Spyre Newsletter October 2024
Welcome to the Latest Edition of Spyre’s monthly update, where we share our Market Insights, Construction Updates and Project Releases for the month.
Earlier this month Urban reported a significant policy move aimed at stimulating the property market, the Victorian government has announced a major reduction in stamp duty for off-the-plan apartments, units, and townhouses.
Effective from October 21, 2024, the expanded concessions will apply to all eligible off-the-plan purchases and will remain in place for one year.
This initiative, designed to address the state’s housing affordability crisis, opens a window of opportunity for prospective buyers, particularly investors and owner-occupiers, to secure substantial stamp duty savings.
Previously, stamp duty on off-the-plan purchases was calculated based on the total price of the property, including the construction value. Under the new scheme, stamp duty will be calculated solely on the land value before construction begins. This shift in policy significantly reduces the financial burden for buyers, particularly in metropolitan areas where property prices continue to rise.
For example, a Victorian purchasing an off-the-plan apartment valued at $620,000, with the land component valued at $77,500, will now pay just $4,000 in stamp duty—down from $32,000.
With limited options available register your interest in Hampton Ltd today to take advantage of the stamp duty savings, register to our VIP List HERE.
At Spyre, we pride ourselves on creating spaces of enduring quality. Strong relationships with invested project partners result in far more than a development, it creates a sense of shared ownership. We see each and every project as an opportunity for our collaborators to create something extraordinary.
The Spyre Experience shines a spotlight on our various project partners, giving credit to the collaborators who work tirelessly in taking Spyre’s projects to the next level.
Last month Spyre and the team at YPM were invited to the Winning Appliances Showroom in Fortitude Valley for an incredible demonstration of our appliance collection at ARC Residences.
It was a fantastic opportunity for the entire team to see the elite range of Wolf appliances selected by Spyre’s Design Team for our ARC residents in action.
Thank you Winning Appliances for an insightful (and delicious) afternoon.
A family business since 1906, Winning’s have a proud heritage and strong values centred around family. Most of all, they share the same passions as their customers: their pleasure in cooking, their eye for design and their love for the home.
Spyre are proud to have partnered with Winning Appliances on numerous projects and cannot wait to share with you the incredible products closer to completion.
Apartments & Developments
3 October, 2024
Growth to Brisbane’s luxury apartment market shows no sign of a slow down with Residences 2 and 3 of Spyre Group’s Moray House having sold during September, totalling over $20 million.
With construction well underway by Contrast Constructions, Moray House presents a limited collection of six one of a kind residences in a quiet enclave on the river’s edge.
This modern masterpiece is blessed with enviable access to the Brisbane Riverwalk, Howard Smith Wharves, and a wealth of other amenities on the doorstep – undoubtedly the most exceptional collection of riverfront homes to come to Brisbane’s property market.
Read the full article HERE.
GLASSHOUSE
Last month was significant onsite at Glasshouse with some of the finishing touches starting to be installed in the Beach House, including the Sonance invisible speakers throughout the residence, paired with fold down TV’s throughout, this enables all technology to be completely hidden when not in use.
Other exciting updates include the fire pit, which has been poured offsite and will soon be installed on the rooftop, and the commencement of micro cement application on internal walls.
HAMPTON LTD
The power authority has successfully completed the internal fitout of the substation and is now focused on decommissioning the old substation while energising the new one.
Additionally, the internal and external civil design has been submitted to the Council for approval. Main construction activities are set to begin after the Melbourne Cup Public Holiday.
MORAY HOUSE
The steel reinforcement and post-tensioning works on Level 1 have been successfully completed. On the lower levels, the retention bracing has been removed, making way for further progression in structural work. Electrical provisions through the slab have been completed as well. Vertical columns and the overall structure continue to make steady progress. Additionally, the Car Park de-watering system has been commissioned and is now fully functional, ensuring that the site and car park remain dry.
ARC RESIDENCES
Throughout October, construction at Arc Residences has seen substantial progress. Major milestones include the full completion of the lower-level capping beam and retention struts, the commissioning of the dewatering system, and the first round of shotcrete application.
