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Home loan lender ME has launched its new Scroogify tool to capture the growing refinance market.
The bank says the tool will help it maintain strong home loan growth after increasing its lending book 1.6 times the market average in the six months to 31 December 2017.
ME home loan settlements hit $3.2 billion for the six months to 31 December 2017, up 54 percent compared to the previous corresponding period.
Head of Home Loans, Patrick Nolan, said industry refinance levels had been steadily increasing as competition between lenders intensifies and borrowers become increasingly aware of the new deals on offer.
However, a large group of borrowers are still disinclined to refinance due to the perceived difficulties in comparing and because they underestimate the amount they can save, despite the fact the majority are with a major bank and are probably paying too much.
"We built Scroogify to be a new type of calculator that in a few seconds quantifies just how much a borrower would save over the life of their loan, in both time and money, if they switched their existing home loan to ME.
"We think Scroogify will shock borrowers out of apathy into action.”
Nolan said ME will support the tool with a major marketing campaign including TV, radio, online, public relations and social media, running nationally throughout 2017.
It will include a nationwide social media campaign to find ‘Australia’s Biggest Scrooge’.
“We reckon everyone has an inner scrooge just waiting to come out. The marketing campaign is designed to encourage borrowers to embrace their inner scrooge and unleash it on their home loan.
Scroogify is available at <a href="https://www.scroogify.com.au" target="_blank">scroogify.com.au</a>
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j.ballantyne1990-6AQqhLzZaK

ME chases refinancers with anti-apathy Scroogify calculator

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Leased space to the education sector in Melbourne's CBD in 2016 rose 200 percent on the previous year with increases in land taxes hitting stock levels, putting upward pressure on rents, according to real estate firm Savills.
The trend is likely to continue in 2017, according to education sector specialist and Savills director Mathew Kent. 
Savills is currently dealing with more than 15 leasing requirements for in excess of 60,000 sqm.
Some of the educators in the market include Monash University (40,000sqm), Think Education (2000sqm), Baxter (3000sqm), and RMIT (10,000sqm).
The total 39,840 square metres leased (deals over 500sqm) in 2016 included 14,222 square metres of prime space as institutions, including the top universities, were forced, in some cases, to take higher grade accommodation in a market limited by the availability of education specific space.
Kent said withdrawal of secondary buildings for residential conversion, a lack of 9B accredited buildings, fit-out costs, and competitors in the same building, were all issues which worked to limit the amount of space available to educators.
"For these reasons the availability of suitable accommodation to meet the demand from education users in Melbourne is now at levels where landlords have been able to demand higher rental and more attractive terms for suitable accommodation,’’ Kent said.
He said the increasing demand for limited space had seen rents rise from a range of $300 sqm to $350 sqm, to $550 sqm plus over the last five years with a corresponding fall in incentives.
Kent said the significant hike in land tax had also had been important in reducing available space.
"The doubling of land tax in low rise buildings may render the current use of a building, in terms of its tenancy profile and rental returns, unviable for some landlords and that has forced them, in some cases, to sell to residential developers,’’ Kent said.
 
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td colspan="4" valign="top" width="475">
Select Central Melbourne Education Leases to December 2016
</td>
</tr>
<tr>
<td valign="top" width="50">
Date
</td>
<td valign="top" width="160">
Property
</td>
<td valign="top" width="79">
NLA (sq m)
</td>
<td valign="top" width="185">
Tenant
</td>
</tr>
<tr>
<td valign="top" width="50">
Mar-16
</td>
<td valign="top" width="160">
277 William St
</td>
<td valign="top" width="79">
960
</td>
<td valign="top" width="185">
Danford College
</td>
</tr>
<tr>
<td valign="top" width="50">
Jul-16
</td>
<td valign="top" width="160">
553 St Kilda Rd
</td>
<td valign="top" width="79">
8,052
</td>
<td valign="top" width="185">
Monash University
</td>
</tr>
<tr>
<td valign="top" width="50">
Aug-16
</td>
<td valign="top" width="160">
399 Lonsdale St
</td>
<td valign="top" width="79">
892
</td>
<td valign="top" width="185">
Chisholm Institute
</td>
</tr>
<tr>
<td valign="top" width="50">
Aug-16
</td>
<td valign="top" width="160">
700 Collins St
</td>
<td valign="top" width="79">
2,682
</td>
<td valign="top" width="185">
Open Universities
</td>
</tr>
<tr>
<td valign="top" width="50">
Aug-16
</td>
<td valign="top" width="160">
168 Exhibition St
</td>
<td valign="top" width="79">
3,772
</td>
<td valign="top" width="185">
Acknowledge Education
</td>
</tr>
<tr>
<td valign="top" width="50">
Sep-16
</td>
<td valign="top" width="160">
727 Collins St
</td>
<td valign="top" width="79">
4,500
</td>
<td valign="top" width="185">
Deakin University
</td>
</tr>
<tr>
<td valign="top" width="50">
Sep-16
</td>
<td valign="top" width="160">
360 Collins St
</td>
<td valign="top" width="79">
4,000*
</td>
<td valign="top" width="185">
La Trobe University
</td>
</tr>
<tr>
<td valign="top" width="50">
Sep-16
</td>
<td valign="top" width="160">
247 Collins St
</td>
<td valign="top" width="79">
1,664
</td>
<td valign="top" width="185">
Discover English
</td>
</tr>
<tr>
<td valign="top" width="50">
Nov-16
</td>
<td valign="top" width="160">
376 Bourke St
</td>
<td valign="top" width="79">
943
</td>
<td valign="top" width="185">
Brighton Institute of Technology
</td>
</tr>
<tr>
<td colspan="4" valign="top" width="475">
Source: Savills Research                                                   *Expansion on multiple floors
</td>
</tr>
</tbody></table>
In the most recent deals Melbourne University has taken 6500sqm at 333 Exhibition St, Cambridge (7200sqm at 108 Lonsdale Street), and Charles Sturt University (3000sqm at 601 Bourke Street).
Survey author, Savills’ Associate Director Research &amp; Consultancy, Monica Mondkar, said the education sector accounted for nearly 21 per cent of the 191,484 square metres of office space leased by the Government &amp; Community sector in 2016.
Ms Mondkar said the latest Department of Education figures revealed there were 554,179 full-fee paying international students in Australia on a student visa in 2016 representing a 10.9 per cent increase on 2015 with new enrolments in Victoria up by 12 per cent.
The average annual enrolments growth rate has been 6.5 per cent per year over the last ten years.
She said the Victorian Governments’ $31.9 million investment over four years in the international education sector announced in the 2016/2017 budget would likely underpin further rises in student numbers.
"Student numbers have been increasing year on year and, as Australia’s third biggest export at circa $20 billion, there is little doubt the Melbourne CBD education market will continue to grow and that is reflected in student choice with Melbourne’s international student population at more than 30,000*,’’ Ms Mondkar said.
According to the QS Best Student Cities 2016 index – a ranking of the world’s leading urban destinations for international students by university ranking, affordability, student mix, desirability, and employer activity – Melbourne ranked second behind Paris with Tokyo third followed by Sydney in fourth place.
QS Best Student Cities 2016 
<table style="width: 214px; height: 192px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="170">
Ranking
</td>
<td valign="top" width="163">
City
</td>
</tr>
<tr>
<td valign="top" width="170">
1
</td>
<td valign="top" width="163">
Paris
</td>
</tr>
<tr>
<td valign="top" width="170">
2
</td>
<td valign="top" width="163">
Melbourne
</td>
</tr>
<tr>
<td valign="top" width="170">
3
</td>
<td valign="top" width="163">
Tokyo
</td>
</tr>
<tr>
<td valign="top" width="170">
4
</td>
<td valign="top" width="163">
Sydney
</td>
</tr>
<tr>
<td valign="top" width="170">
5
</td>
<td valign="top" width="163">
London
</td>
</tr>
<tr>
<td valign="top" width="170">
6
</td>
<td valign="top" width="163">
Singapore
</td>
</tr>
<tr>
<td valign="top" width="170">
7
</td>
<td valign="top" width="163">
Montreal
</td>
</tr>
<tr>
<td valign="top" width="170">
8
</td>
<td valign="top" width="163">
Hong Kong
</td>
</tr>
<tr>
<td valign="top" width="170">
9
</td>
<td valign="top" width="163">
Berlin
</td>
</tr>
<tr>
<td valign="top" width="170">
10
</td>
<td valign="top" width="163">
Seoul
</td>
</tr>
</tbody></table>
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Education leasing up 200 percent on previous 12 months: Savills

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The combined capital city auction clearance rate was recorded at 75.1% across 1,473 auctions last week, according to CoreLogic’s latest report.
The property data firm says this figure is based upon results collected for 87.8% of the capital city auctions held over the past week
Clearance rates increased on lower volumes last week with the clearance rate recorded at 74.6% the previous week from 2,907 auctions.
Although auction clearance rates fell last week, they remain much higher than they were at the same time last year when they were recorded at 64.9%.
<a href="https://www.propertyobserver.com.au/images/2017/03/16/Screen%20Shot%202017-03-16%20at%202.43.02%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/03/16/Screen%20Shot%202017-03-16%20at%202.43.02%20pm.jpg" alt="">
Melbourne’s auction clearance rate rose from 78.4% the previous week to 79.6% last week while auction volumes also fell, down to 385 from 1,459.
In Sydney, clearance rates also increased from 76.0% to 77.8% while auction volumes fell from 950 the previous week to 803 last week.
Each region except for Canberra and Tasmania recorded higher auction clearance rates last week compared to the previous week.
<a href="https://www.propertyobserver.com.au/images/2017/03/16/Screen%20Shot%202017-03-16%20at%202.44.36%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/03/16/Screen%20Shot%202017-03-16%20at%202.44.36%20pm.jpg" alt="">
The number of newly advertised and total residential properties listed for sale has remained fairly steady over the past week and is now higher than it was 12 months ago, while total stock for sale remains lower.
The 48,673 newly advertised properties nationally is 1.8% higher than a year ago and the 229,325 total properties advertised for sale across the country is 5.4% lower than a year ago.
At a combined capital city level there are 30,519 fresh properties advertised for sale, which is 4.3% higher than a year ago, and 105,034 total properties advertised for sale which is 1.3% lower than a year ago.
The number of newly advertised properties for sale is higher over the year in all capital cities except Adelaide (-5.5%), Perth (-7.8%) and Darwin (-17.1%).
The total number of properties advertised for sale is lower over the year across all capital cities except for Brisbane (-6.1%).
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National auction clearance rates sit at 75%: CoreLogic

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A new masterplanned community, Winterfield, has been announced in the Ballarat region.
Located in the new suburb of Winter Valley, six kilometres from Ballarat’s town centre, Winterfield will include a primary and secondary school, a retail precinct, medical centre and cafes and is opposite a brand new shopping centre
The project by developer Goldfields will comprise just over 1,100 lots, 32 of which were released for sale on Saturday 11 March.
Winterfield’s existing creek and grasslands will be landscaped by Chelsea Flower Show winner Wes Fleming, of Fleming’s Nurseries, with six front gardens for purchasers to select for their own home.
Director of selling agents Hocking Stuart in Ballarat, Tim Valpied, said Winterfield provides first home buyers with a attainable and modern design that reflects the area they grew up in.
“Winterfield offers a great opportunity for people who have grown up in the area and are looking for their ‘forever home’ in a place they know and love, at an affordable price,” Valpied said.
“We’ve already received a high level of interest, proving the demand for great product, is there.”
Winterfield’s developer, Marco Gattino, said conservation of the indigenous flora and fauna that surrounds the area was carefully considered before being integrated into the masterplan.
“Winterfield is an exclusive community, like no other in the area. From the beautifully designed streetscapes through to amenity and connectivity, residents have everything right at their fingertips,” Gattino said.
“We’re thrilled to see the State Government supporting growth in the region with the recent announcement about the First Home Buyers Grant doubling to $20,000 and stamp duty being abolished.
“Winterfield couldn’t have come at a better time for first home owners and we’re excited to launch this weekend.”
Lot sizes in sales release one range from 544 square metres to 615 square metres and are priced from $125,000 to $145,000.
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New masterplanned community Winterfield comes to Ballarat

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CBRE is launching a new supply chain consultancy service in the Pacific region and have hired a senior director to oversee the venture.
Christine Miller been appointed as a senior director in CBRE’s advisory and transaction services, industrial and logistics business.
Miller was most recently director, international supply chain and major infrastructure, for XAct Solutions and will be based out of CBRE’s Western Sydney office in Parramatta.
The firm claims that the appointment is a natural extension to CBRE’s global supply chain practice group, which has existing operations in the USA and Europe.
CBRE senior managing director Matt Haddon said the firm was delighted to have someone of Miller onboard.
“Adding a supply chain consulting capability to our existing market leading business further strengthens our platform and the services we can provide our industrial and logistics clients in the Pacific region,” Haddon said.
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CBRE launches new consultancy service for Pacific region

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Interest rate cuts and the return of lending to investors over the past year have been the catalyst for increased investor interest, according to CoreLogic.
The property data firm says that it was confirmed in the January 2017 housing finance data released last week by the Australian Bureau of Statistics (ABS).
According to CoreLogic research analyst Cameron Kusher: “Pairing the housing finance data with the Reserve Bank’s (RBA) lending aggregate data provides deeper insight into housing investor behaviour.”
Over the month of January, the data confirmed that housing finance data showed that investors committed to a total of $13.8 billion in finance for investment properties – this represents a 4.2% rise over the month and a 27.5% increase year-on-year (the largest annual increase since August 2014).
<a href="https://www.propertyobserver.com.au/images/2017/03/16/Screen%20Shot%202017-03-16%20at%202.28.46%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/03/16/Screen%20Shot%202017-03-16%20at%202.28.46%20pm.jpg" alt="">
The value of investor housing finance commitments remains below its previous peak but has ramped-up significantly over the past 12 months.
“In fact, the value of investor housing finance commitments in January 2017 was just -5.3% lower than its historic peak in April 2015,” Kusher said.
“Investor housing finance commitments is clearly flowing to established homes rather than new homes.
“This isn’t really a surprise when you consider that the amount of established housing stock is substantially greater than new stock and new housing typically has a price premium over existing stock.
“Over the month, $1.2 billion in commitments were for new construction compared to $12.6 billion for established housing stock.”
<a href="https://www.propertyobserver.com.au/images/2017/03/16/Screen%20Shot%202017-03-16%20at%202.28.54%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/03/16/Screen%20Shot%202017-03-16%20at%202.28.54%20pm.jpg" alt="">
Data published by the RBA on investor housing credit, represents the total amount outstanding to mortgage lenders for the purposes of investor housing.
In January 2017, investor credit expanded by 0.6% to be 6.6% higher over the year. The monthly change was actually the lowest it has been in four months while the annual change was the highest it has been in 10 months.
“Much like the housing finance data, the credit data shows the impact of APRAs recent curbs to investor credit growth which have slowed growth however, more recently credit has once again started to expand,” Kusher said.
<a href="https://www.propertyobserver.com.au/images/2017/03/16/Screen%20Shot%202017-03-16%20at%202.29.02%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/03/16/Screen%20Shot%202017-03-16%20at%202.29.02%20pm.jpg" alt="">
At the end of January 2017, the RBA reported that there was $572.2 billion in investor credit outstanding to Australian lenders, CoreLogic said.
This figure accounted for 34.9% of all housing credit outstanding ($1.637 trillion) and 21.5% of total outstanding credit.
“This shows a significant rise in investor housing credit, in fact, two decades ago investor credit represented 21.8% of total housing credit and 8.7% of all credit,” said Kusher.
<a href="https://www.propertyobserver.com.au/images/2017/03/16/Screen%20Shot%202017-03-16%20at%202.29.11%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/03/16/Screen%20Shot%202017-03-16%20at%202.29.11%20pm.jpg" alt="">
“With the substantial increase in dwelling values in Sydney and Melbourne over recent years, home owners are able to utilise the equity in their principal place of residence to purchase investment properties.
“However, while investor activity is rising, the proportion of total housing finance commitments to owner occupier first home buyers is at an historic low.
“Over the coming months we expect to see further tightening of lending policies to investors with some lenders approaching APRAs 10% speed limit.
“Should this occur it is likely to result in a moderate slowing of demand from the investment segment, at least temporarily like we saw in mid-2015 and early 2016.”
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Investor activity continues to surge: CoreLogic

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Ray White will complete its first ever horse sale with an event on the mid north coast of New South Wales this weekend.
Around 400 horse enthusiasts are expected to attend the three-day Ray White EPIC Horse Sale event at Kempsey Showground to bid on the 80 registered stock and quarter horses.
There will be 38 mares, 40 geldings and two stallions for sale at the event which commences on Friday with a campdraft and concludes on Sunday with the auction.
The move marks the firm’s latest diversification move after prior expansions into commercial real estate, hotel sales, livestock, rural property and marine transactions.
Chairman of Ray White rural and livestock, Paul White, says the event is a natural evolution for their growing rural and livestock network of agencies across Australia.
“Horses have long been important for stock management in Australia, and this sale is a fitting evolution for our rural sales activities,” White said.
“[Event organiser, Ray White Rural Kempsey principal] Mark Haywood has shown a great deal of initiative to bring the EPIC horse sale to life. We have no doubt it will be a huge local success.”
Pre-works commence Saturday 18 March at 1pm and the horse sale will run from 10am Sunday 19 March.
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Ray White bolts out of the gates with first horse auction

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Some 21 lots have sold so far in the Gold Coast's Empire Industrial Estate in Yatala for a total of $16.5 million, with nine lots remaining in stage four.
The sites available are finished to level one compaction, ready for NBN connectivity and costed from approximately $270 to $325 per sqm.
The sites sold ranged from 2,200sqm to 6,221sqm. 
Paul Bates of Coldwell Banker, saidYatala still represents excellent value for money in comparison to other industrial areas on the Gold Coast, such as Ashmore and Molendinar, where land prices have reached around $450/sqm over the past 12 months.
"We have had a number of buyers secure a site for their own business and then decide to purchase a second lot for investment purposes, not only for the higher investment yields when you compare industrial property to other types of assets, but also because they have embraced the overall vision of this estate " he said.
"The upside to an industrial investment is the tenant is responsible for paying the outgoings and maintaining the premises.
<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/2017/03/09/Aerial%20of%20stage%20four%20with%20work%20progressing%20on%20site.jpg" alt="">
Empire Industrial Estate is being developed by The Stephens Group, spearheaded by Gold Coast locals Tony and Phillip Stephens.
Tony Stephens said the estate has not only attracted local Gold Coast businesses, but also companies from greater Brisbane and  interstate involved in manufacturing, material handling and distribution.
"Access and connectivity are the two key drawcards for our purchasers," he said.
"We have invested a lot of time and resources into the design of this estate with all roads being rated for B-Double access, and the whole site is serviced by a network of 23 metre wide link roads, double width footpaths and bike lanes.
"Later this year we are aiming to establish a new commercial precinct within Empire Industrial Estate, complete with a service station and cafe to add to the convenience of working here."
"Designs are now being finalised for buildings in stage four, which are expected to start in April and be completed in the last quarter of 2017.
"We can offer a turn-key design and construct service through our building partner WILKOR Developments, so purchasers can secure a lot, brief our builder on their requirements and have a fully operational premises delivered within just four to six months."
For more information visit <a href="https://www.empireestate.com.au" target="_blank">empireestate.com.au</a>
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Lots remaining in Gold Coast's Empire Industrial Estate

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Maritime engineering group OMC International has leased a 996sqm office in Melbourne's Abbotsford in a decade-long deal.
The building has had a full refurbishment and includes a large outdoor deck looking out to Dights Falls on the Yarra River and a solar farm with 320 solar panels.
The office was leased at $355 per square metre per annum net plus GST on behalf of the Australian Education Union (AEU) through Fitzroys agents Stephen Land, Peter Weatherby and Martin Huang.
Land said the AEU owner occupies the majority of the building and had identified the space as surplus to its accommodation needs.
“OMC have a long association with Abbotsford and wanted to remain in the immediate area," he said.
"They were drawn to the premises due to the high quality of the space and services the building offered, the ample on-site car parking."
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OMC International docks at riverfront space

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The new Home + Life Robina Centre on the Gold Coast is on track for August completion with leasing space still available.
The Reject Shop, Pet Stock, Toys &amp; Babies R Us and Kitchen Connection have so far signed leases in the 14,770sqm retail complex.
Remaining leases are sized between 304sqm and 3,000sqm.
Damian Crocetti from CBRE said existing showroom locations in surrounding areas of Southport, Bundall, Ashmore/Nerang and Burleigh Heads give retailers little choice in terms of new quality showroom space, with some markets quite fragmented and intermixed with more industrial type users that are not complementary for certain brands.
“The Home + Life Robina Centre will create exciting new opportunities for retailers looking to expand their existing footprint in Queensland, or for new brands keen to secure their first outlet in an established and growing market,” he said.
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Home + Life Robina Centre, Gold Coast, slated for August completion

Apartment buyers in New South Wales are set to gain a decade of insurance-backed protection against major building defects, after the NSW Parliament passed the Fair Trading and Building Legislation Amendment Bill 2026.&nbsp;

The Bill establishes decennial defect insurance, known in the market as Latent Defects Insurance (LDI), as an alternative to the existing two-year strata building bond. It cleared the Legislative Council with amendments on Tuesday evening (August 4, 2026), with the Legislative Assembly agreeing to those amendments shortly after.

Under the reform, eligible developers can satisfy their statutory bond obligation by taking out an approved decennial-style policy that gives owners 10 years of cover for major structural defects from completion, claimable directly, without first having to pursue developers or builders through costly legal action.&nbsp;

The change forms the final tranche of amendments arising from the 2021 statutory review of the Strata Schemes Management Act 2015 and related legislation.

Resilience Insurance, which originated the cover in Australia and has delivered it in NSW since 2022, welcomed the passage and credited the NSW Government for delivering it.

“This is protection apartment buyers have needed for a long time, and the credit for delivering it belongs to the NSW Government,”&nbsp;said Corey Nugent, CEO of Resilience Insurance.

“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into. Reform like this is what good, evidence-based regulation looks like.”

Resilience has delivered LDI in NSW since 2022, protecting thousands of apartments, giving the State, and now the country, real-world evidence of how decade-long, no-fault protection works in practice.

The reform also places NSW within a wider national shift.

NSW is the third jurisdiction to put decennial cover into law. The ACT legislated for it in 2024, with the scheme taking effect in late 2025, and Victoria passed its own framework on 17 June. Between them, the three cover the majority of Australia's apartment market.

The reform commences once the legislation is proclaimed, which is expected in the coming weeks. From that point, developers of Class 2 residential apartment buildings can meet their statutory obligation with an approved decennial policy in place of the bond.

Buyers who purchased into projects that took out the cover early are among the first in the country to take keys to apartments carrying decade-long structural protection.

“With the legislation passed, the focus now turns to making it work for buyers,”&nbsp;Nugent said.

“There are already thousands of apartments in NSW covered by this insurance, bought by developers who moved early. The question every buyer should be asking in a display suite is a simple one: does this building come with 10-year defect cover, and who stands behind it?&nbsp;

“We look forward to working with the Government and the Building Commission in coming weeks as the framework moves to implementation, and to sharing what we have learned over the past four years so the protection reaches owners as smoothly and quickly as possible.”

Other states are working through their own reform programs. Western Australia has indicated that decennial cover is within consideration a later stage of its reform sequence, and Queensland has been examining the settings as it looks at the development pipeline ahead of the 2032 Olympics.

Resilience Insurance acknowledges the NSW Government’s continued focus on strengthening consumer protection while supporting housing delivery across the State.

Fast Facts: What the reform means

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">10 years of cover:&nbsp;Protection for major structural defects runs for a decade from completion, claimable directly and with no legal action required.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">An alternative to the bond:&nbsp;Eligible developers can meet their statutory obligation with an approved decennial-style policy in place of the 2% strata building bond.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Part of a national shift:&nbsp;The ACT has had decennial provisions in force since 2025 and Victoria passed its framework in June. NSW now joins them.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">No-fault, first resort:&nbsp;Owners corporations claim directly from the insurer without first having to establish who is liable for the defect.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost-competitive:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the 2% bond while offering broader, longer protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market position:&nbsp;Resilience originated LDI in Australia and has delivered it in NSW since 2022.</li>
</ul>

Fast Facts: What is Resilience LDI?

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost advantage:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>

Joel Robinson

NSW parliament passes 10-year defect insurance laws for new apartment buyers

Builder-developer <a href="https://www.apartments.com.au/developers/mcnab-developments">McNab</a> has wasted little time reshaping one of South Brisbane's most significant undeveloped apartment sites after acquiring the property earlier this year.&nbsp;

McNab has lodged plans to scrap an existing approval for two 30-storey towers and instead deliver a single 28-storey residential building, preserving part of the site for a future development opportunity.

The proposal, lodged over <a href="https://www.apartments.com.au/new-apartments/64-peel-street-south-brisbane-qld-4101">64 Peel Street and 9 Cordelia Street</a>, is for a residential-led mixed-use development comprising 124 apartments above a landscaped podium, alongside a boundary realignment that preserves part of the land for a future residential project.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="743bf564-3f8f-45fc-b8d3-bbf18f5b628f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20Peel%20st%20podium.png?VersionId=EhCxGrVn_VFH3qTbKnI4WppGwaMnOn0t" />

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a>, the development will deliver 119 two-bedroom and five three-bedroom apartments across 23 residential levels. A five-level podium will accommodate 135 car spaces, while the ground floor will include a 66 sqm commercial tenancy, an activated residential lobby with work-from-home spaces, and a publicly accessible landscaped plaza linking Cordelia and Peel streets.&nbsp;

Communal amenities will span Level 6 and the rooftop, including indoor and outdoor recreation spaces, a swimming pool, barbecue facilities, kitchen and dining areas, lawn space, sauna, steam room and yoga facilities.

The application also proposes a boundary realignment to create a standalone 1,290 sqm development lot while retaining an adjacent parcel for future redevelopment, allowing the balance of the site to contribute additional housing over time.

Hayball said the architecture has been shaped by the site's elevated corner position at the intersection of Peel and Cordelia streets and Brisbane's subtropical climate.

The design incorporates generous landscaped setbacks, a masonry podium wrapped with planting, large north-facing balconies, and a slender tower profile intended to maximise natural light, cross ventilation and long-range views. The rooftop has been conceived as a wellness-focused retreat overlooking Brisbane, with amenities positioned to capture views towards Mount Coot-tha and the CBD.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="c5f99e84-6ad8-4a87-82d1-869685b754d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20tower%20perspective.png?VersionId=Gw0IuJaSAlk.tvGBxInhZOcQAdIB..2b" />

The planning submission positions the proposal as a response to both changing market conditions and Brisbane's Kurilpa Sustainable Growth Precinct planning reforms.

McNab acquired the site after the previous approval was granted, with the existing scheme no longer reflecting current residential market demands, economic conditions, construction challenges, construction efficiencies or the quality of development outcome now being pursued, the planning report noted.

McNab continues to expand its residential development pipeline across Brisbane and the Gold Coast. The developer recently launched The Tannery in West End, securing more than 60 per cent of apartments before the project's public release. It is also delivering Elements Budds Beach in Surfers Paradise and Lucia Highgate Hill, an eight-apartment boutique development overlooking the Brisbane River.

McNab resets decade-old South Brisbane approval with 124-apartment tower

A steeply sloping Bellevue Hill site is set to accommodate a new mid-rise apartment development, with plans lodged for 20 homes that respond to the site's dramatic topography.

The proposal for the consolidated land at <a href="https://www.apartments.com.au/new-apartments/138a-140-bellevue-road-bellevue-hill-nsw-2023">138A-140 Bellevue Road</a> has been designed by Sydney architecture practice Common Office, which has used the site’s substantial fall to distribute the building’s scale and unlock 20 apartments without presenting the full height to the street.&nbsp;

“The unique design strategy leverages the site’s substantial topographical fall to facilitate increased density, presenting a seven-storey profile to Bellevue Road while rising to 10 storeys at the rear,” Common Office said in its architectural design report.

The apartment mix spans one, two, three- and four-bedroom residences. Four two-bedroom apartments are designated as affordable housing, while the plans also include two adaptable dwellings. The mix is majority three-beds, with the typical three-bed apartment offering around 144 sqm internally, with balconies of around 15 sqm.

The affordable housing component represents 15 per cent of the residential floor area and allows the project to access additional height and floor space under the NSW Government’s in-fill affordable housing provisions. The site also falls within the inner area of the Low and Mid-Rise Housing Policy because it is within 400 metres walking distance of Double Bay Town Centre.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="b1230d0f-3bfa-4a11-abaf-0928c66ef345" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da.png?VersionId=dZeMK3P.OutGjN8ycjsxm8uNsj_QFWQv" />

Common Office has arranged the building around a masonry podium and a lighter upper volume, drawing on two recurring elements of Bellevue Hill’s established architecture: sandstone bases and the vertical proportions of local Inter-war Art Deco apartment buildings.

“The proposal is governed by a holistic design language that reconciles the solid horizontal masonry of the neighbourhood’s podiums with the elegant verticality of its Art Deco heritage,” the architect said.

“The building maintains a consistent rhythmic logic utilising deep recesses and a sophisticated material transition to break down the 10-storey scale into a series of articulated, human-scale volumes.”

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="0147f503-1af1-4d51-97fb-c2f1cba63a9d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20bldg.png?VersionId=GoW7q3NlK67OpnePXhk7zvklrlKb72Qc" />

Large-format sandstone tiles will define the lower levels, establishing a robust base that negotiates the change in elevation from Bellevue Road. Above, red-tinted precast concrete frames, recessed balconies, anodised aluminium screens and expanded metal details will create a more vertically expressed façade. Integrated planter beds will introduce greenery across balcony edges and recessed sections of the building.

The elongated northern façade has been divided into three recessed vertical masses to reduce its perceived length. Triangular window elements and metal privacy screens reference the geometry of nearby Art Deco buildings while controlling overlooking toward surrounding homes. The southern elevation will incorporate further privacy screening, landscaped edges and deep balconies to maintain light and ventilation.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="e8679cf1-18bc-4447-8a0f-0052b94ab83c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da%20rooftop.png?VersionId=5SQqQqRFf76rvE2p1TbxJSweMN70AIbc" />

Private and communal landscaping is distributed throughout the development. A landscaped garden apartment is positioned within the lower portion of the site, while a communal terrace on Level 5 will include a central timber deck, barbecue facilities, resident planting plots and areas for outdoor dining and informal gatherings.

Common Office described the terrace as an elevated sanctuary designed to capture district views and sunlight. Its planting strategy incorporates endemic species associated with the Eastern Suburbs Banksia Scrub, extending the landscape vertically through the building and providing habitat for local flora and fauna.

A second communal outdoor area is proposed at roof level, with built-in seating, paved gathering areas and perimeter planting.

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction. Positive Investment Enterprise is delivering the 16-apartment Kew Palm House on Birriga Road, while Chanine Developments is also under construction at Florian, a 36-apartment project on Banksia Road.

&nbsp;

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction.

First Look: Apartment development pitched for Bellevue Hill, Double Bay fringe

South Brisbane's apartment pipeline continues to build momentum, with <a href="https://www.apartments.com.au/developers/trk-property-group">TRK Property Group</a> lodging plans for a 161-apartment tower on Montague Road as developers accelerate investment across the Kurilpa Sustainable Growth Precinct.

The proposal for 176–186 Montague Road would replace an existing office building with a 20-storey residential tower designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, adding to a growing pipeline of high-density projects reshaping one of Brisbane's fastest-evolving inner-city precincts.

The project has been conceived as a "living building", featuring a flowing tower form, extensive vertical landscaping, and generous communal spaces that respond to the evolving Kurilpa Sustainable Growth Precinct.

TRK Property Group Development Director Matt Kan said the project reflected the confidence developers have in South Brisbane's long-term future.

"South Brisbane is entering an incredibly exciting period, and we see Montague Road sitting right at the heart of that evolution," Kan said.

"With the former Visy site directly opposite us and significant investment planned throughout the broader Kurilpa precinct, there is a real sense of momentum around this part of the city and what it will become over the coming years.

"For TRK, this is an opportunity to be part of that next chapter and deliver a project that responds to where the precinct is heading, while contributing to the continued evolution of Brisbane's river edge."

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="590fe1ad-f892-4446-a679-80e33a16d029" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20tower%20facade.png?VersionId=uOJStrcKpyHFcPE1w6_9SMAFzVMCcZll" />

The scheme includes a mix of one, two, three and four-bedroom apartments, incorporating multi-purpose rooms in selected residences to provide additional flexibility for home offices or expanded living areas. The proposed mix comprises 15 one-bedroom, 13 one-bedroom plus MPR, 73 two-bedroom, 26 two-bedroom plus MPR, 30 three-bedroom, and four four-bedroom apartments.

Rather than adopting a conventional rectilinear tower, COX Architecture has developed a sculpted form inspired by the movement of the Brisbane River.

"The proposal has been designed by COX Architecture as a 'living building' that responds to the site's riverine setting, floodplain history and evolving urban context within the Kurilpa Sustainable Growth Precinct," the planning report states.

"The architectural form draws from the fluid nature of the Brisbane River, with a curved and undulating tower form that creates a varied architectural edge and avoids a conventional rectilinear tower expression."

The podium has also been designed as an architectural feature rather than a conventional parking structure, with cascading planting, screening and natural-toned materials softening its appearance. Resident parking is elevated above ground level to address the site's flood constraints, while habitable apartments sit above flood planning levels. Upper-level communal facilities are designed to accommodate shelter-in-place arrangements during major flood events.

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="01fa15d0-90df-46c7-9555-7941fc45373c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20podium.png?VersionId=mHyua.w1pHGBt9qEdWzrlsv.leztUCwO" />

Communal amenity is a major focus of the proposal. Around 1,815 sqm of shared resident space is proposed across the ground floor, level 19 and the rooftop, including co-working areas, indoor and outdoor recreation spaces, wellness facilities, dining and gathering areas, lawn spaces, a rooftop pool and spa, and extensive landscaping. At street level, a landscaped forecourt and approximately 345 sqm of publicly accessible open space along Montague Road are intended to improve the pedestrian experience while activating the building's frontage.

The development will provide 163 car spaces, including 152 resident bays and 11 visitor spaces, together with 144 bicycle spaces incorporating resident storage, visitor parking, bicycle maintenance facilities and e-mobility charging infrastructure.

The site sits within one of Brisbane's fastest-changing inner-city precincts, less than two kilometres from the CBD and within easy reach of South Bank, West End, the Queensland Cultural Centre and extensive public transport connections. The Kurilpa Sustainable Growth Precinct planning framework is encouraging higher-density residential development to help meet Brisbane's housing supply targets while supporting walkable, transit-oriented neighbourhoods.

TRK Property joins South Brisbane apartment surge with Montague Road tower plans

Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Staff reporter

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