The Grand Residences in Eastlakes has been the focal point of new development in the suburb since its completion in 2022.

No doubt the best apartment complex to be developed in Eastlakes, <a href="https://www.urban.com.au/buildings/the-grand-residences-eastlakes-16-evans-avenue-eastlakes">The Grand Residences</a> embody the connectivity of inner-city living, matched with the luxury finishes the Eastern Suburbs market expects.

We recently sat down with the team at McGrath Projects and Crown Property Agency to find out more about The Grand Residences, how it has shaped <a href="https://www.urban.com.au/developments/eastlakes-nsw-2018">Eastlakes</a> , and what buyers love about the new development.

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Crown Group completed The Grand Eastlakes in 2022 but kept a significant portion of the 133 apartments that were developed.&nbsp;

"We still have an amazing selection of apartments available, particularly one-bedroom apartments and sub-$1 million two-bedroom options, with prices starting at just $750,000," Adam Sparkes, Associate Director of <a href="https://www.urban.com.au/project-marketer/mcgrath-projects">McGrath Projects</a>, said.

"Many of our buyers have come from the immediate Eastlakes area, transitioning from older apartments that lack the modern floor plans, spatial planning, and amenities of a brand-new development."

The facilities, proximity to train and light rail stations, and immediate convenience of a Woolworths Metro downstairs, have too been key contributors to the successful relaunch of the project, developed by the respected Crown Group.

"I think the standout feature is the location of the project compared to others in the area," McGrath Projects agent Sam Noakes says.

"You’re a bit further from the main city, but still close enough to the airport, universities, and beaches."

The surrounding area is set for further growth, with plans for over 70 specialty stores and a medical centre across the road.

[smartcode_project_cta:default project_id=7652]

The facilities, proximity to train and light rail stations, and immediate convenience of a Woolworths Metro downstairs, have too been key contributors to the successful relaunch of the project, developed by the respected Crown Group

Joel Robinson

Inside The Grand Residences, Eastlakes: What the agents say

It takes a team to deliver a new apartment development, and experience across every stakeholder in the project counts for a lot in today's off the plan space.

Boutique developer <a href="https://www.urban.com.au/developers/sma-projects">SMA Projects</a> has had several key collaborators they have worked with going back decades.

Where some developers focus on volume, SMA has had a concentrated approach, predominantly in the mid-rise market, with a mix of new design with a heritage twist.

While working in the likes of Elwood, <a href="https://www.urban.com.au/developments/brunswick-vic-3056">Brunswick</a> and <a href="https://www.urban.com.au/developments/hawthorn-vic-3122">Hawthorn</a>, the majority of their craft has been applied within a few kilometres across Fitzroy and <a href="https://www.urban.com.au/developments/collingwood-vic-3066">Collingwood</a>.

Several developments they've undertaken have been in the adaptive reuse space, converting old buildings like breweries into striking residential developments that offer something far past the ordinary.

SMA Projects, led by Martin Strode, has had a long relationship with award-winning architecture firm Hayball Architects, another business well-versed in putting together design plans that incorporate heritage features.

The pair worked together on several developments before its flagship project, Yorkshire Brewery in Collingwood, which they completed in 2015. Soon followed the Lyric which sits prominently on the corner of Gore and Johnston Streets in Fitzroy capping off three developments now located in Gore Street, <a href="https://www.urban.com.au/developments/fitzroy-vic-3065">Fitzroy</a> all completed by SMA Projects.&nbsp;&nbsp;

The Lyric spans two sites, the Lyric Theatre, renowned as one of Melbourne's first theatres, and MacRobertson Chocolates. The grandeur and cinematic glamor of the site heavily informed the design. SMA and Hayball decided on keeping the original red brick facade from MacRobertson Chocolates factory to pay homage to the site's former life, also preserving the original pressed metal ceiling panels in the lobby.

When the opportunity arose to acquire the former site of The Regent Theatre in Fitzroy, it presented the opportunity to create something similar.

[smartcode_project:default project_id=24824 project_image_fid=304614]

While not adaptive re-use in its entirety given the site is now a low-rise commercial building after <a href="https://www.urban.com.au/new-apartments/the-regent-fitzroy-340-fitzroy-street-fitzroy-vic-3065">The Regent</a> was demolished in 1983, the brief was essentially to create a building that echoed The Regent's former life, but crafted in a way that focused on design principles that translated into elevated living.&nbsp;

A true Art Deco building in its design, with arched ceilings and period details throughout, The Regent will comprise just 65 one, two and three-bedroom apartments.

[smartcode_project:default project_id=24824 project_image_fid=304606]

SMA has brought on another industry stalwart, Studio Tate, to craft the interiors, offering buyers the choice of two distinct colour palettes; the light and airy Classic Collection, influenced by Nordic minimalism, or the Fitzroy-esque, more dramatic, Arthouse Collection.

Residents will also have access to a commanding rooftop terrace overlooking the city, a workshop, a dog wash, and even a guest suite, bookable for when friends and family come to stay.

[smartcode_project:default project_id=24824 project_image_fid=304613]

The Regent is the perfect example of why collaboration is of upmost importance in the new apartment development industry.

Those developers who can point to their former projects completed to a high level, not only by themselves, but the same team that is delivering the current one, stand in significantly better stead to deliver the future aspirations of those who seek out the same.&nbsp;

[smartcode_project_cta:default project_id=24824]

A true Art Deco building in its design, with arched ceilings and period details throughout, The Regent will comprise just 65 one, two and three-bedroom apartments

When architecture and development combine: Inside the relationships that will drive the success of The Regent Fitzroy

The Gold Coast new apartment market is showing no signs of slowing down.

The latest Colliers Market Overview for September revealed that the average price of a new apartment has surged to a new high of $1.77 million.

The latest price for the June quarter has risen from almost $1.4 million compared to the same period last year as the market continues to be driven higher by high demand and constrained supply, amid rising construction and debt costs.

However, Colliers says it’s not only buyers at the luxury end of the market that are feeling the price pinch as most houses on the <a href="https://www.urban.com.au/developments/gold-coast-qld">Gold Coast</a> are currently selling between $1 million and $2 million – a massive increase over the past four years as the Gold Coast construction sector struggles to keep pace with interstate and intrastate migration.

“Apart from the record median price for new apartments, the key findings in our latest report reveal the dramatic price growth of residential property on the Gold Coast since the pandemic,” said Steven King, the Gold Coast Director in Charge at Colliers.

“Just a few short years ago, the dominant price bracket for house sales on the Gold Coast was between $400,000 and $700,000 whereas now it is $1 million to $2 million.

“Price growth has effectively been supercharged on the Gold Coast although we are now seeing affordability, particularly for homes, beginning to temper that growth.”

[smartcode_project:default project_id=107928 project_image_fid=234102]

The Colliers research reveals that Gold Coast home prices have increased 76 per cent since the pandemic in 2020 and 12 per cent in the 12 months to the end of June.

In 2024, houses that sold for $1 million or more accounted for 59 per cent of total sales, which is up from 18 per cent in 2020, as population growth intensified the pressure on prices. House sales above $2 million have increased their share of total transactions from 3 per cent to 13 per cent during the same period.&nbsp;

Apartment prices in general have also grown at a heady pace over the past four years - although not as quickly as houses - at 60 per cent to a median price of $761,000. Colliers points out that apartment prices on the Gold Coast are now comparable to house prices in 2020 and early 2021.

[smartcode_project:default project_id=113271 project_image_fid=290033]

“While the latest median price for new apartments of $1.77 million has been driven by sustained demand and limited supply at the top end of the market, it actually reflects what is happening across the broader property market on the Gold Coast,” King added.

“Certainly, prices at the very top have pushed new highs and clearly set this sector apart from the broader market, but it’s also a bellwether of where the Gold Coast market, in general, is heading as affordability issues hamper some sectors.

“For the moment, we are not seeing a lot of push-back from buyers at the premium end of the market but, if this sector of the market slows, we could expect this to eventually impact the broader market.”

[smartcode_project:default project_id=107928 project_image_fid=234096]

The Colliers report points out that the Gold Coast economy has grown strongly since the pandemic and so has its appeal that has led to more visitors, residents, and investors, who have supported the steady increase in property prices.&nbsp;

Migration has also driven a changing demographic on the Gold Coast since the pandemic, led by an influx of professionals and investors drawn to the region’s modern facilities and expanding infrastructure.

Colliers Residential Director David Higgins says rising&nbsp;costs are playing a part in overall price growth on the Gold Coast, but so is a shortfall in supply with the latest dwelling approvals showing the Gold Coast is failing to deliver enough homes to meet the targeted population growth of the next two decades.

Colliers notes that the rise in the median price for new apartments shows that underlying demand has yet to wane, which continues to support prices for available development sites, especially those in prime locations with protected view corridors that facilitate premium residential offerings.&nbsp;

“The values for these transactions have remained relatively stable while developers of premium boutique projects are passing on higher construction costs to buyers,” Higgins said.

Colliers says that luxury developments that command premiums are particularly attractive to downsizers by offering exclusivity, quality and prime locations.&nbsp;

The development of new apartments is currently focused on the central Gold Coast precinct, which comprises Southport, Surfers Paradise, and Broadbeach.

The June quarter saw 331 new apartment sales, with V&amp;A at Broadbeach and Imperial Square at Southport contributing nearly 50 per cent of these sales.&nbsp;

Colliers points out that the Gold Coast economy has grown strongly since the pandemic and so has its appeal that has led to more visitors, residents, and investors, who have supported the steady increase in property prices.

Gold Coast new apartment prices hit record high

Busy apartment developer Mosaic Property Group is going through its site acquisition phase, securing yet another development site on the Gold Coast.

Fresh off the back of buying prime sites in Broadbeach and Palm Beach, the <a href="https://www.urban.com.au/developers/mosaic-property-group">Brook Monahan-led developer</a> has purchased again, in an area they know all too well.

The site, at 166 The Esplanade, Burleigh Heads, will be their fifth project in the sought-after suburb. They've previously completed&nbsp;<a href="https://www.urban.com.au/new-apartments/grace-by-mosaic-4-second-avenue-burleigh-heads">Grace by Mosaic</a>&nbsp;(January 2023),&nbsp;Augusta by Mosaic,&nbsp;(August 2024), and&nbsp;<a href="https://www.urban.com.au/new-apartments/florence-by-mosaic-42-the-esplanade-burleigh-heads" target="_blank">Florence by Mosaic&nbsp;</a>(completed September 2024). Their fourth Burleigh Heads apartment development,&nbsp;<a href="https://mosaicproperty.com.au/buying/isabel-by-mosaic/" target="_blank">Isabel by Mosaic</a>, is due&nbsp;for completion mid-2026.

The new development will form part of Mosaic's Masterpiece Series, a collection of developments aimed at the premium end of the market.

EMK Architects has drawn up the plans for 28 half and full-floor apartments and skyhomes across an 18-level building,

The building will replace a 1970s block of 10 apartment on 1,012 sqm. GV Property Group's Antonio Mercuri amalagamted the site that has 20 metres of frontage to The Esplanade.

Last month Mosaic <a href="https://www.urban.com.au/news/qld/first-look-exclusive-mosaic-file-plans-for-fifth-broadbeach-apartment-development">filed plans for their fifth apartment development</a> in Broadbeach. The site, on Mary Avenue, also put together by GV Property Group, sits opposite the Broadbeach State School.

They're planning 59 apartments across a 38-level towert designed by <a href="https://www.urban.com.au/architects/elenberg-fraser">Elenberg Fraser</a>.

Mosaic is&nbsp;currently delivering sister towers&nbsp;<a href="https://www.urban.com.au/new-apartments/lily-by-mosaic-4-rosewood-avenue-broadbeach">Lily by Mosaic</a>&nbsp;and&nbsp;<a href="https://www.urban.com.au/new-apartments/marella-146-surf-parade-broadbeach">Marella&nbsp;by Mosaic</a>&nbsp;in the area, after previously completing Bela and Dawn nearby.

Read more:&nbsp;<a href="https://www.urban.com.au/news/qld/first-look-exclusive-mosaic-file-plans-for-fifth-broadbeach-apartment-development">First look exclusive: Mosaic file plans for fifth Broadbeach apartment development</a>

Mosaic's next Gold Coast development to hit the market will be <a href="https://www.urban.com.au/new-apartments/sophia-by-mosaic-1357-gold-coast-highway-palm-beach">Sophia by Mosaic</a>&nbsp;at 1357 Gold Coast Highway, Palm Beach. That will have 32 apartments designed by BDA.

The developer is also busy in Brisbane, preparing to launch <a href="https://www.urban.com.au/new-apartments/the-bedford-by-mosaic-25-ferry-street-kangaroo-point">The Bedford by Mosaic</a>, a site bought from Woolworths' development arm Fabcot, who had secured approval for 128 apartments.

Mosaic tweaked the plans, dropping the one-bedroom apartments and increasing the number three and four-bedroom apartments which is more akin to their development ethos. They're keeping the full-line Woolworths at street level.

On the site purchase, Monahan emphasised the long-term significance of the acquisition.

"This iconic site has been on our radar since 2016, known to many as a dormant opportunity burdened by years of challenges," Monahan said.

"After a thorough 12-month process, we are honoured to have been entrusted by Woolworths to bring this landmark site to life. It is a truly special location."&nbsp;

Monahan said Kangaroo Point has long awaited a project that introduced essential amenities while further elevating the area's architectural landscape.

"Our collaboration with Woolworths is rooted in a shared vision—to seamlessly integrate luxury living with retail convenience, ultimately enriching the lives of residents and the broader community."&nbsp;

The new development will form part of the Masterpiece Series, a collection of developments aimed at the premium end of the market.

First look exclusive: Mosaic secure another Gold Coast apartment development site

A national new home building recovery is in sight, but state government housing policies risk stalling the recovery.

That's the view from HIA Senior Economist, Matt King, after the HIA&nbsp;released its Economic and Industry Outlook report.

The report includes updated forecasts for new home building and renovation activity nationally and for each of the eight states and territories.

“At the national level, demand for new homes is accelerating and this is largely due to the fact that the RBA hasn’t increased interest rates for a year, population growth is still elevated, the unemployment rate remains low and real incomes have stabilised,” King said.

“While activity is picking up, the varied nature of activity levels across capital city and regional markets continues to be pronounced.

“We have confidence that new home-building activity across most markets will continue to improve as we transition into the new year."

King said however that <a href="https://www.urban.com.au/developments/sydney-nsw">Sydney</a> remains an outlier, and there is still no indication of a near-term rebound in both detached houses and multi-residential buildings.

“New home building in the Sydney basin remains exceptionally low, primarily due to exceptionally high land prices and an ongoing excessive impost of housing taxes and infrastructure charges."

<a href="https://www.urban.com.au/developments/perth-wa">Perth</a>, <a href="https://www.urban.com.au/developments/adelaide-sa">Adelaide</a>, and South East Queensland continues to lead the way in new contract sales and building approvals, despite ongoing supply-side constraints.

In the September quarter of 2024, building approvals increased from the corresponding quarter last year in Western Australia (+60.1 per cent), Queensland (+24.2 per cent) and South Australia (+16.3 per cent) in seasonally adjusted terms.

The calendar year 2024 has produced a growing divergence of both geography and typology.

The detached home building sector looks promising, evidenced most recently by detached house approvals across Australia rising by 6.1 per cent in the month of September to 9,890. This was the highest monthly number of detached house approvals in two years.

King said in contrast, the apartment sector "remains constrained",&nbsp;and is unlikely to experience any material recovery before mid-2025.

"The sector continues to be dampened by skilled labour shortages, business credit constraints and the aftermath of significant building material cost escalation.

“It is anticipated that detached house starts will rise steadily from a trough of 100,230 in 2023 to 115,690 in 2027. If the supply of land and labour are addressed, there is significant upside potential for this forecast.

“With relatively stable economic conditions nationally, home prices will remain elevated, rental vacancies will remain acutely low and demand for new homes will recover."

King says the&nbsp;extent of the recovery in new home building will be determined by the ability of governments to ease the barriers to home building.

“Housing investment is encouraged by the certainty of policy settings. Recent state government announcements to levy increased surcharges on foreign investors and introduce taxes on short-term rental accommodation are unhelpful at a time when stability is needed to achieve the 1.2 million home target.

“Failure to implement policies such as expedited land release, concessions on property taxation, and accelerated development approval timeframes; risk slowing the rate of home building over the next five years.

“At the beginning of this upswing in the cycle and the initial stage of the National Housing Accord target period, now is the time to ensure that each state government housing policy mix is entirely pro-supply,” King stated.

There were 14,090 multi-unit commencements in the June quarter of 2024, which is 7.8 per cent lower compared to the previous quarter and the second weakest quarter in 12 years. This is expected to increase by 15.5 per cent in the September quarter to 16,260, followed by a modest 1.8 per cent increase in the December quarter.

The upswing will bring multi-unit starts in the calendar year 2024 to 62,190, the weakest year since 2011 (62,170). Multi-unit commencements are expected to rise by 11.5 per cent in 2025 to 69,360 and by a stronger 20.9 per cent in 2026 to 83,870, followed by a 20.3 per cent increase in 2027 to 100,860 and a 2028 peak of 104,380.

Home building increasing everywhere but Sydney

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

Work is expected to resume later this year on the Nightcliff apartment complex Seabreeze in Darwin.

The project stopped construction in 2016 given the ailing Northern Territory economy and a downturn in the apartment market.

Sunbuild has reportedly lodged a reapplication permit for the site on the corner of Progress and Dick Ward drives.

Sunbuild owner Neil Sunners has begun the process of completing the five-storey, 92-apartment development.

About a third of the project had been completed, the NT News reported.

Sunners said it had taken until now for confidence in the economy to return.

“I believe the time is right in Darwin to get going again, as the economy is stronger than a few years ago and confidence is continuing to grow,” Sunners told the NT News.

He expects it will take about eight months to complete with works likely to begin around August.

The project was first mooted in 2009

Darwin, which is a small town and relies on big oil and mining projects, has seen a weak apartment market.

According to the latest data from real estate firm Raine & Horne, the number of properties hitting the market for sale in Darwin is about 75% higher than the capital city’s historical January average.

Glenn Grantham, at Raine & Horne, noted there had been a surge of vendors releasing their properties for sale in January, "after many recognised last year had been very good for capital growth.” 

In 2021, Darwin’s real estate values increased by almost 15%, its highest annual growth rate in many years.

"Many of the properties for sale are long-term rentals. 

“Given the transient nature of Darwin’s workforce, plenty of tenancy agreements end at this time of year and rather than seeking to find a new tenant, the owners are deciding to put the properties on the market for sale
.
“This decision makes plenty of sense as it is often more straightforward to show a vacant property to buyers than a home with a tenant.”

"Around 85% of buyers in Darwin are currently owner-occupiers seeking to a first home or to upgrade. 

"If there is a lease in place on a property, first home buyers and upgraders will look elsewhere.

“We’ve even seen an increase in off-market sales to tenants.

“These off-market sales not only take the tenant out of the rental market but also take the long-term investment properties out too.”

 “The silver lining is that a smaller pool of rental properties combined with strong tenant demand will push up investment yields in Darwin which is great news for investors.”

Sunbuild stopped construction at the site in 2016 

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Seabreeze, Darwin apartment block set for 2022 construction restart

The March 2021 quarter saw a 10.8 percent quarterly increase in sales volumes in the Northern Territory, according to the Real Estate Institute of Northern Territory (REINT).

It was accompanied by price rises in the Top End property market.

The March 2021 Quarter sales volumes was up a solid 51.1 percent from last year.

The unit/townhouse market showed equally strong results to start the year with sales up by 4.3 percent for the quarter and up 43.3 percent annually.&nbsp;

[smartcode_project:default project_id=29898]

The median price of a 2-bedroom unit continued to climb, up 3.1 percent this quarter to $330,000, which is a 9 percent increase on last year.

Palmerston had very solid sales in units this quarter, up 29.4 percent for the quarter with the median coming up 30.6 percent to $320,000.&nbsp;

The median price of a 3-bedroom house also saw solid gains, up 9.4 percent in the quarter to come in at $547,000. &nbsp;&nbsp;&nbsp;

Palmerston had a strong sales volumes with 115 properties sold &ndash; up 13.9 percent quarterly and up 62 percent annually. &nbsp;&nbsp;

The Palmerston median price also lifted by 7.5 percent to $500,000, which was 17.6 percent higher than March quarter 2020.

Alice Springs quietened a little with 77 transactions, up 71 percent annually in volumes, to a median house price of $469,000.

Alice Springs saw a quieter quarter for unit sales volumes, but did see a small increase in median price to $360,000.

Residential land sales continued very strongly in the March Quarter with blocks under 600sqm lifting by 128.6 percent for the quarter or 242.9 percent annually.&nbsp;

The median price was reasonably steady at $191,000.&nbsp;

&ldquo;The rental market continued to perform very strongly for investors and landlords&rdquo;, stated Quentin Kilian, chief of the Real Estate Institute of Northern Territory (REINT).&nbsp;

Rents on 3-bedroom houses rose 6 percent in the quarter to $538.50 per week, which is an annual rise of 17.3 percent. &nbsp;

Units were fairly static for March, moving up just 0.1 percent to $364.00 per week, however that is 10.3 percent up from March 2020.

Rental yields relaxed a little in March but remained very strong at 5.1 percent for houses and 5.7 percent for units. &nbsp;&nbsp;

&ldquo;We remain one of the best investor markets in Australia with the strongest rental yields of any Australian capital city, and the yields in Katherine and Alice Springs regularly exceed 6 percent&rdquo;, said Mr. Kilian.&nbsp;

Vacancy rates have tightened again from December, coming back to 1.8 percent across Greater Darwin; 1.6 percent in Palmerston and 2.4 percent in Alice Springs. &nbsp;

Unit vacancies in the rural area have hit 0 percent.&nbsp;&nbsp;

The March 2021 quarter saw a 10.8 percent quarterly increase in sales volumes according to the Real Estate Institute of Northern Territory (REINT)

jchancellor

Northern Territory two bedroom unit prices up 3.1 percent to $330,000

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EXPERT OBSERVATION
Years ago I lived up in Darwin.
It's a cool place - at least figuratively, if not literally - and certainly very different from the sometimes drab sameness of suburban life in the big smoke.
One of the things I liked about it was how almost everyone turns out when there's an event in town, such the V8 Supercars and INXS playing live (or whatever). 
Mindil Beach Sunset Markets quite rightly attract a buzzing crowd every weekend too.
Meanwhile, the National Parks of Kakadu and Litchfield are a must-see-to-believe, especially in the Big Wet (although most Aussies talk of there being two seasons - wet and dry - Kakadu's traditional owners recognise six different seasons, understanding the subtle transitions between them). 
The odd earthquake aside, Darwin has the best winter climate of any city I've experienced, perfect dry heat in the low 30s all day every day, and never a cloud to be seen.
The summer weather, on the other hand, can range from harsh humidity to downright brutal and Cyclonic. 
Although I love the place, I think it would be fair to say that a lack of diversity of choice is a net negative for the Top End, including within the labour force. 
There were stacks of jobs in resources and in the public sector during my time up north, but not very much else. 
Employment rates and full-time salaries are high, and official unemployment rates remain very low.
But the mining boom years have faded and people are steadily drifting back where they came from. Actually, not that steadily now...quite quickly!
I also recall simple things like going for a takeaway or a coffee being phenomenally expensive, although for all I know maybe that's changed as the mining sector has cooled. 
From boom to bust
From 2003 dwelling prices soared relentlessly in Darwin for a decade, rising by <a href="http://petewargent.blogspot.com/2018/09/aussie-housing-prices-roll-over-in" target="_blank">more than 180% </a>by the middle of 2014, by far the biggest increase of any of Australia's 8 capital cities over that period. 
Since the peak of the resources construction boom time prices have dropped back by 18%, including by 6% over the 2018 financial year alone. 
During the boom years thousands of Aussies were relocating from interstate up to the Top End lured by the high wages on offer.
But although the sector experienced a second wind post-financial crisis as China stimulated its economy, even the mighty $54 billion (hello overruns!) Inpex/Ichthys LNG project hasn't been enough to stem to the inevitable downturn.
And now the NT is losing residents interstate in droves, with more than 3,500 upping sticks on a net basis over the year to March 2018. 
<a href="https://2.bp.blogspot.com/-UgdR-OAUOdY/W6f2q74OalI/AAAAAAAAsDg/jmUlCLdlbjYUkkQQ-iR_IUK6LAK2lntLwCLcBGAs/s1600/NT.jpg"><img src="https://2.bp.blogspot.com/-UgdR-OAUOdY/W6f2q74OalI/AAAAAAAAsDg/jmUlCLdlbjYUkkQQ-iR_IUK6LAK2lntLwCLcBGAs/s640/NT.jpg" width="640" height="388" data-original-height="792" data-original-width="1303"></a>
With life expectancy increasing, you typically see more births than deaths these days, so the population of Australia increases naturally even without its prevailing strong immigration program.  
But in the NT the outflow of residents interstate is overwhelming both net overseas migration and the natural increase, to the extent that the population of the territory has actually declined by 1,000 persons over the past six months to 246,700. 
There are few weaker dynamics for a housing market than an outright decline in the population, if sustained. 
No doubt the local authorities will be putting in place incentives to entice families to move up north. 
In short, arguably no state or territory presently has a more concerning range of metrics in its economy or housing market. 
In arrears
Last week I looked at how each of the most populous states is faring with regards to 30+ day <a href="http://petewargent.blogspot.com/2018/09/is-mortgage-stress-at-record-highs" target="_blank">mortgage arrears</a>.
In short, not great in Western Australia, pretty comfortable elsewhere. 
Let's now consider the other four states and territories.
As you might expect the NT had the highest rate of prime and non-conforming 30+ day arrears at 2.67% as at July 2018, although this had declined just a little over the preceding two months of available figures from 2.82%. 
<a href="https://2.bp.blogspot.com/-rvAjhgRkFvc/W6gIxt_GYhI/AAAAAAAAsDs/edpctyzujWY88YikjxsPXwprdIMDiPkCgCLcBGAs/s1600/S%2526P1.jpg"><img src="https://2.bp.blogspot.com/-rvAjhgRkFvc/W6gIxt_GYhI/AAAAAAAAsDs/edpctyzujWY88YikjxsPXwprdIMDiPkCgCLcBGAs/s640/S%2526P1.jpg" width="640" height="368" data-original-height="799" data-original-width="1389"></a>
Elsewhere arrears rates were reasonably low in South Australia at 1.50% following a marked improvement, very low in thriving Tasmania at 1.31%, and extremely low in the Australian Capital Territory at 0.74%. 
Generally mortgage arrears are a little higher than a year earlier across the board, despite falling unemployment rates, in part due to interest-only mortgages being reset.
Hopefully the NT can turn itself around soon! 
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
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Bottom falls out of Darwin in the Top End: Pete Wargent

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GUEST OBSERVATION
On my way to work, I walk across the intersection of Knuckey and Wood streets. Most days a homeless man on his haunches is mouthing bureaucratic platitudes:
"Let’s workshop this? We need to have meeting about this! Can you give me the heads-up on this? Do we have numbers on this? Has a C/B been done?"
Is he an old bureaucrat? Or is he just a parable of planning – platitudes, words and little action? Wishes, words and workshops are not the currency of urban design; skilled drawings, urban history, science and continuous public dialogue are.
The concern in most Australian cities, and particularly in Darwin, should be with the public form of the city – with building frontage, with the streets, squares and parks, and with what is needed to make them safe, cool and enjoyable. Such street-form-based planning should replace “tidy town” zoning planning and code-based roads that ignore heat, landscape and the public.
July 2018 in Darwin was 2℃ hotter than any previous July and the record heat has continued in recent months. Surveys show that people are leaving Darwin because of the heat.
What has gone wrong?
In the city centre, every second shop is closed and dark. Shops, offices and apartments have a 50% vacancy rate. There is no appreciation of the urban history of the decline: the growth of outer urban shopping malls, the closing of Woolworths in Knuckey Street in 2010; the changing in 2012 of the key Smith Street Mall – removing trees, installing canopies and dark pavement, and thus increasing temperatures.
The decline has not happened overnight but has been accelerated by the completion of a vast LNG project, by new shopping malls and chain stores, and by the impact of internet shopping. The Waterfront (mixed uses with a crocodile-safe “plage”) finished in 2013 is subsidised at a cost of millions every year. It is cut off from the city centre.
Traffic is reducing while more roads are being built. Darwin is over-roaded with roundabouts, pedestrian “seagull” median islands and refuges.
I have calculated that over 35% of the city centre is unshaded blacktop bitumen, which lifts ambient and surface temperatures. There is only 14% green canopy compared to nearly 50% in tree-loving Singapore.
Every day the temperature rises above 30℃. The city centre can be up to 6℃ hotter. The bitumen surfaces reach temperatures of 66℃!
What can be done about this?
Professor Mat Santamouris of UNSW and the Northern Territory government has been studying heat in central Darwin for the past year using drones and 15 weather stations on light poles. Ambient heat, surface heat, humidity and wind have been mapped, eight heat islands (6℃ above ambient) and four heat sinks (cool areas below ambient) have been identified for the northerly (The Wet) and southerly (The Dry) weather regimes.
A predictive computer model has been built to evaluate proposed strategies to reduce heat impacts. Santamouris has recommended across the city centre:
<ul>
<li>fountains and pools (very effective up to 50m away)</li>
<li>white roofs, and green roofs and walls</li>
<li>coating streets, footpaths and surface parking to make “cool pavement” (very effective)</li>
<li>increases in green canopy shade (effective in the right location).</li>
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<img src="https://images.theconversation.com/files/241190/original/file-20181018-41147-1gxwlkr.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
An extensive cooling vine-covered shade structure is being erected in Cavanagh Street. Glenn Campbell, Author provided
The government is using one block of Cavenagh Street as a heat mitigation trial. The 30m-wide street is the hottest street in the city centre. Due to lack of shading, surface temperatures in the afternoon exceed 60℃. The street also acts as a breezeway, “ducting” to the inner blocks hot, dry winds in the dry season and hot, humid winds in the wet season.
Black bitumen surface will be treated with more reflective cool pavement coatings and more trees will be planted. At the southern end a long cooling vine shade structure I have designed (with the structural engineer Max Irvine) is being constructed. Equivalent to 24 trees, it completely spans the roadway with a huge curved stringybark lattice prefabricated by the Gumatj in northeast Arnhem Land.
This large living shade structure has advantages over trees. It can be built in four months, does not interrupt underground services and resists cyclones. The vines will cover the roadway in 18 months. Trees take five years.
<img src="https://images.theconversation.com/files/240716/original/file-20181016-165891-c4eubi.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
The vine shade structure will be equivalent to 24 trees but will shelter the street in months rather than taking years to grow. Author provided
But Cavenagh Street is only one of 30 blocks in Darwin. If the proposed mitigation strategies were fully implemented across the city centre, ambient temperature could be reduced by 2.7℃. This would not only make the city more comfortable for commerce but save lives and energy.
Principles for a cool Darwin
Like most cities, there is no overall urban management and coordination at the street level. Darwin’s centre is formed by the NT Planning Scheme. But within the scheme, public servants can play by their own rules: Planning, Transport, Roads, the Waterfront Authority, the City of Darwin (the council) and PowerWater. The result: Darwin streets are series of accidents.
I propose these administrations be replaced in the city centre by a Cool Darwin Authority (small with highly qualified people, and with a Larrakia elder), to develop and implement, with genuine public dialogue and discourse (not so-called “consultation”), an urban design plan.
The first principle of this plan should be reducing the ambient temperature by 2.7℃. Heat stops walkability and wandering past shops.
This could be accompanied by a second principle – a “toolbox” for cool street design. This would including limiting bitumen area.
A “toolbox” for shop regeneration would be among other important principles. This would involve limits on chain stores, disincentives for landlord keeping shops empty, incentives for filling them (even with temporary uses) and support for historic businesses. Shop closure is contagious. Where shops are empty and streets deserted yoEmpty shops and deserted areas lead to graffiti, sleeping rough and dilapidation.
Streets are central to urban cooling. There is over 300,000m2 of black unshaded bitumen. Shading and street canopies (that do not trap heat) should be ubiquitous.
The urban order and scale from the 1869 Goyder Plan have been lost, as has the central square that would give an urban focus. Cities with closely spaced intersections seem to thrive more than cities with bigger grids. It seems the more corners the better; people bump into each other more often. There is “propinquity”.
Darwin has worked hard over many years closing its arcades and cross streets (Peel, McLachlan and Lindsay). The centre needs more effective interconnection: the high town (the mall/State Square) and low town (Waterfront) with a grand flight of stairs; the mall/State Square to Old Hospital Site/Myilly Point with a cooling lineal park, via a new (old) central square.
<img src="https://images.theconversation.com/files/240722/original/file-20181016-165903-1tdjxil.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
A view of proposed waterfront stairs providing a shaded link between the high town and the low town. Author provided
Streets are the music of the city. The buildings are the lyrics. Both should come together as a musical or an opera. The music can only begin if there is a network of shade, greenery, easy walking and buildings of all types interacting with the street.
Requiem or renewal? Darwin sees itself as a laid-back larrikin city with crocs and barra. Renewal and a new character can emerge by the implementation of principles. We cannot wish for a new character.
What might emerge? Perhaps a cool-in-both-senses city: a cosmopolitan tropical capital with tree canopy, vine shade structures and fountains. Perhaps a cool international waterfront city – an eight-hour voyage by fast ferry from Indonesia. Perhaps the full urban recognition of the Larrakia, the saltwater people, and their places: beaches, fish traps, middens, yarning circles, meeting places and cultural centres.<img src="https://counter.theconversation.com/content/102839/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Lawrence Nield, Professor of Practice, School of Architecture and Built Environment, University of Newcastle
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/requiem-or-renewal-this-is-how-a-tropical-city-like-darwin-can-regain-its-cool-102839" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

How a tropical city like Darwin can regain its cool

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Darwin homeowners and landlords are preparing for a significant surge in activity when the Northern Territory’s borders reopen in July, according to Glenn Grantham, the general manager of Raine &amp; Horne Darwin. 
“Even before the border announcement this week, we received six rapid-fire bookings for a holiday rental apartment in the Darwin CBD,” Mr Grantham said.
“Typically, at this time of year, this penthouse apartment in the stunning Oasis building books for weekends only. The six bookings are for weeklong stints.
“All six bookings have been made by southern state holidaymakers, who are seeking a winter getaway.
“With international borders currently closed, Darwin fits the bill perfectly for tourists. However, holiday accommodation will be tight.”
Darwin has a vacancy of 2%, the city’s best in seven years, while the number of vacant properties available for rent is about 50% lower than June 2019, according to data from Raine &amp; Horne Darwin.
Given this major supply shortage, Mr Grantham expects some severe price pressure on Darwin’s already competitive average rental yield of 5.8% for the remainder of 2020.  
The possibility that construction work on Charles Darwin University’s CBD Campus will begin as early as July will also add to the pressure on Darwin’s tight rental market.
“This construction project will require interstate tradespeople, who will be seeking permanent rentals,” added Mr Grantham.
Mr Grantham advised that, based on personal experience, most interstate buyers generally holiday in Darwin before migrating permanently.
“With the surge in first-time visitors and based on the city’s real estate history, plenty of these tourists will make a permanent shift to Darwin.
“The ‘try before you buy’ approach will work well again for the property market as tourists will land in Darwin in the dry season, which is a beautiful time of year with average days of 32°Celsius and no humidity.
“For those vendors considering a sale, be prepared for an influx of interstate purchasers between now and September,” Mr Grantham advised. 
The border is scheduled to reopen on July 17 of this year.
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NT border reopening to drive demand for Darwin property

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2020 is shaping up to be a continuation of the previous tough few years for the Darwin residential property market with a number of factors still contributing to the current financial position of the Territory, according to a recent Herron Todd White (HTW) residential report. 
The valuation firm asked their valuers to give an educated outlook on the residential market in their service areas.
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The report notes with some long-term projects getting the green light and more in discussion, the flow on effect will not be seen in 2020 and sentiment will continue to remain weak across the residential market and wider economy in general.
With the completion of the construction phase of the Ichthys Gas project and remaining construction workers now onto the next project, the focus shifts to what is next for Darwin and the Territory overall, as new projects are needed.
 The $200 million CBD revitalisation including the newly announced CDU campus is well underway. 
"It is hoped that with a more vibrant city as well as more bodies on the ground, will have a flow on effect for businesses and therefore uptake in CBD dwellings. This will have a direct positive impact on the residential unit market, with increased demand for rental accommodation in the CBD," the valuation firm said. 
A two bedroom apartment in Darwin City has recently been sold for $390,000 (pictured below).
The near new apartment at <a href="https://www.realestate.com.au/sold/property-apartment-nt-darwin+city-124636170" target="_blank">P01/16 Harvey Street</a> comes with living and dining area, wrap around verandah and centrepiece kitchen. 
The complex features lifestyle facilities including resort style pool, gymnasium and children's play area. 
<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/2020/3/16/darwin%20city.jpg" alt="">
Further projects such as the announcement of the $400 million ship lift facility, the $1.05 billion Todd Gold mine construction, $200 million Westin Hotel project, the $1.45 billion project Sea Dragon prawn farm and the longer term $20 billion sun cable project in Tenant Creek due to commence in 2023 that will supply 20 percent of Singapore’s electricity.
"While these are positive announcements and major drivers of the economy long term, it is difficult to see an immediate positive impact in 2020 on the residential property space," the valuation firm said. 
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"Looking at sales figures across 2019 it becomes clear that while sales volume appears to have increased particularly through the back end of the year, we have not seen any increase in equity and in most cases people are in a negative equity position," the valuation firm said. 
While property prices remain low it makes it more difficult for local or smaller investors to re-enter the market and add to their portfolio. The REINT have reported that median house price as at the end of Sept 2019 of $460,000 is in line with 2009 prices, while median unit prices for greater Darwin of $294,000 is in line with March 2007.
A single level family home in Woodroffe (pictured below) is currently on the market with a price guide of $452,000.
The four bedroom, two bathroom house is situated at <a href="https://www.realestate.com.au/property-house-nt-woodroffe-132863710" target="_blank">38 Baldwin Drive</a>. 
It comes with L-shaped living-dining area, centre kitchen, and alfresco patio overlooking lawns and in-ground pool.
<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/2020/3/16/woodroffe.jpg" alt="">
"Looking into the Crystal ball for 2020, we see the most action in the residential market will be first home owners. As prices continue to soften and in conjunction with the newly released First Home owner deposit scheme, we believe that some of the saturated unit market will be absorbed by first home owners and entry level homes due to the low price point. 
"This Federal Government scheme, which allows a purchase for Territory dwellings of up to $375,000 with a five per cent deposit, should take some of the lower price point stock off the market," the valuation firm said. 
The report notes the grants on offer certainly are not limited to first home owners.
"Currently in the territory we have on offer, a $20,000 build bonus scheme if buying or building a new home from February 2019, limited to the first 600 applicants, a first home owner grant of $10,000 on new homes, Territory home owner discount, with up to $18,500 off stamp duty on the purchase of either a new or existing home for new home owners in the Territory and finally a $10,000 home renovation grant if buying your first home is an existing dwelling," the valuation firm added. 
Only 200 of the 600 build bonus applications have been exhausted so there remains a strong stimulus to still be seen in the market.
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"It’s not all doom and gloom! Darwin presents great opportunity for the investor market with the highest yields for any capital city in the country. 
"Investors can typically expect a gross return of over five per cent across both units and dwellings and with the lowest median house prices in the country at year end 2019, the entry into the property market is easier and in most cases a positively geared asset," the valuation firm concluded.
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Darwin property market expected remain weak in 2020: HTW residential 

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In the lead up to the Northern Territory government election in August this year, there has been a major focus on the current situation regarding crime in Central Australia, with many locals believing it has worsened over recent months, according to a recent Herron Todd White (HTW) residential report. 
<div>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</div>
"It seems to be the hottest topic of conversation around town and on local social media platforms, apart from COVID-19 of course. People are asking the question regarding what impact (if any) this increase in crime might have on property values," the valuation firm said. 
Whilst there is anecdotal evidence of people leaving town because they have had enough of the increasing crime and other social issues, it has not become apparent yet that it has impacted on the property market. That is not to say it might be the cause of a downturn in the coming months.
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The other factor looming large as a real threat to the health of the local economy (no pun intended) is of course COVID-19. At the time of writing there is uncertainty about exactly how big the impact will be from this crisis, the report noted. 
Central Australia has long relied on the tourism industry as a major employer and revenue generator. With travel restrictions imposed already and the likelihood of more stringent restrictions to come, the immediate future of the tourism industry does not look bright. These restrictions could not come at a worse time, leading into winter, which is peak tourist season.
"The longer term impacts of these events is difficult to forecast, however with a market that is already in a fragile state, it could prompt a downturn in values as people sell up and leave town or are forced into selling due to financial circumstances," the valuation firm said. 
"With no significant capital growth being experienced in recent years, a sudden influx of properties being listed for sale is likely to create an over-supply.
"The coming months leading up to August 2020 and beyond have the potential to shape the residential market in Alice Springs for years to come." 
A recent sale in the Alice Springs region is a four bedroom in Gillen. 
The <a href="https://www.realestate.com.au/sold/property-house-nt-gillen-133053974" target="_blank">16 Underdown Street</a> family home (pictured below) which includes a granny flat was sold for $425,000. 
The home features open plan living and dining, games room, alfresco courtyard area and double carport. 
<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/2020/5/25/gillen%201.jpg" alt="">
 
A current listing is a three bedroom house in Larapinta priced at $329,000.
The <a href="https://www.realestate.com.au/property-house-nt-larapinta-133561842" target="_blank">9 Saltwell Street </a>home (pictured below) features open plan kitchen and dining, outdoor veranda and carpeted bedrooms.
It also features kitchen with gas cooking, separate toilet and garden space. 
<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/2020/5/25/larapinta%201.jpg" alt="">
<div>Note regards COVID-19</div>
<div>
This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks. 
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<div>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</div>
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How will COVID-10 pandemic impact Alice Springs property market: HTW residential 

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<div>The greater Darwin residential market, like other cities, faces many influences and drivers of market sentiment and ultimately price movement, according to a recent Herron Todd White (HTW) residential report. </div>
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<div>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said. </div>
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To begin, and more prominent for all regions and sectors of Australia, is the impending economic fallout from COVID-19 or Coronavirus.
"Without taking away from the seriousness and current health implications of this, we see the wider economic fallout from this virus having a much wider reaching and larger impact on our property market and all markets in general.
"Without sounding too negative, sentiment will take a battering in the short term, with the long term implications still unknown at this stage. Uncertain times ahead!" the valuation firm said. 
Secondly, and most applicable to Territory markets, is population growth, the report noted. The growth or more correctly, lack thereof, has a very big say in how our local market will go. 
As noted in previous Month in Review issues, Darwin and the wider Territory’s population has been either steady or in decline over the past two to three years, where all other states experienced growth. 
Unfortunately not only does this create a smaller pool of buyers, but local community sentiment takes a hit. While the reduced population number is small, it’s not an increase. People and businesses see this as a negative.
"While we see the long term (two years plus) outlook as relatively positive due to large scale projects currently in the pipeline, this does not relieve current sentiment in the short term.
"Ultimately this leads to a reduction in prices across all sectors of the Darwin property market. We currently have the lowest median house price at $460,065 as at December 2019 (source: REINT) of any capital city and a big reason is due to lack of growth in our population," the valuation firm said. 
A four bedroom house in Darwin's northern suburb Leanyer is currently on the market with $469,000 hopes. 
The <a href="https://www.realestate.com.au/property-house-nt-leanyer-133068594" target="_blank">2 Ridgehaven Circuit</a> home (pictured below) comes with two bathrooms, family room, kitchen with electric cooking and double carport. 
It also features covered patio area, in ground pool and garden shed. 
<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/2020/5/25/leanyer.jpg" alt="">
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The cash rate sits at 0.25 percent (as of 19 March 2020), the lowest in history for our country and with the impending effects of Coronavirus, is widely tipped to reduce further.
"We saw an uplift in sales volumes for the December quarter with 33.3 percent for dwellings sales across Darwin overall (source: REINT) yet no change, or zero percent in total dollar sales volumes for the quarter. 
"What this is telling us is that the Territory market looks to be turning with regard to volume and we see this trend as likely to continue with lower median home values showing why we can have an uplift of one-third in sales volumes yet no increase in overall value.
"We see this as a shining light and hopefully a shift in market sentiment that will continue," the valuation firm commented.
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A driver of the increased volumes is also the investor market. Corelogic’s March 2020 report shows Darwin as having the strongest gross residential yields of all capital cities at 5.9 percent.
 Whilst most owners are experiencing low or no capital growth, they are underpinned by positively geared assets, a great incentive for those looking to get into the market or avoid the low yields of other capital cities. 
With the financial market and stock exchange facing volatility, bricks and mortar is likely to offer more security to investors.
It is hard to look past the current situation of COVID-19. This is causing a raft of issues that will have wider reaching implications for the Territory, the report noted. 
Tourism is something that coming into the peak dry season (southern winter months) allows local businesses to really thrive on the back of warm weather. With the recent travel bans, lack of domestic travel and social distancing concerns, it is hard to imagine the local sentiment garnering any positivity.
The Northern Territory government is delivering a $65 million Jobs Rescue and Recovery Package (source: https://business.nt.gov.au/recovery) stimulus for Territorians that will ease some pain in the short term however with business looking into a lean few weeks and months ahead, the outlook is not great. 
"We see this as having a direct impact on local property markets, particularly commercial, as tenants and businesses feel this pinch. The positive upside is for the residential market where home renovations can be carried out and largely funded by the government," the valuation firm said. 
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Speaking locally with agents and reflecting on sale data, we are seeing the uptake in sales volumes being driven by first home buyers, reflecting the Commonwealth Government’s guarantor loan scheme where first home buyers can buy properties up to $375,000. 
"We are seeing properties of value with the most activity, with 54% of sales occurring at a price below $350,000 in the inner Darwin unit market," the valuation firm said. 
The inner Darwin unit market has shown a 4.4 percent increase on the December quarter and 13.1 percent on the year in recorded sales volumes (source: REINT).
A waterfront apartment in Darwin City has recently been sold for $402,000.
The <a href="https://www.realestate.com.au/sold/property-unit-nt-darwin+city-133424434" target="_blank">5005/5 Anchorage Court </a>home (pictured below) comprises two bedrooms, two bathrooms, open plan living and dining room and private patio. 
It also features internal laundry, two basement car parks and complex swimming pool.
<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/2020/5/25/darwin%20city%201.jpg" alt="">
Local commentary around is showing an increase in the younger professional market and first home buyers keen to take advantage of the great schemes on offer. 
"As we continue to ride out the economic impact of the current global economic situation, we believe that this sentiment will continue for our first home buyers throughout 2020,: the valuation firm stated. 
All external issues aside, one factor of the market that we continue to rely on is the strength of the coastal northern suburbs market which continues to buck the trend and ride out outside factors. This is evident with a 61 percent increase in sales volumes for dwellings on the quarter and an increase in median value of 0.4 percent. 
This is not directly attributed to falling prices or cheaper properties, with 33 percent of these properties having a value of more than $600,000. While these are well off the peak of the market, to echo the earlier point, if there is volume first, higher values will come second when an economy begins to turn.
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"Generally speaking, wide sweeping societal changes are coming and some are now in force with the key element being the current Coronavirus pandemic. This is tipped to have a huge impact on the wider economy with the brunt of this yet to be felt. However, we are yet to see any direct impact locally here in the property market, although it is early days. 
"Historically, when a stock market crashes we see an asset such as a home being far more illiquid than shares, not to mention that people will always need a place to live. So while we may see fewer transactions in the market, locally the property values may remain insulated from such losses, but this remains to be seen." 
<div>Note regards COVID-19</div>
<div>
This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks. 
</div>
<div>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</div>
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Darwin property market yet to see direct impact of COVID-19 pandemic: HTW residential 

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The Northern Territory is the safest location in the country, being the first state or territory to clinically eradicate COVID-19 and all confirmed cases having now recovered (Health Minister, Natasha Fyles) and no new notifications for some time now, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 
 The borders have been locked down and travel into remote communities has been limited. These strong actions, the small population base and the adherence to the recommendations should position the Northern Territory to respond well in our economic recovery.
"How has this transitioned to the property sector?", the valuation firm asked. 
Whilst restrictions have now been eased and borders are set to reopen on 20 July, at the height of the crisis, leading local sales agents were reporting a stable level of interest for stock already on the market and open homes were replaced by private appointments – one agent noting that this had led to more qualified buyers coming through and less tyre kickers. 
Real Estate Central has shifted to online auctions using the Gavel app, resulting in a handful of sold dwellings. 
The private treaty sales campaigns have been successful with reigning REINT agent of the year Derek Hart of Elders Real Estate reporting strong activity with private treaty campaigns (source: NT News).
When considering the pipeline coming forward, it has been noted that appraisals are significantly down and the current activity is from pre-COVID-19 stock.
The report notes vendors requiring a result are still motivated towards sale, however for many the COVID-19 interruption has postponed planning to later in 2020 with a more cautious wait and see outlook.
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"With this activity we have not seen any market reductions that are out of line or increased market reductions as a result of the COVID-19 pandemic, noting that some market sectors have been performing quite poorly due to the wider market forces.
"Whilst job losses have hit much of the nation heavily, the Northern Territory is fortunately positioned due to a number of factors: we have over 21,500 public servants (source: The Office of the Commissioner for Public Employment), all of whom are still being fully paid and therefore have the ability to support their families," the valuation firm said. 
A further 5,500 are defence personnel (source: Department of Treasury and Finance). This equates to over ten per cent of the total population maintaining full employment.
In a positive for the market, long term residential tenancies have remained relatively firm.
 The larger agencies have indicated that requests for rent reduction remain quite low and rental arrears have not spiked. The short term tenancy market is very poor.
 Holiday makers have evaporated from the local scene and a number of short stay companies have noted that their forward bookings are very poor and that the 2020 dry season will be a difficult period.
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The government stimulus programs have been quite generous; approximately $100 million has been allocated to the Home Improvement Scheme, whereby the government will offer $4,000 with an owner contribution of $1,000 or $6,000 with an owner contribution of $2,000. 
This will help owners improve their properties, which may increase the value of their assets as we move past the COVID-19 slowdown.
 Recent federal government announcements about the Home Builder package (which sees eligible home owners pocket $25,000 on a $150,000 spend), coupled with existing Northern Territory government packages provides a total benefit of up to $45,000. 
"The impact so far is difficult to judge, however anecdotally some builders have seen a significant increase in enquiry," the valuation firm said. 
"So with that all said, where is the Northern Territory market? We are yet to see any firm market evidence that the COVID-19 pandemic has resulted in lower rents or capital values. 
"The big test as we look through the forward lens is the speed at which the economy can recover following the easing of restrictions and border openings," the valuation firm said. 
The report notes as Victoria battles a surge in cases, the threat of an infection in the Territory remains very real and a second wave of infection would see confidence and market sentiment evaporate.
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"The main theme for this month’s review focuses on a price point of $700,000 and which property types can be accessed at this level. The answer here in the Top End is - most," the valuation firm said. 
From a three-bedroom unit in the CBD with harbour views, to a four-bedroom, two-bathroom modern dwelling in the developing residential area of Muirhead, to a rural lifestyle property down the track with a shed with all the trimmings in Humpty Doo - this price point delivers some wide and varied property types. 
This has not always been the case and the extent of the growth experienced in the market between 2012 and 2015 and the subsequent cliff it has driven off since is well known.
A designer family home in Muirhead has recently been sold for $607,500.
The four bedroom, two bathroom house is situated at <a href="https://www.realestate.com.au/sold/property-house-nt-muirhead-133923558" target="_blank">12 Saunders Street</a> (pictured below).
It features open plan living and dining area, covered alfresco patio, fenced backyard and double lock up garage. 
<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/2020/7/20/muirhead%202.jpg" alt="">
 
A current listing is a three bedroom apartment in Darwin City priced at $569,000.
The <a href="https://www.realestate.com.au/property-unit-nt-darwin+city-133902662" target="_blank">4004/27 Woods Street </a>home (pictured below) comprises three bedrooms, two bathrooms, open plan living and dining area and corner balcony. 
It also features gourmet kitchen, study space, two-way storeroom and city views.
<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/2020/7/20/darwin.jpg" alt="">
Naturally, buyers cashed up and bringing a budget of $700,000 to the table are likely to see value for money especially compared to a number of years back. 
"It seemingly presents as an opportunistic time to purchase across many property types. It’s not only the safest place in Australia to live during a pandemic, but economically viable – how much worse can our economy get?
"Surely there is only upside in the Northern Territory – it’s a safe bet." 
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What a lazy $700,000 can buy in Northern Territory: HTW residential 

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Figures put out by RP Data and Rismark showing that capital dwelling values in Darwin increased by 2.4% in April should not be taken as a sign the market has rebounded, according to SQM founder Louis Christopher.
Christopher told Property Observer he does not trust monthly numbers and will wait to see Australian Bureau of Statistics and Australian Property Monitors quarterly figures.
However, his view of Darwin is that the market remains weak, with residents susceptible to interest rate rises given current house price levels.
“I don’t believe this is a turnaround,” he says. “The indicators we have say Darwin is susceptible to a correction.”
Christopher bases his bearish outlook on high stock levels and a rapid increase of stock on the market.
The average price of a house in Darwin is $470,000 – more expensive than Brisbane ($449,000) and Adelaide ($400,000) and not far off Perth ($481,000).
According to RP Data?Rismark Hedonic Home Value Index, Darwin, Sydney (0.3%) and Canberra (1.4%) were the only capital cities to record positive capital growth figures in April. Perth suffered the biggest monthly drop of -1.8%.
Hotspotting.com.au director Terry Ryder says that after five or six strong years, Darwin’s market has finally paused and there is evidence of price decline. “Recovery will be swift, however, once major gas projects move into the construction phase,” he says.
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