no site activity, with a builder never appointed.

The site sale is just shy of the <a href="https://www.urban.com.au/news/qld/first-look-ktq-sell-garfield-terrace-site-for-56-million-as-demand-soars-for-gold-coast-beachfront-sites">$56 million secured by Peggy Glannery's KTQ</a> for its 2,025 sqm site just down the street at 27 Garfield Terrace.

Camilleri has emerged yet again on property records, swooping on another failed project.

Joel Robinson

First look exclusive: Winx breeder John Camilleri continues Gold Coast apartment development site spree

Melbourne developer&nbsp;<a href="https://www.urban.com.au/developers/central-equity">Central Equity</a> has taken out another major industry award – winning the prestigious Housing Industry Association (HIA) – Victoria Apartment Complex Award (over $ 20 million), for its recently completed apartment tower, Parkhill Melbourne Apartments.

The award was announced at the annual HIA (VIC) Industry Awards at Crown earlier this week. Central Equity is the HIA (Victoria) most awarded apartment developer. &nbsp;

[smartcode_project:default project_id=27406 project_image_fid=288638]

The award recognises excellence in the construction and design of a residential apartment project. Parkhill was designed by leading architects <a href="https://www.urban.com.au/architects/clarke-hopkins-clarke-0">ClarkeHopkinsClarke</a> and was built by the award-winning construction company, <a href="https://www.urban.com.au/builders/kapitol-group">Kapitol Group</a>. &nbsp;

<a href="https://www.urban.com.au/buildings/parkhill-apartments-west-melbourne-408-spencer-street-west-melbourne">Parkhill Melbourne Apartments</a>, a 20-level tower, located at 408 Spencer St, <a href="https://www.urban.com.au/developments/west-melbourne-vic-3003">West Melbourne</a>, has a striking entry foyer with a seven-day concierge. The resident facilities are located on the rooftop and include outdoor dining areas with BBQs, a gymnasium, exercise areas, and places to relax and enjoy city views.&nbsp;

[smartcode_project:default project_id=27406 project_image_fid=312168] 
&nbsp; 
The project is located on a prime corner site and at street level the podium has been designed to complement nearby buildings. The building incorporates three retail tenancies that will provide an active and vibrant streetscape.&nbsp;

Central Equity has been credited as the pioneer of inner-city living in Melbourne, developing residential properties in and around the CBD. The 2024 HIA award is a testament to Central Equity’s 37-year history of ‘delivering as promised’.&nbsp;

[smartcode_project:default project_id=27406 project_image_fid=214773] 
&nbsp; 
“Parkhill Melbourne Apartments has been a great success with residents full of praise for their new homes, the outstanding resident facilities and onsite building management services” says Central Equity Managing Director, Dennis Wilson. &nbsp; 
&nbsp; 
There is a limited number of brand-new apartments to purchase in the award-winning building.

[smartcode_project_cta:default project_id=27406]

“Parkhill Melbourne Apartments has been a great success with residents full of praise for their new homes, the outstanding resident facilities and onsite building management services” says Central Equity Managing Director, Dennis Wilson.  


Parkhill Melbourne wins major Housing Industry Association award for 2024

The Brisbane-based Dusk Group is making a bold move north, submitting plans for a rare new apartment development in Caloundra on the Sunshine Coast.

<a href="https://www.urban.com.au/developers/dusk-group">Dusk Group</a>, led by Hew Feeney, is seeking to develop Sunset by Dusk Group, a seven-level building at&nbsp;5-7 Bombala Terrace, a prime 1,255 sqm site a few streets away from both the beach and the centre of&nbsp;<a href="https://www.urban.com.au/developments/caloundra-qld-4551">Caloundra</a>.

Just 36 apartments have been proposed in the building designed by <a href="https://www.urban.com.au/architects/mas-architecture-studio">MAS Architecture Studio</a>.

Lead architect Nick Symonds said he’s taken his inspiration from the nearby Kings Beach and Bulcock Beach.

<img alt="Sunset by Dusk Group in Caloundra site" data-entity-type="file" data-entity-uuid="bb21fe84-dc53-4ac0-a3c6-25615c7653b2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/00_5.png?VersionId=9WzP0Z2jgAS3iep9l5ULMGpfjRGmEpzJ" />

“The façade’s earthy colour palette and contrasting textures reflect the warm golden sands of Caloundra’s local beaches, giving an instant holiday feel,” Symonds said. &nbsp;

“The gently curved balconies reflect a contemporary coastal aesthetic while the floor-to-ceiling windows and spacious balconies create true indoor, outdoor connection.” &nbsp;

The design incorporates a ground-floor swimming pool, BBQ area, resident lounge area, welcoming foyer, and a green communal space.

<img alt="Sunset by Dusk Group in Caloundra" data-entity-type="file" data-entity-uuid="fc918913-e856-431c-bf43-e69ab0f79fbf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/00_2.png?VersionId=IoD7CsxTjanwU3HYHOJjYnts3QX0x_PR" />

“Sunset delivers what people have come to expect from modern coastal living.” &nbsp;

Dusk Group Director Anthony Short&nbsp;said residents will enjoy amazing water views to the north, east, and south. &nbsp;

“Residents can take in breathtaking sunset panoramas from Bulcock Beach to Bribie &nbsp;Island, and there’s the stunning Glasshouse mountains to the west,” Short said.&nbsp;

<img alt="Sunset by Dusk Group in Caloundra" data-entity-type="file" data-entity-uuid="4e43995e-f6c1-4220-bf4c-3b00dcff0d6f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/00_4.png?VersionId=UURPcs3rY5aXvmGJdbOhN2qmTyj8CwO." />

The development is not just close to the beach but within walking distance to many modern amenities including Seasons Supermarket, Bicentennial Park, Kings Beach Tavern, and Caloundra Bowls Club. &nbsp;

One, two, and three-bedroom apartment configurations will be on offer, with prices starting from $700,000, appealing to a wide range of buyers including first home buyers, investors, and local downsizers. &nbsp;

“I can’t wait to see Sunset come to life, meeting the need for quality design holiday apartments in the booming Sunshine Coast region,” Symonds added.&nbsp;

Construction is expected to begin in the second quarter of 2025.

Dusk Group is currently delivering <a href="https://www.urban.com.au/new-townhouses/aurora-on-depper-st-lucia-68-72-depper-street-st-lucia">Aurora on Depper</a>, a small collection of townhouses in <a href="https://www.urban.com.au/developments/st-lucia-qld-4067">St Lucia</a> in <a href="https://www.urban.com.au/developments/brisbane-qld">Brisbane</a>.

One, two, and three-bedroom apartment configurations will be on offer, with prices starting from $700,000, appealing to a wide range of buyers including first home buyers, investors, and local downsizers.

Dusk Group sets sights on Caloundra new apartment market

Box Hill in Sydney's northwest is ready for one of its most design-conscious projects to date with <a href="https://www.urban.com.au/new-apartments/killarney-ponds-box-hill-4-alan-street-box-hill">Killarney Ponds</a>, the new apartment development by locals Kellarney Developments.

Killarney Ponds, located just outside the emerging <a href="https://www.urban.com.au/developments/box-hill-nsw-2765">Box Hill</a> Town Centre, has been designed to meet the needs of both families and working professionals seeking larger apartments and lifestyle-focused amenities, two points of difference when compared to other developments around the Box Hill area.

Approaching completion in early 2025,&nbsp;Killarney Ponds comprises a mix of two and three-bedroom apartments that emphasise indoor-outdoor living.

[smartcode_project:default project_id=22636 project_image_fid=297513]

To maximise natural light, apartments have soaring ceilings just under three-metres, creating a sense of space and when meeting the sliding glass doors that open to a balcony or a courtyard, allow for maximum natural light to flood the interiors.

The three-bedroom apartments start from a generous 115 sqm of internal living space, and a further 10 sqm of terraces.

There are several two-level apartments, some with two bedrooms and some with three, including a three-bedroom penthouse that has its own private rooftop terrace and is priced under $1 million.

Resident amenity has been a big focus in Killarney Ponds, a level unrivalled in the local area. It starts from the entry to the development. There are three hotel-style lobbies which were designed to create an immediate impression on residents and their guests.

Facilities include a multi-purpose function room, expected to be used for community events as well as booked for private occasions like birthday parties, a fully-equipped gym, a work-from-home centre with integrated desks and meeting rooms, as well as several outdoor spaces with alfresco and picnic areas.

[smartcode_project:default project_id=22636 project_image_fid=257931]

The first stage of the project has already sold out, demonstrating strong demand in the Box Hill market, a market that is growing at a significant rate, driven by the improvements being made in the region.

Killarney Ponds is strategically positioned to benefit from the growth in infrastructure. The area is part of the NSW Government’s North West Priority Growth Area, which is anticipated to bring significant infrastructure improvements and job opportunities.

It's a short walk from the future Box Hill Town Centre, an upcoming hub featuring retail, dining, and recreational spaces set around a central lake.

[smartcode_project:default project_id=22636 project_image_fid=257928]

Carmel Village, less than two kilometres away, offers everyday essentials with over 30 specialty stores including Coles and Aldi.

Families benefit from being close to a variety of schools, while healthcare needs will be well-served by the new $700 million Rouse Hill Hospital, set to complete in 2027. Rouse Hill Station is within three kilometres, providing easy access to the Sydney Metro.

Reputable construction company Sitecorp is handling the build of Killarney Ponds. They are anticipating an early 2025 completion, with residents moving in shortly after.

[smartcode_project_cta:default project_id=22636]

Box Hill's best new apartment development approaches completion

The Allan Labor Government has said it is "going all-in on townhouses and apartments that are affordable to build and will stand the test of time in quality, design, aesthetics and sustainability"

Minister for Planning Sonya Kilkenny has announced a turbocharged plan for Victoria’s future homes that will drive a new era of affordable architectural heritage in this state.

The plan will compel good design by:

<ul>
	<li>
	Rewarding affordable, well-designed buildings – and the developers who put in the effort to build them – by granting them a fast track through the planning system
	</li>
	<li>
	Expanding the ‘design book’ of great designs by including existing buildings that have made a mark and are loved by residents and the community
	</li>
	<li>
	Letting Victorians have their say for the first time on how Victoria’s streetscapes and buildings should look
	</li>
	<li>
	Building real life examples of ‘design book’ homes on government-owned land so Victorians can see and feel them – and then move in
	</li>
</ul>

Kilkenny said the&nbsp;community deserves affordable buildings that look great on the outside and feel solid as a rock on the inside.

"Our plan is for more grand designs but without the grand cost," Kilkenny&nbsp;said.

“We have an incredible opportunity before us to renew our suburbs and streets with well-designed apartments and townhouses that are great for singles, families and downsizers – and which add to the architectural fabric of our state.”

The Government says the plan will drive change: flipping the script to promote, reward and speed up the construction of townhouses and apartment buildings that look great on the outside – and feel solid as a rock on the inside.

The Great Design Fast Track

The Government will introduce a new, fast-tracked pathway for buildings with homes that meet the test of build quality, good design and sustainability – so developers can build better homes without the additional costs and delays associated with projects that might look a bit ‘different from the norm’.

The&nbsp;Great Design Fast Track&nbsp;will be developed by the Minister for Planning to focus on townhouse and apartment projects of three to six storeys in height. It is intended to apply statewide and work in a similar way to the current Development Facilitation Pathway (DFP) that exists for more significant housing projects.

As with the current DFP, locals would retain the right to know what’s going on and have their say. The DFP accelerates a project through that system, giving confidence to developers that their cost-sensitive projects won’t get stuck in an expensive state of limbo.

Through this fast track, Victoria can give a stronger arm to architects and developers who put in an effort and take on more personal risk by building projects that look great and add lasting value to streets and communities. They should not be punished by a culture that quashes creativity and sustainability.

The Government will expand its&nbsp;State Design Book&nbsp;of ‘future homes’ – projects that are planned on paper alongside artists’ impressions but don’t yet exist – by welcoming into its pages the best examples of good, affordable designs that are already in the ground, home to Victorians and loved by locals.

While the Government is producing such a design book, which is still on track for completion by the end of 2024, the book will be more useful through the inclusion of high-quality developments that are already complete – at a scale up to 6 storeys. It will be a showcase of great buildings that were realistic and viable to deliver.

Eligible designs will be required to encourage sustainable, family friendly and accessible homes, with communal spaces and gardens. Examples of homes that&nbsp;could&nbsp;feature include the beautiful Balfe Park Lane, which delivered 72 one, two, three and four-bedroom apartments with a big communal backyard in East Brunswick.

The design book will also establish best practice principles and guidance for well-designed apartments and townhouses – to guide developers and give communities confidence about the long-term quality of new homes.

"We will reward the buildings that are designed the best" VIC Gov to speed up approvals for best designed apartment developments

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Urban Editorial

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

A number of people ask - what is the settlement process when buying off the plan property?

The simple answer is that the process is one part of the off the plan buying journey that isn't too dissimilar to buying in the established market.

The major difference is the time from exchange to settlement, given the off the plan property isn't built yet. The standard settlement for established property is around six to eight weeks.

This however has a number of pros for off the plan buyers.

One of the biggest is that the price paid for the property at the time of exchange doesn't change. Even if the value of the apartment has risen during construction, buyers will still settle on their apartments at the same price agreed.

The settlement date will be forecasted in the contract, as to when the developer believes the building will be complete, and the certificate of occupancy is obtained. Then settlement can start to occur and buyers can move in.

The settlement date forecast is another pro for buyers. While this date can chop and change due to a number of reasons, least of all delays in construction, labour, and materials, it gives the buyer a ballpark future date where they need to have their finances in shape to settle.

By paying a deposit you lock in that price, and you might not be required to pay the rest of the deposit for two or three years, if the construction timeline is that far away. This allows buyers years to save up the rest of the money while their yet-to-be-built property potential grows in value.

The settlement date estimate also puts a time limit on buyers as to when they should either vacate their current rental, or put the wheels in motion to sell their current home.

If you're thinking of purchasing an off the plan apartment, it's a good idea to speak to a conveyancer or solicitor who can advise you on the settlement process and help ensure that everything goes smoothly.

A number of people ask - what is the settlement process when buying off the plan property?

Off the plan property settlement - how does it work?

Arguably floor plans matter more in off the plan property than any other type of property.

In established markets, the floorplan is the floor plan. That's it, barring renovations.

But in the off the plan market, there a number of factors to consider when analyzing floor plans, and a number of questions to ask agents and developers when discussing buying an off the plan property.

First there's the floor plan size.

Floor plan sizes advertised by agents or developers can differ hugely state by state, so it's important to understand whether you are being pitched a property's internal size, or total size.

Internal size is the measurement of the internal floor area of an apartment, and is typically measured in square metres (m²). External size is the measurement of the external dimensions of an apartment, be it a courtyard or a balcony, but sometimes it can include a parking space or storage cage.

Generally, off the plan apartments are advertised with their internal size, as this is the size that you will have to work with when furnishing and decorating your new home. It's important to be aware of external size, however, as this will give you an indication of the overall size of the building and how much outdoor space you will have access to.

When considering internal vs external size, it's important to keep in mind that internal size may vary slightly from the advertised size due to the internal walls of the apartment. External size, on the other hand, is usually accurate to the advertised size as it's based on the overall dimensions of the building.

Another thing to consider when analyzing floor plans in off the plan property is that floor plans aren't necessarily set.

The majority of developers, providing construction is still at its early stages, will allow buyers to customize their floor plan to suit their lifestyle.

It might be that you want to move a bedroom or bathroom, or re-orientate the living area. This generally isn't a problem for developers as long as the moving of internal walls doesn't impact the building structurally, and the redesign all occurs within the same floor plate size of the original apartment.

In the off the plan market, there a number of factors to consider when analyzing floor plans, and a number of questions to ask agents and developers

How to read a floor plan, what questions to ask, and why it's important for off the plan property buyers

The value of new loan commitments for investor housing rose by 12.7 per cent to $7.8 billion in March, which was 54 per cent higher than in March 2020.

The rise in March is the largest recorded since July 2003.

It was driven by increased loan commitments to investors for existing dwellings.

The value of new loan commitments to investors rose across all states except the ACT.

There was a 13 per cent rise in NSW, 13.7 per cent in Victoria, and 19 per cent in Queensland.

[smartcode_project:default project_id=90553 project_image_fid=147606]

According to the ABS, this has continued a period of increases in investor lending since May 2020, when it reached a 20-year low.

The value of owner-occupier loan commitments for the construction of new dwellings fell by 14.5 per cent in March to $3.6 billion.

It was the first fall since June 2020 when the HomeBuilder grant scheme was introduced.

It has remained at record-high levels being some 120per cent higher than last March.

[smartcode_project:default project_id=22057]

&ldquo;Investor lending has seen a sustained period of growth since the 20-year low seen in May 2020,&quot; &nbsp;ABS head of finance and wealth Katherine Keenan said.

The rise in March is the largest recorded since July 2003 and was driven by increased loan commitments to investors for existing dwellings.

HIA&rsquo;s analysis of ABS data showed that the number of loans for the construction of a new dwelling in the three months to March 2021 compared with the same time last year had tripled in Western Australia and Tasmania and more than doubled in Victoria, Queensland, South Australia, Northern Territory and the ACT.

It almost doubled in NSW.

The value of new loan commitments for investor housing rose by 12.7 per cent to $7.8 billion in March



jchancellor

Queensland leads property investor new lending spike - biggest in nearly 18 years

It&#39;s time for investors to start thinking differently about their rental properties and marketing them to fit the growing work-from-home trend.

This means adapting to demand and updating your property to match the needs of the young professionals and students who may need study and workspaces to accommodate their new lifestyles.

Urban takes a look at the top tips for creating the ideal study zone in your inner-city investment property. 
&nbsp;

<ul>
	<li>Tip 1: Find the space</li>
</ul>

<img alt="" height="661" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/shutterstock_1693064941.jpg" width="1000" />

Whether it&rsquo;s within a bedroom, a hallway or in a dedicated study, finding the perfect space to modify into a work-from-home study zone is an important first step.

Urban recommends exploiting underutilised &lsquo;dead space&rsquo; &ndash; an alcove or a landing that may fit a small desk or collapsible shelving. 
&nbsp;

<ul>
	<li>Tip 2: It&rsquo;s all about lighting</li>
</ul>

Lighting can have a huge effect on the efficiency of study and work, as well as make your property look bigger and brighter.

It is generally agreed that natural light is best when it comes to general lighting for your home study space, as natural light has been claimed to increase productivity and performance.&nbsp;

If natural light is not possible in your investment property, warm lighting can deliver similar benefits.

<img alt="" height="497" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/shutterstock_1482794711.jpg" width="1000" />

<ul>
	<li>Tip 3: Set up a brand-new desk</li>
</ul>

Standing out from the competition is important when seeking good tenants, so there&rsquo;s no denying that good marketing and some furnishings go a long way, especially in an apartment marketed towards students.

Setting up a brand-new desk lets prospective renters imagine desk space in the home and may even secure more competitive prices for your inner-city apartment. 
&nbsp;

<ul>
	<li>Tip 4: Add some greenery</li>
</ul>

Besides looking beautiful and creating a more welcoming&nbsp;home, research shows that there are numerous&nbsp;benefits to having plants in work zones.&nbsp;

Plants have been proven to boost your mood, improve memory, and increase productivity.

<img alt="" height="667" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/shutterstock_1575692173.jpg" width="1000" />

Apartments nearby universities, research hubs and numerous employment opportunities are the ideal location for investors to secure their next investment property.

Here are four investor-friendly apartments for sale now in Melbourne. 
&nbsp;

1. Melbourne Grand, Melbourne 
Address: 560 Lonsdale Street, Melbourne VIC 3000 
Two-bedroom apartments from $569,000

[smartcode_project:default project_id=3490 project_image_fid=92412]

Winner of the HIA &lsquo;Victorian apartment complex of the year 2020,&rsquo;&nbsp;Central Equity&rsquo;s Melbourne Grand provides an outstanding living experience.

Less than a kilometre away from Monash University&rsquo;s Parkville campus, investors can secure high-income researchers as well as postgraduate students who will enjoy the apartment&rsquo;s ideal location.

Designed by Guildford Bell and Graham Fisher Architects, Melbourne Grand features various amenities, including resort-style facilities, residents&rsquo; lounge, 17-seat theatre and coffee bar. 
&nbsp;

2. Port Lane, Port Melbourne 
Address: 201 Williamstown Road, Port Melbourne VIC 3207 
Three-bedroom townhomes from $1,025,000

[smartcode_project:default project_id=89720 project_image_fid=147505]

Boasting 122 three-bedroom residences, Port Lane offers a quality selection of townhomes in Port Melbourne.

Developed by ID_Land, the coastal community delivers an authentic and distinctive design to sit in harmony with the Port Melbourne community.

Architects&nbsp;Rothelowman&nbsp;and interior designers&nbsp;Hecker Guthrie have designed the home with contemporary palettes and materials.

Curated landscaping by Tract frame the townhomes, with a verdant entrance pergola marking each residents&rsquo; arrival. 
&nbsp;

3. Live City, Footscray 
Address: 124-188 Ballarat Road, Footscray VIC 3011 
Two-bedroom apartments from $460,000

[smartcode_project:default project_id=3565 project_image_fid=68184]

Backed by developer R&amp;F Property Australia, the new master-planned Live City project comprises 208 residences spread across 14 floors.

Set to deliver over 1,400 apartments across eight buildings, the project brings together a fully-integrated, mixed-use community that&rsquo;s thriving with character and history.

Designed by&nbsp;Elenberg Fraser, each apartment features floor-to-ceiling windows, contemporary interiors and an abundance of natural light. 
&nbsp;

4. The Docklands Residences 
Address: 3-43 Waterfront Way, Docklands VIC 3008 
Two-bedroom apartments from $1,050,000

[smartcode_project:default project_id=3205 project_image_fid=45291]

Located atop the five-star Marriott Hotel,&nbsp;Docklands&nbsp;Residences provide timeless luxury living in Melbourne&rsquo;s inner-suburbs.

Set atop the five-star Melbourne Marriott Hotel, homeowners of the oversized one, two and three-bedroom&nbsp;Docklands&nbsp;residences will enjoy exclusive hotel membership, access to services and amenities and true luxury living.

Designed by award-winning architects&nbsp;DKO, the unique mixed-use project boasts floor-to-ceilings windows, terraces and a private enclosed glass winter garden.

&nbsp;

It's time for investors to start thinking differently about their rental properties and marketing them to fit the growing work-from-home trend

max.kwok_55688

Investor tips for creating the ideal study zone in your inner-city apartment

Australian housing values lifted by 1.8% in April according to CoreLogic&rsquo;s national home value index, with the monthly pace of capital gains easing from a 32-year high in March (2.8%). &nbsp;

Although growth conditions have slowed, housing values are still rising at a rapid pace, up 6.8% over the past three months to be 10.2% higher than the COVID low in September last year.

CoreLogic&rsquo;s research director, Tim Lawless, says the pace of capital gains could slow further over the coming months as inventory levels rise and affordability constraints dampen housing demand.

&ldquo;The slowdown in housing value appreciation is unsurprising given the rapid rate of growth seen over the past six months, especially in the context of subdued wages growth. &nbsp;With housing prices rising faster than incomes, it&rsquo;s likely price sensitive sectors of the market, such as first home buyers and lower income households, are finding it harder to save for a deposit and transactional costs.&rdquo;

[smartcode_project:default project_id=12718 project_image_fid=39002]

There is already some evidence of fewer first time buyers in the market, with the Australian Bureau of Statistics reporting a -4.0% fall in the value of first home buyer home loans through February, the first drop since May last year.

Despite the slowdown, positive housing market conditions remain geographically broad-based with every capital city and &lsquo;rest-of-state&rsquo; region continuing to record a lift in dwelling values over the month.

<img alt="" height="482" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image003.jpg" width="850" />

Darwin (2.7%) and Sydney (2.4%) recorded the largest month-on-month rise in dwelling values, while Perth values recorded the lowest rate of growth amongst the capital cities at 0.8%.

The four smallest capital cities recorded double digit annual growth (Adelaide 10.3%, Hobart 13.8%, Darwin 15.3% and Canberra 14.2%), reflecting a smaller COVID-related disruption and an earlier start to the growth phase last year. &nbsp;Melbourne is recording the lowest level of annual growth (2.2%) due to a larger downturn, attributable to the extended lockdown period last year.

The broad trend of houses outperforming the unit sector continued through April as higher density styles of housing experienced less demand amidst elevated supply across some inner city precincts. &nbsp;At the combined capital city level house values (8.6%) have risen at double the pace of unit values (4.3%) over the first four months of the year.

&ldquo;A preference shift away from higher density housing during a global pandemic is understandable, however a rise in flexible working arrangements also seems to be supporting greater demand for houses around the outer-fringes of capital cities. &nbsp;Relatively weak investor activity, compounded by a supply overhang in some high-rise precincts, is also dampening price growth in unit markets,&rdquo; Mr Lawless said.

Australian housing values lifted by 1.8% in April with the monthly pace of capital gains easing from a 32-year high, according to CoreLogic

jordan_55689

Home values still on the rise but lost steam in April

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As many property investors know, the city you currently call home isn’t always the best place to invest.

You’ve done your research – picked out the potential growth areas, drawn up your budget and growth expectations, and are now preparing to invest interstate. But there are many steps to the buying process, and they can differ from state to state. Here are some key differences in purchasing properties interstate.

Inspecting a property

Assuming that you’ve picked out the area and property type you want to purchase, the next step is inspecting potential properties. Victorian investors will be aware of Section 32, a mandatory vendor’s statement which provides buyers with a range of information about the property before the sale.

The Section 32 document is prepared by a lawyer or by the vendor under legal instruction – and if the vendor knowingly provides any false information, they have committed a criminal offence, and face fines.

The document will include any mortgages or debts charged against the land, planning information, disclosure of services connected to the property and any registered building work that has been carried out in the last 10 years. Registered building works will be covered under warranty for 10 years, even if the property has changed hands multiple times.

Section 32 is generally considered the most comprehensive vendor disclosure statement in the country, and must be provided before the auction or before a contract is signed in a private sale.

In New South Wales, sellers are required to provide Schedule 1 Prescribed Documents, but these generally only include mortgages on the property, deeds and restrictions on the use of land. NSW Fair Trading recommends that buyers carry out an independent pre-purchase inspection report.

Your inspection report should be carried out by a licensed builder, surveyor or architect – and make sure they have professional indemnity cover, in case you want to seek compensation for any errors they make. You’ll have to weather the cost of the report yourself, which will vary depending on the consultant and the size, age and condition of the property.

The report won’t cover information on any hidden or structural problems with the property, as it’s generally just a visual assessment. It also won’t cover electrical wiring, plumbing or gasfitting, or fireplaces and chimneys. If you are concerned about any aspect of the property in particular, you should engage a specialised inspector before purchasing.

Sellers in South Australia are required to provide a Form 1 disclosure statement to the purchaser, through the seller’s real estate agent. The Form 1 must be available to buyers before the auction date. If a property is being sold through a private sale, the Form 1 must be provided at least 10 days prior to the settlement date. The provision of the Form 1 also affects a buyer’s cooling off period. A Form 1 generally covers similar information to NSW’s Schedule 1 Prescribed Documents, so an independent inspection report is recommended.

Queensland currently doesn’t have compulsory disclosure statement for all residential properties. Body corporates should provide information for townhouses, apartments and units. Again, the Queensland Office of Fair Trading advises buyers to carry out independent inspections. The same goes for buyers looking to invest Tasmania, or in the Northern Territory after vendor disclosure legislation was dumped in 2012. Sellers in Western Australia aren’t required to provide a disclosure statement to any prospective buyers, but should prepare a Seller’s Disclosure Statement for their agent.

When selling property in the ACT, vendors are required to provide documents prior to sale including an assessment of the physical condition of the property, an asbestos assessment report, and any restrictions to development on the land. ACT vendors are also required to provide an energy efficiency rating statement, and a pest inspection report (neither of which are required in a Section 32 document).

Cooling off period

Not all buyers have the luxury of a cooling off period, with legislation changing from state to state. During a cooling off period, a buyer can change their mind about purchasing a property and only face a small fee (0.25% of the purchase price or less) so long as they provide written notice to the vendor or their agent.

In Victoria, there is no cooling off period for properties purchased at auction. There’s a three day cooling off period for private sales of residential properties of less than 20 hectares, but this is waived if the property is sold three days before or after a scheduled auction. The cooling off period is also waived if a buyer is represented by an agent.

The ACT, NSW and Queensland all have five day cooling off periods for residential property purchases at private sales, but not for auction sales. Generally the cooling off period begins from the day that the buyer or their agent receives a copy of the sales contract that has been signed by both the buyer and the seller.

South Australian property sales come with a cooling off period of two days. If a Form 1 is provided before the sale, then the cooling off period commences on the date the contract is signed. If the Form 1 is served after the contract is signed, the cooling off period begins on the day the form is served.

Investors buying in Western Australia and Tasmania aren’t allowed cooling off periods.

Stamp duty or land transfer tax

Don’t forget that stamp duty or land transfer taxes change from state to state, and depend your property’s intended purpose. Each state’s revenue office website has a stamp duty calculator that can help you estimate how much you’ll be charged.

Who can help?

Purchasing a property interstate can be a difficult task, especially if you’re not an experienced investor and you’re looking to invest in a state you haven’t lived in before. The best way to ensure you have all the aspects of your investment covered is to engage a local conveyancer.

A specialist lawyer, your conveyancer can prepare and lodge your legal documents, such as your contract of sale. They can also calculate your expenses, put your deposit in a trust account, and research the property for you. A conveyancer should also handle your property’s settlement, including liaising with your financial institution. As always, seek out a reputable conveyancer, and make sure their firm is not also representing the vendor of the property you’re hoping to purchase.

Purchasing interstate is a great way to spread risk across your property’s portfolio or capitalise on growth areas – just make sure you do your homework.

<h2>Recently listed properties:</h2>

[smartcode_project:default project_id=29947]

[smartcode_project:default project_id=29660]

[smartcode_project:default project_id=4939]                  
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Buying interstate? The information you need to know

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A comparison of the performance of prime and secondary office property demonstrates that prime at 9.0% per annum has outperformed secondary office property at 8.6% per annum over the 28 years from 1985 to 2012 by 0.4% per annum. Through cyclical market fluctuations, performance outcomes vary. Secondary property returns are more volatile, however secondary office property can outperform prime property in the stable return periods and the subsequent initial upswing phase of market cycle.

Prime properties are located in major commercial centres with great public transport accessibility, built with quality design externally and internally, which are energy efficient, and have tenants which are financially strong. Absence of any of these criterion means that an asset will generally be rated as secondary property.

Total Return

In broad terms, prime and secondary office returns have followed the same cycle over the past 28 years, indicating that that they are significantly influenced by the same fundamental demand and supply forces. Chart one compares annualised total returns for prime and secondary office property in Australia over the period from 1985 to 2012.

Chart one – Prime and secondary office property annual total return 1985 - 2012

<img alt="niu_nov_8_chart_one" height="279" src="/images/stories/2013/11/08/niu_nov_8_chart_one.png" width="470">

Source: IPD

Table one compares the performance of prime and secondary property over different periods. Four periods have been selected which highlight the different market conditions.

Table one – Prime v secondary office property returns

<img alt="niu-nov-13-chart-one" height="105" src="/images/stories/2013/11/13/niu-nov-13-chart-one.gif" width="470">

Source: IPD

There are three key observations:

<ul>
<li>
	During the stable return period from mid 1990s to mid 2000s, secondary office properties outperformed. The higher risk of secondary office property through higher vacancy was rewarded through the higher returns achieved over the period reflecting the higher income yield of secondary office property.
	</li>
</ul>
<ul>
<li>
	Prime office properties have led the initial recovery in returns, however secondary offices gained more momentum in the later phases of upswings and surpassed prime property from 2005 to 2007. Investors sought higher returns and were willing to accept more risk in the positive market.
	</li>
</ul>
<ul>
<li>
	Returns for prime property have surpassed secondary property in the recovery stage from periods of weak return in the property market. Two examples are recoveries after the “recession we had to have” in early 1990s and global financial crisis (GFC) in 2008. Property market falls led investors to be more risk averse with a preference for prime properties with more secure rental income. As a result, prices of prime office property have recovered from weakness in advance of secondary office property.
	</li>
</ul>
Income return

Income return provides a further performance measure that differentiates prime fraom secondary office property. Chart two tracks the changes in prime and secondary office rents from 1985 to 2012. Secondary office properties have generated a higher income return that is also more variable than prime office properties.

 

 

 

 

 

 

 

 

 

 

 

 

 

Chart two – Prime and secondary office property - income returns 1985 - 2012

<img alt="niu-nov-8-chart-two" height="276" src="/images/stories/2013/11/08/niu-nov-8-chart-two.jpg" width="470">

Source: IPD

The difference in variability between prime and secondary income returns reflects the fact that prime offices fulfils the majority of market demand as an economy rebounds. However, in a sustained economic recovery, with limited availability of prime properties, tenants that could not secure or afford prime office space compromise by securing secondary property. That spill over of demand leads to improved rents in the secondary office property.

\Conversely, in an economic downturn when there is a lot of vacant space, tenants will secure prime office buildings and prime office rents will fall less than secondary rents. Secondary property will suffer more from increased vacancy. Secondary offices are generally let to less financially resilient tenants for relatively shorter terms, therefore downsizing and subsequent non-renewal of leases by tenants in a weak economy is more likely. Secondary property vacancy rates and therefore rental income are more variable.

Investment in commercial property can be implemented in a variety of ways. Prime office properties are larger in size and value and can be invested in through AREITs or wholesale unlisted property funds. Secondary properties can be invested in through retail unlisted property funds or through property syndicates.

Prime office has shown outperformance in the recent market as investors are still relatively risk averse after the GFC. Signs of recovery in corporate earnings in Australia indicate that the market is heading for a stable period. Secondary office properties will be rewarded by stable rental income at higher income yields so that higher total returns are expected in the immediate future.

 

 

<hr>
Ming Niu is an analyst at <a href="https://atchison.com.au/" target="_blank">Atchison Consultants</a>.

 

<h2>Recently listed properties:</h2>

[smartcode_project:default project_id=4939]

[smartcode_project:default project_id=27575]

[smartcode_project:default project_id=24323]
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mniu-gkBe4pvnDQ

Prime v secondary office property: Which one is more likely to outperform?

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EXPERT OBSERVATION

With the advent of lower clearance rates, we are seeing more Melbourne auctions ending in a pass in.

A “pass in” occurs when the bidding at an auction does not reach the vendor’s reserve and, as such, the auctioneer having failed to illicit a high enough bid, passes the property in and according to the rules of the auction, must negotiate with the highest bidder first. 

If you have been to many auctions, you will probably have heard the auctioneer open up the auction with a “vendor bid”.

This is a bid, made by the auctioneer, on behalf of the vendor, quite often, to kick things off and get the bidding started.

But it is sometimes used by auctioneers to advance the bidding if they have only one bidder.

In other words, a bidder from the crowd bids $600,000 and nobody else says anything, so the auctioneer will bid $650,000 “Vendor Bid” and then ask the original bidder to go over the top. 

Now the auctioneer will say things like, only the top bidder gets the lawful right of first negotiation and as the Vendor Bid is the highest, then nobody has this right.

This is totally incorrect and a total lie.

The highest “real bid” from the audience does have the first right to negotiate with the vendor. 

In both 2012 and again in 2016 the Real Estate Institute of Victoria analysed the rules and publicly acknowledged that if a genuine bid had been made, that no vendor bid could be used to remove the right to first negotiation. 

<a href="https://www.consumer.vic.gov.au/housing/buying-and-selling-property/selling-property/selling-property-by-auction" target="_blank">Consumer Affairs Victoria </a>have also addressed this exact situation and on their website has said that the highest bidder has the first right too negotiate with the vendor.

This includes if the property is passed in on a vendor bid.

So, if you are bidding anywhere in Victoria on Saturday and you have the highest bid, and the auctioneer tries to remove your right of first negotiation by continually vendor bidding over you, call him out.

If you are the highest “real” bid you do have the first right to negotiate ahead of anyone else.

Ian James is a director at JPP Buyer Advocates

<h2>Recently listed properties in Melbourne:</h2>

[smartcode_project:default project_id=3565]

[smartcode_project:default project_id=4939]

[smartcode_project:default project_id=22699]
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j.ballantyne1990-6AQqhLzZaK

Don't get fooled by a vendor bid, Victorian bidders have rights: Ian James

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Hospitality veteran, Denis Hagger, has taken a lease within Toorak Village, the popular retail strip in Melbourne, with his landlord now listing the property for sale.

Hagger, who was behind ventures, 25 Toorak Road and Maison Maldon Gourmet Retreat, agreed terms on a three year lease with options at $45,000 per annum or $750sqm net through Teska Carson’s Luke Bisset.

The property is situated opposite Vicland Property Group’s $600 million commercial re-development of Village Way. 

"The property offered an exceptional location within a highly regarded retail and commercial precinct in arguably Melbourne’s wealthiest suburb, with first rate access and exposure via the Toorak Road frontage,’’ Mr Bisset said.

Morley Commercial’s Tom Larwill, who acted for the tenant, said Mr Hagger was looking to embark on a new dine-in and takeaway venture. 

"Denis is planning on opening a French style rotisserie to cater for the increased demand for high quality take away and pre-made meals,’’ Mr Larwill said 

Located at 472 Toorak Road, the property comprises a 60 square metre, ground floor shop with a commercial kitchen, nearly five metres street frontage, a rear courtyard, and on-site parking.  

Toorak Village has more than 270 shops and businesses including fashion boutiques, cafes, fine dining, hair and beauty salons and medical and professional services.

The 472 premises are a two-level freehold of 110sqm which is spread across the ground floor retail and first floor office/studio apartment.

It has been listed for sale, through Teska Carson, returning $45,000 per annum + GST and outgoings, and a potential total income of $80,000 per annum + GST and outgoings.

It last traded at $1,648,000 in 2018, having sold at $1.76 million six years earlier.

Hagger closed his nearby South Yarra restaurant, 25 Toorak Rd, last year, but still operates the Maison Maldon Gourmet Retreat, about 135 kilometres north west of Melbourne.

25 Toorak Road found its replacement tenant in August, having been an Omnia pop-up in the interim.

<h2>Melbourne properties selling now:</h2>

[smartcode_project:default project_id=27241]

[smartcode_project:default project_id=5559]

[smartcode_project:default project_id=89720]
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jchancellor-FAypfDUnLy

Denis Hagger to open new Toorak Village eatery 

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Two of the more common questions REIWA agents get asked in relation to the buying and selling process are: what happens when there are multiple offers on a property and what is the 48 hour clause?

Let’s look at these separately.

First, when a seller finds themselves in the envious position of having more than one offer on their property for sale, there is no right or wrong procedure in terms of how they might respond to that.

There is no law around this and it’s up to the seller in consultation with their agent as to how to move forward.

In this context it is important to remember that it is always a seller’s right to assume that any offer received from a buyer is their best offer.

If the seller has several offers to consider then they will probably ask the agent to inform the potential buyers that there are multiple offers and that the buyers subsequently have until a specified time to reconsider and then present their best offer.

Alternatively, the seller might decide only to negotiate with one of the offers. That may not necessarily be the highest price as the decision by the seller might also be based upon the least complicated offer. For example, a higher offer that relies on the sale of another property may not interest a buyer who is keen to sell quickly.

The ‘48 hour clause’, now more properly known as the ‘two business day condition’ is a separate issue that buyers might come across.

This clause is normally inserted when the buyer wants to make an offer that is conditional upon the sale of the buyer’s existing property, but the seller wants to continue marketing their property in the hope of receiving an unconditional offer on better terms.

This clause gives the seller the right to continue advertising their property and to negotiate with a possible second buyer.

The second offer might be for a lesser amount but may provide greater certainty for the seller.

If the seller receives an alternative offer that they wish to accept, then they must serve a notice upon the first buyer.

From receipt of that notice the initial buyer then has two business days to secure an alternative source of finance or obtain a contract for the sale of their existing property.

If the first buyer does not waive the condition of selling their own home by the termination of two business days then the contract comes to an end and they get their deposit back.

The seller is then able to enter into the other contract with the alternative buyer.

REIWA provides a standard ‘two business day’ clause for its members to use, however, buyers and sellers are strongly encouraged to fully understand its terms and conditions before agreeing to it.

 

<hr>
David Airey is president of the <a href="https://reiwa.com.au/home/default.aspx" rel="nofollow" target="_blank">Real Estate Institute of Western Australia.</a>This article was originally published on <a href="https://reiwa.com.au/Faq/Pages/Feature.aspx" rel="nofollow" target="_blank">reiwa.com</a>.

Recently listed properties:

[smartcode_project:default project_id=29358]

[smartcode_project:default project_id=27575]

[smartcode_project:default project_id=22584]
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dairey-MVZf5ZguQC

How do I deal with multiple offers and what is the 48 hour clause? David Airey

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EXPERT OBSERVER

I’ve been telling our customers for the past two years that the outstanding property market in Australia is Regional Victoria.

And multiple data sources continue to support the view that anyone seeking affordable property, good rental yields and in particular great capital growth would be wise to consider Regional Victoria.

There is no other market jurisdiction in Australia that has delivered so many locations with double-digit growth in their median prices in the past 12 months. Equally, Regional Victoria is a national leader on locations with strong long-term capital growth rates.

The regional areas of Victoria were also prominent in the latest Pain and Gain Report from CoreLogic which highlights the number of properties sold for a profit in the September 2019 Quarter.

Why is Regional Victoria doing so well? Partly it’s because Victoria is the No.1 economy in the nation. The latest State of the States report from CommSec confirms Victoria as the leading economic performer in the nation, with New South Wales slipping down the rankings to third.

[smartcode_project:default project_id=5559]

And partly it’s because Victoria continues to be the No.1 state for population growth, gaining significantly from both overseas and interstate migration.

Victoria’s ranking as the No.1 economy and population growth state isn’t just about Melbourne – the regions have been major contributors to the state’s success.

Recent data on unemployment showed that Regional Victoria leads the states in jobs growth and has the lowest unemployment rate. ABS data shows that 20,000 people found work in regional Victoria in the three months to November.

Regional Victoria’s jobless rate is 3.7% – the lowest in the nation and well below the average regional rate of 5.1%. In the past five years, regional Victoria’s unemployment rate has decreased by 2.9 percentage points.

This is translating into exceptional performance in real estate.

CoreLogic’s quarterly Pain and Gain report (which compares the prices of properties sold in the September Quarter with their previous sale) found that Hobart was the national leader – 98% of houses sold made a profit.

[smartcode_project:default project_id=27406]

But close behind in second place was Regional Victoria, where 97% of houses sold for a price higher than the vendors paid previously (ahead of Melbourne’s 96% and Sydney’s 92% - and the national average of 90%).

In terms of apartments, Regional Victoria ranked third in the national (94%), well above the national average of 80%, Sydney’s 87% and Melbourne’s 85%.

The out-performance of Regional Victoria locations shows up in price growth data for the past year and also for the past decade.

Dozens of Regional Victorian locations have recorded double-digit growth in their median house prices in the past 12 months.

Ballarat has been particularly outstanding, with Ballarat Central (13%), Brown Hill (20%), Golden Point (18%), Lake Wendouree (11%), Mt Pleasant (21%) and Wendouree (10%) all producing strong price growth.

The City of Greater Geelong also produced multiple growth leaders, including Barwon Heads (12%), Bell Park (12%) and Drysdale (20%).

Other high-growth locations were spread around the state, including Newborough (16%), Wonthaggi (14%), Heathcote in Bendigo (17%), Maldon (17%), Irymple near Mildura (23%), Daylesford (13%) and Mansfield (13%).

This kind of growth in not a one-off event – many Regional Victorian locations have long-term capital growth rates above 7% per year, with some nudging 9% per year – which puts them alongside the best in the nation.

[smartcode_project:default project_id=29358]

The City of Greater Geelong, Ballarat and the Macedon Ranges LGA all have multiple locations with capital growth rates between 7% and 9% per year.

Lake Wendouree in Ballarat has averaged 8.9%, while Woodend (Macedon Ranges) and Norlane (Geelong) have both averaged 8.7% per year.

Others with capital growth rates above 8% per year include Beveridge, Daylesford, Maldon, Geelong (the suburb), Kyneton and Herne Hill (Geelong).

TERRY RYDER is the founder of hotspotting.com.au ryder@hotspotting.com.au twitter.com/hotspotting
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terryryder-YECXbqmri2

Regional Victoria is Australia's most outstanding property market: Hotspotting's Terry Ryder

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Melbourne CBD studio apartments start at just $145,000. Property Observer inspects postcode 3000 to find the 10 cheapest studios available in Melbourne.

The list comes<a href="https://www.propertyobserver.com.au/new-south-wales/sydney-cbd-s-10-cheapest-studio-apartments-starting-from-%24255000/2012073155743" target="_blank"> in stark contrast to the cheapest studios in Sydney</a> – it seems if you want to invest a CBD studio apartment, Melbourne is the cheaper option by a long way.

Prices in the top 10 range from $159,000 to $200,000. They're often aimed at overseas students looking to rent in Melbourne and can be as small as 19 square metres. That's smaller than an average billboard.

Buyers and investors should take note, though, it may be hard to secure a fully funded loan when buying at the cheapest end of the market.

Apartments under 50 square metres typically require deposits of 20%, compared with the standard 10%. Some buying situations may need upwards of 30%.

[smartcode_project:default project_id=95292]

And the same applies to studios off the plan. So if buyers and investors can secure a loan then this is the list to see.

So many of the cheapest apartments come from the same Flinders Street building that we have restricted the number of apartments from number 256-268 Flinders Street, or the list would be almost entirely populated by the same apartment block.

1

<a href="https://www.realestate.com.au/property-studio-vic-melbourne-108372381" target="_blank">16/546 Flinders Street</a> 

$145,000

Around the corner from Spencer Street, this apartment rents for $250-$280 a week. Barry Plant agent Niels Geraerts says he’s sold about six apartments in the building over the past few years. He says the lack of common spaces and having just one elevator keeps the body corporate costs down. Total outgoings for the property would come to about $1,500 a year for the approximately 17-square-metre unit. It sold to an investor in the last couple of weeks.

2

<a href="https://www.realestate.com.au/property-studio-vic-melbourne-105215032" target="_blank">210/600 Little Bourke Street</a>

$148,000

Unit 210 at 600 Little Bourke Street is a serviced apartment currently run by Hotel Ibis, which has the contract until 2018. The 25-square-metre apartment has a modest guaranteed income of $650 a month, and agent Lilian Yoon from OzAsia Real Estate is unsure of the outgoings for the property, although she says they would be minimal. The unit, which has no cooking facilities, has been on the market for years.

3

<a href="https://www.realestate.com.au/property-studio-vic-melbourne-110904915" target="_blank">52/546 Flinders Street</a>

$159,000

This apartment currently leases for $ 975 per month. The room is currently dominated by a double bed, which takes up most of the standing room. Agent Louis Christou from Christou and Co was unable to offer much information on the property, but said it was probably overpriced given the flooded market. He is also selling an apartment in Franklin Street priced at $199,000. He says the owners would be lucky to get $150,000 to $160,000.

4

<a href="https://www.realestate.com.au/property-apartment-vic-melbourne-110535041" target="_blank">1116B/256-268 Flinders Street</a>

$159,000

An 11th-floor studio apartment opposite Flinders Street station, this place rents for about $300 a week. It’s managed by property management company Baycrown and has approximate outgoings of $2,500 a year. The 19.5-square-metre apartment comes with a kitchenette.

5

<a href="https://www.realestate.com.au/property-studio-vic-melbourne-107466418" target="_blank">110B/256-269 Flinders Street</a> 

$162,000

In the same building is apartment 110b is currently leasing for $300 a week. The 19-square-metre apartment has the same outgoings at $2500 a year, and the apartment is fully furnished. Agent Nathan Collyer from Rendina Real Estate Kensington says tenant demand is very high in the building, particularly from students.

6

<a href="https://www.realestate.com.au/property-studio-vic-melbourne-110840411" target="_blank">417B/268 Flinders Street</a>

$165,000

This apartment in the same building again is renting for $310 a week. It’s 15 square metres and has outgoings of more than $4000 a year. It includes a kitchenette and a bathroom, and there’s room to walk.

7

<a href="https://www.realestate.com.au/property-studio-vic-melbourne-111049731" target="_blank">125/256-268 Flinders Street</a>

$165,000

In 256-268 Flinders Street again, this 30-square-metre unit earns $230 a week. Tenants are restricted to students, so that limits investors somewhat. Barry Plant agent Niels Geraerts says outgoings come to about $2000 a year.

8

<a href="https://www.realestate.com.au/property-studio-vic-melbourne-110179229" target="_blank">706/500 Flinders Street</a>

$169,950

This 25-square-metre apartment is listed for $169,950 and has been on the market for six months. Agent Craig McIntosh says the apartment could rent for $285 per week and has outgoings of around $2,000 a year. He says he’s sick of the studio apartment and is trying to get out of it. He says most studio stock on the market is overpriced and unsaleable at that price.

There are more plenty more apartments available in 256-268 Flinders, but in an effort to mix this list up we will skip any more listings from that building.

9

<a href="https://www.realestate.com.au/property-apartment-vic-melbourne-110505697" target="_blank">817/238 Flinders Street</a>

$182,000

This apartment is managed by Unilodge, but there are no restrictions on tenants. Agent Stephen Shen from Royaland Real Estate says total outgoings for the apartment would be $2,600 a year. It’s currently tenanted and renting for $323 a year.

10

<a href="https://www.realestate.com.au/property-unit-vic-melbourne-107161420" target="_blank">506/118 Franklin Street</a>

$190-$200,000

This property, currently run by the Stargate hotel rents for $13,032 per year. It’s about 15 square metres and can be owner-occupied. Total outgoings for the property are about $2,500 a year, says Ace Real Estate agent, Haresh Mutreja. It’s on the fifth floor, comes with a bathroom and a kitchenette but with no stove.

For information on <a href="http://propertyobserver.com.au/ebooks/free-ebook-investing-outside-the-square" target="_blank">out-of-the-box property investments, download our free eBook.</a>
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